OMB APPROVAL

OMB Number: 3235-0570

Expires: August 31, 2020

Estimated average burden

hours per response: 20.6

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:     12/31/17      

Item 1. Report to Stockholders.

	Annual Report to Shareholders	December 31, 2017
	Invesco Alternative Strategies Fund
	Nasdaq: A: LQLAX ◾ C: LQLCX ◾ R: LQLRX ◾ Y: LQLYX ◾ R5: LQLFX ◾ R6: LQLSX

Letters to Shareholders

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.     Major stock market indexes rose – and set record highs – throughout the reporting period. Generally positive economic data, strong corporate earnings and anticipated tax and regulatory reform contributed to the rally. The US economy expanded during the reporting period, with gross domestic product, the value of all goods and services produced, significantly increasing its growth rate from the first to the third quarter of the year. Tax reform legislation, enacted in December 2017, was a positive for the stock market, but its long-term economic impact was uncertain. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates in March, June and

December 2017. While US and global bond markets, as well as emerging market equities, sold off early in the reporting period, they recovered much of their losses during the reporting period. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies.

    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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    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 and the economy 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

	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 year ended December 31, 2017, Class A shares of Invesco Alternative Strategies Fund (the Fund), at net asset value (NAV), outperformed the FTSE US 3-Month 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, 12/31/16 to 12/31/17, 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	3.77	%
Class C Shares	3.09
Class R Shares	3.57
Class Y Shares	4.10
Class R5 Shares	4.11
Class R6 Shares	4.11
FTSE US 3-Month Treasury Bill Index▼ (Broad Market/Style-Specific Index)	0.84
Lipper Alternative Multi-Strategy Funds Classification Average∎ (Peer Group)	4.70
Source(s): ▼FactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

Despite highly destructive hurricanes that threatened to derail a years-long economic recovery, the US economy continued to expand throughout the year ended December 31, 2017. Gross domestic product – the value of all goods and services produced in the US – expanded in the first three quarters of 2017.

    Given signs of an improving economy, the US Federal Reserve (the Fed) raised interest rates three times during the reporting period, most recently in December 2017; each rate hike was 25 basis points.¹ (A basis point is 0.01%.) The Fed pledged that “realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation” will guide its future actions. At the close of the reporting period, Fed policy remained accommodative, and the fed funds target rate stood at a range of 1.25% to 1.50% – 75 basis points higher than at the start of the reporting period.¹

    US bond returns were positive for the year, with all fixed income sectors (Treasuries, government-related, corporate and securitized) posting positive returns,

primarily driven by strong macroeconomic conditions, muted market volatility and global investor demand for yield. A benign inflation outlook dampened long-term rates as the yield curve flattened, benefiting longer-maturity securities. In addition, the benign inflation environment allowed the Fed to remain less aggressive with rate hikes. The US corporate credit sector remained a key contributor to excess return for the year, with lower-rated investment grade securities outperforming higher-rated credits and comparable-maturity Treasuries. Tax cut legislation enacted in December included significant corporate tax reductions that were an additional catalyst for the positive tone in the credit market. The high yield sector also benefited from strong demand during the year, despite lofty valuations. Within structured securities, commercial mortgage-backed securities (MBS) were the primary outperformers, with asset-backed securities also performing well in midst of higher short-term rates. Agency MBS also outperformed on a relative basis, even as the Fed began to systematically de-lever its MBS and Treasury holdings.

    Major US stock market indexes repeatedly hit all-time highs throughout the reporting period. The stock market rally that began after the 2016 presidential election continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confidence. However, performance was highly concentrated, with more than two-thirds of the equity market’s gains linked to just three sectors: information technology, financials and health care. Finally, after much debate in Congress, a tax reform bill was signed into law in December 2017, which further strengthened stocks.

    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 another strong year for US equities, directional market exposures within our satellite allocation all posted positive returns for the reporting period, contributing to the Fund’s returns. These satellite allocations included Invesco Long/ Short Equity Fund, Invesco Global Infrastructure Fund and PowerShares DB Base Metals Fund, which benefited from increased industrial metals prices that were supported by strong manufacturing and import growth data out of China and by indications that China intended to cut production to curb pollution. The largest individual contributors to Fund performance were absolute return-focused holdings within the non-directional core allocation. Invesco Balanced-Risk

Portfolio Composition*
By fund type, based on total investments
Alternative Funds	59.4%
Equity Funds	38.1
Fixed Income Funds	2.0
Money Market Funds	0.5

  Total Net Assets $2.6 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, 2017.

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

4                         Invesco Alternative Strategies Fund

Allocation Fund posted positive returns, benefiting from its strategic exposures across equities, commodities and fixed income. Invesco Macro Allocation Strategy Fund also added to results.

    Within the core allocations, Invesco Global Market Neutral Fund and Invesco All Cap Market Neutral Fund detracted from Fund performance due to short holdings that did not perform as expected, particularly those in the health care sector. Invesco Global Targeted Returns also detracted from Fund performance during the reporting period.

    During the reporting period, the Fund added a position in Invesco Global Targeted Returns Fund to replace its position in Invesco Macro Long/Short Fund, which was liquidated and terminated on February 27, 2017.

    Please note that some of the Fund’s underlying funds – including, but 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, Invesco Global Targeted Returns 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.

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

1 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 & 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 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (10/14/14)	0.93	%
1 Year	-1.89
Class C Shares
Inception (10/14/14)	1.95	%
1 Year	2.09
Class R Shares
Inception (10/14/14)	2.46	%
1 Year	3.57
Class Y Shares
Inception (10/14/14)	3.01	%
1 Year	4.10
Class R5 Shares
Inception (10/14/14)	2.98	%
1 Year	4.11
Class R6 Shares
Inception (10/14/14)	2.98	%
1 Year	4.11

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 19.91%, 20.66%, 20.16%, 19.66%, 19.37% and 19.37%, 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 1.14% 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, 2019. 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, 2017, 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 available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. Please see the prospectus for more information.

Principal risks of investing in the Fund

∎ 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.

∎ 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. As a result of a recent announcement by the Internal Revenue Service, an underlying fund intends to invest in commodity-linked notes: (a) directly, generally only to the extent that it obtains an opinion of counsel confirming that income from such investments should be qualifying income because such commodity-linked notes constitute securities under section 2(a) (36) of the 1940 Act or (b) indirectly through the Subsidiary. Should the Internal Revenue Service issue further 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-

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

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 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.

∎ 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.

∎ 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. An underlying fund’s 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

continued on page 10

9                         Invesco Alternative Strategies Fund

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 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 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 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.

∎ 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.

∎ 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 an underlying fund’s investments.

∎ Management risk. There is no guarantee that the underlying funds’ portfolio manager’s 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,

10                         Invesco Alternative Strategies Fund

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.

∎ 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. 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.

∎ 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 FTSE US 3-Month 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.

11                         Invesco Alternative Strategies Fund

Schedule of Investments

December 31, 2017

Invesco Alternative Strategies Fund

Schedule of Investments in Affiliated Issuers–99.87%^(a)

	% of Net Assets 12/31/17			Value 12/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/17		Value 12/31/17
Alternative Funds–24.13%
Invesco Global Targeted Returns Fund –Class R6(b)		19.53	%	$	—	$	553,170	$	(38,552	)	$	(2,719	)	$	(144	)	$	—		51,381	$	511,755
Powershares DB Base Metals Fund–ETF(b)		2.56	%		36,867		28,493		(12,825	)		13,428			1,021			—		3,451		66,984
Powershares DB Silver Fund–ETF(b)		2.04	%		30,031		31,113		(9,328	)		2,285			(583	)		32		2,056		53,518
Total Alternative Funds					66,898		612,776		(60,705	)		12,994			294			32				632,257
Asset Allocation Funds–31.30%
Invesco Balanced-Risk Allocation Fund –Class R6(b)		15.56	%		261,214		311,710		(176,479	)		17,141			18,521			—		37,033		407,737
Invesco Balanced-Risk Commodity Strategy Fund–Class R6		2.46	%		35,302		33,555		(8,211	)		4,189			(535	)		28		8,993		64,300
Invesco Macro Allocation Strategy Fund–Class R6(b)		13.28	%		231,053		246,569		(138,514	)		18,451			5,418			—		36,706		347,980
Total Asset Allocation Funds					527,569		591,834		(323,204	)		39,781			23,404			28				820,017
Domestic Equity Funds–16.89%
Invesco All Cap Market Neutral Fund–Class R6(b)		12.86	%		264,570		291,768		(151,371	)		(64,429	)		36,694			—		39,865		336,860
Invesco Long/Short Equity Fund–Class R6		4.03	%		59,633		63,883		(20,407	)		1,304			8,364			7,459		8,793		105,513
Total Domestic Equity Funds					324,203		355,651		(171,778	)		(63,125	)		45,058			7,459				442,373
Fixed-Income Funds–1.97%
Invesco Floating Rate Fund–Class R6		1.97	%		30,701		24,162		(3,172	)		(84	)		(27	)		1,865		6,823		51,580
Foreign Equity Funds–21.19%
Invesco Global Infrastructure Fund–Class R6		3.71	%		59,858		48,592		(19,385	)		8,180			2,294			2,258		9,246		97,359
Invesco Global Market Neutral Fund–Class R6(b)		17.48	%		281,603		361,017		(151,021	)		(32,037	)		29,842			—		49,290		457,902
Invesco Macro Long/Short Fund–Class R6(b)		0.00	%		167,944		8,702		(178,037	)		(3,641	)		5,032			—		—		—
Total Foreign Equity Funds					509,405		418,311		(348,443	)		(27,498	)		37,168			2,258				555,261
Real Estate Funds–3.90%
Invesco Global Real Estate Fund–Class R6		3.90	%		59,701		47,842		(12,724	)		7,678			379			2,342		7,598		102,269
Money Market Funds–0.49%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(d)		0.17	%		5,459		669,043		(669,993	)		—			—			89		4,509		4,509
Invesco Liquid Assets Portfolio–Institutional Class, 1.40%(d)		0.12	%		—		5,981		(2,761	)		—			—			2		3,220		3,220
Invesco Treasury Portfolio–Institutional Class, 1.17%(d)		0.20	%		4,083		446,767		(445,697	)		—			—			58		5,153		5,153
Total Money Market Funds					9,542		1,121,791		(1,118,451	)		—			—			149				12,882
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $2,640,857)		99.87	%	$	1,528,019	$	3,172,367	$	(2,038,477	)	$	(30,254	)	$	106,276	(c)	$	14,133			$	2,616,639
OTHER ASSETS LESS LIABILITIES		0.13	%																			3,444
NET ASSETS		100.00	%																		$	2,620,083

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) Includes $24,370, $14,997, $40,372, $7,264, $2,180, $31,502 and $607 of capital gains distributions from affiliated underlying funds for Invesco Balanced-Risk Allocation Fund, Invesco Macro Allocation Strategy Fund, Invesco All Cap Market Neutral Fund, Invesco Long/Short Equity Fund, Invesco Global Infrastructure Fund, Invesco Global Market Neutral Fund and Invesco Global Real Estate Fund, respectively.

^(d) The rate shown is the 7-day SEC standardized yield as of December 31, 2017.

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

12                         Invesco Alternative Strategies Fund

Statement of Assets and Liabilities

December 31, 2017

Assets:
Investments in affiliated underlying funds, at value (Cost $2,640,857)	$	2,616,639
Receivable for:
Fund shares sold		2,516
Dividends — affiliated underlying funds		260
Fund expenses absorbed		4,690
Investment for trustee deferred compensation and retirement plans		8,152
Other assets		30,801
Total assets		2,663,058
Liabilities:
Payable for:
Investments purchased — affiliated underlying funds		197
Accrued fees to affiliates		2,158
Accrued trustees’ and officers’ fees and benefits		640
Accrued other operating expenses		31,828
Trustee deferred compensation and retirement plans		8,152
Total liabilities		42,975
Net assets applicable to shares outstanding	$	2,620,083
Net assets consist of:
Shares of beneficial interest	$	2,594,559
Undistributed net investment income		3,705
Undistributed net realized gain		46,037
Net unrealized appreciation (depreciation)		(24,218	)
	$	2,620,083

Net Assets:
Class A	$	948,453
Class C	$	180,869
Class R	$	18,365
Class Y	$	1,452,754
Class R5	$	9,821
Class R6	$	9,821
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		96,847
Class C		18,607
Class R		1,879
Class Y		147,893
Class R5		1,001
Class R6		1,001
Class A:
Net asset value per share	$	9.79
Maximum offering price per share
(Net asset value of $9.79 ¸ 94.50%)	$	10.36
Class C:
Net asset value and offering price per share	$	9.72
Class R:
Net asset value and offering price per share	$	9.77
Class Y:
Net asset value and offering price per share	$	9.82
Class R5:
Net asset value and offering price per share	$	9.81
Class R6:
Net asset value and offering price per share	$	9.81

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

13                         Invesco Alternative Strategies Fund

Statement of Operations

For the year ended December 31, 2017

Investment income:
Dividends from affiliated underlying funds	$	14,133
Expenses:
Advisory fees		3,286
Administrative services fees		50,000
Custodian fees		8,406
Distribution fees:
Class A		2,234
Class C		1,779
Class R		91
Transfer agent fees — A, C, R and Y		5,935
Transfer agent fees — R5		10
Transfer agent fees — R6		10
Trustees’ and officers’ fees and benefits		20,650
Registration and filing fees		78,293
Reports to shareholders		18,144
Professional services fees		42,841
Other		10,897
Total expenses		242,576
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(237,402	)
Net expenses		5,174
Net investment income		8,959
Realized and unrealized gain (loss) from investments in affiliated underlying fund shares
Net realized gain (loss) on sales of affiliated underlying fund shares		(15,016	)
Net realized gain from distributions of affiliated underlying fund shares		121,292
		106,276
Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares		(30,254	)
Net gain from affiliated underlying funds		76,022
Net increase in net assets resulting from operations	$	84,981

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

14                         Invesco Alternative Strategies Fund

Statement of Changes in Net Assets

For the years ended December 31, 2017 and 2016

	2017			2016
Operations:
Net investment income	$	8,959		$	39,848
Net realized gain (loss)		106,276			(11,699	)
Change in net unrealized appreciation (depreciation)		(30,254	)		44,710
Net increase in net assets resulting from operations		84,981			72,859
Distributions to shareholders from net investment income:
Class A		(6,842	)		(28,320	)
Class C		(356	)		(4,558	)
Class R		(99	)		(575	)
Class Y		(13,866	)		(17,612	)
Class R5		(95	)		(353	)
Class R6		(95	)		(353	)
Total distributions from net investment income		(21,353	)		(51,771	)
Distributions to shareholders from net realized gains:
Class A		(2,538	)		(264	)
Class C		(622	)		(52	)
Class R		(50	)		(6	)
Class Y		(3,917	)		(155	)
Class R5		(27	)		(3	)
Class R6		(27	)		(3	)
Total distributions from net realized gains		(7,181	)		(483	)
Share transactions–net:
Class A		69,894			354,562
Class C		16,225			56,719
Class R		75			(620	)
Class Y		928,614			234,568
Net increase in net assets resulting from share transactions		1,014,808			645,229
Net increase in net assets		1,071,255			665,834
Net assets:
Beginning of year		1,548,828			882,994
End of year (includes undistributed net investment income of $3,705 and $(796), respectively)	$	2,620,083		$	1,548,828

Notes to Financial Statements

December 31, 2017

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 twenty-nine 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.

15                         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”).

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

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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.

16                         Invesco Alternative Strategies Fund

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 over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to 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 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 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 accrues daily and pays monthly 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 separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least April 30, 2019, 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 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 (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 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, 2019. During its

17                         Invesco Alternative Strategies Fund

term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2019, 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, 2017, the Adviser waived advisory fees of $3,286, reimbursed fund level expenses of $228,161 and reimbursed class level expenses of $2,399, $478, $49, $2,904, $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, 2017, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2017, 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $271 in front-end sales commissions from the sale of Class A shares and $13 from Class C shares for CDSC imposed on redemptions by shareholders.

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, 2017, 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended December 31, 2017, there were no material transfers between valuation levels.

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, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $105.

18                         Invesco Alternative Strategies 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. Obligations under the deferred compensation plan 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, 2017 and 2016:

	2017		2016
Ordinary income	$	25,442	$	45,686
Long-term capital gain		3,092		6,568
Total distributions	$	28,534	$	52,254

Tax Components of Net Assets at Period-End:

	2017
Undistributed ordinary income	$	11,029
Undistributed long-term gain		84,926
Net unrealized appreciation (depreciation) — investments		(64,028	)
Temporary book/tax differences		(6,403	)
Shares of beneficial interest		2,594,559
Total net assets	$	2,620,083

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 a capital loss carryforward as of December 31, 2017.

NOTE 8—Investment Transactions

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, 2017 was $2,050,576 and $920,026, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	62,373
Aggregate unrealized (depreciation) of investments		(126,401	)
Net unrealized appreciation (depreciation) of investments	$	(64,028	)

Cost of investments for tax purposes is $2,680,667.

19                         Invesco Alternative Strategies Fund

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions from underlying funds and partnerships, on December 31, 2017, undistributed net investment income was increased by $16,895 and undistributed net realized gain was decreased by $16,895. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information

	Summary of Share Activity
	Years ended December 31,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		28,060		$	271,863			48,683		$	463,511
Class C		11,926			114,874			9,826			92,030
Class R		70			685			—			—
Class Y		101,400			979,722			47,768			455,982
Issued as reinvestment of dividends:
Class A		796			7,757			2,632			25,054
Class C		92			896			459			4,337
Class R		7			69			28			266
Class Y		900			8,792			1,471			14,034
Reacquired:
Class A		(21,786	)		(209,726	)		(14,078	)		(134,003	)
Class C		(10,321	)		(99,545	)		(4,246	)		(39,648	)
Class R		(70	)		(679	)		(96	)		(886	)
Class Y		(6,166	)		(59,900	)		(24,896	)		(235,448	)
Net increase in share activity		104,908		$	1,014,808			67,551		$	645,229

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% 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, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

20                         Invesco Alternative Strategies 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 (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 12/31/17	$	9.54	$	0.03		$	0.32		$	0.35		$	(0.07	)	$	(0.03	)	$	(0.10	)	$	9.79		3.66	%	$	948		0.30	%(e)		11.13	%(e)		0.35	%(e)		43	%
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			18.77			3.39			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 12/31/17		9.48		(0.04	)		0.32			0.28			(0.01	)		(0.03	)		(0.04	)		9.72		2.98			181		1.05	(e)		11.88	(e)		(0.40	)(e)		43
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			19.52			2.64			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 12/31/17		9.52		0.01			0.32			0.33			(0.05	)		(0.03	)		(0.08	)		9.77		3.47			18		0.55	(e)		11.38	(e)		0.10	(e)		43
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			19.02			3.14			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 12/31/17		9.57		0.06			0.31			0.37			(0.09	)		(0.03	)		(0.12	)		9.82		3.88			1,453		0.05	(e)		10.88	(e)		0.60	(e)		43
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			18.52			3.64			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 12/31/17		9.55		0.06			0.32			0.38			(0.09	)		(0.03	)		(0.12	)		9.81		4.00			10		0.05	(e)		10.72	(e)		0.60	(e)		43
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			18.23			3.64			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 12/31/17		9.55		0.06			0.32			0.38			(0.09	)		(0.03	)		(0.12	)		9.81		4.00			10		0.05	(e)		10.72	(e)		0.60	(e)		43
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			18.23			3.64			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 1.04%, 1.14%, 1.02% and 1.73% for the years ended December 31, 2017, 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 $894, $178, $18, $1,082, $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.

21                         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 Invesco Alternative Strategies Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Alternative Strategies Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2017 and for the period October 14, 2014 (commencement of investment operation) through December 31, 2014 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the three years in the period ended December 31, 2017 and for the period October 14, 2014 (commencement of investment operation) through December 31, 2014 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, TX

February 23, 2018

We have served as the auditor of one or more of the investment companies in the Invesco/PowerShares group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

22                         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, 2017, through December 31, 2017.

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 (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A		$1,000.00		$1,038.80		$1.54		$1,023.69		$1.53		0.30	%
C		1,000.00		1,035.20		5.39		1,019.91		5.35		1.05
R		1,000.00		1,036.80		2.82		1,022.43		2.80		0.55
Y		1,000.00		1,039.90		0.26		1,024.95		0.26		0.05
R5		1,000.00		1,040.00		0.26		1,024.95		0.26		0.05
R6		1,000.00		1,040.00		0.26		1,024.95		0.26		0.05

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2017 through December 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

23                         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, 2017:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	3,092
Qualified Dividend Income*		12.42	%
Corporate Dividends Received Deduction*		6.16	%
U.S. Treasury Obligations*		10.71	%

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

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	3,578

24                         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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired.	158	None
Teresa M. Ressel  —  1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None
Christopher L. Wilson —  1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)

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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, 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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed 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)
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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., 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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	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

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. 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 Invesco Distributors, Inc. ALST-AR-1 02202018 1549

	Annual Report to Shareholders	December 31, 2017
	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.     Major stock market indexes rose – and set record highs – throughout the reporting period. Generally positive economic data, strong corporate earnings and anticipated tax and regulatory reform contributed to the rally. The US economy expanded during the reporting period, with gross domestic product, the value of all goods and services produced, significantly increasing its growth rate from the first to the third quarter of the year. Tax reform legislation, enacted in December 2017, was a positive for the stock market, but its long-term economic impact was uncertain. Citing positive economic trends – specifically, realized and expected

labor market conditions and inflation – the US Federal Reserve raised interest rates in March, June and December 2017. While US and global bond markets, as well as emerging market equities, sold off early in the reporting period, they recovered much of their losses during the reporting period. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies.

    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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    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 and the economy 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, 2017, Class A shares of Invesco Balanced-Risk Retirement Now Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Balanced-Risk Retirement Now Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/16 to 12/31/17, 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	6.11%
Class AX Shares	5.99
Class B Shares	5.27
Class C Shares	5.27
Class CX Shares	5.27
Class R Shares	5.84
Class RX Shares	5.84
Class Y Shares	6.51
Class R5 Shares	6.39
Class R6 Shares	6.39
S&P 500 Index▼ (Broad Market Index)	21.83
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	14.25
Custom Invesco Balanced-Risk Retirement Now Index⬛ (Style-Specific Index)	8.87
Lipper Mixed-Asset Target Today Index◆ (Peer Group Index)	9.25
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.

    For the year ended December 31, 2017, each of the asset classes in which IBRA invests (directly or indirectly through derivatives) provided positive

contributions to IBRA’s performance – and at NAV the Fund reported positive absolute performance. 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 allocation portion of the 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 and take advantage of short-term market dynamics, while remaining consistent with the balanced-risk long-term portfolio structure.

    IBRA’s strategic exposure to equities, obtained through the use of swaps and futures, led results for the year, with all six markets in which IBRA invests – Europe ex-UK, Hong Kong, Japan, the UK, US large caps and US small caps – posting positive returns. Asian equities were the leading contributor as Japanese equity prices were boosted by increased exports. Hong Kong equities provided further positive influence from the Asian region, rising in sympathy with emerging markets, which enjoyed a substantial rally. While the prospect of less accommodative monetary policy from the European Central Bank (ECB) and Brexit (the UK’s plan to leave the European Union) remained sources of political and economic uncertainty, European and UK equities performed strongly due to improved economic data and positive confidence surveys. US equities – both large caps and small caps – contributed to IBRA’s performance for the year. The reporting period began with most major US stock market indexes hitting record highs following the US presidential election. Investors believed the new administration’s plans to reduce tax rates, scale back regulations and increase infrastructure spending had the potential to stimulate economic growth. That was called into question after the first quarter of 2017, when it appeared that enacting significant regulatory and tax reform might be more difficult than previously anticipated – although in December 2017, major tax reform legislation was enacted into law. Tactical positioning in US equities, obtained through the use of swaps and futures, contributed to IBRA’s performance for the year as overweight exposure to the asset class, relative to the Fund’s strategic exposure, proved timely.

    IBRA’s exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes,

also

Portfolio Composition

Asset Class*	Risk Allocation			% of Total Net  Assets as of  12/31/17**
Equities		42.43	%		25.87	%
Fixed Income		19.11			37.77
Commodities		35.13			22.01
Cash		3.33			39.35
Total		100.00			125.00

  * 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 $ 24.8 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, 2017.

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

contributed to its performance for the year, as gains in industrial metals, energy and precious metals outweighed losses in agriculture. Strategic positioning in industrial metals was the leading contributor to IBRA’s performance within the asset class, with gains in both aluminum and copper. Increased industrial metals prices were supported by strong manufacturing and import growth data out of China and by indications that China intended to cut production to curb pollution. IBRA’s strategic positioning within energy was also favorable as all assets, with the exception of natural gas, experienced gains. The energy commodity sector started the year plagued by high inventory levels and rising US production and rig counts. These conditions lasted throughout much of the first half of 2017. Oil and distillate prices rebounded in the third quarter of 2017 as the US rig count declined and expectations rose for an extension of OPEC’s production cuts. Severe weather also affected energy prices in the third quarter of 2017 as hurricanes forced refinery shutdowns that further boosted prices. Natural gas prices rose at the beginning of the year, but those gains were not enough to outweigh the losses from rising US output at the end of the year. Strategic positioning in precious metals contributed to IBRA’s performance for the reporting period, with gains in gold outweighing losses in silver. Precious metals were pressured as the US Federal Reserve raised short-term interest rates three times during the year – in March, June and December. Strategic positioning in agriculture was the sole detractor within the sector. Most agriculture assets posted losses except cotton, lean hogs and live cattle. Lean hogs and live cattle rose due to strong US export demand. Sugar was by far the leading detractor as production increased despite softer global demand. Tactical positioning within commodities, obtained through the use of futures, swaps and commodity-linked notes, slightly detracted from IBRA’s results for the year.

    IBRA’s exposure to global government bonds, obtained through the use of swaps and futures,

contributed to results for the year led by Australia and the US. Despite expectations that the ECB would likely begin tapering its monetary policy accommodation, German government bonds also contributed to IBRA’s performance for the reporting period. Canadian government bonds were the largest detractor within the fixed income asset class as yields rose after the Central Bank

of Canada (BOC) raised rates in July. Yields spiked again in the third quarter of 2017 in response to a surprise rate hike by the BOC. UK bonds detracted as they continue to be consumed with Brexit and terrorism. IBRA’s tactical positioning within bonds detracted from performance for the reporting period as losses from overweight exposure to Canadian and UK government bonds, coupled with underweight exposure to German government bonds, outweighed gains from underweight exposure to Australian and US government bonds.

    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.

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, 2017, Class A shares of Invesco Balanced-Risk Retirement 2020 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Balanced-Risk Retirement 2020 Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/16 to 12/31/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	7.24%
Class AX Shares	7.24
Class B Shares	6.46
Class C Shares	6.35
Class CX Shares	6.48
Class R Shares	6.99
Class RX Shares	6.87
Class Y Shares	7.52
Class R5 Shares	7.48
Class R6 Shares	7.47
S&P 500 Index▼ (Broad Market Index)	21.83
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	14.25
Custom Invesco Balanced-Risk Retirement 2020 Index⬛ (Style-Specific Index)	10.50
Lipper Mixed-Asset Target 2020 Funds Index◆ (Peer Group Index)	13.12
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.

    For the year ended December 31, 2017, each of the asset classes in which IBRA invests (directly or indirectly through derivatives) provided positive

contributions to IBRA’s performance – and at NAV the Fund reported positive absolute performance. 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 allocation portion of the 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 and take advantage of short-term market dynamics, while remaining consistent with the balanced-risk long-term portfolio structure.

    IBRA’s strategic exposure to equities, obtained through the use of swaps and futures, led results for the year, with all six markets in which IBRA invests – Europe ex-UK, Hong Kong, Japan, the UK, US large caps and US small caps – posting positive returns. Asian equities were the leading contributor as Japanese equity prices were boosted by increased exports. Hong Kong equities provided further positive influence from the Asian region, rising in sympathy with emerging markets, which enjoyed a substantial rally. While the prospect of less accommodative monetary policy from the European Central Bank (ECB) and Brexit (the UK’s plan to leave the European Union) remained sources of political and economic uncertainty, European and UK equities performed strongly due to improved economic data and positive confidence surveys. US equities – both large caps and small caps – contributed to IBRA’s performance for the year. The reporting period began with most major US stock market indexes hitting record highs following the US presidential election. Investors believed the new administration’s plans to reduce tax rates, scale back regulations and increase infrastructure spending had the potential to stimulate economic growth. That was called into question after the first quarter of 2017, when it appeared that enacting significant regulatory and tax reform might be more difficult than previously anticipated – although in December 2017, major tax reform legislation was enacted into law. Tactical positioning in US equities, obtained through the use of swaps and futures, contributed to IBRA’s performance for the year as overweight exposure to the asset class, relative to the Fund’s strategic exposure, proved timely.

    IBRA’s exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, also

Portfolio Composition

Asset Class*	Risk Allocation			% of Total Net  Assets as of  12/31/17**
Equities		42.99	%		30.60	%
Fixed Income		19.36			44.66
Commodities		35.60			26.03
Cash		2.05			28.27
Total		100.00			129.56

  * 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 $64.9 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, 2017.

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

contributed to its performance for the year, as gains in industrial metals, energy and precious metals outweighed losses in agriculture. Strategic positioning in industrial metals was the leading contributor to IBRA’s performance within the asset class, with gains in both aluminum and copper. Increased industrial metals prices were supported by strong manufacturing and import growth data out of China and by indications that China intended to cut production to curb pollution. IBRA’s strategic positioning within energy was also favorable as all assets, with the exception of natural gas, experienced gains. The energy commodity sector started the year plagued by high inventory levels and rising US production and rig counts. These conditions lasted throughout much of the first half of 2017. Oil and distillate prices rebounded in the third quarter of 2017 as the US rig count declined and expectations rose for an extension of OPEC’s production cuts. Severe weather also affected energy prices in the third quarter of 2017 as hurricanes forced refinery shutdowns that further boosted prices. Natural gas prices rose at the beginning of the year, but those gains were not enough to outweigh the losses from rising US output at the end of the year. Strategic positioning in precious metals contributed to IBRA’s performance for the reporting period, with gains in gold outweighing losses in silver. Precious metals were pressured as the US Federal Reserve raised short-term interest rates three times during the year – in March, June and December. Strategic positioning in agriculture was the sole detractor within the sector. Most agriculture assets posted losses except cotton, lean hogs and live cattle. Lean hogs and live cattle rose due to strong US export demand. Sugar was by far the leading detractor as production increased despite softer global demand. Tactical positioning within commodities, obtained through the use of futures, swaps and commodity-linked notes, slightly detracted from IBRA’s results for the year.

    IBRA’s exposure to global government bonds, obtained through the use of swaps and futures,

contributed to results for the year led by Australia and the US. Despite expectations that the ECB would likely begin tapering its monetary policy accommodation, German government bonds also contributed to IBRA’s performance for the reporting period. Canadian government bonds were the largest detractor within the fixed income asset class as yields rose after the Central Bank

of Canada (BOC) raised rates in July. Yields spiked again in the third quarter of 2017 in response to a surprise rate hike by the BOC. UK bonds detracted as they continue to be consumed with Brexit and terrorism. IBRA’s tactical positioning within bonds detracted from performance for the reporting period as losses from overweight exposure to Canadian and UK government bonds, coupled with underweight exposure to German government bonds, outweighed gains from underweight exposure to Australian and US government bonds.

    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.

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, 2017, Class A shares of Invesco Balanced-Risk Retirement 2030 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Balanced-Risk Retirement 2030 Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/16 to 12/31/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	10.20%
Class AX Shares	10.33
Class B Shares	9.34
Class C Shares	9.34
Class CX Shares	9.47
Class R Shares	9.97
Class RX Shares	9.99
Class Y Shares	10.46
Class R5 Shares	10.55
Class R6 Shares	10.43
S&P 500 Index▼ (Broad Market Index)	21.83
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	14.25
Custom Invesco Balanced-Risk Retirement 2030 Index⬛ (Style-Specific Index)	14.82
Lipper Mixed-Asset Target 2030 Funds Index◆ (Peer Group Index)	16.97
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.

    For the year ended December 31, 2017, each of the asset classes in which IBRA and IBRAA invests (directly or

indirectly through derivatives) provided positive contributions to Fund performance – and the Fund at NAV reported positive absolute performance. 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 allocation 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 our equity, fixed income and commodity allocations. IBRA and IBRAA then make tactical adjustments to their portfolios on a monthly basis to try and take advantage of short-term market dynamics, while

remaining consistent with the balanced-risk long-term portfolio structure.

    IBRA’s and IBRAA’s strategic exposure to equities, obtained through the use of swaps and futures, led results for the year, with all six markets in which IBRA and IBRAA invest – Europe ex-UK, Hong Kong, Japan, the UK, US large caps and US small caps – posting positive returns. Asian equities were the leading contributor as Japanese equity prices were boosted by increased exports. Hong Kong equities provided further positive influence from the Asian region, rising in sympathy with emerging markets, which enjoyed a substantial rally. While the prospect of less accommodative monetary policy from the European Central Bank (ECB) and Brexit (the UK’s plan to leave the European Union) remained sources of political and economic uncertainty, European and UK equities performed strongly due to improved economic data and positive confidence surveys. US equities – both large caps and small caps – contributed to IBRA’s and IBRAA’s performance for the year. The reporting period began with most major US stock market indexes hitting record highs following the US presidential election. Investors believed the new administration’s plans to reduce tax rates, scale back regulations and increase infrastructure spending had the potential to stimulate economic growth. That was called into question after the first quarter of 2017, when it appeared that enacting significant regulatory and tax reform might be more difficult than previously anticipated – although in December 2017, major tax reform legislation was enacted into law. Tactical positioning in US equities, obtained through the use of swaps and futures, contributed to IBRA’s and IBRAA’s performance for the year as overweight exposure to the asset class, relative to the Fund’s strategic exposure, proved timely.

Portfolio Composition

Asset Class*	Risk Allocation			% of Total Net  Assets as of 12/31/17**
Equities		43.88	%		44.21	%
Fixed Income		19.76			64.53
Commodities		36.33			37.60
Cash		0.03			0.67
Total		100.00			147.01

  * 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 $73.0 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, 2017.

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

    IBRA’s and IBRAA’s exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, also contributed to IBRA’s and IBRAA’s performance for the year, as gains in industrial metals, energy and precious metals outweighed losses in agriculture. Strategic positioning in industrial metals was the leading contributor to IBRA’s and IBRAA’s performance within the asset class, with gains in both aluminum and copper. Increased industrial metals prices were supported by strong manufacturing and import growth data out of China and by indications that China intended to cut production to curb pollution. IBRA’s and IBRAA’s strategic positioning within energy was also favorable as all assets, with the exception of natural gas, experienced gains. The energy commodity sector started the year plagued by high inventory levels and rising US production and rig counts. These conditions lasted throughout much of the first half of 2017. Oil and distillate prices rebounded in the third quarter of 2017 as the US rig count declined and expectations rose for an extension of OPEC’s production cuts. Severe weather also affected energy prices in the third quarter of 2017 as hurricanes forced refinery shutdowns that further boosted prices. Natural gas prices rose at the beginning of the year, but those gains were not enough to outweigh the losses from rising US output at the end of the year. Strategic positioning in precious metals contributed to IBRA’s and IBRAA’s performance, with gains in gold outweighing losses in silver. Precious metals were pressured as the US Federal Reserve raised short-term interest rates three times during the year – in March, June and December. Strategic positioning in agriculture was the sole detractor within the sector. Most agriculture assets posted losses except cotton, lean hogs and live cattle. Lean hogs and live cattle rose due to strong US export demand. Sugar was by far the leading detractor as production increased despite softer global demand. Tactical positioning within commodities, obtained through the use of futures, swaps and commodity-linked notes, slightly detracted from IBRA’s and IBRAA’s results for the year.

    IBRA’s and IBRAA’s exposure to global government bonds, obtained through the use of swaps and futures, contributed to results for the year led by Australia and the US. Despite expectations that the ECB would likely begin tapering its monetary policy accommodation, German

government bonds also contributed to IBRA’s and IBRAA’s performance for the reporting period. Canadian government bonds were the largest detractor within the fixed income asset class as yields rose after the Central Bank of Canada (BOC) raised rates in July. Yields spiked again in the third quarter of 2017 in response to a surprise rate hike by the BOC. UK bonds detracted as they continue to be consumed with Brexit and terrorism. IBRA’s and IBRAA’s tactical positioning within bonds detracted from performance for the reporting period as losses from overweight exposure to Canadian and UK government bonds, coupled with underweight exposure to German government bonds, outweighed gains from underweight exposure to Australian and US government bonds.

    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.

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, 2017, Class A shares of Invesco Balanced-Risk Retirement 2040 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Balanced-Risk Retirement 2040 Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/16 to 12/31/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	11.78%
Class AX Shares	11.79
Class B Shares	10.93
Class C Shares	10.95
Class CX Shares	10.96
Class R Shares	11.42
Class RX Shares	11.57
Class Y Shares	12.02
Class R5 Shares	12.14
Class R6 Shares	12.00
S&P 500 Index▼ (Broad Market Index)	21.83
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	14.25
Custom Invesco Balanced-Risk Retirement 2040 Index⬛ (Style-Specific Index)	15.78
Lipper Mixed-Asset Target 2040 Funds Index◆ (Peer Group Index)	20.91
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.

    For the year ended December 31, 2017, each of the asset classes in which IBRA and IBRAA invests (directly or

indirectly through derivatives) provided positive contributions to Fund performance – and the Fund at NAV reported positive absolute performance. 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 allocation 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 our equity, fixed income and commodity allocations. IBRA and IBRAA then make tactical adjustments to their portfolios on a monthly basis to try and take advantage of short-term market dynamics, while

remaining consistent with the balanced-risk long-term portfolio structure.

    IBRA’s and IBRAA’s strategic exposure to equities, obtained through the use of swaps and futures, led results for the year, with all six markets in which IBRA and IBRAA invest – Europe ex-UK, Hong Kong, Japan, the UK, US large caps and US small caps – posting positive returns. Asian equities were the leading contributor as Japanese equity prices were boosted by increased exports. Hong Kong equities provided further positive influence from the Asian region, rising in sympathy with emerging markets, which enjoyed a substantial rally. While the prospect of less accommodative monetary policy from the European Central Bank (ECB) and Brexit (the UK’s plan to leave the European Union) remained sources of political and economic uncertainty, European and UK equities performed strongly due to improved economic data and positive confidence surveys. US equities – both large caps and small caps – contributed to IBRA’s and IBRAA’s performance for the year. The reporting period began with most major US stock market indexes hitting record highs following the US presidential election. Investors believed the new administration’s plans to reduce tax rates, scale back regulations and increase infrastructure spending had the potential to stimulate economic growth. That was called into question after the first quarter of 2017, when it appeared that enacting significant regulatory and tax reform might be more difficult than previously anticipated – although in December 2017, major tax reform legislation was enacted into law. Tactical positioning in US equities, obtained through the use of swaps and futures, contributed to IBRA’s and IBRAA’s performance for the year as overweight exposure to the asset class, relative to the Fund’s strategic exposure, proved timely.

Portfolio Composition

Asset Class*	Risk Allocation			% of Total Net  Assets as of 12/31/17**
Equities		43.88	%		51.38	%
Fixed Income		19.76			74.99
Commodities		36.33			43.70
Cash		0.03			0.79
Total		100.00			170.86

  * 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       $53.7 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, 2017.

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

    IBRA’s and IBRAA’s exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, also contributed to IBRA’s and IBRAA’s performance for the year, as gains in industrial metals, energy and precious metals outweighed losses in agriculture. Strategic positioning in industrial metals was the leading contributor to IBRA’s and IBRAA’s performance within the asset class, with gains in both aluminum and copper. Increased industrial metals prices were supported by strong manufacturing and import growth data out of China and by indications that China intended to cut production to curb pollution. IBRA’s and IBRAA’s strategic positioning within energy was also favorable as all assets, with the exception of natural gas, experienced gains. The energy commodity sector started the year plagued by high inventory levels and rising US production and rig counts. These conditions lasted throughout much of the first half of 2017. Oil and distillate prices rebounded in the third quarter of 2017 as the US rig count declined and expectations rose for an extension of OPEC’s production cuts. Severe weather also affected energy prices in the third quarter of 2017 as hurricanes forced refinery shutdowns that further boosted prices. Natural gas prices rose at the beginning of the year, but those gains were not enough to outweigh the losses from rising US output at the end of the year. Strategic positioning in precious metals contributed to IBRA’s and IBRAA’s performance, with gains in gold outweighing losses in silver. Precious metals were pressured as the US Federal Reserve raised short-term interest rates three times during the year – in March, June and December. Strategic positioning in agriculture was the sole detractor within the sector. Most agriculture assets posted losses except cotton, lean hogs and live cattle. Lean hogs and live cattle rose due to strong US export demand. Sugar was by far the leading detractor as production increased despite softer global demand. Tactical positioning within commodities, obtained through the use of futures, swaps and commodity-linked notes, slightly detracted from IBRA’s and IBRAA’s results for the year.

    IBRA’s and IBRAA’s exposure to global government bonds, obtained through the use of swaps and futures, contributed to results for the year led by Australia and the US. Despite expectations that the ECB would likely begin tapering its monetary policy accommodation, German government bonds also contributed to IBRA’s and IBRAA’s performance for the

reporting period. Canadian government bonds were the largest detractor within the fixed income asset class as yields rose after the Central Bank of Canada (BOC) raised rates in July. Yields spiked again in the third quarter of 2017 in response to a surprise rate hike by the BOC. UK bonds detracted as they continue to be consumed with Brexit and terrorism. IBRA’s and IBRAA’s tactical positioning within bonds detracted from performance for the reporting period as losses from overweight exposure to Canadian and UK government bonds, coupled with underweight exposure to German government bonds, outweighed gains from underweight exposure to Australian and US government bonds.

    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.

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, 2017, Class A shares of Invesco Balanced-Risk Retirement 2050 Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Balanced-Risk Retirement 2050 Index.     Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes Total returns, 12/31/16 to 12/31/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	13.16%
Class AX Shares	13.30
Class B Shares	12.53
Class C Shares	12.35
Class CX Shares	12.51
Class R Shares	12.96
Class RX Shares	13.10
Class Y Shares	13.67
Class R5 Shares	13.65
Class R6 Shares	13.63
S&P 500 Index▼ (Broad Market Index)	21.83
Custom Invesco Balanced-Risk Allocation Broad Index⬛ (Style-Specific Index)	14.25
Custom Invesco Balanced-Risk Retirement 2050 Index⬛ (Style-Specific Index)	16.75
Lipper Mixed-Asset Target 2050 Funds Index◆ (Peer Group Index)	21.69
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.

    For the year ended December 31, 2017, each of the asset classes in which IBRA and IBRAA invests (directly or

indirectly through derivatives) provided positive contributions to Fund performance – and the Fund at NAV reported positive absolute performance. 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 allocation 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 our equity, fixed income and commodity allocations. IBRA and IBRAA then make tactical adjustments to their portfolios on a monthly basis to try and take advantage of short-term market dynamics, while

remaining consistent with the balanced-risk long-term portfolio structure.

    IBRA’s and IBRAA’s strategic exposure to equities, obtained through the use of swaps and futures, led results for the year, with all six markets in which IBRA and IBRAA invest – Europe ex-UK, Hong Kong, Japan, the UK, US large caps and US small caps – posting positive returns. Asian equities were the leading contributor as Japanese equity prices were boosted by increased exports. Hong Kong equities provided further positive influence from the Asian region, rising in sympathy with emerging markets, which enjoyed a substantial rally. While the prospect of less accommodative monetary policy from the European Central Bank (ECB) and Brexit (the UK’s plan to leave the European Union) remained sources of political and economic uncertainty, European and UK equities performed strongly due to improved economic data and positive confidence surveys. US equities – both large caps and small caps – contributed to IBRA’s and IBRAA’s performance for the year. The reporting period began with most major US stock market indexes hitting record highs following the US presidential election. Investors believed the new administration’s plans to reduce tax rates, scale back regulations and increase infrastructure spending had the potential to stimulate economic growth. That was called into question after the first quarter of 2017, when it appeared that enacting significant regulatory and tax reform might be more difficult than previously anticipated – although in December 2017, major tax reform legislation was enacted into law. Tactical positioning in US equities, obtained through the use of swaps and futures, contributed to IBRA’s and IBRAA’s performance for the year as overweight exposure to the asset class, relative to the Fund’s strategic exposure, proved timely.

Portfolio Composition

Asset Class*	Risk Allocation			% of Total Net  Assets as of 12/31/17**
Equities		43.89	%		57.88	%
Fixed Income		19.77			84.47
Commodities		36.34			49.22
Cash		0.00			0.00
Total		100.00			191.57

  * 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 $ 38.5 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, 2017.

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

    IBRA’s and IBRAA’s exposure to commodities, obtained through the use of swaps, futures and commodity-linked notes, also contributed to IBRA’s and IBRAA’s performance for the year, as gains in industrial metals, energy and precious metals outweighed losses in agriculture. Strategic positioning in industrial metals was the leading contributor to IBRA’s and IBRAA’s performance within the asset class, with gains in both aluminum and copper. Increased industrial metals prices were supported by strong manufacturing and import growth data out of China and by indications that China intended to cut production to curb pollution. IBRA’s and IBRAA’s strategic positioning within energy was also favorable as all assets, with the exception of natural gas, experienced gains. The energy commodity sector started the year plagued by high inventory levels and rising US production and rig counts. These conditions lasted throughout much of the first half of 2017. Oil and distillate prices rebounded in the third quarter of 2017 as the US rig count declined and expectations rose for an extension of OPEC’s production cuts. Severe weather also affected energy prices in the third quarter of 2017 as hurricanes forced refinery shutdowns that further boosted prices. Natural gas prices rose at the beginning of the year, but those gains were not enough to outweigh the losses from rising US output at the end of the year. Strategic positioning in precious metals contributed to IBRA’s and IBRAA’s performance, with gains in gold outweighing losses in silver. Precious metals were pressured as the US Federal Reserve raised short-term interest rates three times during the year – in March, June and December. Strategic positioning in agriculture was the sole detractor within the sector. Most agriculture assets posted losses except cotton, lean hogs and live cattle. Lean hogs and live cattle rose due to strong US export demand. Sugar was by far the leading detractor as production increased despite softer global demand. Tactical positioning within commodities, obtained through the use of futures, swaps and commodity-linked notes, slightly detracted from IBRA’s and IBRAA’s results for the year.

    IBRA’s and IBRAA’s exposure to global government bonds, obtained through the use of swaps and futures, contributed to results for the year led by Australia and the US. Despite expectations that the ECB would likely begin tapering its monetary policy accommodation, German

government bonds also contributed to IBRA’s and IBRAA’s performance for the reporting period. Canadian government bonds were the largest detractor within the fixed income asset class as yields rose after the Central Bank of Canada (BOC) raised rates in July. Yields spiked again in the third quarter of 2017 in response to a surprise rate hike by the BOC. UK bonds detracted as they continue to be consumed with Brexit and terrorism. IBRA’s and IBRAA’s tactical positioning within bonds detracted from performance for the reporting period as losses from overweight exposure to Canadian and UK government bonds, coupled with underweight exposure to German government bonds, outweighed gains from underweight exposure to Australian and US government bonds.

    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.

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.

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)

Fund and index data from 12/31/07

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 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (1/31/07)	2.40%
10 Years	2.26
5 Years	1.71
1 Year	0.28
Class AX Shares
10 Years	2.24%
5 Years	1.69
1 Year	0.16
Class B Shares
Inception (1/31/07)	2.35%
10 Years	2.22
5 Years	1.78
1 Year	0.27
Class C Shares
Inception (1/31/07)	2.16%
10 Years	2.08
5 Years	2.14
1 Year	4.27
Class CX Shares
10 Years	2.07%
5 Years	2.11
1 Year	4.27
Class R Shares
Inception (1/31/07)	2.66%
10 Years	2.58
5 Years	2.60
1 Year	5.84
Class RX Shares
10 Years	2.57%
5 Years	2.60
1 Year	5.84
Class Y Shares
10 Years	3.08%
5 Years	3.11
1 Year	6.51
Class R5 Shares
Inception (1/31/07)	3.17%
10 Years	3.09
5 Years	3.11
1 Year	6.39
Class R6 Shares
10 Years	2.97%
5 Years	3.11
1 Year	6.39

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 1.88%, 1.88%, 2.63%, 2.63%, 2.63%, 2.13%, 2.13%, 1.63%, 1.54% and 1.47%, 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%.

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, 2019. 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)

Fund and index data from 12/31/07

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 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (1/31/07)	3.18%
10 Years	3.23
5 Years	2.55
1 Year	1.30
Class AX Shares
10 Years	3.23%
5 Years	2.55
1 Year	1.30
Class B Shares
Inception (1/31/07)	3.14%
10 Years	3.18
5 Years	2.60
1 Year	1.46
Class C Shares
Inception (1/31/07)	2.92%
10 Years	3.02
5 Years	2.95
1 Year	5.35
Class CX Shares
10 Years	3.04%
5 Years	2.95
1 Year	5.48
Class R Shares
Inception (1/31/07)	3.45%
10 Years	3.54
5 Years	3.44
1 Year	6.99
Class RX Shares
10 Years	3.55%
5 Years	3.44
1 Year	6.87
Class Y Shares
10 Years	4.04%
5 Years	3.96
1 Year	7.52
Class R5 Shares
Inception (1/31/07)	3.97%
10 Years	4.06
5 Years	3.97
1 Year	7.48
Class R6 Shares
10 Years	3.95%
5 Years	3.96
1 Year	7.47

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 0.91%, 0.91%, 1.66%, 1.66%, 1.66%, 1.16%, 1.16%, 0.66%, 0.66% and 0.66%, 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 1.48%, 1.48%, 2.23%, 2.23%, 2.23%, 1.73%, 1.73%, 1.23%, 1.13% and 1.04%, 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 0.66%.

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, 2019. 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)

Fund and index data from 12/31/07

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 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (1/31/07)	3.29%
10 Years	3.38
5 Years	3.79
1 Year	4.19
Class AX Shares
10 Years	3.39%
5 Years	3.81
1 Year	4.30
Class B Shares
Inception (1/31/07)	3.25%
10 Years	3.34
5 Years	3.88
1 Year	4.34
Class C Shares
Inception (1/31/07)	3.05%
10 Years	3.19
5 Years	4.23
1 Year	8.34
Class CX Shares
10 Years	3.22%
5 Years	4.25
1 Year	8.47
Class R Shares
Inception (1/31/07)	3.57%
10 Years	3.72
5 Years	4.75
1 Year	9.97
Class RX Shares
10 Years	3.73%
5 Years	4.73
1 Year	9.99
Class Y Shares
10 Years	4.22%
5 Years	5.24
1 Year	10.46
Class R5 Shares
Inception (1/31/07)	4.09%
10 Years	4.25
5 Years	5.25
1 Year	10.55
Class R6 Shares
10 Years	4.11%
5 Years	5.23
1 Year	10.43

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 1.08%, 1.08%, 1.83%, 1.83%, 1.83%, 1.33%, 1.33%, 0.83%, 0.83% and 0.83%, 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 1.64%, 1.64%, 2.39%, 2.39%, 2.39%, 1.89%, 1.89%, 1.39%, 1.27% and 1.18%, 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 0.83%.

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, 2019. 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)

Fund and index data from 12/31/07

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 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (1/31/07)	3.32%
10 Years	3.44
5 Years	4.53
1 Year	5.63
Class AX Shares
10 Years	3.43%
5 Years	4.50
1 Year	5.64
Class B Shares
Inception (1/31/07)	3.29%
10 Years	3.40
5 Years	4.65
1 Year	5.93
Class C Shares
Inception (1/31/07)	3.10%
10 Years	3.27
5 Years	4.96
1 Year	9.95
Class CX Shares
10 Years	3.27%
5 Years	4.97
1 Year	9.96
Class R Shares
Inception (1/31/07)	3.60%
10 Years	3.77
5 Years	5.45
1 Year	11.42
Class RX Shares
10 Years	3.77%
5 Years	5.44
1 Year	11.57
Class Y Shares
10 Years	4.26%
5 Years	5.95
1 Year	12.02
Class R5 Shares
Inception (1/31/07)	4.11%
10 Years	4.28
5 Years	5.99
1 Year	12.14
Class R6 Shares
10 Years	4.17%
5 Years	5.97
1 Year	12.00

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 1.12%, 1.12%, 1.87%, 1.87%, 1.87%, 1.37%, 1.37%, 0.87%, 0.87% and 0.87%, 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 1.93%, 1.93%, 2.68%, 2.68%, 2.68%, 2.18%, 2.18%, 1.68%, 1.49% and 1.40%, 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 0.87%.

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, 2019. 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)

Fund and index data from 12/31/07

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 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (1/31/07)	3.39%
10 Years	3.54
5 Years	5.17
1 Year	6.91
Class AX Shares
10 Years	3.53%
5 Years	5.16
1 Year	7.04
Class B Shares
Inception (1/31/07)	3.34%
10 Years	3.51
5 Years	5.38
1 Year	7.53
Class C Shares
Inception (1/31/07)	3.17%
10 Years	3.37
5 Years	5.62
1 Year	11.35
Class CX Shares
10 Years	3.38%
5 Years	5.66
1 Year	11.51
Class R Shares
Inception (1/31/07)	3.67%
10 Years	3.88
5 Years	6.14
1 Year	12.96
Class RX Shares
10 Years	3.88%
5 Years	6.14
1 Year	13.10
Class Y Shares
10 Years	4.37%
5 Years	6.67
1 Year	13.67
Class R5 Shares
Inception (1/31/07)	4.18%
10 Years	4.39
5 Years	6.67
1 Year	13.65
Class R6 Shares
10 Years	4.28%
5 Years	6.66
1 Year	13.63

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 1.16%, 1.16%, 1.91%, 1.91%, 1.91%, 1.41%, 1.41%, 0.91%, 0.91% and 0.91%, 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 2.48%, 2.48%, 3.23%, 3.23%, 3.23%, 2.73%, 2.73%, 2.23%, 1.93% and 1.86%, 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 0.91%.

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, 2019. 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, 2017, 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. Please see the prospectus for more information.

∎ Effective January 26, 2018, after the close of the reporting period, all outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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

The principal risks of investing in the Funds 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. As a result of a recent announcement by the Internal Revenue Service, an underlying fund intends to invest in commodity-linked notes: (a) directly, generally only to the extent that it obtains an opinion of counsel confirming that income from such investments should be qualifying income because such commodity-linked notes

constitute securities under section 2(a) (36) of the 1940 Act or (b) indirectly through the Subsidiary. Should the Internal Revenue Service issue further 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

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

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 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. An underlying fund’s 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,

continued on page 26

25                         Invesco Balanced-Risk Retirement Funds

continued from page 25

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 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. Because an underlying fund’s investment process relies heavily on its asset allocation process, market movements that are counter to the portfolio managers’ expectations may have a significant adverse effect on the Fund’s net asset value. 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. 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.

26                         Invesco Balanced-Risk Retirement Funds

∎ 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 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 Bond 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 Bond 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 Bond Index.

∎ The Custom Invesco Balanced-Risk Retirement Now Index was created by Invesco to serve as a style-specific benchmark for Invesco Balanced-Risk Retirement Now 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, Barclays U.S. Universal and Three-month U.S. Treasury Bill. From November 4, 2009, through November 30, 2009, the index comprised the MSCI World Index, the JP Morgan Global Government Index and the Three-month U.S. Treasury Bill Index. Since December 1, 2009, the index has comprised the MSCI World Index, Bloomberg Barclays U.S. Aggregate Bond Index and FTSE US Three-Month Treasury Bill Index. The composition of the index may change based on the Fund’s target 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 2020 Index was created by Invesco to serve as a style-specific benchmark for Invesco Balanced-Risk Retirement 2020 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 Bond 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 Invesco Balanced-Risk Retirement 2030 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 Bond Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

∎ The Custom Invesco Balanced-Risk Retirement 2040 Index was created by Invesco to serve as a style-specific benchmark for Invesco Balanced-Risk Retirement 2040 Fund. From the inception of the Fund to November 4, 2009,

continued on page 28

27                         Invesco Balanced-Risk Retirement Funds

continued from page 27

the index comprised the Custom Independence 2040 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 Bond Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

∎ The Custom Invesco Balanced-Risk Retirement 2050 Index was created by Invesco to serve as a style-specific benchmark for Invesco Balanced-Risk Retirement 2050 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 Bond Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

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

∎ The FTSE US 3-Month Treasury Bill Index is an unmanaged index representative of three-month US Treasury bills.

∎ The JP Morgan Global Government Bond Index tracks fixed-rate issuances from high-income countries spanning the globe.

∎ 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 Index is an unmanaged index considered representative of mixed-asset target 2020 funds tracked by Lipper.

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

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

∎ The Lipper Mixed-Asset Target 2050 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.

28                         Invesco Balanced-Risk Retirement Funds

Schedule of Investments

December 31, 2017

Invesco Balanced-Risk Retirement Now Fund

Schedule of Investments in Affiliated Issuers–100.08%^(a)

	% of Net Assets 12/31/17			Value 12/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain			Dividend Income		Shares 12/31/17		Value 12/31/17
Asset Allocation Funds–60.73%
Invesco Balanced-Risk Allocation Fund–Class R6		60.73	%	$	16,256,949	$	1,504,552	$	(3,319,393	)	$	508,684	$	984,531		$	—		1,366,097	$	15,040,728
Money Market Funds–39.35%
Invesco Government & Agency Portfolio–Institutional Class, 1.18% (b)		23.61	%		6,445,052		5,491,663		(6,088,274	)		—		—			48,080		5,848,441		5,848,441
Invesco Liquid Assets Portfolio–Institutional Class, 1.40%(b)		0.00	%		—		3,072,273		(3,072,273	)		—		—			164		—		—
Invesco Treasury Portfolio–Institutional Class, 1.17%(b)		15.74	%		4,296,701		3,008,900		(3,406,641	)		—		—			30,763		3,898,960		3,898,960
Total Money Market Funds					10,741,753		11,572,836		(12,567,188	)		—		—			79,007				9,747,401
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $24,405,915)		100.08	%	$	26,998,702	$	13,077,388	$	(15,886,581	)	$	508,684	$	984,531	(c)	$	79,007			$	24,788,129
OTHER ASSETS LESS LIABILITIES		(0.08	)%																		(20,309	)
NET ASSETS		100.00	%																	$	24,767,820

Invesco Balanced-Risk Retirement 2020 Fund

Schedule of Investments in Affiliated Issuers–100.09%^(a)

	% of Net Assets 12/31/17			Value 12/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain			Dividend Income		Shares 12/31/17		Value 12/31/17
Asset Allocation Funds–71.82%
Invesco Balanced-Risk Allocation Fund–Class R6		71.82	%	$	51,665,053	$	2,771,751	$	(9,721,698	)	$	1,871,372	$	2,786,414		$	—		4,232,619	$	46,601,141
Money Market Funds–28.27%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(b)		16.96	%		10,696,253		7,896,833		(7,586,369	)		—		—			85,446		11,006,717		11,006,717
Invesco Treasury Portfolio–Institutional Class, 1.17%(b)		11.31	%		7,130,835		5,264,556		(5,057,580	)		—		—			54,580		7,337,811		7,337,811
Total Money Market Funds					17,827,088		13,161,389		(12,643,949	)		—		—			140,026				18,344,528
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $63,764,702)		100.09	%	$	69,492,141	$	15,933,140	$	(22,365,647	)	$	1,871,372	$	2,786,414	(d)	$	140,026			$	64,945,669
OTHER ASSETS LESS LIABILITIES		(0.09	)%																		(57,014	)
NET ASSETS		100.00	%																	$	64,888,655

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, 2017.

^(c)  Includes $894,595 of capital gains distributions from affiliated underlying funds for Invesco Balanced-Risk Allocation Fund.

^(d)  Includes $2,771,751 of capital gains distributions from affiliated underlying funds for Invesco Balanced-Risk Allocation Fund.

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

29                         Invesco Balanced-Risk Retirement Funds

Schedule of Investments—(continued)

December 31, 2017

Invesco Balanced-Risk Retirement 2030 Fund

Schedule of Investments in Affiliated Issuers–100.74%^(a)

	% of Net Assets 12/31/17			Value 12/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain			Dividend Income		Shares 12/31/17		Value 12/31/17
Asset Allocation Funds–100.07%
Invesco Balanced-Risk Allocation Fund–Class R6		92.70	%	$	71,111,737	$	6,143,525	$	(12,100,002	)	$	3,162,345	$	3,424,882		$	—		6,148,606	$	67,696,154
Invesco Balanced-Risk Aggressive Allocation Fund		7.37	%		8,561,561		567,395		(4,171,757	)		824,782		91,848			—		633,913		5,381,921
Total Asset Allocation Funds					79,673,298		6,710,920		(16,271,759	)		3,987,127		3,516,730			—				73,078,075
Money Market Funds–0.67%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(b)		0.40	%		182,293		7,480,481		(7,368,031	)		—		—			1,487		294,743		294,743
Invesco Treasury Portfolio–Institutional Class, 1.17%(b)		0.27	%		121,528		4,986,988		(4,912,021	)		—		—			949		196,495		196,495
Total Money Market Funds					303,821		12,467,469		(12,280,052	)		—		—			2,436				491,238
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $74,019,934)		100.74	%	$	79,977,119	$	19,178,389	$	(28,551,811	)	$	3,987,127	$	3,516,730	(c)	$	2,436			$	73,569,313
OTHER ASSETS LESS LIABILITIES		(0.74	)%																		(544,139	)
NET ASSETS		100.00	%																	$	73,025,174

Invesco Balanced-Risk Retirement 2040 Fund

Schedule of Investments in Affiliated Issuers–100.53%^(a)

	% of Net Assets 12/31/17			Value 12/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain			Dividend Income		Shares 12/31/17		Value 12/31/17
Asset Allocation Funds–99.74%
Invesco Balanced-Risk Allocation Fund–Class R6		58.06	%	$	28,316,194	$	5,611,918	$	(3,773,351	)	$	1,235,243	$	1,630,574		$	—		2,829,685	$	31,154,838
Invesco Balanced-Risk Aggressive Allocation Fund		41.68	%		22,758,100		3,356,877		(4,808,186	)		1,424,813		1,680,460			—		2,634,439		22,366,385
Total Asset Allocation Funds					51,074,294		8,968,795		(8,581,537	)		2,660,056		3,311,034			—				53,521,223
Money Market Funds–0.79%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(b)		0.47	%		256,259		6,018,385		(6,019,451	)		—		—			1,224		255,193		255,193
Invesco Treasury Portfolio–Institutional Class, 1.17%(b)		0.32	%		170,840		4,012,257		(4,012,968	)		—		—			795		170,129		170,129
Total Money Market Funds					427,099		10,030,642		(10,032,419	)		—		—			2,019				425,322
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $58,312,326)		100.53	%	$	51,501,393	$	18,999,437	$	(18,613,956	)	$	2,660,056	$	3,311,034	(d)	$	2,019			$	53,946,545
OTHER ASSETS LESS LIABILITIES		(0.53	)%																		(285,372	)
NET ASSETS		100.00	%																	$	53,661,173

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, 2017.

^(c)  Includes $4,046,333 and $491,908 of capital gains distributions from affiliated underlying funds for Invesco Balanced-Risk Allocation Fund and Invesco Balanced–Risk Aggressive Allocation Fund, respectively.

^(d)  Includes $1,865,740 and $2,045,679 of capital gains distributions from affiliated underlying funds for Invesco Balanced-Risk Allocation Fund and Invesco Balanced–Risk Aggressive Allocation Fund, respectively.

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

30                         Invesco Balanced-Risk Retirement Funds

Schedule of Investments—(continued)

December 31, 2017

Invesco Balanced-Risk Retirement 2050 Fund

Schedule of Investments in Affiliated Issuers–99.21%^(a)

	% of Net Assets 12/31/17			Value 12/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain			Dividend Income		Shares 12/31/17		Value 12/31/17
Asset Allocation Funds–99.21%
Invesco Balanced-Risk Allocation Fund–Class R6		25.98	%	$	7,396,287	$	3,514,894	$	(1,141,375	)	$	301,771	$	534,541		$	—		908,312	$	10,000,511
Invesco Balanced-Risk Aggressive Allocation Fund		73.23	%		25,689,554		6,453,127		(5,031,168	)		1,489,758		2,185,467			—		3,319,321		28,181,038
Total Asset Allocation Funds					33,085,841		9,968,021		(6,172,543	)		1,791,529		2,720,008			—				38,181,549
Money Market Funds–0.00%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(b)		0.00	%		430,976		5,486,678		(5,917,654	)		—		—			1,006		—		—
Invesco Treasury Portfolio–Institutional Class, 1.17%(b)		0.00	%		287,317		3,657,785		(3,945,102	)		—		—			643		—		—
Total Money Market Funds					718,293		9,144,463		(9,862,756	)		—		—			1,649				—
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $41,140,239)		99.21	%	$	33,804,134	$	19,112,484	$	(16,035,299	)	$	1,791,529	$	2,720,008	(c)	$	1,649			$	38,181,549
OTHER ASSETS LESS LIABILITIES		0.79	%																		302,588
NET ASSETS		100.00	%																	$	38,484,137

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, 2017.

^(c)  Includes $605,607 and $2,605,700 of capital gains distributions from affiliated underlying funds for Invesco Balanced-Risk Allocation Fund and Invesco Balanced–Risk Aggressive Allocation Fund, respectively.

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

31                         Invesco Balanced-Risk Retirement Funds

Statement of Assets and Liabilities

December 31, 2017

	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	$	24,788,129		$	64,945,669		$	73,569,313		$	53,946,545		$	38,181,549
Cash		20,942			30,499			33,642			30,379			380,056
Receivable for:
Fund shares sold		3,649			112,611			148,939			85,518			251,158
Dividends from affiliated underlying funds		8,956			16,978			310			207			252
Fund expenses absorbed		5,637			—			—			—			—
Investment for trustee deferred compensation and retirement plans		46,322			40,709			40,441			37,225			33,666
Other assets		49,823			51,224			51,581			50,939			50,777
Total assets		24,923,458			65,197,690			73,844,226			54,150,813			38,897,458
Liabilities:
Payable for:
Fund shares reacquired		61,957			184,660			677,725			366,581			299,105
Accrued fees to affiliates		17,423			51,614			68,206			56,003			51,291
Accrued trustees’ and officer’s fees and benefits		587			635			762			752			663
Accrued operating expenses		28,418			29,446			29,929			28,008			27,777
Trustee deferred compensation and retirement plans		47,253			42,680			42,430			38,296			34,485
Total liabilities		155,638			309,035			819,052			489,640			413,321
Net assets applicable to shares outstanding	$	24,767,820		$	64,888,655		$	73,025,174		$	53,661,173		$	38,484,137
Net assets consist of:
Shares of beneficial interest	$	23,957,526		$	64,908,664		$	75,077,333		$	59,919,719		$	41,222,060
Undistributed net investment income (loss)		(37,705	)		756,141			1,342,724			1,152,866			476,031
Undistributed net realized gain (loss)		465,785			(1,957,117	)		(2,944,262	)		(3,045,631	)		(255,264	)
Net unrealized appreciation (depreciation)		382,214			1,180,967			(450,621	)		(4,365,781	)		(2,958,690	)
	$	24,767,820		$	64,888,655		$	73,025,174		$	53,661,173		$	38,484,137

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

32                         Invesco Balanced-Risk Retirement Funds

Statement of Assets and Liabilities—(continued)

December 31, 2017

	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	$	10,052,925	$	36,409,143	$	41,546,194	$	32,003,913	$	21,082,402
Class AX	$	7,608,479	$	6,510,053	$	4,629,083	$	2,586,860	$	1,025,147
Class B	$	27,474	$	394,673	$	310,931	$	236,237	$	90,736
Class C	$	3,423,473	$	7,344,841	$	11,936,301	$	6,368,958	$	5,853,375
Class CX	$	1,120,753	$	1,138,459	$	723,871	$	212,562	$	144,002
Class R	$	1,373,512	$	7,005,500	$	8,538,151	$	7,650,059	$	4,226,642
Class RX	$	87,195	$	422,716	$	561,159	$	161,336	$	57,812
Class Y	$	305,779	$	1,921,442	$	890,468	$	848,623	$	4,251,301
Class R5	$	123,982	$	728,127	$	760,669	$	411,814	$	113,588
Class R6	$	644,248	$	3,013,701	$	3,128,347	$	3,180,811	$	1,639,132
Shares outstanding, no par value, unlimited number of shares authorized:
Class A		1,187,474		4,024,917		4,770,035		4,029,053		2,704,600
Class AX		899,916		719,661		530,931		326,151		131,363
Class B		3,367		44,039		36,049		30,054		11,820
Class C		418,890		821,239		1,384,200		811,028		760,799
Class CX		137,260		127,363		83,913		27,125		18,729
Class R		164,135		777,220		985,255		968,099		545,294
Class RX		10,427		46,898		64,783		20,416		7,450
Class Y		35,699		212,504		102,059		106,601		543,932
Class R5		14,481		80,067		86,873		51,637		14,514
Class R6		75,253		331,242		357,407		398,872		209,189
Class A:
Net asset value per share	$	8.47	$	9.05	$	8.71	$	7.94	$	7.80
Maximum offering price per share (Net asset value ¸ 94.50%)	$	8.96	$	9.58	$	9.22	$	8.40	$	8.25
Class AX:
Net asset value per share	$	8.45	$	9.05	$	8.72	$	7.93	$	7.80
Maximum offering price per share (Net asset value ¸ 94.50%)	$	8.94	$	9.58	$	9.23	$	8.39	$	8.25
Class B:
Net asset value and offering price per share	$	8.16	$	8.96	$	8.63	$	7.86	$	7.68
Class C:
Net asset value and offering price per share	$	8.17	$	8.94	$	8.62	$	7.85	$	7.69
Class CX:
Net asset value and offering price per share	$	8.17	$	8.94	$	8.63	$	7.84	$	7.69
Class R:
Net asset value and offering price per share	$	8.37	$	9.01	$	8.67	$	7.90	$	7.75
Class RX:
Net asset value and offering price per share	$	8.36	$	9.01	$	8.66	$	7.90	$	7.76
Class Y:
Net asset value and offering price per share	$	8.57	$	9.04	$	8.73	$	7.96	$	7.82
Class R5:
Net asset value and offering price per share	$	8.56	$	9.09	$	8.76	$	7.98	$	7.83
Class R6:
Net asset value and offering price per share	$	8.56	$	9.10	$	8.75	$	7.97	$	7.84
Cost of Investments in affiliated underlying funds	$	24,405,915	$	63,764,702	$	74,019,934	$	58,312,326	$	41,140,239

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

33                         Invesco Balanced-Risk Retirement Funds

Statement of Operations

For the year ended December 31, 2017

	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	$	79,007		$	140,026		$	2,436		$	2,019		$	1,649
Expenses:
Administrative services fees		50,000			50,000			50,000			50,000			50,000
Custodian fees		5,968			6,195			7,198			6,328			6,325
Distribution fees:
Class A		25,253			92,773			105,876			77,151			46,014
Class AX		19,929			16,894			12,516			6,696			2,810
Class B		429			5,289			6,153			3,197			1,915
Class C		35,776			77,068			114,466			61,413			54,415
Class CX		13,738			12,614			7,631			2,555			1,436
Class R		8,366			36,175			42,521			35,924			19,335
Class RX		387			2,073			2,554			710			341
Transfer agent fees — A, AX, B, C, CX, R, RX and Y		46,394			125,015			152,037			131,685			120,876
Transfer agent fees — R5		121			657			1,004			430			235
Transfer agent fees — R6		222			287			325			352			297
Trustees’ and officers’ fees and benefits		21,280			21,430			21,644			21,445			21,046
Registration and filing fees		120,815			123,486			123,364			121,846			121,790
Reports to shareholders		20,055			33,606			34,402			27,888			27,440
Professional services fees		42,395			39,733			41,474			41,282			41,019
Other		15,624			15,951			16,039			15,851			15,641
Total expenses		426,752			659,246			739,204			604,753			530,935
Less: Expenses reimbursed and expense offset arrangement(s)		(323,025	)		(416,451	)		(447,641	)		(417,224	)		(404,758	)
Net expenses		103,727			242,795			291,563			187,529			126,177
Net investment income (loss)		(24,720	)		(102,769	)		(289,127	)		(185,510	)		(124,528	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from affiliated underlying fund shares		89,936			14,663			(1,021,511	)		(600,385	)		(491,299	)
Net realized gain from distributions of affiliated underlying fund shares		894,595			2,771,751			4,538,241			3,911,419			3,211,307
Net realized gain from affiliated underlying fund shares		984,531			2,786,414			3,516,730			3,311,034			2,720,008
Change in net unrealized appreciation of affiliated underlying fund shares		508,684			1,871,372			3,987,127			2,660,056			1,791,529
Net increase in net assets resulting from operations	$	1,468,495		$	4,555,017		$	7,214,730		$	5,785,580		$	4,387,009

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

34                         Invesco Balanced-Risk Retirement Funds

Statement of Changes in Net Assets

For the years ended December 31, 2017 and 2016

	Invesco Balanced-Risk Retirement Now Fund						Invesco Balanced-Risk Retirement 2020 Fund
	2017			2016			2017			2016
Operations:
Net investment income (loss)	$	(24,720	)	$	586,071		$	(102,769	)	$	1,872,940
Net realized gain (loss)		984,531			645,355			2,786,414			(1,820,194	)
Change in net unrealized appreciation		508,684			509,789			1,871,372			5,161,749
Net increase in net assets resulting from operations		1,468,495			1,741,215			4,555,017			5,214,495
Distributions to shareholders from net investment income:
Class A		(184,495	)		(344,249	)		(1,048,141	)		(1,012,843	)
Class AX		(141,518	)		(292,065	)		(187,481	)		(192,430	)
Class B		(467	)		(2,587	)		(8,776	)		(12,956	)
Class C		(56,400	)		(103,700	)		(156,123	)		(147,366	)
Class CX		(18,362	)		(52,281	)		(24,144	)		(27,780	)
Class R		(24,770	)		(56,811	)		(189,975	)		(168,948	)
Class RX		(1,509	)		(2,411	)		(11,028	)		(9,999	)
Class Y		(6,014	)		(18,400	)		(60,386	)		(101,129	)
Class R5		(2,316	)		(4,897	)		(22,480	)		(33,991	)
Class R6		(12,149	)		(19,650	)		(93,145	)		(44,209	)
Total distributions from net investment income		(448,000	)		(897,051	)		(1,801,679	)		(1,751,651	)
Distributions to shareholders from net realized gains:
Class A		(153,160	)		(125,224	)		—			(193,903	)
Class AX		(117,197	)		(105,893	)		—			(36,840	)
Class B		(448	)		(1,075	)		—			(3,515	)
Class C		(54,327	)		(43,199	)		—			(39,982	)
Class CX		(17,671	)		(21,962	)		—			(7,537	)
Class R		(21,014	)		(22,324	)		—			(35,734	)
Class RX		(1,335	)		(825	)		—			(2,115	)
Class Y		(3,915	)		(6,502	)		—			(17,676	)
Class R5		(1,862	)		(1,673	)		—			(5,941	)
Class R6		(9,688	)		(6,957	)		—			(7,727	)
Total distributions from net realized gains		(380,617	)		(335,634	)		—			(350,970	)
Share transactions–net:
Class A		(327,525	)		(429,100	)		(3,710,264	)		(1,553,986	)
Class AX		(1,241,989	)		(842,999	)		(992,796	)		(1,008,681	)
Class B		(54,808	)		(90,219	)		(294,741	)		(380,539	)
Class C		(166,873	)		(339,846	)		(770,615	)		(634,438	)
Class CX		(549,427	)		(695,634	)		(381,498	)		(776,102	)
Class R		(401,132	)		265,073			(369,338	)		713,367
Class RX		18,440			(128,735	)		(14,134	)		(148,363	)
Class Y		(167,412	)		(969,190	)		(1,800,648	)		(1,996,507	)
Class R5		(18,828	)		(2,970,711	)		(499,582	)		(26,283,371	)
Class R6		53,244			150,625			1,414,917			182,246
Net increase (decrease) in net assets resulting from share transactions		(2,856,310	)		(6,050,736	)		(7,418,699	)		(31,886,374	)
Net increase (decrease) in net assets		(2,216,432	)		(5,542,206	)		(4,665,361	)		(28,774,500	)
Net assets:
Beginning of year		26,984,252			32,526,458			69,554,016			98,328,516
End of year*	$	24,767,820		$	26,984,252		$	64,888,655		$	69,554,016
* Includes accumulated undistributed net investment income (loss)	$	(37,705	)	$	(14,880	)	$	756,141		$	1,280,679

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

35                         Invesco Balanced-Risk Retirement Funds

Statement of Changes in Net Assets—(continued)

For the years ended December 31, 2017 and 2016

	Invesco Balanced-Risk Retirement 2030 Fund						Invesco Balanced-Risk Retirement 2040 Fund
	2017			2016			2017			2016
Operations:
Net investment income (loss)	$	(289,127	)	$	3,143,239		$	(185,510	)	$	2,635,696
Net realized gain (loss)		3,516,730			(2,482,753	)		3,311,034			(3,150,120	)
Change in net unrealized appreciation		3,987,127			7,910,598			2,660,056			6,542,673
Net increase in net assets resulting from operations		7,214,730			8,571,084			5,785,580			6,028,249
Distributions to shareholders from net investment income:
Class A		(1,209,287	)		(2,022,276	)		(1,228,854	)		(1,441,292	)
Class AX		(132,906	)		(256,421	)		(99,407	)		(132,204	)
Class B		(7,606	)		(42,383	)		(7,722	)		(16,894	)
Class C		(255,594	)		(446,577	)		(202,087	)		(233,283	)
Class CX		(15,637	)		(31,226	)		(6,716	)		(11,853	)
Class R		(216,537	)		(374,006	)		(271,662	)		(307,139	)
Class RX		(14,739	)		(20,919	)		(5,775	)		(6,924	)
Class Y		(28,955	)		(159,889	)		(34,700	)		(72,931	)
Class R5		(23,625	)		(142,093	)		(16,591	)		(35,989	)
Class R6		(96,715	)		(102,211	)		(128,269	)		(107,400	)
Total distributions from net investment income		(2,001,601	)		(3,598,001	)		(2,001,783	)		(2,365,909	)
Distributions to shareholders from net realized gains:
Class A		—			(289,479	)		—			(446,744	)
Class AX		—			(36,705	)		—			(40,978	)
Class B		—			(7,308	)		—			(6,215	)
Class C		—			(77,006	)		—			(85,817	)
Class CX		—			(5,385	)		—			(4,360	)
Class R		—			(56,877	)		—			(100,693	)
Class RX		—			(3,181	)		—			(2,270	)
Class Y		—			(21,701	)		—			(21,503	)
Class R5		—			(19,285	)		—			(10,611	)
Class R6		—			(13,872	)		—			(31,666	)
Total distributions from net realized gains		—			(530,799	)		—			(750,857	)
Share transactions–net:
Class A		(4,880,949	)		389,628			(918,895	)		1,731,030
Class AX		(1,263,878	)		(592,483	)		(425,655	)		(249,871	)
Class B		(776,142	)		(550,680	)		(189,846	)		(199,594	)
Class C		(341,257	)		(1,325,115	)		103,038			53,318
Class CX		(131,932	)		(373,995	)		(97,457	)		(40,294	)
Class R		(742,549	)		(1,438,734	)		147,159			(429,128	)
Class RX		46,840			(761,492	)		13,324			(514,480	)
Class Y		(2,668,093	)		(1,852,382	)		(781,351	)		(1,629,956	)
Class R5		(2,306,974	)		(24,740,635	)		(367,413	)		(22,385,227	)
Class R6		852,244			439,813			851,660			572,318
Net increase (decrease) in net assets resulting from share transactions		(12,212,690	)		(30,806,075	)		(1,665,436	)		(23,091,884	)
Net increase (decrease) in net assets		(6,999,561	)		(26,363,791	)		2,118,361			(20,180,401	)
Net assets:
Beginning of year		80,024,735			106,388,526			51,542,812			71,723,213
End of year*	$	73,025,174		$	80,024,735		$	53,661,173		$	51,542,812
* Includes accumulated undistributed net investment income (loss)	$	1,342,724		$	1,347,209		$	1,152,866		$	1,281,044

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

36                         Invesco Balanced-Risk Retirement Funds

Statement of Changes in Net Assets—(continued)

For the years ended December 31, 2017 and 2016

	Invesco Balanced-Risk Retirement 2050 Fund
	2017			2016
Operations:
Net investment income (loss)	$	(124,528	)	$	1,946,463
Net realized gain (loss)		2,720,008			(471,009	)
Change in net unrealized appreciation		1,791,529			2,387,672
Net increase in net assets resulting from operations		4,387,009			3,863,126
Distributions to shareholders from net investment income:
Class A		(908,662	)		(1,211,728	)
Class AX		(42,705	)		(89,361	)
Class B		(3,790	)		(17,914	)
Class C		(199,531	)		(330,597	)
Class CX		(5,090	)		(9,249	)
Class R		(172,363	)		(244,337	)
Class RX		(2,426	)		(5,602	)
Class Y		(189,757	)		(217,224	)
Class R5		(4,941	)		(50,643	)
Class R6		(71,518	)		(73,865	)
Total distributions from net investment income		(1,600,783	)		(2,250,520	)
Distributions to shareholders from net realized gains:
Class A		—			(50,199	)
Class AX		—			(3,702	)
Class B		—			(822	)
Class C		—			(15,178	)
Class CX		—			(425	)
Class R		—			(10,476	)
Class RX		—			(240	)
Class Y		—			(8,722	)
Class R5		—			(2,034	)
Class R6		—			(2,966	)
Total distributions from net realized gains		—			(94,764	)
Share transactions–net:
Class A		1,901,807			3,442,274
Class AX		(302,538	)		125,233
Class B		(172,108	)		(70,669	)
Class C		139,359			691,638
Class CX		(9,581	)		(10,123	)
Class R		340,032			(510,406	)
Class RX		(28,422	)		(97,271	)
Class Y		241,137			1,162,282
Class R5		(610,780	)		(7,214,733	)
Class R6		522,727			460,380
Net increase (decrease) in net assets resulting from share transactions		2,021,633			(2,021,395	)
Net increase (decrease) in net assets		4,807,859			(503,553	)
Net assets:
Beginning of year		33,676,278			34,179,831
End of year*	$	38,484,137		$	33,676,278
* Includes accumulated undistributed net investment income (loss)	$	476,031		$	460,164

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

37                         Invesco Balanced-Risk Retirement Funds

Notes to Financial Statements

December 31, 2017

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 twenty-nine 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. Effective January 26, 2018, each of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued

38                         Invesco Balanced-Risk Retirement Funds

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 investment 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 over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

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

39                         Invesco Balanced-Risk Retirement Funds

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.

H. Other Risks — The Funds and certain of the underlying funds are non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund 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. and, for Invesco Balanced-Risk Retirement Now Fund, a separate sub-advisory agreement with Invesco PowerShares Capital Management LLC (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

Invesco has contractually agreed, through at least April 30, 2019, 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended December 31, 2017, 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	$	276,288	$	18,362	$	14,491	$	78	$	6,504	$	2,497	$	3,042	$	141	$	737	$	121	$	222
Invesco Balanced-Risk Retirement 2020 Fund		290,492		71,808		13,077		1,023		14,913		2,441		14,000		802		5,648		657		287
Invesco Balanced-Risk Retirement 2030 Fund		294,275		88,874		10,507		1,291		24,021		1,601		17,846		1,072		4,740		1,004		325
Invesco Balanced-Risk Retirement 2040 Fund		284,757		82,029		7,119		850		16,324		679		19,097		378		3,199		430		352
Invesco Balanced-Risk Retirement 2050 Fund		283,350		65,700		4,012		683		19,423		513		13,803		244		14,374		235		297

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, 2017, 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, 2017, 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would

40                         Invesco Balanced-Risk Retirement Funds

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, 2017, 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 remittance to the shareholder. During the year ended December 31, 2017, 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	$	3,662	$	321	$	0	$	0	$	0	$	202	$	0
Invesco Balanced-Risk Retirement 2020 Fund		10,110		454		7		4		0		591		0
Invesco Balanced-Risk Retirement 2030 Fund		13,574		644		178		0		0		1,089		12
Invesco Balanced-Risk Retirement 2040 Fund		13,744		251		9		0		0		991		65
Invesco Balanced-Risk Retirement 2050 Fund		12,459		101		11		7		0		879		15

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, 2017, 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended December 31, 2017, there were no material transfers between valuation levels.

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, 2017, 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	$	542
Invesco Balanced-Risk Retirement 2020 Fund		1,303
Invesco Balanced-Risk Retirement 2030 Fund		2,085
Invesco Balanced-Risk Retirement 2040 Fund		2,010
Invesco Balanced-Risk Retirement 2050 Fund		2,124

41                         Invesco Balanced-Risk Retirement Funds

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.

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, 2017 and 2016:

	2017						2016
	Ordinary Income		Long-term Capital Gain		Total Distributions		Ordinary Income		Long-term Capital Gain		Total Distributions
Invesco Balanced-Risk Retirement Now Fund	$	448,000	$	380,617	$	828,617	$	897,051	$	335,634	$	1,232,685
Invesco Balanced-Risk Retirement 2020 Fund		1,801,679		—		1,801,679		1,757,431		345,190		2,102,621
Invesco Balanced-Risk Retirement 2030 Fund		2,001,601		—		2,001,601		3,604,392		524,408		4,128,800
Invesco Balanced-Risk Retirement 2040 Fund		2,001,783		—		2,001,783		2,382,400		734,366		3,116,766
Invesco Balanced-Risk Retirement 2050 Fund		1,600,783		—		1,600,783		2,251,835		93,449		2,345,284

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	$	—	$	473,534	$	374,465		$	(37,705	)	$	—		$	23,957,526	$	24,767,820
Invesco Balanced-Risk Retirement 2020 Fund		790,866		—		1,054,526			(34,725	)		(1,830,676	)		64,908,664		64,888,655
Invesco Balanced-Risk Retirement 2030 Fund		1,377,205		—		(911,473	)		(34,481	)		(2,483,410	)		75,077,333		73,025,174
Invesco Balanced-Risk Retirement 2040 Fund		1,183,577		—		(4,986,545	)		(30,711	)		(2,424,867	)		59,919,719		53,661,173
Invesco Balanced-Risk Retirement 2050 Fund		503,441		434,905		(3,648,859	)		(27,410	)		—			41,222,060		38,484,137

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

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. 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, 2017 as follows:

	Short-Term		Long-Term
Fund	Not Subject to Expiration		Not Subject to Expiration		Total*
Invesco Balanced-Risk Retirement 2020 Fund	$	—	$	1,830,676	$	1,830,676
Invesco Balanced-Risk Retirement 2030 Fund		51,340		2,432,070		2,483,410
Invesco Balanced-Risk Retirement 2040 Fund		45,190		2,379,677		2,424,867

* 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.

42                         Invesco Balanced-Risk Retirement Funds

NOTE 8—Investment Transactions

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

	For the year ended December 31, 2017*				At December 31, 2017
					Federal Tax Cost**		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
	Purchases		Sales
Invesco Balanced-Risk Retirement Now Fund	$	1,504,552	$	3,319,393	$	24,413,664	$	374,465	$	—		$	374,465
Invesco Balanced-Risk Retirement 2020 Fund		2,771,751		9,721,698		63,891,143		1,054,526		—			1,054,526
Invesco Balanced-Risk Retirement 2030 Fund		6,710,920		16,271,759		74,480,786		217,632		(1,129,105	)		(911,473	)
Invesco Balanced-Risk Retirement 2040 Fund		8,968,795		8,581,537		58,933,090		—		(4,986,545	)		(4,986,545	)
Invesco Balanced-Risk Retirement 2050 Fund		9,968,021		6,172,543		41,830,408		—		(3,648,859	)		(3,648,859	)

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

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

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions from the underlying funds, on December 31, 2017, the following amounts were reclassified between undistributed net investment income (loss), undistributed net realized gain (loss) and shares of beneficial interest. These reclassifications had no effect on the net assets of each Fund.

	Undistributed Net Investment Income (Loss)		Undistributed Net Realized Gain (Loss)			Shares of Beneficial Interest
Invesco Balanced-Risk Retirement Now Fund	$	449,895	$	(445,372	)	$	(4,523	)
Invesco Balanced-Risk Retirement 2020 Fund		1,379,910		(1,379,910	)		—
Invesco Balanced-Risk Retirement 2030 Fund		2,286,243		(2,286,243	)		—
Invesco Balanced-Risk Retirement 2040 Fund		2,059,115		(2,059,115	)		—
Invesco Balanced-Risk Retirement 2050 Fund		1,741,178		(1,741,178	)		—

43                         Invesco Balanced-Risk Retirement Funds

NOTE 10—Share Information

Invesco Balanced-Risk Retirement Now Fund

	Summary of Share Activity
	Years ended December 31,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		246,734		$	2,077,368			238,242		$	1,998,264
Class AX		9,660			80,767			4,211			35,582
Class B		832			6,862			885			7,338
Class C		65,777			537,679			52,369			425,878
Class CX		518			4,211			6,167			49,786
Class R		59,787			498,640			56,236			462,373
Class RX		2,290			19,145			3,139			25,878
Class Y		39,309			333,894			78,375			675,625
Class R5		819			6,988			3,366			27,559
Class R6		26,194			222,636			21,810			184,755
Issued as reinvestment of dividends:
Class A		36,666			307,495			52,940			434,975
Class AX		29,690			248,691			46,272			379,281
Class B		113			914			420			3,348
Class C		11,793			95,521			15,850			126,497
Class CX		4,250			34,379			8,846			70,502
Class R		5,487			45,472			9,666			78,642
Class RX		307			2,544			348			2,828
Class Y		1,060			8,981			2,864			23,728
Class R5		454			3,852			739			6,125
Class R6		2,539			21,519			3,159			26,174
Automatic conversion of Class B shares to Class A shares:
Class A		5,418			45,590			9,500			78,287
Class B		(5,593	)		(45,590	)		(9,779	)		(78,287	)
Reacquired:
Class A		(328,115	)		(2,757,978	)		(351,918	)		(2,940,626	)
Class AX		(187,258	)		(1,571,447	)		(148,623	)		(1,257,862	)
Class B		(2,092	)		(16,994	)		(2,763	)		(22,618	)
Class C		(97,770	)		(800,073	)		(110,344	)		(892,221	)
Class CX		(71,933	)		(588,017	)		(99,619	)		(815,922	)
Class R		(112,935	)		(945,244	)		(33,180	)		(275,942	)
Class RX		(381	)		(3,249	)		(18,824	)		(157,441	)
Class Y		(59,869	)		(510,287	)		(202,299	)		(1,668,543	)
Class R5		(3,498	)		(29,668	)		(371,487	)		(3,004,395	)
Class R6		(22,359	)		(190,911	)		(7,005	)		(60,304	)
Net increase (decrease) in share activity		(342,106	)	$	(2,856,310	)		(740,437	)	$	(6,050,736	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

44                         Invesco Balanced-Risk Retirement Funds

NOTE 10—Share Information—(continued)

Invesco Balanced-Risk Retirement 2020 Fund

	Summary of Share Activity
	Years ended December 31,
	2017						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		671,330		$	5,991,700			1,013,937		$	8,869,411
Class AX		48,510			427,492			24,281			209,639
Class B		1,712			15,272			6,460			55,839
Class C		167,251			1,485,454			244,536			2,083,309
Class CX		3,576			31,331			8,869			81,888
Class R		236,170			2,096,431			217,602			1,875,501
Class RX		9,463			83,817			12,544			108,324
Class Y		141,983			1,258,503			504,091			4,397,260
Class R5		28,869			262,521			49,161			400,152
Class R6		180,293			1,647,504			35,669			312,178
Issued as reinvestment of dividends:
Class A		115,070			1,029,874			136,979			1,182,132
Class AX		20,804			186,198			26,055			224,855
Class B		956			8,475			1,874			16,024
Class C		17,350			153,543			21,450			182,966
Class CX		2,728			24,145			4,140			35,317
Class R		21,298			189,975			23,800			204,682
Class RX		1,208			10,774			1,377			11,842
Class Y		6,324			56,598			10,634			91,767
Class R5		2,454			22,089			4,558			39,524
Class R6		10,317			92,854			5,949			51,631
Automatic conversion of Class B shares to Class A shares:
Class A		26,601			237,732			34,068			294,321
Class B		(26,946	)		(237,732	)		(34,545	)		(294,321	)
Reacquired:
Class A		(1,229,613	)		(10,969,570	)		(1,367,030	)		(11,899,850	)
Class AX		(180,844	)		(1,606,486	)		(164,489	)		(1,443,175	)
Class B		(9,162	)		(80,756	)		(18,922	)		(158,081	)
Class C		(271,550	)		(2,409,612	)		(343,428	)		(2,900,713	)
Class CX		(49,757	)		(436,974	)		(102,754	)		(893,307	)
Class R		(298,596	)		(2,655,744	)		(158,505	)		(1,366,816	)
Class RX		(12,230	)		(108,725	)		(31,706	)		(268,529	)
Class Y		(348,348	)		(3,115,749	)		(769,190	)		(6,485,534	)
Class R5		(88,083	)		(784,192	)		(3,269,761	)		(26,723,047	)
Class R6		(36,271	)		(325,441	)		(21,578	)		(181,563	)
Net increase (decrease) in share activity		(837,133	)	$	(7,418,699	)		(3,893,874	)	$	(31,886,374	)

45                         Invesco Balanced-Risk Retirement Funds

NOTE 10—Share Information—(continued)

Invesco Balanced-Risk Retirement 2030 Fund

	Summary of Share Activity
	Years ended December 31,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		989,897		$	8,365,292			1,005,534		$	8,217,984
Class AX		33,551			282,236			18,799			153,883
Class B		4,125			34,206			6,811			55,480
Class C		254,964			2,123,221			349,365			2,792,124
Class CX		4,795			40,042			1,642			13,338
Class R		278,984			2,366,723			409,410			3,308,624
Class RX		6,792			57,134			14,575			115,665
Class Y		179,611			1,508,598			245,309			2,032,919
Class R5		11,929			99,869			113,812			892,304
Class R6		168,765			1,442,757			60,398			497,281
Issued as reinvestment of dividends:
Class A		138,767			1,190,613			281,914			2,275,051
Class AX		15,120			129,889			35,857			289,366
Class B		895			7,606			6,202			49,615
Class C		29,814			253,419			64,287			513,655
Class CX		1,829			15,549			4,560			36,431
Class R		25,348			216,469			53,643			430,757
Class RX		1,675			14,291			2,902			23,276
Class Y		3,252			27,963			20,990			169,813
Class R5		2,693			23,241			19,818			160,725
Class R6		11,186			96,425			14,253			115,591
Automatic conversion of Class B shares to Class A shares:
Class A		69,573			586,231			53,684			439,581
Class B		(70,437	)		(586,231	)		(54,415	)		(439,581	)
Reacquired:
Class A		(1,777,507	)		(15,023,085	)		(1,282,537	)		(10,542,988	)
Class AX		(198,515	)		(1,676,003	)		(124,277	)		(1,035,732	)
Class B		(27,630	)		(231,723	)		(27,312	)		(216,194	)
Class C		(327,942	)		(2,717,897	)		(583,164	)		(4,630,894	)
Class CX		(22,089	)		(187,523	)		(53,241	)		(423,764	)
Class R		(392,636	)		(3,325,741	)		(625,970	)		(5,178,115	)
Class RX		(2,969	)		(24,585	)		(110,554	)		(900,433	)
Class Y		(494,328	)		(4,204,654	)		(505,083	)		(4,055,114	)
Class R5		(288,818	)		(2,430,084	)		(3,414,730	)		(25,793,664	)
Class R6		(80,468	)		(686,938	)		(21,005	)		(173,059	)
Net increase (decrease) in share activity		(1,449,774	)	$	(12,212,690	)		(4,018,523	)	$	(30,806,075	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 7% 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.

46                         Invesco Balanced-Risk Retirement Funds

NOTE 10—Share Information—(continued)

Invesco Balanced-Risk Retirement 2040 Fund

	Summary of Share Activity
	Years ended December 31,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		1,008,071		$	7,759,721			1,029,750		$	7,772,225
Class AX		11,368			88,105			18,951			142,668
Class B		592			4,426			1,758			13,554
Class C		204,305			1,566,559			225,170			1,654,944
Class CX		2,560			19,896			3,426			24,216
Class R		252,133			1,936,528			277,953			2,062,605
Class RX		5,029			38,639			8,816			63,863
Class Y		59,142			455,018			98,270			733,329
Class R5		8,401			65,128			48,230			330,835
Class R6		187,530			1,461,197			91,473			687,316
Issued as reinvestment of dividends:
Class A		156,924			1,225,579			256,624			1,878,495
Class AX		12,744			99,407			23,469			171,561
Class B		999			7,722			3,187			23,109
Class C		25,907			199,974			43,497			314,916
Class CX		871			6,716			2,048			14,811
Class R		34,858			270,847			55,944			407,832
Class RX		700			5,435			1,187			8,655
Class Y		4,370			34,216			12,766			93,702
Class R5		2,051			16,082			6,235			45,830
Class R6		16,314			127,900			18,845			138,508
Automatic conversion of Class B shares to Class A shares:
Class A		21,173			163,240			19,880			148,984
Class B		(21,446	)		(163,240	)		(20,180	)		(148,984	)
Reacquired:
Class A		(1,307,692	)		(10,067,435	)		(1,082,661	)		(8,068,674	)
Class AX		(79,296	)		(613,167	)		(74,122	)		(564,100	)
Class B		(4,938	)		(38,754	)		(11,746	)		(87,273	)
Class C		(215,872	)		(1,663,495	)		(261,246	)		(1,916,542	)
Class CX		(16,179	)		(124,069	)		(10,769	)		(79,321	)
Class R		(268,007	)		(2,060,216	)		(384,646	)		(2,899,565	)
Class RX		(4,074	)		(30,750	)		(78,322	)		(586,998	)
Class Y		(163,162	)		(1,270,585	)		(326,690	)		(2,456,987	)
Class R5		(58,346	)		(448,623	)		(3,360,180	)		(22,761,892	)
Class R6		(95,057	)		(737,437	)		(34,174	)		(253,506	)
Net increase (decrease) in share activity		(218,027	)	$	(1,665,436	)		(3,397,257	)	$	(23,091,884	)

^(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.

47                         Invesco Balanced-Risk Retirement Funds

NOTE 10—Share Information—(continued)

Invesco Balanced-Risk Retirement 2050 Fund

	Summary of Share Activity
	Years ended December 31,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		1,396,059		$	10,740,646			965,806		$	7,134,840
Class AX		10,760			80,802			20,742			158,181
Class C		238,119			1,773,135			272,919			1,974,275
Class CX		1,689			12,481			2,086			15,034
Class R		199,170			1,507,345			208,692			1,524,511
Class RX		2,208			16,637			5,598			39,389
Class Y		244,904			1,856,762			421,999			3,115,200
Class R5		6,345			48,146			69,435			473,168
Class R6		96,543			733,067			57,210			424,699
Issued as reinvestment of dividends:
Class A		118,086			903,361			176,857			1,257,448
Class AX		5,547			42,495			13,033			92,796
Class B		503			3,788			2,422			17,016
Class C		25,765			194,523			48,119			338,277
Class CX		674			5,090			1,378			9,673
Class R		21,899			166,650			35,991			254,813
Class RX		232			1,769			664			4,701
Class Y		24,489			187,833			31,182			222,328
Class R5		580			4,456			7,265			51,872
Class R6		9,249			71,124			10,654			76,176
Automatic conversion of Class B shares to Class A shares:
Class A		14,841			113,143			4,606			34,219
Class B		(15,108	)		(113,143	)		(4,697	)		(34,219	)
Reacquired:
Class A		(1,292,673	)		(9,855,343	)		(687,129	)		(4,984,233	)
Class AX		(56,121	)		(425,835	)		(17,196	)		(125,744	)
Class B		(8,203	)		(62,753	)		(7,731	)		(53,466	)
Class C		(245,943	)		(1,828,299	)		(225,931	)		(1,620,914	)
Class CX		(3,644	)		(27,152	)		(4,801	)		(34,830	)
Class R		(176,301	)		(1,333,963	)		(316,302	)		(2,289,730	)
Class RX		(6,273	)		(46,828	)		(19,492	)		(141,361	)
Class Y		(236,502	)		(1,803,458	)		(301,268	)		(2,175,246	)
Class R5		(88,543	)		(663,382	)		(1,179,238	)		(7,739,773	)
Class R6		(36,777	)		(281,464	)		(5,404	)		(40,495	)
Net increase (decrease) in share activity		251,574		$	2,021,633			(412,531	)	$	(2,021,395	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 19% 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.

48                         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 12/31/17	$	8.26	$	0.00		$	0.50		$	0.50		$	(0.16	)	$	(0.13	)	$	(0.29	)	$	8.47		6.11	%	$	10,053		0.25	%(e)		1.50	%(e)		0.05	%(e)		10	%
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			1.32			2.20			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
Class AX
Year ended 12/31/17		8.25		0.00			0.49			0.49			(0.16	)		(0.13	)		(0.29	)		8.45		5.99			7,608		0.25	(e)		1.50	(e)		0.05	(e)		10
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			1.32			2.20			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
Class B
Year ended 12/31/17		8.01		(0.06	)		0.48			0.42			(0.14	)		(0.13	)		(0.27	)		8.16		5.27			27		1.00	(e)		2.25	(e)		(0.70	)(e)		10
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			2.07			1.45			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
Class C
Year ended 12/31/17		8.02		(0.06	)		0.48			0.42			(0.14	)		(0.13	)		(0.27	)		8.17		5.27			3,423		1.00	(e)		2.25	(e)		(0.70	)(e)		10
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			2.07			1.45			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
Class CX
Year ended 12/31/17		8.01		(0.06	)		0.49			0.43			(0.14	)		(0.13	)		(0.27	)		8.17		5.40			1,121		1.00	(e)		2.25	(e)		(0.70	)(e)		10
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			2.07			1.45			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
Class R
Year ended 12/31/17		8.18		(0.02	)		0.49			0.47			(0.15	)		(0.13	)		(0.28	)		8.37		5.84			1,374		0.50	(e)		1.75	(e)		(0.20	)(e)		10
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			1.57			1.95			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
Class RX
Year ended 12/31/17		8.17		(0.02	)		0.49			0.47			(0.15	)		(0.13	)		(0.28	)		8.36		5.84			87		0.50	(e)		1.75	(e)		(0.20	)(e)		10
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			1.57			1.95			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
Class Y
Year ended 12/31/17		8.33		0.03			0.51			0.54			(0.17	)		(0.13	)		(0.30	)		8.57		6.51			306		0.00	(e)		1.25	(e)		0.30	(e)		10
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			1.07			2.45			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
Class R5
Year ended 12/31/17		8.33		0.03			0.50			0.53			(0.17	)		(0.13	)		(0.30	)		8.56		6.39			124		0.00	(e)		1.16	(e)		0.30	(e)		10
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			0.98			2.45			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
Class R6
Year ended 12/31/17		8.33		0.03			0.50			0.53			(0.17	)		(0.13	)		(0.30	)		8.56		6.39			644		0.00	(e)		1.10	(e)		0.30	(e)		10
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			0.93			2.45			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

^(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%, 0.56%, 0.56%, 0.56% and 0.54% for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013, 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 $10,101, $7,971, $43, $3,578, $1,374, $1,673, $77, $406, $121 and $624 for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

49                         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 12/31/17	$	8.69	$	(0.00	)	$	0.63		$	0.63		$	(0.27	)	$	—		$	(0.27	)	$	9.05		7.24	%	$	36,409		0.25	%(e)		0.88	%(e)		(0.04	)%(e)		6	%
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			0.82			2.67			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
Class AX
Year ended 12/31/17		8.69		0.00			0.63			0.63			(0.27	)		—			(0.27	)		9.05		7.24			6,510		0.25	(e)		0.88	(e)		(0.04	)(e)		6
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			0.82			2.67			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
Class B
Year ended 12/31/17		8.60		(0.07	)		0.62			0.55			(0.19	)		—			(0.19	)		8.96		6.46			395		1.00	(e)		1.63	(e)		(0.79	)(e)		6
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			1.57			1.92			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
Class C
Year ended 12/31/17		8.59		(0.07	)		0.61			0.54			(0.19	)		—			(0.19	)		8.94		6.35			7,345		1.00	(e)		1.63	(e)		(0.79	)(e)		6
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			1.57			1.92			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
Class CX
Year ended 12/31/17		8.58		(0.07	)		0.62			0.55			(0.19	)		—			(0.19	)		8.94		6.48			1,138		1.00	(e)		1.63	(e)		(0.79	)(e)		6
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			1.57			1.92			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
Class R
Year ended 12/31/17		8.65		(0.03	)		0.63			0.60			(0.24	)		—			(0.24	)		9.01		6.99			7,006		0.50	(e)		1.13	(e)		(0.29	)(e)		6
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			1.07			2.42			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
Class RX
Year ended 12/31/17		8.66		(0.03	)		0.62			0.59			(0.24	)		—			(0.24	)		9.01		6.87			423		0.50	(e)		1.13	(e)		(0.29	)(e)		6
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			1.07			2.42			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
Class Y
Year ended 12/31/17		8.68		0.02			0.63			0.65			(0.29	)		—			(0.29	)		9.04		7.52			1,921		0.00	(e)		0.63	(e)		0.21	(e)		6
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			0.57			2.92			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
Class R5
Year ended 12/31/17		8.73		0.02			0.63			0.65			(0.29	)		—			(0.29	)		9.09		7.48			728		0.00	(e)		0.54	(e)		0.21	(e)		6
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			0.47			2.92			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
Class R6
Year ended 12/31/17		8.74		0.02			0.63			0.65			(0.29	)		—			(0.29	)		9.10		7.47			3,014		0.00	(e)		0.45	(e)		0.21	(e)		6
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			0.38			2.92			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

^(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 0.60%, 0.66%, 0.70%, 0.73% and 0.71% for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013, 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 $37,109, $6,758, $529, $7,707, $1,261, $7,235, $415, $2,919, $624 and $1,937 for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

50                         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 12/31/17	$	8.14	$	(0.02	)	$	0.85		$	0.83		$	(0.26	)	$	—		$	(0.26	)	$	8.71		10.20	%	$	41,546		0.25	%(e)		0.85	%(e)		(0.25	)%(e)		9	%
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			0.81			3.86			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
Class AX
Year ended 12/31/17		8.14		(0.02	)		0.86			0.84			(0.26	)		—			(0.26	)		8.72		10.33			4,629		0.25	(e)		0.85	(e)		(0.25	)(e)		9
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			0.81			3.86			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
Class B
Year ended 12/31/17		8.06		(0.08	)		0.84			0.76			(0.19	)		—			(0.19	)		8.63		9.47			311		1.00	(e)		1.60	(e)		(1.00	)(e)		9
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			1.56			3.11			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
Class C
Year ended 12/31/17		8.06		(0.08	)		0.83			0.75			(0.19	)		—			(0.19	)		8.62		9.34			11,936		1.00	(e)		1.60	(e)		(1.00	)(e)		9
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			1.56			3.11			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
Class CX
Year ended 12/31/17		8.06		(0.08	)		0.84			0.76			(0.19	)		—			(0.19	)		8.63		9.47			724		1.00	(e)		1.60	(e)		(1.00	)(e)		9
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			1.56			3.11			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
Class R
Year ended 12/31/17		8.10		(0.04	)		0.84			0.80			(0.23	)		—			(0.23	)		8.67		9.97			8,538		0.50	(e)		1.10	(e)		(0.50	)(e)		9
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			1.06			3.61			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
Class RX
Year ended 12/31/17		8.09		(0.04	)		0.84			0.80			(0.23	)		—			(0.23	)		8.66		9.99			561		0.50	(e)		1.10	(e)		(0.50	)(e)		9
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			1.06			3.61			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
Class Y
Year ended 12/31/17		8.16		0.00			0.85			0.85			(0.28	)		—			(0.28	)		8.73		10.46			890		0.00	(e)		0.60	(e)		0.00	(e)		9
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			0.56			4.11			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
Class R5
Year ended 12/31/17		8.18		0.00			0.86			0.86			(0.28	)		—			(0.28	)		8.76		10.55			761		0.00	(e)		0.49	(e)		0.00	(e)		9
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			0.44			4.11			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
Class R6
Year ended 12/31/17		8.18		0.00			0.85			0.85			(0.28	)		—			(0.28	)		8.75		10.43			3,128		0.00	(e)		0.41	(e)		0.00	(e)		9
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			0.35			4.11			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

^(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 0.86%, 0.83%, 0.88%, 0.89% and 0.87% for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013, 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 $42,350, $5,007, $615, $11,447, $763, $8,504, $511, $2,259, $1,009 and $2,536 for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

51                         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 12/31/17	$	7.39	$	(0.02	)	$	0.88		$	0.86		$	(0.31	)	$	—		$	(0.31	)	$	7.94		11.78	%	$	32,004		0.25	%(e)		1.07	%(e)		(0.25	)%(e)		17	%
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			1.06			5.06			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
Class AX
Year ended 12/31/17		7.38		(0.02	)		0.89			0.87			(0.32	)		—			(0.32	)		7.93		11.79			2,587		0.25	(e)		1.07	(e)		(0.25	)(e)		17
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			1.06			5.06			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
Class B
Year ended 12/31/17		7.32		(0.07	)		0.87			0.80			(0.26	)		—			(0.26	)		7.86		10.93			236		1.00	(e)		1.82	(e)		(1.00	)(e)		17
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			1.81			4.31			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
Class C
Year ended 12/31/17		7.31		(0.07	)		0.87			0.80			(0.26	)		—			(0.26	)		7.85		10.95			6,369		1.00	(e)		1.82	(e)		(1.00	)(e)		17
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			1.81			4.31			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
Class CX
Year ended 12/31/17		7.30		(0.08	)		0.88			0.80			(0.26	)		—			(0.26	)		7.84		10.96			213		1.00	(e)		1.82	(e)		(1.00	)(e)		17
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			1.81			4.31			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
Class R
Year ended 12/31/17		7.36		(0.04	)		0.88			0.84			(0.30	)		—			(0.30	)		7.90		11.42			7,650		0.50	(e)		1.32	(e)		(0.50	)(e)		17
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			1.31			4.81			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
Class RX
Year ended 12/31/17		7.35		(0.03	)		0.88			0.85			(0.30	)		—			(0.30	)		7.90		11.57			161		0.50	(e)		1.32	(e)		(0.50	)(e)		17
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			1.31			4.81			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
Class Y
Year ended 12/31/17		7.41		0.00			0.88			0.88			(0.33	)		—			(0.33	)		7.96		12.02			849		0.00	(e)		0.82	(e)		0.00	(e)		17
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			0.81			5.31			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
Class R5
Year ended 12/31/17		7.42		0.00			0.89			0.89			(0.33	)		—			(0.33	)		7.98		12.14			412		0.00	(e)		0.65	(e)		0.00	(e)		17
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			0.62			5.31			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
Class R6
Year ended 12/31/17		7.42		0.00			0.88			0.88			(0.33	)		—			(0.33	)		7.97		12.00			3,181		0.00	(e)		0.56	(e)		0.00	(e)		17
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			0.53			5.31			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

^(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 0.90%, 0.87%, 0.98%, 0.99% and 0.99% for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013, 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 $30,860, $2,678, $320, $6,141, $255, $7,185, $142, $1,203, $432 and $2,588 for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

52                         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 12/31/17	$	7.19	$	(0.02	)	$	0.97		$	0.95		$	(0.34	)	$	—		$	(0.34	)	$	7.80		13.30	%	$	21,082		0.25	%(e)		1.43	%(e)		(0.25	)%(e)		18	%
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			1.57			6.72			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
Class AX
Year ended 12/31/17		7.19		(0.01	)		0.96			0.95			(0.34	)		—			(0.34	)		7.80		13.30			1,025		0.25	(e)		1.43	(e)		(0.25	)(e)		18
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			1.57			6.72			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
Class B
Year ended 12/31/17		7.08		(0.07	)		0.95			0.88			(0.28	)		—			(0.28	)		7.68		12.53			91		1.00	(e)		2.18	(e)		(1.00	)(e)		18
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			2.32			5.97			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
Class C
Year ended 12/31/17		7.10		(0.07	)		0.94			0.87			(0.28	)		—			(0.28	)		7.69		12.35			5,853		1.00	(e)		2.18	(e)		(1.00	)(e)		18
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			2.32			5.97			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
Class CX
Year ended 12/31/17		7.09		(0.07	)		0.95			0.88			(0.28	)		—			(0.28	)		7.69		12.51			144		1.00	(e)		2.18	(e)		(1.00	)(e)		18
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			2.32			5.97			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
Class R
Year ended 12/31/17		7.15		(0.04	)		0.96			0.92			(0.32	)		—			(0.32	)		7.75		12.96			4,227		0.50	(e)		1.68	(e)		(0.50	)(e)		18
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			1.82			6.47			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
Class RX
Year ended 12/31/17		7.16		(0.04	)		0.96			0.92			(0.32	)		—			(0.32	)		7.76		12.94			58		0.50	(e)		1.68	(e)		(0.50	)(e)		18
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			1.82			6.47			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
Class Y
Year ended 12/31/17		7.20		0.00			0.98			0.98			(0.36	)		—			(0.36	)		7.82		13.67			4,251		0.00	(e)		1.18	(e)		0.00	(e)		18
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			1.32			6.97			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
Class R5
Year ended 12/31/17		7.21		0.00			0.98			0.98			(0.36	)		—			(0.36	)		7.83		13.65			114		0.00	(e)		0.94	(e)		0.00	(e)		18
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			1.02			6.97			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
Class R6
Year ended 12/31/17		7.22		0.00			0.98			0.98			(0.36	)		—			(0.36	)		7.84		13.63			1,639		0.00	(e)		0.84	(e)		0.00	(e)		18
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			0.95			6.97			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

^(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 0.93%, 0.91%, 1.09%, 1.10% and 1.11% for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013, 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 $18,406, $1,124, $191, $5,441, $144, $3,867, $68, $4,027, $181 and $1,329 for Class A, Class AX, Class B, Class C, Class CX, Class R, Class RX, Class Y, Class R5 and Class R6 shares, respectively.

53                         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 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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 funds constituting AIM Growth Series (Invesco Growth Series), hereafter collectively referred to as the “Funds”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statements of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, 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 ended December 31, 2017 and each of the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Houston, TX

February 23, 2018

We have served as the auditor of one or more of the investment companies in the Invesco/PowerShares group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

54                         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, 2017, through December 31, 2017.

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 (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,047.60	$	1.29	$	1,023.95	$	1.28		0.25	%
AX		1,000.00		1,046.40		1.29		1,023.95		1.28		0.25
B		1,000.00		1,043.50		5.15		1,020.16		5.09		1.00
C		1,000.00		1,043.50		5.15		1,020.16		5.09		1.00
CX		1,000.00		1,042.20		5.15		1,020.16		5.09		1.00
R		1,000.00		1,046.70		2.58		1,022.68		2.55		0.50
RX		1,000.00		1,045.40		2.58		1,022.68		2.55		0.50
Y		1,000.00		1,048.50		0.00		1,025.21		0.00		0.00
R5		1,000.00		1,048.50		0.00		1,025.21		0.00		0.00
R6		1,000.00		1,048.50		0.00		1,025.21		0.00		0.00

55                         Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement 2020 Fund

Class	Beginning Account Value (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,056.60	$	1.30	$	1,023.95	$	1.28		0.25	%
AX		1,000.00		1,056.60		1.30		1,023.95		1.28		0.25
B		1,000.00		1,051.20		5.17		1,020.16		5.09		1.00
C		1,000.00		1,051.30		5.17		1,020.16		5.09		1.00
CX		1,000.00		1,052.50		5.17		1,020.16		5.09		1.00
R		1,000.00		1,054.10		2.59		1,022.68		2.55		0.50
RX		1,000.00		1,054.10		2.59		1,022.68		2.55		0.50
Y		1,000.00		1,057.00		0.00		1,025.21		0.00		0.00
R5		1,000.00		1,056.60		0.00		1,025.21		0.00		0.00
R6		1,000.00		1,057.80		0.00		1,025.21		0.00		(0.00	)

Invesco Balanced-Risk Retirement 2030 Fund

Class	Beginning Account Value (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,079.50	$	1.31	$	1,023.95	$	1.28		0.25	%
AX		1,000.00		1,079.40		1.31		1,023.95		1.28		0.25
B		1,000.00		1,074.80		5.23		1,020.16		5.09		1.00
C		1,000.00		1,074.80		5.23		1,020.16		5.09		1.00
CX		1,000.00		1,076.00		5.23		1,020.16		5.09		1.00
R		1,000.00		1,078.40		2.62		1,022.68		2.55		0.50
RX		1,000.00		1,077.20		2.62		1,022.68		2.55		0.50
Y		1,000.00		1,080.70		0.00		1,025.21		0.00		0.00
R5		1,000.00		1,081.70		0.00		1,025.21		0.00		0.00
R6		1,000.00		1,080.50		0.00		1,025.21		0.00		0.00

Invesco Balanced-Risk Retirement 2040 Fund

Class	Beginning Account Value (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,091.20	$	1.32	$	1,023.95	$	1.28		0.25	%
AX		1,000.00		1,091.30		1.32		1,023.95		1.28		0.25
B		1,000.00		1,087.00		5.26		1,020.16		5.09		1.00
C		1,000.00		1,087.10		5.26		1,020.16		5.09		1.00
CX		1,000.00		1,087.30		5.26		1,020.16		5.09		1.00
R		1,000.00		1,090.50		2.63		1,022.68		2.55		0.50
RX		1,000.00		1,090.50		2.63		1,022.68		2.55		0.50
Y		1,000.00		1,093.60		0.00		1,025.21		0.00		0.00
R5		1,000.00		1,093.40		0.00		1,025.21		0.00		0.00
R6		1,000.00		1,092.00		0.00		1,025.21		0.00		0.00

56                         Invesco Balanced-Risk Retirement Funds

Invesco Balanced-Risk Retirement 2050 Fund

Class	Beginning Account Value (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,102.40	$	1.32	$	1,023.95	$	1.28		0.25	%
AX		1,000.00		1,102.30		1.32		1,023.95		1.28		0.25
B		1,000.00		1,098.90		5.29		1,020.16		5.09		1.00
C		1,000.00		1,098.80		5.29		1,020.16		5.09		1.00
CX		1,000.00		1,098.80		5.29		1,020.16		5.09		1.00
R		1,000.00		1,101.90		2.65		1,022.68		2.55		0.50
RX		1,000.00		1,101.70		2.65		1,022.68		2.55		0.50
Y		1,000.00		1,104.50		0.00		1,025.21		0.00		0.00
R5		1,000.00		1,105.90		0.00		1,025.21		0.00		0.00
R6		1,000.00		1,105.70		0.00		1,025.21		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, 2017, through December 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

57                         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, 2017:

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	$	380,617		0.00	%		0.00	%		9.08	%
Invesco Balanced-Risk Retirement 2020 Fund		—		0.00	%		0.00	%		8.50	%
Invesco Balanced-Risk Retirement 2030 Fund		—		0.00	%		0.00	%		7.32	%
Invesco Balanced-Risk Retirement 2040 Fund		—		0.00	%		0.00	%		5.94	%
Invesco Balanced-Risk Retirement 2050 Fund		—		0.00	%		0.00	%		4.98	%

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

58                         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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired.	158	None
Teresa M. Ressel  —  1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None
Christopher L. Wilson —  1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)

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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, 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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed 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)
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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., 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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	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

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. 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                     Invesco Distributors, Inc. IBRR-AR-1     02222018     0824

	Annual Report to Shareholders	December 31, 2017
	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 12/31/07

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.

2 Invesco Allocation Funds

Average Annual Total Returns
As of 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (4/29/05)	4.16	%
10 Years	3.15
5 Years	3.16
1 Year	1.92
Class B Shares
Inception (4/29/05)	4.13	%
10 Years	3.13
5 Years	3.22
1 Year	2.02
Class C Shares
Inception (4/29/05)	3.86	%
10 Years	2.98
5 Years	3.57
1 Year	6.02
Class R Shares
Inception (4/29/05)	4.36	%
10 Years	3.48
5 Years	4.06
1 Year	7.52
Class S Shares
10 Years	3.80	%
5 Years	4.44
1 Year	7.97
Class Y Shares
10 Years	3.95	%
5 Years	4.61
1 Year	8.15
Class R5 Shares
Inception (4/29/05)	4.91	%
10 Years	4.02
5 Years	4.64
1 Year	8.16
Class R6 Shares
10 Years	3.74	%
5 Years	4.35
1 Year	8.00

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.

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

The performance data quoted represent past performance and cannot guarantee 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, Class R5 and Class R6 was 1.05%, 1.80%, 1.80%, 1.30%, 0.95%, 0.80%, 0.75% and 0.70%, 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, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

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

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

1 The expense ratio includes acquired fund fees and expenses of the underlying funds in which the Fund invests of 0.55% 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 12/31/07

1  Source: FactSet Research Systems Inc.

2  Source: 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 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (4/30/04)	5.73	%
10 Years	3.17
5 Years	6.49
1 Year	9.41
Class B Shares
Inception (4/30/04)	5.71	%
10 Years	3.13
5 Years	6.57
1 Year	9.96
Class C Shares
Inception (4/30/04)	5.38	%
10 Years	2.98
5 Years	6.89
1 Year	13.94
Class R Shares
Inception (4/30/04)	5.91	%
10 Years	3.50
5 Years	7.43
1 Year	15.43
Class S Shares
10 Years	3.84	%
5 Years	7.80
1 Year	15.90
Class Y Shares
10 Years	4.00	%
5 Years	7.97
1 Year	16.08
Class R5 Shares
Inception (4/30/04)	6.52	%
10 Years	4.11
5 Years	8.10
1 Year	16.26
Class R6 Shares
10 Years	3.78	%
5 Years	7.75
1 Year	16.05

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.

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

The performance data quoted represent past performance and cannot guarantee 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, Class R5 and Class R6 shares was 1.15%, 1.90%, 1.90%, 1.40%, 1.05%, 0.90%, 0.77% and 0.72%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class 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, 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 0.61% 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 12/31/07

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.

6 Invesco Allocation Funds

Average Annual Total Returns
As of 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (4/30/04)	5.29	%
10 Years	3.65
5 Years	4.98
1 Year	6.48
Class B Shares
Inception (4/30/04)	5.27	%
10 Years	3.62
5 Years	5.05
1 Year	6.81
Class C Shares
Inception (4/30/04)	4.94	%
10 Years	3.46
5 Years	5.38
1 Year	10.82
Class R Shares
Inception (4/30/04)	5.47	%
10 Years	3.97
5 Years	5.91
1 Year	12.41
Class S Shares
10 Years	4.31	%
5 Years	6.27
1 Year	12.70
Class Y Shares
10 Years	4.47	%
5 Years	6.43
1 Year	12.85
Class R5 Shares
Inception (4/30/04)	6.00	%
10 Years	4.49
5 Years	6.43
1 Year	12.97
Class R6 Shares
10 Years	4.25	%
5 Years	6.20
1 Year	12.82

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.

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

The performance data quoted represent past performance and cannot guarantee 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, Class R5 and Class R6 shares was 1.06%, 1.81%, 1.81%, 1.31%, 0.96%, 0.81%, 0.75% and 0.69%, 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, 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 0.58% 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. Major stock market indexes rose – and set record highs – throughout the reporting period. Generally positive economic data, strong corporate earnings and anticipated tax and regulatory reform contributed to the rally. The US economy expanded during the reporting period, with gross domestic product, the value of all goods and services produced, significantly increasing its growth rate from the first to the third quarter of the year. Tax reform legislation, enacted in December 2017, was a positive for the stock market, but its long-term economic impact was uncertain. Citing positive economic trends – specifically, realized and expected labor market

conditions and inflation – the US Federal Reserve raised interest rates in March, June and December 2017. While US and global bond markets, as well as emerging market equities, sold off early in the reporting period, they recovered much of their losses during the reporting period. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies.

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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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 and the economy 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, 2017, Class A shares of Invesco Conservative Allocation Fund (the Fund), at net asset value (NAV), underperformed 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, 12/31/16 to 12/31/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	7.87	%
Class B Shares	7.02
Class C Shares	7.02
Class R Shares	7.52
Class S Shares	7.97
Class Y Shares	8.15
Class R5 Shares	8.16
Class R6 Shares*	8.00
S&P 500 Indexq (Broad Market Index)	21.83
Custom Invesco Conservative Allocation Index⬛ (Style-Specific Index)	10.13
Lipper Mixed-Asset Target Allocation Conservative Funds Index◆ (Peer Group Index)	8.78
Source(s): qFactSet Research Systems Inc.; ⬛Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.
*Class R6 shares incepted on April 4, 2017. See page 3 for more information.

Market conditions and your Fund

Despite highly destructive hurricanes that threatened to derail a years-long economic recovery, the US economy continued to expand throughout the year ended December 31, 2017. Gross domestic product – the value of all goods and services produced in the US – expanded in the first three quarters of 2017.

    Given signs of an improving economy, the US Federal Reserve (the Fed) raised interest rates three times during the reporting period, most recently in December 2017; each rate hike was 25 basis points.¹ (A basis point is 0.01%.) The Fed pledged that “realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation” will guide its future actions. At the close of the reporting period, Fed policy remained accommodative, and the fed funds target rate stood at a range of 1.25% to 1.50% – 75

basis points higher than at the start of the reporting period.¹

    Higher inventories and a worsening outlook caused oil prices and many energy stocks to decline during the first half of 2017. However, oil prices rose significantly in the second half of the reporting period as expectations for lower supplies increased, partly due to continued OPEC production cuts, and demand began normalizing.

    Major US stock market indexes repeatedly hit all-time highs throughout the reporting period. The stock market rally that began after the 2016 presidential election continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confidence. Finally, after much debate in Congress, a tax reform bill was signed into law in December 2017, which further strengthened stocks.

    Strategic asset class exposures in the Fund are obtained through underlying mutual funds, exchange-traded funds and other pooled investment vehicles targeting a pre-defined level of risk. From an asset class perspective, the Fund’s exposure to US equities through underlying funds was the largest contributor to Fund performance. Specifically, Invesco Equally-Weighted S&P 500 Fund was the largest contributor to Fund performance during the reporting period. PowerShares Russell Top 200 Pure Growth Portfolio also added to returns, in line with broader large-cap growth equities. Within our fixed income allocation, Invesco Core Plus Bond Fund was the largest contributor to Fund performance during the reporting period.

    Although no asset classes detracted from absolute Fund performance, underweight exposure to international developed equities versus the Fund’s style-specific benchmark detracted from relative performance, as did tepid returns from allocations to fixed income. In terms of individual holdings, Invesco All Cap Market Neutral Fund detracted from Fund performance due to short holdings that did not perform as expected, particularly those in the health care sector. Invesco Global Targeted Returns Fund also detracted from Fund performance. These non-directional alternatives allocations are included in an effort to reduce the overall risk of the Fund while providing an alternative source of return. Such alternatives allocations tend not to move in lockstep with equities, so in a bull equity market, they can underperform equities. Although Invesco Diversified Dividend Fund posted positive returns, it under-performed the broader equity market during the reporting period.

    As part of the Fund’s strategic annual rebalance, we sold its holdings in Invesco Endeavor Fund and established a position in Invesco Global Targeted Returns Fund. Please note that some of the Fund’s

Portfolio Composition*
By fund type, based on total investments
Fixed Income Funds	59.7%
Equity Funds	31.9
Alternative Funds	8.0
Money Market Funds	0.4

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

  Total Net Assets   $323.3 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, 2017.

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
Class R6 Shares	CNSSX

10 Invesco Allocation Funds

underlying holdings – including, but not limited to, Invesco Balanced-Risk Allocation Fund and Invesco Global Targeted Returns Fund – may use derivatives, including futures, which may create economic leverage in the underlying funds. Therefore, performance of these underlying funds, both positive and negative, can also be attributed to these instruments.

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

1  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.

	Jacob Borbidge Chartered Financial Analyst, Portfolio Manager and Head of Research for Invesco’s 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.
	Duy Nguyen Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer of Invesco’s 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.

Assisted by Invesco’s Global Solutions Development & Implementation Team

11 Invesco Allocation Funds

Management’s Discussion of Fund Performance

Performance summary – Invesco Growth Allocation Fund For the year ended December 31, 2017, Class A shares of Invesco Growth Allocation Fund (the Fund), at net asset value (NAV), underperformed 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, 12/31/16 to 12/31/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	15.77	%
Class B Shares	14.96
Class C Shares	14.94
Class R Shares	15.43
Class S Shares	15.90
Class Y Shares	16.08
Class R5 Shares	16.26
Class R6 Shares*	16.05
S&P 500 Indexq (Broad Market Index)	21.83
Custom Invesco Growth Allocation Index⬛ (Style-Specific Index)	19.13
Lipper Mixed-Asset Target Allocation Growth Funds Index◆ (Peer Group Index)	16.67
Source(s): qFactSet Research Systems Inc.; ⬛Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.
*Class R6 shares incepted on April 4, 2017. See page 5 for more information.

Market conditions and your Fund

Despite highly destructive hurricanes that threatened to derail a years-long economic recovery, the US economy continued to expand throughout the year ended December 31, 2017. Gross domestic product – the value of all goods and services produced in the US – expanded in the first three quarters of 2017.

    Given signs of an improving economy, the US Federal Reserve (the Fed) raised interest rates three times during the reporting period, most recently in December 2017; each rate hike was 25 basis points.¹ (A basis point is 0.01%.) The Fed pledged that “realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation” will guide its future actions. At the close of the reporting period, Fed policy remained accommodative, and the fed funds target rate stood at a range of 1.25% to 1.50% – 75

basis points higher than at the start of the reporting period.¹

    Higher inventories and a worsening outlook caused oil prices and many energy stocks to decline during the first half of 2017. However, oil prices rose significantly in the second half of the reporting period as expectations for lower supplies increased, partly due to continued OPEC production cuts, and demand began normalizing.

Major US stock market indexes repeatedly hit all-time highs throughout the reporting period. The stock market rally that began after the 2016 presidential election continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confidence. Finally, after much debate in Congress, a tax reform bill was signed into law in December 2017, which further strengthened stocks.

    Strategic asset class exposures in the Fund are obtained through underlying mutual funds, exchange-traded funds and other pooled investment vehicles targeting a pre-defined level of risk. From an asset class perspective, the Fund’s exposure to US equities through underlying funds was the largest contributor to Fund performance. Specifically, PowerShares Russell Top 200 Pure Growth Portfolio was the largest contributor to Fund performance during the reporting period. The portfolio posted strong positive returns consistent with those of broader large-cap growth equities. Invesco Equally-Weighted S&P 500 Fund and Invesco American Franchise Fund also added to Fund performance during the reporting period.

    No asset classes detracted from absolute Fund performance. However, within the Fund’s US equity allocation, exposure to mid- and small-cap equities held in some of the underlying funds underperformed relative to their representative asset classes. Underweight exposure to international equities versus the Fund’s style-specific benchmark also detracted from the Fund’s relative performance. In terms of individual holdings, Invesco All Cap Market Neutral Fund detracted from Fund performance due to short holdings that did not perform as expected, particularly those in the health care sector. This non-directional alternatives allocation is included in an effort to reduce the overall risk of the Fund while providing an alternative source of return. Such alternatives allocations tend not to move in lockstep with equities, so in a bull equity market, they can underperform equities. Although Invesco Diversified Dividend Fund and Invesco Equally-Weighted S&P 500 Fund posted positive returns, they underperformed the broader equity market during the reporting period.

    As part of the Fund’s strategic annual rebalance, we sold its holdings in Invesco

Portfolio Composition*
By fund type, based on total investments
Equity Funds	79.7%
Fixed Income Funds	13.0
Alternative Funds	7.0
Money Market Funds	0.3

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

  Total Net Assets     $1.1 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, 2017.

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
Class R6 Shares	AAESX

12 Invesco Allocation Funds

Endeavor Fund. Please note that some of the Fund’s underlying holdings – including, but 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.

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

1  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.

	Jacob Borbidge Chartered Financial Analyst, Portfolio Manager and Head of Research for Invesco’s 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.
	Duy Nguyen Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer of Invesco’s 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.

Assisted by Invesco’s Global Solutions Development & Implementation Team

13 Invesco Allocation Funds

Management’s Discussion of Fund Performance

Performance summary – Invesco Moderate Allocation Fund For the year ended December 31, 2017, Class A shares of Invesco Moderate Allocation Fund (the Fund), at net asset value (NAV), underperformed 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, 12/31/16 to 12/31/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	12.66	%
Class B Shares	11.81
Class C Shares	11.82
Class R Shares	12.41
Class S Shares	12.70
Class Y Shares	12.85
Class R5 Shares	12.97
Class R6 Shares*	12.82
S&P 500 Indexq (Broad Market Index)	21.83
Custom Invesco Moderate Allocation Index⬛ (Style-Specific Index)	15.02
Lipper Mixed-Asset Target Allocation Moderate Funds Index◆ (Peer Group Index)	13.37
Source(s): qFactSet Research Systems Inc.; ⬛Invesco, FactSet Research Systems Inc.; ◆Lipper Inc.
*Class R6 shares incepted on April 4, 2017. See page 7 for more information.

Market conditions and your Fund

Despite highly destructive hurricanes that threatened to derail a years-long economic recovery, the US economy continued to expand throughout the year ended December 31, 2017. Gross domestic product – the value of all goods and services produced in the US – expanded in the first three quarters of 2017.

    Given signs of an improving economy, the US Federal Reserve (the Fed) raised interest rates three times during the reporting period, most recently in December 2017; each rate hike was 25 basis points.¹ (A basis point is 0.01%.) The Fed pledged that “realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation” will guide its future actions. At the close of the reporting period, Fed policy remained accommodative, and the fed funds target rate

stood at a range of 1.25% to 1.50% – 75 basis points higher than at the start of the reporting period.¹

    Higher inventories and a worsening outlook caused oil prices and many energy stocks to decline during the first half of 2017. However, oil prices rose significantly in the second half of the reporting period as expectations for lower supplies increased, partly due to continued OPEC production cuts, and demand began normalizing.

    Major US stock market indexes repeatedly hit all-time highs throughout the reporting period. The stock market rally that began after the 2016 presidential election continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confidence. Finally, after much debate in Congress, a tax reform bill was signed into law in

December 2017, which further strengthened stocks.

    Strategic asset class exposures in the Fund are obtained through underlying mutual funds, exchange-traded funds and other pooled investment vehicles targeting a pre-defined level of risk. From an asset class perspective, the Fund’s exposure to US equities through underlying funds was the largest contributor to Fund performance. Specifically, PowerShares Russell Top 200 Pure Growth Portfolio was the largest contributor to Fund performance during the reporting period. The portfolio posted strong positive returns consistent with those of broader large-cap growth equities. Invesco Equally-Weighted S&P 500 Fund and Invesco American Franchise Fund also added to Fund performance during the reporting period.

    No asset classes detracted from absolute Fund performance. However, within the Fund’s US equity allocation, exposure to mid- and small-cap equities through underlying funds underperformed relative to their representative asset classes. Underweight exposure to international equities versus the Fund’s style-specific benchmark also detracted from the Fund’s relative performance. In terms of individual holdings, Invesco All Cap Market Neutral Fund detracted from Fund performance due to short holdings that did not perform as expected, particularly those in the health care sector. This non-directional alternatives allocation is included in an effort to reduce the overall risk of the Fund while providing an alternative source of return. Such alternatives allocations tend not to move in lockstep with equities, so in a bull equity market, they can underperform equities. Although Invesco Diversified Dividend Fund and Invesco Equally-Weighted S&P 500 Fund posted positive returns, they under-performed the broader equity market during the reporting period.

Portfolio Composition*
By fund type, based on total investments
Equity Funds	58.8%
Fixed Income Funds	33.9
Alternative Funds	7.0
Money Market Funds	0.3

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

  Total Net Assets     $776.6 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, 2017.

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
Class R6 Shares	AMLSX

14 Invesco Allocation Funds

    As part of the fund’s strategic annual rebalance, we sold its holdings in Invesco Endeavor Fund and PowerShares S&P Small Cap Low Volatility Portfolio. Please note that some of the Fund’s underlying holdings – including, but 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.

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

1  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.

	Jacob Borbidge Chartered Financial Analyst, Portfolio Manager and Head of Research for Invesco’s 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.
	Duy Nguyen Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer of Invesco’s 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.

Assisted by Invesco’s Global Solutions Development & 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, 2017, 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

∎ Effective January 26, 2018, after the close of the reporting period, all outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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

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

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

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
Borrowing risk	x
Changing fixed income market conditions risk	x		x
Collateralized loan obligations risk	x		x
Commodities tax risk	x	x	x
Commodity-linked notes risk	x	x	x
Commodity risk	x	x	x
Debt securities risk	x		x
Depositary receipts risk		x	x
Derivatives risk	x	x	x
Dollar roll transactions risk	x
Emerging markets securities risk		x	x
Exchange-traded fund industry concentration risk	x	x	x
Exchange-traded funds risk	x	x	x
Foreign government debt risk	x		x
Foreign securities risk	x	x	x
Fund of funds risk	x	x	x
Growth investing risk		x
High yield debt securities (junk bond) risk	x		x
Indexing risk		x	x
Liquidity risk	x		x
Management risk	x	x	x
Market risk	x	x	x
Market trading risk		x
Mortgage- and asset-backed securities risk	x		x
Municipal securities risk	x		x
Non-diversification risk	x	x
Real estate investment trust (REIT) risk/real estate risk		x

16 Invesco Allocation Funds

	Invesco Conservative Allocation Fund	Invesco Growth Allocation Fund	Invesco         Moderate         Allocation Fund
Sector focus risk		x
Small- and mid-capitalization companies risks		x
TBA transactions risk	x		x
US government obligations risk	x		x
Value investing style risk	x	x	x
When-issued, delayed delivery and forward commitment risks	x		x
Zero coupon or pay-in-kind securities risk	x		x

Principal risks defined

∎ Active trading risk. Active trading of portfolio securities may result in added expenses, 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.

∎ 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 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 carry risks including 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

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.

a regulated investment company and be subject to federal income tax at the fund level. As a result of a recent announcement by the Internal Revenue Service, an underlying fund intends to invest in commodity-linked notes: (a) directly, generally only to the extent that it obtains an opinion of counsel confirming that income from such investments should be qualifying income because such commodity-linked notes constitute securities under section 2(a) (36) of the 1940 Act or (b) indirectly through the Subsidiary. Should the Internal Revenue Service issue further 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.

continued on page 18

NOT FDIC INSURED  |   MAY LOSE VALUE  |  NO BANK GUARANTEE

17 Invesco Allocation Funds

continued from page 17

∎ 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.

∎ 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. An underlying fund’s 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 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. 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.

∎ 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

18 Invesco Allocation Funds

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 lever aged, 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.

∎ 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.

∎ 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.

∎ 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

    continued on page 20

19 Invesco Allocation Funds

continued from page 19

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 (such as from an underlying fund’s failure to meet the requirements for continued listing on an exchange). Shares of an underlying fund may trade in the secondary market at times when an underlying fund does not accept orders to purchase its shares. Shares of an underlying fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility associated with short selling. Any of these factors may lead to an underlying fund’s shares trading at a premium or discount to an underlying fund’s 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.

∎ 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. Real estate companies, including REITs or similar structures, tend to be small- and mid-cap companies and their shares 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.

∎ 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. Investing in securities of small and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Stocks of 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. These securities may have returns that vary, sometimes significantly, from the overall securities market.

20 Invesco Allocation Funds

∎ 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.

∎ 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 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 Bond 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 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 Bond Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

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

∎ The Custom Invesco Moderate Allocation Index, 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 Bond Index. The composition of the index may change based on the Fund’s target asset allocation. Therefore, the current composition of the index does not reflect its historical composition and will likely be altered in the future to better reflect the Fund’s objective.

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

∎ The 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 Bond Index is an unmanaged index considered representative of the US investment-grade, fixed-rate bond market.

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

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

Other information

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

21 Invesco Allocation Funds

Schedule of Investments

December 31, 2017

Invesco Conservative Allocation Fund

Schedule of Investments in Affiliated Issuers–100.03%^(a)

	% of Net Assets 12/31/17			Value 12/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/17		Value 12/31/17
Alternative Funds–2.48%
Invesco Global Targeted Returns Fund–Class R6(b)		2.48	%	$	—	$	8,168,811	$	(127,503	)	$	(40,070	)	$	736		$	—		803,411	$	8,001,974
Asset Allocation Funds–2.52%
Invesco Balanced-Risk Allocation Fund–Class R6(b)		2.52	%		15,001,805		592,730		(7,935,798	)		534,214			451,758			—		740,899		8,157,296
Domestic Equity Funds–25.88%
Invesco All Cap Market Neutral Fund–Class R6(b)		1.99	%		8,224,865		1,359,471		(1,752,010	)		(1,340,527	)		691,765			—		759,377		6,416,736
Invesco American Franchise Fund–Class R6(b)		2.47	%		8,282,796		595,954		(2,529,170	)		1,067,162			958,166			—		393,580		7,969,999
Invesco Diversified Dividend Fund–Class R6		7.47	%		23,053,184		2,747,411		(2,935,040	)		925,613			532,911			526,092		1,185,945		24,145,843
Invesco Endeavor Fund–Class R6(b)		0.00	%		6,663,596		413,865		(6,944,349	)		(2,104,635	)		2,385,388			—		—		—
Invesco Equally-Weighted S&P 500 Fund–Class R6		5.73	%		19,617,100		974,189		(4,777,221	)		1,609,081			1,369,967			306,993		306,126		18,538,980
Invesco Growth and Income Fund–Class R6		4.76	%		13,080,947		5,013,058		(3,100,167	)		(59,531	)		1,790,501			326,812		569,887		15,392,638
PowerShares Russell Top 200 Pure Growth Portfolio–ETF		3.46	%		8,249,200		3,320,137		(3,392,293	)		2,122,770			884,482			81,303		246,201		11,184,296
Total Domestic Equity Funds					87,171,688		14,424,085		(25,430,250	)		2,219,933			8,613,180			1,241,200				83,648,492
Fixed–Income Funds–59.77%
Invesco Core Plus Bond Fund– Class R6		17.94	%		60,417,386		2,009,330		(5,650,602	)		1,135,256			76,585			1,854,223		5,315,120		57,987,955
Invesco Emerging Market Flexible Bond Fund–Class R6		4.96	%		16,517,772		757,754		(1,595,961	)		1,002,083			(633,052	)		757,753		2,413,323		16,048,596
Invesco Floating Rate Fund– Class R6		5.51	%		16,826,734		2,270,169		(1,254,183	)		(2,342	)		(24,005	)		759,695		2,356,663		17,816,373
Invesco High Yield Fund–Class R6		6.02	%		19,991,301		938,861		(1,766,429	)		259,986			369			986,003		4,658,190		19,471,234
Invesco Quality Income Fund– Class R5		9.21	%		26,753,437		5,288,060		(1,889,203	)		(345,167	)		(26,199	)		1,055,617		2,481,744		29,780,928
Invesco Short Duration Inflation Protected Fund–Class R6		4.72	%		16,795,126		337,048		(1,643,752	)		(259,069	)		18,428			337,048		1,471,794		15,247,781
Invesco Short Term Bond Fund– Class R6		3.48	%		13,429,268		248,859		(2,424,622	)		(39,858	)		38,053			248,859		1,311,387		11,251,700
PowerShares 1-30 Laddered Treasury Portfolio–ETF		5.45	%		20,048,513		522,767		(3,495,610	)		431,930			101,392			375,040		537,351		17,608,992
PowerShares LadderRite 0-5 Year Corporate Bond Portfolio–ETF		2.48	%		9,972,513		37,350		(2,040,205	)		39,361			11,926			160,375		321,997		8,020,945
Total Fixed-Income Funds					200,752,050		12,410,198		(21,760,567	)		2,222,180			(436,503	)		6,534,613				193,234,504
Foreign Equity Funds–6.03%
Invesco International Growth Fund–Class R6		3.01	%		10,106,201		280,541		(2,436,039	)		1,183,747			683,038			196,197		264,559		9,733,143
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio–ETF		3.02	%		9,989,239		—		(2,095,359	)		1,713,136			164,154			285,047		215,224		9,771,170
Total Foreign Equity Funds					20,095,440		280,541		(4,531,398	)		2,896,883			847,192			481,244				19,504,313
Real Estate Funds–2.99%
Invesco Global Real Estate Income Fund–Class R6		2.99	%		10,157,821		376,099		(1,357,836	)		446,683			48,659			376,100		1,062,794		9,671,426
Money Market Funds–0.36%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(e)		0.13	%		548,298		22,394,403		(22,537,923	)		—			—			5,157		404,778		404,778
Invesco Liquid Assets Portfolio–Institutional Class, 1.40%(e)		0.09	%		—		585,948		(296,820	)		—			(9	)		264		289,089		289,119
Invesco Treasury Portfolio–Institutional Class, 1.17%(e)		0.14	%		365,532		15,178,416		(15,081,344	)		—			—			3,441		462,604		462,604
Total Money Market Funds					913,830		38,158,767		(37,916,087	)		—			(9	)		8,862				1,156,501
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $290,110,832)		100.03	%	$	334,092,634	$	74,411,231	$	(99,059,439	)	$	8,279,823	(c)	$	9,525,013	(d)	$	8,642,019			$	323,374,506
OTHER ASSETS LESS LIABILITIES		(0.03	)%																			(109,526	)
NET ASSETS		100.00	%																		$	323,264,980

Investment Abbreviations:

ETF – Exchange Traded Fund

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

22                         Invesco Allocation Funds

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)  Includes $47,146 of return of capital received from Invesco High Yield Fund.

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

Fund Name	Capital Gain
Invesco Balanced-Risk Allocation Fund	$	487,413
Invesco All Cap Market Neutral Fund		766,828
Invesco American Franchise Fund		404,909
Invesco Diversified Dividend Fund		178,236
Invesco Endeavor Fund		413,865
Invesco Equally-Weighted S&P 500 Fund		254,136
Invesco Growth and Income Fund		1,332,170
Invesco International Growth Fund		84,345

^(e)  The rate shown is the 7-day SEC standardized yield as of December 31, 2017.

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

23                         Invesco Allocation Funds

Schedule of Investments—(continued)

December 31, 2017

Invesco Growth Allocation Fund

Schedule of Investments in Affiliated Issuers–99.71%^(a)

	% of Net Assets 12/31/17			Value 12/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/17		Value 12/31/17
Asset Allocation Funds–4.48%
Invesco Balanced-Risk Allocation Fund–Class R6(b)		4.48	%	$	46,285,029	$	4,028,450	$	(4,397,168	)	$	1,261,458		$	3,287,454		$	—		4,325,319	$	47,621,767
Domestic Equity Funds–57.47%
Invesco All Cap Market Neutral Fund–Class R6(b)		3.96	%		40,669,361		14,146,346		(3,961,720	)		(8,764,565	)		5,048,593			—		4,989,467		42,160,997
Invesco American Franchise Fund–Class R6(b)		5.66	%		60,437,305		5,631,136		(17,774,415	)		(274,916	)		15,253,779			—		2,973,905		60,221,585
Invesco Comstock Fund–Class R6		7.93	%		60,426,150		27,032,581		(13,512,194	)		2,695,309			9,568,663			1,521,359		3,143,220		84,364,014
Invesco Diversified Dividend Fund–Class R6		11.44	%		116,888,431		7,280,576		(8,967,841	)		2,470,599			4,861,029			2,629,472		5,974,037		121,631,398
Invesco Endeavor Fund–Class R6(b)		0.00	%		25,508,878		1,644,789		(26,586,390	)		(7,161,627	)		8,239,139			—		—		—
Invesco Equally-Weighted S&P 500 Fund–Class R6		9.92	%		101,078,445		3,207,135		(13,514,555	)		11,433,289			4,734,437			1,754,620		1,741,847		105,486,236
Invesco Long/Short Equity Fund–Class R6		2.96	%		30,291,114		7,078,557		(6,877,329	)		29,801			3,219,781			2,266,173		2,627,923		31,535,069
Invesco Small Cap Equity Fund–Class R6(b)		2.23	%		30,304,804		1,680,276		(10,631,944	)		(1,521,788	)		4,992,988			—		1,395,264		23,705,536
PowerShares Russell Top 200 Pure Growth Portfolio–ETF		6.91	%		60,284,846		10,263,734		(17,581,347	)		13,359,401			7,159,707			524,927		1,617,662		73,486,341
PowerShares S&P Midcap Low Volatility Portfolio–ETF		3.98	%		30,642,357		11,032,617		(3,501,681	)		3,333,175			804,165			734,861		932,363		42,310,633
PowerShares S&P Smallcap Low Volatility Portfolio–ETF		2.48	%		30,592,603		2,203,887		(8,173,628	)		(374,115	)		2,109,683			501,499		569,912		26,358,430
Total Domestic Equity Funds					587,124,294		91,201,634		(131,083,044	)		15,224,563			65,991,964			9,932,911				611,260,239
Fixed–Income Funds–12.98%
Invesco Core Plus Bond Fund–Class R6		5.24	%		41,164,816		16,520,856		(2,800,906	)		825,764			99,384			1,581,346		5,115,483		55,809,914
Invesco Emerging Markets Flexible Bond Fund–Class R6		1.00	%		20,053,776		748,188		(10,747,019	)		(145,249	)		708,889			508,219		1,596,780		10,618,585
Invesco Quality Income Fund–Class R5		2.50	%		25,822,828		1,897,584		(837,393	)		(326,062	)		7,948			945,894		2,213,742		26,564,905
Invesco Short Term Bond Fund–Class R6		1.75	%		20,000,088		1,087,344		(2,470,204	)		(53,397	)		43,524			393,168		2,168,689		18,607,355
PowerShares 1-30 Laddered Treasury Portfolio–ETF		2.49	%		25,716,552		1,696,615		(1,631,170	)		577,697			129,378			523,033		808,333		26,489,072
Total Fixed–Income Funds					132,758,060		21,950,587		(18,486,692	)		878,753			989,123			3,951,660				138,089,831
Foreign Equity Funds–22.02%
Invesco Developing Markets Fund–Class R6		2.26	%		25,765,439		660,977		(8,795,306	)		5,146,666			1,229,141			263,635		640,014		24,006,917
Invesco International Companies Fund–Class R6		4.77	%		30,533,372		22,452,404		(9,152,151	)		4,946,199			5,648,564			464,628		4,143,709		50,677,563
Invesco International Growth Fund–Class R6		6.76	%		82,200,510		2,072,982		(26,230,351	)		3,438,018			11,062,460			1,449,740		1,954,889		71,920,377
Invesco Low Volatility Emerging Markets Fund–Class R6		2.01	%		25,635,894		3,615,450		(11,305,951	)		1,093,839			4,964,508			464,156		2,436,177		21,413,991
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio–ETF		6.22	%		61,204,472		1,866,412		(9,074,207	)		11,249,239			893,576			1,903,386		1,456,817		66,139,492
Total Foreign Equity Funds					225,339,687		30,668,225		(64,557,966	)		25,873,961			23,798,249			4,545,545				234,158,340
Real Estate Funds–2.49%
Invesco Global Real Estate Income Fund–Class R6		2.49	%		25,829,609		1,334,793		(1,974,968	)		1,187,954			100,062			1,006,898		2,909,610		26,477,450
Money Market Funds–0.27%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(d)		0.09	%		3,574,943		71,367,347		(73,933,070	)		—			—			16,232		1,009,220		1,009,220
Invesco Liquid Assets Portfolio–Institutional Class, 1.40%(d)		0.07	%		—		2,198,673		(1,477,802	)		(48	)		(84	)		835		720,667		720,739
Invesco Treasury Portfolio–Institutional Class, 1.17%(d)		0.11	%		2,383,295		48,332,027		(49,561,928	)		—			—			10,801		1,153,394		1,153,394
Total Money Market Funds					5,958,238		121,898,047		(124,972,800	)		(48	)		(84	)		27,868				2,883,353
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $857,956,366)		99.71	%	$	1,023,294,917	$	271,081,736	$	(345,472,638	)	$	44,426,641		$	94,166,768	(c)	$	19,464,882			$	1,060,490,980
OTHER ASSETS LESS LIABILITIES		0.29	%																			3,121,856
NET ASSETS		100.00	%																		$	1,063,612,836

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

24                         Invesco Allocation Funds

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

Fund Name	Capital Gain
Invesco Balanced-Risk Allocation Fund	$	2,843,456
Invesco All Cap Market Neutral Fund		4,977,018
Invesco American Franchise Fund		3,051,304
Invesco Comstock Fund		1,846,495
Invesco Diversified Dividend Fund		901,396
Invesco Endeavor Fund		1,644,789
Invesco Equally-Weighted S&P 500 Fund		1,452,515
Invesco Long/Short Equity Fund		2,206,855
Invesco Small Cap Equity Fund		1,118,800
Invesco International Companies Fund		3,750,825
Invesco International Growth Fund		623,242
Invesco Low Volatility Emerging Markets Fund		2,589,749

^(d)  The rate shown is the 7-day SEC standardized yield as of December 31, 2017.

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, 2017

Invesco Moderate Allocation Fund

Schedule of Investments in Affiliated Issuers–100.00%^(a)

	% of Net Assets 12/31/17			Value 12/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/17		Value 12/31/17
Asset Allocation Funds–4.51%
Invesco Balanced–Risk Allocation Fund–Class R6(b)		4.51	%	$	35,217,249	$	2,083,485	$	(3,568,412	)	$	935,408		$	2,445,157		$	—		3,181,599	$	35,029,402
Domestic Equity Funds–43.68%
Invesco All Cap Market Neutral Fund–Class R6(b)		2.97	%		23,282,312		6,335,686		(1,705,501	)		(4,796,026	)		2,708,917			—		2,728,785		23,058,231
Invesco American Franchise Fund–Class R6(b)		4.18	%		34,649,626		2,821,229		(11,743,500	)		3,930,006			4,451,014			—		1,602,884		32,458,395
Invesco Comstock Fund–Class R6(b)		6.51	%		34,643,233		18,703,242		(9,003,143	)		4,680,715			2,625,381			900,441		1,883,625		50,556,486
Invesco Diversified Dividend Fund–Class R6		9.93	%		73,812,420		5,069,912		(5,823,264	)		3,201,444			1,435,281			1,670,820		3,788,121		77,126,143
Invesco Endeavor Fund–Class R6(b)		0.00	%		15,596,298		981,267		(16,251,947	)		(4,475,496	)		5,131,145			—		—		—
Invesco Equally-Weighted S&P 500 Fund–Class R6		7.96	%		61,813,136		1,871,362		(10,690,612	)		6,377,477			3,267,427			1,023,820		1,020,331		61,791,248
Invesco Long/Short Equity Fund–Class R6		2.01	%		15,493,345		2,705,325		(3,155,467	)		13,099			1,580,818			1,098,993		1,297,241		15,566,893
Invesco Small Cap Equity Fund–Class R6		1.99	%		15,443,734		1,039,265		(2,343,371	)		599,782			1,469,812			—		911,204		15,481,355
PowerShares Russell Top 200 Pure Growth Portfolio–ETF		5.91	%		34,487,290		10,860,993		(11,827,906	)		9,363,067			3,048,347			330,603		1,011,101		45,931,791
PowerShares S&P Midcap Low Volatility Portfolio–ETF		2.22	%		15,599,641		2,070,542		(2,293,554	)		1,330,522			521,820			301,489		379,660		17,228,971
PowerShares S&P Smallcap Low Volatility Portfolio–ETF		0.00	%		15,590,385		—		(15,660,840	)		(3,873,719	)		3,944,174			14,398		—		—
Total Domestic Equity Funds					340,411,420		52,458,823		(90,499,105	)		16,350,871			30,184,136			5,340,564				339,199,513
Fixed–Income Funds–33.92%
Invesco Core Plus Bond Fund–Class R6		10.23	%		77,527,403		6,193,778		(5,862,308	)		1,594,557			3,412			2,477,185		7,282,937		79,456,842
Invesco Emerging Market Flexible Bond Fund–Class R6		2.99	%		23,222,233		1,369,852		(1,797,839	)		1,117,914			(682,563	)		1,161,901		3,493,172		23,229,597
Invesco Floating Rate Fund–Class R6		2.24	%		15,677,520		2,723,524		(970,318	)		(18,526	)		(8,505	)		731,129		2,302,076		17,403,695
Invesco High Yield Fund–Class R6		3.01	%		27,455,082		1,400,723		(6,035,642	)		263,221			113,109			1,221,385		5,587,064		23,353,929
Invesco Quality Income Fund–Class R5		5.99	%		38,813,498		10,651,823		(2,405,663	)		(545,498	)		(21,419	)		1,601,116		3,874,395		46,492,741
Invesco Short Duration Inflation Protected Fund–Class R6		2.49	%		19,269,168		779,409		(358,282	)		(308,884	)		3,615			417,012		1,871,142		19,385,026
Invesco Short Term Bond Fund–Class R6		2.00	%		23,124,642		633,619		(8,279,165	)		(114,390	)		142,748			366,977		1,807,395		15,507,454
PowerShares 1-30 Laddered Treasury Portfolio–ETF		4.97	%		37,966,350		3,296,752		(3,738,004	)		1,078,457			(16,454	)		779,455		1,177,513		38,587,101
Total Fixed–Income Funds					263,055,896		27,049,480		(29,447,221	)		3,066,851			(466,057	)		8,756,160				263,416,385
Foreign Equity Funds–15.09%
Invesco Developing Markets Fund–Class R6		1.51	%		11,872,747		128,522		(3,291,855	)		2,731,470			299,314			128,522		312,989		11,740,198
Invesco International Companies Fund–Class R6		3.04	%		15,446,921		9,767,010		(4,977,209	)		2,492,573			2,612,895			213,389		1,931,280		23,619,554
Invesco International Growth Fund–Class R6		4.50	%		39,272,319		1,007,113		(12,019,912	)		3,699,357			3,284,859			704,325		949,740		34,940,947
Invesco Low Volatility Emerging Markets Fund–Class R6		1.28	%		11,754,123		1,638,120		(5,018,919	)		716,546			2,064,109			214,170		1,132,995		9,959,025
PowerShares FTSE RAFI Developed Markets ex- U.S. Portfolio–ETF		4.76	%		38,564,864		—		(8,753,195	)		6,492,789			674,568			1,073,069		814,516		36,979,026
Total Foreign Equity Funds					116,910,974		12,540,765		(34,061,090	)		16,132,735			8,935,745			2,333,475				117,238,750
Real Estate Funds–2.49%
Invesco Global Real Estate Income Fund–Class R6		2.49	%		19,742,878		923,640		(2,331,561	)		876,995			95,725			743,502		2,121,723		19,307,677
Money Market Funds–0.31%
Invesco Government & Agency Portfolio–Institutional Class, 1.18(e)		0.11	%		2,673,608		62,068,092		(63,895,308	)		—			—			11,902		846,392		846,392
Invesco Liquid Assets Portfolio–Institutional Class, 1.40(e)		0.08	%		—		1,348,207		(743,640	)		—			(28	)		599		604,478		604,539
Invesco Treasury Portfolio–Institutional Class, 1.17(e)		0.12	%		1,782,406		41,903,575		(42,718,675	)		—			—			7,942		967,306		967,306
Total Money Market Funds					4,456,014		105,319,874		(107,357,623	)		—			(28	)		20,443				2,418,237
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $642,390,052)		100.00	%	$	779,794,431	$	200,376,067	$	(267,265,012	)	$	37,362,860	(c)	$	41,194,678	(d)	$	17,194,144			$	776,609,964
OTHER ASSETS LESS LIABILITIES		(0.00	)%																			(11,791	)
NET ASSETS		100.00	%																		$	776,598,173

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

26                         Invesco Allocation Funds

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)  Includes $157,436 of return of capital received from Invesco High Yield Fund.

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

Fund Name	Capital Gain
Invesco Balanced-Risk Allocation Fund	$	2,083,485
Invesco All Cap Market Neutral Fund		2,767,157
Invesco American Franchise Fund		1,649,980
Invesco Comstock Fund		1,092,942
Invesco Diversified Dividend Fund		569,650
Invesco Endeavor Fund		981,267
Invesco Equally-Weighted S&P 500 Fund		847,542
Invesco Long/Short Equity Fund		1,070,227
Invesco Small Cap Equity Fund		727,867
Invesco International Companies Fund		1,722,636
Invesco International Growth Fund		302,789
Invesco Low Volatility Emerging Markets Fund		1,194,954

^(e) The rate shown is the 7-day SEC standardized yield as of December 31, 2017.

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

27                         Invesco Allocation Funds

Statement of Assets and Liabilities

December 31, 2017

	Invesco Conservative Allocation Fund			Invesco Growth Allocation Fund			Invesco Moderate Allocation Fund
Assets:
Investments in affiliated underlying funds, at value	$	323,374,506		$	1,060,490,980		$	776,609,964
Cash		—			4,095,647			—
Receivable for:
Investments sold		—			713,584			—
Fund shares sold		414,718			1,170,443			781,057
Dividends from affiliated underlying funds		4,501			3,534			5,651
Investment for trustee deferred compensation and retirement plans		94,563			213,544			152,648
Other assets		26,978			22,256			31,275
Total assets		323,915,266			1,066,709,988			777,580,595
Liabilities:
Payable for:
Investments purchased		—			1,432,378			—
Fund shares reacquired		309,405			606,771			301,807
Accrued fees to affiliates		186,169			723,902			452,717
Accrued trustees’ and officer’s fees and benefits		715			1,028			1,046
Accrued operating expenses		49,978			98,787			58,070
Trustee deferred compensation and retirement plans		104,019			234,286			168,782
Total liabilities		650,286			3,097,152			982,422
Net assets applicable to shares outstanding	$	323,264,980		$	1,063,612,836		$	776,598,173
Net assets consist of:
Shares of beneficial interest	$	292,694,898		$	882,948,117		$	636,015,786
Undistributed net investment income		154,956			3,986,078			2,104,404
Undistributed net realized gain (loss)		(2,848,548	)		(25,855,973	)		4,258,071
Net unrealized appreciation		33,263,674			202,534,614			134,219,912
	$	323,264,980		$	1,063,612,836		$	776,598,173

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

28                         Invesco Allocation Funds

Statement of Assets and Liabilities—(continued)

December 31, 2017

	Invesco Conservative Allocation Fund		Invesco Growth Allocation Fund		Invesco Moderate Allocation Fund
Net Assets:
Class A	$	233,998,333	$	844,779,725	$	584,747,277
Class B	$	2,749,815	$	14,051,616	$	6,818,512
Class C	$	69,799,587	$	147,229,141	$	132,378,525
Class R	$	8,358,546	$	21,598,001	$	15,613,859
Class S	$	2,105,797	$	25,357,887	$	29,134,087
Class Y	$	6,231,542	$	10,560,500	$	7,880,483
Class R5	$	11,087	$	25,092	$	14,929
Class R6	$	10,273	$	10,874	$	10,501
Shares outstanding, no par value, unlimited number of shares authorized:
Class A		20,124,463		52,630,441		42,945,606
Class B		239,380		883,658		504,363
Class C		6,064,710		9,252,369		9,798,711
Class R		721,591		1,348,652		1,149,273
Class S		180,882		1,581,481		2,140,660
Class Y		536,463		659,391		578,027
Class R5		949		1,557		1,091
Class R6		880		675		768
Class A:
Net asset value per share	$	11.63	$	16.05	$	13.62
Maximum offering price per share (Net asset value of ¸ 94.50%)	$	12.31	$	16.98	$	14.41
Maximum offering price per share
Class B:
Net asset value and offering price per share	$	11.49	$	15.90	$	13.52
Class C:
Net asset value and offering price per share	$	11.51	$	15.91	$	13.51
Class R:
Net asset value and offering price per share	$	11.58	$	16.01	$	13.59
Class S:
Net asset value and offering price per share	$	11.64	$	16.03	$	13.61
Class Y:
Net asset value and offering price per share	$	11.62	$	16.02	$	13.63
Class R5:
Net asset value and offering price per share	$	11.68	$	16.12	$	13.68
Class R6:
Net asset value and offering price per share	$	11.67	$	16.11	$	13.67
Cost of Investments in affiliated underlying funds	$	290,110,832	$	857,956,366	$	642,390,052

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

29                         Invesco Allocation Funds

Statement of Operations

For the year ended December 31, 2017

	Invesco Conservative Allocation Fund			Invesco Growth Allocation Fund			Invesco Moderate Allocation Fund
Investment income:
Dividends from affiliated underlying funds	$	8,642,019		$	19,464,882		$	17,194,144
Expenses:
Administrative services fees		108,923			272,954			211,637
Custodian fees		8,105			10,865			9,544
Distribution fees:
Class A		590,684			2,043,962			1,449,131
Class B		48,001			226,634			121,722
Class C		695,376			1,442,706			1,304,086
Class R		43,114			111,166			78,697
Class S		3,227			36,903			42,898
Transfer agent fees — A, B, C, R, S and Y		462,915			2,186,778			1,205,888
Transfer agent fees — R5		12			15			13
Transfer agent fees — R6		8			8			7
Trustees’ and officers’ fees and benefits		25,411			35,054			31,246
Registration and filing fees		108,897			132,419			117,273
Reports to shareholders		129,460			375,008			226,993
Professional services fees		53,478			62,339			51,757
Other		18,216			27,699			22,845
Total expenses		2,295,827			6,964,510			4,873,737
Less: Expense offset arrangement(s)		(5,529	)		(28,961	)		(15,698	)
Net expenses		2,290,298			6,935,549			4,858,039
Net investment income		6,351,721			12,529,333			12,336,105
Realized and unrealized gain from:
Net realized gain from:
Net realized gain on sales of affiliated underlying fund shares		5,603,111			67,160,324			26,184,182
Net realized gain from distributions of affiliated underlying fund shares		3,921,902			27,006,444			15,010,496
		9,525,013			94,166,768			41,194,678
Change in net unrealized appreciation of affiliated underlying fund shares		8,279,823			44,426,641			37,362,860
Net gain from affiliated underlying funds		17,804,836			138,593,409			78,557,538
Net increase in net assets resulting from operations	$	24,156,557		$	151,122,742		$	90,893,643

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

30                         Invesco Allocation Funds

Statement of Changes in Net Assets

For the years ended December 31, 2017 and 2016

	Invesco Conservative Allocation Fund						Invesco Growth Allocation Fund						Invesco Moderate Allocation Fund
	2017			2016			2017			2016			2017			2016
Operations:
Net investment income	$	6,351,721		$	6,820,916		$	12,529,333		$	11,001,450		$	12,336,105		$	12,134,085
Net realized gain (loss)		9,525,013			(1,699,271	)		94,166,768			(2,331,712	)		41,194,678			(5,322,188	)
Change in net unrealized appreciation		8,279,823			16,639,652			44,426,641			78,396,587			37,362,860			54,706,543
Net increase in net assets resulting from operations		24,156,557			21,761,297			151,122,742			87,066,325			90,893,643			61,518,440
Distributions to shareholders from net investment income:
Class A		(6,813,601	)		(4,985,465	)		(15,251,774	)		(8,850,706	)		(14,295,237	)		(10,829,903	)
Class B		(81,982	)		(107,981	)		(162,601	)		(111,549	)		(178,620	)		(231,080	)
Class C		(1,493,727	)		(927,697	)		(1,555,975	)		(483,592	)		(2,244,570	)		(1,464,238	)
Class R		(223,464	)		(185,141	)		(334,496	)		(191,262	)		(343,299	)		(268,686	)
Class S		(64,100	)		(46,163	)		(482,793	)		(284,212	)		(739,459	)		(528,350	)
Class Y		(184,838	)		(106,582	)		(214,627	)		(89,859	)		(198,793	)		(105,862	)
Class R5		(378	)		(329	)		(542	)		(185	)		(411	)		(292	)
Class R6		(271	)		—			(237	)		—			(232	)		—
Total distributions from net investment income		(8,862,361	)		(6,359,358	)		(18,003,045	)		(10,011,365	)		(18,000,621	)		(13,428,411	)
Distributions to shareholders from net realized gains:
Class A		(616,738	)		(1,084,344	)		—			—			(8,186,572	)		—
Class B		(7,970	)		(31,471	)		—			—			(112,314	)		—
Class C		(185,169	)		(322,347	)		—			—			(1,867,240	)		—
Class R		(21,875	)		(42,835	)		—			—			(217,185	)		—
Class S		(5,572	)		(9,687	)		—			—			(410,294	)		—
Class Y		(16,377	)		(21,489	)		—			—			(110,330	)		—
Class R5		(30	)		(64	)		—			—			(213	)		—
Class R6		(27	)		—			—			—			(150	)		—
Total distributions from net realized gains		(853,758	)		(1,512,237	)		—			—			(10,904,298	)		—
Share transactions–net:
Class A		(16,055,601	)		(16,779,366	)		(53,062,590	)		(53,511,520	)		(42,574,193	)		(62,092,336	)
Class B		(4,195,409	)		(4,601,745	)		(20,701,283	)		(25,865,182	)		(11,819,646	)		(14,325,982	)
Class C		(4,156,896	)		(5,662,676	)		(15,372,696	)		(16,060,403	)		(8,245,023	)		(19,947,206	)
Class R		(1,568,320	)		(1,353,553	)		(3,669,956	)		(3,663,622	)		(2,956,978	)		(1,561,838	)
Class S		(151,218	)		(151,042	)		(1,121,880	)		(1,616,593	)		(570,720	)		(1,311,199	)
Class Y		1,244,809			93,102			2,688,313			763,803			1,748,662			540,723
Class R5		(3,875	)		595			10,970			—			—			—
Class R6		10,033			—			10,000			—			10,000			—
Net increase (decrease) in net assets resulting from share transactions		(24,876,477	)		(28,454,685	)		(91,219,122	)		(99,953,517	)		(64,407,898	)		(98,697,838	)
Net increase (decrease) in net assets		(10,436,039	)		(14,564,983	)		41,900,575			(22,898,557	)		(2,419,174	)		(50,607,809	)
Net assets:
Beginning of year		333,701,019			348,266,002			1,021,712,261			1,044,610,818			779,017,347			829,625,156
End of year*	$	323,264,980		$	333,701,019		$	1,063,612,836		$	1,021,712,261		$	776,598,173		$	779,017,347
* Includes accumulated undistributed net investment income	$	154,956		$	2,147,510		$	3,986,078		$	4,215,970		$	2,104,404		$	4,755,977

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

31                         Invesco Allocation Funds

Notes to Financial Statements

December 31, 2017

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 twenty-nine 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 eight different classes of shares: Class A, Class B, Class C, Class R, Class S, Class Y, Class R5 and Class R6. On April 4, 2017, the Fund began offering Class R6 shares. 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. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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”).

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

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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

32                         Invesco Allocation Funds

performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the 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 investment 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 over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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.

33                         Invesco Allocation Funds

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.

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, 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 each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

Invesco has contractually agreed, through June 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 S, Class Y, Class R5 and Class R6 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	Class R6
Invesco Conservative Allocation Fund	1.50%	2.25%	2.25%	1.75%	1.40%	1.25%	1.25%	1.25%
Invesco Growth Allocation Fund	2.00%	2.75%	2.75%	2.25%	1.90%	1.75%	1.75%	1.75%
Invesco Moderate Allocation Fund	1.50%	2.25%	2.25%	1.75%	1.40%	1.25%	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, 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. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year. 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, 2017, 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 services are charged back to each Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2017, 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, 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 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of Class A, Class 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, 2017, 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

34                         Invesco Allocation Funds

redemption proceeds prior to remittance to the shareholder. During the year ended December 31, 2017, 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	$	46,396	$	538	$	40	$	3,252
Invesco Growth Allocation Fund		188,596		1,784		1		7,704
Invesco Moderate Allocation Fund		106,191		3,579		0		5,858

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

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

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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, 2017, 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended December 31, 2017, there were no material transfers between valuation levels.

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, 2017, 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	$	5,529
Invesco Growth Allocation Fund		28,961
Invesco Moderate Allocation Fund		15,698

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.

35                         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, 2017 and 2016:

	2017						2016
	Ordinary Income		Long-term Capital Gain		Total Distributions		Ordinary Income		Long-term Capital Gain		Total Distributions
Invesco Conservative Allocation Fund	$	8,862,361	$	853,758	$	9,716,119	$	6,379,122	$	1,492,473	$	7,871,595
Invesco Growth Allocation Fund		18,003,045		—		18,003,045		10,011,365		—		10,011,365
Invesco Moderate Allocation Fund		18,000,621		10,904,298		28,904,919		13,428,411		—		13,428,411

Tax Components of Net Assets at Period-End:

	Undistributed Ordinary Income		Undistributed Long-Term Gain		Net Unrealized Appreciation Investments		Temporary Book/Tax Differences			Capital Loss Carryforward			Shares of Beneficial Interest		Total Net Assets
Invesco Conservative Allocation Fund	$	242,880	$	3,890,993	$	26,524,134	$	(87,925	)	$	—		$	292,694,898	$	323,264,980
Invesco Growth Allocation Fund		4,188,803		—		198,520,891		(202,724	)		(21,842,251	)		882,948,117		1,063,612,836
Invesco Moderate Allocation Fund		2,251,323		14,087,397		124,390,586		(146,919	)		—			636,015,786		776,598,173

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, 2017 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, 2018	$	—	$	—	$	—	$	21,842,251	$	—	$	21,842,251	$	—	$	—	$	—

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

NOTE 8—Investment Transactions

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

	For the year ended December 31, 2017*				At December 31, 2017
					Federal Tax Cost**		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation
	Purchases		Sales
Invesco Conservative Allocation Fund	$	36,252,464	$	61,143,352	$	296,850,372	$	30,258,035	$	(3,733,901	)	$	26,524,134
Invesco Growth Allocation Fund		149,183,689		220,499,838		861,970,089		207,957,456		(9,436,565	)		198,520,891
Invesco Moderate Allocation Fund		95,056,193		159,907,389		652,219,378		134,764,643		(10,374,057	)		124,390,586

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

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

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of distributions from underlying funds and expired capital loss carryforward, on December 31, 2017, the following amounts were reclassified between undistributed net investment income, undistributed net realized gain (loss) and shares of beneficial interest. 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	$	518,086	$	(518,086	)	$	—
Invesco Growth Allocation Fund		5,243,820		3,874,488			(9,118,308	)
Invesco Moderate Allocation Fund		3,012,943		(3,012,943	)		—

36                         Invesco Allocation Funds

NOTE 10—Share Information

Invesco Conservative Allocation Fund

	Summary of Share Activity
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		2,179,778		$	25,092,721			2,982,770		$	32,646,884
Class B		15,208			173,553			34,767			372,008
Class C		1,253,506			14,281,371			1,345,953			14,547,988
Class R		186,815			2,141,638			229,698			2,488,146
Class S		2,635			30,266			4,040			44,186
Class Y		291,419			3,353,162			169,667			1,870,979
Class R5		22			250			48			515
Class R6(b)		880			10,033			—			—
Issued as reinvestment of dividends:
Class A		609,040			7,024,869			519,024			5,724,631
Class B		7,585			86,373			12,213			132,968
Class C		141,484			1,617,806			109,035			1,191,282
Class R		20,510			235,766			19,544			214,926
Class S		6,031			69,672			5,058			55,850
Class Y		15,496			178,615			9,707			106,969
Class R5		2			23			9			100
Automatic conversion of Class B shares to Class A shares:
Class A		284,495			3,279,133			288,887			3,150,066
Class B		(288,185	)		(3,279,133	)		(292,563	)		(3,150,066	)
Reacquired:
Class A		(4,476,262	)		(51,452,324	)		(5,308,660	)		(58,300,947	)
Class B		(103,798	)		(1,176,202	)		(181,524	)		(1,956,655	)
Class C		(1,765,953	)		(20,056,073	)		(1,971,949	)		(21,401,946	)
Class R		(345,437	)		(3,945,724	)		(369,845	)		(4,056,625	)
Class S		(21,792	)		(251,156	)		(22,953	)		(251,078	)
Class Y		(199,105	)		(2,286,968	)		(171,683	)		(1,884,846	)
Class R5		(363	)		(4,148	)		(2	)		(20	)
Net increase (decrease) in share activity		(2,185,989	)	$	(24,876,477	)		(2,588,759	)	$	(28,454,685	)

^(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.

^(b)  Commencement date April 4, 2017.

37                         Invesco Allocation Funds

NOTE 10—Share Information—(continued)

Invesco Growth Allocation Fund

	Summary of Share Activity
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		4,214,782		$	64,040,057			4,899,029		$	65,695,541
Class B		23,847			355,086			45,474			604,129
Class C		1,226,581			18,431,307			1,431,219			18,972,651
Class R		272,557			4,160,187			318,704			4,249,338
Class S		49,660			751,344			62,833			838,636
Class Y		459,315			7,027,896			216,691			2,956,796
Class R5		670			10,734			—			—
Class R6(b)		675			10,000			—			—
Issued as reinvestment of dividends:
Class A		930,917			14,866,743			610,183			8,627,989
Class B		10,094			159,790			7,871			110,273
Class C		96,099			1,522,208			33,693			472,383
Class R		20,973			334,305			13,564			191,258
Class S		30,250			482,793			20,128			284,212
Class Y		11,305			180,205			5,842			82,370
Class R5		15			236			—			—
Automatic conversion of Class B shares to Class A shares:
Class A		1,154,352			17,559,742			1,430,461			19,238,490
Class B		(1,168,876	)		(17,559,742	)		(1,449,150	)		(19,238,490	)
Reacquired:
Class A		(9,865,302	)		(149,529,132	)		(10,905,547	)		(147,073,540	)
Class B		(246,204	)		(3,656,417	)		(554,420	)		(7,341,094	)
Class C		(2,365,053	)		(35,326,211	)		(2,662,828	)		(35,505,437	)
Class R		(534,143	)		(8,164,448	)		(609,913	)		(8,104,218	)
Class S		(153,598	)		(2,356,017	)		(204,477	)		(2,739,441	)
Class Y		(295,067	)		(4,519,788	)		(171,785	)		(2,275,363	)
Net increase (decrease) in share activity		(6,126,151	)	$	(91,219,122	)		(7,462,428	)	$	(99,953,517	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 26% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date April 4, 2017.

38                         Invesco Allocation Funds

NOTE 10—Share Information—(continued)

Invesco Moderate Allocation Fund

	Summary of Share Activity
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		3,631,868		$	48,078,342			4,344,787		$	52,750,014
Class B		29,659			388,458			67,072			814,413
Class C		1,498,393			19,664,675			1,627,026			19,515,581
Class R		259,588			3,452,345			359,119			4,360,614
Class S		70,027			927,197			74,183			896,533
Class Y		429,256			5,701,208			232,739			2,867,295
Class R6(b)		768			10,000			—			—
Issued as reinvestment of dividends:
Class A		1,620,023			21,747,928			838,550			10,372,697
Class B		21,278			283,179			18,323			225,042
Class C		298,107			3,979,995			113,415			1,396,047
Class R		41,534			556,777			21,501			265,618
Class S		85,655			1,149,123			42,697			527,910
Class Y		18,804			252,908			6,473			80,219
Automatic conversion of Class B shares to Class A shares:
Class A		725,301			9,633,260			803,388			9,754,811
Class B		(730,914	)		(9,633,260	)		(809,589	)		(9,754,811	)
Reacquired:
Class A		(9,237,606	)		(122,033,723	)		(11,111,688	)		(134,969,858	)
Class B		(220,018	)		(2,858,023	)		(464,491	)		(5,610,626	)
Class C		(2,435,831	)		(31,889,693	)		(3,384,773	)		(40,858,834	)
Class R		(529,159	)		(6,966,100	)		(516,631	)		(6,188,070	)
Class S		(198,587	)		(2,647,040	)		(226,215	)		(2,735,642	)
Class Y		(315,755	)		(4,205,454	)		(197,545	)		(2,406,791	)
Net increase (decrease) in share activity		(4,937,609	)	$	(64,407,898	)		(8,161,659	)	$	(98,697,838	)

^(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 22% 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.

^(b)  Commencement date April 4, 2017.

39                         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 12/31/17	$	11.13	$	0.24	$	0.63		$	0.87		$	(0.34	)	$	(0.03	)	$	(0.37	)	$	11.63		7.87	%	$	233,998		0.53	%(e)		0.53	%(e)		2.11	%(e)		11	%
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			0.50			2.16			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
Class B
Year ended 12/31/17		11.00		0.15		0.62			0.77			(0.25	)		(0.03	)		(0.28	)		11.49		7.02			2,750		1.28	(e)		1.28	(e)		1.36	(e)		11
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			1.25			1.41			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
Class C
Year ended 12/31/17		11.02		0.16		0.61			0.77			(0.25	)		(0.03	)		(0.28	)		11.51		7.02			69,800		1.28	(e)		1.28	(e)		1.36	(e)		11
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			1.25			1.41			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
Class R
Year ended 12/31/17		11.09		0.21		0.62			0.83			(0.31	)		(0.03	)		(0.34	)		11.58		7.52			8,359		0.78	(e)		0.78	(e)		1.86	(e)		11
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			0.75			1.91			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
Class S
Year ended 12/31/17		11.14		0.26		0.62			0.88			(0.35	)		(0.03	)		(0.38	)		11.64		7.97			2,106		0.43	(e)		0.43	(e)		2.21	(e)		11
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			0.40			2.26			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
Class Y
Year ended 12/31/17		11.12		0.27		0.63			0.90			(0.37	)		(0.03	)		(0.40	)		11.62		8.15			6,232		0.28	(e)		0.28	(e)		2.36	(e)		11
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			0.25			2.41			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
Class R5
Year ended 12/31/17		11.18		0.28		0.62			0.90			(0.37	)		(0.03	)		(0.40	)		11.68		8.16			11		0.24	(e)		0.24	(e)		2.40	(e)		11
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			0.20			2.46			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
Class R6
Year ended 12/31/17(f)		11.40		0.21		0.40			0.61			(0.31	)		(0.03	)		(0.34	)		11.67		5.38			10		0.24	(e)(g)		0.24	(e)(g)		2.40	(e)(g)		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 0.53%, 0.55%, 0.63%, 0.63% and 0.60% for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013.

^(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 $236,274, $4,800, $69,538, $8,623, $2,151, $5,536, $12 and $10 for Class A, Class B, Class C, Class R, Class S Class Y, Class R5 and Class R6 shares, respectively.

^(f) Commencement date April 4, 2017.

^(g) Annualized.

40                         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 12/31/17	$	14.12	$	0.20	$	2.02		$	2.22		$	(0.29	)	$	16.05		15.77	%	$	844,780		0.55	%(e)		0.55	%(e)		1.32	%(e)		14	%
Year ended 12/31/16		13.09		0.16		1.03			1.19			(0.16	)		14.12		9.08			793,403		0.54			0.54			1.21			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
Class B
Year ended 12/31/17		13.99		0.09		1.99			2.08			(0.17	)		15.90		14.87			14,052		1.30	(e)		1.30	(e)		0.57	(e)		14
Year ended 12/31/16		12.96		0.06		1.02			1.08			(0.05	)		13.99		8.31			31,675		1.29			1.29			0.46			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
Class C
Year ended 12/31/17		14.00		0.09		1.99			2.08			(0.17	)		15.91		14.86			147,229		1.30	(e)		1.30	(e)		0.57	(e)		14
Year ended 12/31/16		12.97		0.06		1.02			1.08			(0.05	)		14.00		8.30			144,077		1.29			1.29			0.46			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
Class R
Year ended 12/31/17		14.09		0.16		2.01			2.17			(0.25	)		16.01		15.43			21,598		0.80	(e)		0.80	(e)		1.07	(e)		14
Year ended 12/31/16		13.06		0.13		1.02			1.15			(0.12	)		14.09		8.82			22,386		0.79			0.79			0.96			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
Class S
Year ended 12/31/17		14.10		0.22		2.02			2.24			(0.31	)		16.03		15.90			25,358		0.45	(e)		0.45	(e)		1.42	(e)		14
Year ended 12/31/16		13.08		0.18		1.01			1.19			(0.17	)		14.10		9.12			23,344		0.44			0.44			1.31			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
Class Y
Year ended 12/31/17		14.09		0.24		2.02			2.26			(0.33	)		16.02		16.08			10,561		0.30	(e)		0.30	(e)		1.57	(e)		14
Year ended 12/31/16		13.06		0.20		1.02			1.22			(0.19	)		14.09		9.38			6,816		0.29			0.29			1.46			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
Class R5
Year ended 12/31/17		14.17		0.26		2.04			2.30			(0.35	)		16.12		16.26			25		0.19	(e)		0.19	(e)		1.68	(e)		14
Year ended 12/31/16		13.14		0.21		1.03			1.24			(0.21	)		14.17		9.45			12		0.16			0.16			1.59			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
Class R6
Year ended 12/31/17(f)		14.84		0.19		1.43			1.62			(0.35	)		16.11		10.94			11		0.20	(e)(g)		0.20	(e)(g)		1.67	(e)(g)		14

^(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%, 0.61%, 0.69%, 0.69% and 0.74% for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013, 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 $817,585, $22,663, $144,271, $22,233, $24,602, $8,654, $15 and $11 for Class A, Class B, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

^(f) Commencement date April 4, 2017.

^(g) Annualized.

41                         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			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 12/31/17	$	12.57	$	0.23	$	1.35		$	1.58		$	(0.33	)	$	(0.20	)	$	(0.53	)	$	13.62		12.66	%	$	584,747		0.49	%(e)		0.49	%(e)		1.73	%(e)		12	%
Year ended 12/31/16		11.83		0.20		0.77			0.97			(0.23	)		—			(0.23	)		12.57		8.22			580,922		0.48			0.48			1.66			47
Year ended 12/31/15		12.58		0.21		(0.73	)		(0.52	)		(0.23	)		—			(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	)		—			(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	)		—			(0.22	)		12.30		10.61			628,036		0.46			0.46			1.61			23
Class B
Year ended 12/31/17		12.48		0.13		1.34			1.47			(0.23	)		(0.20	)		(0.43	)		13.52		11.81			6,819		1.24	(e)		1.24	(e)		0.98	(e)		12
Year ended 12/31/16		11.75		0.11		0.75			0.86			(0.13	)		—			(0.13	)		12.48		7.37			17,531		1.23			1.23			0.91			47
Year ended 12/31/15		12.49		0.12		(0.72	)		(0.60	)		(0.14	)		—			(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	)		—			(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	)		—			(0.17	)		12.21		9.78			64,268		1.21			1.21			0.86			23
Class C
Year ended 12/31/17		12.48		0.13		1.33			1.46			(0.23	)		(0.20	)		(0.43	)		13.51		11.73			132,379		1.24	(e)		1.24	(e)		0.98	(e)		12
Year ended 12/31/16		11.74		0.11		0.76			0.87			(0.13	)		—			(0.13	)		12.48		7.47			130,220		1.23			1.23			0.91			47
Year ended 12/31/15		12.48		0.12		(0.72	)		(0.60	)		(0.14	)		—			(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	)		—			(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	)		—			(0.17	)		12.20		9.79			147,372		1.21			1.21			0.86			23
Class R
Year ended 12/31/17		12.55		0.20		1.34			1.54			(0.30	)		(0.20	)		(0.50	)		13.59		12.32			15,614		0.74	(e)		0.74	(e)		1.48	(e)		12
Year ended 12/31/16		11.81		0.17		0.77			0.94			(0.20	)		—			(0.20	)		12.55		7.97			17,279		0.73			0.73			1.41			47
Year ended 12/31/15		12.55		0.18		(0.72	)		(0.54	)		(0.20	)		—			(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	)		—			(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	)		—			(0.20	)		12.27		10.30			23,099		0.71			0.71			1.36			23
Class S
Year ended 12/31/17		12.57		0.24		1.35			1.59			(0.35	)		(0.20	)		(0.55	)		13.61		12.70			29,134		0.39	(e)		0.39	(e)		1.83	(e)		12
Year ended 12/31/16		11.83		0.21		0.77			0.98			(0.24	)		—			(0.24	)		12.57		8.33			27,441		0.38			0.38			1.76			47
Year ended 12/31/15		12.58		0.22		(0.73	)		(0.51	)		(0.24	)		—			(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	)		—			(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	)		—			(0.22	)		12.29		10.68			35,661		0.36			0.36			1.71			23
Class Y
Year ended 12/31/17		12.59		0.26		1.34			1.60			(0.36	)		(0.20	)		(0.56	)		13.63		12.85			7,880		0.24	(e)		0.24	(e)		1.98	(e)		12
Year ended 12/31/16		11.85		0.23		0.77			1.00			(0.26	)		—			(0.26	)		12.59		8.48			5,611		0.23			0.23			1.91			47
Year ended 12/31/15		12.60		0.24		(0.73	)		(0.49	)		(0.26	)		—			(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	)		—			(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	)		—			(0.23	)		12.31		10.84			4,912		0.21			0.21			1.86			23
Class R5
Year ended 12/31/17		12.63		0.27		1.35			1.62			(0.37	)		(0.20	)		(0.57	)		13.68		12.97			15		0.18	(e)		0.18	(e)		2.04	(e)		12
Year ended 12/31/16		11.89		0.24		0.77			1.01			(0.27	)		—			(0.27	)		12.63		8.53			14		0.17			0.17			1.97			47
Year ended 12/31/15		12.62		0.26		(0.76	)		(0.50	)		(0.23	)		—			(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	)		—			(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	)		—			(0.24	)		12.34		10.84			232		0.17			0.17			1.90			23
Class R6
Year ended 12/31/17(f)		13.03		0.20		0.94			1.14			(0.30	)		(0.20	)		(0.50	)		13.67		8.80			11		0.18	(e)(g)		0.18	(e)(g)		2.04	(e)(g)		12

^(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%, 0.58%, 0.62%, 0.67% and 0.69% for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013, 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 $579,652, $12,172, $130,409, $15,739, $28,598, $6,931, $15 and $10 for Class A, Class B, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares, respectively.

^(f) Commencement date April 4, 2017.

^(g) Annualized.

42                         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 Invesco Conservative Allocation Fund, Invesco Growth Allocation Fund and Invesco Moderate Allocation Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Invesco Conservative Allocation Fund, Invesco Growth Allocation Fund and Invesco Moderate Allocation Fund (three of the funds constituting AIM Growth Series (Invesco Growth Series), hereafter collectively referred to as the “Funds”) as of December 31, 2017, the related statements of operations for the year ended December 31, 2017, the statements of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, 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 ended December 31, 2017 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Houston, TX

February 23, 2018

We have served as the auditor of one or more of the investment companies in the Invesco/PowerShares group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

43                         Invesco Allocation Funds

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period July 1, 2017, through December 31, 2017.

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.

Invesco Conservative Allocation Fund

Class	Beginning Account Value (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,035.70	$	2.46	$	1,022.79	$	2.45		0.48	%
B		1,000.00		1,031.90		6.30		1,019.00		6.26		1.23
C		1,000.00		1,031.90		6.30		1,019.00		6.26		1.23
R		1,000.00		1,033.50		3.74		1,021.53		3.72		0.73
S		1,000.00		1,036.10		1.95		1,023.29		1.94		0.38
Y		1,000.00		1,036.90		1.18		1,024.05		1.17		0.23
R5		1,000.00		1,037.00		1.03		1,024.20		1.02		0.20
R6		1,000.00		1,036.10		1.03		1,024.20		1.02		0.20

44                         Invesco Allocation Funds

Invesco Growth Allocation Fund

Class	Beginning Account Value (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,078.90	$	2.88	$	1,022.43	$	2.80		0.55	%
B		1,000.00		1,075.00		6.80		1,018.65		6.61		1.30
C		1,000.00		1,074.90		6.80		1,018.65		6.61		1.30
R		1,000.00		1,077.10		4.19		1,021.17		4.08		0.80
S		1,000.00		1,079.40		2.36		1,022.94		2.29		0.45
Y		1,000.00		1,081.00		1.57		1,023.69		1.53		0.30
R5		1,000.00		1,081.70		1.05		1,024.20		1.02		0.20
R6		1,000.00		1,081.00		1.05		1,024.20		1.02		0.20

Invesco Moderate Allocation Fund

Class	Beginning Account Value (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,063.20	$	2.55	$	1,022.74	$	2.50		0.49	%
B		1,000.00		1,058.70		6.43		1,018.95		6.31		1.24
C		1,000.00		1,058.80		6.43		1,018.95		6.31		1.24
R		1,000.00		1,061.90		3.85		1,021.48		3.77		0.74
S		1,000.00		1,063.70		2.03		1,023.24		1.99		0.39
Y		1,000.00		1,063.70		1.25		1,024.00		1.22		0.24
R5		1,000.00		1,064.60		0.94		1,024.30		0.92		0.18
R6		1,000.00		1,064.60		0.94		1,024.30		0.92		0.18

¹  The actual ending account value is based on the actual total return of the Funds for the period July 1, 2017, through December 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

45                         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, 2017:

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	$	853,758		24.05	%		16.62	%		7.29	%
Invesco Growth Allocation Fund		—		75.54	%		46.55	%		1.93	%
Invesco Moderate Allocation Fund		10,904,298		47.03	%		29.82	%		0.00	%

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

46                         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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired.	158	None
Teresa M. Ressel  —  1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None
Christopher L. Wilson —  1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)

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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, 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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed 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)
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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., 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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	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

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. 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                        Invesco Distributors, Inc.                                                                           AAS-AR-1                        02212018    1002

	Annual Report to Shareholders	December 31, 2017
	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. Major stock market indexes rose – and set record highs – throughout the reporting period. Generally positive economic data, strong corporate earnings and anticipated tax and regulatory reform contributed to the rally. The US economy expanded during the reporting period, with gross domestic product, the value of all goods and services produced, significantly increasing its growth rate from the first to the third quarter of the year. Tax reform legislation, enacted in December 2017, was a positive for the stock market, but its long-term economic impact was uncertain. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised

interest rates in March, June and December 2017. While US and global bond markets, as well as emerging market equities, sold off early in the reporting period, they recovered much of their losses during the reporting period. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies.

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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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 and the economy 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, 2017, Invesco Convertible Securities Fund (the Fund), at net asset value (NAV), underperformed the ICE BofAML 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, 12/31/16 to 12/31/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	10.42	%
Class B Shares	9.60
Class C Shares	9.57
Class Y Shares	10.68
Class R5 Shares	10.73
Class R6 Shares	10.82
ICE BofAML US Convertible Indexq(Broad Market/Style-Specific Index)	13.70
Lipper Convertible Securities Funds Index∎ (Peer Group Index)	12.12
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.

Market conditions and your Fund

Despite highly destructive hurricanes that threatened to derail a years-long economic recovery, the US economy continued to expand throughout the year ended December 31, 2017. Gross domestic product – the value of all goods and services produced in the US – expanded in the first three quarters of 2017. Inflation remained subdued even as unemployment continued its multiyear decline.

Given signs of an improving economy, the US Federal Reserve (the Fed) raised interest rates three times during the reporting period, most recently in December 2017; each rate hike was 25 basis points.¹ (A basis point is 0.01%.) The Fed pledged that “realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation” will guide its future actions. At the close of the reporting period, Fed policy remained accommodative, and the fed funds target rate stood at a range of 1.25% to 1.50% – 75 basis points higher     than at the start of the reporting period.¹

Higher inventories and a worsening outlook caused oil prices and many energy stocks to decline during the first half of 2017. However, oil prices rose significantly in the second half of the reporting period as expectations for lower supplies increased, partly due to continued OPEC production cuts, and demand began normalizing.

Major US stock market indexes repeatedly hit all-time highs throughout the reporting period. The stock market rally that began after the 2016 presidential election continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confidence. Finally, after much debate in Congress, a tax reform bill was signed into law in December 2017. While its enactment further strengthened stocks, its effect on the US economy remained uncertain.

Convertible securities (as represented by the ICE BofAML US Convertibles Index) rallied along with the equity

markets during the year, and finished with strong gains, returning 13.70%. Convertible performance was driven by strong returns from equity sensitive convertibles, the information technology (IT) sector, as well as among large-cap issuers. Within the index, the industrials and IT sectors had the highest returns, while telecommunication services and energy posted losses for the period.

Given strong returns from the IT sector during the reporting period, it was the largest detractor from the Fund’s performance relative to the broad market/style-specific benchmark for the year. The Fund’s underperformance in the sector relative to the benchmark was due to our risk management process, which seeks to minimize concentration risk by underweighting certain issues relative to the index. Highly equity-sensitive issuers, such as Intel and Microchip Technology, made up a large percentage of the index and as a result the Fund’s underweight allocations in these issues detracted from relative returns. We also maintained a strong sell discipline, taking profits and selling when issues reached their price targets. Additionally, we chose to sell or trim a number of IT holdings as these higher-priced issues carry more equity sensitivity, which, in our opinion, results in a heightened risk profile.

However, within IT, the Fund’s position in the Mandatory Exchangeable Trust (China) of Chinese e-commerce conglomerate Alibaba was a key individual contributor to the Fund’s relative returns, as the issue is not held in the benchmark. Similarly, the Fund’s overweight exposure to Square, headquartered in San Francisco, was a key individual contributor to the Fund’s relative return as the company reported strong earnings during the year, and the company raised its outlook for the year.

  Portfolio Composition

  By sector % of total net assets 

Information Technology	36.3	%
Health Care	18.3
Industrials	10.5
Consumer Discretionary	10.3
Financials	9.4
Real Estate	4.4
Energy	3.2
Utilities	2.6
Materials	0.7
Consumer Staples	0.2
Money Market Funds   Plus Other Assets Less Liabilities	4.1

 Top Five Debt Issuers*

% of total net assets

1. Salesforce.com, Inc.	2.6	%
2. Micron Technology, Inc.	2.0
3. Live Nation Entertainment, Inc.	1.8
4. Tesla, Inc.	1.6
5. Wright Medical Group, Inc.	1.6

  Total Net Assets $ 1.4 billion

  Total Number of Holdings*   130  

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, 2017.

4                                 Invesco Convertible Securities Fund

Overweight exposure to and security selection in the health care sector was another key detractor from relative Fund performance. Much of the Fund’s underperformance in the sector was due to overweight allocations in Teva and Wright Medical. During the reporting period, Teva reported weaker-than-expected earnings and lowered its outlook for the year due to pricing pressure and increased competition within the generic pharmaceutical industry. We sold our position in Teva during the reporting period. Wright Medical underperformed due to weaker earnings in the first half of the year.

Security selection in the financials sector was the largest contributor to the Fund’s relative return, due in large part to Lending Tree and Bank of America. During the reporting period, Lending Tree reported higher revenues from both its mortgage business and non-mortgage segment, which includes personal loans and credit cards. Bank of America benefited from the Federal Reserve’s (the Fed’s) better-than-expected report of its Comprehensive Capital Analysis and Review, which gave a positive view of the financial strength of US banks. Banks also benefited from the Fed’s series of interest rate increases in 2017.

Underweight exposure to and security selection in the real estate sector also contributed to relative Fund performance. Within the sector, American Tower and Crown Castle were strong individual contributors.

During the year, we increased our exposure to the consumer discretionary and industrials sectors and decreased our exposure to the energy and telecommunication services sectors. At year end, the Fund’s largest absolute sector exposures remained in the IT and health care sectors. The Fund’s largest overweight positions relative to the benchmark were in the industrials and consumer discretionary sectors, while the largest underweight positions were in the financials and energy sectors.

Financial markets finished 2017 with very strong gains, and many indexes reached record highs. However, we expect that market volatility may return in 2018 given the potential for slowing economic growth, higher interest rates and gridlock in Washington leading up to the mid-term elections. 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 that may benefit in the current economic environment.

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

1 Source: US Federal Reserve

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 12/31/07

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 12/31/17, including maximum applicable  sales charges
Class A Shares
Inception (7/28/97)	6.28%
10 Years	5.84
5 Years	6.19
1 Year	4.36
Class B Shares
Inception (10/31/85)	7.54%
10 Years	5.80
5 Years	6.29
1 Year	4.61
Class C Shares
Inception (7/28/97)	5.80%
10 Years	5.68
5 Years	6.64
1 Year	8.57
Class Y Shares
Inception (7/28/97)	6.83%
10 Years	6.70
5 Years	7.66
1 Year	10.68
Class R5 Shares
10 Years	6.66%
5 Years	7.72
1 Year	10.73
Class R6 Shares
10 Years	6.64%
5 Years	7.80
1 Year	10.82

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 0.89%, 1.65%, 1.62%, 0.65%, 0.63% and 0.53%, 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 0.90%, 1.66%, 1.63%, 0.66%, 0.64% and 0.54%, 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, 2019. 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, 2017, 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 ∎ Effective January 26, 2018, after the close of the reporting period, all outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion. ∎ Class Y shares are available only to certain investors. Please see the prospectus for more information. ∎ Class R5 shares and Class R6 shares are available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. Please see the prospectus for more information. Principal risks of investing in the Fund ∎ 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 af-	fected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade. ∎ 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.
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

∎ 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. ∎ 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 mar-     ket 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 ICE BofAML 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, 2017

	Principal Amount		Value
Bonds & Notes–78.97%
Aerospace & Defense–1.47%
Aerojet Rocketdyne Holdings, Inc., Sr. Unsec. Conv. Bonds, 2.25%, 12/15/2023	$	12,000,000	$	16,592,555
RTI International Metals Inc., Sr. Unsec. Gtd. Conv. Notes, 1.63%, 10/15/2019		3,245,000		3,719,581
				20,312,136
Air Freight & Logistics–2.06%
Air Transport Services Group, Inc., Sr. Unsec. Conv. Notes, 1.13%, 10/15/2024(b)		11,000,000		11,385,000
Atlas Air Worldwide Holdings, Inc., Sr. Unsec. Conv. Bonds, 2.25%, 06/01/2022		8,500,000		9,790,937
Echo Global Logistics, Inc., Sr. Unsec. Conv. Notes, 2.50%, 05/01/2020		7,000,000		7,262,500
				28,438,437
Application Software–8.17%
Citrix Systems, Inc., Sr. Unsec. Conv. Bonds, 0.50%, 04/15/2019		11,000,000		14,251,875
HubSpot, Inc., Sr. Unsec. Conv. Notes, 0.25%, 06/01/2022(b)		10,500,000		12,107,813
NICE Systems Inc. (Israel), Sr. Unsec. Gtd. Conv. Notes, 1.25%, 01/15/2024(b)		9,000,000		11,131,875
Nuance Communications, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 12/15/2022(c)		7,129,000		6,839,384
PROS Holdings, Inc., Sr. Unsec. Conv. Notes, 2.00%, 06/01/2022(b)(c)		2,000,000		1,820,000
RealPage, Inc., Sr. Unsec. Conv. Notes, 1.50%, 11/15/2022(b)		10,212,000		12,688,410
salesforce.com, inc., Sr. Unsec. Conv. Notes, 0.25%, 04/01/2018		23,330,000		35,782,387
Verint Systems Inc., Sr. Unsec. Conv. Notes, 1.50%, 06/01/2021		7,000,000		6,833,750
Workday, Inc., Sr. Unsec. Conv. Notes, 0.25%, 10/01/2022(b)		11,500,000		11,399,375
				112,854,869
Asset Management & Custody Banks–0.37%
Ares Capital Corp., Sr. Unsec. Conv. Notes, 3.75%, 02/01/2022(b)		5,000,000		5,153,125
Automobile Manufacturers–1.63%
Tesla, Inc., Sr. Unsec. Conv. Notes, 1.25%, 03/01/2021		10,000,000		10,837,500
2.38%, 03/15/2022		10,000,000		11,656,250
				22,493,750
Biotechnology–4.05%
Aegerion Pharmaceuticals, Inc., Sr. Unsec. Conv. Bonds, 2.00%, 08/15/2019		4,500,000		3,622,500

	Principal Amount		Value
Biotechnology–(continued)
BioMarin Pharmaceutical Inc., Sr. Unsec. Sub. Conv. Notes, 0.75%, 10/15/2018	$	8,517,000	$	9,256,914
1.50%, 10/15/2020		4,497,000		5,348,619
Clovis Oncology, Inc., Sr. Unsec. Conv. Notes, 2.50%, 09/15/2021		2,000,000		2,701,250
Ionis Pharmaceuticals, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 11/15/2021		11,500,000		12,168,438
Neurocrine Biosciences, Inc., Sr. Unsec. Conv. Notes, 2.25%, 05/15/2024(b)		12,000,000		15,352,500
Sarepta Therapeutics, Inc., Sr. Unsec. Conv. Notes, 1.50%, 11/15/2024(b)		7,000,000		7,498,750
				55,948,971
Broadcasting–2.37%
Liberty Interactive LLC, Sr. Unsec. Conv. Deb., 1.75%, 10/05/2023(b)(c)		15,000,000		17,390,625
Liberty Media Corp., Sr. Unsec. Conv. Deb., 2.25%, 10/05/2021(c)		9,400,000		9,834,750
Liberty Formua One, Sr. Unsec. Conv. Notes, 1.00%, 01/30/2023(b)		4,900,000		5,494,125
				32,719,500
Cable & Satellite–1.13%
DISH Network Corp., Sr. Unsec. Conv. Bonds, 3.38%, 08/15/2026		14,300,000		15,595,938
Casinos & Gaming–0.14%
Caesars Entertainment Corp., Sr. Unsec. Conv. Global Notes, 5.00%, 10/01/2024		1,000,000		1,939,375
Communications Equipment–1.84%
Ciena Corp., Sr. Unsec. Conv. Global Notes, 3.75%, 10/15/2018		2,000,000		2,330,000
Finisar Corp., Sr. Unsec. Conv. Bonds, 0.50%, 12/15/2021(c)		6,000,000		5,595,000
Lumentum Holdings Inc., Sr. Unsec. Conv. Notes, 0.25%, 03/15/2024(b)		5,000,000		5,568,750
Viavi Solutions Inc., Sr. Unsec. Conv. Notes, 1.00%, 03/01/2024(b)		12,000,000		11,887,500
				25,381,250
Construction & Engineering–1.82%
Dycom Industries, Inc., Sr. Unsec. Conv. Bonds, 0.75%, 09/15/2021		12,000,000		15,705,000
Tutor Perini Corp., Sr. Unsec. Conv. Bonds, 2.88%, 06/15/2021		8,500,000		9,413,750
				25,118,750
Construction Machinery & Heavy Trucks–2.03%
Greenbrier Cos., Inc. (The), Sr. Unsec. Conv. Notes, 2.88%, 02/01/2024(b)		13,000,000		15,551,250

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

10                         Invesco Convertible Securities Fund

	Principal Amount		Value
Construction Machinery & Heavy Trucks–(continued)
Meritor Inc., Sr. Unsec. Conv. Gtd. Notes, 3.25%, 10/15/2025(b)(c)	$	12,000,000	$	12,517,500
				28,068,750
Construction Materials–0.38%
CEMEX, S.A.B. de C.V. (Mexico), Unsec. Sub. Conv. Bonds, 3.72%, 03/15/2020		5,000,000		5,225,000
Consumer Finance–0.86%
PRA Group, Inc.,
Sr. Unsec. Conv. Bonds, 3.00%, 08/01/2020		2,000,000		1,920,000
Sr. Unsec. Conv. Notes, 3.50%, 06/01/2023(b)		10,000,000		10,031,250
				11,951,250
Data Processing & Outsourced Services–2.54%
Blackhawk Network Holdings, Inc., Sr. Unsec. Conv. Bonds, 1.50%, 01/15/2022		13,000,000		13,268,125
Euronet Worldwide, Inc., Sr. Unsec. Conv. Bonds, 1.50%, 10/01/2020(c)		4,400,000		5,434,000
Square, Inc., Sr. Unsec. Conv. Notes, 0.38%, 03/01/2022(b)		10,000,000		16,356,250
				35,058,375
Diversified REIT’s–0.62%
Colony NorthStar, Inc., Sr. Unsec. Conv. Notes, 3.88%, 01/15/2021		8,567,000		8,556,291
Electric Utilities–1.15%
NextEra Energy, Inc., Conv. Investment Units, 6.12%, 09/01/2019		279,000		15,872,310
Electronic Components–0.44%
II-VI Inc., Sr. Unsec. Conv. Notes, 0.25%, 09/01/2022(b)		5,000,000		6,037,500
Health Care Equipment–5.75%
DexCom, Inc., Sr. Unsec. Conv. Notes, 0.75%, 05/15/2022(b)		9,333,000		8,813,852
Insulet Corp.,
Sr. Unsec. Conv. Bonds, 1.25%, 09/15/2021		10,500,000		13,741,875
Sr. Unsec. Conv. Notes, 1.38%, 11/15/2024(b)		4,000,000		4,062,500
Nevro Corp., Sr. Unsec. Conv. Notes, 1.75%, 06/01/2021		5,500,000		5,771,563
NuVasive, Inc., Sr. Unsec. Conv. Bonds, 2.25%, 03/15/2021		13,000,000		15,307,500
Wright Medical Group N.V., Sr. Unsec. Conv. Bonds, 2.25%, 11/15/2021		8,000,000		9,780,000
Wright Medical Group, Inc., Sr. Unsec. Gtd. Conv. Bonds, 2.00%, 02/15/2020		21,300,000		21,952,312
				79,429,602

	Principal Amount		Value
Health Care Technology–1.51%
Allscripts Healthcare Solutions, Inc., Sr. Unsec. Conv. Bonds, 1.25%, 07/01/2020	$	9,000,000	$	9,658,125
Medidata Solutions, Inc., Sr. Unsec. Conv. Notes, 1.00%, 08/01/2018		4,837,000		5,610,920
Teladoc, Inc., Sr. Unsec. Conv. Notes, 3.00%, 12/15/2022(b)		5,000,000		5,646,875
				20,915,920
Infrastructure–0.90%
Macquarie Infrastructure Corp., Sr. Unsec. Conv. Notes, 2.88%, 07/15/2019		12,055,000		12,484,459
Internet & Direct Marketing Retail–3.24%
Ctrip.com International, Ltd. (China), Sr. Unsec. Conv. Global Bonds, 1.00%, 07/01/2018(c)		10,000,000		10,562,500
Liberty Expedia Holdings, Inc., Sr. Unsec. Conv. Deb., 1.00%, 07/05/2022(b)(c)		6,000,000		6,015,000
Priceline Group Inc. (The), Sr. Unsec.
Conv. Bonds, 0.35%, 06/15/2020		10,000,000		13,812,500
0.90%, 09/15/2021		6,000,000		7,031,250
Wayfair, Inc., Sr. Unsec. Conv. Notes, 0.38%, 09/01/2022(b)		7,000,000		7,323,750
				44,745,000
Internet Software & Services–5.44%
Altaba Inc., Sr. Unsec. Conv. Bonds, 0.00%, 12/01/2018(d)		6,000,000		8,103,750
Carbonite, Inc., Sr. Unsec. Conv. Notes, 2.50%, 04/01/2022(b)		5,000,000		6,131,250
Cornerstone OnDemand, Inc., Sr. Unsec. Conv. Bonds, 1.50%, 07/01/2018		8,006,000		7,980,981
IAC FinanceCo, Inc., Sr. Unsec. Gtd. Conv. Bonds, 0.88%, 10/01/2022(b)		12,000,000		12,705,000
Twitter, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 09/15/2021		10,805,000		10,095,922
Web.com Group Inc., Sr. Unsec. Conv. Notes, 1.00%, 08/15/2018		6,595,000		6,545,538
Weibo Corp. (China), Sr. Unsec. Conv. Notes, 1.25%, 11/15/2022(b)		8,000,000		8,805,000
Zillow Group, Inc., Sr. Unsec. Conv. Bonds, 2.00%, 12/01/2021		13,500,000		14,782,500
				75,149,941
Life Sciences Tools & Services–0.43%
Fluidigm Corp., Sr. Unsec. Conv. Notes, 2.75%, 02/06/2021(c)		7,064,000		5,894,025
Managed Health Care–0.44%
Anthem Inc., Conv. Investment Units, 5.25%, 05/01/2018		109,500		6,132,000

11                         Invesco Convertible Securities Fund

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

	Principal Amount		Value
Mortgage REIT’s–0.93%
Blackstone Mortgage Trust, Inc., Sr. Unsec. Conv. Notes, 5.25%, 12/01/2018	$	5,711,000	$	6,717,564
Starwood Property Trust, Inc., Sr. Unsec. Conv. Notes, 4.38%, 04/01/2023		6,000,000		6,127,500
				12,845,064
Movies & Entertainment–1.79%
Live Nation Entertainment, Inc., Sr. Unsec. Conv. Bonds, 2.50%, 05/15/2019		19,081,000		24,721,821
Multi-Utilities–1.42%
Dominion Energy, Inc., Series A, Jr. Unsec. Sub. Conv. Investment Units, 6.75%, 08/15/2019(e)		120,000		6,230,400
DTE Energy Co., Series C, Sr. Unsec. Conv. Investment Units, 6.50%, 10/01/2019		245,000		13,428,450
				19,658,850
Oil & Gas Drilling–0.34%
Ensco Jersey Finance Ltd., Sr. Unsec. Gtd. Conv. Bonds, 3.00%, 01/31/2024		5,250,000		4,685,625
Oil & Gas Equipment & Services–0.68%
Weatherford International Ltd., Sr. Unsec. Gtd. Conv. Notes, 5.88%, 07/01/2021		8,700,000		9,450,375
Oil & Gas Exploration & Production–1.52%
Chesapeake Energy Corp., Sr. Unsec. Gtd. Conv. Notes, 5.50%, 09/15/2026(b)		3,200,000		2,930,000
Oasis Petroleum Inc., Sr. Unsec. Gtd. Conv. Notes, 2.63%, 09/15/2023		8,000,000		8,620,000
SM Energy Co., Sr. Unsec. Conv. Notes, 1.50%, 07/01/2021		3,500,000		3,440,937
Whiting Petroleum Corp., Sr. Unsec. Gtd. Conv. Notes, 1.25%, 04/01/2020		6,500,000		6,012,500
				21,003,437
Oil & Gas Storage & Transportation–0.21%
Cheniere Energy, Inc., Sr. Unsec. Conv. Notes, 4.25%, 03/15/2045		4,000,000		2,857,500
Pharmaceuticals–2.70%
Dermira, Inc., Sr. Unsec. Conv. Notes, 3.00%, 05/15/2022(b)		9,000,000		9,950,625
Horizon Pharma Investment Ltd., Sr. Unsec. Gtd. Conv. Bonds, 2.50%, 03/15/2022(b)		8,500,000		7,936,875
Jazz Investments I Ltd., Sr. Unsec. Gtd. Conv. Bonds, 1.88%, 08/15/2021		10,000,000		10,056,250
Pacira Pharmaceuticals, Inc., Sr. Unsec. Conv. Notes, 2.38%, 04/01/2022(b)		9,000,000		9,450,000
				37,393,750
Property & Casualty Insurance–0.47%
AmTrust Financial Services, Inc., Sr. Unsec. Conv. Notes, 2.75%, 12/15/2024(c)		9,000,000		6,525,000

	Principal Amount		Value
Semiconductor Equipment–1.04%
Teradyne Inc., Sr. Unsec. Conv. Bonds, 1.25%, 12/15/2023	$	7,000,000	$	10,005,625
Veeco Instruments Inc., Sr. Unsec. Conv. Notes, 2.70%, 01/15/2023		5,000,000		4,365,625
				14,371,250
Semiconductors–10.84%
Cypress Semiconductor Corp.,
Sr. Unsec. Conv. Bonds, 4.50%, 01/15/2022		10,500,000		13,807,500
Sr. Unsec. Conv. Notes, 2.00%, 02/01/2023(b)		1,500,000		1,559,063
Inphi Corp., Sr. Unsec. Conv. Bonds, 0.75%, 09/01/2021		10,500,000		10,454,063
Integrated Device Technology, Inc., Sr. Unsec. Conv. Bonds, 0.88%, 11/15/2022		18,500,000		20,685,312
Intel Corp., Jr. Unsec. Sub. Conv. Global Deb., 3.25%, 08/01/2039		5,440,000		12,093,827
Microchip Technology Inc.,
Sr. Unsec. Sub. Conv. Bonds, 1.63%, 02/15/2025		5,482,000		9,346,810
Sr. Unsec. Sub. Conv. Notes, 1.63%, 02/15/2027(b)		9,375,000		11,033,203
Micron Technology, Inc.,
Series F, Sr. Unsec. Conv. Notes, 2.13%, 02/15/2020(c)		3,000,000		11,270,625
Series G, Sr. Unsec. Conv. Global Bonds, 3.00%, 11/15/2028(c)		11,700,000		16,928,437
NXP Semiconductors N.V. (Netherlands), Sr. Unsec. Conv. Bonds, 1.00%, 12/01/2019		6,700,000		8,295,438
ON Semiconductor Corp., Sr. Unsec. Gtd. Conv. Bonds, 1.00%, 12/01/2020		13,900,000		17,809,375
Silicon Laboratories Inc., Sr. Unsec. Conv. Notes, 1.38%, 03/01/2022(b)		8,688,000		10,040,070
SunPower Corp., Sr. Unsec. Conv. Notes, 0.88%, 06/01/2021		2,300,000		1,791,125
Synaptics Inc., Sr. Unsec. Conv. Notes, 0.50%, 06/15/2022(b)		5,000,000		4,625,000
				149,739,848
Specialized REIT’s–0.65%
Extra Space Storage LP, Sr. Unsec. Gtd. Conv. Notes, 3.13%, 10/01/2020(b)(c)		8,000,000		8,980,000
Steel–0.33%
Allegheny Technologies Inc., Sr. Unsec. Conv. Notes, 4.75%, 07/01/2022		2,500,000		4,637,500
Systems Software–3.34%
FireEye, Inc.,
Series A, Sr. Unsec. Conv. Bonds, 1.00%, 06/01/2020(c)		13,100,000		12,297,625
Series B, Sr. Unsec. Conv. Bonds, 1.63%, 06/01/2022(c)		5,900,000		5,420,625
Proofpoint, Inc., Sr. Unsec. Conv. Bonds, 0.75%, 06/15/2020		10,875,000		13,661,719
ServiceNow, Inc., Sr. Unsec. Conv. Notes, 0.00%, 06/01/2022(b)(d)		12,900,000		14,826,937
				46,206,906

12                         Invesco Convertible Securities Fund

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

	Principal Amount		Value
Technology Hardware, Storage & Peripherals–0.56%
Electronics for Imaging, Inc., Sr. Unsec. Conv. Bonds, 0.75%, 09/01/2019	$	8,000,000	$	7,735,000
Thrifts & Mortgage Finance–1.19%
LendingTree, Inc., Sr. Unsec. Conv. Notes, 0.63%, 06/01/2022(b)		9,500,000		16,399,375
Tobacco–0.18%
Vector Group Ltd., Sr. Unsec. Conv. Variable Rate Notes, 1.75%, 04/15/2020(f)		2,185,000		2,527,772
Total Bonds & Notes (Cost $981,957,774)				1,091,215,597
	Shares
Preferred Stocks–15.78%
Asset Management & Custody Banks–0.92%
AMG Capital Trust II, $2.58 Conv. Pfd.		200,200		12,700,188
Diversified Banks–4.24%
Bank of America Corp., Series L, $72.50 Conv. Pfd.		22,300		29,413,700
Wells Fargo & Co., Class A, Series L, $75.00 Conv. Pfd.		22,300		29,212,777
				58,626,477
Electronic Components–0.67%
Belden Inc., Series B, $6.75 Conv. Pfd.		90,000		9,257,400
Health Care Equipment–1.55%
Becton, Dickinson and Co., Series A, $3.06 Conv. Pfd.		370,000		21,423,000
Industrial Machinery–2.25%
Rexnord Corp., Series A, $2.88 Conv. Pfd.		226,600		13,206,248
Stanley Black & Decker Inc., Series C, Conv. Investment Units, 5.38%, 05/15/2020		145,000		17,798,750
				31,004,998
Internet Software & Services–1.49%
Mandatory Exchangeable Trust (China), $5.75 Conv. Pfd.(b)		105,400		20,540,879

	Shares		Value
Oil & Gas Exploration & Production–0.40%
WPX Energy Inc., Series A, $3.13 Conv. Pfd.		90,400	$	5,591,240
Other Diversified Financial Services–0.45%
2017 Mandatory Exchangeable Trust, $5.19 Conv. Pfd.(b)		60,000		6,207,000
Pharmaceuticals–0.71%
Allergan PLC, Series A, $55.00 Conv. Pfd.		16,800		9,849,000
Specialized REIT’s–3.10%
American Tower Corp., Series B, $5.50 Conv. Pfd.		213,300		26,822,475
Crown Castle International Corp., Series A, $68.75 Conv. Pfd.		14,204		16,033,475
				42,855,950
Total Preferred Stocks (Cost $189,957,232)				218,056,132
Common Stocks –1.16%
Biotechnology–0.38%
Exelixis, Inc.(g)		171,065		5,200,376
Managed Health Care–0.78%
Molina Healthcare Inc.(g)		141,395		10,842,181
Total Common Stocks (Cost $12,327,797)				16,042,557
Money Market Funds–3.71%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(h)		17,936,706		17,936,706
Invesco Liquid Assets Portfolio–Institutional Class, 1.40%(h)		12,809,704		12,810,984
Invesco Treasury Portfolio–Institutional Class, 1.17%(h)		20,499,092		20,499,092
Total Money Market Funds (Cost $51,247,382)				51,246,782
TOTAL INVESTMENTS IN SECURITIES–99.62% (Cost $1,235,490,185)				1,376,561,068
OTHER ASSETS LESS LIABILITIES–0.38%				5,196,763
NET ASSETS–100.00%			$	1,381,757,831

Investment Abbreviations:

Conv.	– Convertible
Deb.	– Debentures
Gtd.	– Guaranteed

Jr.	– Junior
Pfd.	– Preferred
REIT	– Real Estate Investment Trust

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, 2017 was $373,353,852, which represented 27.02% 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 a purchase contract for the issuer’s common stock & 1/40^th undivided beneficial ownership interest in the issuer’s Series A, 1.50% subordinated notes due 2020.

^(f)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2017.

^(g)  Non-income producing security.

^(h)  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, 2017.

13                         Invesco Convertible Securities Fund

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

Statement of Assets and Liabilities

December 31, 2017

Assets:
Investments in securities, at value (Cost $1,184,242,803)	$	1,325,314,286
Investments in affiliated money market funds, at value (Cost $51,247,382)		51,246,782
Receivable for:
Fund shares sold		2,277,261
Dividends and interest		5,301,290
Investment for trustee deferred compensation and retirement plans		121,657
Other assets		34,818
Total assets		1,384,296,094
Liabilities:
Payable for:
Fund shares reacquired		1,581,285
Accrued fees to affiliates		617,072
Accrued trustees’ and officers’ fees and benefits		1,099
Accrued other operating expenses		150,611
Trustee deferred compensation and retirement plans		188,196
Total liabilities		2,538,263
Net assets applicable to shares outstanding	$	1,381,757,831
Net assets consist of:
Shares of beneficial interest	$	1,223,117,981
Undistributed net investment income		3,009,633
Undistributed net realized gain		14,559,334
Net unrealized appreciation		141,070,883
	$	1,381,757,831

Net Assets:
Class A	$	653,121,182
Class B	$	798,707
Class C	$	95,218,191
Class Y	$	594,284,137
Class R5	$	1,584,553
Class R6	$	36,751,061
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		26,751,118
Class B		32,619
Class C		3,918,571
Class Y		24,314,555
Class R5		64,874
Class R6		1,504,422
Class A:
Net asset value per share	$	24.41
Maximum offering price per share
(Net asset value of $24.41 ¸ 94.50%)	$	25.83
Class B:
Net asset value and offering price per share	$	24.49
Class C:
Net asset value and offering price per share	$	24.30
Class Y:
Net asset value and offering price per share	$	24.44
Class R5:
Net asset value and offering price per share	$	24.43
Class R6:
Net asset value and offering price per share	$	24.43

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

14                         Invesco Convertible Securities Fund

Statement of Operations

For the year ended December 31, 2017

Investment income:
Interest	$	20,081,366
Dividends (net of foreign withholding taxes of $95,288)		12,670,171
Dividends from affiliated money market funds		325,864
Total investment income		33,077,401
Expenses:
Advisory fees		6,947,768
Administrative services fees		357,556
Custodian fees		43,538
Distribution fees:
Class A		1,699,290
Class B		13,611
Class C		1,076,285
Transfer agent fees — A, B, C and Y		1,920,677
Transfer agent fees — R5		2,167
Transfer agent fees — R6		4,912
Trustees’ and officers’ fees and benefits		41,290
Registration and filing fees		122,608
Reports to shareholders		306,155
Professional services fees		88,482
Other		53,831
Total expenses		12,678,170
Less: Fees waived and expense offset arrangement(s)		(51,724	)
Net expenses		12,626,446
Net investment income		20,450,955
Realized and unrealized gain from:
Net realized gain from investment securities		48,328,010
Change in net unrealized appreciation of investment securities		75,907,005
Net realized and unrealized gain		124,235,015
Net increase in net assets resulting from operations	$	144,685,970

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

15                         Invesco Convertible Securities Fund

Statement of Changes in Net Assets

For the years ended December 31, 2017 and 2016

	2017			2016
Operations:
Net investment income	$	20,450,955		$	29,224,581
Net realized gain		48,328,010			19,994,818
Change in net unrealized appreciation		75,907,005			23,932,534
Net increase in net assets resulting from operations		144,685,970			73,151,933
Distributions to shareholders from net investment income:
Class A		(28,718,565	)		(24,488,116	)
Class B		(44,164	)		(63,957	)
Class C		(3,589,070	)		(4,238,112	)
Class Y		(27,386,575	)		(27,776,127	)
Class R5		(80,568	)		(144,468	)
Class R6		(953,741	)		(586,719	)
Total distributions from net investment income		(60,772,683	)		(57,297,499	)
Distributions to shareholders from net realized gains:
Class A		(1,263,763	)		—
Class B		(1,865	)		—
Class C		(184,718	)		—
Class Y		(1,141,284	)		—
Class R5		(1,832	)		—
Class R6		(71,482	)		—
Total distributions from net realized gains		(2,664,944	)		—
Share transactions–net:
Class A		(173,846,718	)		20,724,648
Class B		(1,114,039	)		(1,376,778	)
Class C		(42,173,932	)		(59,195,684	)
Class Y		(7,125,223	)		(541,887,377	)
Class R5		(3,828,590	)		1,265,367
Class R6		21,863,533			(3,238,940	)
Net increase (decrease) in net assets resulting from share transactions		(206,224,969	)		(583,708,764	)
Net increase (decrease) in net assets		(124,976,626	)		(567,854,330	)
Net assets:
Beginning of year		1,506,734,457			2,074,588,787
End of year (includes undistributed net investment income of $3,009,633 and $21,737,781, respectively)	$	1,381,757,831		$	1,506,734,457

Notes to Financial Statements

December 31, 2017

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 twenty-nine 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.

16                         Invesco Convertible Securities Fund

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. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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 trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

17                         Invesco Convertible Securities 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.

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, 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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $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%

18                         Invesco Convertible Securities Fund

For the year ended December 31, 2017, the effective advisory fees incurred by the Fund was 0.48%.

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

The Adviser has contractually agreed, through at least June 30, 2018, 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, 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. 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, 2019, 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, 2017, the Adviser waived advisory fees of $46,282.

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, 2017, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2017, 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. The fees are accrued daily and paid monthly.

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, 2017, 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, 2017, IDI advised the Fund that IDI retained $53,042 in front-end sales commissions from the sale of Class A shares and $892 and $3,926 from Class A 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, 2017. 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.

19                         Invesco Convertible Securities Fund

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended December 31, 2017, there were no material transfers between valuation levels.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Bonds & Notes	$	—	$	1,091,215,597	$	—	$	1,091,215,597
Preferred Stocks		153,317,190		64,738,942		—		218,056,132
Common Stocks		16,042,557		—		—		16,042,557
Money Market Funds		51,246,782		—		—		51,246,782
Total Investments	$	220,606,529	$	1,155,954,539	$	—	$	1,376,561,068

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, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $5,442.

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, 2017 and 2016:

	2017		2016
Ordinary income	$	63,437,627	$	57,297,499

Tax Components of Net Assets at Period-End:

	2017
Undistributed ordinary income	$	20,450,940
Undistributed long-term gain		10,664,742
Net unrealized appreciation — investments		127,694,495
Temporary book/tax differences		(170,327	)
Shares of beneficial interest		1,223,117,981
Total net assets	$	1,381,757,831

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 does not have a capital loss carryforward as of December 31, 2017.

20                         Invesco Convertible Securities Fund

NOTE 8—Investment Transactions

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, 2017 was $551,048,465 and $820,868,042, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	152,914,602
Aggregate unrealized (depreciation) of investments		(25,220,107	)
Net unrealized appreciation of investments	$	127,694,495

Cost of investments for tax purposes is $1,248,866,573.

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, 2017, undistributed net investment income was increased by $21,593,580 and undistributed net realized gain was decreased by $21,593,580. This reclassification had no effect on the net assets of the Fund.

21                         Invesco Convertible Securities Fund

NOTE 10—Share Information

	Summary of Share Activity
	Years ended December 31,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		2,179,700		$	52,271,355			11,606,844		$	266,227,183
Class B		536			12,767			407			9,474
Class C		256,763			6,128,554			344,133			7,647,315
Class Y		9,351,883			224,461,048			17,263,111			377,851,687
Class R5		27,109			661,583			112,023			2,556,000
Class R6		991,990			24,007,472			100,037			2,248,726
Issued as reinvestment of dividends:
Class A		1,129,411			27,038,270			934,311			21,185,871
Class B		1,687			40,444			2,458			55,694
Class C		132,898			3,165,614			151,791			3,415,971
Class Y		880,636			21,124,550			834,059			18,901,064
Class R5		1,318			31,639			1,969			45,007
Class R6		34,322			824,157			25,978			586,290
Automatic conversion of Class B shares to Class A shares:
Class A		37,822			913,062			28,386			640,885
Class B		(37,735	)		(913,062	)		(28,324	)		(640,885	)
Reacquired:
Class A		(10,597,129	)		(254,069,405	)		(11,963,827	)		(267,329,291	)
Class B		(10,633	)		(254,188	)		(35,594	)		(801,061	)
Class C		(2,165,004	)		(51,468,100	)		(3,138,681	)		(70,258,970	)
Class Y		(10,534,371	)		(252,710,821	)		(42,379,180	)		(938,640,128	)
Class R5		(189,591	)		(4,521,812	)		(60,796	)		(1,335,640	)
Class R6		(122,298	)		(2,968,096	)		(264,646	)		(6,073,956	)
Net increase (decrease) in share activity		(8,630,686	)	$	(206,224,969	)		(26,465,541	)	$	(583,708,764	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 53% 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 12/31/17	$	23.10	$	0.33		$	2.04		$	2.37		$	(1.01	)	$	(0.05	)	$	(1.06	)	$	24.41		10.42	%(d)	$	653,121		0.93	%(d)(e)		0.93	%(d)(e)		1.36	%(d)(e)		39	%
Year ended 12/31/16		22.62		0.39			0.90			1.29			(0.81	)		—			(0.81	)		23.10		5.82	(f)		785,526		0.88	(f)		0.89	(f)		1.74	(f)		42
Year ended 12/31/15		23.88		0.30			(1.00	)		(0.70	)		(0.56	)		—			(0.56	)		22.62		(3.02	)(g)		755,534		0.86	(g)		0.87	(g)		1.26	(g)		45
Year ended 12/31/14		24.17		0.32			0.63			0.95			(0.52	)		(0.72	)		(1.24	)		23.88		3.95	(h)		980,513		0.84	(h)		0.85	(h)		1.29	(h)		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	(j)		936,425		0.88	(j)		0.89	(j)		2.40	(i)(j)		45
Class B
Year ended 12/31/17		23.17		0.15			2.05			2.20			(0.83	)		(0.05	)		(0.88	)		24.49		9.60	(d)		799		1.69	(d)(e)		1.69	(d)(e)		0.60	(d)(e)		39
Year ended 12/31/16		22.69		0.22			0.90			1.12			(0.64	)		—			(0.64	)		23.17		5.00	(f)		1,825		1.64	(f)		1.65	(f)		0.98	(f)		42
Year ended 12/31/15		23.95		0.12			(1.00	)		(0.88	)		(0.38	)		—			(0.38	)		22.69		(3.74	)(g)		3,172		1.62	(g)		1.63	(g)		0.50	(g)		45
Year ended 12/31/14		24.24		0.13			0.63			0.76			(0.33	)		(0.72	)		(1.05	)		23.95		3.16	(h)		5,642		1.60	(h)		1.61	(h)		0.53	(h)		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	(j)		7,167		1.64	(j)		1.65	(j)		1.64	(i)(j)		45
Class C
Year ended 12/31/17		23.00		0.15			2.03			2.18			(0.83	)		(0.05	)		(0.88	)		24.30		9.57	(d)		95,218		1.69	(d)(e)		1.69	(d)(e)		0.60	(d)(e)		39
Year ended 12/31/16		22.52		0.22			0.90			1.12			(0.64	)		—			(0.64	)		23.00		5.07	(f)		130,934		1.61	(f)		1.62	(f)		1.01	(f)		42
Year ended 12/31/15		23.77		0.14			(0.99	)		(0.85	)		(0.40	)		—			(0.40	)		22.52		(3.67	)(g)		187,743		1.54	(g)		1.55	(g)		0.58	(g)		45
Year ended 12/31/14		24.04		0.16			0.62			0.78			(0.33	)		(0.72	)		(1.05	)		23.77		3.30	(h)		232,065		1.48	(h)		1.49	(h)		0.65	(h)		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	(j)		172,232		1.64	(j)		1.65	(j)		1.64	(i)(j)		45
Class Y
Year ended 12/31/17		23.13		0.39			2.04			2.43			(1.07	)		(0.05	)		(1.12	)		24.44		10.68			594,284		0.69	(e)		0.69	(e)		1.60	(e)		39
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			0.65			1.98			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
Class R5
Year ended 12/31/17		23.11		0.39			2.06			2.45			(1.08	)		(0.05	)		(1.13	)		24.43		10.78			1,585		0.64	(e)		0.64	(e)		1.65	(e)		39
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			0.63			2.00			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
Class R6
Year ended 12/31/17		23.12		0.42			2.04			2.46			(1.10	)		(0.05	)		(1.15	)		24.43		10.82			36,751		0.57	(e)		0.57	(e)		1.72	(e)		39
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			0.53			2.10			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

^(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 1.00% for Class A, Class B and Class C shares, respectively.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $703,844, $1,361, $107,629, $609,378, $2,379 and $21,306 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 0.97% 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 0.92% 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 0.88% 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 0.24%, 1.00% and 1.00% for Class A, Class B and Class C shares, respectively.

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 Invesco Convertible Securities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Convertible Securities Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, TX

February 23, 2018

We have served as the auditor of one or more of the investment companies in the Invesco/PowerShares group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

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, 2017 through December 31, 2017.

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 (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,046.90	$	4.85	$	1,020.47	$	4.79		0.94	%
B		1,000.00		1,043.20		8.75		1,016.64		8.64		1.70
C		1,000.00		1,043.50		8.76		1,016.64		8.64		1.70
Y		1,000.00		1,048.60		3.61		1,021.68		3.57		0.70
R5		1,000.00		1,048.40		3.25		1,022.03		3.21		0.63
R6		1,000.00		1,049.20		3.00		1,022.28		2.96		0.58

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2017 through December 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

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, 2017:

Federal and State Income Tax
Qualified Dividend Income*	32.85	%
Corporate Dividends Received Deduction*	27.29	%
U.S. Treasury Obligations*	0.00	%

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

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	2,664,944

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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired.	158	None
Teresa M. Ressel  —  1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None
Christopher L. Wilson —  1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)

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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, 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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed 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)
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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., 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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	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

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. 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                        Invesco Distributors, Inc. MS-CSEC-AR-1        02232018    1000

	Annual Report to Shareholders	December 31, 2017
	Invesco Global Low Volatility Equity Yield Fund
	Nasdaq:
	A: GTNDX ◾ B: GNBDX ◾ C: GNDCX ◾ R: GTNRX ◾ Y: GTNYX ◾ R5: GNDIX ◾ R6:GNDSX

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.     Major stock market indexes rose – and set record highs – throughout the reporting period. Generally positive economic data, strong corporate earnings and anticipated tax and regulatory reform contributed to the rally. The US economy expanded during the reporting period, with gross domestic product, the value of all goods and services produced, significantly increasing its growth rate from the first to the third quarter of the year. Tax reform legislation, enacted in December 2017, was a positive for the stock market, but its long-term economic impact was uncertain. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates in March, June and

December 2017. While US and global bond markets, as well as emerging market equities, sold off early in the reporting period, they recovered much of their losses during the reporting period. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies.

    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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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 and the economy 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, 2017, Class A shares of Invesco Global Low Volatility Equity Yield Fund (the Fund), at net asset value (NAV), underperformed the Custom Invesco Global Low Volatility Equity Yield Index, the Fund’s style-specific benchmark. Your Fund’s long-term performance appears later in this report.			Most emerging markets continued to perform well during 2017. In addition to the improving global economic outlook, other positive tailwinds included reduced expectations for a major shift in US trade policy as well as stronger oil prices. Oil moved higher on production restraint by OPEC and Russia, benefiting commodity-driven emerging markets countries. At the close of 2017, equity market valuations in developed and emerging markets appeared relatively full in absolute terms, but non-US equity markets were trading at a material discount to the US. In sum, while valuations were not cheap, earnings growth and upward earnings revisions improved in many non-US developed markets. Interestingly, while 2017 marked the eighth year of the global bull market, we saw a shift in leadership as international stocks outperformed US stocks for the year. Prior to 2017, international stocks had trailed US stocks for four consecutive years and in six of the last seven years. The Fund seeks to provide a higher level of income, before taxes, than the MSCI World 100% Hedged to USD 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. Given the pervasive low volatility environment throughout 2017, the Fund’s volatility was in line with the MSCI World 100% Hedged to USD Index. While all sectors of the Fund delivered positive absolute performance during the reporting period, stock selection in the consumer staples, industrials, materials and real estate sectors detracted from the Fund’s performance relative to the
Fund vs. Indexes
Total returns, 12/31/16 to 12/31/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares		15.85%
Class B Shares		15.00
Class C Shares		15.02
Class R Shares		15.63
Class Y Shares		16.20
Class R5 Shares		16.27
Class R6 Shares*		16.14
MSCI World Indexq (Broad Market/Former Style-Specific Index)**		22.40
Custom Invesco Global Low Volatility Equity Yield Index∎ (Style-Specific Index)**		20.01
MSCI World 100% Hedged to USD Indexq (Former Style-Specific Index)**		19.13
Lipper Global Equity Income Funds Index◆ (Peer Group Index)		17.85
Source(s): qFactSet Research Systems Inc.; ∎Invesco, FTSE/FactSet Research Systems Inc.; ◆Lipper Inc.   *Class R6 shares incepted on April 4, 2017. See page 7 for more information. **During the reporting period, the Fund first changed its style-specific benchmark from the MSCI World Index to the MSCI World 100% Hedged to USD Index and then to the Custom Invesco Global Low Volatility Equity Yield Index. The Fund elected to use the Custom Invesco Global Low Volatility Equity Yield Index as its style-specific index as it more closely reflects the performance of the types of securities in the Fund as well as the Fund’s strategy to hedge foreign currency exposure compared to its previous style-specific benchmarks.
Market conditions and your Fund Global equity markets delivered positive, and in many cases double-digit, returns over the year ended December 31, 2017. These gains were broadly driven by firming global economic growth, as well as stronger corporate fundamentals. After trailing international markets for the first three quarters of the year, the US equity market outperformed international markets in the fourth quarter. US equity markets received a boost from the prospect of sweeping individual and corporate tax cuts, with a final tax bill approved by Congress in December 2017.	In developed markets, the US Federal Reserve (the Fed) met in December and increased the benchmark fed funds target rate by 0.25% to a target range of 1.25% to 1.50%.1 Combined with two other interest rate increases earlier in 2017, the Fed’s decision reflects a more constructive outlook for the US economy. In contrast, the European Central Bank held rates steady at 0% throughout 2017 and maintained its generous bond buying program through at least September 2018, or beyond, until it sees a sustained adjustment in the path of inflation.

Portfolio Composition
By sector	% of total net assets
Consumer Discretionary		20.2%
Utilities		12.4
Energy		11.5
Industrials		10.6
Real Estate		9.1
Health Care		7.9
Telecommunication Services		6.4
Materials		6.1
Information Technology		5.5
Financials		3.7
Consumer Staples		3.5
Money Market Funds Plus Other Assets Less Liabilities		3.1

Top 10 Holdings*
% of total net assets
1. Petrofac Ltd.	2.3%
2. Best Buy Co., Inc.	2.2
3. Persimmon PLC	2.1
4. Kindred Group PLC-SDR	2.1
5. HP Inc.	2.1
6. CSR Ltd.	2.1
7. UPM-Kymmene Oyj	2.1
8. Vodafone Group PLC	2.0
9. Wal-Mart Stores, Inc.	2.0
10. Regis Resources Ltd.	2.0

Total Net Assets	$	105.5 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, 2017.

4 Invesco Global Low Volatility Equity Yield Fund

Custom Invesco Global Low Volatility Equity Yield Index, the Fund’s style-specific index. In addition, an underweight position in the information technology sector and an overweight position in the utilities sector hurt the Fund’s performance versus the style-specific benchmark. Stock selection in the energy, health care and financials sectors contributed to Fund performance.

From a geographic perspective, stock selection in Japan, the Netherlands, Singapore and the UK was beneficial to the Fund’s relative performance during the reporting period, while stock selection lagged in the US, Hong Kong, France and Australia.

The largest detractor from Fund performance during the year was Neopost. We sold our position in the company before the close of the reporting period. Office Depot, which is still working on its integration with OfficeMax (not a Fund holding), lagged during the year but hopes to see synergy benefits from the merger in the near future.

Venture, a global electronics services company, was the largest contributor to absolute and relative return during the reporting period. The company’s stock price rose on quarterly profit reports that outpaced analysts’ expectations. Another top contributor was Wal-Mart Stores. The company’s stock price benefited from increased earnings revenue and sales growth.

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 was mostly positive across the investable universe. The balance in our multi-factor process – combining momentum, valuation, and business management measures – has helped to generate these positive forecasts. Value and Quality tend to be negatively correlated with our momentum factors, acting as attractive complements.

Please note that the Fund’s strategy is principally implemented through equity investments, but may also use equity futures contracts, derivative instruments, to gain exposure to the equity market. In addition, the Fund may use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are

denominated. During the year, the Fund invested in S&P500, Nikkei 225, FTSE 100 and EuroStoxx 50 futures contracts, which were positive for Fund performance on an absolute basis. The Fund also invested in forward foreign currency contracts that were negative for Fund performance on an absolute basis due to the depreciation of the US dollar against other major currencies.

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.

1  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.

	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.
	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 12/31/07

1  Source: FactSet Research Systems Inc.

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

Past performance cannot guarantee comparable future results.

During the reporting period, the Fund first changed its style-specific benchmark from the MSCI World Index to the MSCI World 100% Hedged to USD Index and then to the Custom Invesco Global Low Volatility Equity Yield Index. The Fund elected to use the Custom Invesco Global Low Volatility Equity Yield Index as its style-specific index as it more closely reflects the the performance of the types of securities in the Fund as well as the

Fund’s strategy to hedge foreign currency exposure compared to its previous style-specific benchmarks. In addition, 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 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (9/15/97)	5.70	%
10 Years	1.88
5 Years	6.28
1 Year	9.48
Class B Shares
Inception (9/15/97)	5.79	%
10 Years	1.85
5 Years	6.38
1 Year	10.00
Class C Shares
Inception (1/2/98)	5.55	%
10 Years	1.70
5 Years	6.70
1 Year	14.02
Class R Shares
Inception (10/31/05)	4.20	%
10 Years	2.21
5 Years	7.22
1 Year	15.63
Class Y Shares
10 Years	2.69	%
5 Years	7.77
1 Year	16.20
Class R5 Shares
Inception (4/30/04)	5.95	%
10 Years	2.99
5 Years	7.95
1 Year	16.27
Class R6 Shares
10 Years	2.48	%
5 Years	7.54
1 Year	16.14

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

The performance data quoted represent past performance and cannot guarantee 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, Class R5 and Class R6 shares was 1.52%, 2.27%, 2.27%, 1.77%, 1.27%, 1.10% and 1.05%, 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.

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, 2017, 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 ∎  Effective January 26, 2018, after the close of the reporting period, all outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion. ∎  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 available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. Please see the prospectus for more information. 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
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

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. 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.

∎ REIT risk/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 MSCI World 100% Hedged to USD Index^SM is an unmanaged index considered representative of stocks of developed countries. The index is 100% hedged to the USD and is computed using the net return, which withholds applicable taxes for non-residents investors.

∎ The Custom Invesco Global Low Volatility Equity Yield Index is composed of the MSCI World Index (Net) through February 23, 2017 and the MSCI World 100% Hedged to USD Index thereafter.

∎ 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, 2017

	Shares		Value
Common Stocks & Other Equity Interests-96.86%
Australia–8.90%
Caltex Australia Ltd.		50,474	$	1,338,615
Cochlear Ltd.		14,210		1,898,366
CSR Ltd.		586,131		2,172,052
Harvey Norman Holdings Ltd.		67,723		219,901
Qantas Airways Ltd.		421,549		1,654,741
Regis Resources Ltd.		628,241		2,103,582
				9,387,257
Canada–5.48%
Capital Power Corp.		95,665		1,863,980
IGM Financial, Inc.		58,121		2,041,564
Superior Plus Corp.		198,633		1,875,864
				5,781,408
China–1.74%
Yangzijiang Shipbuilding Holdings Ltd.		1,674,800		1,840,715
Finland–2.05%
UPM-Kymmene Oyj		69,854		2,167,365
France–1.89%
Faurecia		25,528		1,990,631
Hong Kong–4.54%
CLP Holdings Ltd.		181,500		1,857,303
HK Electric Investments and HK Electric Investments Ltd.–REGS(a)		2,144,000		1,962,088
NWS Holdings Ltd.		539,000		971,119
				4,790,510
Israel–1.68%
Bezeq The Israeli Telecommunication Corp. Ltd.		908,636		1,373,319
Paz Oil Co. Ltd.(b)		2,329		402,867
				1,776,186
Japan–9.37%
Aoyama Trading Co., Ltd.		36,900		1,378,796
Brother Industries, Ltd.		11,600		286,216
Haseko Corp.		135,000		2,089,585
K's Holdings Corp.		68,900		1,766,682
Miraca Holdings Inc.		43,300		1,854,287
mixi, Inc.		32,900		1,477,536
Nishimatsu Construction Co., Ltd.		36,600		1,026,502
				9,879,604
Malta–2.09%
Kindred Group PLC–SDR		153,996		2,204,208
New Zealand–6.36%
Air New Zealand Ltd.		696,221		1,568,129
Contact Energy Ltd.		426,914		1,682,200
Mercury NZ Ltd.		284,194		677,310
Meridian Energy Ltd.		387,756		802,764
Spark New Zealand Ltd.		767,650		1,974,842
				6,705,245

	Shares		Value
Norway–1.47%
Marine Harvest ASA		91,718	$	1,552,990
Singapore–1.96%
SATS Ltd.		56,000		217,340
Venture Corp. Ltd.		121,000		1,848,934
				2,066,274
Sweden–1.95%
Intrum Justitia AB		55,677		2,058,843
Switzerland–1.91%
Novartis AG		23,807		2,013,442
United Kingdom–14.40%
Barratt Developments PLC		238,950		2,088,876
BP PLC		291,609		2,057,877
PageGroup PLC		256,084		1,605,745
Persimmon PLC		59,812		2,208,693
Petrofac Ltd.		345,983		2,382,269
SSE PLC		41,802		744,967
Subsea 7 S.A.		129,880		1,946,017
Vodafone Group PLC		681,045		2,151,389
				15,185,833
United States–31.07%
Aaron's, Inc.		7,828		311,946
AbbVie Inc.		7,798		754,145
Best Buy Co., Inc.		33,952		2,324,693
Boeing Co. (The)		890		262,470
CenturyLink Inc.		76,550		1,276,854
CoreCivic, Inc.		76,148		1,713,330
EastGroup Properties, Inc.		3,119		275,657
Entergy Corp.		19,700		1,603,383
Four Corners Property Trust, Inc.		58,976		1,515,683
GameStop Corp.–Class A		95,251		1,709,755
Gaming and Leisure Properties, Inc.		39,902		1,476,374
Gilead Sciences, Inc.		24,417		1,749,234
HP Inc.		103,417		2,172,791
Macy's, Inc.		73,908		1,861,742
National Health Investors, Inc.		25,491		1,921,512
Office Depot, Inc.		317,778		1,124,934
Plains GP Holdings LP–Class A(b)		90,122		1,978,178
Potlatch Corp.		13,874		692,313
Uniti Group Inc.		24,970		444,216
Waddell & Reed Financial, Inc.–Class A		84,590		1,889,741
Wal-Mart Stores, Inc.		21,493		2,122,434
Washington Prime Group Inc.		222,115		1,581,459
Williams Cos., Inc. (The)		66,067		2,014,383
				32,777,227
Total Common Stocks & Other Equity Interests (Cost $93,990,513)				102,177,738
Money Market Funds–3.00%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(c)		1,186,527		1,186,527

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
Invesco Liquid Assets Portfolio–Institutional Class, 1.40%(c)		619,774	$	619,836
Invesco Treasury Portfolio–Institutional Class, 1.17%(c)		1,356,030		1,356,030
Total Money Market Funds (Cost $3,162,454)				3,162,393
TOTAL INVESTMENTS IN SECURITIES–99.86% (Cost $97,152,967)				105,340,131
OTHER ASSETS LESS LIABILITIES–0.14%				147,302
NET ASSETS–100.00%			$	105,487,433

Investment Abbreviations:

REGS	– Regulation S
SDR	– Swedish Depository Receipts

Notes to Schedule of Investments:

^(a)  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, 2017 represented 1.86% of the Fund's Net Assets.

^(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, 2017.

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value		Value			Unrealized Appreciation (Depreciation)
Dow Jones EURO STOXX 50 Index		11		March-2018	$	460,999	$	(10,434	)	$	(10,434	)
E-Mini S&P 500 Index		13		March-2018		1,739,400		14,366			14,366
FTSE 100 Index		2		March-2018		206,241		6,848			6,848
SGX NIKKEI 225 Index		3		March-2018		302,942		2,649			2,649
Total Futures Contracts-Equity Risk							$	13,429		$	13,429

^(a)  Futures contracts collateralized by $113,777 cash held with Bank of America Merrill Lynch, the futures commission merchant.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to						Unrealized Appreciation (Depreciation)
	Counterparty	Deliver			Receive
01/19/2018	State Street Bank and Trust Co.		JPY	1,092,000,000		USD	9,726,656	$	28,752
01/19/2018	State Street Bank and Trust Co.		USD	1,241,447		EUR	1,050,000		20,020
01/19/2018	State Street Bank and Trust Co.		USD	222,900		SGD	300,000		1,474
Subtotal									50,246
01/19/2018	State Street Bank and Trust Co.		AUD	11,760,000		USD	8,985,910		(189,777	)
01/19/2018	State Street Bank and Trust Co.		CAD	6,860,000		USD	5,423,272		(36,394	)
01/19/2018	State Street Bank and Trust Co.		CHF	1,970,000		USD	2,006,492		(18,646	)
01/19/2018	State Street Bank and Trust Co.		EUR	4,490,000		USD	5,344,514		(49,760	)
01/19/2018	State Street Bank and Trust Co.		GBP	9,810,000		USD	13,186,146		(68,189	)
01/19/2018	State Street Bank and Trust Co.		ILS	5,950,000		USD	1,707,311		(3,810	)
01/19/2018	State Street Bank and Trust Co.		JPY	104,000,000		USD	919,940		(4,057	)
01/19/2018	State Street Bank and Trust Co.		NOK	27,500,000		USD	3,323,813		(28,320	)
01/19/2018	State Street Bank and Trust Co.		NZD	8,850,000		USD	6,097,358		(172,828	)
01/19/2018	State Street Bank and Trust Co.		SEK	33,800,000		USD	4,033,436		(93,151	)
01/19/2018	State Street Bank and Trust Co.		SGD	5,350,000		USD	3,976,714		(24,620	)
01/19/2018	State Street Bank and Trust Co.		USD	649,490		GBP	480,000		(960	)
Subtotal									(690,512	)
Total Forward Foreign Currency Contracts-Currency Risk								$	(640,266	)

Abbreviations:

AUD	– Australian Dollar
CAD	– Canadian Dollar
CHF	– Swiss Franc

EUR	– Euro
GBP	– British Pound Sterling
ILS	– Israeli Sheqel

JPY	– Japanese Yen
NOK	– Norwegian Krone
NZD	– New Zealand Dollar

SEK	– Swedish Krona
SGD	– Singapore Dollar
USD	– U.S. Dollar

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, 2017

Assets:
Investments in securities, at value (Cost $93,990,513)	$	102,177,738
Investments in affiliated money market funds, at value (Cost $3,162,454)		3,162,393
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		50,246
Foreign currencies, at value (Cost $561,784)		568,359
Deposits with brokers:
Cash collateral — exchange-traded futures contracts		113,777
Receivable for:
Fund shares sold		54,316
Dividends		269,370
Investment for trustee deferred compensation and retirement plans		88,918
Other assets		30,935
Total assets		106,516,052
Liabilities:
Other investments:
Variation margin payable — futures contracts		8,277
Unrealized depreciation on forward foreign currency contracts outstanding		690,512
Payable for:
Fund shares reacquired		94,616
Accrued fees to affiliates		76,403
Accrued trustees’ and officers’ fees and benefits		640
Accrued other operating expenses		60,227
Trustee deferred compensation and retirement plans		97,944
Total liabilities		1,028,619
Net assets applicable to shares outstanding	$	105,487,433
Net assets consist of:
Shares of beneficial interest	$	107,113,604
Undistributed net investment income		32,207
Undistributed net realized gain (loss)		(9,228,376	)
Net unrealized appreciation		7,569,998
	$	105,487,433

Net Assets:
Class A	$	88,550,281
Class B	$	511,588
Class C	$	9,163,076
Class R	$	1,495,828
Class Y	$	4,713,906
Class R5	$	1,042,095
Class R6	$	10,659
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		6,373,008
Class B		38,890
Class C		697,647
Class R		107,505
Class Y		338,506
Class R5		74,110
Class R6		758
Class A:
Net asset value per share	$	13.89
Maximum offering price per share
(Net asset value of $13.89 ¸ 94.50%)	$	14.70
Class B:
Net asset value and offering price per share	$	13.15
Class C:
Net asset value and offering price per share	$	13.13
Class R:
Net asset value and offering price per share	$	13.91
Class Y:
Net asset value and offering price per share	$	13.93
Class R5:
Net asset value and offering price per share	$	14.06
Class R6:
Net asset value and offering price per share	$	14.06

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, 2017

Investment income:
Dividends (net of foreign withholding taxes of $225,281)	$	4,794,553
Dividends from affiliated money market funds (includes securities lending income of $27,659)		49,561
Total investment income		4,844,114
Expenses:
Advisory fees		864,355
Administrative services fees		50,000
Custodian fees		27,383
Distribution fees:
Class A		226,696
Class B		7,809
Class C		95,967
Class R		7,613
Transfer agent fees — A, B, C, R and Y		280,988
Transfer agent fees — R5		1,016
Transfer agent fees — R6		8
Trustees’ and officers’ fees and benefits		22,451
Registration and filing fees		90,942
Reports to shareholders		85,616
Professional services fees		74,925
Other		18,423
Total expenses		1,854,192
Less: Fees waived and expense offset arrangement(s)		(7,192	)
Net expenses		1,847,000
Net investment income		2,997,114
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		7,095,916
Foreign currencies		(6,983	)
Forward foreign currency contracts		(1,564,284	)
Futures contracts		309,065
		5,833,714
Change in net unrealized appreciation (depreciation) of:
Investment securities		7,697,053
Foreign currencies		21,502
Forward foreign currency contracts		(640,266	)
Futures contracts		16,168
		7,094,457
Net realized and unrealized gain		12,928,171
Net increase in net assets resulting from operations	$	15,925,285

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, 2017 and 2016

	2017			2016
Operations:
Net investment income	$	2,997,114		$	3,767,572
Net realized gain (loss)		5,833,714			(2,033,775	)
Change in net unrealized appreciation		7,094,457			2,468,505
Net increase in net assets resulting from operations		15,925,285			4,202,302
Distributions to shareholders from net investment income:
Class A		(2,741,152	)		(3,600,966	)
Class B		(16,938	)		(41,779	)
Class C		(217,236	)		(325,800	)
Class R		(42,304	)		(46,674	)
Class Y		(150,904	)		(150,047	)
Class R5		(35,713	)		(53,603	)
Class R6		(269	)		—
Total distributions from net investment income		(3,204,516	)		(4,218,869	)
Share transactions–net:
Class A		(14,291,301	)		(16,316,528	)
Class B		(692,562	)		(864,046	)
Class C		(2,272,020	)		(2,608,033	)
Class R		(74,917	)		12,401
Class Y		889,797			(878,112	)
Class R5		(80,257	)		(988,657	)
Class R6		10,014			—
Net increase (decrease) in net assets resulting from share transactions		(16,511,246	)		(21,642,975	)
Net increase (decrease) in net assets		(3,790,477	)		(21,659,542	)
Net assets:
Beginning of year		109,277,910			130,937,452
End of year (includes undistributed net investment income of $32,207 and $380,316, respectively)	$	105,487,433		$	109,277,910

Notes to Financial Statements

December 31, 2017

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 twenty-nine 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 seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. On April 4, 2017, the Fund began offering Class R6 shares. 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. 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. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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 Global Low Volatility Equity Yield 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, 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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 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.

15                         Invesco Global Low Volatility Equity Yield Fund

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

C. 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, 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 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.

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,

16                         Invesco Global Low Volatility Equity Yield Fund

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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 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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $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, 2017, 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).

17                         Invesco Global Low Volatility Equity Yield Fund

The Adviser has contractually agreed, through at least June 30, 2018, 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2019, 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, 2017, the Adviser waived advisory fees of $2,926.

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, 2017, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2017, 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $8,130 in front-end sales commissions from the sale of Class A shares and $17 and $188 from Class A 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, 2017. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period.

18                         Invesco Global Low Volatility Equity Yield Fund

During the year ended December 31, 2017, there were transfers from Level 1 to Level 2 of $2,391,953 and from Level 2 to Level 1 of $14,816,813, due to foreign fair value adjustments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
Australia	$	1,898,366		$	7,488,891	$	—	$	9,387,257
Canada		5,781,408			—		—		5,781,408
China		1,840,715			—		—		1,840,715
Finland		—			2,167,365		—		2,167,365
France		—			1,990,631		—		1,990,631
Hong Kong		3,819,391			971,119		—		4,790,510
Israel		1,776,186			—		—		1,776,186
Japan		7,790,019			2,089,585		—		9,879,604
Malta		2,204,208			—		—		2,204,208
New Zealand		3,657,042			3,048,203		—		6,705,245
Norway		1,552,990			—		—		1,552,990
Singapore		—			2,066,274		—		2,066,274
Sweden		2,058,843			—		—		2,058,843
Switzerland		2,013,442			—		—		2,013,442
United Kingdom		9,220,006			5,965,827		—		15,185,833
United States		32,777,227			—		—		32,777,227
Money Market Funds		3,162,393			—		—		3,162,393
Total Investments in Securities		79,552,236			25,787,895		—		105,340,131
Other Investments - Assets*
Forward Foreign Currency Contracts		50,246			—		—		50,246
Futures Contracts		23,863			—		—		23,863
		74,109			—		—		74,109
Other Investments - Liabilities*
Forward Foreign Currency Contracts		(690,512	)		—		—		(690,512	)
Futures Contracts		(10,434	)		—		—		(10,434	)
		(700,946	)		—		—		(700,946	)
Total Other Investments		(626,837	)		—		—		(626,837	)
Total Investments	$	78,925,399		$	25,787,895	$	—	$	104,713,294

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2017:

	Value
Derivative Assets	Currency Risk		Equity Risk			Total
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	—	$	23,863		$	23,863
Unrealized appreciation on forward foreign currency contracts		50,246		—			50,246
Total Derivative Assets		50,246		23,863			74,109
Derivatives not subject to master netting agreements		—		(23,863	)		(23,863	)
Total Derivative Assets subject to master netting agreements	$	50,246	$	—		$	50,246

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

19                         Invesco Global Low Volatility Equity Yield Fund

	Value
Derivative Liabilities	Currency Risk			Equity Risk			Total
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	—		$	(10,434	)	$	(10,434	)
Unrealized depreciation on forward foreign currency contracts outstanding		(690,512	)		—			(690,512	)
Total Derivative Liabilities		(690,512	)		(10,434	)		(700,946	)
Derivatives not subject to master netting agreements		—			10,434			10,434
Total Derivative Liabilities subject to master netting agreements	$	(690,512	)	$	—		$	(690,512	)

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

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of December 31, 2017.

	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives			Non-Cash		Cash		Net Amount
State Street Bank and Trust Co.	$	50,246	$	(690,512	)	$	(640,266	)	$	—	$	—	$	(640,266	)

Effect of Derivative Investments for the year ended December 31, 2017

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk			Equity Risk		Total
Realized Gain (Loss):
Forward foreign currency contracts	$	(1,564,284	)	$	—	$	(1,564,284	)
Futures contracts		—			309,065		309,065
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts		(640,266	)		—		(640,266	)
Futures contracts		—			16,168		16,168
Total	$	(2,204,550	)	$	325,233	$	(1,879,317	)

The table below summarizes the average notional value of forward foreign currency contracts and futures contracts outstanding during the period.

	Forward Foreign Currency Contracts		Futures Contracts
Average notional value	$	58,812,740	$	2,244,097

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, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,266.

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.

20                         Invesco Global Low Volatility Equity Yield 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, 2017 and 2016:

	2017		2016
Ordinary income	$	3,204,516	$	4,218,869

Tax Components of Net Assets at Period-End:

	2017
Undistributed ordinary income	$	102,068
Net unrealized appreciation — investments		8,163,969
Net unrealized appreciation (depreciation) — foreign currencies and forward foreign currency contracts		26,328
Temporary book/tax differences		(83,744	)
Capital loss carryforward		(9,834,792	)
Shares of beneficial interest		107,113,604
Total net assets	$	105,487,433

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 forward foreign currency contracts, wash sales and the tax treatment of passive foreign investment companies.

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, 2017:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	9,834,792	$	—	$	9,834,792

* 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 Transactions

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, 2017 was $81,654,092 and $100,270,296, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	12,971,496
Aggregate unrealized (depreciation) of investments		(4,807,527	)
Net unrealized appreciation of investments	$	8,163,969

Cost of investments for tax purposes is $96,549,325.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of expired capital loss carryforward, on December 31, 2017, undistributed net investment income was decreased by $140,707, undistributed net realized gain (loss) was increased by $65,477,101 and shares of beneficial interest was decreased by $65,336,394. 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,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		317,987		$	4,269,034			353,426		$	4,436,908
Class B		583			7,491			1,728			20,734
Class C		46,711			591,026			57,591			682,337
Class R		15,107			201,447			12,784			160,376
Class Y		313,201			4,153,399			247,419			3,138,248
Class R5		18,028			238,398			28,803			354,117
Class R6(b)		758			10,014			—			—
Issued as reinvestment of dividends:
Class A		192,594			2,581,160			270,902			3,433,001
Class B		1,304			16,468			3,422			41,094
Class C		15,874			201,092			24,872			298,020
Class R		3,148			42,276			3,670			46,574
Class Y		9,264			124,498			7,347			93,275
Class R5		2,634			35,713			4,177			53,603
Automatic conversion of Class B shares to Class A shares:
Class A		41,829			556,920			52,890			662,318
Class B		(44,222	)		(556,920	)		(55,914	)		(662,318	)
Reacquired:
Class A		(1,632,153	)		(21,698,415	)		(1,968,836	)		(24,848,755	)
Class B		(12,831	)		(159,601	)		(22,127	)		(263,556	)
Class C		(244,716	)		(3,064,138	)		(303,245	)		(3,588,390	)
Class R		(23,630	)		(318,640	)		(15,339	)		(194,549	)
Class Y		(253,397	)		(3,388,100	)		(328,003	)		(4,109,635	)
Class R5		(26,747	)		(354,368	)		(112,298	)		(1,396,377	)
Net increase (decrease) in share activity		(1,258,674	)	$	(16,511,246	)		(1,736,731	)	$	(21,642,975	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 21% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date of April 4, 2017.

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 12/31/17	$	12.37	$	0.38	$	1.55		$	1.93		$	(0.41	)	$	13.89		15.77	%	$	88,550		1.65	%(d)		1.65	%(d)		2.83	%(d)		78	%
Year ended 12/31/16		12.40		0.40		0.02			0.42			(0.45	)		12.37		3.34			92,154		1.49			1.52			3.14			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
Class B
Year ended 12/31/17		11.71		0.26		1.47			1.73			(0.29	)		13.15		14.91			512		2.40	(d)		2.40	(d)		2.08	(d)		78
Year ended 12/31/16		11.74		0.29		0.02			0.31			(0.34	)		11.71		2.56			1,101		2.24			2.27			2.39			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
Class C
Year ended 12/31/17		11.69		0.26		1.47			1.73			(0.29	)		13.13		14.93			9,163		2.40	(d)		2.40	(d)		2.08	(d)		78
Year ended 12/31/16		11.72		0.28		0.02			0.30			(0.33	)		11.69		2.56			10,283		2.24			2.27			2.39			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
Class R
Year ended 12/31/17		12.38		0.35		1.56			1.91			(0.38	)		13.91		15.55			1,496		1.90	(d)		1.90	(d)		2.58	(d)		78
Year ended 12/31/16		12.42		0.37		0.01			0.38			(0.42	)		12.38		3.00			1,398		1.74			1.77			2.89			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
Class Y
Year ended 12/31/17		12.39		0.41		1.58			1.99			(0.45	)		13.93		16.20			4,714		1.40	(d)		1.40	(d)		3.08	(d)		78
Year ended 12/31/16		12.42		0.43		0.02			0.45			(0.48	)		12.39		3.60			3,339		1.24			1.27			3.39			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
Class R5
Year ended 12/31/17		12.52		0.44		1.57			2.01			(0.47	)		14.06		16.27			1,042		1.24	(d)		1.24	(d)		3.24	(d)		78
Year ended 12/31/16		12.56		0.45		0.02			0.47			(0.51	)		12.52		3.67			1,004		1.10			1.10			3.53			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
Class R6
Year ended 12/31/17(e)		13.27		0.34		0.81			1.15			(0.36	)		14.06		8.72			11		1.20	(d)(f)		1.20	(d)(f)		3.28	(d)(f)		78

^(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 $90,678, $781, $9,597, $1,522, $4,440, $1,018 and $10 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Commencement date of April 4, 2017.

^(f)  Annualized.

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 Invesco Global Low Volatility Equity Yield Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Global Low Volatility Equity Yield Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, TX

February 23, 2018

We have served as the auditor of one or more of the investment companies in the Invesco/PowerShares group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

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. With the exception of the actual ending account value and expenses of the Class R6 shares, 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, 2017 through December 31, 2017.

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 (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
Class A	$	1,000.00	$	1,054.60	$	8.54	$	1,016.89	$	8.39		1.65	%
Class B		1,000.00		1,050.40		12.40		1,013.11		12.18		2.40
Class C		1,000.00		1,050.50		12.40		1,013.11		12.18		2.40
Class R		1,000.00		1,053.20		9.83		1,015.63		9.65		1.90
Class Y		1,000.00		1,055.80		7.25		1,018.15		7.12		1.40
Class R5		1,000.00		1,056.20		6.43		1,018.95		6.31		1.24
Class R6		1,000.00		1,056.20		6.43		1,018.95		6.31		1.24

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2017 through December 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

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, 2017:

Federal and State Income Tax
Qualified Dividend Income*	79.59	%
Corporate Dividends Received Deduction*	23.60	%
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 Global Low Volatility Equity Yield 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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired.	158	None
Teresa M. Ressel  —  1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None
Christopher L. Wilson —  1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)

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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, 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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed 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)
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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., 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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	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

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. 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                 Invesco Distributors, Inc. GLVEY-AR-1         02232018     1116

	Annual Report to Shareholders	December 31, 2017
	Invesco Income Allocation Fund
	Nasdaq:
	A: ALAAX  ∎  B: BLIAX  ∎  C: CLIAX  ∎  R: RLIAX  ∎  Y: ALAYX  ∎  R5: ILAAX   ∎  R6: IIASX

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. Major stock market indexes rose – and set record highs – throughout the reporting period. Generally positive economic data, strong corporate earnings and anticipated tax and regulatory reform contributed to the rally. The US economy expanded during the reporting period, with gross domestic product, the value of all goods and services produced, significantly increasing its growth rate from the first to the third quarter of the year. Tax reform legislation, enacted in December 2017, was a positive for the stock market, but its long-term economic impact was uncertain. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US

Federal Reserve raised interest rates in March, June and December 2017. While US and global bond markets, as well as emerging market equities, sold off early in the reporting period, they recovered much of their losses during the reporting period. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies.

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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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 and the economy 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, 2017, Class A shares of Invesco Income Allocation Fund (the Fund), at net asset value (NAV), underperformed 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, 12/31/16 to 12/31/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	7.99	%
Class B Shares	7.18
Class C Shares	7.18
Class R Shares	7.63
Class Y Shares	8.26
Class R5 Shares	8.26
Class R6 Shares*	8.10
S&P 500 Indexq (Broad Market Index)	21.83
Custom Invesco Income Allocation Index∎ (Style-Specific Index)	9.21
Lipper Mixed-Asset Target Allocation Conservative Funds Index¨ (Peer Group Index)	8.78
Source(s): qFactSet Research Systems Inc.; ∎Invesco, FactSet Research Systems Inc.; ¨Lipper Inc. *Class R6 shares incepted on April 4, 2017. See page 7 for more information.

Market conditions and your Fund

Despite highly destructive hurricanes that threatened to derail a years-long economic recovery, the US economy continued to expand throughout the year ended December 31, 2017. Gross domestic product — the value of all goods and services produced in the US — expanded in the first three quarters of 2017.

Given signs of an improving economy, the US Federal Reserve (the Fed) raised interest rates three times during the reporting period, most recently in December 2017; each rate hike was 25 basis points.¹ (A basis point is 0.01%.) The Fed pledged that “realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation” will guide its future actions. At the close of the reporting period, Fed policy remained accommodative, and the fed funds target rate stood at a range of 1.25% to 1.50% — 75 basis points higher than at the start of the reporting period.¹

US bond returns were positive for the year, with all fixed income sectors (Treasuries, government-related, corporate and securitized) posting positive returns, primarily driven by strong macroeconomic conditions, muted market volatility and global investor demand for yield. A benign inflation outlook dampened long-term rates as the yield curve flattened, benefiting investors invested in longer maturity securities. In addition, the benign inflation environment allowed the Fed to remain less aggressive with rate hikes. The US corporate credit sector remained a key contributor to excess return for the year, with lower-rated investment grade securities outperforming higher-rated credits and comparable-maturity Treasuries. Tax cut legislation enacted in December included significant corporate tax reductions that were an additional catalyst for the positive tone in the credit market. The high yield sector also benefited from strong demand during the year, despite lofty valuations. Within structured securities, commercial

Portfolio Composition*
By fund type, based on total investments
Fixed Income Funds	68.1	%
Equity Funds	25.0
Alternative Funds	6.3
Money Market Funds	0.6

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

  Total Net Assets $ 625.7 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, 2017.

mortgage-backed securities (MBS) were the primary outperformers, with asset-backed securities also performing well in midst of higher short-term rates. Agency MBS also outperformed on a relative basis, even as the Fed began to systematically de-lever its MBS and Treasury holdings.

Major US stock market indexes repeatedly hit all-time highs throughout the reporting period. The stock market rally that began after the 2016 presidential election continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confidence. However, performance was highly concentrated, with more than two-thirds of the equity market’s gains linked to just three sectors: technology, financials and health care. Finally, after much debate in Congress, a tax reform bill was signed into law in December 2017, which further strengthened stocks.

Reflecting these trends, the largest contributors to Fund performance during the reporting period were US equities and diversified fixed income. The largest individual contributors to absolute Fund performance included Invesco Dividend Income Fund and PowerShares Top 200 Pure Value Portfolio. However, relative to the Fund’s style-specific benchmark, these funds detracted from results, as large-cap value stocks generally underperformed broader equity market. Invesco Multi-Asset Income Fund also contributed to Fund returns, led by gains in US large-cap preferred equities, US high yield securities, US mortgage real estate investment trusts, emerging market government bonds and master limited partnerships.

There were no detractors from absolute Fund returns in terms of asset classes or individual holdings. Relative to the style-specific benchmark, the Fund’s underweight exposure to US equity and overweight exposure to fixed income detracted from Fund performance. Invesco Quality Income Fund also detracted from relative Fund results, as mortgages underperformed broader fixed income.

As part of the Fund’s annual rebalance, PowerShares International Dividend Achievers Portfolio was removed as a Fund holding. Please note that some of the Fund’s underlying funds – including, but not limited to, Invesco Multi-Asset Income Fund – may use derivatives, including futures and total return swaps,

4 Invesco Income Allocation Fund

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: 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.

	Jacob Borbidge Chartered Financial Analyst, Portfolio Manager and Head of Research for Invesco’s 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.

	Duy Nguyen Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer of Invesco’s 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 University of Houston. Assisted by Invesco’s Global Solutions Development & Implementation Team

5 Invesco Income Allocation Fund

Your Fund’s Long-Term Performance

Results of a $10,000 Investment - Oldest Share Classes(es)

Fund and index data from 12/31/07

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 re-invested 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 12/31/17, including maximum applicable  sales charges
Class A Shares
Inception (10/31/05)	5.30%
10 Years	4.74
5 Years	4.95
1 Year	2.08
Class B Shares
Inception (10/31/05)	5.27%
10 Years	4.71
5 Years	5.03
1 Year	2.18
Class C Shares
Inception (10/31/05)	5.00%
10 Years	4.54
5 Years	5.34
1 Year	6.18
Class R Shares
Inception (10/31/05)	5.53%
10 Years	5.06
5 Years	5.87
1 Year	7.63
Class Y Shares
10 Years	5.58%
5 Years	6.40
1 Year	8.26
Class R5 Shares
Inception (10/31/05)	6.06%
10 Years	5.60
5 Years	6.40
1 Year	8.26
Class R6 Shares
10 Years	5.35%
5 Years	6.16
1 Year	8.10

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

The performance data quoted represent past performance and cannot guarantee 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 0.83%, 1.58%, 1.58%, 1.08%, 0.58%, 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, Class R5 and Class R6 was 1.04%, 1.79%, 1.79%, 1.29%, 0.79%, 0.76% and 0.71%, respectively.¹ The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

Class A share performance reflects the maximum 5.50% sales charge, and Class 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 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, 2019. 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, 2017, 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 ∎ Effective January 26, 2018, after the close of the reporting period, all outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion. ∎ 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 available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. Please see the prospectus for more information.     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. ∎ 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. ∎  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

  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

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 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 writedowns upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.

∎ 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.

∎ 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 developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more

9 Invesco Income Allocation Fund

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 credit exposure risk. US dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

∎ 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

10 Invesco Income Allocation Fund

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.

∎ Investment companies risk. Investing in other investment companies could result in the duplication of certain fees, including management and administrative fees, and may expose an underlying fund to the risks of owning the underlying investments that the other investment company holds.

∎ 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 Internal Revenue Code of 1986, as amended (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 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

11 Invesco Income Allocation Fund

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 nonpayment, 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) 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 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.

12 Invesco Income Allocation Fund

∎ 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.

∎ 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 noncash 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. HighYield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging 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.

13 Invesco Income Allocation Fund

Schedule of Investments

December 31, 2017

Invesco Income Allocation Fund

Schedule of Investments in Affiliated Issuers–99.95%^(a)

	% of Net Assets 12/31/17			Value 12/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/17		Value 12/31/17
Domestic Equity Funds–19.55%
Invesco Dividend Income Fund–Class R6		12.61	%	$	74,474,425	$	11,601,714	$	(10,573,958	)	$	2,411,685		$	2,887,065		$	1,701,674		3,220,750	$	78,908,362
PowerShares Russell Top 200 Pure Value Portfolio–ETF		6.94	%		42,453,635		5,383,558		(9,599,983	)		2,722,181			2,457,485			741,585		1,121,017		43,416,876
Total Domestic Equity Funds					116,928,060		16,985,272		(20,173,941	)		5,133,866			5,344,550			2,443,259				122,325,238
Fixed-Income Funds–68.08%
Invesco Core Plus Bond Fund–Class R6		13.42	%		75,090,646		9,408,367		(2,132,228	)		1,624,881			(42,332	)		2,515,047		7,694,714		83,949,334
Invesco Corporate Bond Fund–Class R6		4.73	%		21,390,278		7,518,068		—			715,006			163,344			1,053,431		3,992,366		29,623,352
Invesco Floating Rate Fund–Class R6		7.20	%		37,549,311		7,665,850		(91,823	)		(66,290	)		(851	)		1,827,147		5,959,814		45,056,197
Invesco High Yield Fund–Class R6		7.20	%		37,558,161		7,258,474		(102,038	)		481,863			(1,764	)		2,118,427		10,781,928		45,068,460
Invesco Multi Asset Income Fund–Class R6		9.95	%		50,848,603		9,216,938		(210,531	)		2,433,828			525,393			2,865,063		5,698,355		62,283,018
Invesco Quality Income Fund–Class R5		11.67	%		51,085,730		22,930,590		(138,883	)		(865,899	)		(3,896	)		2,358,297		6,083,970		73,007,642
PowerShares 1-30 Laddered Treasury Portfolio–ETF		3.50	%		21,403,902		2,510,582		(2,644,521	)		780,756			(175,630	)		434,288		667,534		21,875,089
PowerShares Emerging Markets Sovereign Debt Portfolio–ETF		5.22	%		26,630,246		5,142,105		(388,624	)		1,266,202			(16,855	)		1,451,783		1,104,708		32,633,074
PowerShares Variable Rate Preferred Portfolio–ETF		5.19	%		26,798,272		5,101,317		(564,613	)		1,110,166			17,452			1,403,794		1,265,105		32,462,594
Total Fixed-Income Funds					348,355,149		76,752,291		(6,273,261	)		7,480,513			464,861			16,027,277				425,958,760
Foreign Equity Funds–5.47%
PowerShares International Dividend Achievers Portfolio–ETF		0.00	%		16,082,900		497,700		(17,291,780	)		1,865,987			(1,154,807	)		18,993		—		—
Power Shares S&P International Developed Low Volatility Portfolio–ETF		5.47	%		16,110,068		15,154,743		(953,615	)		3,912,816			26,620			1,012,148		1,017,547		34,250,632
Total Foreign Equity Funds					32,192,968		15,652,443		(18,245,395	)		5,778,803			(1,128,187	)		1,031,141				34,250,632
Real Estate Funds–6.24%
Invesco Global Real Estate Income Fund–Class R6		6.24	%		37,612,781		3,976,320		(4,422,835	)		1,980,977			(80,685	)		1,478,041		4,293,029		39,066,558
Money Market Funds–0.61%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(d)		0.21	%		3,256,080		38,392,678		(40,312,690	)		—			—			15,568		1,336,068		1,336,068
Invesco Liquid Assets Portfolio–Institutional Class, 1.40%(d)		0.15	%		—		2,445,769		(1,491,435	)		(3	)		(105	)		993		954,130		954,226
Invesco Treasury Portfolio–Institutional Class, 1.17%(d)		0.25	%		2,170,720		26,728,780		(27,372,566	)		—			—			10,492		1,526,934		1,526,934
Total Money Market Funds					5,426,800		67,567,227		(69,176,691	)		(3	)		(105	)		27,053				3,817,228
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $583,764,665)		99.95	%	$	540,515,758	$	180,933,553	$	(118,292,123	)	$	20,374,156	(b)	$	4,600,434	(c)	$	21,006,771			$	625,418,416
OTHER ASSETS LESS LIABILITIES		0.05	%																			307,248
NET ASSETS		100.00	%																		$	625,725,664

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 $126,236 of return of capital from Invesco High Yield Fund.

^(c)  Includes $1,892,569, $163,344 and $531,213 of capital gains distributions from affiliated underlying funds for Invesco Dividend Income Fund, Invesco Corporate Bond Fund, and Invesco Multi Asset Income Fund, respectively.

^(d)  The rate shown is the 7-day SEC standardized yield as of December 31, 2017.

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

14                         Invesco  Income Allocation Fund

Statement of Assets and Liabilities

December 31, 2017

Assets:
Investments in affiliated underlying funds, at value (Cost $583,764,665)	$	625,418,416
Cash		98,461
Receivable for:
Fund shares sold		1,103,287
Dividends		12,293
Fund expenses absorbed		15,485
Investment for trustee deferred compensation and retirement plans		50,540
Other assets		49,766
Total assets		626,748,248
Liabilities:
Payable for:
Fund shares reacquired		587,520
Accrued fees to affiliates		334,135
Accrued trustees’ and officers’ fees and benefits		808
Accrued other operating expenses		44,036
Trustee deferred compensation and retirement plans		56,085
Total liabilities		1,022,584
Net assets applicable to shares outstanding	$	625,725,664
Net assets consist of:
Shares of beneficial interest	$	589,765,544
Undistributed net investment income		1,979,517
Undistributed net realized gain (loss)		(7,673,148	)
Net unrealized appreciation		41,653,751
	$	625,725,664

Net Assets:
Class A	$	391,849,665
Class B	$	862,621
Class C	$	147,051,478
Class R	$	6,948,586
Class Y	$	76,898,140
Class R5	$	2,104,921
Class R6	$	10,253
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		33,501,804
Class B		73,600
Class C		12,558,745
Class R		593,773
Class Y		6,575,021
Class R5		179,940
Class R6		876
Class A:
Net asset value per share	$	11.70
Maximum offering price per share
(Net asset value of $11.70 ¸ 94.50%)	$	12.38
Class B:
Net asset value and offering price per share	$	11.72
Class C:
Net asset value and offering price per share	$	11.71
Class R:
Net asset value and offering price per share	$	11.70
Class Y:
Net asset value and offering price per share	$	11.70
Class R5:
Net asset value and offering price per share	$	11.70
Class R6:
Net asset value and offering price per share	$	11.70

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

15                         Invesco  Income Allocation Fund

Statement of Operations

For the year ended December 31, 2017

Investment income:
Dividends from affiliated underlying funds	$	21,006,771
Expenses:
Administrative services fees		164,035
Custodian fees		19,745
Distribution fees:
Class A		954,625
Class B		13,778
Class C		1,369,521
Class R		28,769
Transfer agent fees — A, B, C, R and Y		684,230
Transfer agent fees — R5		1,645
Transfer agent fees — R6		5
Trustees’ and officers’ fees and benefits		28,802
Registration and filing fees		135,717
Reports to shareholders		148,861
Professional services fees		46,836
Other		17,396
Total expenses		3,613,965
Less: Expenses reimbursed and expense offset arrangement(s)		(1,248,179	)
Net expenses		2,365,786
Net investment income		18,640,985
Realized and unrealized gain from investments in affiliated underlying fund shares
Net realized gain on sales of affiliated underlying fund shares		2,013,308
Net realized gain from distributions of affiliated underlying fund shares		2,587,126
Net realized gain from affiliated underlying fund shares		4,600,434
Change in net unrealized appreciation of affiliated underlying fund shares		20,374,156
Net gain from affiliated underlying funds		24,974,590
Net increase in net assets resulting from operations	$	43,615,575

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

16                         Invesco  Income Allocation Fund

Statement of Changes in Net Assets

For the years ended December 31, 2017 and 2016

	2017			2016
Operations:
Net investment income	$	18,640,985		$	16,660,112
Net realized gain (loss)		4,600,434			(5,077,184	)
Change in net unrealized appreciation		20,374,156			28,540,317
Net increase in net assets resulting from operations		43,615,575			40,123,245
Distributions to shareholders from net investment income:
Class A		(13,007,437	)		(10,786,287	)
Class B		(37,575	)		(60,603	)
Class C		(3,631,941	)		(2,823,247	)
Class R		(181,591	)		(117,720	)
Class Y		(2,204,811	)		(840,367	)
Class R5		(60,821	)		(30,206	)
Class R6		(273	)		—
Total distributions from net investment income		(19,124,449	)		(14,658,430	)
Distributions to shareholders from net realized gains:
Class A		—			(1,786,804	)
Class B		—			(10,472	)
Class C		—			(604,333	)
Class R		—			(24,654	)
Class Y		—			(163,653	)
Class R5		—			(4,070	)
Total distributions from net realized gains		—			(2,593,986	)
Share transactions–net:
Class A		3,551,272			73,336,171
Class B		(1,241,085	)		(986,779	)
Class C		16,085,365			18,522,029
Class R		1,690,792			1,783,350
Class Y		39,613,011			19,395,146
Class R5		1,222,860			(64,705	)
Class R6		10,000			—
Net increase in net assets resulting from share transactions		60,932,215			111,985,212
Net increase in net assets		85,423,341			134,856,041
Net assets:
Beginning of year		540,302,323			405,446,282
End of year (includes undistributed net investment income of $1,979,517 and $2,017,094, respectively)	$	625,725,664		$	540,302,323

Notes to Financial Statements

December 31, 2017

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 twenty-nine 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.

17                         Invesco  Income Allocation Fund

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.

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. On April 4, 2017, the Fund began offering Class R6 shares. 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. 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. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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”).

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

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the 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 investment 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.

18                         Invesco  Income Allocation Fund

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 over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to 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 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.

19                         Invesco  Income Allocation Fund

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, 2019, 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, Class R5 and Class R6 shares to 0.25%, 1.00%, 1.00%, 0.50%, 0.00%, 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, 2019. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the year ended December 31, 2017, the Adviser waived advisory fees of $562,300 and reimbursed class level expenses of $443,508, $1,600, $159,066, $6,683, $70,518, $1,645 and $5 of Class A, Class B, 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, 2017, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2017, 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $172,146 in front-end sales commissions from the sale of Class A shares and $22,355 and $12,113 from Class A 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.

20                         Invesco  Income Allocation Fund

As of December 31, 2017, 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended December 31, 2017, there were no material transfers between valuation levels.

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, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,854.

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, 2017 and 2016:

	2017		2016
Ordinary income	$	19,124,449	$	14,670,798
Long-term capital gain		—		2,581,618
Total distributions	$	19,124,449	$	17,252,416

Tax Components of Net Assets at Period-End:

	2017
Undistributed ordinary income	$	2,026,147
Net unrealized appreciation — investments		35,121,344
Temporary book/tax differences		(46,630	)
Capital loss carryforward		(1,140,741	)
Shares of beneficial interest		589,765,544
Total net assets	$	625,725,664

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, 2017, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,140,741	$	—	$	1,140,741

* 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  Income Allocation Fund

NOTE 8—Investment Transactions

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, 2017 was $113,366,326 and $49,115,432, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	37,541,570
Aggregate unrealized (depreciation) of investments		(2,420,226	)
Net unrealized appreciation of investments	$	35,121,344

Cost of investments for tax purposes is $590,297,072.

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, 2017, undistributed net investment income was increased by $445,887 and undistributed net realized gain (loss) was decreased by $445,887. This reclassification had no effect on the net assets of the Fund.

NOTE 10—Share Information

	Summary of Share Activity
	Years ended December 31,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		8,390,016		$	96,473,649			13,487,878		$	149,016,802
Class B		7,104			82,694			34,495			382,647
Class C		4,718,408			54,441,894			5,003,251			55,440,617
Class R		420,538			4,868,670			223,894			2,487,511
Class Y		5,475,552			62,899,823			2,542,320			28,076,340
Class R5		124,566			1,432,150			31,419			344,822
Class R6(b)		876			10,000			—			—
Issued as reinvestment of dividends:
Class A		995,848			11,454,241			989,399			10,913,727
Class B		2,916			33,511			5,729			63,046
Class C		269,302			3,102,196			265,346			2,930,437
Class R		15,779			181,591			12,882			142,374
Class Y		139,205			1,604,550			69,307			766,956
Class R5		5,229			60,338			3,062			33,746
Automatic conversion of Class B shares to Class A shares:
Class A		99,233			1,141,784			89,076			973,564
Class B		(99,044	)		(1,141,784	)		(88,886	)		(973,564	)
Reacquired:
Class A		(9,179,305	)		(105,518,402	)		(7,887,261	)		(87,567,922	)
Class B		(18,734	)		(215,506	)		(41,765	)		(458,908	)
Class C		(3,592,624	)		(41,458,725	)		(3,603,448	)		(39,849,025	)
Class R		(289,754	)		(3,359,469	)		(76,211	)		(846,535	)
Class Y		(2,162,362	)		(24,891,362	)		(856,588	)		(9,448,150	)
Class R5		(23,401	)		(269,628	)		(40,638	)		(443,273	)
Net increase in share activity		5,299,348		$	60,932,215			10,163,261		$	111,985,212

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 50% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  Commencement date of April 4, 2017.

22                         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 12/31/17	$	11.21	$	0.38	$	0.50		$	0.88		$	(0.39	)	$	—		$	(0.39	)	$	11.70		7.99	%	$	391,850		0.25	%(e)		0.46	%(e)		3.32	%(e)		8	%
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			0.46			3.64			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
Class B
Year ended 12/31/17		11.23		0.30		0.50			0.80			(0.31	)		—			(0.31	)		11.72		7.18			863		1.00	(e)		1.21	(e)		2.57	(e)		8
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			1.21			2.89			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
Class C
Year ended 12/31/17		11.22		0.30		0.50			0.80			(0.31	)		—			(0.31	)		11.71		7.18			147,051		1.00	(e)		1.21	(e)		2.57	(e)		8
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			1.21			2.89			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
Class R
Year ended 12/31/17		11.22		0.35		0.49			0.84			(0.36	)		—			(0.36	)		11.70		7.63			6,949		0.50	(e)		0.71	(e)		3.07	(e)		8
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			0.71			3.39			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
Class Y
Year ended 12/31/17		11.21		0.41		0.50			0.91			(0.42	)		—			(0.42	)		11.70		8.26			76,898		0.00	(e)		0.21	(e)		3.57	(e)		8
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			0.21			3.89			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
Class R5
Year ended 12/31/17		11.21		0.41		0.50			0.91			(0.42	)		—			(0.42	)		11.70		8.26			2,105		0.00	(e)		0.20	(e)		3.57	(e)		8
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			0.18			3.89			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
Class R6
Year ended 12/31/17(f)		11.42		0.31		0.28			0.59			(0.31	)		—			(0.31	)		11.70		5.25			10		0.00	(e)(g)		0.17	(e)(g)		3.57	(e)(g)		8

^(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 0.54%, 0.58%, 0.62%, 0.62% and 0.60% for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, 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 $381,850, $1,378, $136,952, $5,754, $60,714, $1,646 and $10 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of April 4, 2017.

^(g)  Annualized.

23                         Invesco  Income Allocation Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco Income Allocation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Income Allocation Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, TX

February 23, 2018

We have served as the auditor of one or more of the investment companies in the Invesco/PowerShares group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

24                         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, 2017, through December 31, 2017.

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 (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,032.30	$	1.28	$	1,023.95	$	1.28		0.25	%
B		1,000.00		1,028.40		5.11		1,020.16		5.09		1.00
C		1,000.00		1,028.40		5.11		1,020.16		5.09		1.00
R		1,000.00		1,031.00		2.56		1,022.68		2.55		0.50
Y		1,000.00		1,033.60		0.00		1,025.21		0.00		0.00
R5		1,000.00		1,033.60		0.00		1,025.21		0.00		0.00
R6		1,000.00		1,033.60		0.00		1,025.21		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, 2017 through December 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

25                         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, 2017:

Federal and State Income Tax
Qualified Dividend Income*	20.52	%
Corporate Dividends Received Deduction*	16.20	%
U.S. Treasury Obligations*	3.38	%

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

26                         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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired.	158	None
Teresa M. Ressel  —  1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None
Christopher L. Wilson —  1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)

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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, 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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed 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)
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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., 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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	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

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. 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                                                         Invesco Distributors, Inc. INCAL-AR-1            02162018         1233

	Annual Report to Shareholders	December 31, 2017
	Invesco International Allocation Fund             Nasdaq: A: AINAX  ∎  B: INABX  ∎  C: INACX  ∎  R: RINAX  ∎  Y: AINYX  ∎  R5: INAIX  ∎  R6: INASX

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. Major stock market indexes rose – and set record highs – throughout the reporting period. Generally positive economic data, strong corporate earnings and anticipated tax and regulatory reform contributed to the rally. The US economy expanded during the reporting period, with gross domestic product, the value of all goods and services produced, significantly increasing its growth rate from the first to the third quarter of the year. Tax reform legislation, enacted in December 2017, was a positive for the stock market, but its long-term economic impact was uncertain. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal

Reserve raised interest rates in March, June and December 2017. While US and global bond markets, as well as emerging market equities, sold off early in the reporting period, they recovered much of their losses during the reporting period. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies.

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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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 and the economy 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, 2017, Class A shares of Invesco International Allocation Fund (the Fund), at net asset value (NAV), underperformed 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, 12/31/16 to 12/31/17, 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	24.94	%
Class B Shares	23.98
Class C Shares	23.98
Class R Shares	24.61
Class Y Shares	25.25
Class R5 Shares	25.38
Class R6 Shares*	25.48
MSCI All Country World ex-U.S. Indexq (Broad Market/Style-Specific Index)	27.19
Lipper International Multi-Cap Core Funds Index∎ (Peer Group Index)	24.95
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc. * Class R6 shares incepted on April 4, 2017. See page 7 for more information.

Market conditions and your Fund

Global equity markets delivered positive, and in many cases double-digit, returns over the year ended December 31, 2017. These gains were broadly driven by firming global economic growth, as well as stronger corporate fundamentals. After trailing international markets for the first three quarters of the year, the US equity market outperformed international markets in the fourth quarter. US equity markets received a boost from the prospect of sweeping individual and corporate tax cuts, with a final tax bill approved by Congress in December 2017.

     In developed markets, the US Federal Reserve (the Fed) met in December and increased the benchmark fed funds target rate by 0.25% to a target range of 1.25% to 1.50%.¹ Combined with two other interest rate increases earlier in 2017, the Fed’s decision reflects a more constructive outlook for the US economy. In contrast, the European Central Bank held rates steady at 0% throughout 2017 and maintained its generous bond buying program through at least September 2018, or beyond, until it sees a sustained adjustment in the path of inflation.

    Most emerging markets continued to perform well during 2017. In addition to the improving global economic outlook, other positive tailwinds included reduced expectations for a major shift in US trade policy as well as stronger oil prices. Oil moved higher on production restraint by OPEC and Russia, benefiting commodity-driven emerging markets.

     At the close of 2017, equity market valuations in developed and emerging markets appeared relatively full in absolute terms, but non-US equity markets were trading at a material discount to the US. In sum, while valuations were not cheap, recent earnings growth and upward earnings revisions improved in many non-US developed markets. Interestingly, while 2017 marked the eighth year of the global bull market, we saw a shift in leadership as international stocks outperformed US stocks for the year. Prior to 2017, international stocks had trailed US stocks for four consecutive years and in six of the last seven years.

    In terms of global asset class and investment style performance during the reporting period, all international indexes posted gains, with emerging markets

Portfolio Composition**
Asset Class*	% of Total Investments As of 12/31/2017
Developed Markets		85.0 %
Emerging Markets		15.0

  * 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 $ 159.4 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, 2017.

leading and value stocks in developed markets trailing, but still posting a double-digit return. Macroeconomic conditions also helped explain the strength of the growth and momentum investment factors. A limited risk environment allowed momentum to thrive, while low volatility and quality investment factors trailed.

    Reflecting these trends, allocations to emerging markets through underlying funds contributed to Fund returns relative to the Fund’s style-specific benchmark. All underlying funds posted positive returns for the reporting period, which added to absolute Fund performance. The largest individual contributors to absolute performance included Invesco International Growth Fund, PowerShares FTSE RAFI Developed Markets ex-US Portfolio and Invesco International Core Equity Fund.

    Although there were no detractors from the Fund’s absolute returns, the Fund’s allocation to developed markets detracted from the Fund’s results versus the style-specific benchmark. Funds with a quality or low volatility factor focus trailed the style-specific benchmark, detracting from relative Fund returns. The largest individual detractors relative to the style-specific benchmark included Invesco International Growth Fund, PowerShares S&P International Developed Low Volatility Portfolio and PowerShares International Dividend Achievers Portfolio.

    As part of the Fund’s strategic annual rebalance, PowerShares International Dividend Achievers Portfolio and Invesco Emerging Markets Equity Fund were removed as Fund holdings, and the weight of Invesco International Core Equity Fund was reduced. Proceeds were used to establish a position in Invesco Low Volatility Emerging Markets Fund and increase the weight in Invesco International Companies Fund.

    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: US Federal Reserve

4 Invesco International 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.

	Jacob Borbidge Chartered Financial Analyst, Portfolio Manager and Head of Research for Invesco’s 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.
	Duy Nguyen Chartered Financial Analyst, Portfolio Manager and Chief Investment Officer of Invesco’s 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.

Assisted by Invesco’s Global Solutions Development & 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 12/31/07

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 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (10/31/05)	4.46%
10 Years	1.24
5 Years	4.69
1 Year	18.07
Class B Shares
Inception (10/31/05)	4.43%
10 Years	1.19
5 Years	4.75
1 Year	18.98
Class C Shares
Inception (10/31/05)	4.17%
10 Years	1.05
5 Years	5.08
1 Year	22.98
Class R Shares
Inception (10/31/05)	4.70%
10 Years	1.56
5 Years	5.63
1 Year	24.61
Class Y Shares
10 Years	2.06%
5 Years	6.15
1 Year	25.25
Class R5 Shares
Inception (10/31/05)	5.31%
10 Years	2.18
5 Years	6.35
1 Year	25.38
Class R6 Shares
10 Years	1.86%
5 Years	5.98
1 Year	25.48

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

The performance data quoted represent past performance and cannot guarantee 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, Class R5 and Class R6 shares was 1.47%, 2.22%, 2.22%, 1.72%, 1.22%, 1.03% and 0.98%, 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, 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 0.73% 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, 2017, 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

∎ Effective January 26, 2018, after the close of the reporting period, all outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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

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.

∎ 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

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’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. 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 would place its currency and banking system in jeopardy. 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.

∎ 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).

9 Invesco International Allocation Fund

∎ 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.

∎ 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.

∎ 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 index is computed using the net return, which withholds applicable taxes for non-resident investors.

∎ 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, 2017

Invesco International Allocation Fund

Schedule of Investments in Affiliated Issuers–100.63%^(a)

	% of Net Assets 12/31/17			Value 12/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Dividend Income		Shares 12/31/17		Value 12/31/17
Foreign Equity Funds–99.59%
Invesco Developing Markets Fund–Class R6		4.99	%	$	8,439,140	$	502,747	$	(3,081,952	)	$	981,720		$	1,112,841		$	88,906		212,063	$	7,954,496
Invesco Emerging Market Equity Fund–Class R6		0.00	%		6,428,043		—		(7,452,497	)		992,335			32,119			—		—		—
Invesco International Companies Fund–Class R6		11.96	%		7,076,519		12,090,596		(2,036,215	)		1,505,827			1,822,037			172,807		1,558,769		19,063,742
Invesco International Core Equity Fund–Class R6		9.96	%		25,302,263		777,003		(14,217,981	)		993,008			3,018,806			271,337		1,261,773		15,873,099
Invesco International Growth Fund–Class R6		17.93	%		25,428,052		2,027,245		(3,635,823	)		3,131,340			1,869,226			576,521		776,629		28,572,194
Invesco International Small Company Fund–Class R6		7.00	%		8,530,702		2,204,266		(1,697,581	)		1,269,799			1,240,575			331,012		582,165		11,160,107
Invesco Low Volatility Emerging Markets Fund–Class R6		4.01	%		—		7,130,044		(619,313	)		(151,717	)		811,069			139,328		727,270		6,392,705
PowerShares FTSE RAFI Developed Markets ex- U.S. Portfolio–ETF		17.89	%		20,993,679		5,747,790		(2,986,447	)		4,110,311			641,963			800,423		627,914		28,507,296
PowerShares FTSE RAFI Developed Markets ex-US Small-Mid Portfolio–ETF		8.90	%		9,903,303		3,148,052		(1,821,807	)		2,540,393			410,592			349,504		412,105		14,180,533
PowerShares FTSE RAFI Emerging Markets Portfolio–ETF		6.03	%		8,381,017		1,222,155		(1,862,699	)		1,216,937			651,524			262,351		430,315		9,608,934
PowerShares International Dividend Achievers Portfolio–ETF		0.00	%		9,873,401		166,543		(10,472,585	)		(1,253,875	)		1,686,516			11,318		—		—
PowerShares S&P International Developed Low Volatility Portfolio–ETF		10.92	%		10,620,930		5,992,845		(1,441,898	)		2,059,615			163,356			515,160		516,781		17,394,848
Total Foreign Equity Funds					140,977,049		41,009,286		(51,326,798	)		17,395,693			13,460,624			3,518,667				158,707,954
Money Market Funds–1.04%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(c)		0.36	%		137,443		11,530,681		(11,091,279	)		—			—			2,643		576,845		576,845
Invesco Liquid Assets Portfolio–Institutional Class, 1.40%(c)		0.26	%		—		506,303		(94,273	)		—			—			86		411,989		412,030
Invesco Treasury Portfolio–Institutional Class, 1.17%(c)		0.42	%		91,629		7,969,617		(7,401,994	)		—			—			1,762		659,252		659,252
Total Money Market Funds					229,072		20,006,601		(18,587,546	)		—			—			4,491				1,648,127
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $128,609,464)		100.63	%	$	141,206,121	$	61,015,887	$	(69,914,344	)	$	17,395,693		$	13,460,624	(b)	$	3,523,158			$	160,356,081
OTHER ASSETS LESS LIABILITIES		(0.63	)%																			(997,194	)
NET ASSETS		100.00	%																		$	159,358,887

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 $1,395,022, $247,846, $387,654 and $777,378 of capital gains distributions from affiliated underlying funds for Invesco International Companies Fund, Invesco International Growth Fund, Invesco International Small Company Fund and Invesco Low Volatility Emerging Market Equity fund, respectively.

^(c) The rate shown is the 7-day SEC standardized yield as of December 31, 2017.

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, 2017

Assets:
Investments in affiliated underlying funds, at value (Cost $128,609,464)	$	160,356,081
Receivable for:
Fund shares sold		100,818
Dividends from affiliated underlying funds		605
Investment for trustee deferred compensation and retirement plans		65,180
Other assets		36,953
Total assets		160,559,637
Liabilities:
Payable for:
Investments purchased — affiliated underlying funds		896,177
Fund shares reacquired		89,739
Accrued fees to affiliates		119,236
Accrued trustees’ and officers’ fees and benefits		667
Accrued other operating expenses		22,187
Trustee deferred compensation and retirement plans		72,744
Total liabilities		1,200,750
Net assets applicable to shares outstanding	$	159,358,887
Net assets consist of:
Shares of beneficial interest	$	177,740,832
Undistributed net investment income		444,647
Undistributed net realized gain (loss)		(50,573,209	)
Net unrealized appreciation		31,746,617
	$	159,358,887

Net Assets:
Class A	$	102,478,967
Class B	$	639,587
Class C	$	24,297,038
Class R	$	4,779,075
Class Y	$	19,039,678
Class R5	$	8,112,318
Class R6	$	12,224
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		8,391,943
Class B		52,275
Class C		1,985,963
Class R		391,025
Class Y		1,565,859
Class R5		665,226
Class R6		1,003
Class A:
Net asset value per share	$	12.21
Maximum offering price per share
(Net asset value of $12.21 ¸ 94.50%)	$	12.92
Class B:
Net asset value and offering price per share	$	12.24
Class C:
Net asset value and offering price per share	$	12.23
Class R:
Net asset value and offering price per share	$	12.22
Class Y:
Net asset value and offering price per share	$	12.16
Class R5:
Net asset value and offering price per share	$	12.19
Class R6:
Net asset value and offering price per share	$	12.19

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, 2017

Investment income:
Dividends from affiliated underlying funds	$	3,523,158
Expenses:
Administrative services fees		50,000
Custodian fees		7,577
Distribution fees:
Class A		249,499
Class B		9,168
Class C		229,228
Class R		21,787
Transfer agent fees —A, B, C, R and Y		391,497
Transfer agent fees — R5		7,142
Trustees’ and officers’ fees and benefits		22,588
Registration and filing fees		96,576
Reports to shareholders		83,941
Professional services fees		36,261
Other		11,889
Total expenses		1,217,153
Less: Expense offset arrangement(s)		(4,663	)
Net expenses		1,212,490
Net investment income		2,310,668
Realized and unrealized gain from investments in affiliated underlying fund shares
Net realized gain on sales of affiliated underlying fund shares		10,652,723
Net realized gain from distributions of affiliated underlying fund shares		2,807,900
		13,460,623
Change in net unrealized appreciation of affiliated underlying fund shares		17,395,693
Net gain from affiliated underlying funds		30,856,316
Net increase in net assets resulting from operations	$	33,166,984

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, 2017 and 2016

	2017			2016
Operations:
Net investment income	$	2,310,668		$	2,157,090
Net realized gain (loss)		13,460,623			(17,640,642	)
Change in net unrealized appreciation		17,395,693			23,943,662
Net increase in net assets resulting from operations		33,166,984			8,460,110
Distributions to shareholders from net investment income:
Class A		(1,999,235	)		(1,451,855	)
Class B		(8,413	)		(7,916	)
Class C		(298,596	)		(143,016	)
Class R		(82,330	)		(52,478	)
Class Y		(422,780	)		(117,859	)
Class R5		(189,748	)		(116,009	)
Class R6		(304	)		—
Total distributions from net investment income		(3,001,406	)		(1,889,133	)
Share transactions–net:
Class A		(18,404,467	)		(12,820,980	)
Class B		(721,069	)		(1,238,145	)
Class C		(2,200,367	)		(2,762,874	)
Class R		(451,327	)		(962,366	)
Class Y		9,257,539			(803,290	)
Class R5		488,397			38,039
Class R6		10,824			—
Net increase (decrease) in net assets resulting from share transactions		(12,020,470	)		(18,549,616	)
Net increase (decrease) in net assets		18,145,108			(11,978,639	)
Net assets:
Beginning of year		141,213,779			153,192,418
End of year (includes undistributed net investment income of $444,647 and $629,411, respectively)	$	159,358,887		$	141,213,779

Notes to Financial Statements

December 31, 2017

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 twenty-nine 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 seven different classes of shares: Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6. On April 4, 2017, the Fund began offering Class R6 shares. 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. 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

14                         Invesco International Allocation Fund

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. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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”).

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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)

15                         Invesco International Allocation Fund

is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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 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 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. 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, 2018, 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, Class R5 and Class R6 shares to 2.25%, 3.00%, 3.00%, 2.50%, 2.00%, 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, 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. 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, 2017, 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 services are charged back to

16                         Invesco International Allocation Fund

the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2017, 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $17,866 in front-end sales commissions from the sale of Class A shares and $1,779, $94 and $1,001 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, 2017, 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended December 31, 2017, there were no material transfers between valuation levels.

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, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,663.

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, 2017 and 2016:

	2017		2016
Ordinary income	$	3,001,406	$	1,889,133

Tax Components of Net Assets at Period-End:

	2017
Undistributed ordinary income	$	506,493
Net unrealized appreciation — investments		21,658,504
Temporary book/tax differences		(61,846	)
Capital loss carryforward		(40,485,096	)
Shares of beneficial interest		177,740,832
Total net assets	$	159,358,887

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, 2017, which expires as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
December 31, 2018	$	9,317,140	$	—	$	9,317,140
Not subject to expiration		—		31,167,956		31,167,956
	$	9,317,140	$	31,167,956	$	40,485,096

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

NOTE 8—Investment Transactions

The aggregate amount of investment securities (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, 2017 was $41,009,286 and $51,326,798, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	21,810,422
Aggregate unrealized (depreciation) of investments		(151,918	)
Net unrealized appreciation of investments	$	21,658,504

Cost of investments for tax purposes is $138,697,577.

NOTE 9—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of capital loss carryforward and capital gain distributions, on December 31, 2017, undistributed net investment income was increased by $505,974, undistributed net realized gain (loss) was increased by $22,777,314 and shares of beneficial interest was decreased by $23,283,288. 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,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		1,185,449		$	13,458,629			1,381,909		$	13,328,295
Class B		6,219			72,137			8,550			81,414
Class C		353,728			4,044,085			285,095			2,770,800
Class R		144,930			1,694,381			92,667			907,099
Class Y		1,547,234			16,760,085			491,952			4,883,477
Class R5		99,361			1,138,487			102,752			998,236
Class R6(b)		1,001			10,803			—			—
Issued as reinvestment of dividends:
Class A		165,634			1,989,251			138,116			1,367,350
Class B		698			8,403			758			7,531
Class C		24,530			295,346			12,320			122,342
Class R		6,849			82,330			5,295			52,478
Class Y		34,293			410,140			9,386			92,541
Class R5		15,806			189,519			11,664			115,355
Class R6		2			21			—			—
Automatic conversion of Class B shares to Class A shares:
Class A		55,286			626,761			99,610			964,895
Class B		(55,359	)		(626,761	)		(99,742	)		(964,895	)
Reacquired:
Class A		(3,113,046	)		(34,479,108	)		(2,924,424	)		(28,481,520	)
Class B		(15,685	)		(174,848	)		(38,417	)		(362,195	)
Class C		(583,088	)		(6,539,798	)		(582,816	)		(5,656,016	)
Class R		(197,702	)		(2,228,038	)		(195,263	)		(1,921,943	)
Class Y		(709,464	)		(7,912,686	)		(585,036	)		(5,779,308	)
Class R5		(73,793	)		(839,609	)		(111,389	)		(1,075,552	)
Net increase (decrease) in share activity		(1,107,117	)	$	(12,020,470	)		(1,897,013	)	$	(18,549,616	)

^(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.

^(b)  Commencement date of April 4, 2017.

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 12/31/17	$	9.97	$	0.18	$	2.30		$	2.48		$	(0.24	)	$	12.21		24.94	%	$	102,479		0.72	%(e)		0.72	%(e)		1.61	%(e)		27	%
Year ended 12/31/16		9.54		0.15		0.42			0.57			(0.14	)		9.97		6.03			100,698		0.70			0.70			1.56			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
Class B
Year ended 12/31/17		9.99		0.10		2.30			2.40			(0.15	)		12.24		24.08			640		1.47	(e)		1.47	(e)		0.86	(e)		27
Year ended 12/31/16		9.56		0.08		0.42			0.50			(0.07	)		9.99		5.18			1,163		1.45			1.45			0.81			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
Class C
Year ended 12/31/17		9.99		0.10		2.29			2.39			(0.15	)		12.23		23.98			24,297		1.47	(e)		1.47	(e)		0.86	(e)		27
Year ended 12/31/16		9.55		0.08		0.43			0.51			(0.07	)		9.99		5.29			21,890		1.45			1.45			0.81			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
Class R
Year ended 12/31/17		9.98		0.15		2.30			2.45			(0.21	)		12.22		24.61			4,779		0.97	(e)		0.97	(e)		1.36	(e)		27
Year ended 12/31/16		9.55		0.13		0.42			0.55			(0.12	)		9.98		5.75			4,361		0.95			0.95			1.31			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
Class Y
Year ended 12/31/17		9.93		0.21		2.29			2.50			(0.27	)		12.16		25.25			19,040		0.47	(e)		0.47	(e)		1.86	(e)		27
Year ended 12/31/16		9.50		0.18		0.42			0.60			(0.17	)		9.93		6.34			6,889		0.45			0.45			1.81			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
Class R5
Year ended 12/31/17		9.96		0.23		2.29			2.52			(0.29	)		12.19		25.38			8,112		0.30	(e)		0.30	(e)		2.03	(e)		27
Year ended 12/31/16		9.53		0.20		0.42			0.62			(0.19	)		9.96		6.52			6,212		0.26			0.26			2.00			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
Class R6
Year ended 12/31/17(f)		10.74		0.19		1.56			1.75			(0.30	)		12.19		16.38			12		0.21	(e)(g)		0.21	(e)(g)		2.12	(e)(g)		27

^(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 0.73%, 0.77%, 0.81%, 0.88% and 0.88% for the years ended December 31, 2017, 2016, 2015, 2014 and 2013 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 $99,799, $917, $22,923, $4,357, $15,716, $7,207 and $11 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(f)  Commencement date of April 4, 2017.

^(g)  Annualized.

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 Invesco International Allocation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco International Allocation Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, TX

February 23, 2018

We have served as the auditor of one or more of the investment companies in the Invesco/PowerShares group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

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, 2017, through December 31, 2017.

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 (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,098.50	$	3.65	$	1,021.73	$	3.52		0.69	%
B		1,000.00		1,094.20		7.60		1,017.95		7.32		1.44
C		1,000.00		1,094.20		7.60		1,017.95		7.32		1.44
R		1,000.00		1,097.70		4.97		1,020.47		4.79		0.94
Y		1,000.00		1,100.70		2.33		1,022.99		2.24		0.44
R5		1,000.00		1,101.20		1.48		1,023.79		1.43		0.28
R6		1,000.00		1,101.30		1.01		1,024.25		0.97		0.19

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2017 through December 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

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, 2017:

Federal and State Income Tax
Qualified Dividend Income*	100%
Corporate Dividends Received Deduction*	0%
U.S. Treasury Obligations*	0.02%

* 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

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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired.	158	None
Teresa M. Ressel  —  1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None
Christopher L. Wilson —  1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)

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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, 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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed 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)
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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., 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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	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

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. 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                         Invesco Distributors, Inc.                                                           INTAL-AR-1                                       02152018    1508

	Annual Report to Shareholders	December 31, 2017
	Invesco Mid Cap Core Equity Fund
	Nasdaq:
	A: GTAGX ◾ B: GTABX ◾ C: GTACX  ◾ R: GTARX ◾ Y: GTAYX ◾ R5: GTAVX ◾ R6: GTAFX

Letters to Shareholders

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.

    Major stock market indexes rose – and set record highs – throughout the reporting period. Generally positive economic data, strong corporate earnings and anticipated tax and regulatory reform contributed to the rally. The US economy expanded during the reporting period, with gross domestic product, the value of all goods and services produced, significantly increasing its growth rate from the first to the third quarter of the year. Tax reform legislation, enacted in December 2017, was a positive for the stock market, but its long-term economic impact was uncertain. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates in March, June and December 2017. While US and global bond markets, as well as emerging market equities, sold off early in the reporting period, they recovered much of their losses during the reporting period. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies.

    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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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 and the economy 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

	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, 2017, 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.			law in December 2017. While its enactment further strengthened stocks, its effect on the US economy remained uncertain. During the year, stock selection in the consumer discretionary and materials sectors benefited Fund performance relative to the style-specific benchmark. In addition, underweight exposure to the consumer staples, telecommunication services and utilities sectors contributed to the Fund’s performance. While stock selection in the information technology (IT) sector hindered the Fund’s relative performance, overweight exposure to the sector produced positive overall results. The largest detractors from Fund performance included stock selection in the health care and energy sectors, as well as underweight exposure to the former and overweight exposure to the latter. One of the most significant contributors to Fund performance was semiconductor company Teradyne. The company reported strong revenue and earnings growth and benefited from generally strong performance of the IT sector. The largest home construction company in the US, D.R. Horton, was another top performer for the year. The company’s stock price benefited from positive earnings data and increased activity in homebuilding and remodeling. IT consulting firm EPAM Systems was also a contributor to Fund performance. The company’s positive performance was attributed to better-than-expected earnings and rising demand for its IT services. The largest individual detractors from the Fund’s performance versus the style-specific benchmark were natural gas companies Range Resources and Seven Generations Energy. Range Resources underperformed due to disappointing earnings results and a reduction in its forward guidance. Seven Generations
Fund vs. Indexes
Total returns, 12/31/16 to 12/31/17, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares		15.04%
Class B Shares		14.21
Class C Shares		14.19
Class R Shares		14.75
Class Y Shares		15.33
Class R5 Shares		15.49
Class R6 Shares		15.52
S&P 500 Indexq (Broad Market Index)		21.83
Russell Midcap Indexq (Style-Specific Index)		18.52
Lipper Mid-Cap Core Funds Index∎ (Peer Group Index)		15.62
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.
Market conditions and your Fund Despite highly destructive hurricanes that threatened to derail a years-long economic recovery, the US economy continued to expand throughout the year ended December 31, 2017. Gross domestic product – the value of all goods and services produced in the US – expanded in the first three quarters of 2017. Inflation remained subdued even as unemployment continued its multiyear decline. Given signs of an improving economy, the US Federal Reserve (the Fed) raised interest rates three times during the reporting period, most recently in December 2017; each rate hike was 25 basis points.1 (A basis point is 0.01%.) The Fed pledged that “realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation” will guide its future actions. At the close of the reporting	period, Fed policy remained accommodative, and the fed funds target rate stood at a range of 1.25% to 1.50% – 75 basis points higher than at the start of the reporting period.1 Higher inventories and a worsening outlook caused oil prices and many energy stocks to decline during the first half of 2017. However, oil prices rose significantly in the second half of the reporting period as expectations for lower supplies increased, partly due to continued OPEC production cuts, and demand began normalizing. Major US stock market indexes repeatedly hit all-time highs throughout the reporting period. The stock market rally that began after the 2016 presidential election continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confi-dence. Finally, after much debate in Congress, a tax reform bill was signed into

Portfolio Composition
By sector	% of total net assets
Information Technology		20.7%
Industrials		15.8
Consumer Discretionary		12.2
Health Care		8.9
Financials		8.8
Materials		6.0
Energy		5.0
Utilities		1.2
Money Market Funds
Plus Other Assets Less Liabilities		21.4

Top 10 Equity Holdings*
% of total net assets
1. Dover Corp.	2.8%
2. Teradyne, Inc.	2.7
3. Stanley Black & Decker Inc.	2.7
4. Agilent Technologies, Inc.	2.6
5. EPAM Systems, Inc.	2.2
6. St. James’s Place PLC	2.1
7. D.R. Horton, Inc.	2.0
8. Samsonite International S.A.	2.0
9. Jack Henry & Associates, Inc.	2.0
10. Amphenol Corp.-Class A	1.9

Total Net Assets	$	1.2 billion
Total Number of Holdings*		58

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, 2017.

4 Invesco Mid Cap Core Equity Fund

Energy received negative market reaction to a slight increase in its 2018 spending plan. Both companies were negatively affected by declining natural gas prices. We sold our position in Range Resources before the close of the reporting period.

Also detracting for the year was media conglomerate Viacom, which declined following disappointing earnings results and worse-than-expected guidance.

Finally, the Fund’s conservative positioning and allocation to cash hampered Fund performance during the year. We have been quite active in deploying cash during periods of market volatility, and we remain focused on putting these assets back to work.

At the close of the reporting period, our largest overweight position relative to the Russell Midcap Index was in the IT sector. The largest underweight positions were in the consumer staples, health care, real estate and utilities sectors. The Fund also had a slight underweight position in the financials sector.

As always, the Fund focuses on companies that provide an attractive return on invested capital, trade at attractive valuations and have high-quality 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: 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 Co-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 12/31/07

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

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.

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 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (6/9/87)	10.28	%
10 Years	5.63
5 Years	9.48
1 Year	8.72
Class B Shares
Inception (4/1/93)	9.76	%
10 Years	5.59
5 Years	9.68
1 Year	9.62
Class C Shares
Inception (5/3/99)	8.00	%
10 Years	5.44
5 Years	9.90
1 Year	13.27
Class R Shares
Inception (6/3/02)	7.06	%
10 Years	5.97
5 Years	10.44
1 Year	14.75
Class Y Shares
10 Years	6.47	%
5 Years	11.00
1 Year	15.33
Class R5 Shares
Inception (3/15/02)	7.54	%
10 Years	6.65
5 Years	11.15
1 Year	15.49
Class R6 Shares
10 Years	6.49	%
5 Years	11.22
1 Year	15.52

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.

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 1.24%, 1.99%, 1.99%, 1.49%, 0.99%, 0.86% and 0.78%, 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 1.26%, 2.01%, 2.01%, 1.51%, 1.01%, 0.88% and 0.80%, 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, 2019. 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, 2017, 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

∎ Effective January 26, 2018, after the close of the reporting period, all outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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

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

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, 2017

	Shares		Value
Common Stocks–78.61%
Apparel, Accessories & Luxury Goods–2.04%
Samsonite International S.A.		5,311,800	$	24,407,534
Application Software–0.96%
Synopsys, Inc.(b)		134,569		11,470,662
Asset Management & Custody Banks–2.11%
St. James’s Place PLC (United Kingdom)		1,526,842		25,237,202
Biotechnology–1.07%
BioMarin Pharmaceutical Inc.(b)		143,644		12,808,735
Casinos & Gaming–1.85%
Wynn Resorts Ltd.		130,934		22,074,163
Communications Equipment–1.23%
Motorola Solutions, Inc.		162,365		14,668,054
Data Processing & Outsourced Services–1.98%
Jack Henry & Associates, Inc.		202,152		23,643,698
Electronic Components–1.94%
Amphenol Corp.–Class A		263,498		23,135,124
Electronic Equipment & Instruments–0.50%
Keysight Technologies, Inc.(b)		142,413		5,924,381
Electronic Manufacturing Services–0.79%
IPG Photonics Corp.(b)		43,853		9,390,243
Environmental & Facilities Services–1.88%
Republic Services, Inc.		221,725		14,990,827
Tetra Tech, Inc.		154,858		7,456,413
				22,447,240
Financial Exchanges & Data–1.60%
Moody’s Corp.		129,153		19,064,274
General Merchandise Stores–1.83%
Dollar General Corp.		234,843		21,842,747
Health Care Equipment–4.04%
Becton, Dickinson and Co.		12,719		2,722,608
ResMed Inc.		173,950		14,731,825
Wright Medical Group N.V.(b)		547,213		12,148,129
Zimmer Biomet Holdings, Inc.		155,279		18,737,517
				48,340,079
Health Care Supplies–1.11%
DENTSPLY SIRONA Inc.		201,028		13,233,673
Home Furnishings–1.70%
Mohawk Industries, Inc.(b)		73,464		20,268,718
Homebuilding–2.04%
D.R. Horton, Inc.		478,521		24,438,067
Household Appliances–1.16%
Whirlpool Corp.		82,356		13,888,516

	Shares		Value
Industrial Machinery–12.70%
Colfax Corp.(b)		493,770	$	19,563,167
Crane Co.		69,425		6,194,099
Dover Corp.		326,114		32,934,253
Fortive Corp.		245,298		17,747,310
ITT Inc.		301,177		16,073,817
Nordson Corp.		102,818		15,052,555
Parker-Hannifin Corp.		32,162		6,418,892
Stanley Black & Decker Inc.		187,422		31,803,639
Timken Co. (The)		122,802		6,035,718
				151,823,450
Internet Software & Services–1.40%
Just Eat PLC (United Kingdom)(b)		1,598,402		16,767,185
IT Consulting & Other Services–2.20%
EPAM Systems, Inc.(b)		245,302		26,352,794
Life & Health Insurance–1.28%
Torchmark Corp.		169,256		15,353,212
Life Sciences Tools & Services–2.62%
Agilent Technologies, Inc.		468,397		31,368,547
Movies & Entertainment–1.61%
Viacom Inc.–Class B		626,429		19,300,277
Multi-Utilities–1.22%
CMS Energy Corp.		307,430		14,541,439
Office Services & Supplies–0.73%
Société BIC S.A. (France)		79,044		8,692,759
Oil & Gas Equipment & Services–1.34%
Core Laboratories N.V.		145,678		15,959,025
Oil & Gas Exploration & Production–3.70%
Concho Resources Inc.(b)		140,951		21,173,659
Seven Generations Energy Ltd.–Class A (Canada)(b)		755,423		10,686,149
Vermilion Energy, Inc. (Canada)		339,820		12,350,209
				44,210,017
Paper Packaging–1.41%
Packaging Corp. of America		139,768		16,849,032
Property & Casualty Insurance–2.86%
Arch Capital Group Ltd.(b)		184,475		16,744,796
Progressive Corp. (The)		309,067		17,406,653
				34,151,449
Railroads–0.51%
Genesee & Wyoming Inc.–Class A(b)		77,455		6,098,032
Regional Banks–0.94%
First Republic Bank		129,001		11,176,647

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

9                         Invesco Mid Cap Core Equity Fund

	Shares		Value
Semiconductor Equipment–4.58%
KLA-Tencor Corp.		157,177	$	16,514,587
MKS Instruments, Inc.		64,577		6,102,527
Teradyne, Inc.		767,563		32,137,863
				54,754,977
Semiconductors–5.13%
Cypress Semiconductor Corp.		402,737		6,137,712
MACOM Technology Solutions Holdings, Inc.(b)		345,391		11,239,023
Microchip Technology Inc.		256,840		22,571,099
Xilinx, Inc.		317,721		21,420,750
				61,368,584
Specialty Chemicals–4.02%
Albemarle Corp.		118,456		15,149,338
International Flavors & Fragrances Inc.		108,253		16,520,490
PPG Industries, Inc.		140,264		16,385,641
				48,055,469

	Shares		Value
Steel–0.53%
Reliance Steel & Aluminum Co.		73,802	$	6,331,474
Total Common Stocks (Cost $614,630,445)				939,437,479
Money Market Funds–21.08%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(c)		88,195,832		88,195,832
Invesco Liquid Assets Portfolio–Institutional Class, 1.40%(c)		62,984,615		62,990,913
Invesco Treasury Portfolio–Institutional Class, 1.17%(c)		100,795,236		100,795,236
Total Money Market Funds (Cost $251,987,571)				251,981,981
TOTAL INVESTMENTS IN SECURITIES–99.69% (Cost $866,618,016)				1,191,419,460
OTHER ASSETS LESS LIABILITIES–0.31%				3,673,104
NET ASSETS–100.00%			$	1,195,092,564

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, 2017.

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, 2017

Assets:
Investments in securities, at value (Cost $614,630,445)	$	939,437,479
Investments in affiliated money market funds, at value (Cost $251,987,571)		251,981,981
Receivable for:
Investments sold		8,310,757
Fund shares sold		674,711
Dividends		1,061,687
Investment for trustee deferred compensation and retirement plans		482,557
Other assets		37,201
Total assets		1,201,986,373
Liabilities:
Payable for:
Investments purchased		2,725,915
Fund shares reacquired		2,646,735
Accrued fees to affiliates		806,716
Accrued trustees’ and officers’ fees and benefits		1,228
Accrued other operating expenses		175,050
Trustee deferred compensation and retirement plans		538,165
Total liabilities		6,893,809
Net assets applicable to shares outstanding	$	1,195,092,564
Net assets consist of:
Shares of beneficial interest	$	863,695,108
Undistributed net investment income		(364,787	)
Undistributed net realized gain		6,960,696
Net unrealized appreciation		324,801,547
	$	1,195,092,564

Net Assets:
Class A	$	893,885,690
Class B	$	4,380,377
Class C	$	91,794,336
Class R	$	57,532,406
Class Y	$	85,402,103
Class R5	$	27,351,435
Class R6	$	34,746,217
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		41,515,255
Class B		341,475
Class C		7,191,826
Class R		2,788,665
Class Y		3,889,174
Class R5		1,155,337
Class R6		1,466,676
Class A:
Net asset value per share	$	21.53
Maximum offering price per share
(Net asset value of $21.53 ¸ 94.50%)	$	22.78
Class B:
Net asset value and offering price per share	$	12.83
Class C:
Net asset value and offering price per share	$	12.76
Class R:
Net asset value and offering price per share	$	20.63
Class Y:
Net asset value and offering price per share	$	21.96
Class R5:
Net asset value and offering price per share	$	23.67
Class R6:
Net asset value and offering price per share	$	23.69

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, 2017

Investment income:
Dividends (net of foreign withholding taxes of $291,479)	$	14,078,728
Dividends from affiliated money market funds		1,815,184
Total investment income		15,893,912
Expenses:
Advisory fees		8,710,080
Administrative services fees		314,010
Custodian fees		57,366
Distribution fees:
Class A		2,250,836
Class B		71,847
Class C		1,008,943
Class R		301,029
Transfer agent fees — A, B, C, R and Y		2,465,204
Transfer agent fees — R5		37,752
Transfer agent fees — R6		3,837
Trustees’ and officers’ fees and benefits		37,897
Registration and filing fees		133,178
Reports to shareholders		419,228
Professional services fees		68,701
Other		29,658
Total expenses		15,909,566
Less: Fees waived and expense offset arrangement(s)		(269,440	)
Net expenses		15,640,126
Net investment income		253,786
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities (includes net gains (losses) from securities sold to affiliates of $(1,104,028))		162,091,233
Foreign currencies		(83,027	)
		162,008,206
Change in net unrealized appreciation of:
Investment securities		10,119,738
Foreign currencies		14,723
		10,134,461
Net realized and unrealized gain		172,142,667
Net increase in net assets resulting from operations	$	172,396,453

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, 2017 and 2016

	2017			2016
Operations:
Net investment income	$	253,786		$	4,877,256
Net realized gain		162,008,206			79,427,357
Change in net unrealized appreciation		10,134,461			61,513,733
Net increase in net assets resulting from operations		172,396,453			145,818,346
Distributions to shareholders from net investment income:
Class A		(1,223,553	)		(2,595,461	)
Class R		(81,786	)		(12,025	)
Class Y		(119,748	)		(502,044	)
Class R5		(34,298	)		(348,580	)
Class R6		(42,442	)		(44,451	)
Total distributions from net investment income		(1,501,827	)		(3,502,561	)
Distributions to shareholders from net realized gains:
Class A		(114,032,966	)		(84,531,272	)
Class B		(926,738	)		(1,445,547	)
Class C		(18,410,425	)		(14,988,712	)
Class R		(7,622,380	)		(6,163,627	)
Class Y		(11,160,305	)		(8,632,585	)
Class R5		(3,196,595	)		(3,846,347	)
Class R6		(3,955,496	)		(349,120	)
Total distributions from net realized gains		(159,304,905	)		(119,957,210	)
Share transactions–net:
Class A		(35,154,112	)		(36,092,471	)
Class B		(5,885,416	)		(5,685,669	)
Class C		(11,744,459	)		(13,271,939	)
Class R		(7,670,663	)		(13,048,614	)
Class Y		(14,292,428	)		(654,126,853	)
Class R5		(20,196,934	)		(1,888,601	)
Class R6		32,512,972			838,845
Net increase (decrease) in net assets resulting from share transactions		(62,431,040	)		(723,275,302	)
Net increase (decrease) in net assets		(50,841,319	)		(700,916,727	)
Net assets:
Beginning of year		1,245,933,883			1,946,850,610
End of year (includes undistributed net investment income of $(364,787) and $966,282, respectively)	$	1,195,092,564		$	1,245,933,883

Notes to Financial Statements

December 31, 2017

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 twenty-nine 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, 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

13                         Invesco Mid Cap Core Equity Fund

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. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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.

14                         Invesco Mid Cap Core Equity 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. 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

15                         Invesco Mid Cap Core Equity Fund

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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $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, 2017, the effective advisory fees incurred by the Fund was 0.71%.

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, 2018, 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2019, 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, 2017, the Adviser waived advisory fees of $251,322.

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, 2017, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2017, 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2017, 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

16                         Invesco Mid Cap Core Equity Fund

proceeds prior to remittance to the shareholder. During the year ended December 31, 2017, IDI advised the Fund that IDI retained $155,138 in front-end sales commissions from the sale of Class A shares and $15,841 and $1,592 from Class A 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, 2017. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended December 31, 2017, there were no material transfers between valuation levels.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks	$	897,433,092	$	42,004,387	$	—	$	939,437,479
Money Market Funds		251,981,981		—		—		251,981,981
Total Investments	$	1,149,415,073	$	42,004,387	$	—	$	1,191,419,460

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, 2017, the Fund engaged in securities sales of $11,513,360, which resulted in net realized gains (losses) of $(1,104,028).

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, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $18,118.

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, 2017 and 2016:

	2017		2016
Ordinary income	$	1,501,827	$	3,502,561
Long-term capital gain		159,304,905		119,957,210
Total distributions	$	160,806,732	$	123,459,771

Tax Components of Net Assets at Period-End:

	2017
Undistributed ordinary income	$	298,578
Undistributed long-term gain		9,099,060
Net unrealized appreciation — investments		322,663,080
Net unrealized appreciation (depreciation) — foreign currencies		(185,722	)
Temporary book/tax differences		(477,540	)
Shares of beneficial interest		863,695,108
Total net assets	$	1,195,092,564

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, 2017.

NOTE 9—Investment Transactions

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, 2017 was $452,612,075 and $758,848,294, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	340,794,270
Aggregate unrealized (depreciation) of investments		(18,131,190	)
Net unrealized appreciation of investments	$	322,663,080

Cost of investments for tax purposes is $868,756,380.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of foreign currency transactions, on December 31, 2017, undistributed net investment income was decreased by $83,028 and undistributed net realized gain was increased by $83,028. 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,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		3,891,991		$	88,828,526			5,016,706		$	109,629,555
Class B		11,628			168,564			15,642			234,231
Class C		536,171			7,821,457			673,918			9,987,483
Class R		513,244			11,237,144			576,556			12,165,402
Class Y		3,388,163			77,555,215			4,134,893			90,888,838
Class R5		169,341			4,163,257			460,419			11,059,695
Class R6		1,310,605			33,411,207			59,658			1,425,795
Issued as reinvestment of dividends:
Class A		5,261,271			111,696,789			3,857,642			83,672,240
Class B		71,240			901,191			99,396			1,404,461
Class C		1,421,159			17,892,430			1,023,944			14,406,890
Class R		378,191			7,696,196			294,427			6,168,256
Class Y		461,178			9,984,512			370,680			8,158,662
Class R5		138,269			3,227,205			177,398			4,165,303
Class R6		167,493			3,912,634			16,719			392,559
Automatic conversion of Class B shares to Class A shares:
Class A		231,673			5,297,873			200,849			4,389,313
Class B		(359,105	)		(5,297,873	)		(295,256	)		(4,389,313	)
Reacquired:
Class A		(10,595,929	)		(240,977,300	)		(10,618,265	)		(233,783,579	)
Class B		(112,507	)		(1,657,298	)		(197,914	)		(2,935,048	)
Class C		(2,552,604	)		(37,458,346	)		(2,542,461	)		(37,666,312	)
Class R		(1,214,987	)		(26,604,003	)		(1,480,962	)		(31,382,272	)
Class Y		(4,331,339	)		(101,832,155	)		(34,859,778	)		(753,174,353	)
Class R5		(1,100,188	)		(27,587,396	)		(736,720	)		(17,113,599	)
Class R6		(190,626	)		(4,810,869	)		(40,100	)		(979,509	)
Net increase (decrease) in share activity		(2,505,668	)	$	(62,431,040	)		(33,792,609	)	$	(723,275,302	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% 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 12/31/17	$	21.48	$	0.01		$	3.17		$	3.18		$	(0.03	)	$	(3.10	)	$	(3.13	)	$	21.53		15.04	%	$	893,886		1.23	%(d)		1.25	%(d)		0.06	%(d)		45	%
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			1.24			0.35			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
Class B
Year ended 12/31/17		13.99		(0.10	)		2.04			1.94			—			(3.10	)		(3.10	)		12.83		14.21			4,380		1.98	(d)		2.00	(d)		(0.69	)(d)		45
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			1.99			(0.40	)		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
Class C
Year ended 12/31/17		13.93		(0.10	)		2.03			1.93			—			(3.10	)		(3.10	)		12.76		14.18			91,794		1.98	(d)		2.00	(d)		(0.69	)(d)		45
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			1.99			(0.40	)		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
Class R
Year ended 12/31/17		20.75		(0.04	)		3.05			3.01			(0.03	)		(3.10	)		(3.13	)		20.63		14.75			57,532		1.48	(d)		1.50	(d)		(0.19	)(d)		45
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			1.49			0.10			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
Class Y
Year ended 12/31/17		21.80		0.07			3.22			3.29			(0.03	)		(3.10	)		(3.13	)		21.96		15.33			85,402		0.98	(d)		1.00	(d)		0.31	(d)		45
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			0.99			0.60			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
Class R5
Year ended 12/31/17		23.26		0.10			3.44			3.54			(0.03	)		(3.10	)		(3.13	)		23.67		15.44			27,351		0.87	(d)		0.89	(d)		0.42	(d)		45
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			0.86			0.73			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
Class R6
Year ended 12/31/17		23.26		0.12			3.44			3.56			(0.03	)		(3.10	)		(3.13	)		23.69		15.52			34,746		0.79	(d)		0.81	(d)		0.50	(d)		45
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			0.78			0.81			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

^(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 $900,335, $7,185, $100,894, $60,206, $113,140, $36,836 and $16,231 for Class A, Class B, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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 Invesco Mid Cap Core Equity Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Mid Cap Core Equity Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, TX

February 23, 2018

We have served as the auditor of one or more of the investment companies in the Invesco/PowerShares group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

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, 2017 through December 31, 2017.

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 (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,071.10	$	6.37	$	1,019.06	$	6.21		1.22	%
B		1,000.00		1,067.30		10.27		1,015.27		10.01		1.97
C		1,000.00		1,067.60		10.27		1,015.27		10.01		1.97
R		1,000.00		1,070.10		7.67		1,017.80		7.48		1.47
Y		1,000.00		1,072.60		5.07		1,020.32		4.94		0.97
R5		1,000.00		1,073.70		4.55		1,020.82		4.43		0.87
R6		1,000.00		1,073.60		4.18		1,021.17		4.08		0.80

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2017 through December 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

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, 2017:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	159,304,905
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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired.	158	None
Teresa M. Ressel  —  1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None
Christopher L. Wilson —  1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)

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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, 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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed 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)
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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., 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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	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

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. 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                 Invesco Distributors, Inc. MCCE-AR-1         02092018     0854

	Annual Report to Shareholders	December 31, 2017
	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. Major stock market indexes rose – and set record highs – throughout the reporting period. Generally positive economic data, strong corporate earnings and anticipated tax and regulatory reform contributed to the rally. The US economy expanded during the reporting period, with gross domestic product, the value of all goods and services produced, significantly increasing its growth rate from the first to the third quarter of the year. Tax reform legislation, enacted in December 2017, was a positive for the stock market, but its long-term economic impact was uncertain. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised

interest rates in March, June and December 2017. While US and global bond markets, as well as emerging market equities, sold off early in the reporting period, they recovered much of their losses during the reporting period. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies.

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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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 and the economy 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, 2017, 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, the Fund’s broad market index. Your Fund’s long-term performance appears later in this report.
Fund vs. Indexes
Total returns, 12/31/16 to 12/31/17, 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	6.27	%
Class C Shares	5.48
Class R Shares	6.05
Class Y Shares	6.62
Class R5 Shares	6.63
Class R6 Shares	6.63
Bloomberg Barclays 1-3 Month Treasury Bill Indexq (Broad Market Index)	0.82
U.S. Consumer Price Index∎ (Style-Specific Index)	2.11
Lipper Flexible Portfolio Funds Index¨ (Peer Group Index)	15.47
Source(s): qFactSet Research Systems Inc.; ∎Bloomberg L.P.; ¨Lipper Inc.

Market conditions and your Fund

Despite highly destructive hurricanes that threatened to derail a years-long economic recovery, the US economy continued to expand throughout the year ended December 31, 2017. Gross domestic product – the value of all goods and services produced in the US – expanded in the first three quarters of 2017.

Given signs of an improving economy, the US Federal Reserve (the Fed) raised interest rates three times during the reporting period, most recently in December 2017; each rate hike was 25 basis points.¹ (A basis point is 0.01%.) The Fed pledged that “realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation” will guide its future actions. At the close of the reporting period, Fed policy remained accommodative, and the fed funds target rate stood at a range of 1.25% to 1.50% - 75 basis points higher than at the start of the reporting period.¹

Higher inventories and a worsening outlook caused oil prices and many energy stocks to decline during the first half of 2017. However, oil prices rose

significantly in the second half of the reporting period as expectations for lower supplies increased, partly due to continued OPEC production cuts, and demand began normalizing.

Major US stock market indexes repeatedly hit all-time highs throughout the reporting period. The stock market rally that began after the 2016 presidential election continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confidence. Finally, after much debate in Congress, a tax reform bill was signed into law in December 2017, which further strengthened stocks.

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, exchange-traded funds and other pooled investment vehicles. During the reporting period, US inflation remained subdued even as unemployment continued its multiyear decline and the economy continued to expand. In the 12 months through December 2017, the U.S. Consumer Price Index increased 2.11%.²

From an asset class perspective, the

Portfolio Composition*
By fund type, based on total investments
Equity Funds	41.0	%
Fixed Income Funds	34.4
Alternative Funds	24.1
Money Market Funds	0.5

  Total Net Assets $ 1.4 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, 2017.

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

top contributors to absolute Fund performance during the reporting period were health care, infrastructure and US equities. Health care was the largest contributor due to the Fund’s investments in iShares U.S. Healthcare ETF and Invesco Global Health Care Fund, which benefited from its allocations to companies in bio-tech, pharmaceuticals and managed care. Other strong individual contributors included Invesco Global Infrastructure Fund and iShares U.S. Consumer Goods ETF, which both benefited from the continued expansion of the US economy.

The only detractor from absolute Fund performance was Invesco Energy Fund, which posted negative returns due to a sharp drop in oil prices early in the reporting period. While fixed income did not detract from absolute performance, underlying funds representing the asset class posted tepid returns, in the low to high single digits, which weighed on Fund results.

More broadly, it is important to emphasize that the Fund is designed to invest in inflation-sensitive asset classes. Under normal market conditions, price pressures are expected to manifest in such inflation-sensitive asset classes, particularly during periods of economic growth and low unemployment. But as of the close of the reporting period, the Fed also recognized that inflationary pressure had yet to fully manifest, and the returns of inflation-sensitive asset classes trailed the broader equity market.

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.

During the reporting period, we swapped some of the underlying holdings in order to adjust exposures to certain asset classes. Specifically, we replaced Invesco Global Healthcare Fund with iShares U.S. Healthcare Portfolio. We also replaced Invesco Global Real Estate Fund with Invesco Global Real Estate Income Fund. Additionally, we replaced iShares TIPS Bond ETF with Invesco Short Duration Inflation Protection Fund.

4 Invesco Multi-Asset Inflation Fund

We also trimmed our position in Invesco Energy Fund and used the proceeds to create a position in Energy Select Sector SPDR Fund.

Thank you for investing in Invesco Multi-Asset Inflation Fund.

1 Source: US Federal Reserve

2 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 & 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.

*U.S. Consumer Price Index data are monthly. Performance is from Sept. 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 12/31/17, including maximum applicable

 sales charges

Class A Shares
Inception (10/14/14)	-1.79%
1 Year	0.44
Class C Shares
Inception (10/14/14)	-0.80%
1 Year	4.48
Class R Shares
Inception (10/14/14)	-0.28%
1 Year	6.05
Class Y Shares
Inception (10/14/14)	0.24%
1 Year	6.62
Class R5 Shares
Inception (10/14/14)	0.24%
1 Year	6.63
Class R6 Shares
Inception (10/14/14)	0.24%
1 Year	6.63

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 36.33%, 37.08%, 36.58%, 36.08%, 35.91% and 35.91%, 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 0.74% 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, 2019. 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, 2017, 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 ∎ ClassR shares are generally available only to employer sponsored retirement and benefit plans. Please see the prospectus for more information. ∎ ClassY shares are available only to certain investors. Please see the prospectus for more information. ∎ ClassR5 shares and Class R6 shares are available for use by retirement plans that meet certain standards and for institutional investors. Class R6 shares are also available through intermediaries that have established an agreement with Invesco Distributors, Inc. to make such shares available for use in retail omnibus accounts. Please see the prospectus for more information. Principal risks of investing in the Fund ∎ 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. The principal risks of investing in the Fund also include the risks of each underlying fund. The risks of the Fund and underlying funds 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. ∎ 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. As a result of a recent announcement by the Internal Revenue Service, an underlying fund intends to invest in commodity-linked notes: (a) directly, generally only to the extent that it obtains an opinion of counsel confirming that income from such investments should be qualifying income because such commodity-linked notes constitute securities under section 2(a)(36) of the 1940 Act or (b) indirectly through the Subsidiary. Should the Internal Revenue Service issue further 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
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

    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 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 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. ∎  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. An underlying fund’s 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

9 Invesco Multi-Asset Inflation 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. ∎ 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 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 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 notesrisk. 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 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 sector 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

10 Invesco Multi-Asset Inflation Fund

    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. ∎  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 or the 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 or the Fund’s gross income, even though no cash attributable to such gross income has been received by the underlying fund or the Fund. In such event, the underlying fund or the 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 or the 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 or the 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 or the 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. ∎ 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 or an underlying 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 or 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).

11 Invesco Multi-Asset Inflation Fund

∎  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 Internal Revenue Code of 1986, as amended (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 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, as a result, could result in a reduction of the value of an underlying fund’s investment, and consequently the Fund’s investment in an underlying fund and lower income. ∎  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. ∎  Real estate investment trust (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. 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     itsunderlying 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 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 Multi-Asset Inflation 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. ∎  Unregistered funds risk. Certain of the underlying funds in which the Fund invests are not registered as investment companies under the 1940 Act. Therefore, the Fund’s investments in an unregistered fund will not have the regulatory protections afforded by the 1940 Act to investors in registered investment companies. ∎  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.   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 U.S. 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.

13 Invesco Multi-Asset Inflation Fund

Schedule of Investments

December 31, 2017

Invesco Multi-Asset Inflation Fund

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.08%^(a)

	% of Net Assets 12/31/17			Value 12/31/16		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 12/31/17		Value 12/31/17
Alternative Funds–7.83%
PowerShares DB Oil Fund–ETF(b)		7.83	%	$	75,252	$	80,284	$	(55,680	)	$	9,263		$	369		$	—		10,787	$	109,488
Asset Allocation Funds–9.54%
Invesco Balanced-Risk Commodity Strategy Fund–Class R6		9.54	%		74,275		85,584		(32,908	)		8,188			(1,737	)		59		18,658		133,402
Domestic Equity Funds–26.37%
Energy Select Sector SPDR Fund (The)–ETF(c)		5.81	%		—		84,397		(8,517	)		5,336			77			2,061		1,125		81,293
Invesco Energy Fund–Class R5		5.82	%		90,803		111,237		(107,348	)		(5,524	)		(7,814	)		2,460		3,162		81,354
iShares U.S. Consumer Goods–ETF(c)		7.06	%		57,242		59,366		(28,506	)		8,925			1,696			1,642		779		98,723
iShares U.S. Health Care–ETF(c)		7.68	%		—		123,273		(25,798	)		9,309			716			879		617		107,500
Total Domestic Equity Funds					148,045		378,273		(170,169	)		18,046			(5,325	)		7,042				368,870
Fixed-Income Funds–34.40%
Invesco Emerging Market Flexible Bond Fund–Class R6		1.96	%		17,245		13,113		(3,372	)		528			(9	)		1,106		4,136		27,505
Invesco Floating Rate Fund–Class R6		4.90	%		42,664		40,022		(14,003	)		(105	)		(61	)		2,665		9,063		68,517
Invesco High Yield Fund–Class R6		4.47	%		37,232		35,269		(10,421	)		669			(189	)		2,846		14,966		62,560
Invesco Quality Income Fund–Class R5		1.96	%		22,470		13,420		(8,221	)		(81	)		(207	)		899		2,282		27,381
Invesco Short Duration Inflation Protected Fund–Class R6		14.84	%		132,485		129,572		(51,094	)		(3,008	)		(406	)		4,265		20,034		207,549
Invesco U.S. Government Fund–Class R5		6.27	%		58,344		54,026		(24,485	)		316			(541	)		1,734		9,950		87,660
PowerShares Fundamental Investment Grade Corporate Bond Portfolio–ETF		0.00	%		17,024		—		(17,104	)		501			(421	)		—		—		—
Total Fixed–Income Funds					327,464		285,422		(128,700	)		(1,180	)		(1,834	)		13,515				481,172
Foreign Equity Funds–14.70%
Invesco Global Health Care Fund–Class Y		0.00	%		67,604		36,961		(112,486	)		8,934			(1,013	)		—		—		—
Invesco Global Infrastructure Fund–Class R6		6.65	%		51,590		53,504		(20,772	)		7,957			2,825			2,226		8,835		93,033
Invesco Gold & Precious Metals Fund–Class Y		6.06	%		54,782		69,815		(41,415	)		2,810			(1,283	)		1,539		19,978		84,709
Invesco International Growth Fund–Class R6		1.99	%		22,503		12,326		(11,121	)		3,766			671			562		758		27,904
Total Foreign Equity Funds					196,479		172,606		(185,794	)		23,467			1,200			4,327				205,646
Real Estate Funds–6.74%
Invesco Global Real Estate Fund–Class R6		0.00	%		51,780		38,765		(92,951	)		925			1,481			274		—		—
Invesco Global Real Estate Income Fund–Class R6		6.74	%		—		105,819		(12,981	)		1,530			(29	)		2,970		10,367		94,339
Total Real Estate Funds					51,780		144,584		(105,932	)		2,455			1,452			3,244				94,339
Money Market Funds–0.50%
Invesco Government & Agency Portfolio–Institutional Class, 1.18%(e)		0.18	%		15,911		523,867		(537,312	)		—			—			56		2,466		2,466
Invesco Liquid Assets Portfolio–Institutional Class, 1.40%(e)		0.12	%		—		4,977		(3,216	)		—			—			1		1,761		1,761
Invesco Treasury Portfolio–Institutional Class, 1.17%(e)		0.20	%		10,607		350,419		(358,208	)		—			—			36		2,818		2,818
Total Money Market Funds					26,518		879,263		(898,736	)		—			—			93				7,045
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $1,335,536)		100.08	%	$	899,813	$	2,026,016	$	(1,577,919	)	$	60,239		$	(5,875	)(d)	$	28,280			$	1,399,962
OTHER ASSETS LESS LIABILITIES		(0.08	)%																			(1,085	)
NET ASSETS		100.00	%																		$	1,398,877

Investment Abbreviations:

ETF	– Exchange Traded Fund
SPDR	– Standard & Poor’s Depositary Receipts

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)  Includes $2,071 and $241 of capital gains distributions from affiliated underlying funds for Invesco Global Infrastructure Fund and Invesco International Growth Fund, respectively.

^(e)  The rate shown is the 7-day SEC standardized yield as of December 31, 2017.

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

14                         Invesco Multi-Asset Inflation Fund

Statement of Assets and Liabilities

December 31, 2017

Assets:
Investments in affiliated and unaffiliated underlying funds, at value (Cost $1,335,536)	$	1,399,962
Receivable for:
Dividends — affiliated underlying funds		804
Investment for trustee deferred compensation and retirement plans		8,149
Other assets		30,288
Total assets		1,439,203
Liabilities:
Payable for:
Investments purchased — affiliated underlying funds		782
Accrued fees to affiliates		1,577
Accrued trustees’ and officers’ fees and benefits		640
Accrued other operating expenses		29,178
Trustee deferred compensation and retirement plans		8,149
Total liabilities		40,326
Net assets applicable to shares outstanding	$	1,398,877
Net assets consist of:
Shares of beneficial interest	$	1,394,878
Undistributed net investment income		(8,723	)
Undistributed net realized gain (loss)		(51,704	)
Net unrealized appreciation		64,426
	$	1,398,877

Net Assets:
Class A	$	540,645
Class C	$	211,653
Class R	$	25,274
Class Y	$	602,715
Class R5	$	9,295
Class R6	$	9,295
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		58,376
Class C		22,998
Class R		2,732
Class Y		64,885
Class R5		1,001
Class R6		1,001
Class A:
Net asset value per share	$	9.26
Maximum offering price per share
(Net asset value of $9.26 ¸ 94.50%)	$	9.80
Class C:
Net asset value and offering price per share	$	9.20
Class R:
Net asset value and offering price per share	$	9.25
Class Y:
Net asset value and offering price per share	$	9.29
Class R5:
Net asset value and offering price per share	$	9.29
Class R6:
Net asset value and offering price per share	$	9.29

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

15                         Invesco Multi-Asset Inflation Fund

Statement of Operations

For the year ended December 31, 2017

Investment income:
Dividends from affiliated and unaffiliated underlying funds	$	28,280
Expenses:
Advisory fees		1,865
Administrative services fees		50,000
Custodian fees		8,380
Distribution fees:
Class A		1,336
Class C		1,933
Class R		82
Transfer agent fees — A, C, R and Y		2,532
Transfer agent fees — R5		9
Transfer agent fees — R6		9
Trustees’ and officers’ fees and benefits		21,033
Registration and filing fees		78,033
Reports to shareholders		18,554
Professional services fees		42,637
Taxes		156
Other		12,055
Total expenses		238,614
Less: Fees waived and expenses reimbursed		(234,435	)
Net expenses		4,179
Net investment income		24,101
Realized and unrealized gain (loss) from:
Net realized gain (loss) on sales of affiliated and unaffiliated underlying fund shares		(8,187	)
Net realized gain from distributions of affiliated underlying shares		2,312
		(5,875	)
Change in net unrealized appreciation of affiliated underlying fund shares		60,239
Net gain from affiliated and unaffiliated underlying funds		54,364
Net increase in net assets resulting from operations	$	78,465

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

16                         Invesco Multi-Asset Inflation Fund

Statement of Changes in Net Assets

For the years ended December 31, 2017 and 2016

	2017			2016
Operations:
Net investment income	$	24,101		$	14,785
Net realized gain (loss)		(5,875	)		(30,538	)
Change in net unrealized appreciation		60,239			65,288
Net increase in net assets resulting from operations		78,465			49,535
Distributions to shareholders from net investment income:
Class A		(11,568	)		(9,483	)
Class C		(3,148	)		(2,759	)
Class R		(483	)		(173	)
Class Y		(14,099	)		(4,679	)
Class R5		(222	)		(194	)
Class R6		(222	)		(194	)
Total distributions from net investment income		(29,742	)		(17,482	)
Distributions to shareholders from net realized gains:
Class A		(2,746	)		(2,281	)
Class C		(1,084	)		(775	)
Class R		(128	)		(44	)
Class Y		(3,012	)		(1,055	)
Class R5		(47	)		(44	)
Class R6		(47	)		(44	)
Total distributions from net realized gains		(7,064	)		(4,243	)
Share transactions–net:
Class A		47,977			290,036
Class C		28,263			162,999
Class R		15,383			—
Class Y		366,762			(20,537	)
Net increase in net assets resulting from share transactions		458,385			432,498
Net increase in net assets		500,044			460,308
Net assets:
Beginning of year		898,833			438,525
End of year (includes undistributed net investment income of $(8,723) and $(3,218), respectively)	$	1,398,877		$	898,833

Notes to Financial Statements

December 31, 2017

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 twenty-nine 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.

17                         Invesco Multi-Asset Inflation 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”).

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

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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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.

18                         Invesco Multi-Asset Inflation Fund

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 over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

The Fund may periodically participate in litigation related to 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 accrues daily and pays monthly 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 separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least April 30, 2019, 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 0.74% 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 (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees of the investment companies in which the Fund invests. Unless Invesco continues the fee waiver agreement, it

19                         Invesco Multi-Asset Inflation Fund

will terminate on April 30, 2019. 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, 2019, 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, 2017, the Adviser waived advisory fees and reimbursed fund level expenses of $231,885 and reimbursed class level expenses of $1,105, $399, $34, $994, $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, 2017, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2017, 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $440 in front-end sales commissions from the sale of Class A shares and $64 from Class C shares, for CDSC imposed upon redemptions by shareholders.

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, 2017, 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended December 31, 2017, there were no material transfers between valuation levels.

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 Multi-Asset Inflation 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, 2017 and 2016:

	2017		2016
Ordinary income	$	29,742	$	17,482
Long-term capital gain		7,064		4,243
Total distributions	$	36,806	$	21,725

Tax Components of Net Assets at Period-End:

	2017
Net unrealized appreciation — investments	$	19,568
Temporary book/tax differences		(6,402	)
Capital loss carryforward		(9,167	)
Shares of beneficial interest		1,394,878
Total net assets	$	1,398,877

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, 2017, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	3,847	$	5,320	$	9,167

* 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 7—Investment Transactions

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, 2017 was $1,146,753 and $679,183, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	23,439
Aggregate unrealized (depreciation) of investments		(3,871	)
Net unrealized appreciation of investments	$	19,568

Cost of investments for tax purposes is $1,380,394.

NOTE 8—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of partnerships and distributions from underlying funds, on December 31, 2017, undistributed net investment income was increased by $136, undistributed net realized gain (loss) was increased by $2,548 and shares of beneficial interest was decreased by $2,684. This reclassification had no effect on the net assets of the Fund.

21                         Invesco Multi-Asset Inflation Fund

NOTE 9—Share Information

	Summary of Share Activity
	Years ended December 31,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		14,453		$	130,743			39,591		$	353,698
Class C		7,163			64,387			19,088			172,682
Class R		1,689			15,000			—			—
Class Y		49,208			445,594			—			—
Issued as reinvestment of dividends:
Class A		1,149			10,454			828			7,367
Class C		446			4,047			334			2,945
Class R		42			383			—			—
Class Y		1,564			14,283			365			3,242
Reacquired:
Class A		(10,262	)		(93,220	)		(8,028	)		(71,029	)
Class C		(4,518	)		(40,171	)		(1,409	)		(12,628	)
Class Y		(10,408	)		(93,115	)		(2,797	)		(23,779	)
Net increase in share activity		50,526		$	458,385			47,972		$	432,498

^(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.

    In addition, 46% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

22                         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 12/31/17	$	8.95	$	0.18		$	0.38		$	0.56		$	(0.20	)	$	(0.05	)	$	(0.25	)	$	9.26		6.27	%	$	541		0.31	%(e)		19.17	%(e)		1.96	%(e)		56	%
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			35.59			2.44			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 12/31/17		8.90		0.11			0.38			0.49			(0.14	)		(0.05	)		(0.19	)		9.20		5.48			212		1.06	(e)		19.92	(e)		1.21	(e)		56
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			36.34			1.69			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 12/31/17		8.94		0.16			0.38			0.54			(0.18	)		(0.05	)		(0.23	)		9.25		6.05			25		0.56	(e)		19.42	(e)		1.71	(e)		56
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			35.84			2.19			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 12/31/17		8.97		0.20			0.39			0.59			(0.22	)		(0.05	)		(0.27	)		9.29		6.62			603		0.06	(e)		18.92	(e)		2.21	(e)		56
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			35.34			2.69			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 12/31/17		8.97		0.20			0.39			0.59			(0.22	)		(0.05	)		(0.27	)		9.29		6.63			9		0.06	(e)		18.81	(e)		2.21	(e)		56
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			35.17			2.69			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 12/31/17		8.97		0.20			0.39			0.59			(0.22	)		(0.05	)		(0.27	)		9.29		6.63			9		0.06	(e)		18.81	(e)		2.21	(e)		56
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			35.17			2.69			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 0.70%, 0.74%, 0.66% and 0.62% for the years ended December 31, 2017, December 31, 2016, December 31, 2015 and the period October 31, 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 $535, $193, $16, $481, $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.

23                         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 Invesco Multi-Asset Inflation Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Multi-Asset Inflation Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2017 and for the period October 14, 2014 (commencement of investment operation) through December 31, 2014 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the three years in the period ended December 31, 2017 and for the period October 14, 2014 (commencement of investment operation) through December 31, 2014 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, TX

February 23, 2018

We have served as the auditor of one or more of the investment companies in the Invesco/PowerShares group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

24                         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, 2017, through December 31, 2017.

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 (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,065.10	$	1.56	$	1,023.69	$	1.53		0.30	%
C		1,000.00		1,060.80		5.45		1,019.91		5.35		1.05
R		1,000.00		1,064.10		2.86		1,022.43		2.80		0.55
Y		1,000.00		1,067.40		0.26		1,024.95		0.26		0.05
R5		1,000.00		1,067.40		0.26		1,024.95		0.26		0.05
R6		1,000.00		1,067.40		0.26		1,024.95		0.26		0.05

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2017 through December 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

25                         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, 2017:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	7,064
Qualified Dividend Income*		21.03	%
Corporate Dividends Received Deduction*		11.94	%
U.S. Treasury Obligations*		15.97	%

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

26                         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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired.	158	None
Teresa M. Ressel  —  1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None
Christopher L. Wilson —  1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)

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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, 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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed 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)
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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., 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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	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 HighConviction Investing with Invesco

Go paperless with eDelivery

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents. With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 641219078.

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 12month 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, exchangetraded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-02699 and 002-57526                                                         Invesco Distributors, Inc. MAI-AR-1        02162018    1248

	Annual Report to Shareholders	December 31, 2017
	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. Major stock market indexes rose – and set record highs – throughout the reporting period. Generally positive economic data, strong corporate earnings and anticipated tax and regulatory reform contributed to the rally. The US economy expanded during the reporting period, with gross domestic product, the value of all goods and services produced, significantly increasing its growth rate from the first to the third quarter of the year. Tax reform legislation, enacted in December 2017, was a positive for the stock market, but its long-term economic impact was uncertain. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve

raised interest rates in March, June and December 2017. While US and global bond markets, as well as emerging market equities, sold off early in the reporting period, they recovered much of their losses during the reporting period. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies.

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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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 and the economy 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, 2017, Class A shares of Invesco Quality Income Fund (the Fund), at net asset value (NAV), underperformed 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, 12/31/16 to 12/31/17, 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	1.98	%
Class B Shares	1.45
Class C Shares	1.28
Class Y Shares	2.32
Class R5 Shares	2.46
Class R6 Shares*	2.39
ICE BofAML 1-10 Year U.S. Treasury Indexq (Broad Market Index)	1.08
Bloomberg Barclays U.S. Mortgage-Backed Securities Indexq (Style-Specific Index)	2.47
Source(s): qFactSet Research Systems Inc.
*Class R6 shares incepted on April 4, 2017. See page 7 for more information.

Market conditions and your Fund

A volatile political environment kept things exciting in 2017. The economic agenda of President Donald Trump largely stalled until Congress passed the Tax Cut and Jobs Act just before the end of the year. The Act cut both corporate and individual tax rates. However, the promise to repeal and replace the Affordable Care Act earlier in 2017 proved to be too big a hurdle for the slim Republican majority in the Senate to overcome. Cuts in regulation combined with growing business optimism helped the unemployment rate to decline to 4.1% by the end of the year.¹ The housing market remained stable, and consumer confidence hit record levels. Despite robust economic growth in the second half of 2017, inflation and wage growth remained muted.

The US Federal Reserve (the Fed) hiked the fed funds rate range by 0.25% at each of three different meetings in 2017, leaving the range at 1.25% to 1.50% at year end.² The Fed also was able to initiate a gradual reduction in the size of its balance sheet by imposing a cap on the amount of Treasuries and mortgages it was buying. Beginning in October, the

Fed reduced its monthly Treasury purchases by $6 billion and its mortgage purchases by $4 billion.² The rate hikes and balance sheet reductions were accomplished without disrupting the financial markets.

The yield curve flattened significantly during the year as the two-year Treasury yield rose 70 basis points, while the 30-year Treasury yield fell 32 basis points.³ (A basis point is 0.01%.) We believe that low inflation and a reasonably aggressive Fed were largely responsible for the change in the shape of the yield curve. The 10-year Treasury yield ended the year at 2.41%, almost exactly where it began the year.³

Given this market backdrop, Class A shares of Invesco Quality Income Fund, at NAV, generated a positive return but underperformed 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. During the year,

Portfolio Composition
By security type, based on total investments
U.S. Government Sponsored  Mortgage-Backed Securities	70.9	%
Asset-Backed Securities	24.1
Agency Credit Risk Transfer  Notes	3.4
Security Types Each Less than  1% of Portfolio	0.2
Money Market Funds	1.4

Top Five Debt Issuers*
	% of total net assets
1.	Federal National Mortgage Association	51.1	%
2.	Federal Home Loan Mortgage Corp.	26.6
3.	Government National Mortgage Association	10.3
4.	Freddie Mac REMICs	6.3
5.	Ginnie Mae REMICs	4.3

investments in agency MBS provided an additional boost to Fund performance, while exposure to interest-only agency collateralized mortgage obligations (CMO) detracted from Fund performance modestly.

   During the reporting period, 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 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 is subsequently invested to generate additional return for the Fund. The Fund’s exposure to interest-only agency CMO and its underweight exposure to current coupon 30-year agency MBS relative to the style-specific benchmark were the key detractors from the Fund’s relative performance.

   During the reporting period, the Fund used active duration and yield curve positioning for risk management and for generating returns. 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 year, 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 offsetting 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.

Total Net Assets	$	609.9 million
Total Number of Holdings*		747

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, 2017.

4 Invesco Quality Income Fund

Therefore, a portion of the performance of the Fund, 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 at or near 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: US Federal Reserve

3 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.

	Mario Clemente
	Portfolio Manager, Head of Structured Investments and Stable Value for Invesco Fixed

Income, is manager of Invesco Quality Income Fund. He joined Invesco in 2014. Mr. Clemente earned an undergraduate degree in finance and international business from Hofstra University and an MBA from the Stern School of Business at New York University.

	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 Penn-sylvania 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 12/31/07

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 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (5/31/84)	6.18	%
10 Years	2.60
5 Years	1.21
1 Year	-2.37
Class B Shares
Inception (8/24/92)	4.20	%
10 Years	2.43
5 Years	1.02
1 Year	-3.49
Class C Shares
Inception (8/13/93)	3.47	%
10 Years	2.27
5 Years	1.33
1 Year	0.30
Class Y Shares
Inception (9/25/06)	3.62	%
10 Years	3.34
5 Years	2.36
1 Year	2.32
Class R5 Shares
10 Years	3.29	%
5 Years	2.44
1 Year	2.46
Class R6 Shares
10 Years	3.09	%
5 Years	2.18
1 Year	2.39

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.

Class R6 shares incepted on April 4, 2017. 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 0.93%, 1.69%, 1.69%, 0.69%, 0.56% and 0.56%, 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 0.94%, 1.70%, 1.70%, 0.70%, 0.57% and 0.57%, 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, 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, 2019. 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, 2017, 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

∎ Effective January 26, 2018, after the close of the reporting period, all outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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

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

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.

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

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.

∎ 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 ICE BofAML 1-10 Year U.S. 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, 2017

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–106.23%
Collateralized Mortgage Obligations–18.12%
Fannie Mae ACES, 1.83% (1 mo. USD LIBOR + 0.59%), 09/25/2023(a)	$	6,177,361	$	6,206,487
Fannie Mae Grantor Trust, 7.50%, 01/19/2039(b)		305,758		336,777
Fannie Mae, Interest STRIPS, IO, 6.50%, 10/25/2024		143,623		18,036
8.00%, 05/25/2030		688,307		190,709
7.50%, 01/25/2032		226,144		37,073
Fannie Mae REMICs, 2.00%, 06/25/2019		40,638		40,521
7.00%, 09/25/2032		251,259		289,683
6.58%, 06/25/2039(b)		919,789		1,061,362
1.56% (1 mo. USD LIBOR + 0.32%), 01/25/2045(a)		1,299,957		1,297,613
3.00%, 05/25/2045		2,196,174		2,158,382
2.05% (1 mo. USD LIBOR + 0.50%), 05/25/2046 to 06/25/2046(a)		5,550,178		5,601,255
1.95% (1 mo. USD LIBOR + 0.40%), 09/25/2046(a)		4,109,191		4,132,563
Fannie Mae REMICs, IO, 4.50%, 11/25/2023		315,251		561
3.00%, 10/25/2026 to 02/25/2028		18,773,610		1,672,501
8.00%, 08/18/2027 to 09/18/2027		769,084		168,511
6.00%, 05/25/2033		38,014		9,036
7.00%, 05/25/2033		743,692		182,789
3.50%, 08/25/2042		1,447,071		193,893
1.85%, 03/25/2043(b)		12,536,158		775,613
1.81%, 04/25/2045(b)		14,400,825		779,864
1.57%, 02/25/2056(b)		20,331,733		852,542
Freddie Mac Multifamily Structured Pass Through Securities, 1.80% (12 mo. MTA Rate + 0.74%), 10/25/2021(a)		1,898,549		1,900,694
Freddie Mac REMICs, 4.50%, 06/15/2018		11,766		11,807
3.00%, 10/15/2018 to 03/15/2035		2,612,248		2,612,057
1.50%, 01/15/2027		5,096,594		4,970,619
1.93% (1 mo. USD LIBOR + 0.45%), 10/15/2036(a)		1,446,168		1,453,500
2.03% (1 mo. USD LIBOR + 0.55%), 10/15/2036(a)		1,136,201		1,140,139
1.59% (1 mo. USD LIBOR + 0.35%), 12/15/2036(a)		7,032,925		7,032,690
1.61% (1 mo. USD LIBOR + 0.37%), 08/15/2038(a)		1,585,508		1,582,858
1.69% (1 mo. USD LIBOR + 0.45%), 09/15/2040(a)		1,318,075		1,320,458
1.74% (1 mo. USD LIBOR + 0.50%), 11/15/2041 to 03/15/2042(a)		3,541,749		3,538,024
1.64% (1 mo. USD LIBOR + 0.40%), 12/15/2042(a)		5,885,157		5,876,004
1.78% (1 mo. USD LIBOR + 0.30%), 10/15/2043 to 09/15/2044(a)		9,027,699		9,022,412

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac REMICs, IO, 3.00%, 09/15/2025	$	3,092,281	$	128,872
2.50%, 09/15/2027		2,741,853		182,717
1.78%, 04/15/2038(b)		8,257,133		359,222
1.76%, 08/15/2038(b)		15,445,652		679,530
1.55%, 11/15/2038(b)		12,984,219		651,756
1.86%, 11/15/2038(b)		13,958,713		771,724
1.75%, 02/15/2039(b)		6,937,816		337,447
1.90%, 12/15/2039(b)		14,915,046		716,171
1.91%, 12/15/2039(b)		21,127,422		847,119
2.00%, 10/15/2040(b)		17,258,221		833,425
4.00%, 12/15/2041		1,690,482		189,391
Freddie Mac STRIPS, 1.59% (1 mo. USD LIBOR + 0.35%), 10/15/2037(a)		7,453,259		7,446,883
Freddie Mac STRIPS, IO, 8.00%, 06/15/2031		1,077,281		288,915
Freddie Mac Structured Pass Through Securities, 6.50%, 02/25/2043		1,921,502		2,233,172
Freddie Mac Whole Loan Securities Trust, 3.00%, 09/25/2045		1,860,952		1,832,546
Ginnie Mae REMICs, 5.89%, 01/20/2039(b)		1,865,564		2,059,009
1.94% (1 mo. USD LIBOR + 0.45%), 12/16/2039(a)		2,584,750		2,607,766
4.49%, 07/20/2041(b)		2,643,257		2,769,995
2.51%, 09/20/2041(b)		2,161,029		2,262,578
2.50%, 10/20/2043		1,109,665		959,876
1.75% (1 mo. USD LIBOR + 0.25%), 09/20/2045(a)		6,802,456		6,803,755
3.00%, 10/20/2045 to 01/20/2046		8,852,740		8,542,702
Ginnie Mae REMICs, IO, 1.59%, 09/20/2064(b)		6,030,035		545,998
				110,517,602
Federal Home Loan Mortgage Corp. (FHLMC)–26.59%
Pass Through Ctfs., 5.00%, 10/01/2018 to 06/01/2040		6,373,977		6,930,294
8.50%, 08/01/2019 to 08/01/2031		252,366		301,118
3.50%, 08/01/2026 to 09/01/2045		8,720,806		9,004,664
6.50%, 05/01/2028 to 08/01/2033		354,086		392,435
6.00%, 03/01/2029		3,789		4,291
2.50%, 02/01/2031		4,015,179		4,012,940
3.00%, 02/01/2032 to 02/01/2032		12,641,653		12,901,610
8.00%, 08/01/2032		217,351		253,872
7.50%, 05/01/2035		345,708		400,342
5.50%, 12/01/2036		237,728		263,330
4.50%, 05/01/2038 to 02/01/2042		17,708,418		18,907,798
5.35%, 07/01/2038 to 10/17/2038		2,262,633		2,471,668
5.80%, 10/01/2038 to 01/20/2039		926,309		1,004,668
5.45%, 11/25/2038		2,457,591		2,685,810
4.00%, 06/01/2042		5,106,158		5,414,232

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

10                         Invesco Quality Income Fund

	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–(continued)
Pass Through Ctfs., ARM, 3.64% (1 yr. USD LIBOR + 1.87%), 07/01/2036(a)	$	1,726,311	$	1,829,429
3.72% (1 yr. USD LIBOR + 2.05%), 02/01/2037(a)		143,885		153,268
3.88% (1 yr. USD LIBOR + 2.17%), 03/01/2037(a)		555,487		592,529
3.70% (1 yr. USD LIBOR + 1.88%), 05/01/2037(a)		595,257		625,288
3.75% (1 yr. USD LIBOR + 2.00%), 11/01/2037(a)		1,909,284		2,020,235
3.68% (1 yr. USD LIBOR + 2.06%), 01/01/2038(a)		412,414		438,926
3.60% (1 yr. USD LIBOR + 1.85%), 03/01/2041(a)		127,973		134,240
Pass Through Ctfs., TBA, 3.00%, 02/01/2033 to 02/01/2048(c)		42,200,000		42,368,200
3.50%, 02/01/2048(c)		30,000,000		30,775,125
4.00%, 02/01/2048(c)		17,500,000		18,283,508
				162,169,820
Federal National Mortgage Association (FNMA)–51.14%
Pass Through Ctfs., 7.00%, 02/01/2018 to 12/01/2033		297,804		311,847
4.50%, 05/01/2019 to 07/01/2044		14,551,931		15,541,074
8.00%, 07/01/2020 to 04/01/2033		516,667		619,312
6.50%, 06/01/2022 to 11/01/2038		2,691,942		3,003,888
5.50%, 11/01/2022 to 04/01/2038		8,090,449		8,923,211
5.00%, 06/01/2027 to 01/01/2041		5,914,265		6,403,363
3.00%, 02/01/2028 to 11/01/2045		18,815,165		19,105,156
9.50%, 04/01/2030		50,472		58,264
3.50%, 11/01/2030 to 04/01/2046		44,591,704		45,957,123
2.00%, 02/01/2032		7,356,183		7,353,991
5.63%, 08/01/2032		367,822		391,325
8.50%, 10/01/2032		445,200		544,029
6.00%, 12/01/2035 to 05/01/2040		2,721,979		3,061,915
7.50%, 08/01/2037		544,600		648,318
5.45%, 01/01/2038		381,310		404,364
4.00%, 06/01/2024 to 05/01/2045		28,024,250		29,613,052
Pass Through Ctfs., ARM, 3.48% (1 yr. USD LIBOR + 1.74%), 03/01/2038(a)		244,797		256,866
3.04% (1 yr. USD LIBOR + 1.30%), 02/01/2039(a)		2,099,261		2,176,131
3.09% (1 yr. USD LIBOR + 1.67%), 08/01/2042(a)		921,446		938,581
2.76% (1 yr. USD LIBOR + 1.61%), 03/01/2046(a)		3,901,621		3,950,273
Pass Through Ctfs., TBA, 2.50%, 02/01/2033(c)		22,500,000		22,458,550
3.00%, 02/01/2033 to 02/01/2048(c)		47,500,000		47,742,624
3.50%, 02/01/2048		69,200,000		70,981,035
4.00%, 02/01/2048		20,500,000		21,421,924
				311,866,216

	Principal Amount		Value
Government National Mortgage Association (GNMA)–10.38%
Pass Through Ctfs., 9.00%, 03/15/2018 to 08/15/2024	$	134,021	$	135,098
9.50%, 04/15/2018 to 06/15/2022		68,708		69,353
8.00%, 02/15/2020 to 12/15/2021		63,519		63,792
7.00%, 11/15/2022 to 01/15/2029		270,115		283,991
6.50%, 04/15/2026 to 11/15/2028		132,483		147,049
6.00%, 01/15/2028 to 04/20/2029		311,470		350,262
5.50%, 05/15/2033 to 10/15/2034		808,546		897,543
5.00%, 11/20/2037		987,935		1,047,380
3.50%, 07/20/2046		8,056,150		8,386,431
Pass Through Ctfs., ARM, 2.50% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 10/20/2047(a)		4,971,054		4,988,191
Pass Through Ctfs., TBA, 3.50%, 02/01/2048(c)		15,400,000		15,913,855
3.00%, 02/01/2048(c)		26,100,000		26,302,152
4.00%, 02/01/2048(c)		4,500,000		4,692,270
				63,277,367
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $657,627,575)				647,831,005
Asset-Backed Securities–36.06%
Adjustable Rate Mortgage Trust, Series 2005-7, Class 2A21, Variable Rate Pass Through Ctfs., 3.40%, 10/25/2035(b)		672,703		628,105
Agate Bay Mortgage Trust, Series 2015-2, Class B1, Variable Rate Pass Through Ctfs., 3.74%, 03/25/2045(b)(d)		3,579,920		3,627,074
American Home Mortgage Investment Trust, Series 2005-1, Class 7A1, Floating Rate Pass Through Ctfs., 3.56% (6 mo. USD LIBOR + 2.00%), 06/25/2045(a)		506,194		507,210
Angel Oak Mortgage Trust LLC, Series 2017-1, Class A1, Variable Rate Pass Through Ctfs., 2.81%, 01/25/2047(b)(d)		892,675		888,595
Banc of America Funding Trust, Series 2006-3, Class 5A5, Pass Through Ctfs., 5.50%, 03/25/2036		94,327		90,444
Series 2006-A, Class 1A1, Variable Rate Pass Through Ctfs., 3.63%, 02/20/2036(b)		1,002,579		995,013
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A1, Variable Rate Pass Through Ctfs., 3.43%, 03/25/2035(b)		1,822,507		1,789,092
Series 2005-2, Class A1, Floating Rate Pass Through Ctfs., 3.26% (1 yr. U.S. Treasury Yield Curve Rate + 2.45%), 03/25/2035(a)		785,098		795,446
Bear Stearns Commercial Mortgage Securities Trust, Series 2006-T22, Class B, Variable Rate Pass Through Ctfs., 5.72%, 04/12/2038(b)(d)		400,450		401,293

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

11                         Invesco Quality Income Fund

	Principal Amount		Value
CGDB Commercial Mortgage Trust, Series 2017-BIO, Class B, Floating Rate Pass Through Ctfs., 2.43% (1 mo. USD LIBOR + 0.95%), 05/15/2030(a)(d)	$	5,100,000	$	5,103,307
CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class B, Floating Rate Pass Through Ctfs., 2.45% (1 mo. USD LIBOR + 0.97%), 07/15/2028(a)(d)		3,000,000		3,008,919
Series 2017-BIOC, Class C, Floating Rate Pass Through Ctfs., 2.53% (1 mo. USD LIBOR + 1.05%), 07/15/2028(a)(d)		2,954,000		2,957,251
Chase Issuance Trust, Series 2016-A3, Class A3, Floating Rate Pass Through Ctfs., 1.80% (1 mo. USD LIBOR + 0.55%), 06/15/2023(a)		5,000,000		5,060,465
Chase Mortgage Finance Trust, Series 2005-A1, Class 3A1, Variable Rate Pass Through Ctfs., 3.36%, 12/25/2035(b)		45,246		44,268
Series 2007-A2, Class 2A1, Variable Rate Pass Through Ctfs., 3.60%, 07/25/2037(b)		897,555		914,191
Series 2007-A2, Class 2A4, Variable Rate Pass Through Ctfs., 3.60%, 07/25/2037(b)		829,150		835,002
Chase Mortgage Trust, Series 2016-1, Class M3, Variable Rate Pass Through Ctfs., 3.75%, 04/25/2045(b)(d)		3,301,098		3,306,910
Series 2016-2, Class M4, Variable Rate Pass Through Ctfs., 3.75%, 12/25/2045(b)(d)		3,213,817		3,101,139
CHL Mortgage Pass Through Trust, Series 2004-29, Class 1A1, Floating Rate Pass Through Ctfs., 2.09% (1 mo. USD LIBOR + 0.54%), 02/25/2035(a)		470,159		450,443
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB3, Class 2A, Variable Rate Pass Through Ctfs., 3.14%, 09/25/2034(b)		1,987,922		1,939,799
Series 2004-UST1, Class A4, Variable Rate Pass Through Ctfs., 3.37%, 08/25/2034(b)		297,717		290,441
Series 2005-11, Class A2A, Floating Rate Pass Through Ctfs., 3.63% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(a)		2,352,821		2,380,030
Series 2006-AR2, Class 1A2, Variable Rate Pass Through Ctfs., 3.60%, 03/25/2036(b)		86,353		85,415
Series 2012-6, Class 2A1, Variable Rate Pass Through Ctfs., 3.31%, 08/25/2036(b)(d)		469,295		471,310
COLT Mortgage Loan Trust, Series 2017-1, Class A1, Variable Rate Pass Through Ctfs., 2.61%, 05/27/2047(b)(d)		1,995,849		2,002,121
Series 2017-1, Class A3, Variable Rate Pass Through Ctfs., 3.07%, 05/27/2047(b)(d)		2,328,490		2,334,744
Series 2017-2, Class A2A, Variable Rate Pass Through Ctfs., 2.57%, 10/25/2047(b)(d)		3,902,097		3,916,708

	Principal Amount		Value
Commercial Mortgage Trust, Series 2013-LC13, Class XA, IO, Variable Rate Pass Through Ctfs., 1.31%, 08/10/2046(b)	$	44,941,643	$	1,692,902
Series 2014-FL5, Class B, Floating Rate Pass Through Ctfs., 3.58% (1 mo. USD LIBOR + 2.15%), 10/15/2031(a)(d)		1,400,000		1,390,742
Series 2015-CR24, Class XA, IO, Variable Rate Pass Through Ctfs., 0.81%, 08/10/2048(b)		43,578,375		2,112,810
Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR5, Class 5A1, Variable Rate Pass Through Ctfs., 3.55%, 06/25/2034(b)		1,548,883		1,547,071
Credit Suisse Mortgage Capital Trust, Series 2013-6, Class 2A1, Variable Rate Pass Through Ctfs., 3.50%, 08/25/2043(b)(d)		1,591,657		1,626,871
Series 2013-7, Class B1, Variable Rate Pass Through Ctfs., 3.58%, 08/25/2043(b)(d)		5,013,458		4,982,039
Series 2015-TOWN, Class B, Floating Rate Pass Through Ctfs., 3.38% (1 mo. USD LIBOR + 1.90%), 03/15/2028(a)(d)		2,500,000		2,502,217
Credit Suisse Mortgage Loan Trust, Series 2015-1, Class A9, Variable Rate Pass Through Ctfs., 3.50%, 05/25/2045(b)(d)		2,967,011		3,023,265
DBUBS Mortgage Trust, Series 2011-LC3A, Class C, Variable Rate Pass Through Ctfs., 5.34%, 08/10/2044(b)(d)		5,000,000		5,346,772
Deutsche Mortgage Securities Inc Re-REMIC Trust Certificates, Series 2007-WM1, Class A1, Variable Rate Pass Through Ctfs., 3.24%, 06/27/2037(b)(d)		3,783,538		3,848,868
Ford Credit Auto Owner Trust, Series 2016-1, Class A, Pass Through Ctfs., 2.31%, 08/15/2027(d)		6,109,000		6,092,341
FREMF Mortgage Trust, Series 2017-KF41, Class B, Floating Rate Pass Through Ctfs., 3.87% (1 mo. USD LIBOR + 2.50%), 11/25/2024(a)(d)		1,282,000		1,282,000
GMACM Mortgage Loan Trust, Series 2005-AR3, Class 2A1, Variable Rate Pass Through Ctfs., 3.76%, 06/19/2035(b)		2,024,340		1,996,875
GSAA Home Equity Trust, Series 2007-7, Class A4, Floating Rate Pass Through Ctfs., 1.82% (1 mo. USD LIBOR + 0.27%), 07/25/2037(a)		148,614		142,492
GSR Mortgage Loan Trust, Series 2004-11, Class 2A2, Variable Rate Pass Through Ctfs., 3.72%, 09/25/2034(b)		244,350		246,381
Series 2004-12, Class 3A6, Variable Rate Pass Through Ctfs., 3.56%, 12/25/2034(b)		1,068,701		1,078,119
Hertz Vehicle Financing II LP, Series 2015-1A, Class A, Pass Through Ctfs., 2.73%, 03/25/2021(d)		6,000,000		6,019,818
Home Partners of America Trust, Series 2017-1, Class C, Floating Rate Pass Through Ctfs., 3.08% (1 mo. USD LIBOR + 1.55%), 07/17/2034(a)(d)		3,000,000		3,022,612
Series 2017-1, Class D, Floating Rate Pass Through Ctfs., 3.43% (1 mo. USD LIBOR + 1.90%), 07/17/2034(a)(d)		2,920,000		2,935,865

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

12                         Invesco Quality Income Fund

	Principal Amount		Value
Hyatt Hotel Portfolio Trust, Series 2017-HYT2, Class E, Floating Rate Pass Through Ctfs., 3.83% (1 mo. USD LIBOR + 2.35%), 08/09/2032(a)(d)	$	2,000,000	$	2,002,474
Invitation Homes Trust, Series 2017-SFR2, Class C, Floating Rate Pass Through Ctfs., 2.94% (1 mo. USD LIBOR + 1.45%), 12/17/2036(a)(d)		3,208,000		3,234,709
Series 2017-SFR2, Class D, Floating Rate Pass Through Ctfs., 3.05% (1 mo. USD LIBOR + 1.80%), 12/17/2036(a)(d)		2,916,000		2,946,481
JP Morgan Mortgage Trust, Series 2005-A1, Class 3A1, Variable Rate Pass Through Ctfs., 3.69%, 02/25/2035(b)		2,157,155		2,208,804
Series 2005-A3, Class 6A5, Variable Rate Pass Through Ctfs., 3.54%, 06/25/2035(b)		1,239,899		1,221,426
Series 2005-A6, Class 7A1, Variable Rate Pass Through Ctfs., 3.64%, 08/25/2035(b)		800,182		782,571
Series 2014-1, Class 1A17, Variable Rate Pass Through Ctfs., 3.90%, 01/25/2044(b)(d)		3,199,659		3,299,548
Series 2015-3, Class A3, Variable Rate Pass Through Ctfs., 3.50%, 05/25/2045(b)(d)		4,769,157		4,861,001
Series 2015-5, Class A2, Variable Rate Pass Through Ctfs., 2.86%, 05/25/2045(b)(d)		2,588,368		2,598,312
Series 2016-5, Class A1, Variable Rate Pass Through Ctfs., 2.60%, 12/25/2046(b)(d)		2,960,051		2,955,364
Series 2017-5, Class A1, Variable Rate Pass Through Ctfs., 3.19%, 10/26/2048(b)(d)		4,975,714		5,029,213
JP Morgan Resecuritization Trust, Series 2009-7, Class 5A1, Variable Rate Pass Through Ctfs., 6.00%, 02/27/2037(b)(d)		6,523		6,520
La Hipotecaria El Salvadorian Mortgage Trust (El Salvador), Series 2013-1A, Class A, Pass Through Ctfs., 3.50%, 10/25/2041 (Acquired 04/22/2013; Cost $4,124,559)(d)		3,985,081		4,115,219
La Hipotecaria Panamanian Mortgage Trust (El Salvador), Series 2010-1GA, Class A, Floating Rate Pass Through Ctfs., 2.25% (PNMR–3.00%), 09/08/2039 (Acquired 11/05/2010-06/25/2012; Cost $5,905,244)(a)(d)		5,707,755		5,870,069
LSTAR Commercial Mortgage Trust, Series 2014-2, Class A2, Pass Through Ctfs., 2.77%, 01/20/2041(d)		420,986		420,037
Luminent Mortgage Trust, Series 2005-1, Class A1, Floating Rate Pass Through Ctfs., 1.59% (1 mo. USD LIBOR + 0.26%), 11/25/2035(a)		2,194,755		2,134,966
Series 2006-1, Class A1, Floating Rate Pass Through Ctfs., 1.79% (1 mo. USD LIBOR + 0.24%), 04/25/2036(a)		76,226		64,514

	Principal Amount		Value
Merrill Lynch Mortgage Investors Trust, Series 2004-A, Class A2, Floating Rate Pass Through Ctfs., 1.99% (6 mo. USD LIBOR + 0.50%), 04/25/2029(a)	$	465,600	$	462,296
Series 2005-3, Class 3A, Variable Rate Pass Through Ctfs., 3.30%, 11/25/2035(b)		809,706		816,433
Series 2005-A, Class A1, Floating Rate Pass Through Ctfs., 2.01% (1 mo. USD LIBOR + 0.46%), 03/25/2030(a)		1,009,366		982,166
Mill City Mortgage Loan Trust, Series 2017-1, Class A1, Variable Rate Pass Through Ctfs., 2.75%, 11/25/2058(b)(d)		3,472,407		3,479,298
Morgan Stanley Capital I Trust, Series 2006-HQ10, Class AJ, Variable Rate Pass Through Ctfs., 5.39%, 11/12/2041(b)		2,562,783		2,567,948
Series 2015-XLF2, Class AFSD, Floating Rate Pass Through Ctfs., 5.14% (1 mo. USD LIBOR + 3.66%), 08/15/2026(a)(d)		2,150,000		2,181,321
NextGear Floorplan Master Owner Trust, Series 2017-2A, Class A1, Floating Rate Pass Through Ctfs. 2.16% (1 mo. USD LIBOR + 0.68%), 10/17/2022(a)(d)		3,800,000		3,809,461
PFP Ltd. (Cayman Islands), Series 2015-2, Class B, Floating Rate Pass Through Ctfs., 4.18% (1 mo. USD LIBOR + 2.70%), 07/14/2034(a)(d)		3,345,000		3,349,334
RALI Trust, Series 2006-QO2, Class A2, Floating Rate Pass Through Ctfs., 1.60% (1 mo. USD LIBOR + 0.27%), 02/25/2046(a)		55,966		25,840
RBSSP Resecuritization Trust, Series 2010-1, Class 2A1, Variable Rate Pass Through Ctfs., 3.45%, 07/26/2045 (Acquired 01/31/2011-02/23/2016; Cost $1,347,994)(b)(d)		1,357,522		1,390,926
Sequoia Mortgage Trust, Series 2013-4, Class A3, Variable Rate Pass Through Ctfs., 1.55%, 04/25/2043(b)		1,407,766		1,374,781
Shellpoint Asset Funding Trust, Series 2013-1, Class A3, Variable Rate Pass Through Ctfs., 3.75%, 07/25/2043(b)(d)		2,401,612		2,428,424
Starwood Waypoint Homes Trust, Series 2017-1, Class D, Floating Rate Pass Through Ctfs., 3.44% (1 mo. USD LIBOR + 1.95%), 01/17/2035(a)(d)		5,750,000		5,797,978
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 3A2, Variable Rate Pass Through Ctfs., 3.45%, 06/25/2034(b)		2,326,545		2,431,716
Series 2004-13, Class A2, Floating Rate Pass Through Ctfs., 0.49% (1 mo. USD LIBOR + 0.30%), 09/25/2034(a)		486,194		456,439
Series 2004-20, Class 3A1, Variable Rate Pass Through Ctfs., 3.29%, 01/25/2035(b)		303,327		299,100

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

13                         Invesco Quality Income Fund

	Principal Amount		Value
Structured Asset Mortgage Investments, II Trust, Series 2005-AR2, Class 2A1, Floating Rate Pass Through Ctfs., 2.01% (1 mo. USD LIBOR + 0.46%), 05/25/2045(a)	$	1,333,165	$	1,249,616
Structured Asset Securities Corp., Series 2002-21A, Class B1II, Variable Rate Pass Through Ctfs., 3.50%, 11/25/2032(b)		195,124		186,218
Synchrony Credit Card Master Note Trust, Series 2015-3, Class A, Pass Through Ctfs., 1.74%, 09/15/2021		5,000,000		4,994,369
Thornburg Mortgage Securities Trust, Series 2005-2, Class A1, Variable Rate Pass Through Ctfs., 3.17%, 07/25/2045(b)		3,261,762		3,188,352
Towd Point Mortgage Trust, Series 2015-4, Class A1, Variable Rate Pass Through Ctfs., 3.50%, 04/25/2055(b)(d)		1,116,054		1,134,831
Series 2017-2, Class A1, Variable Rate Pass Through Ctfs., 2.75%, 04/25/2057(b)(d)		5,863,364		5,865,427
Verus Securitization Trust, Series 2017-2A, Class A2, Pass Through Ctfs., 2.64%, 07/25/2047(d)		4,311,880		4,324,443
Series 2017-2A, Class A3, Pass Through Ctfs., 2.85%, 07/25/2047(d)		4,311,880		4,322,536
Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class AJ, Variable Rate Pass Through Ctfs., 5.83%, 07/15/2045(b)		1,573,356		1,580,440
WaMu Mortgage Pass-Through Trust, Series 2005-AR12, Class 1A8, Variable Rate Pass Through Ctfs., 3.21%, 10/25/2035(b)		3,544,920		3,572,866
Series 2007-HY2, Class 2A1, Variable Rate Pass Through Ctfs., 3.44%, 11/25/2036(b)		196,922		186,370
Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 1A2, Variable Rate Pass Through Ctfs., 3.48%, 07/25/2034(b)		1,172,732		1,182,211
Series 2004-O, Class A1, Variable Rate Pass Through Ctfs., 3.55%, 08/25/2034(b)		3,849,352		3,961,461
Series 2005-AR2, Class 2A2, Variable Rate Pass Through Ctfs., 3.28%, 03/25/2035(b)		182,617		185,106
Series 2006-AR6, Class 3A1, Variable Rate Pass Through Ctfs., 3.63%, 03/25/2036(b)		2,601,254		2,517,637
Series 2006-AR6, Class 7A2, Variable Rate Pass Through Ctfs., 3.63%, 03/25/2036(b)		1,433,518		1,446,342
Series 2006-AR7, Class 2A5, Variable Rate Pass Through Ctfs., 3.34%, 05/25/2036(b)		1,494,933		1,484,207
Series 2006-AR8, Class 2A3, Variable Rate Pass Through Ctfs., 3.57%, 04/25/2036(b)		886,613		898,531
Series 2005-AR12, Class 1A1, Variable Rate Pass Through Ctfs., 3.47%, 05/25/2035(b)		671,265		684,977

	Principal Amount		Value
WFRBS Commercial Mortgage Trust, Series 2013-C17, Class D, Variable Rate Pass Through Ctfs., 5.12%, 12/15/2046(b)(d)	$	2,600,000	$	2,513,124
Total Asset-Backed Securities (Cost $216,766,977)				219,898,548
Agency Credit Risk Transfer Notes–5.13%
Fannie Mae Connecticut Avenue Securities, 3.65% (1 mo. USD LIBOR + 2.10%), 08/25/2028(a)		192,140		193,276
Freddie Mac, Series 2015-DNA1, Class M2, Floating Rate STACR® Debt Notes, 3.40% (1 mo. USD LIBOR + 1.85%), 10/25/2027(a)		6,325,000		6,481,194
Series 2015-HQ1, Class M3, Floating Rate STACR® Debt Notes, 5.35% (1 mo. USD LIBOR + 3.80%), 03/25/2025(a)		5,000,000		5,438,232
Series 2016-DNA1, Class M2, Floating Rate STACR® Debt Notes, 4.45% (1 mo. USD LIBOR + 2.90%), 07/25/2028(a)		3,635,575		3,747,204
Series 2016-HQA1, Class M2, Floating Rate STACR® Debt Notes, 4.30% (1 mo. USD LIBOR + 2.75%), 09/25/2028(a)		3,872,000		3,981,227
Series 2016-HQA2, Class M2, Floating Rate STACR® Debt Notes, 3.80% (1 mo. USD LIBOR + 2.25%), 11/25/2028(a)		2,684,000		2,753,899
Series 2016-HQA2, Class M3AF, Floating Rate STACR® Debt Notes, 5.45% (1 mo. USD LIBOR + 3.90%), 11/25/2028(a)		3,000,000		3,292,500
Series 2016-HQA4, Class M2, Floating Rate STACR® Debt Notes, 2.85% (1 mo. USD LIBOR + 1.30%), 04/25/2029(a)		500,000		506,722
Series 2017-DNA2, Class M1, Floating Rate STACR® Debt Notes, 2.75% (1 mo. USD LIBOR + 1.20%), 10/25/2029(a)		4,822,649		4,899,561
Total Agency Credit Risk Transfer Notes (Cost $31,298,379)				31,293,815
	Shares
Exchange-Traded Fund–0.25%
PowerShares Variable Rate Investment Grade Portfolio (Cost $1,514,406)(e)		60,000		1,511,400
	Principal Amount
U.S. Treasury Bills–0.07%(f)
1.03%, 02/01/2018(g)	$	125,000		124,869
1.05%, 02/01/2018		210,000		209,779
1.09%, 02/01/2018(g)		30,000		29,969
1.10%, 02/01/2018(g)		60,000		59,937
Total U.S. Treasury Bills (Cost $424,614)				424,554

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

14                         Invesco Quality Income Fund

	Shares		Value
Money Market Funds–2.08%
Invesco Government & Agency Portfolio– Institutional Class, 1.18%(h)		4,444,087	$	4,444,087
Invesco Liquid Assets Portfolio–Institutional Class, 1.40%(h)		3,173,933		3,174,251
Invesco Treasury Portfolio–Institutional Class, 1.17%(h)		5,078,957		5,078,957
Total Money Market Funds (Cost $12,697,365)				12,697,295
TOTAL INVESTMENTS IN SECURITIES–149.82% (Cost $920,329,316)				913,656,617
OTHER ASSETS LESS LIABILITIES–(49.82)%				(303,804,662	)
NET ASSETS–100.00%			$	609,851,955

Investment Abbreviations:

ACES	– Automatically Convertible Extendable Security
ARM	– Adjustable Rate Mortgage
Ctfs.	– Certificates
IO	– Interest Only
LIBOR	– London Interbank Offered Rate
MTA	– Moving Treasury Average
PNMR	– Panamanian Mortgage Reference Rate
REMICs	– Real Estate Mortgage Investment Conduits
STACR®	– Structured Agency Credit Risk
STRIPS	– Separately Traded Registered Interest and Principal Security
TBA	– To Be Announced
USD	– U.S. Dollar

Notes to Schedule of Investments:

^(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2017.

^(b)  Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect December 31, 2017.

^(c)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1I.

^(d)  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, 2017 was $151,128,831, which represented 24.78% of the Fund’s Net Assets.

^(e)  PowerShares Variable Rate Investment Grade Portfolio 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. The value of this security as of December 31, 2017 represented less than 1% of the Fund’s Net Assets. See Note 5.

^(f)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(g)  All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1H.

^(h)  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, 2017.

Open Futures Contracts
Short Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 2 Year Notes		131		March-2018	$	(28,048,329	)	$	54,985		$	54,985
U.S. Treasury Ultra 10 Year Notes		36		March-2018		(4,465,687	)		30,009			30,009
U.S. Treasury Long Bonds		7		March-2018		(1,071,000	)		1,788			1,788
U.S. Treasury Ultra Bonds		4		March-2018		(670,625	)		(2,980	)		(2,980	)
Total Futures Contracts — Interest Rate Risk								$	83,802		$	83,802

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

15                         Invesco Quality Income Fund

Statement of Assets and Liabilities

December 31, 2017

Assets:
Investments in securities, at value (Cost $906,117,545)	$	899,447,922
Investments in affiliates, at value (Cost $14,211,771)		14,208,695
Receivable for:
Investments sold		305,123,512
Fund shares sold		315,425
Dividends and interest		2,400,488
Principal paydowns		913,346
Investment for trustee deferred compensation and retirement plans		81,283
Other assets		29,714
Total assets		1,222,520,385
Liabilities:
Other investments:
Variation margin payable — futures contracts		19,219
Payable for:
Investments purchased		611,341,748
Dividends		285,444
Fund shares reacquired		493,892
Accrued fees to affiliates		190,904
Accrued trustees’ and officers’ fees and benefits		804
Accrued other operating expenses		244,554
Trustee deferred compensation and retirement plans		91,865
Total liabilities		612,668,430
Net assets applicable to shares outstanding	$	609,851,955
Net assets consist of:
Shares of beneficial interest	$	642,048,153
Undistributed net investment income		843,582
Undistributed net realized gain (loss)		(26,450,883	)
Net unrealized appreciation (depreciation)		(6,588,897	)
	$	609,851,955

Net Assets:
Class A	$	353,255,770
Class B	$	370,514
Class C	$	13,178,287
Class Y	$	67,027,341
Class R5	$	176,010,158
Class R6	$	9,885
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		29,551,612
Class B		31,099
Class C		1,110,300
Class Y		5,586,198
Class R5		14,672,737
Class R6		824
Class A:
Net asset value per share	$	11.95
Maximum offering price per share
(Net asset value of $11.95 ¸ 95.75%)	$	12.48
Class B:
Net asset value and offering price per share	$	11.91
Class C:
Net asset value and offering price per share	$	11.87
Class Y:
Net asset value and offering price per share	$	12.00
Class R5:
Net asset value and offering price per share	$	12.00
Class R6:
Net asset value and offering price per share	$	12.00

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

16                         Invesco Quality Income Fund

Statement of Operations

For the year ended December 31, 2017

Investment income:
Interest	$	19,301,878
Dividends from affiliates		96,721
Total investment income		19,398,599
Expenses:
Advisory fees		2,933,436
Administrative services fees		167,277
Custodian fees		47,642
Distribution fees:
Class A		902,248
Class B		5,111
Class C		144,970
Transfer agent fees — A, B, C and Y		644,770
Transfer agent fees — R5		760
Trustees’ and officers’ fees and benefits		28,831
Registration and filing fees		115,872
Reports to shareholders		134,688
Professional services fees		84,076
Other		101,409
Total expenses		5,311,090
Less: Fees waived and expense offset arrangement(s)		(21,026	)
Net expenses		5,290,064
Net investment income		14,108,535
Realized and unrealized gain (loss) from:
Net realized gain from:
Investment securities		4,628,012
Futures contracts		1,044,515
		5,672,527
Change in net unrealized appreciation (depreciation) of:
Investment securities		(6,329,169	)
Futures contracts		(156,338	)
		(6,485,507	)
Net realized and unrealized gain (loss)		(812,980	)
Net increase in net assets resulting from operations	$	13,295,555

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

17                         Invesco Quality Income Fund

Statement of Changes in Net Assets

For the years ended December 31, 2017 and 2016

	2017			2016
Operations:
Net investment income	$	14,108,535		$	13,177,104
Net realized gain		5,672,527			1,798,723
Change in net unrealized appreciation (depreciation)		(6,485,507	)		(3,036,325	)
Net increase in net assets resulting from operations		13,295,555			11,939,502
Distributions to shareholders from net investment income:
Class A		(12,305,522	)		(13,585,264	)
Class B		(12,970	)		(26,508	)
Class C		(366,966	)		(368,661	)
Class Y		(2,562,606	)		(1,569,262	)
Class R5		(5,968,579	)		(4,406,269	)
Class R6		(284	)		—
Total distributions from net investment income		(21,216,927	)		(19,955,964	)
Share transactions–net:
Class A		(32,119,143	)		(1,986,107	)
Class B		(339,468	)		(418,846	)
Class C		(2,313,095	)		6,523,937
Class Y		387,569			47,048,651
Class R5		35,534,489			145,428,575
Class R6		10,013			—
Net increase in net assets resulting from share transactions		1,160,365			196,596,210
Net increase (decrease) in net assets		(6,761,007	)		188,579,748
Net assets:
Beginning of year		616,612,962			428,033,214
End of year (includes undistributed net investment income of $843,582 and $342,743, respectively)	$	609,851,955		$	616,612,962

Notes to Financial Statements

December 31, 2017

NOTE 1—Significant Accounting Policies

Invesco Quality Income Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is 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 twenty-nine 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 six different classes of shares: Class A, Class B, Class C, Class Y, Class R5 and Class R6. On April 4, 2017, the Fund began offering Class R6 shares. 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.

Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid with this early conversion.

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.

18                         Invesco Quality Income 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, 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 trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and

19                         Invesco Quality Income Fund

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 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 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, 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.

20                         Invesco Quality Income Fund

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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $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, 2017, 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. and separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2018, 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, 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. 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, 2019, 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, 2017, the Adviser waived advisory fees of $14,736.

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, 2017, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2017, 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. The fees are accrued daily and paid monthly.

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, 2017, 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, 2017, IDI advised the Fund that IDI retained $25,657 in front-end sales commissions from the sale of Class A shares and $15,144 and $1,517 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

21                         Invesco Quality Income 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, 2017. 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended December 31, 2017, there were no material transfers between valuation levels.

	Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Government Sponsored Agency Mortgage-Backed Securities	$	—		$	647,831,005	$	—	$	647,831,005
Asset-Backed Securities		—			219,898,548		—		219,898,548
Agency Credit Risk Transfer Notes		—			31,293,815		—		31,293,815
Exchange Traded Fund		—			1,511,400		—		1,511,400
U.S. Treasury Bills		—			424,554		—		424,554
Money Market Funds		12,697,295			—		—		12,697,295
Total Investments in Securities		12,697,295			900,959,322		—		913,656,617
Other Investments — Assets*
Futures Contracts		86,782			—		—		86,782
Other Investments — Liabilities*
Futures Contracts		(2,980	)		—		—		(2,980	)
Total Other Investments		83,802			—		—		83,802
Total Investments	$	12,781,097		$	900,959,322	$	—	$	913,740,419

* Unrealized appreciation (depreciation).

NOTE 4—Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of December 31, 2017:

	Value
Derivative Assets	Interest Rate Risk
Unrealized appreciation on futures contracts — Exchange-Traded(a)	$	86,782
Derivatives not subject to master netting agreements		(86,782	)
Total Derivative Assets subject to master netting agreements	$	—

22                         Invesco Quality Income Fund

	Value
Derivative Liabilities	Interest Rate Risk
Unrealized depreciation on futures contracts — Exchange-Traded(a)	$	(2,980	)
Derivatives not subject to master netting agreements		2,980
Total Derivative Liabilities subject to master netting agreements	$	—

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

Effect of Derivative Investments for the year ended December 31, 2017

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:
Futures contracts	$	1,044,515
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts		(156,338	)
Total	$	888,177

The table below summarizes the average notional value of futures contracts, outstanding during the period.

	Futures Contracts
Average notional value	$	40,026,563

NOTE 5—Investments in Affiliates

The Fund’s Adviser and the adviser for PowerShares Variable Rate Investment Grade Portfolio are subsidiaries of Invesco Ltd. and therefore, PowerShares Variable Rate Investment Grade Portfolio is considered to be affiliated with the Fund. The following is a summary of the transactions in, and earnings from, investments in PowerShares Variable Rate Investment Grade Portfolio for the year ended December 31, 2017.

	Value 12/31/2016		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value 12/31/2017		Dividend Income
PowerShares Variable Rate Investment Grade Portfolio	$	—	$	1,514,406	$	—	$	(3,006	)	$	—	$	1,511,400	$	23,219

NOTE 6—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, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $6,290.

NOTE 7—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 8—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.

23                         Invesco Quality Income Fund

NOTE 9—Distributions to Shareholders and Tax Components of Net Assets

Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2017 and 2016:

	2017		2016
Ordinary income	$	21,216,927	$	19,955,964

Tax Components of Net Assets at Period-End:

	2017
Undistributed ordinary income	$	923,212
Net unrealized appreciation (depreciation) — investments		(6,694,621	)
Temporary book/tax differences		(79,630	)
Capital loss carryforward		(26,345,159	)
Shares of beneficial interest		642,048,153
Total net assets	$	609,851,955

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 futures contracts and 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, 2017 as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	12,776,778	$	13,568,381	$	26,345,159

* 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 10—Investment Transactions

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, 2017 was $4,581,701,616 and $4,543,934,364, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	6,670,607
Aggregate unrealized (depreciation) of investments		(13,365,228	)
Net unrealized appreciation (depreciation) of investments	$	(6,694,621	)

Cost of investments for tax purposes is $920,435,040.

NOTE 11—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of paydowns and dollar rolls, on December 31, 2017, undistributed net investment income was increased by $7,609,231 and undistributed net realized gain (loss) was decreased by $7,609,231. This reclassification had no effect on the net assets of the Fund.

24                         Invesco Quality Income Fund

NOTE 12—Share Information

	Summary of Share Activity
	Years ended December 31,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:(b)(c)
Class A		2,315,811		$	27,942,373			4,798,240		$	59,190,772
Class B		2,193			27,450			22,421			275,217
Class C		327,493			3,928,916			1,102,136			13,512,659
Class Y		2,500,537			30,301,496			5,298,509			65,657,810
Class R5(b)		2,872,747			34,847,199			12,017,871			148,911,189
Class R6(c)		1,012			12,300			—			—
Issued as reinvestment of dividends:
Class A		805,578			9,711,034			837,029			10,321,307
Class B		1,013			12,158			1,961			24,074
Class C		24,989			299,127			24,893			304,721
Class Y		133,398			1,614,382			69,462			858,107
Class R5		493,462			5,968,234			356,152			4,405,911
Automatic conversion of Class B shares to Class A shares:
Class A		24,322			293,620			32,316			398,087
Class B		(24,461	)		(293,620	)		(32,480	)		(398,087	)
Reacquired:
Class A		(5,809,800	)		(70,066,170	)		(5,834,640	)		(71,896,273	)
Class B		(7,061	)		(85,456	)		(26,054	)		(320,050	)
Class C		(545,831	)		(6,541,138	)		(597,411	)		(7,293,443	)
Class Y		(2,604,704	)		(31,528,309	)		(1,577,082	)		(19,467,266	)
Class R5		(435,272	)		(5,280,944	)		(634,434	)		(7,888,525	)
Class R6		(188	)		(2,287	)		—			—
Net increase in share activity		75,238		$	1,160,365			15,858,889		$	196,596,210

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 15% 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, 29% 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.

^(c)  Commencement date April 4, 2017 for Class R6 shares.

25                         Invesco Quality Income Fund

NOTE 13—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 12/31/17	$	12.11	$	0.26	$	(0.02	)	$	0.24		$	(0.40	)	$	11.95		1.98	%(d)	$	353,256		0.96	%(d)(e)		0.96	%(d)(e)		2.15	%(d)(e)		516	%
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)		0.93	(d)		2.19	(d)(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
Class B
Year ended 12/31/17		12.04		0.16		0.01			0.17			(0.30	)		11.91		1.45			371		1.72	(e)		1.72	(e)		1.39	(e)		516
Year ended 12/31/16		12.16		0.17		0.03			0.20			(0.32	)		12.04		1.64			716		1.68			1.69			1.43	(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
Class C
Year ended 12/31/17		12.02		0.16		(0.01	)		0.15			(0.30	)		11.87		1.28			13,178		1.72	(e)		1.72	(e)		1.39	(e)		516
Year ended 12/31/16		12.14		0.17		0.03			0.20			(0.32	)		12.02		1.63			15,672		1.68			1.69			1.43	(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
Class Y
Year ended 12/31/17		12.15		0.29		(0.01	)		0.28			(0.43	)		12.00		2.32			67,027		0.72	(e)		0.72	(e)		2.39	(e)		516
Year ended 12/31/16		12.27		0.30		0.03			0.33			(0.45	)		12.15		2.67			67,532		0.68			0.69			2.43	(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
Class R5
Year ended 12/31/17		12.15		0.30		(0.01	)		0.29			(0.44	)		12.00		2.46			176,010		0.58	(e)		0.58	(e)		2.53	(e)		516
Year ended 12/31/16		12.26		0.32		0.03			0.35			(0.46	)		12.15		2.86			142,657		0.55			0.56			2.56	(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
Class R6
Year ended 12/31/17(g)		12.14		0.23		(0.04	)		0.19			(0.33	)		12.00		1.61			10		0.58	(e)(h)		0.58	(e)(h)		2.53	(e)(h)		516

^(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, 2017, 2016, 2015, 2014 and 2013.

^(e)  Ratios are based on average daily net assets (000’s omitted) of $373,756, $511, $14,497, $72,656, $162,707and $10 for Class A, Class B, Class C, Class Y, Class R5 and Class R6 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.

^(g)  Commencement date of April 4, 2017.

^(h)  Annualized.

26                         Invesco Quality Income Fund

Report of Independent Registered Public Accounting Firm

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

and Shareholders of Invesco Quality Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Quality Income Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, TX

February 23, 2018

We have served as the auditor of one or more of the investment companies in the Invesco/PowerShares group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

27                         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, 2017 through December 31, 2017.

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 (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
A	$	1,000.00	$	1,008.20	$	4.81	$	1,020.42	$	4.84		0.95	%
B		1,000.00		1,004.30		8.64		1,016.59		8.69		1.71
C		1,000.00		1,004.30		8.64		1,016.59		8.69		1.71
Y		1,000.00		1,009.50		3.60		1,021.63		3.62		0.71
R5		1,000.00		1,011.00		2.89		1,022.33		2.91		0.57
R6		1,000.00		1,011.00		2.89		1,022.33		2.91		0.57

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2017 through December 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

28                         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, 2017:

Federal and State Income Tax
Qualified Dividend Income*	0.00	%
Corporate Dividends Received Deduction*	0.00	%
U.S. Treasury Obligations*	0.02	%

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

29                         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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired.	158	None
Teresa M. Ressel  —  1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None
Christopher L. Wilson —  1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)

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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, 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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed 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)
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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., 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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	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

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. 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                        Invesco Distributors, Inc.                                                                           VK-QINC-AR-1                  02152018      1118

	Annual Report to Shareholders	December 31, 2017
	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.     Major stock market indexes rose – and set record highs – throughout the reporting period. Generally positive economic data, strong corporate earnings and anticipated tax and regulatory reform contributed to the rally. The US economy expanded during the reporting period, with gross domestic product, the value of all goods and services produced, significantly increasing its growth rate from the first to the third quarter of the year. Tax reform legislation, enacted in December 2017, was a positive for the stock market, but its long-term economic impact was uncertain. Citing positive economic trends – specifically, realized and expected labor market conditions and inflation – the US Federal Reserve raised interest rates in March, June and

December 2017. While US and global bond markets, as well as emerging market equities, sold off early in the reporting period, they recovered much of their losses during the reporting period. Overseas, economic data were mixed, prompting the European Central Bank and central banks in China and Japan, among other countries, to maintain extraordinarily accommodative monetary policies.

    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. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

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 and the economy 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, 2017, Class A shares of Invesco Small Cap Growth Fund (the Fund), at net asset value (NAV), outperformed the Fund’s style-specific index, the Russell 2000 Growth Index. Your Fund’s long-term performance appears later in this report.			Congress, a tax reform bill was signed into law in December. While its enactment further strengthened stocks, its effect on the US economy remained uncertain. Within this environment, Class A shares of the Fund, at NAV, turned in a double-digit return and outperformed the benchmark Russell 2000 Growth Index. The Fund outperformed the index in the information technology (IT), consumer discretionary, health care, industrials and real estate sectors. Conversely, the Fund underperformed the index in the energy, consumer staples, financials, telecommunication services and materials sectors. The Fund’s modest cash position in the rising market was also a detractor from relative results. On the positive side, the Fund outperformed its style-specific benchmark by the widest margin in the IT sector due to positive stock selection. Take–Two Interactive Software, an entertainment software developer, was a notable contributor to performance. The company was boosted by solid quarterly results as well as better-than-expected sales from its Grand Theft Auto game franchise. Cognex, an IT company that provides machine vision products for manufacturers, was also a contributor to Fund performance. The company benefited from broadening strength domestically and internationally in the machine vision space. Stock selection in the consumer discretionary sector also contributed to relative Fund performance. Penn National Gaming, which operates or has ownership interests in gaming and racing facilities, was a contributor to performance. The company’s stock rose on better-than-expected earnings driven by more favorable-than-expected visitation and spending patterns. Panera Bread was acquired during the reporting period for
Fund vs. Indexes
Total returns, 12/31/16 to 12/31/17, 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		24.91%
Class B Shares		24.02
Class C Shares		23.99
Class R Shares		24.60
Class Y Shares		25.25
Investor Class Shares		24.94
Class R5 Shares		25.41
Class R6 Shares		25.49
S&P 500 Indexq (Broad Market Index)		21.83
Russell 2000 Growth Indexq (Style-Specific Index)		22.17
Lipper Small-Cap Growth Funds Index∎ (Peer Group Index)		24.77
Source(s): qFactSet Research Systems Inc.; ∎Lipper Inc.
Market conditions and your Fund Despite highly destructive hurricanes that threatened to derail a years-long economic recovery, the US economy continued to expand throughout the year ended December 31, 2017. Gross domestic product – the value of all goods and services produced in the US – expanded in the first three quarters of 2017. Inflation remained subdued even as unemployment continued its multiyear decline. Given signs of an improving economy, the US Federal Reserve (the Fed) raised interest rates three times during the reporting period, most recently in December 2017; each rate hike was 25 basis points.1 (A basis point is 0.01%.) The Fed pledged that “realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation” will guide its future actions. At the close of the	reporting period, Fed policy remained accommodative, and the fed funds target rate stood at a range of 1.25% to 1.50% – 75 basis points higher than at the start of the reporting period.1 Higher inventories and a worsening outlook caused oil prices and many energy stocks to decline during the first half of 2017. However, oil prices rose significantly in the second half of the reporting period as expectations for lower supplies increased, partly due to continued OPEC production cuts, and demand began normalizing. Major US stock market indexes repeatedly hit all-time highs throughout the reporting period. The stock market rally that began after the 2016 presidential election continued throughout the reporting period, fueled by generally positive economic data, strong corporate earnings and improved consumer confidence. Finally, after much debate in

Portfolio Composition
By sector	% of total net assets
Information Technology		28.0%
Health Care		23.0
Industrials		15.9
Consumer Discretionary		12.6
Financials		9.5
Materials		3.9
Energy		3.7
Consumer Staples		1.2
Real Estate		1.1
Telecommunication Services		0.7
Money Market Funds
Plus Other Assets Less Liabilities		0.4

Top 10 Equity Holdings*
	% of total net assets
1.	Take-Two Interactive Software, Inc.	1.9%
2.	Cognex Corp.	1.3
3.	Exelixis, Inc.	1.3
4.	Knight-Swift Transportation Holdings Inc.	1.3
5.	Halozyme Therapeutics, Inc.	1.2
6.	Penn National Gaming, Inc.	1.2
7.	CoStar Group Inc.	1.2
8.	Aspen Technology, Inc.	1.1
9.	Martin Marietta Materials, Inc.	1.1
10.	Fair Isaac Corp.	1.1

Total Net Assets	$	2.8 billion
Total Number of Holdings		122

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, 2017.

4 Invesco Small Cap Growth Fund

a premium and contributed to performance as well.

Stock selection in the health care sector benefited relative Fund performance as well. Nektar Therapeutics, a biopharmaceutical company based in San Fran-cisco, was a leading contributor to Fund performance. During the first quarter of the year, the stock was boosted by better-than-expected phase 3 clinical trial results for a new opioid painkiller designed to relieve pain without leading to abuse and addiction. The stock rallied again in the fourth quarter after receiving favorable feedback from the Food and Drug Administration regarding the drug. Another notable contributor in the sector was Align Technology, a leading designer and manufacturer of 3-D scanners and clear aligners for orthodontics. The company benefited from strong revenue growth and pricing power among competitors during the year.

In contrast, overweight exposure to the energy sector was a detractor from relative Fund performance. The energy sector was the worst-performing sector in the style-specific index during the reporting period, as crude prices declined due to concerns over increasing US energy supplies and fears that the OPEC cuts enacted in November 2016 would not be continued after June 2017. Despite OPEC members eventually agreeing to extend the cuts in May and a sharp rally in the fourth quarter, the sector still has yet to fully recover. The Fund’s holdings were not immune to the decline; Laredo Petroleum, Parsley Energy and Patterson-UTI Energy were the leading detractors within the sector.

Fund holdings in the consumer staples sector also detracted from relative performance. The consumer staples sector was the second-worst performing sector in the index during the year due to extended valuations and an intense competitive dynamic between food manufacturers and retailers. Lancaster Colony, a specialty food manufacturer, was a notable detractor from Fund performance within the sector. The stock pulled back early in the year after posting a strong gain in the second half of 2016. The company’s core business continued to perform in-line with expectations and at the close of the reporting period we still owned the stock. B&G Foods, a food distributor primarily for pickles and condiments, also detracted from Fund performance for the reporting period. The company’s organic growth declined

during the year due to weak traffic at traditional grocery stores and competitive pressures. We sold the stock in the third quarter.

Overweight exposure to and stock selection in the financials sector also dampened relative Fund results. Although the Fund had an overweight allocation to the sector, underweight exposure to the mortgage finance and consumer finance industries detracted from relative performance. Financial Engines, an asset manager, was a leading detractor from performance in the sector due to disappointing inflows after the loss of a key client and investor concerns around pricing.

All changes to positioning are based on our bottom-up stock selection process. Our portfolio construction process acts as a risk control to help ensure the portfolio is aligned with small-cap market sector exposure within modest over- and underweight allocations. Our long-term investment horizon leads to relatively low turnover. We believe the traditional business cycle recovery has not fully materialized, as evidenced by several years of mixed results, depending on which sector we evaluate. However, it is possible this is just a very slow normalization, and there is some evidence we may yet see a more classic recovery and a reacceleration in growth. Due to the uncertain economic outlook, we continue to balance the portfolio with a mix of long-term secular growth opportunities and cyclical growth opportunities that have strong valuation support.

Thank you for your commitment to Invesco Small Cap Growth Fund and for sharing our long-term investment horizon.

1    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.

  Juan Hartsfield Chartered Financial Analyst, Portfolio Manager, is lead 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 12/31/07

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 12/31/17, including maximum applicable sales charges
Class A Shares
Inception (10/18/95)	10.70	%
10 Years	8.97
5 Years	14.20
1 Year	18.04
Class B Shares
Inception (10/18/95)	10.70	%
10 Years	8.93
5 Years	14.42
1 Year	19.02
Class C Shares
Inception (5/3/99)	8.47	%
10 Years	8.77
5 Years	14.65
1 Year	22.99
Class R Shares
Inception (6/3/02)	9.34	%
10 Years	9.31
5 Years	15.21
1 Year	24.60
Class Y Shares
10 Years	9.84	%
5 Years	15.79
1 Year	25.25
Investor Class Shares
Inception (4/7/06)	9.39	%
10 Years	9.59
5 Years	15.51
1 Year	24.94
Class R5 Shares
Inception (3/15/02)	9.37	%
10 Years	10.04
5 Years	15.96
1 Year	25.41
Class R6 Shares
10 Years	9.86	%
5 Years	16.05
1 Year	25.49

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 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 1.23%, 1.98%, 1.98%, 1.48%, 0.98%, 1.23%, 0.84% and 0.74%, 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, 2017, 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

∎ Effective January 26, 2018, after the close of the reporting period, all outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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

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

Principal risks of investing in the Fund

∎ 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

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    

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.

8 Invesco Small Cap Growth Fund

Schedule of Investments^(a)

December 31, 2017

	Shares		Value
Common Stocks & Other Equity Interests–99.61%
Aerospace & Defense–1.74%
BWX Technologies, Inc.		449,130	$	27,167,874
TransDigm Group, Inc.		79,558		21,848,218
				49,016,092
Alternative Carriers–0.75%
Cogent Communications Holdings, Inc.		463,938		21,016,391
Apparel Retail–0.61%
Urban Outfitters, Inc.(b)		487,028		17,075,202
Apparel, Accessories & Luxury Goods–1.41%
Carter’s, Inc.		185,142		21,752,333
G-III Apparel Group, Ltd.(b)		483,175		17,824,326
				39,576,659
Application Software–5.76%
Aspen Technology, Inc.(b)		481,348		31,865,238
Fair Isaac Corp.		205,360		31,461,152
Guidewire Software Inc.(b)		388,598		28,857,287
Pegasystems Inc.		336,411		15,861,779
RealPage, Inc.(b)		587,260		26,015,618
Ultimate Software Group, Inc. (The)(b)		129,076		28,168,255
				162,229,329
Asset Management & Custody Banks–0.93%
Financial Engines, Inc.		447,870		13,570,461
WisdomTree Investments, Inc.		1,013,304		12,716,965
				26,287,426
Auto Parts & Equipment–0.78%
Visteon Corp.(b)		175,930		22,015,880
Biotechnology–7.16%
ACADIA Pharmaceuticals Inc.(b)		661,118		19,906,263
Adamas Pharmaceuticals, Inc.(b)(c)		760,429		25,770,939
Agios Pharmaceuticals, Inc.(b)		375,557		21,470,594
Exelixis, Inc.(b)		1,182,037		35,933,925
Halozyme Therapeutics, Inc.(b)		1,691,781		34,275,483
Momenta Pharmaceuticals, Inc.(b)		1,121,681		15,647,450
Neurocrine Biosciences, Inc.(b)		405,390		31,454,210
Repligen Corp.(b)		468,477		16,996,345
				201,455,209
Brewers–0.54%
Boston Beer Co., Inc. (The)–Class A(b)		78,812		15,060,973
Building Products–1.69%
A.O. Smith Corp.		445,460		27,297,789
Masonite International Corp.(b)		274,955		20,387,913
				47,685,702
Casinos & Gaming–1.21%
Penn National Gaming, Inc.(b)		1,090,965		34,179,933

	Shares		Value
Construction Machinery & Heavy Trucks–1.51%
WABCO Holdings Inc.(b)		153,782	$	22,067,717
Wabtec Corp.(c)		249,208		20,293,007
				42,360,724
Construction Materials–1.12%
Martin Marietta Materials, Inc.		142,990		31,606,510
Data Processing & Outsourced Services–1.63%
Euronet Worldwide, Inc.(b)		295,551		24,906,083
ExlService Holdings, Inc.(b)		349,533		21,094,316
				46,000,399
Distributors–0.96%
Pool Corp.		208,888		27,082,329
Electrical Components & Equipment–0.74%
Acuity Brands, Inc.		118,110		20,787,360
Electronic Components–1.80%
II-VI Inc.(b)		486,280		22,830,846
Littelfuse, Inc.		140,044		27,703,504
				50,534,350
Electronic Equipment & Instruments–3.85%
Cognex Corp.		591,042		36,148,129
National Instruments Corp.		488,544		20,338,087
Trimble Inc.(b)		610,042		24,792,107
Zebra Technologies Corp.–Class A(b)		260,298		27,018,932
				108,297,255
Financial Exchanges & Data–0.88%
MarketAxess Holdings, Inc.		123,113		24,838,048
Footwear–0.88%
Steven Madden, Ltd.(b)		529,854		24,744,182
Health Care Equipment–4.09%
Cantel Medical Corp.		245,987		25,304,683
DexCom Inc.(b)		253,789		14,564,951
Hill-Rom Holdings, Inc.		262,418		22,119,213
Integra LifeSciences Holdings Corp.(b)		416,019		19,910,669
Nevro Corp.(b)		210,931		14,562,676
NxStage Medical, Inc.(b)		768,276		18,615,328
				115,077,520
Health Care Facilities–1.53%
HealthSouth Corp.		425,500		21,023,955
Select Medical Holdings Corp.(b)		1,240,690		21,898,179
				42,922,134
Health Care Services–0.87%
Chemed Corp.		100,401		24,399,451
Health Care Supplies–2.34%
Align Technology, Inc.(b)		83,204		18,487,097

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 Supplies–(continued)
Halyard Health, Inc.(b)		518,075	$	23,924,703
ICU Medical, Inc.(b)		108,254		23,382,864
				65,794,664
Health Care Technology–0.59%
Medidata Solutions, Inc.(b)		263,606		16,704,712
Home Entertainment Software–1.94%
Take-Two Interactive Software, Inc.(b)		496,454		54,500,720
Homebuilding–0.83%
CalAtlantic Group, Inc.		412,025		23,234,090
Industrial Machinery–4.21%
ITT Inc.		488,639		26,078,663
John Bean Technologies Corp.		250,092		27,710,194
Kennametal Inc.		479,749		23,224,649
Lincoln Electric Holdings, Inc.		225,335		20,636,179
Timken Co. (The)		423,800		20,829,770
				118,479,455
Internet Software & Services–3.52%
2U, Inc.(b)		339,684		21,913,015
CoStar Group Inc.(b)		114,353		33,957,124
LogMeIn, Inc.		181,072		20,732,744
Q2 Holdings, Inc.(b)		607,671		22,392,676
				98,995,559
Investment Banking & Brokerage–0.75%
Evercore Inc.–Class A		235,100		21,159,000
IT Consulting & Other Services–1.74%
Booz Allen Hamilton Holding Corp.		629,201		23,991,434
EPAM Systems, Inc.(b)		231,178		24,835,453
				48,826,887
Leisure Facilities–0.82%
Six Flags Entertainment Corp.		346,784		23,085,411
Leisure Products–0.73%
Brunswick Corp.		370,158		20,440,125
Life & Health Insurance–0.82%
American Equity Investment Life Holding Co.		750,940		23,076,386
Life Sciences Tools & Services–2.05%
Bio-Techne Corp.		192,570		24,947,444
Pacific Biosciences of California Inc.(b)(c)		1,879,430		4,961,695
PerkinElmer, Inc.		379,823		27,772,658
				57,681,797
Managed Health Care–1.08%
HealthEquity, Inc.(b)		651,282		30,388,818
Metal & Glass Containers–1.08%
Berry Global Group, Inc.(b)		517,790		30,378,739

	Shares		Value
Movies & Entertainment–0.40%
IMAX Corp.(b)		492,223	$	11,394,962
Multi-Line Insurance–0.85%
American Financial Group, Inc.		219,808		23,857,960
Office REIT’s–0.55%
Highwoods Properties, Inc.		303,091		15,430,363
Office Services & Supplies–0.36%
Pitney Bowes Inc.		901,704		10,081,051
Oil & Gas Drilling–0.73%
Patterson-UTI Energy, Inc.		897,504		20,651,567
Oil & Gas Exploration & Production–2.92%
Centennial Resource Development, Inc.–Class A(b)(c)		1,187,595		23,514,381
Energen Corp.(b)		417,858		24,056,085
Laredo Petroleum, Inc.(b)		1,264,270		13,413,905
Parsley Energy, Inc.–Class A(b)		719,614		21,185,436
				82,169,807
Packaged Foods & Meats–0.71%
Lancaster Colony Corp.		153,734		19,863,970
Pharmaceuticals–3.29%
Aerie Pharmaceuticals, Inc.(b)		118,641		7,088,800
Catalent, Inc.(b)		506,969		20,826,286
GW Pharmaceuticals PLC–ADR (United Kingdom)(b)(c)		160,371		21,170,576
Nektar Therapeutics(b)		496,763		29,666,686
Prestige Brands Holdings, Inc.(b)		309,709		13,754,177
				92,506,525
Property & Casualty Insurance–1.32%
Hanover Insurance Group Inc. (The)		205,892		22,252,807
RLI Corp.		247,834		15,033,611
				37,286,418
Regional Banks–3.89%
BankUnited, Inc.		475,801		19,374,617
Cathay General Bancorp		587,697		24,783,182
Cullen/Frost Bankers, Inc.		249,948		23,657,578
MB Financial, Inc.		495,055		22,039,849
Sterling Bancorp		801,667		19,721,008
				109,576,234
Restaurants–3.08%
Dunkin’ Brands Group, Inc.		365,391		23,556,758
Jack in the Box Inc.		188,015		18,446,152
Texas Roadhouse, Inc.		446,923		23,543,904
Wendy’s Co. (The)		1,294,044		21,248,202
				86,795,016
Security & Alarm Services–1.01%
Brink’s Co. (The)		360,576		28,377,331

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

10                         Invesco Small Cap Growth Fund

	Shares		Value
Semiconductor Equipment–0.92%
MKS Instruments, Inc.		274,982	$	25,985,799
Semiconductors–4.26%
Cavium Inc.(b)		302,758		25,380,203
Integrated Device Technology, Inc.(b)		750,914		22,324,673
Monolithic Power Systems, Inc.		194,888		21,897,616
Power Integrations, Inc.		255,431		18,786,950
Silicon Laboratories Inc.(b)		355,254		31,368,928
				119,758,370
Specialized REIT’s–0.59%
CubeSmart		575,024		16,629,694
Specialty Chemicals–1.73%
Ingevity Corp.(b)		333,451		23,498,292
PolyOne Corp.		576,259		25,067,267
				48,565,559
Specialty Stores–0.91%
Five Below, Inc.(b)		387,743		25,715,116
Systems Software–2.54%
CommVault Systems, Inc.(b)		433,012		22,733,130
Proofpoint, Inc.(b)		236,212		20,977,988
Qualys, Inc.(b)		469,567		27,868,801
				71,579,919
Trading Companies & Distributors–1.48%
Univar Inc.(b)		690,217		21,369,118
Watsco, Inc.		119,364		20,296,655
				41,665,773

	Shares		Value
Trucking–3.13%
Knight-Swift Transportation Holdings Inc.		805,921	$	35,234,866
Landstar System, Inc.		207,677		21,619,176
Old Dominion Freight Line, Inc.		238,393		31,360,599
				88,214,641
Total Common Stocks & Other Equity Interests (Cost $1,833,472,724)				2,803,101,496
Money Market Funds–1.59%
Invesco Government & Agency Portfolio– Institutional Class, 1.18%(d)		13,775,898		13,775,898
Invesco Liquid Assets Portfolio– Institutional Class, 1.40%(d)		12,818,325		12,819,607
Invesco Treasury Portfolio–Institutional Class, 1.17%(d)		18,001,042		18,001,042
Total Money Market Funds (Cost $44,596,699)				44,596,547
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–101.20% (Cost $1,878,069,423)				2,847,698,043
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.52%
Invesco Government & Agency Portfolio–Institutional Class, 1.18% (Cost $42,849,449)(d)(e)		42,849,449		42,849,449
TOTAL INVESTMENTS IN SECURITIES–102.72% (Cost $1,920,918,872)				2,890,547,492
OTHER ASSETS LESS LIABILITIES–(2.72)%				(76,528,287	)
NET ASSETS–100.00%			$	2,814,019,205

Investment Abbreviations:

ADR	– American Depositary Receipt
REIT	– Real Estate Investment Trust

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at December 31, 2017.

^(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, 2017.

^(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, 2017

Assets:
Investments in securities, at value (Cost $1,833,472,724)*	$	2,803,101,496
Investments in affiliated money market funds, at value (Cost $87,446,148)		87,445,996
Receivable for:
Fund shares sold		5,317,463
Dividends		602,439
Investment for trustee deferred compensation and retirement plans		360,371
Other assets		40,768
Total assets		2,896,868,533
Liabilities:
Payable for:
Investments purchased		3,039,648
Collateral upon return of securities loaned		42,849,449
Fund shares reacquired		35,122,186
Accrued fees to affiliates		1,277,800
Accrued trustees’ and officers’ fees and benefits		1,495
Accrued other operating expenses		150,188
Trustee deferred compensation and retirement plans		408,562
Total liabilities		82,849,328
Net assets applicable to shares outstanding	$	2,814,019,205
Net assets consist of:
Shares of beneficial interest	$	1,819,687,569
Undistributed net investment income (loss)		(360,807	)
Undistributed net realized gain		25,063,823
Net unrealized appreciation		969,628,620
	$	2,814,019,205

Net Assets:
Class A	$	617,955,184
Class B	$	701,692
Class C	$	14,501,890
Class R	$	135,750,620
Class Y	$	208,232,803
Investor Class	$	241,103,515
Class R5	$	1,292,036,230
Class R6	$	303,737,271
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		16,563,556
Class B		27,632
Class C		572,618
Class R		3,925,800
Class Y		5,417,955
Investor Class		6,148,383
Class R5		30,749,279
Class R6		7,197,278
Class A:
Net asset value per share	$	37.31
Maximum offering price per share
(Net asset value of $37.31 ¸ 94.50%)	$	39.48
Class B:
Net asset value and offering price per share	$	25.39
Class C:
Net asset value and offering price per share	$	25.33
Class R:
Net asset value and offering price per share	$	34.58
Class Y:
Net asset value and offering price per share	$	38.43
Investor Class:
Net asset value and offering price per share	$	39.21
Class R5:
Net asset value and offering price per share	$	42.02
Class R6:
Net asset value and offering price per share	$	42.20

* At December 31, 2017, securities with an aggregate value of $40,799,722 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, 2017

Investment income:
Dividends	$	18,006,410
Dividends from affiliated money market funds (includes securities lending income of $183,596)		655,538
Total investment income		18,661,948
Expenses:
Advisory fees		17,510,783
Administrative services fees		520,216
Custodian fees		84,204
Distribution fees:
Class A		1,491,071
Class B		10,930
Class C		148,052
Class R		605,558
Investor Class		553,232
Transfer agent fees — A, B, C, R, Y and Investor		2,612,014
Transfer agent fees —R5		1,053,371
Transfer agent fees —R6		9,065
Trustees’ and officers’ fees and benefits		56,299
Registration and filing fees		132,311
Reports to shareholders		297,670
Professional services fees		104,629
Other		68,759
Total expenses		25,258,164
Less: Fees waived and expense offset arrangement(s)		(80,141	)
Net expenses		25,178,023
Net investment income (loss)		(6,516,075	)
Realized and unrealized gain from:
Net realized gain from investment securities (includes net gains from securities sold to affiliates of $3,919,158)		216,281,116
Change in net unrealized appreciation of investment securities		370,876,964
Net realized and unrealized gain		587,158,080
Net increase in net assets resulting from operations	$	580,642,005

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, 2017 and 2016

	2017			2016
Operations:
Net investment income (loss)	$	(6,516,075	)	$	4,744,881
Net realized gain		216,281,116			199,083,030
Change in net unrealized appreciation		370,876,964			44,257,947
Net increase in net assets resulting from operations		580,642,005			248,085,858
Distributions to shareholders from net investment income:
Class Y		(22,939	)		(360,191	)
Class R5		(133,349	)		(3,477,362	)
Class R6		(30,133	)		(815,646	)
Total distributions from net investment income		(186,421	)		(4,653,199	)
Distributions to shareholders from net realized gains:
Class A		(52,883,039	)		(51,968,425	)
Class B		(90,427	)		(177,899	)
Class C		(1,767,644	)		(1,754,430	)
Class R		(12,397,245	)		(10,252,112	)
Class Y		(17,172,885	)		(13,822,557	)
Investor Class		(19,506,114	)		(18,881,493	)
Class R5		(99,829,389	)		(82,025,446	)
Class R6		(22,558,296	)		(15,201,678	)
Total distributions from net realized gains		(226,205,039	)		(194,084,040	)
Share transactions–net:
Class A		(59,527,834	)		(59,407,480	)
Class B		(890,080	)		(917,234	)
Class C		(1,789,549	)		(1,624,835	)
Class R		9,275,758			8,509,336
Class Y		18,797,817			10,560,971
Investor Class		(18,602,316	)		(9,556,593	)
Class R5		88,314,083			22,451,211
Class R6		72,066,527			22,425,588
Net increase (decrease) in net assets resulting from share transactions		107,644,406			(7,559,036	)
Net increase in net assets		461,894,951			41,789,583
Net assets:
Beginning of year		2,352,124,254			2,310,334,671
End of year (includes undistributed net investment income (loss) of $(360,807) and $(204,013), respectively)	$	2,814,019,205		$	2,352,124,254

Notes to Financial Statements

December 31, 2017

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 twenty-nine 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. Effective January 26, 2018, all of the Fund’s outstanding Class B shares were converted to Class A shares, in advance of their normally scheduled conversion. No CDSC was paid in connection with this early conversion.

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 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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.

15                         Invesco Small Cap Growth 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.

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

16                         Invesco Small Cap Growth Fund

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.

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 accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
First $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, 2017, 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. and separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2018, 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2019, 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, 2017, the Adviser waived advisory fees of $71,270.

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, 2017, 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 services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the year ended December 31, 2017, 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. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2017, 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, 2017, IDI advised the Fund that IDI retained $6,145 in front-end sales commissions from the sale of Class A shares and $87 and $117 from Class A and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

For the year ended December 31, 2017, the Fund incurred $34,542 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, 2017, 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.

The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the year ended December 31, 2017, there were no material transfers between valuation levels.

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, 2017, the Fund engaged in securities purchases of $14,301,171 and securities sales of $27,856,352, which resulted in net realized gains of $3,919,158.

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, 2017, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $8,871.

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, 2017 and 2016:

	2017		2016
Ordinary income	$	1,142,673	$	4,976,706
Long-term capital gain		225,248,787		193,760,533
Total distributions	$	226,391,460	$	198,737,239

Tax Components of Net Assets at Period-End:

	2017
Undistributed long-term gain	$	25,882,076
Net unrealized appreciation — investments		968,810,367
Temporary book/tax differences		(360,807	)
Shares of beneficial interest		1,819,687,569
Total net assets	$	2,814,019,205

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, 2017.

NOTE 9—Investment Transactions

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, 2017 was $522,006,290 and $600,153,120, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	1,024,951,323
Aggregate unrealized (depreciation) of investments		(56,140,956	)
Net unrealized appreciation of investments	$	968,810,367

Cost of investments for tax purposes is $1,921,737,125.

NOTE 10—Reclassification of Permanent Differences

Primarily as a result of differing book/tax treatment of net operating losses on December 31, 2017, undistributed net investment income (loss) was increased by $6,545,702, undistributed net realized gain was decreased by $6,537,173 and shares of beneficial interest was decreased by $8,529. 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,
	2017(a)						2016
	Shares			Amount			Shares			Amount
Sold:
Class A		2,373,114		$	85,526,625			3,307,313		$	106,585,690
Class B		2,730			67,474			1,849			43,617
Class C		30,997			794,127			45,301			1,075,935
Class R		1,071,759			36,444,630			994,584			30,485,882
Class Y		2,512,373			91,728,881			1,703,726			55,758,585
Investor Class		306,754			11,653,378			523,397			17,783,519
Class R5		5,728,267			230,593,464			4,750,428			168,983,504
Class R6		3,016,797			122,787,405			1,237,919			45,197,275
Issued as reinvestment of dividends:
Class A		1,416,738			52,220,953			1,532,456			51,138,010
Class B		3,588			90,067			7,471			177,899
Class C		69,393			1,736,917			71,934			1,708,424
Class R		362,800			12,396,878			328,372			10,251,768
Class Y		419,700			15,935,998			392,787			13,433,340
Investor Class		487,733			18,899,636			526,167			18,373,732
Class R5		2,344,791			97,332,286			2,238,949			82,997,848
Class R6		541,778			22,586,721			430,664			16,016,380
Automatic conversion of Class B shares to Class A shares:
Class A		25,817			936,084			27,888			903,335
Class B		(36,411	)		(936,084	)		(37,809	)		(903,335	)
Reacquired:
Class A		(5,533,288	)		(198,211,496	)		(6,752,912	)		(218,034,515	)
Class B		(4,418	)		(111,537	)		(10,021	)		(235,415	)
Class C		(168,096	)		(4,320,593	)		(186,919	)		(4,409,194	)
Class R		(1,185,719	)		(39,565,750	)		(1,063,480	)		(32,228,314	)
Class Y		(2,403,106	)		(88,867,062	)		(1,778,770	)		(58,630,954	)
Investor Class		(1,288,130	)		(49,155,330	)		(1,349,581	)		(45,713,844	)
Class R5		(5,901,704	)		(239,611,667	)		(6,412,270	)		(229,530,141	)
Class R6		(1,820,738	)		(73,307,599	)		(1,084,913	)		(38,788,067	)
Net increase (decrease) in share activity		2,373,519		$	107,644,406			(555,470	)	$	(7,559,036	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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 12/31/17	$	32.66	$	(0.17	)	$	8.26		$	8.09		$	—		$	(3.44	)	$	(3.44	)	$	37.31		24.91	%	$	617,955		1.20	%(d)		1.20	%(d)		(0.48	)%(d)		21	%
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			1.22			(0.01	)		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
Class B
Year ended 12/31/17		23.29		(0.31	)		5.85			5.54			—			(3.44	)		(3.44	)		25.39		23.97			702		1.95	(d)		1.95	(d)		(1.23	)(d)		21
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			1.97			(0.76	)		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
Class C
Year ended 12/31/17		23.24		(0.31	)		5.84			5.53			—			(3.44	)		(3.44	)		25.33		23.99			14,502		1.95	(d)		1.95	(d)		(1.23	)(d)		21
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			1.97			(0.76	)		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
Class R
Year ended 12/31/17		30.55		(0.25	)		7.72			7.47			—			(3.44	)		(3.44	)		34.58		24.60			135,751		1.45	(d)		1.45	(d)		(0.73	)(d)		21
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			1.47			(0.26	)		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
Class Y
Year ended 12/31/17		33.48		(0.08	)		8.47			8.39			0.00			(3.44	)		(3.44	)		38.43		25.22			208,233		0.95	(d)		0.95	(d)		(0.23	)(d)		21
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			0.97			0.24			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
Investor Class
Year ended 12/31/17		34.18		(0.17	)		8.64			8.47			—			(3.44	)		(3.44	)		39.21		24.91			241,104		1.19	(d)		1.19	(d)		(0.47	)(d)		21
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			1.22			(0.01	)		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
Class R5
Year ended 12/31/17		36.29		(0.04	)		9.22			9.18			0.00			(3.44	)		(3.44	)		42.02		25.41			1,292,036		0.82	(d)		0.82	(d)		(0.10	)(d)		21
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			0.83			0.38			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
Class R6
Year ended 12/31/17		36.41		0.00			9.23			9.23			0.00			(3.44	)		(3.44	)		42.20		25.49			303,737		0.73	(d)		0.73	(d)		(0.01	)(d)		21
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			0.73			0.48			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

^(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 $596,428, $1,093, $14,805, $121,112, $195,279, $234,623, $1,173,391 and $241,851 for Class A, Class B, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

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 Invesco Small Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Small Cap Growth Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), hereafter referred to as the “Fund”) as of December 31, 2017, the related statement of operations for the year ended December 31, 2017, the statement of changes in net assets for each of the two years in the period ended December 31, 2017, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2017 and the financial highlights for each of the five years in the period ended December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Houston, TX

February 23, 2018

We have served as the auditor of one or more of the investment companies in the Invesco/PowerShares group of investment companies since at least 1995. We have not determined the specific year we began serving as auditor.

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, 2017 through December 31, 2017.

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 (07/01/17)		ACTUAL				HYPOTHETICAL (5% annual return before expenses)				Annualized Expense Ratio
			Ending Account Value (12/31/17)1		Expenses Paid During Period2		Ending Account Value (12/31/17)		Expenses Paid During Period2
Class A	$	1,000.00	$	1,131.00	$	6.45	$	1,019.16	$	6.11		1.20	%
Class B		1,000.00		1,127.00		10.45		1,015.38		9.91		1.95
Class C		1,000.00		1,126.90		10.45		1,015.38		9.91		1.95
Class R		1,000.00		1,129.60		7.78		1,017.90		7.38		1.45
Class Y		1,000.00		1,132.60		5.11		1,020.42		4.84		0.95
Investor Class		1,000.00		1,131.30		6.34		1,019.26		6.01		1.18
Class R5		1,000.00		1,133.20		4.41		1,021.07		4.18		0.82
Class R6		1,000.00		1,133.80		3.93		1,021.53		3.72		0.73

¹  The actual ending account value is based on the actual total return of the Fund for the period July 1, 2017 through December 31, 2017, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

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, 2017:

Federal and State Income Tax
Long-Term Capital Gain Distributions	$	225,248,787
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.

Non-Resident Alien Shareholders
Qualified Short-Term Gains	$	965,031

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); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business Formerly: Advisor to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Holding Company (US), Inc. (formerly IVZ Inc.) (holding company), Invesco Group Services, Inc. (service provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman, Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)	158	None
Philip A. Taylor2 — 1954 Trustee and Senior Vice President	2006	Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, 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: Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (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.	158	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: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council	158	Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company)
David C. Arch — 1945 Trustee	2010	Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization	158	Board member of the Illinois Manufacturers’ Association
Jack M. Fields — 1952 Trustee	2001	Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance (non-profit) Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (non-profit); and member of the U.S. House of Representatives	158	None
Cynthia Hostetler — 1962 Trustee	2017	Non-Executive Director and Trustee of a number of public and private business corporations Formerly: Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP	158	Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Aberdeen Investment Funds (4 portfolios); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor)
Eli Jones — 1961 Trustee	2016	Professor and Dean, Mays Business School — Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank	158	Insperity, Inc. (formerly known as Administaff) (human resources provider)
Prema Mathai-Davis — 1950 Trustee	2001	Retired.	158	None
Teresa M. Ressel  —  1962 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury	158	Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier)
Ann Barnett Stern — 1957 Trustee	2017	President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution) Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP	158	Federal Reserve Bank of Dallas
Raymond Stickel, Jr. — 1944 Trustee	2005	Retired. Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche	158	None
Robert C. Troccoli — 1949 Trustee	2016	Adjunct Professor, University of Denver — Daniels College of Business Formerly: Senior Partner, KPMG LLP	158	None
Christopher L. Wilson —  1957 Trustee	2017	Non-executive director and trustee of a number of public and private business corporations Formerly: Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments	158	TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); ISO New England, Inc. (non-profit organization managing regional electricity market)

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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, 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
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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Manager and Secretary, Invesco Indexing LLC 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
Gregory G. McGreevey — 1962 Senior Vice President	2012	Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Management Group, Inc.; Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds Formerly: Assistant Vice President, The Invesco Funds	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, PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed 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)
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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer	2013	Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., 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,PowerShares Actively Managed Exchange-Traded Commodity Fund Trust and PowerShares Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc. Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp.	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

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. 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                 Invesco Distributors, Inc. SCG-AR-1         02232018     1113

ITEM 2.    CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3.    AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial 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. The SEC no-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

(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 2017		Fees Billed for Services Rendered to the Registrant for fiscal year end 2016
Audit Fees	$	361,800	$	347,725
Audit-Related Fees(1)	$	10,500	$	0
Tax Fees(2)	$	108,950	$	134,850
All Other Fees	$	0	$	0
Total Fees	$	481,250	$	482,575

(g) PWC billed the Registrant aggregate non-audit fees of $119,450 for the fiscal year ended 2017, and $134,850 for the fiscal year ended 2016, for non-audit services rendered to the Registrant.

(1) Audit-Related fees for the fiscal year end December 31, 2017 includes fees billed for reviewing regulatory filings.

(2) Tax fees for the fiscal year end December 31, 2017 includes fees billed for reviewing tax returns and/or services related to tax compliance. Tax fees for fiscal year end December 31, 2016 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 2017 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 2016 That Were Required to be Pre- Approved by the Registrant’s Audit Committee
Audit-Related Fees	$	662,000	$	635,000
Tax Fees	$	0	$	0
All Other Fees	$	1,006,000	$	2,432,000
Total Fees(1)	$	1,668,000	$	3,067,000

(1) Audit-Related fees for the year end 2017 include fees billed related to reviewing controls at a service organization. Audit-Related fees for the year end 2016 include fees billed related to reviewing controls at a service organization.

All other fees for the year end 2017 include fees billed related to the assessments for certain of the company’s risk management tools, current state analysis against regulatory requirements and 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 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.

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimus exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) 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 $4,496,000 for the fiscal year ended December 31, 2017, and $5,763,000 for the fiscal year ended December 31, 2016, for non-audit services rendered to Invesco and Invesco Affiliates.

PWC provided audit services to the Investment Company complex of approximately $23 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.

(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 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

¹ Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable to closed-end funds managed by Invesco and listed on NYSE.

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 14, 2018, 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 14, 2018, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

 13(a) (1) Code of Ethics.

 13(a) (2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 13(a) (3) Not applicable.

 13(a) (4) Not applicable.

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, 2018

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, 2018

By:	/s/ Kelli Gallegos
	Kelli Gallegos
	Principal Financial Officer
Date:	March 9, 2018

EXHIBIT INDEX

13(a) (1)	Code of Ethics.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.