# EDGAR Filing Document

**Accession Number:** 0000202032
**File Stem:** 0001193125-26-092409
**Filing Date:** 2026-3
**Character Count:** 1800428
**Document Hash:** cfed89ecd25649a762d9da107dbc1b02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-092409.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-092409

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 188

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM GROWTH SERIES (INVESCO GROWTH SERIES)
- **CENTRAL INDEX KEY:** 0000202032

**ORGANIZATION NAME:**
- **EIN:** 942362417
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02699
- **FILM NUMBER:** 26724041

**BUSINESS ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046
- **BUSINESS PHONE:** 7136261919

**MAIL ADDRESS:**
- **STREET 1:** 11 GREENWAY PLAZA
- **STREET 2:** SUITE 1000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77046

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM GROWTH SERIES
- **DATE OF NAME CHANGE:** 19980601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** G T GLOBAL GROWTH SERIES
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** G T GLOBAL GROWTH FUNDS
- **DATE OF NAME CHANGE:** 19870617

## Series and Classes Contracts Data

### Invesco Select Risk: Growth Investor Fund (Series ID: S000000465)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000001297 | Class A      | AADAX           |
| C000001299 | Class C      | AADCX           |
| C000001300 | Class R      | AADRX           |
| C000023020 | CLASS R5     | AADIX           |
| C000071350 | Class Y      | AADYX           |
| C000081509 | CLASS S      | AADSX           |
| C000188958 | Class R6     |  |

### INVESCO Small Cap Growth Fund (Series ID: S000000476)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000001325 | Class A        | GTSAX           |
| C000001327 | Class C        | GTSDX           |
| C000001328 | Class R        | GTSRX           |
| C000023026 | Investor Class | GTSIX           |
| C000023027 | CLASS R5       | GTSVX           |
| C000071356 | Class Y        | GTSYX           |
| C000120732 | Class R6       | GTSFX           |

### INVESCO Income Allocation Fund (Series ID: S000010731)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000029631 | Class A      | ALAAX           |
| C000029633 | Class C      | CLIAX           |
| C000029634 | Class R      | RLIAX           |
| C000029635 | CLASS R5     | ILAAX           |
| C000071357 | Class Y      | ALAYX           |
| C000188961 | Class R6     |  |

### Invesco Select Risk: Moderately Conservative Investor Fund (Series ID: S000011250)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000031003 | CLASS R5     | CMAIX           |
| C000031004 | Class A      | CAAMX           |
| C000031006 | Class C      | CACMX           |
| C000031007 | Class R      | CMARX           |
| C000071360 | Class Y      | CAAYX           |
| C000096003 | Class S      | CMASX           |
| C000188963 | Class R6     |  |

### INVESCO CONVERTIBLE SECURITIES FUND (Series ID: S000027855)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084572 | CLASS A      | CNSAX           |
| C000084574 | CLASS C      | CNSCX           |
| C000084575 | CLASS Y      | CNSDX           |
| C000096004 | CLASS R5     | CNSIX           |
| C000120738 | Class R6     | CNSFX           |

### Invesco Quality Income Fund (Series ID: S000027862)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084602 | CLASS A      | VKMGX           |
| C000084604 | CLASS C      | VUSCX           |
| C000084605 | CLASS Y      | VUSIX           |
| C000084606 | CLASS R5     | VUSJX           |
| C000188964 | Class R6     |  |
| C000217950 | Class R      |  |

### Invesco Active Allocation Fund (Series ID: S000064645)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209296 | Class R5     |  |
| C000209298 | Class Y      |  |
| C000209300 | Class R      |  |
| C000209302 | Class C      |  |
| C000209304 | Class A      |  |
| C000209309 | Class R6     |  |

### Invesco Select Risk: High Growth Investor Fund (Series ID: S000064646)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209311 | Class R6     |  |
| C000209313 | Class R5     |  |
| C000209314 | Class Y      |  |
| C000209315 | Class R      |  |
| C000209316 | Class C      |  |
| C000209317 | Class A      |  |

### Invesco Select Risk: Conservative Investor Fund (Series ID: S000064647)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209318 | Class R6     |  |
| C000209319 | Class R5     |  |
| C000209320 | Class Y      |  |
| C000209321 | Class R      |  |
| C000209322 | Class C      |  |
| C000209323 | Class A      |  |

### Invesco Select Risk: Moderate Investor Fund (Series ID: S000064648)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209324 | Class C      |  |
| C000209325 | Class R6     |  |
| C000209326 | Class R5     |  |
| C000209327 | Class Y      |  |
| C000209328 | Class R      |  |
| C000209329 | Class A      |  |
| C000216604 | Class S      |  |

### Invesco International Diversified Fund (Series ID: S000064649)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209330 | Class C      |  |
| C000209331 | Class R      |  |
| C000209332 | Class Y      |  |
| C000209333 | Class R5     |  |
| C000209334 | Class R6     |  |
| C000209335 | Class A      |  |

### Invesco Main Street Small Cap Fund (Series ID: S000064650)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209336 | Class R6     |  |
| C000209337 | Class A      |  |
| C000209338 | Class R5     |  |
| C000209339 | Class Y      |  |
| C000209340 | Class R      |  |
| C000209341 | Class C      |  |

### Invesco Main Street Mid Cap Fund (Series ID: S000064651)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209342 | Class R6     |  |
| C000209343 | Class Y      |  |
| C000209344 | Class R      |  |
| C000209345 | Class C      |  |
| C000209346 | Class A      |  |
| C000209347 | Class R5     |  |

?xml version='1.0' encoding='ASCII'? af5ff83d-2d6b-473e-881a-f3270b9ca501

#### 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)

Glenn Brightman, Principal Executive Officer

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(713) 626-1919

#### Date of fiscal year end:
December 31

#### Date of reporting period:
December 31, 2025

Item 1. Reports to Stockholders.

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

![TSR_logo](images_2661.jpg)

### Invesco Active Allocation Fund

### Class A: OAAAX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Active Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Active Allocation Fund<br>(Class A) | $47 | 0.44% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 15.53%. For the same time period, the Custom Invesco Active Allocation Index (the "Benchmark") returned 18.82%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Tactical asset allocation \|** The Fund's tactical asset allocation contributed positively to relative performance as the Fund's foreign exchange activity and fixed income derivatives were additive.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with the key detractors being the selection within global and international small and mid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900790.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Active Allocation Fund (Class A) —including sales charge** | 9.17% | 4.56% | 6.96% |
| **Invesco Active Allocation Fund (Class A) —excluding sales charge** | 15.53% | 5.76% | 7.57% |
| **Custom Invesco Active Allocation Index** | 18.82% | 9.09% | 9.99% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Active Allocation Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

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

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1973581259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1634660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900141.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchse offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSAA-AR-A Invesco Active Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco Active Allocation Fund

### Class C: OAACX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Active Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Active Allocation Fund<br>(Class C) | $129 | 1.20% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 14.63%. For the same time period, the Custom Invesco Active Allocation Index (the "Benchmark") returned 18.82%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Tactical asset allocation \|** The Fund's tactical asset allocation contributed positively to relative performance as the Fund's foreign exchange activity and fixed income derivatives were additive.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with the key detractors being the selection within global and international small and mid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900825.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Active Allocation Fund (Class C) —including sales charge** | 13.63% | 4.96% | 6.91% |
| **Invesco Active Allocation Fund (Class C) —excluding sales charge** | 14.63% | 4.96% | 6.91% |
| **Custom Invesco Active Allocation Index** | 18.82% | 9.09% | 9.99% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Active Allocation Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

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

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1973581259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1634660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900830.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchse offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSAA-AR-C Invesco Active Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco Active Allocation Fund

### Class R: OAANX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Active Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Active Allocation Fund<br>(Class R) | $75 | 0.70% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R shares of the Fund returned 15.20%. For the same time period, the Custom Invesco Active Allocation Index (the "Benchmark") returned 18.82%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Tactical asset allocation \|** The Fund's tactical asset allocation contributed positively to relative performance as the Fund's foreign exchange activity and fixed income derivatives were additive.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with the key detractors being the selection within global and international small and mid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900208.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Active Allocation Fund (Class R)** | 15.20% | 5.49% | 7.30% |
| **Custom Invesco Active Allocation Index** | 18.82% | 9.09% | 9.99% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Active Allocation Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

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

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1973581259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1634660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900886.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchse offers.

### Where Can I Find More Information ?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSAA-AR-R Invesco Active Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco Active Allocation Fund

### Class Y: OAAYX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Active Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Active Allocation Fund<br>(Class Y) | $22 | 0.20% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 15.76%. For the same time period, the Custom Invesco Active Allocation Index (the "Benchmark") returned 18.82%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Tactical asset allocation \|** The Fund's tactical asset allocation contributed positively to relative performance as the Fund's foreign exchange activity and fixed income derivatives were additive.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with the key detractors being the selection within global and international small and mid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900244.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Active Allocation Fund (Class Y)** | 15.76% | 6.02% | 7.82% |
| **Custom Invesco Active Allocation Index** | 18.82% | 9.09% | 9.99% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Active Allocation Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

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

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1973581259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1634660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900249.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchse offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSAA-AR-Y Invesco Active Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco Active Allocation Fund

### Class R5: PAAJX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Active Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Active Allocation Fund<br>(Class R5) | $23 | 0.21% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 15.72%. For the same time period, the Custom Invesco Active Allocation Index (the "Benchmark") returned 18.82%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Tactical asset allocation \|** The Fund's tactical asset allocation contributed positively to relative performance as the Fund's foreign exchange activity and fixed income derivatives were additive.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with the key detractors being the selection within global and international small and mid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900280.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Active Allocation Fund (Class R5)** | 15.72% | 6.03% | 7.76% |
| **Custom Invesco Active Allocation Index** | 18.82% | 9.09% | 9.99% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Active Allocation Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Portfolio Series: Active Allocation Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1973581259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1634660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900285.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchse offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSAA-AR-R5 Invesco Active Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco Active Allocation Fund

### Class R6: PAAQX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Active Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Active Allocation Fund<br>(Class R6) | $15 | 0.14% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R6 shares of the Fund returned 15.90%. For the same time period, the Custom Invesco Active Allocation Index (the "Benchmark") returned 18.82%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Tactical asset allocation \|** The Fund's tactical asset allocation contributed positively to relative performance as the Fund's foreign exchange activity and fixed income derivatives were additive.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with the key detractors being the selection within global and international small and mid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900948.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Active Allocation Fund (Class R6)** | 15.90% | 6.08% | 7.78% |
| **Custom Invesco Active Allocation Index** | 18.82% | 9.09% | 9.99% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Active Allocation Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Portfolio Series: Active Allocation Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1973581259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1634660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900321.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchse offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSAA-AR-R6 Invesco Active Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco Convertible Securities Fund

### Class A: CNSAX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Convertible Securities Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Convertible Securities Fund<br>(Class A) | $103 | 0.95% |

---

### How Did The Fund Perform During The Period?
**•** While 2025 was a year marked by uncertainty, key areas of resilience helped deliver strong returns for risk assets. Economic activity remained stronger than expected in the US and inflation continued to abate despite tariff induced fears of reignition. In this environment, supported by stable credit markets and strong equity performance, convertible securities performed well.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 15.84%. For the same time period, the ICE BofA US Convertible Index returned 17.98%.

#### What contributed to performance?
**Seagate HDD Cayman \|** Seagate is a leader in mass-capacity data storage. An overweight position in Seagate benefited the Fund as the tech company surged on explosive demand for artificial intelligence-driven data-center storage and expanding margins.

**AST SpaceMobile, Inc. \|** AST SpaceMobile is a publicly traded satellite designer and manufacturer. An overweight position in the company contributed to relative performance as the company reached major deployment milestones and saw growing partnerships in the telecom space.

#### What detracted from performance?
**Rocket Lab USA, Inc. \|** Rocket Lab is an end-to-end space company delivering reliable launch services, complete spacecraft design and manufacturing, satellite components, flight software, and more. An underweight position to Rocket Labs hurt the Fund as the company posted strong revenue growth. We exited our position during the period.

**Bloom Energy Corp. \|** Bloom's Energy Server generates power onsite, converting fuels like natural gas, biogas and hydrogen into electricity without combustion. An underweight position to Bloom Energy detracted from relative performance as the energy company saw continued demand growth for its fuel cell solutions.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898858.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Convertible Securities Fund (Class A) —including sales charge** | 9.46% | 2.71% | 8.69% |
| **Invesco Convertible Securities Fund (Class A) —excluding sales charge** | 15.84% | 3.88% | 9.31% |
| **ICE BofA US Convertible Index** | 17.98% | 5.05% | 11.22% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

Prior to July 1, 2022, ICE BofA US Convertible Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, ICE BofA US Convertible Index returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$720987050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3741191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series L, Conv. Pfd., 7.25% | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), Conv. Pfd., 6.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc., Conv., 0.38%, 03/15/2032 | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower OP LLC, Conv., 3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Conv. , 06/15/2030 | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc., Conv. , 10/01/2029 | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Conv., 0.25%, 04/01/2030 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc., Conv., 3.13%, 01/15/2029 | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The), Conv., 4.50%, 06/15/2027 | &nbsp;&nbsp;&nbsp;1.48% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898853.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

MS-CSEC-AR-A Invesco Convertible Securities Fund

![TSR_logo](images_2661.jpg)

### Invesco Convertible Securities Fund

### Class C: CNSCX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Convertible Securities Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Convertible Securities Fund<br>(Class C) | $182 | 1.69% |

---

### How Did The Fund Perform During The Period?
**•** While 2025 was a year marked by uncertainty, key areas of resilience helped deliver strong returns for risk assets. Economic activity remained stronger than expected in the US and inflation continued to abate despite tariff induced fears of reignition. In this environment, supported by stable credit markets and strong equity performance, convertible securities performed well.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 15.01%. For the same time period, the ICE BofA US Convertible Index returned 17.98%.

#### What contributed to performance?
**Seagate HDD Cayman \|** Seagate is a leader in mass-capacity data storage. An overweight position in Seagate benefited the Fund as the tech company surged on explosive demand for artificial intelligence-driven data-center storage and expanding margins.

**AST SpaceMobile, Inc. \|** AST SpaceMobile is a publicly traded satellite designer and manufacturer. An overweight position in the company contributed to relative performance as the company reached major deployment milestones and saw growing partnerships in the telecom space.

#### What detracted from performance?
**Rocket Lab USA, Inc. \|** Rocket Lab is an end-to-end space company delivering reliable launch services, complete spacecraft design and manufacturing, satellite components, flight software, and more. An underweight position to Rocket Labs hurt the Fund as the company posted strong revenue growth. We exited our position during the period.

**Bloom Energy Corp. \|** Bloom's Energy Server generates power onsite, converting fuels like natural gas, biogas and hydrogen into electricity without combustion. An underweight position to Bloom Energy detracted from relative performance as the energy company saw continued demand growth for its fuel cell solutions.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898811.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Convertible Securities Fund (Class C) —including sales charge** | 14.01% | 3.12% | 8.66% |
| **Invesco Convertible Securities Fund (Class C) —excluding sales charge** | 15.01% | 3.12% | 8.66% |
| **ICE BofA US Convertible Index** | 17.98% | 5.05% | 11.22% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

Prior to July 1, 2022, ICE BofA US Convertible Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, ICE BofA US Convertible Index returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$720987050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3741191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series L, Conv. Pfd., 7.25% | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), Conv. Pfd., 6.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc., Conv., 0.38%, 03/15/2032 | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower OP LLC, Conv., 3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Conv. , 06/15/2030 | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc., Conv. , 10/01/2029 | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Conv., 0.25%, 04/01/2030 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc., Conv., 3.13%, 01/15/2029 | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The), Conv., 4.50%, 06/15/2027 | &nbsp;&nbsp;&nbsp;1.48% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898806.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

MS-CSEC-AR-C Invesco Convertible Securities Fund

![TSR_logo](images_2661.jpg)

### Invesco Convertible Securities Fund

### Class Y: CNSDX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Convertible Securities Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Convertible Securities Fund<br>(Class Y) | $76 | 0.70% |

---

### How Did The Fund Perform During The Period?
**•** While 2025 was a year marked by uncertainty, key areas of resilience helped deliver strong returns for risk assets. Economic activity remained stronger than expected in the US and inflation continued to abate despite tariff induced fears of reignition. In this environment, supported by stable credit markets and strong equity performance, convertible securities performed well.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 16.14%. For the same time period, the ICE BofA US Convertible Index returned 17.98%.

#### What contributed to performance?
**Seagate HDD Cayman \|** Seagate is a leader in mass-capacity data storage. An overweight position in Seagate benefited the Fund as the tech company surged on explosive demand for artificial intelligence-driven data-center storage and expanding margins.

**AST SpaceMobile, Inc. \|** AST SpaceMobile is a publicly traded satellite designer and manufacturer. An overweight position in the company contributed to relative performance as the company reached major deployment milestones and saw growing partnerships in the telecom space.

#### What detracted from performance?
**Rocket Lab USA, Inc. \|** Rocket Lab is an end-to-end space company delivering reliable launch services, complete spacecraft design and manufacturing, satellite components, flight software, and more. An underweight position to Rocket Labs hurt the Fund as the company posted strong revenue growth. We exited our position during the period.

**Bloom Energy Corp. \|** Bloom's Energy Server generates power onsite, converting fuels like natural gas, biogas and hydrogen into electricity without combustion. An underweight position to Bloom Energy detracted from relative performance as the energy company saw continued demand growth for its fuel cell solutions.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898579.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Convertible Securities Fund (Class Y)** | 16.14% | 4.13% | 9.57% |
| **ICE BofA US Convertible Index** | 17.98% | 5.05% | 11.22% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

Prior to July 1, 2022, ICE BofA US Convertible Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, ICE BofA US Convertible Index returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$720987050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3741191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series L, Conv. Pfd., 7.25% | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), Conv. Pfd., 6.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc., Conv., 0.38%, 03/15/2032 | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower OP LLC, Conv., 3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Conv. , 06/15/2030 | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc., Conv. , 10/01/2029 | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Conv., 0.25%, 04/01/2030 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc., Conv., 3.13%, 01/15/2029 | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The), Conv., 4.50%, 06/15/2027 | &nbsp;&nbsp;&nbsp;1.48% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898772.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

MS-CSEC-AR-Y Invesco Convertible Securities Fund

![TSR_logo](images_2661.jpg)

### Invesco Convertible Securities Fund

### Class R5: CNSIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Convertible Securities Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Convertible Securities Fund<br>(Class R5) | $65 | 0.60% |

---

### How Did The Fund Perform During The Period?
**•** While 2025 was a year marked by uncertainty, key areas of resilience helped deliver strong returns for risk assets. Economic activity remained stronger than expected in the US and inflation continued to abate despite tariff induced fears of reignition. In this environment, supported by stable credit markets and strong equity performance, convertible securities performed well.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 16.22%. For the same time period, the ICE BofA US Convertible Index returned 17.98%.

#### What contributed to performance?
**Seagate HDD Cayman \|** Seagate is a leader in mass-capacity data storage. An overweight position in Seagate benefited the Fund as the tech company surged on explosive demand for artificial intelligence-driven data-center storage and expanding margins.

**AST SpaceMobile, Inc. \|** AST SpaceMobile is a publicly traded satellite designer and manufacturer. An overweight position in the company contributed to relative performance as the company reached major deployment milestones and saw growing partnerships in the telecom space.

#### What detracted from performance?
**Rocket Lab USA, Inc. \|** Rocket Lab is an end-to-end space company delivering reliable launch services, complete spacecraft design and manufacturing, satellite components, flight software, and more. An underweight position to Rocket Labs hurt the Fund as the company posted strong revenue growth. We exited our position during the period.

**Bloom Energy Corp. \|** Bloom's Energy Server generates power onsite, converting fuels like natural gas, biogas and hydrogen into electricity without combustion. An underweight position to Bloom Energy detracted from relative performance as the energy company saw continued demand growth for its fuel cell solutions.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898590.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Convertible Securities Fund (Class R5)** | 16.22% | 4.18% | 9.61% |
| **ICE BofA US Convertible Index** | 17.98% | 5.05% | 11.22% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

Prior to July 1, 2022, ICE BofA US Convertible Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, ICE BofA US Convertible Index returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$720987050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3741191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series L, Conv. Pfd., 7.25% | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), Conv. Pfd., 6.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc., Conv., 0.38%, 03/15/2032 | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower OP LLC, Conv., 3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Conv. , 06/15/2030 | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc., Conv. , 10/01/2029 | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Conv., 0.25%, 04/01/2030 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc., Conv., 3.13%, 01/15/2029 | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The), Conv., 4.50%, 06/15/2027 | &nbsp;&nbsp;&nbsp;1.48% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898735.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

MS-CSEC-AR-R5 Invesco Convertible Securities Fund

![TSR_logo](images_2661.jpg)

### Invesco Convertible Securities Fund

### Class R6: CNSFX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Convertible Securities Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Convertible Securities Fund<br>(Class R6) | $65 | 0.60% |

---

### How Did The Fund Perform During The Period?
**•** While 2025 was a year marked by uncertainty, key areas of resilience helped deliver strong returns for risk assets. Economic activity remained stronger than expected in the US and inflation continued to abate despite tariff induced fears of reignition. In this environment, supported by stable credit markets and strong equity performance, convertible securities performed well.

**•** For the fiscal year ended December 31, 2025, Class R6 shares of the Fund returned 16.28%. For the same time period, the ICE BofA US Convertible Index returned 17.98%.

#### What contributed to performance?
**Seagate HDD Cayman \|** Seagate is a leader in mass-capacity data storage. An overweight position in Seagate benefited the Fund as the tech company surged on explosive demand for artificial intelligence-driven data-center storage and expanding margins.

**AST SpaceMobile, Inc. \|** AST SpaceMobile is a publicly traded satellite designer and manufacturer. An overweight position in the company contributed to relative performance as the company reached major deployment milestones and saw growing partnerships in the telecom space.

#### What detracted from performance?
**Rocket Lab USA, Inc. \|** Rocket Lab is an end-to-end space company delivering reliable launch services, complete spacecraft design and manufacturing, satellite components, flight software, and more. An underweight position to Rocket Labs hurt the Fund as the company posted strong revenue growth. We exited our position during the period.

**Bloom Energy Corp. \|** Bloom's Energy Server generates power onsite, converting fuels like natural gas, biogas and hydrogen into electricity without combustion. An underweight position to Bloom Energy detracted from relative performance as the energy company saw continued demand growth for its fuel cell solutions.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898692.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Convertible Securities Fund (Class R6)** | 16.28% | 4.25% | 9.69% |
| **ICE BofA US Convertible Index** | 17.98% | 5.05% | 11.22% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

Prior to July 1, 2022, ICE BofA US Convertible Index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, ICE BofA US Convertible Index returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$720987050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3741191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series L, Conv. Pfd., 7.25% | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), Conv. Pfd., 6.00%, 10/15/2027 | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc., Conv., 0.38%, 03/15/2032 | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower OP LLC, Conv., 3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc., Conv. , 06/15/2030 | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc., Conv. , 10/01/2029 | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Conv., 0.25%, 04/01/2030 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc., Conv., 3.13%, 01/15/2029 | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The), Conv., 4.50%, 06/15/2027 | &nbsp;&nbsp;&nbsp;1.48% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898687.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

MS-CSEC-AR-R6 Invesco Convertible Securities Fund

![TSR_logo](images_2661.jpg)

### Invesco Income Allocation Fund

### Class A: ALAAX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Income Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Income Allocation Fund<br>(Class A) | $47 | 0.44% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 11.63%. For the same time period, the Custom Invesco Income Allocation Index (the "Benchmark") returned 11.04%.

#### What contributed to performance?
**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was a positive contributor to relative return given equities outperformed fixed income.

**Equity manager selection \|** The Fund's equity manager selection effects were a positive contribution to the Fund's relative performance, with positive manager selection within US value equities.

#### What detracted from performance?
**Fixed Income style selection \|** The Fund's fixed income style effects detracted from relative performance given the Fund's exposure to floating rate and core fixed income.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance, specifically within core and core plus fixed income.

**Asset allocation - Cash \|** The Fund's allocation to cash had a negative effect (also known as "cash drag") on the Fund's relative performance, while both the equity and fixed income markets had positive returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899478.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Allocation Fund (Class A) —including sales charge** | 5.52% | 2.57% | 4.18% |
| **Invesco Income Allocation Fund (Class A) —excluding sales charge** | 11.63% | 3.73% | 4.77% |
| **Custom Invesco Income Allocation Index** | 11.04% | 4.35% | 6.15% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

The Custom Invesco Income Allocation Index is composed of the following indexes: S&P 500® Index, MSCI EAFE® Index (Net), FTSE NAREIT Equity REITs Index and Bloomberg 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 performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323845354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899483.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchse offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

INCAL-AR-A Invesco Income Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco Income Allocation Fund

### Class C: CLIAX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Income Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Income Allocation Fund<br>(Class C) | $125 | 1.19% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 10.68%. For the same time period, the Custom Invesco Income Allocation Index (the "Benchmark") returned 11.04%.

#### What contributed to performance?
**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was a positive contributor to relative return given equities outperformed fixed income.

**Equity manager selection \|** The Fund's equity manager selection effects were a positive contribution to the Fund's relative performance, with positive manager selection within US value equities.

#### What detracted from performance?
**Fixed Income style selection \|** The Fund's fixed income style effects detracted from relative performance given the Fund's exposure to floating rate and core fixed income.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance, specifically within core and core plus fixed income.

**Asset allocation - Cash \|** The Fund's allocation to cash had a negative effect (also known as "cash drag") on the Fund's relative performance, while both the equity and fixed income markets had positive returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899527.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Allocation Fund (Class C) —including sales charge** | 9.68% | 2.96% | 4.15% |
| **Invesco Income Allocation Fund (Class C) —excluding sales charge** | 10.68% | 2.96% | 4.15% |
| **Custom Invesco Income Allocation Index** | 11.04% | 4.35% | 6.15% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

The Custom Invesco Income Allocation Index is composed of the following indexes: S&P 500® Index, MSCI EAFE® Index (Net), FTSE NAREIT Equity REITs Index and Bloomberg 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 performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323845354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899533.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchse offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

INCAL-AR-C Invesco Income Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco Income Allocation Fund

### Class R: RLIAX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Income Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Income Allocation Fund<br>(Class R) | $73 | 0.69% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R shares of the Fund returned 11.34%. For the same time period, the Custom Invesco Income Allocation Index (the "Benchmark") returned 11.04%.

#### What contributed to performance?
**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was a positive contributor to relative return given equities outperformed fixed income.

**Equity manager selection \|** The Fund's equity manager selection effects were a positive contribution to the Fund's relative performance, with positive manager selection within US value equities.

#### What detracted from performance?
**Fixed Income style selection \|** The Fund's fixed income style effects detracted from relative performance given the Fund's exposure to floating rate and core fixed income.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance, specifically within core and core plus fixed income.

**Asset allocation - Cash \|** The Fund's allocation to cash had a negative effect (also known as "cash drag") on the Fund's relative performance, while both the equity and fixed income markets had positive returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898876.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Allocation Fund (Class R)** | 11.34% | 3.47% | 4.51% |
| **Custom Invesco Income Allocation Index** | 11.04% | 4.35% | 6.15% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

The Custom Invesco Income Allocation Index is composed of the following indexes: S&P 500® Index, MSCI EAFE® Index (Net), FTSE NAREIT Equity REITs Index and Bloomberg 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 performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323845354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898881.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchse offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

INCAL-AR-R Invesco Income Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco Income Allocation Fund

### Class Y: ALAYX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Income Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Income Allocation Fund<br>(Class Y) | $20 | 0.19% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 11.91%. For the same time period, the Custom Invesco Income Allocation Index (the "Benchmark") returned 11.04%.

#### What contributed to performance?
**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was a positive contributor to relative return given equities outperformed fixed income.

**Equity manager selection \|** The Fund's equity manager selection effects were a positive contribution to the Fund's relative performance, with positive manager selection within US value equities.

#### What detracted from performance?
**Fixed Income style selection \|** The Fund's fixed income style effects detracted from relative performance given the Fund's exposure to floating rate and core fixed income.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance, specifically within core and core plus fixed income.

**Asset allocation - Cash \|** The Fund's allocation to cash had a negative effect (also known as "cash drag") on the Fund's relative performance, while both the equity and fixed income markets had positive returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899620.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Allocation Fund (Class Y)** | 11.91% | 3.99% | 5.03% |
| **Custom Invesco Income Allocation Index** | 11.04% | 4.35% | 6.15% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

The Custom Invesco Income Allocation Index is composed of the following indexes: S&P 500® Index, MSCI EAFE® Index (Net), FTSE NAREIT Equity REITs Index and Bloomberg 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 performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323845354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898917.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchse offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

INCAL-AR-Y Invesco Income Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco Income Allocation Fund

### Class R5: ILAAX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Income Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Income Allocation Fund<br>(Class R5) | $15 | 0.14% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 11.95%. For the same time period, the Custom Invesco Income Allocation Index (the "Benchmark") returned 11.04%.

#### What contributed to performance?
**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was a positive contributor to relative return given equities outperformed fixed income.

**Equity manager selection \|** The Fund's equity manager selection effects were a positive contribution to the Fund's relative performance, with positive manager selection within US value equities.

#### What detracted from performance?
**Fixed Income style selection \|** The Fund's fixed income style effects detracted from relative performance given the Fund's exposure to floating rate and core fixed income.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance, specifically within core and core plus fixed income.

**Asset allocation - Cash \|** The Fund's allocation to cash had a negative effect (also known as "cash drag") on the Fund's relative performance, while both the equity and fixed income markets had positive returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898948.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Allocation Fund (Class R5)** | 11.95% | 4.02% | 5.04% |
| **Custom Invesco Income Allocation Index** | 11.04% | 4.35% | 6.15% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

The Custom Invesco Income Allocation Index is composed of the following indexes: S&P 500® Index, MSCI EAFE® Index (Net), FTSE NAREIT Equity REITs Index and Bloomberg 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 performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323845354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898953.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchse offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

INCAL-AR-R5 Invesco Income Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco Income Allocation Fund

### Class R6: IIASX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Income Allocation Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Income Allocation Fund<br>(Class R6) | $11 | 0.10% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R6 shares of the Fund returned 11.92%. For the same time period, the Custom Invesco Income Allocation Index (the "Benchmark") returned 11.04%.

#### What contributed to performance?
**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was a positive contributor to relative return given equities outperformed fixed income.

**Equity manager selection \|** The Fund's equity manager selection effects were a positive contribution to the Fund's relative performance, with positive manager selection within US value equities.

#### What detracted from performance?
**Fixed Income style selection \|** The Fund's fixed income style effects detracted from relative performance given the Fund's exposure to floating rate and core fixed income.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance, specifically within core and core plus fixed income.

**Asset allocation - Cash \|** The Fund's allocation to cash had a negative effect (also known as "cash drag") on the Fund's relative performance, while both the equity and fixed income markets had positive returns.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899715.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Income Allocation Fund (Class R6)** | 11.92% | 4.05% | 5.01% |
| **Custom Invesco Income Allocation Index** | 11.04% | 4.35% | 6.15% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

The Custom Invesco Income Allocation Index is composed of the following indexes: S&P 500® Index, MSCI EAFE® Index (Net), FTSE NAREIT Equity REITs Index and Bloomberg 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.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323845354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898989.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchse offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

INCAL-AR-R6 Invesco Income Allocation Fund

![TSR_logo](images_2661.jpg)

### Invesco International Diversified Fund

### Class A: OIDAX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco International Diversified Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Diversified Fund<br>(Class A) | $46 | 0.42% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, international equity markets were supported by themes tied to artificial intelligence adoption, optimism of moderating inflation in major economies that would lead to more accommodative monetary policies from central banks, and greater fiscal stimulus.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 21.06%. For the same time period, the MSCI ACWI ex USA® Index (Net) (the "Benchmark") returned 32.39%. The Fund underperformed the Benchmark primarily due to its exposure to certain holdings in the industrials and financials sectors. These results were partially offset by its holdings in energy and consumer staples.

#### What contributed to performance?
**Sectors and Geography \|** The Fund's stock selection and underweight allocation to the energy and consumer staples sectors contributed positively to relative performance. From a geographical perspective, the Fund's overweight to emerging markets, specifically within Latin America and Asia, contributed positively to relative performance.

**Underlying Funds \|** As of the fiscal year end, the Fund's portfolio consisted of six underlying funds, all six of which contributed to the Fund's absolute returns. The largest contributors: were Invesco Developing Markets Fund returned 28.84%, contributing 5.34% to absolute return, Invesco International Small-Mid Company Fund returned 17.19%, contributing 5.67% to absolute return, Invesco EQV International Equity Fund returned 16.38%, contributing 3.67% to absolute return, and Invesco International Growth Fund returned 16.29%, contributing 3.91% to absolute return. Invesco International Value Fund and Invesco International Growth Focus ETF also had a positive impact on absolute returns.

#### What detracted from performance?
**Sectors and Geography \|** The Fund's underperformance compared to its Benchmark was driven by stock selection in financials and industrials. The Fund's underweight allocation to financials also detracted from relative results. Stock selection in developed markets was the largest detractor from relative results.

**Style \|** The Fund had a growth bias for a majority of the period, which detracted from performance relative to the Benchmark which has more value and cyclical exposure. None of the underlying funds detracted from absolute returns during the reporting period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900163.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Diversified Fund (Class A) —including sales charge** | 14.41% | -0.03% | 5.49% |
| **Invesco International Diversified Fund (Class A) —excluding sales charge** | 21.06% | 1.11% | 6.09% |
| **MSCI ACWI ex USA® Index (Net)** | 32.39% | 7.91% | 8.41% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer International Diversified Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1405030396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Portfolio composition** 

**(% of total investments)**

---

| | |
|:---|:---|
| Invesco International Value Fund, Class R6 | 37.06% |
| Invesco Developing Markets Fund, Class R6 | 19.52 |
| Invesco International Small-Mid Company Fund, Class R6 | 14.27 |
| Invesco International Growth Focus ETF | 10.07 |
| Invesco EQV International Equity Fund, Class R6 | 9.54 |
| Invesco International Growth Fund, Class R6 | 9.54 |

---

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-IDIV-AR-AInvesco International Diversified Fund

![TSR_logo](images_2661.jpg)

### Invesco International Diversified Fund

### Class C: OIDCX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco International Diversified Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Diversified Fund<br>(Class C) | $129 | 1.17% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, international equity markets were supported by themes tied to artificial intelligence adoption, optimism of moderating inflation in major economies that would lead to more accommodative monetary policies from central banks, and greater fiscal stimulus.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 20.19%. For the same time period, the MSCI ACWI ex USA® Index (Net) (the "Benchmark") returned 32.39%. The Fund underperformed the Benchmark primarily due to its exposure to certain holdings in the industrials and financials sectors. These results were partially offset by its holdings in energy and consumer staples.

#### What contributed to performance?
**Sectors and Geography \|** The Fund's stock selection and underweight allocation to the energy and consumer staples sectors contributed positively to relative performance. From a geographical perspective, the Fund's overweight to emerging markets, specifically within Latin America and Asia, contributed positively to relative performance.

**Underlying Funds \|** As of the fiscal year end, the Fund's portfolio consisted of six underlying funds, all six of which contributed to the Fund's absolute returns. The largest contributors: were Invesco Developing Markets Fund returned 28.84%, contributing 5.34% to absolute return, Invesco International Small-Mid Company Fund returned 17.19%, contributing 5.67% to absolute return, Invesco EQV International Equity Fund returned 16.38%, contributing 3.67% to absolute return, and Invesco International Growth Fund returned 16.29%, contributing 3.91% to absolute return. Invesco International Value Fund and Invesco International Growth Focus ETF also had a positive impact on absolute returns.

#### What detracted from performance?
**Sectors and Geography \|** The Fund's underperformance compared to its Benchmark was driven by stock selection in financials and industrials. The Fund's underweight allocation to financials also detracted from relative results. Stock selection in developed markets was the largest detractor from relative results.

**Style \|** The Fund had a growth bias for a majority of the period, which detracted from performance relative to the Benchmark which has more value and cyclical exposure. None of the underlying funds detracted from absolute returns during the reporting period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900175.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Diversified Fund (Class C) —including sales charge** | 19.33% | 0.36% | 5.45% |
| **Invesco International Diversified Fund (Class C) —excluding sales charge** | 20.19% | 0.36% | 5.45% |
| **MSCI ACWI ex USA® Index (Net)** | 32.39% | 7.91% | 8.41% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer International Diversified Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1405030396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Portfolio composition** 

**(% of total investments)**

---

| | |
|:---|:---|
| Invesco International Value Fund, Class R6 | 37.06% |
| Invesco Developing Markets Fund, Class R6 | 19.52 |
| Invesco International Small-Mid Company Fund, Class R6 | 14.27 |
| Invesco International Growth Focus ETF | 10.07 |
| Invesco EQV International Equity Fund, Class R6 | 9.54 |
| Invesco International Growth Fund, Class R6 | 9.54 |

---

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-IDIV-AR-CInvesco International Diversified Fund

![TSR_logo](images_2661.jpg)

### Invesco International Diversified Fund

### Class R: OIDNX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco International Diversified Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Diversified Fund<br>(Class R) | $74 | 0.67% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, international equity markets were supported by themes tied to artificial intelligence adoption, optimism of moderating inflation in major economies that would lead to more accommodative monetary policies from central banks, and greater fiscal stimulus.

**•** For the fiscal year ended December 31, 2025, Class R shares of the Fund returned 20.90%. For the same time period, the MSCI ACWI ex USA® Index (Net) (the "Benchmark") returned 32.39%. The Fund underperformed the Benchmark primarily due to its exposure to certain holdings in the industrials and financials sectors. These results were partially offset by its holdings in energy and consumer staples.

#### What contributed to performance?
**Sectors and Geography \|** The Fund's stock selection and underweight allocation to the energy and consumer staples sectors contributed positively to relative performance. From a geographical perspective, the Fund's overweight to emerging markets, specifically within Latin America and Asia, contributed positively to relative performance.

**Underlying Funds \|** As of the fiscal year end, the Fund's portfolio consisted of six underlying funds, all six of which contributed to the Fund's absolute returns. The largest contributors: were Invesco Developing Markets Fund returned 28.84%, contributing 5.34% to absolute return, Invesco International Small-Mid Company Fund returned 17.19%, contributing 5.67% to absolute return, Invesco EQV International Equity Fund returned 16.38%, contributing 3.67% to absolute return, and Invesco International Growth Fund returned 16.29%, contributing 3.91% to absolute return. Invesco International Value Fund and Invesco International Growth Focus ETF also had a positive impact on absolute returns.

#### What detracted from performance?
**Sectors and Geography \|** The Fund's underperformance compared to its Benchmark was driven by stock selection in financials and industrials. The Fund's underweight allocation to financials also detracted from relative results. Stock selection in developed markets was the largest detractor from relative results.

**Style \|** The Fund had a growth bias for a majority of the period, which detracted from performance relative to the Benchmark which has more value and cyclical exposure. None of the underlying funds detracted from absolute returns during the reporting period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899560.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Diversified Fund (Class R)** | 20.90% | 0.87% | 5.82% |
| **MSCI ACWI ex USA® Index (Net)** | 32.39% | 7.91% | 8.41% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer International Diversified Fund (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1405030396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Portfolio composition** 

**(% of total investments)**

---

| | |
|:---|:---|
| Invesco International Value Fund, Class R6 | 37.06% |
| Invesco Developing Markets Fund, Class R6 | 19.52 |
| Invesco International Small-Mid Company Fund, Class R6 | 14.27 |
| Invesco International Growth Focus ETF | 10.07 |
| Invesco EQV International Equity Fund, Class R6 | 9.54 |
| Invesco International Growth Fund, Class R6 | 9.54 |

---

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-IDIV-AR-RInvesco International Diversified Fund

![TSR_logo](images_2661.jpg)

### Invesco International Diversified Fund

### Class Y: OIDYX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco International Diversified Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Diversified Fund<br>(Class Y) | $19 | 0.17% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, international equity markets were supported by themes tied to artificial intelligence adoption, optimism of moderating inflation in major economies that would lead to more accommodative monetary policies from central banks, and greater fiscal stimulus.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 21.37%. For the same time period, the MSCI ACWI ex USA® Index (Net) (the "Benchmark") returned 32.39%. The Fund underperformed the Benchmark primarily due to its exposure to certain holdings in the industrials and financials sectors. These results were partially offset by its holdings in energy and consumer staples.

#### What contributed to performance?
**Sectors and Geography \|** The Fund's stock selection and underweight allocation to the energy and consumer staples sectors contributed positively to relative performance. From a geographical perspective, the Fund's overweight to emerging markets, specifically within Latin America and Asia, contributed positively to relative performance.

**Underlying Funds \|** As of the fiscal year end, the Fund's portfolio consisted of six underlying funds, all six of which contributed to the Fund's absolute returns. The largest contributors: were Invesco Developing Markets Fund returned 28.84%, contributing 5.34% to absolute return, Invesco International Small-Mid Company Fund returned 17.19%, contributing 5.67% to absolute return, Invesco EQV International Equity Fund returned 16.38%, contributing 3.67% to absolute return, and Invesco International Growth Fund returned 16.29%, contributing 3.91% to absolute return. Invesco International Value Fund and Invesco International Growth Focus ETF also had a positive impact on absolute returns.

#### What detracted from performance?
**Sectors and Geography \|** The Fund's underperformance compared to its Benchmark was driven by stock selection in financials and industrials. The Fund's underweight allocation to financials also detracted from relative results. Stock selection in developed markets was the largest detractor from relative results.

**Style \|** The Fund had a growth bias for a majority of the period, which detracted from performance relative to the Benchmark which has more value and cyclical exposure. None of the underlying funds detracted from absolute returns during the reporting period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899596.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Diversified Fund (Class Y)** | 21.37% | 1.35% | 6.35% |
| **MSCI ACWI ex USA® Index (Net)** | 32.39% | 7.91% | 8.41% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer International Diversified Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1405030396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Portfolio composition** 

**(% of total investments)**

---

| | |
|:---|:---|
| Invesco International Value Fund, Class R6 | 37.06% |
| Invesco Developing Markets Fund, Class R6 | 19.52 |
| Invesco International Small-Mid Company Fund, Class R6 | 14.27 |
| Invesco International Growth Focus ETF | 10.07 |
| Invesco EQV International Equity Fund, Class R6 | 9.54 |
| Invesco International Growth Fund, Class R6 | 9.54 |

---

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-IDIV-AR-YInvesco International Diversified Fund

![TSR_logo](images_2661.jpg)

### Invesco International Diversified Fund

### Class R5: INDFX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco International Diversified Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Diversified Fund<br>(Class R5) | $14 | 0.13% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, international equity markets were supported by themes tied to artificial intelligence adoption, optimism of moderating inflation in major economies that would lead to more accommodative monetary policies from central banks, and greater fiscal stimulus.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 21.27%. For the same time period, the MSCI ACWI ex USA® Index (Net) (the "Benchmark") returned 32.39%. The Fund underperformed the Benchmark primarily due to its exposure to certain holdings in the industrials and financials sectors. These results were partially offset by its holdings in energy and consumer staples.

#### What contributed to performance?
**Sectors and Geography \|** The Fund's stock selection and underweight allocation to the energy and consumer staples sectors contributed positively to relative performance. From a geographical perspective, the Fund's overweight to emerging markets, specifically within Latin America and Asia, contributed positively to relative performance.

**Underlying Funds \|** As of the fiscal year end, the Fund's portfolio consisted of six underlying funds, all six of which contributed to the Fund's absolute returns. The largest contributors: were Invesco Developing Markets Fund returned 28.84%, contributing 5.34% to absolute return, Invesco International Small-Mid Company Fund returned 17.19%, contributing 5.67% to absolute return, Invesco EQV International Equity Fund returned 16.38%, contributing 3.67% to absolute return, and Invesco International Growth Fund returned 16.29%, contributing 3.91% to absolute return. Invesco International Value Fund and Invesco International Growth Focus ETF also had a positive impact on absolute returns.

#### What detracted from performance?
**Sectors and Geography \|** The Fund's underperformance compared to its Benchmark was driven by stock selection in financials and industrials. The Fund's underweight allocation to financials also detracted from relative results. Stock selection in developed markets was the largest detractor from relative results.

**Style \|** The Fund had a growth bias for a majority of the period, which detracted from performance relative to the Benchmark which has more value and cyclical exposure. None of the underlying funds detracted from absolute returns during the reporting period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900265.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Diversified Fund (Class R5)** | 21.27% | 1.41% | 6.31% |
| **MSCI ACWI ex USA® Index (Net)** | 32.39% | 7.91% | 8.41% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer International Diversified Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1405030396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Portfolio composition** 

**(% of total investments)**

---

| | |
|:---|:---|
| Invesco International Value Fund, Class R6 | 37.06% |
| Invesco Developing Markets Fund, Class R6 | 19.52 |
| Invesco International Small-Mid Company Fund, Class R6 | 14.27 |
| Invesco International Growth Focus ETF | 10.07 |
| Invesco EQV International Equity Fund, Class R6 | 9.54 |
| Invesco International Growth Fund, Class R6 | 9.54 |

---

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-IDIV-AR-R5Invesco International Diversified Fund

![TSR_logo](images_2661.jpg)

### Invesco International Diversified Fund

### Class R6: OIDIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco International Diversified Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco International Diversified Fund<br>(Class R6) | $7 | 0.06% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, international equity markets were supported by themes tied to artificial intelligence adoption, optimism of moderating inflation in major economies that would lead to more accommodative monetary policies from central banks, and greater fiscal stimulus.

**•** For the fiscal year ended December 31, 2025, Class R6 shares of the Fund returned 21.54%. For the same time period, the MSCI ACWI ex USA® Index (Net) (the "Benchmark") returned 32.39%. The Fund underperformed the Benchmark primarily due to its exposure to certain holdings in the industrials and financials sectors. These results were partially offset by its holdings in energy and consumer staples.

#### What contributed to performance?
**Sectors and Geography \|** The Fund's stock selection and underweight allocation to the energy and consumer staples sectors contributed positively to relative performance. From a geographical perspective, the Fund's overweight to emerging markets, specifically within Latin America and Asia, contributed positively to relative performance.

**Underlying Funds \|** As of the fiscal year end, the Fund's portfolio consisted of six underlying funds, all six of which contributed to the Fund's absolute returns. The largest contributors: were Invesco Developing Markets Fund returned 28.84%, contributing 5.34% to absolute return, Invesco International Small-Mid Company Fund returned 17.19%, contributing 5.67% to absolute return, Invesco EQV International Equity Fund returned 16.38%, contributing 3.67% to absolute return, and Invesco International Growth Fund returned 16.29%, contributing 3.91% to absolute return. Invesco International Value Fund and Invesco International Growth Focus ETF also had a positive impact on absolute returns.

#### What detracted from performance?
**Sectors and Geography \|** The Fund's underperformance compared to its Benchmark was driven by stock selection in financials and industrials. The Fund's underweight allocation to financials also detracted from relative results. Stock selection in developed markets was the largest detractor from relative results.

**Style \|** The Fund had a growth bias for a majority of the period, which detracted from performance relative to the Benchmark which has more value and cyclical exposure. None of the underlying funds detracted from absolute returns during the reporting period.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899668.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco International Diversified Fund (Class R6)** | 21.54% | 1.50% | 6.51% |
| **MSCI ACWI ex USA® Index (Net)** | 32.39% | 7.91% | 8.41% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer International Diversified Fund (the predecessor fund) were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1405030396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Portfolio composition** 

**(% of total investments)**

---

| | |
|:---|:---|
| Invesco International Value Fund, Class R6 | 37.06% |
| Invesco Developing Markets Fund, Class R6 | 19.52 |
| Invesco International Small-Mid Company Fund, Class R6 | 14.27 |
| Invesco International Growth Focus ETF | 10.07 |
| Invesco EQV International Equity Fund, Class R6 | 9.54 |
| Invesco International Growth Fund, Class R6 | 9.54 |

---

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-IDIV-AR-R6Invesco International Diversified Fund

![TSR_logo](images_2661.jpg)

### Invesco Main Street Mid Cap Fund®

### Class A: OPMSX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Main Street Mid Cap Fund®<br>(Class A) | $109 | 1.04% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 8.92%. For the same time period, the Russell Midcap® Index (the "Benchmark") returned 10.60%. The Fund underperformed the Benchmark mainly as a result of stock selection in the information technology, consumer staples and financials sectors. Stronger stock selection in the health care, industrials and real estate sectors partially offset these results.

#### What contributed to performance?
**MongoDB, Inc. \|** MongoDB is a software company providing a general-purpose database platform. MongoDB delivered robust results, as its cloud revenue growth accelerated and exceeded investor expectations.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. ATI consistently exceeded earnings expectations and raised future earnings guidance during the period. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands develops and markets protein-based products. BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing Brands' ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**The Trade Desk, Inc. \|** The Trade Desk is a cloud-based platform for buying and optimizing digital ads across channels. The Trade Desk lagged as earnings came in below expectations and growth slowed amid industry headwinds. A mid-year reorganization impacted execution, while competitive pressures in connected TV further challenged performance. We sold the holding during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900318.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Main Street Mid Cap Fund® (Class A) —including sales charge** | 2.94% | 7.77% | 9.12% |
| **Invesco Main Street Mid Cap Fund® (Class A) —excluding sales charge** | 8.92% | 8.99% | 9.73% |
| **Russell Midcap® Index** | 10.60% | 8.67% | 11.01% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Main Street Mid Cap Fund® (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2482228856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$15360369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;1.43% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900332.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSM-AR-A Invesco Main Street Mid Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco Main Street Mid Cap Fund®

### Class C: OPMCX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Main Street Mid Cap Fund®<br>(Class C) | $187 | 1.80% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 8.06%. For the same time period, the Russell Midcap® Index (the "Benchmark") returned 10.60%. The Fund underperformed the Benchmark mainly as a result of stock selection in the information technology, consumer staples and financials sectors. Stronger stock selection in the health care, industrials and real estate sectors partially offset these results.

#### What contributed to performance?
**MongoDB, Inc. \|** MongoDB is a software company providing a general-purpose database platform. MongoDB delivered robust results, as its cloud revenue growth accelerated and exceeded investor expectations.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. ATI consistently exceeded earnings expectations and raised future earnings guidance during the period. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands develops and markets protein-based products. BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing Brands' ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**The Trade Desk, Inc. \|** The Trade Desk is a cloud-based platform for buying and optimizing digital ads across channels. The Trade Desk lagged as earnings came in below expectations and growth slowed amid industry headwinds. A mid-year reorganization impacted execution, while competitive pressures in connected TV further challenged performance. We sold the holding during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900356.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Main Street Mid Cap Fund® (Class C) —including sales charge** | 7.11% | 8.17% | 9.08% |
| **Invesco Main Street Mid Cap Fund® (Class C) —excluding sales charge** | 8.06% | 8.17% | 9.08% |
| **Russell Midcap® Index** | 10.60% | 8.67% | 11.01% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Main Street Mid Cap Fund® (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2482228856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$15360369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;1.43% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900361.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSM-AR-C Invesco Main Street Mid Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco Main Street Mid Cap Fund®

### Class R: OPMNX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Main Street Mid Cap Fund®<br>(Class R) | $136 | 1.30% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Class R shares of the Fund returned 8.64%. For the same time period, the Russell Midcap® Index (the "Benchmark") returned 10.60%. The Fund underperformed the Benchmark mainly as a result of stock selection in the information technology, consumer staples and financials sectors. Stronger stock selection in the health care, industrials and real estate sectors partially offset these results.

#### What contributed to performance?
**MongoDB, Inc. \|** MongoDB is a software company providing a general-purpose database platform. MongoDB delivered robust results, as its cloud revenue growth accelerated and exceeded investor expectations.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. ATI consistently exceeded earnings expectations and raised future earnings guidance during the period. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands develops and markets protein-based products. BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing Brands' ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**The Trade Desk, Inc. \|** The Trade Desk is a cloud-based platform for buying and optimizing digital ads across channels. The Trade Desk lagged as earnings came in below expectations and growth slowed amid industry headwinds. A mid-year reorganization impacted execution, while competitive pressures in connected TV further challenged performance. We sold the holding during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900392.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Main Street Mid Cap Fund® (Class R)** | 8.64% | 8.72% | 9.46% |
| **Russell Midcap® Index** | 10.60% | 8.67% | 11.01% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Main Street Mid Cap Fund® (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2482228856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$15360369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;1.43% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900397.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSM-AR-R Invesco Main Street Mid Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco Main Street Mid Cap Fund®

### Class Y: OPMYX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Main Street Mid Cap Fund®<br>(Class Y) | $84 | 0.80% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 9.20%. For the same time period, the Russell Midcap® Index (the "Benchmark") returned 10.60%. The Fund underperformed the Benchmark mainly as a result of stock selection in the information technology, consumer staples and financials sectors. Stronger stock selection in the health care, industrials and real estate sectors partially offset these results.

#### What contributed to performance?
**MongoDB, Inc. \|** MongoDB is a software company providing a general-purpose database platform. MongoDB delivered robust results, as its cloud revenue growth accelerated and exceeded investor expectations.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. ATI consistently exceeded earnings expectations and raised future earnings guidance during the period. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands develops and markets protein-based products. BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing Brands' ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**The Trade Desk, Inc. \|** The Trade Desk is a cloud-based platform for buying and optimizing digital ads across channels. The Trade Desk lagged as earnings came in below expectations and growth slowed amid industry headwinds. A mid-year reorganization impacted execution, while competitive pressures in connected TV further challenged performance. We sold the holding during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900406.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Main Street Mid Cap Fund® (Class Y)** | 9.20% | 9.26% | 10.01% |
| **Russell Midcap® Index** | 10.60% | 8.67% | 11.01% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Main Street Mid Cap Fund® (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2482228856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$15360369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;1.43% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900434.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSM-AR-Y Invesco Main Street Mid Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco Main Street Mid Cap Fund®

### Class R5: MSMJX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Main Street Mid Cap Fund®<br>(Class R5) | $78 | 0.75% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 9.23%. For the same time period, the Russell Midcap® Index (the "Benchmark") returned 10.60%. The Fund underperformed the Benchmark mainly as a result of stock selection in the information technology, consumer staples and financials sectors. Stronger stock selection in the health care, industrials and real estate sectors partially offset these results.

#### What contributed to performance?
**MongoDB, Inc. \|** MongoDB is a software company providing a general-purpose database platform. MongoDB delivered robust results, as its cloud revenue growth accelerated and exceeded investor expectations.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. ATI consistently exceeded earnings expectations and raised future earnings guidance during the period. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands develops and markets protein-based products. BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing Brands' ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**The Trade Desk, Inc. \|** The Trade Desk is a cloud-based platform for buying and optimizing digital ads across channels. The Trade Desk lagged as earnings came in below expectations and growth slowed amid industry headwinds. A mid-year reorganization impacted execution, while competitive pressures in connected TV further challenged performance. We sold the holding during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900502.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Main Street Mid Cap Fund® (Class R5)** | 9.23% | 9.32% | 9.97% |
| **Russell Midcap® Index** | 10.60% | 8.67% | 11.01% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Main Street Mid Cap Fund®'s (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2482228856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$15360369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;1.43% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899853.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSM-AR-R5 Invesco Main Street Mid Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco Main Street Mid Cap Fund®

### Class R6: OPMIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Main Street Mid Cap Fund®<br>(Class R6) | $71 | 0.68% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Class R6 shares of the Fund returned 9.32%. For the same time period, the Russell Midcap® Index (the "Benchmark") returned 10.60%. The Fund underperformed the Benchmark mainly as a result of stock selection in the information technology, consumer staples and financials sectors. Stronger stock selection in the health care, industrials and real estate sectors partially offset these results.

#### What contributed to performance?
**MongoDB, Inc. \|** MongoDB is a software company providing a general-purpose database platform. MongoDB delivered robust results, as its cloud revenue growth accelerated and exceeded investor expectations.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. ATI consistently exceeded earnings expectations and raised future earnings guidance during the period. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands develops and markets protein-based products. BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing Brands' ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**The Trade Desk, Inc. \|** The Trade Desk is a cloud-based platform for buying and optimizing digital ads across channels. The Trade Desk lagged as earnings came in below expectations and growth slowed amid industry headwinds. A mid-year reorganization impacted execution, while competitive pressures in connected TV further challenged performance. We sold the holding during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900534.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Main Street Mid Cap Fund® (Class R6)** | 9.32% | 9.40% | 10.18% |
| **Russell Midcap® Index** | 10.60% | 8.67% | 11.01% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Main Street Mid Cap Fund® (the predecessor fund) were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2482228856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$15360369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;44% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;1.43% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900539.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSM-AR-R6 Invesco Main Street Mid Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco Main Street Small Cap Fund®

### Class A: OSCAX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Main Street Small Cap Fund®<br>(Class A) | $109 | 1.05% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 8.45%. For the same time period, the Russell 2000® Index (the "Benchmark") returned 12.81%. The Fund underperformed the Benchmark mainly as a result of stock selection in the energy, materials and industrials sectors. Stronger stock selection in the financials, real estate and information technology sectors partially offset these results.

#### What contributed to performance?
**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. Guardant Health delivered strong results, driven by diagnostics momentum and strategic partnerships with leading testing centers. Early cash flow positivity and reimbursement approvals for colorectal cancer tests positioned the company for continued growth.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. ATI consistently exceeded earnings expectations and raised future earnings guidance during the period. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands develops and markets protein-based products. BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing Brands' ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**Northern Oil and Gas, Inc. \|** Northern Oil and Gas faced weaker oil prices, sector volatility and supply concerns. Broader energy market pressures added uncertainty, offsetting operational improvements and growth initiatives.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901077.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Main Street Small Cap Fund® (Class A) —including sales charge** | 2.46% | 6.70% | 9.53% |
| **Invesco Main Street Small Cap Fund® (Class A) —excluding sales charge** | 8.45% | 7.92% | 10.15% |
| **Russell 2000® Index** | 12.81% | 6.09% | 9.62% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Main Street Small Cap Fund® (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2340817063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$13120090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901082.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSS-AR-A Invesco Main Street Small Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco Main Street Small Cap Fund®

### Class C: OSCCX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Main Street Small Cap Fund®<br>(Class C) | $187 | 1.80% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 7.64%. For the same time period, the Russell 2000® Index (the "Benchmark") returned 12.81%. The Fund underperformed the Benchmark mainly as a result of stock selection in the energy, materials and industrials sectors. Stronger stock selection in the financials, real estate and information technology sectors partially offset these results.

#### What contributed to performance?
**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. Guardant Health delivered strong results, driven by diagnostics momentum and strategic partnerships with leading testing centers. Early cash flow positivity and reimbursement approvals for colorectal cancer tests positioned the company for continued growth.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. ATI consistently exceeded earnings expectations and raised future earnings guidance during the period. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands develops and markets protein-based products. BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing Brands' ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**Northern Oil and Gas, Inc. \|** Northern Oil and Gas faced weaker oil prices, sector volatility and supply concerns. Broader energy market pressures added uncertainty, offsetting operational improvements and growth initiatives.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900614.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Main Street Small Cap Fund® (Class C) —including sales charge** | 6.65% | 7.11% | 9.49% |
| **Invesco Main Street Small Cap Fund® (Class C) —excluding sales charge** | 7.64% | 7.11% | 9.49% |
| **Russell 2000® Index** | 12.81% | 6.09% | 9.62% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Main Street Small Cap Fund® (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2340817063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$13120090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900619.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSS-AR-C Invesco Main Street Small Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco Main Street Small Cap Fund®

### Class R: OSCNX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Main Street Small Cap Fund®<br>(Class R) | $135 | 1.30% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Class R shares of the Fund returned 8.20%. For the same time period, the Russell 2000® Index (the "Benchmark") returned 12.81%. The Fund underperformed the Benchmark mainly as a result of stock selection in the energy, materials and industrials sectors. Stronger stock selection in the financials, real estate and information technology sectors partially offset these results.

#### What contributed to performance?
**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. Guardant Health delivered strong results, driven by diagnostics momentum and strategic partnerships with leading testing centers. Early cash flow positivity and reimbursement approvals for colorectal cancer tests positioned the company for continued growth.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. ATI consistently exceeded earnings expectations and raised future earnings guidance during the period. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands develops and markets protein-based products. BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing Brands' ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**Northern Oil and Gas, Inc. \|** Northern Oil and Gas faced weaker oil prices, sector volatility and supply concerns. Broader energy market pressures added uncertainty, offsetting operational improvements and growth initiatives.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900628.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Main Street Small Cap Fund® (Class R)** | 8.20% | 7.65% | 9.87% |
| **Russell 2000® Index** | 12.81% | 6.09% | 9.62% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Main Street Small Cap Fund® (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2340817063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$13120090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900633.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSS-AR-R Invesco Main Street Small Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco Main Street Small Cap Fund®

### Class Y: OSCYX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Main Street Small Cap Fund®<br>(Class Y) | $83 | 0.80% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 8.70%. For the same time period, the Russell 2000® Index (the "Benchmark") returned 12.81%. The Fund underperformed the Benchmark mainly as a result of stock selection in the energy, materials and industrials sectors. Stronger stock selection in the financials, real estate and information technology sectors partially offset these results.

#### What contributed to performance?
**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. Guardant Health delivered strong results, driven by diagnostics momentum and strategic partnerships with leading testing centers. Early cash flow positivity and reimbursement approvals for colorectal cancer tests positioned the company for continued growth.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. ATI consistently exceeded earnings expectations and raised future earnings guidance during the period. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands develops and markets protein-based products. BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing Brands' ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**Northern Oil and Gas, Inc. \|** Northern Oil and Gas faced weaker oil prices, sector volatility and supply concerns. Broader energy market pressures added uncertainty, offsetting operational improvements and growth initiatives.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900690.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Main Street Small Cap Fund® (Class Y)** | 8.70% | 8.19% | 10.45% |
| **Russell 2000® Index** | 12.81% | 6.09% | 9.62% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Main Street Small Cap Fund® (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2340817063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$13120090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900707.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSS-AR-Y Invesco Main Street Small Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco Main Street Small Cap Fund®

### Class R5: MNSQX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Main Street Small Cap Fund®<br>(Class R5) | $79 | 0.76% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 8.74%. For the same time period, the Russell 2000® Index (the "Benchmark") returned 12.81%. The Fund underperformed the Benchmark mainly as a result of stock selection in the energy, materials and industrials sectors. Stronger stock selection in the financials, real estate and information technology sectors partially offset these results.

#### What contributed to performance?
**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. Guardant Health delivered strong results, driven by diagnostics momentum and strategic partnerships with leading testing centers. Early cash flow positivity and reimbursement approvals for colorectal cancer tests positioned the company for continued growth.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. ATI consistently exceeded earnings expectations and raised future earnings guidance during the period. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands develops and markets protein-based products. BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing Brands' ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**Northern Oil and Gas, Inc. \|** Northern Oil and Gas faced weaker oil prices, sector volatility and supply concerns. Broader energy market pressures added uncertainty, offsetting operational improvements and growth initiatives.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900723.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Main Street Small Cap Fund® (Class R5)** | 8.74% | 8.27% | 10.40% |
| **Russell 2000® Index** | 12.81% | 6.09% | 9.62% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Main Street Small Cap Fund®'s (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2340817063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$13120090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900728.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSS-AR-R5Invesco Main Street Small Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco Main Street Small Cap Fund®

### Class R6: OSSIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Main Street Small Cap Fund®<br>(Class R6) | $72 | 0.69% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US equities reached record highs despite volatility, driven by enthusiasm for artificial intelligence, easing trade concerns and the Federal Reserve's move to cut interest rates.

**•** For the fiscal year ended December 31, 2025, Class R6 shares of the Fund returned 8.86%. For the same time period, the Russell 2000® Index (the "Benchmark") returned 12.81%. The Fund underperformed the Benchmark mainly as a result of stock selection in the energy, materials and industrials sectors. Stronger stock selection in the financials, real estate and information technology sectors partially offset these results.

#### What contributed to performance?
**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. Guardant Health delivered strong results, driven by diagnostics momentum and strategic partnerships with leading testing centers. Early cash flow positivity and reimbursement approvals for colorectal cancer tests positioned the company for continued growth.

**ATI, Inc. \|** ATI produces specialty materials for global industrial and aerospace markets. ATI consistently exceeded earnings expectations and raised future earnings guidance during the period. Strong aerospace demand, particularly for jet engines, drove growth and provided promising future order visibility.

#### What detracted from performance?
**BellRing Brands, Inc. \|** BellRing Brands develops and markets protein-based products. BellRing Brands declined as competitive pressures and slowing sales weighed on performance. Despite beating earnings expectations early in the year, heightened rivalry in the protein shake category challenged BellRing Brands' ability to sustain its growth trajectory. We sold the holding during the fiscal year.

**Northern Oil and Gas, Inc. \|** Northern Oil and Gas faced weaker oil prices, sector volatility and supply concerns. Broader energy market pressures added uncertainty, offsetting operational improvements and growth initiatives.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900756.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Main Street Small Cap Fund® (Class R6)** | 8.86% | 8.34% | 10.60% |
| **Russell 2000® Index** | 12.81% | 6.09% | 9.62% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Main Street Small Cap Fund® (the predecessor fund) were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2340817063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$13120090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;1.61% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900761.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-MSS-AR-R6 Invesco Main Street Small Cap Fund®

![TSR_logo](images_2661.jpg)

### Invesco Quality Income Fund

### Class A: VKMGX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Quality Income Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Quality Income Fund<br>(Class A) | $92 | 0.88%† |

---

*†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

### How Did The Fund Perform During The Period?
**•** The Fund generated a positive return in 2025, supported by a broad decline in US Treasury yields of 40 to 80 basis points across the curve. Falling interest rates provided a favorable backdrop for duration sensitive assets, while credit and securitized sectors continued to benefit from stable economic conditions and resilient consumer fundamentals.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 8.23%. For the same time period, the Bloomberg US Mortgage Backed Securities Index returned 8.58%.

#### What contributed to performance?
**Asset-backed securities (ABS) \|** During 2025, ABS delivered the strongest contribution, supported by attractive starting yields and continued demand for high quality securitized assets.

**Agency mortgage-backed securities (MBS) \|** Agency MBS, which accounted for approximately 90% of the Fund during the period, added to performance, primarily due to declining rates and the Fund's positioning in higher coupon collateral.

**Non-agency MBS \|** Non-agency MBS contributed positively for the year as spreads tightened and fundamentals remained stable.

#### What detracted from performance?
**Agency mortgages \|** Small detraction from security selection within agency mortgages.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899020.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Quality Income Fund (Class A) —including sales charge** | 3.66% | -1.09% | 1.00% |
| **Invesco Quality Income Fund (Class A) —excluding sales charge** | 8.23% | -0.22% | 1.44% |
| **Bloomberg US Mortgage Backed Securities Index** | 8.58% | 0.15% | 1.59% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$510343254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2209262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;349% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 3.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;1.96% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899750.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-QINC-AR-A Invesco Quality Income Fund

![TSR_logo](images_2661.jpg)

### Invesco Quality Income Fund

### Class C: VUSCX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Quality Income Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Quality Income Fund<br>(Class C) | $170 | 1.64%† |

---

*†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

### How Did The Fund Perform During The Period?
**•** The Fund generated a positive return in 2025, supported by a broad decline in US Treasury yields of 40 to 80 basis points across the curve. Falling interest rates provided a favorable backdrop for duration sensitive assets, while credit and securitized sectors continued to benefit from stable economic conditions and resilient consumer fundamentals.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 7.46%. For the same time period, the Bloomberg US Mortgage Backed Securities Index returned 8.58%.

#### What contributed to performance?
**Asset-backed securities (ABS) \|** During 2025, ABS delivered the strongest contribution, supported by attractive starting yields and continued demand for high quality securitized assets.

**Agency mortgage-backed securities (MBS) \|** Agency MBS, which accounted for approximately 90% of the Fund during the period, added to performance, primarily due to declining rates and the Fund's positioning in higher coupon collateral.

**Non-agency MBS \|** Non-agency MBS contributed positively for the year as spreads tightened and fundamentals remained stable.

#### What detracted from performance?
**Agency mortgages \|** Small detraction from security selection within agency mortgages.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899056.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Quality Income Fund (Class C) —including sales charge** | 6.46% | -0.97% | 0.84% |
| **Invesco Quality Income Fund (Class C) —excluding sales charge** | 7.46% | -0.97% | 0.84% |
| **Bloomberg US Mortgage Backed Securities Index** | 8.58% | 0.15% | 1.59% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$510343254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2209262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;349% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 3.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;1.96% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899787.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-QINC-AR-C Invesco Quality Income Fund

![TSR_logo](images_2661.jpg)

### Invesco Quality Income Fund

### Class R: VUSRX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Quality Income Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Quality Income Fund<br>(Class R) | $119 | 1.14%† |

---

*†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

### How Did The Fund Perform During The Period?
**•** The Fund generated a positive return in 2025, supported by a broad decline in US Treasury yields of 40 to 80 basis points across the curve. Falling interest rates provided a favorable backdrop for duration sensitive assets, while credit and securitized sectors continued to benefit from stable economic conditions and resilient consumer fundamentals.

**•** For the fiscal year ended December 31, 2025, Class R shares of the Fund returned 7.96%. For the same time period, the Bloomberg US Mortgage Backed Securities Index returned 8.58%.

#### What contributed to performance?
**Asset-backed securities (ABS) \|** During 2025, ABS delivered the strongest contribution, supported by attractive starting yields and continued demand for high quality securitized assets.

**Agency mortgage-backed securities (MBS) \|** Agency MBS, which accounted for approximately 90% of the Fund during the period, added to performance, primarily due to declining rates and the Fund's positioning in higher coupon collateral.

**Non-agency MBS \|** Non-agency MBS contributed positively for the year as spreads tightened and fundamentals remained stable.

#### What detracted from performance?
**Agency mortgages \|** Small detraction from security selection within agency mortgages.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899200.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Quality Income Fund (Class R)** | 7.96% | -0.49% | 1.17% |
| **Bloomberg US Mortgage Backed Securities Index** | 8.58% | 0.15% | 1.59% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

Class R shares incepted on May 15, 2020. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$510343254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2209262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;349% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 3.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;1.96% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899205.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-QINC-AR-R Invesco Quality Income Fund

![TSR_logo](images_2661.jpg)

### Invesco Quality Income Fund

### Class Y: VUSIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Quality Income Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Quality Income Fund<br>(Class Y) | $67 | 0.64%† |

---

*†* *Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

### How Did The Fund Perform During The Period?
**•** The Fund generated a positive return in 2025, supported by a broad decline in US Treasury yields of 40 to 80 basis points across the curve. Falling interest rates provided a favorable backdrop for duration sensitive assets, while credit and securitized sectors continued to benefit from stable economic conditions and resilient consumer fundamentals.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 8.48%. For the same time period, the Bloomberg US Mortgage Backed Securities Index returned 8.58%.

#### What contributed to performance?
**Asset-backed securities (ABS) \|** During 2025, ABS delivered the strongest contribution, supported by attractive starting yields and continued demand for high quality securitized assets.

**Agency mortgage-backed securities (MBS) \|** Agency MBS, which accounted for approximately 90% of the Fund during the period, added to performance, primarily due to declining rates and the Fund's positioning in higher coupon collateral.

**Non-agency MBS \|** Non-agency MBS contributed positively for the year as spreads tightened and fundamentals remained stable.

#### What detracted from performance?
**Agency mortgages \|** Small detraction from security selection within agency mortgages.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899818.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Quality Income Fund (Class Y)** | 8.48% | 0.02% | 1.68% |
| **Bloomberg US Mortgage Backed Securities Index** | 8.58% | 0.15% | 1.59% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$510343254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2209262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;349% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 3.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;1.96% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899823.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-QINC-AR-Y Invesco Quality Income Fund

![TSR_logo](images_2661.jpg)

### Invesco Quality Income Fund

### Class R5: VUSJX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Quality Income Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Quality Income Fund<br>(Class R5) | $63 | 0.60% |

---

### How Did The Fund Perform During The Period?
**•** The Fund generated a positive return in 2025, supported by a broad decline in US Treasury yields of 40 to 80 basis points across the curve. Falling interest rates provided a favorable backdrop for duration sensitive assets, while credit and securitized sectors continued to benefit from stable economic conditions and resilient consumer fundamentals.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 8.43%. For the same time period, the Bloomberg US Mortgage Backed Securities Index returned 8.58%.

#### What contributed to performance?
**Asset-backed securities (ABS) \|** During 2025, ABS delivered the strongest contribution, supported by attractive starting yields and continued demand for high quality securitized assets.

**Agency mortgage-backed securities (MBS) \|** Agency MBS, which accounted for approximately 90% of the Fund during the period, added to performance, primarily due to declining rates and the Fund's positioning in higher coupon collateral.

**Non-agency MBS \|** Non-agency MBS contributed positively for the year as spreads tightened and fundamentals remained stable.

#### What detracted from performance?
**Agency mortgages \|** Small detraction from security selection within agency mortgages.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899833.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Quality Income Fund (Class R5)** | 8.43% | 0.06% | 1.75% |
| **Bloomberg US Mortgage Backed Securities Index** | 8.58% | 0.15% | 1.59% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$510343254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2209262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;349% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 3.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;1.96% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899850.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-QINC-AR-R5 Invesco Quality Income Fund

![TSR_logo](images_2661.jpg)

### Invesco Quality Income Fund

### Class R6: VUSSX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Quality Income Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Quality Income Fund<br>(Class R6) | $56 | 0.54% |

---

### How Did The Fund Perform During The Period?
**•** The Fund generated a positive return in 2025, supported by a broad decline in US Treasury yields of 40 to 80 basis points across the curve. Falling interest rates provided a favorable backdrop for duration sensitive assets, while credit and securitized sectors continued to benefit from stable economic conditions and resilient consumer fundamentals.

**•** For the fiscal year ended December 31, 2025, Class R6 shares of the Fund returned 8.60%. For the same time period, the Bloomberg US Mortgage Backed Securities Index returned 8.58%.

#### What contributed to performance?
**Asset-backed securities (ABS) \|** During 2025, ABS delivered the strongest contribution, supported by attractive starting yields and continued demand for high quality securitized assets.

**Agency mortgage-backed securities (MBS) \|** Agency MBS, which accounted for approximately 90% of the Fund during the period, added to performance, primarily due to declining rates and the Fund's positioning in higher coupon collateral.

**Non-agency MBS \|** Non-agency MBS contributed positively for the year as spreads tightened and fundamentals remained stable.

#### What detracted from performance?
**Agency mortgages \|** Small detraction from security selection within agency mortgages.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899924.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Quality Income Fund (Class R6)** | 8.60% | 0.12% | 1.76% |
| **Bloomberg US Mortgage Backed Securities Index** | 8.58% | 0.15% | 1.59% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$510343254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$2209262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;349% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 01/01/2056 | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 3.00%, 01/01/2056 | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;1.96% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899929.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

VK-QINC-AR-R6 Invesco Quality Income Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Conservative Investor Fund

### Class A: OACIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Conservative Investor Fund<br>(Class A) | $42 | 0.40% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 9.37%. For the same time period, the Custom Invesco Select Risk: Conservative Investor Index (the "Benchmark") returned 8.32%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was a positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Alternatives \|** The Fund's exposure to alternatives relative to the Benchmark was a positive contributor to relative return.

#### What detracted from performance?
**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from the Fund's relative performance, with key detractors being selection within core plus and core fixed income.

**Alternative manager selection \|** The Fund's alternative manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity manager selection \|** The Fund's equity manager selection effects detracted from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900975.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Conservative Investor Fund (Class A) —including sales charge** | 3.40% | 0.26% | 3.12% |
| **Invesco Select Risk: Conservative Investor Fund (Class A) —excluding sales charge** | 9.37% | 1.39% | 3.71% |
| **Custom Invesco Select Risk: Conservative Investor Index** | 8.32% | 2.57% | 4.38% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |

---

The Custom Invesco Select Risk: Conservative Investor Index is composed of 20% MSCI ACWI (Net) and 80% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Portfolio Series: Conservative Investor Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$362971422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900980.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSCI-AR-A Invesco Select Risk: Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Conservative Investor Fund

### Class C: OCCIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Conservative Investor Fund<br>(Class C) | $121 | 1.16% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 8.49%. For the same time period, the Custom Invesco Select Risk: Conservative Investor Index (the "Benchmark") returned 8.32%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was a positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Alternatives \|** The Fund's exposure to alternatives relative to the Benchmark was a positive contributor to relative return.

#### What detracted from performance?
**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from the Fund's relative performance, with key detractors being selection within core plus and core fixed income.

**Alternative manager selection \|** The Fund's alternative manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity manager selection \|** The Fund's equity manager selection effects detracted from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Conservative Investor Fund (Class C) —including sales charge** | 7.49% | 0.61% | 3.09% |
| **Invesco Select Risk: Conservative Investor Fund (Class C) —excluding sales charge** | 8.49% | 0.61% | 3.09% |
| **Custom Invesco Select Risk: Conservative Investor Index** | 8.32% | 2.57% | 4.38% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |

---

The Custom Invesco Select Risk: Conservative Investor Index is composed of 20% MSCI ACWI (Net) and 80% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Portfolio Series: Conservative Investor Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$362971422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901011.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSCI-AR-C Invesco Select Risk: Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Conservative Investor Fund

### Class R: ONCIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Conservative Investor Fund<br>(Class R) | $69 | 0.66% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R shares of the Fund returned 9.11%. For the same time period, the Custom Invesco Select Risk: Conservative Investor Index (the "Benchmark") returned 8.32%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was a positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Alternatives \|** The Fund's exposure to alternatives relative to the Benchmark was a positive contributor to relative return.

#### What detracted from performance?
**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from the Fund's relative performance, with key detractors being selection within core plus and core fixed income.

**Alternative manager selection \|** The Fund's alternative manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity manager selection \|** The Fund's equity manager selection effects detracted from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900424.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Conservative Investor Fund (Class R)** | 9.11% | 1.12% | 3.44% |
| **Custom Invesco Select Risk: Conservative Investor Index** | 8.32% | 2.57% | 4.38% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |

---

The Custom Invesco Select Risk: Conservative Investor Index is composed of 20% MSCI ACWI (Net) and 80% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Portfolio Series: Conservative Investor Fund (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$362971422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900429.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSCI-AR-R Invesco Select Risk: Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Conservative Investor Fund

### Class Y: OYCIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Conservative Investor Fund<br>(Class Y) | $17 | 0.16% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 9.59%. For the same time period, the Custom Invesco Select Risk: Conservative Investor Index (the "Benchmark") returned 8.32%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was a positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Alternatives \|** The Fund's exposure to alternatives relative to the Benchmark was a positive contributor to relative return.

#### What detracted from performance?
**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from the Fund's relative performance, with key detractors being selection within core plus and core fixed income.

**Alternative manager selection \|** The Fund's alternative manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity manager selection \|** The Fund's equity manager selection effects detracted from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900460.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Conservative Investor Fund (Class Y)** | 9.59% | 1.62% | 3.96% |
| **Custom Invesco Select Risk: Conservative Investor Index** | 8.32% | 2.57% | 4.38% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |

---

The Custom Invesco Select Risk: Conservative Investor Index is composed of 20% MSCI ACWI (Net) and 80% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Portfolio Series: Conservative Investor Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$362971422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901039.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSCI-AR-YInvesco Select Risk: Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Conservative Investor Fund

### Class R5: PXCIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporti ng period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Conservative Investor Fund<br>(Class R5) | $9 | 0.09% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 9.73%. For the same time period, the Custom Invesco Select Risk: Conservative Investor Index (the "Benchmark") returned 8.32%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was a positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Alternatives \|** The Fund's exposure to alternatives relative to the Benchmark was a positive contributor to relative return.

#### What detracted from performance?
**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from the Fund's relative performance, with key detractors being selection within core plus and core fixed income.

**Alternative manager selection \|** The Fund's alternative manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity manager selection \|** The Fund's equity manager selection effects detracted from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900496.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Conservative Investor Fund (Class R5)** | 9.73% | 1.69% | 3.92% |
| **Custom Invesco Select Risk: Conservative Investor Index** | 8.32% | 2.57% | 4.38% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |

---

The Custom Invesco Select Risk: Conservative Investor Index is composed of 20% MSCI ACWI (Net) and 80% Bloomberg Global Aggregate USD Hedged Index.

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Portfolio Series: Conservative Investor Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$362971422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901047.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSCI-AR-R5 Invesco Select Risk: Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Conservative Investor Fund

### Class R6: PXCCX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Conservative Investor Fund<br>(Class R6) | $9 | 0.09% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R6 shares of the Fund returned 9.73%. For the same time period, the Custom Invesco Select Risk: Conservative Investor Index (the "Benchmark") returned 8.32%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was a positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Alternatives \|** The Fund's exposure to alternatives relative to the Benchmark was a positive contributor to relative return.

#### What detracted from performance?
**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from the Fund's relative performance, with key detractors being selection within core plus and core fixed income.

**Alternative manager selection \|** The Fund's alternative manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity manager selection \|** The Fund's equity manager selection effects detracted from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900532.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Conservative Investor Fund (Class R6)** | 9.73% | 1.70% | 3.92% |
| **Custom Invesco Select Risk: Conservative Investor Index** | 8.32% | 2.57% | 4.38% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |

---

The Custom Invesco Select Risk: Conservative Investor Index is composed of 20% MSCI ACWI (Net) and 80% Bloomberg Global Aggregate USD Hedged Index.

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Portfolio Series: Conservative Investor Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$362971422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901056.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSCI-AR-R6Invesco Select Risk: Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class A: AADAX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Growth Investor Fund<br>(Class A) | $44 | 0.41% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 15.49%. For the same time period, the Custom Invesco Select Risk: Growth Investor Index (the "Benchmark") returned 18.71%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Histor icall y Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898653.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Growth Investor Fund (Class A) —including sales charge** | 9.10% | 4.58% | 6.94% |
| **Invesco Select Risk: Growth Investor Fund (Class A) —excluding sales charge** | 15.49% | 5.77% | 7.54% |
| **Custom Invesco Select Risk: Growth Investor Index** | 18.71% | 9.04% | 9.95% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Growth Investor Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1042844600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898639.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GAL-AR-A Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class C: AADCX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Growth Investor Fund<br>(Class C) | $124 | 1.16% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 14.61%. For the same time period, the Custom Invesco Select Risk: Growth Investor Index (the "Benchmark") returned 18.71%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898620.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Growth Investor Fund (Class C) —including sales charge** | 13.61% | 4.97% | 6.89% |
| **Invesco Select Risk: Growth Investor Fund (Class C) —excluding sales charge** | 14.61% | 4.97% | 6.89% |
| **Custom Invesco Select Risk: Growth Investor Index** | 18.71% | 9.04% | 9.95% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Growth Investor Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1042844600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898612.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GAL-AR-C Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class R: AADRX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Growth Investor Fund<br>(Class R) | $71 | 0.66% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R shares of the Fund returned 15.15%. For the same time period, the Custom Invesco Select Risk: Growth Investor Index (the "Benchmark") returned 18.71%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899220.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Growth Investor Fund (Class R)** | 15.15% | 5.50% | 7.27% |
| **Custom Invesco Select Risk: Growth Investor Index** | 18.71% | 9.04% | 9.95% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Growth Investor Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1042844600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899225.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GAL-AR-R Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class S: AADSX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Growth Investor Fund<br>(Class S) | $33 | 0.31% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class S shares of the Fund returned 15.57%. For the same time period, the Custom Invesco Select Risk: Growth Investor Index (the "Benchmark") returned 18.71%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899457.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Growth Investor Fund (Class S)** | 15.57% | 5.88% | 7.65% |
| **Custom Invesco Select Risk: Growth Investor Index** | 18.71% | 9.04% | 9.95% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Growth Investor Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1042844600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899462.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GAL-AR-S Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class Y: AADYX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Growth Investor Fund<br>(Class Y) | $17 | 0.16% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 15.82%. For the same time period, the Custom Invesco Select Risk: Growth Investor Index (the "Benchmark") returned 18.71%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899248.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Growth Investor Fund (Class Y)** | 15.82% | 6.04% | 7.81% |
| **Custom Invesco Select Risk: Growth Investor Index** | 18.71% | 9.04% | 9.95% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Growth Investor Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1042844600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898665.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GAL-AR-Y Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class R5: AADIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Growth Investor Fund<br>(Class R5) | $15 | 0.14% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 15.80%. For the same time period, the Custom Invesco Select Risk: Growth Investor Index (the "Benchmark") returned 18.71%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed ?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898696.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Growth Investor Fund (Class R5)** | 15.80% | 6.06% | 7.87% |
| **Custom Invesco Select Risk: Growth Investor Index** | 18.71% | 9.04% | 9.95% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Growth Investor Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1042844600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899344.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GAL-AR-R5 Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class R6: AAESX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Growth Investor Fund<br>(Class R6) | $6 | 0.06% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R6 shares of the Fund returned 15.79%. For the same time period, the Custom Invesco Select Risk: Growth Investor Index (the "Benchmark") returned 18.71%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899387.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Growth Investor Fund (Class R6)** | 15.79% | 6.13% | 7.86% |
| **Custom Invesco Select Risk: Growth Investor Index** | 18.71% | 9.04% | 9.95% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Growth Investor Index is composed of 80% MSCI ACWI (Net) and 20% Bloomberg Global Aggregate USD Hedged Index.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1042844600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899392.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

GAL-AR-R6 Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: High Growth Investor Fund

### Class A: OAAIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: High Growth Investor Fund<br>(Class A) | $37 | 0.34%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 16.34%. For the same time period, the Custom Invesco Select Risk: High Growth Investor Index (the "Benchmark") returned 20.51%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Alternatives \|** The Fund's alternatives exposure relative to the Benchmark was a positive contributor to relative return.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901074.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: High Growth Investor Fund (Class A) —including sales charge** | 9.91% | 5.23% | 7.64% |
| **Invesco Select Risk: High Growth Investor Fund (Class A) —excluding sales charge** | 16.34% | 6.43% | 8.25% |
| **Custom Invesco Select Risk: High Growth Investor Index** | 20.51% | 10.12% | 10.84% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: High Growth Investor Index is composed of 90% MSCI ACWI (Net) and 10% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Portfolio Series: Growth Investor Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$893876330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900573.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSGI-AR-AInvesco Select Risk: High Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: High Growth Investor Fund

### Class C: OCAIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: High Growth Investor Fund<br>(Class C) | $119 | 1.10%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 15.53%. For the same time period, the Custom Invesco Select Risk: High Growth Investor Index (the "Benchmark") returned 20.51%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Alternatives \|** The Fund's alternatives exposure relative to the Benchmark was a positive contributor to relative return.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901094.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: High Growth Investor Fund (Class C) —including sales charge** | 14.53% | 5.63% | 7.60% |
| **Invesco Select Risk: High Growth Investor Fund (Class C) —excluding sales charge** | 15.53% | 5.63% | 7.60% |
| **Custom Invesco Select Risk: High Growth Investor Index** | 20.51% | 10.12% | 10.84% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: High Growth Investor Index is composed of 90% MSCI ACWI (Net) and 10% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Portfolio Series: Growth Investor Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$893876330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901099.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSGI-AR-CInvesco Select Risk: High Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: High Growth Investor Fund

### Class R: ONAIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: High Growth Investor Fund<br>(Class R) | $65 | 0.60%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R shares of the Fund returned 16.16%. For the same time period, the Custom Invesco Select Risk: High Growth Investor Index (the "Benchmark") returned 20.51%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Alternatives \|** The Fund's alternatives exposure relative to the Benchmark was a positive contributor to relative return.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901130.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: High Growth Investor Fund (Class R)** | 16.16% | 6.16% | 7.98% |
| **Custom Invesco Select Risk: High Growth Investor Index** | 20.51% | 10.12% | 10.84% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: High Growth Investor Index is composed of 90% MSCI ACWI (Net) and 10% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Portfolio Series: Growth Investor Fund (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$893876330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900645.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSGI-AR-RInvesco Select Risk: High Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: High Growth Investor Fund

### Class Y: OYAIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: High Growth Investor Fund<br>(Class Y) | $11 | 0.10%† |

---

† Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 16.66%. For the same time period, the Custom Invesco Select Risk: High Growth Investor Index (the "Benchmark") returned 20.51%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Alternatives \|** The Fund's alternatives exposure relative to the Benchmark was a positive contributor to relative return.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901138.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: High Growth Investor Fund (Class Y)** | 16.66% | 6.69% | 8.52% |
| **Custom Invesco Select Risk: High Growth Investor Index** | 20.51% | 10.12% | 10.84% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: High Growth Investor Index is composed of 90% MSCI ACWI (Net) and 10% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Portfolio Series: Growth Investor Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$893876330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901143.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSGI-AR-YInvesco Select Risk: High Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: High Growth Investor Fund

### Class R5: PXQIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: High Growth Investor Fund<br>(Class R5) | $5 | 0.05% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 16.75%. For the same time period, the Custom Invesco Select Risk: High Growth Investor Index (the "Benchmark") returned 20.51%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Alternatives \|** The Fund's alternatives exposure relative to the Benchmark was a positive contributor to relative return.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901162.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: High Growth Investor Fund (Class R5)** | 16.75% | 6.79% | 8.48% |
| **Custom Invesco Select Risk: High Growth Investor Index** | 20.51% | 10.12% | 10.84% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: High Growth Investor Index is composed of 90% MSCI ACWI (Net) and 10% Bloomberg Global Aggregate USD Hedged Index.

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Portfolio Series: Growth Investor Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$893876330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

What Comprised The Fund's Holdings?

(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900717.jpg)

### How Has The Fund Changed Over The Past Year ?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSGI-AR-R5Invesco Select Risk: High Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: High Growth Investor Fund

### Class R6: PXGGX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: High Growth Investor Fund<br>(Class R6) | $5 | 0.05% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R6 shares of the Fund returned 16.76%. For the same time period, the Custom Invesco Select Risk: High Growth Investor Index (the "Benchmark") returned 20.51%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

**Asset allocation - Alternatives \|** The Fund's alternatives exposure relative to the Benchmark was a positive contributor to relative return.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Fixed Income manager selection \|** The Fund's fixed income manager selection effects detracted from relative performance within core and core plus fixed income.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901192.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: High Growth Investor Fund (Class R6)** | 16.76% | 6.78% | 8.49% |
| **Custom Invesco Select Risk: High Growth Investor Index** | 20.51% | 10.12% | 10.84% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: High Growth Investor Index is composed of 90% MSCI ACWI (Net) and 10% Bloomberg Global Aggregate USD Hedged Index.

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Portfolio Series: Growth Investor Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$893876330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901197.jpg)

### How Has The Fund Changed Over The Past Year ?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSGI-AR-R6Invesco Select Risk: High Growth Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class A: OAMIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderate Investor Fund<br>(Class A) | $37 | 0.35% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets had a strong showing.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 13.27%. For the same time period, the Custom Invesco Select Risk: Moderate Investor Index (the "Benchmark") returned 15.31%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900784.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderate Investor Fund (Class A) —including sales charge** | 7.01% | 3.32% | 5.87% |
| **Invesco Select Risk: Moderate Investor Fund (Class A) —excluding sales charge** | 13.27% | 4.50% | 6.47% |
| **Custom Invesco Select Risk: Moderate Investor Index** | 15.31% | 6.95% | 8.18% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderate Investor Index is composed of 60% MSCI ACWI (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Portfolio Series: Moderate Investor Fund (the predecessor fund) were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1848440972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901223.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSMI-AR-A Invesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class C: OCMIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderate Investor Fund<br>(Class C) | $118 | 1.11% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets had a strong showing.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 12.39%. For the same time period, the Custom Invesco Select Risk: Moderate Investor Index (the "Benchmark") returned 15.31%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900820.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderate Investor Fund (Class C) —including sales charge** | 11.39% | 3.72% | 5.82% |
| **Invesco Select Risk: Moderate Investor Fund (Class C) —excluding sales charge** | 12.39% | 3.72% | 5.82% |
| **Custom Invesco Select Risk: Moderate Investor Index** | 15.31% | 6.95% | 8.18% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderate Investor Index is composed of 60% MSCI ACWI (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Portfolio Series: Moderate Investor Fund (the predecessor fund) were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1848440972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901253.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSMI-AR-C Invesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class R: ONMIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderate Investor Fund<br>(Class R) | $65 | 0.61% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets had a strong showing.

**•** For the fiscal year ended December 31, 2025, Class R shares of the Fund returned 13.01%. For the same time period, the Custom Invesco Select Risk: Moderate Investor Index (the "Benchmark") returned 15.31%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900856.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderate Investor Fund (Class R)** | 13.01% | 4.25% | 6.20% |
| **Custom Invesco Select Risk: Moderate Investor Index** | 15.31% | 6.95% | 8.18% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderate Investor Index is composed of 60% MSCI ACWI (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Portfolio Series: Moderate Investor Fund (the predecessor fund) were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1848440972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900861.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSMI-AR-RInvesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class S: PXMSX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderate Investor Fund<br>(Class S) | $28 | 0.26% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets had a strong showing.

**•** For the fiscal year ended December 31, 2025, Class S shares of the Fund returned 13.36%. For the same time period, the Custom Invesco Select Risk: Moderate Investor Index (the "Benchmark") returned 15.31%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901399.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderate Investor Fund (Class S)** | 13.36% | 4.59% | 6.53% |
| **Custom Invesco Select Risk: Moderate Investor Index** | 15.31% | 6.95% | 8.18% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderate Investor Index is composed of 60% MSCI ACWI (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Class S shares incepted on May 15, 2020. Performance shown on or prior to that date is that of Oppenheimer Portfolio Series: Moderate Investor Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1848440972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901404.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSMI-AR-SInvesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class Y: OYMIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderate Investor Fund<br>(Class Y) | $12 | 0.11% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets had a strong showing.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 13.59%. For the same time period, the Custom Invesco Select Risk: Moderate Investor Index (the "Benchmark") returned 15.31%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901291.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderate Investor Fund (Class Y)** | 13.59% | 4.77% | 6.74% |
| **Custom Invesco Select Risk: Moderate Investor Index** | 15.31% | 6.95% | 8.18% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderate Investor Index is composed of 60% MSCI ACWI (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Portfolio Series: Moderate Investor Fund (the predecessor fund) were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1848440972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901296.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSMI-AR-YInvesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class R5: PXMQX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderate Investor Fund<br>(Class R5) | $11 | 0.10% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets had a strong showing.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 13.53%. For the same time period, the Custom Invesco Select Risk: Moderate Investor Index (the "Benchmark") returned 15.31%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901327.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderate Investor Fund (Class R5)** | 13.53% | 4.82% | 6.69% |
| **Custom Invesco Select Risk: Moderate Investor Index** | 15.31% | 6.95% | 8.18% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderate Investor Index is composed of 60% MSCI ACWI (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Portfolio Series: Moderate Investor Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1848440972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901332.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSMI-AR-R5Invesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class R6: PXMMX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderate Investor Fund<br>(Class R6) | $5 | 0.05% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending, and the artificial intelligence trade was strong. Despite a year of change, global risk assets had a strong showing.

**•** For the fiscal year ended December 31, 2025, Class R6 shares of the Fund returned 13.60%. For the same time period, the Custom Invesco Select Risk: Moderate Investor Index (the "Benchmark") returned 15.31%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9901363.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderate Investor Fund (Class R6)** | 13.60% | 4.85% | 6.70% |
| **Custom Invesco Select Risk: Moderate Investor Index** | 15.31% | 6.95% | 8.18% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderate Investor Index is composed of 60% MSCI ACWI (Net) and 40% Bloomberg Global Aggregate USD Hedged Index.

Class R6 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Portfolio Series: Moderate Investor Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1848440972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9901368.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

O-OPSMI-AR-R6Invesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class A: CAAMX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderately Conservative Investor Fund<br>(Class A) | $48 | 0.45% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 11.19%. For the same time period, the Custom Invesco Select Risk: Moderately Conservative Investor Index (the "Benchmark") returned 11.65%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899169.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderately Conservative Investor Fund (Class A) —including sales charge** | 5.06% | 1.83% | 4.25% |
| **Invesco Select Risk: Moderately Conservative Investor Fund (Class A) —excluding sales charge** | 11.19% | 2.99% | 4.84% |
| **Custom Invesco Select Risk: Moderately Conservative Index** | 11.65% | 4.71% | 6.26% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderately Conservative Index is composed of 40% MSCI ACWI (Net) and 60% Bloomberg Global Aggregate USD Hedged Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$270433948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899164.jpg)

### How Has T he Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CAL-AR-A Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class C: CACMX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderately Conservative Investor Fund<br>(Class C) | $126 | 1.20% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 10.35%. For the same time period, the Custom Invesco Select Risk: Moderately Conservative Investor Index (the "Benchmark") returned 11.65%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899138.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderately Conservative Investor Fund (Class C) —including sales charge** | 9.35% | 2.22% | 4.22% |
| **Invesco Select Risk: Moderately Conservative Investor Fund (Class C) —excluding sales charge** | 10.35% | 2.22% | 4.22% |
| **Custom Invesco Select Risk: Moderately Conservative Index** | 11.65% | 4.71% | 6.26% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderately Conservative Index is composed of 40% MSCI ACWI (Net) and 60% Bloomberg Global Aggregate USD Hedged Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$270433948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899133.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CAL-AR-C Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class R: CMARX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderately Conservative Investor Fund<br>(Class R) | $74 | 0.70% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R shares of the Fund returned 10.94%. For the same time period, the Custom Invesco Select Risk: Moderately Conservative Investor Index (the "Benchmark") returned 11.65%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899094.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderately Conservative Investor Fund (Class R)** | 10.94% | 2.73% | 4.58% |
| **Custom Invesco Select Risk: Moderately Conservative Index** | 11.65% | 4.71% | 6.26% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderately Conservative Index is composed of 40% MSCI ACWI (Net) and 60% Bloomberg Global Aggregate USD Hedged Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$270433948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899067.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CAL-AR-R Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class S: CMASX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderately Conservative Investor Fund<br>(Class S) | $37 | 0.35% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class S shares of the Fund returned 11.29%. For the same time period, the Custom Invesco Select Risk: Moderately Conservative Investor Index (the "Benchmark") returned 11.65%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898927.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderately Conservative Investor Fund (Class S)** | 11.29% | 3.09% | 4.95% |
| **Custom Invesco Select Risk: Moderately Conservative Index** | 11.65% | 4.71% | 6.26% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderately Conservative Index is composed of 40% MSCI ACWI (Net) and 60% Bloomberg Global Aggregate USD Hedged Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$270433948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898913.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information ?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CAL-AR-S Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class Y: CAAYX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderately Conservative Investor Fund<br>(Class Y) | $21 | 0.20% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 11.48%. For the same time period, the Custom Invesco Select Risk: Moderately Conservative Investor Index (the "Benchmark") returned 11.65%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899035.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderately Conservative Investor Fund (Class Y)** | 11.48% | 3.25% | 5.10% |
| **Custom Invesco Select Risk: Moderately Conservative Index** | 11.65% | 4.71% | 6.26% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderately Conservative Index is composed of 40% MSCI ACWI (Net) and 60% Bloomberg Global Aggregate USD Hedged Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$270433948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899030.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information ?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CAL-AR-Y Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class R5: CMAIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderately Conservative Investor Fund<br>(Class R5) | $21 | 0.20% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 11.53%. For the same time period, the Custom Invesco Select Risk: Moderately Conservative Investor Index (the "Benchmark") returned 11.65%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898544.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderately Conservative Investor Fund (Class R5)** | 11.53% | 3.29% | 5.15% |
| **Custom Invesco Select Risk: Moderately Conservative Index** | 11.65% | 4.71% | 6.26% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderately Conservative Index is composed of 40% MSCI ACWI (Net) and 60% Bloomberg Global Aggregate USD Hedged Index.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$270433948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898549.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information ?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CAL-AR-R5 Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class R6: CNSSX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Select Risk: Moderately Conservative Investor Fund<br>(Class R6) | $14 | 0.13% |

---

### How Did The Fund Perform During The Period?
**•** 2025 was a year of change, especially in geopolitics. Tariffs dominated headlines, Europe kicked off new defense spending and the artificial intelligence trade was strong. Despite a year of change, global risk assets rallied and performed well.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 11.61%. For the same time period, the Custom Invesco Select Risk: Moderately Conservative Investor Index (the "Benchmark") returned 11.65%.

#### What contributed to performance?
**Asset allocation - Fixed Income \|** The Fund's underweight to fixed income relative to the Benchmark was the largest positive contributor to relative return given equities outperformed fixed income.

**Asset allocation - Equity \|** The Fund's equity exposure relative to the Benchmark was a positive contributor to relative return given equities outperformed the Benchmark.

#### What detracted from performance?
**Equity manager selection \|** The Fund's equity manager selection effects were the largest detractors from the Fund's relative performance, with key detractors being selection within global and international smid-cap equities.

**Alternative manager selection \|** The Fund's alternative manager selection effects detracted from the Fund's relative performance, with key detractors being selection within managed futures.

**Equity style selection \|** The Fund's equity style effects detracted from relative performance given the Fund's exposure to US large-cap multifactor and US mid-cap growth equities.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9898968.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Select Risk: Moderately Conservative Investor Fund (Class R6)** | 11.61% | 3.32% | 5.12% |
| **Custom Invesco Select Risk: Moderately Conservative Index** | 11.65% | 4.71% | 6.26% |
| **Bloomberg Global Aggregate USD Hedged Index** | 4.86% | 0.34% | 2.39% |
| **MSCI ACWI Index (Net)** | 22.34% | 11.19% | 11.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

The Custom Invesco Select Risk: Moderately Conservative Index is composed of 40% MSCI ACWI (Net) and 60% Bloomberg Global Aggregate USD Hedged Index.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$270433948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9898963.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since December 31, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added unlisted closed-end interval fund risk to its principal risks to reflect that shares of an underlying unlisted closed-end interval fund in which the Fund may invest are considered an illiquid investment because shareholders (such as the Fund) cannot redeem or sell their shares outside of periodic repurchase offers.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

CAL-AR-R6Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2661.jpg)

### Invesco Small Cap Growth Fund

### Class A: GTSAX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Small Cap Growth Fund<br>(Class A) | $120 | 1.17% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US small cap equities saw improved performance as the Federal Reserve continued its easing cycle amid moderating inflation and a resilient labor market.

**•** For the fiscal year ended December 31, 2025, Class A shares of the Fund, excluding sales charge, returned 5.69%. For the same time period, the Russell 2000® Growth Index (the "Benchmark") returned 13.01%. The Fund underperformed the Benchmark primarily due to stock selection in the industrials, health care, consumer staples and real estate sectors. These results were partially offset by positive stock selection within the utilities, information technology, and energy sectors, as well as an underweight exposure in the communication services and consumer staples sectors.

#### What contributed to performance?
**Circle Internet Group, Inc. \|** Circle is an issuer of USDC stablecoins used to facilitate block-chain electronic payments. The Fund participated in the initial public offering (IPO) and sold the holding following a significant run up in its post-IPO valuation.

**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. The company delivered a strong year with accelerating oncology revenues, growing adoption of their blood biopsy tests that focus on cancer treatment selection and monitoring (Guardant360 and Reveal), and Guardant Shield for colorectal cancer emerging as a second growth engine.

**Kratos Defense & Security Solutions, Inc. \|** Kratos Defense & Security Solutions focuses on drone and rocket technology. The stock has done well as defense is an area that has seen a resurgence in spending.

#### What detracted from performance?
**Freshpet, Inc. \|** Freshpet makes dog and cat food that uses fresh meat, fruit and vegetables, which is distributed in grocery and specialty stores. The company saw strong demand during COVID and built out capacity for continued growth. However, additional demand had not materialized. The Fund sold the stock during the period.

**Coherent Corp. \|** Coherent makes electrical components used in artificial intelligence (AI) infrastructure. The stock pulled back during the period on concerns around the sustainability of AI capital expenditures. The Fund sold the stock during the period.

**Vaxcyte, Inc. \|** Vaxcyte is a pneumococcal vaccine provider. The Fund sold the stock during the period following increasing pressure on vaccines under the current administration.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9899999.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Small Cap Growth Fund (Class A) —including sales charge** | -0.12% | -2.00% | 8.35% |
| **Invesco Small Cap Growth Fund (Class A) —excluding sales charge** | 5.69% | -0.89% | 8.97% |
| **Russell 2000® Growth Index** | 13.01% | 3.18% | 9.57% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1605241578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12041835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;85% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1.83% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900004.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCG-AR-A Invesco Small Cap Growth Fund

![TSR_logo](images_2661.jpg)

### Invesco Small Cap Growth Fund

### Class C: GTSDX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Small Cap Growth Fund<br>(Class C) | $193 | 1.88% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US small cap equities saw improved performance as the Federal Reserve continued its easing cycle amid moderating inflation and a resilient labor market.

**•** For the fiscal year ended December 31, 2025, Class C shares of the Fund, excluding sales charge, returned 4.96%. For the same time period, the Russell 2000® Growth Index (the "Benchmark") returned 13.01%. The Fund underperformed the Benchmark primarily due to stock selection in the industrials, health care, consumer staples and real estate sectors. These results were partially offset by positive stock selection within the utilities, information technology, and energy sectors, as well as an underweight exposure in the communication services and consumer staples sectors.

#### What contributed to performance?
**Circle Internet Group, Inc. \|** Circle is an issuer of USDC stablecoins used to facilitate block-chain electronic payments. The Fund participated in the initial public offering (IPO) and sold the holding following a significant run up in its post-IPO valuation.

**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. The company delivered a strong year with accelerating oncology revenues, growing adoption of their blood biopsy tests that focus on cancer treatment selection and monitoring (Guardant360 and Reveal), and Guardant Shield for colorectal cancer emerging as a second growth engine.

**Kratos Defense & Security Solutions, Inc. \|** Kratos Defense & Security Solutions focuses on drone and rocket technology. The stock has done well as defense is an area that has seen a resurgence in spending.

#### What detracted from performance?
**Freshpet, Inc. \|** Freshpet makes dog and cat food that uses fresh meat, fruit and vegetables, which is distributed in grocery and specialty stores. The company saw strong demand during COVID and built out capacity for continued growth. However, additional demand had not materialized. The Fund sold the stock during the period.

**Coherent Corp. \|** Coherent makes electrical components used in artificial intelligence (AI) infrastructure. The stock pulled back during the period on concerns around the sustainability of AI capital expenditures. The Fund sold the stock during the period.

**Vaxcyte, Inc. \|** Vaxcyte is a pneumococcal vaccine provider. The Fund sold the stock during the period following increasing pressure on vaccines under the current administration.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900021.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Small Cap Growth Fund (Class C) —including sales charge** | 4.24% | -1.58% | 8.33% |
| **Invesco Small Cap Growth Fund (Class C) —excluding sales charge** | 4.96% | -1.58% | 8.33% |
| **Russell 2000® Growth Index** | 13.01% | 3.18% | 9.57% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1605241578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12041835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;85% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1.83% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9899277.jpg)

### Where Can I Find More Information ?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCG-AR-C Invesco Small Cap Growth Fund

![TSR_logo](images_2661.jpg)

### Invesco Small Cap Growth Fund

### Class R: GTSRX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Small Cap Growth Fund<br>(Class R) | $146 | 1.42% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US small cap equities saw improved performance as the Federal Reserve continued its easing cycle amid moderating inflation and a resilient labor market.

**•** For the fiscal year ended December 31, 2025, Class R shares of the Fund returned 5.43%. For the same time period, the Russell 2000® Growth Index (the "Benchmark") returned 13.01%. The Fund underperformed the Benchmark primarily due to stock selection in the industrials, health care, consumer staples and real estate sectors. These results were partially offset by positive stock selection within the utilities, information technology, and energy sectors, as well as an underweight exposure in the communication services and consumer staples sectors.

#### What contributed to performance?
**Circle Internet Group, Inc. \|** Circle is an issuer of USDC stablecoins used to facilitate block-chain electronic payments. The Fund participated in the initial public offering (IPO) and sold the holding following a significant run up in its post-IPO valuation.

**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. The company delivered a strong year with accelerating oncology revenues, growing adoption of their blood biopsy tests that focus on cancer treatment selection and monitoring (Guardant360 and Reveal), and Guardant Shield for colorectal cancer emerging as a second growth engine.

**Kratos Defense & Security Solutions, Inc. \|** Kratos Defense & Security Solutions focuses on drone and rocket technology. The stock has done well as defense is an area that has seen a resurgence in spending.

#### What detracted from performance?
**Freshpet, Inc. \|** Freshpet makes dog and cat food that uses fresh meat, fruit and vegetables, which is distributed in grocery and specialty stores. The company saw strong demand during COVID and built out capacity for continued growth. However, additional demand had not materialized. The Fund sold the stock during the period.

**Coherent Corp. \|** Coherent makes electrical components used in artificial intelligence (AI) infrastructure. The stock pulled back during the period on concerns around the sustainability of AI capital expenditures. The Fund sold the stock during the period.

**Vaxcyte, Inc. \|** Vaxcyte is a pneumococcal vaccine provider. The Fund sold the stock during the period following increasing pressure on vaccines under the current administration.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900029.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Small Cap Growth Fund (Class R)** | 5.43% | -1.14% | 8.69% |
| **Russell 2000® Growth Index** | 13.01% | 3.18% | 9.57% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1605241578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12041835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;85% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1.83% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900034.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCG-AR-R Invesco Small Cap Growth Fund

![TSR_logo](images_2661.jpg)

### Invesco Small Cap Growth Fund

### Class Y: GTSYX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Small Cap Growth Fund<br>(Class Y) | $95 | 0.92% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US small cap equities saw improved performance as the Federal Reserve continued its easing cycle amid moderating inflation and a resilient labor market.

**•** For the fiscal year ended December 31, 2025, Class Y shares of the Fund returned 5.95%. For the same time period, the Russell 2000® Growth Index (the "Benchmark") returned 13.01%. The Fund underperformed the Benchmark primarily due to stock selection in the industrials, health care, consumer staples and real estate sectors. These results were partially offset by positive stock selection within the utilities, information technology, and energy sectors, as well as an underweight exposure in the communication services and consumer staples sectors.

#### What contributed to performance?
**Circle Internet Group, Inc. \|** Circle is an issuer of USDC stablecoins used to facilitate block-chain electronic payments. The Fund participated in the initial public offering (IPO) and sold the holding following a significant run up in its post-IPO valuation.

**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. The company delivered a strong year with accelerating oncology revenues, growing adoption of their blood biopsy tests that focus on cancer treatment selection and monitoring (Guardant360 and Reveal), and Guardant Shield for colorectal cancer emerging as a second growth engine.

**Kratos Defense & Security Solutions, Inc. \|** Kratos Defense & Security Solutions focuses on drone and rocket technology. The stock has done well as defense is an area that has seen a resurgence in spending.

#### What detracted from performance?
**Freshpet, Inc. \|** Freshpet makes dog and cat food that uses fresh meat, fruit and vegetables, which is distributed in grocery and specialty stores. The company saw strong demand during COVID and built out capacity for continued growth. However, additional demand had not materialized. The Fund sold the stock during the period.

**Coherent Corp. \|** Coherent makes electrical components used in artificial intelligence (AI) infrastructure. The stock pulled back during the period on concerns around the sustainability of AI capital expenditures. The Fund sold the stock during the period.

**Vaxcyte, Inc. \|** Vaxcyte is a pneumococcal vaccine provider. The Fund sold the stock during the period following increasing pressure on vaccines under the current administration.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900063.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Small Cap Growth Fund (Class Y)** | 5.95% | -0.64% | 9.24% |
| **Russell 2000® Growth Index** | 13.01% | 3.18% | 9.57% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1605241578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12041835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;85% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1.83% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900068.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCG-AR-Y Invesco Small Cap Growth Fund

![TSR_logo](images_2661.jpg)

### Invesco Small Cap Growth Fund

### Investor Class: GTSIX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Small Cap Growth Fund<br>(Investor Class) | $114 | 1.11% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US small cap equities saw improved performance as the Federal Reserve continued its easing cycle amid moderating inflation and a resilient labor market.

**•** For the fiscal year ended December 31, 2025, Investor Class shares of the Fund returned 5.74%. For the same time period, the Russell 2000® Growth Index (the "Benchmark") returned 13.01%. The Fund underperformed the Benchmark primarily due to stock selection in the industrials, health care, consumer staples and real estate sectors. These results were partially offset by positive stock selection within the utilities, information technology, and energy sectors, as well as an underweight exposure in the communication services and consumer staples sectors.

#### What contributed to performance?
**Circle Internet Group, Inc. \|** Circle is an issuer of USDC stablecoins used to facilitate block-chain electronic payments. The Fund participated in the initial public offering (IPO) and sold the holding following a significant run up in its post-IPO valuation.

**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. The company delivered a strong year with accelerating oncology revenues, growing adoption of their blood biopsy tests that focus on cancer treatment selection and monitoring (Guardant360 and Reveal), and Guardant Shield for colorectal cancer emerging as a second growth engine.

**Kratos Defense & Security Solutions, Inc. \|** Kratos Defense & Security Solutions focuses on drone and rocket technology. The stock has done well as defense is an area that has seen a resurgence in spending.

#### What detracted from performance?
**Freshpet, Inc. \|** Freshpet makes dog and cat food that uses fresh meat, fruit and vegetables, which is distributed in grocery and specialty stores. The company saw strong demand during COVID and built out capacity for continued growth. However, additional demand had not materialized. The Fund sold the stock during the period.

**Coherent Corp. \|** Coherent makes electrical components used in artificial intelligence (AI) infrastructure. The stock pulled back during the period on concerns around the sustainability of AI capital expenditures. The Fund sold the stock during the period.

**Vaxcyte, Inc. \|** Vaxcyte is a pneumococcal vaccine provider. The Fund sold the stock during the period following increasing pressure on vaccines under the current administration.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900076.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Small Cap Growth Fund (Investor Class)** | 5.74% | -0.83% | 9.01% |
| **Russell 2000® Growth Index** | 13.01% | 3.18% | 9.57% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1605241578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12041835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;85% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1.83% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900081.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCG-AR-INV Invesco Small Cap Growth Fund

![TSR_logo](images_2661.jpg)

### Invesco Small Cap Growth Fund

### Class R5: GTSVX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Small Cap Growth Fund<br>(Class R5) | $85 | 0.83% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US small cap equities saw improved performance as the Federal Reserve continued its easing cycle amid moderating inflation and a resilient labor market.

**•** For the fiscal year ended December 31, 2025, Class R5 shares of the Fund returned 6.02%. For the same time period, the Russell 2000® Growth Index (the "Benchmark") returned 13.01%. The Fund underperformed the Benchmark primarily due to stock selection in the industrials, health care, consumer staples and real estate sectors. These results were partially offset by positive stock selection within the utilities, information technology, and energy sectors, as well as an underweight exposure in the communication services and consumer staples sectors.

#### What contributed to performance?
**Circle Internet Group, Inc. \|** Circle is an issuer of USDC stablecoins used to facilitate block-chain electronic payments. The Fund participated in the initial public offering (IPO) and sold the holding following a significant run up in its post-IPO valuation.

**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. The company delivered a strong year with accelerating oncology revenues, growing adoption of their blood biopsy tests that focus on cancer treatment selection and monitoring (Guardant360 and Reveal), and Guardant Shield for colorectal cancer emerging as a second growth engine.

**Kratos Defense & Security Solutions, Inc. \|** Kratos Defense & Security Solutions focuses on drone and rocket technology. The stock has done well as defense is an area that has seen a resurgence in spending.

#### What detracted from performance?
**Freshpet, Inc. \|** Freshpet makes dog and cat food that uses fresh meat, fruit and vegetables, which is distributed in grocery and specialty stores. The company saw strong demand during COVID and built out capacity for continued growth. However, additional demand had not materialized. The Fund sold the stock during the period.

**Coherent Corp. \|** Coherent makes electrical components used in artificial intelligence (AI) infrastructure. The stock pulled back during the period on concerns around the sustainability of AI capital expenditures. The Fund sold the stock during the period.

**Vaxcyte, Inc. \|** Vaxcyte is a pneumococcal vaccine provider. The Fund sold the stock during the period following increasing pressure on vaccines under the current administration.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900100.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Small Cap Growth Fund (Class R5)** | 6.02% | -0.55% | 9.36% |
| **Russell 2000® Growth Index** | 13.01% | 3.18% | 9.57% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1605241578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12041835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;85% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1.83% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900105.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCG-AR-R5 Invesco Small Cap Growth Fund

![TSR_logo](images_2661.jpg)

### Invesco Small Cap Growth Fund

### Class R6: GTSFX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Small Cap Growth Fund<br>(Class R6) | $78 | 0.76% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended December 31, 2025, US small cap equities saw improved performance as the Federal Reserve continued its easing cycle amid moderating inflation and a resilient labor market.

**•** For the fiscal year ended December 31, 2025, Class R6 shares of the Fund returned 6.11%. For the same time period, the Russell 2000® Growth Index (the "Benchmark") returned 13.01%. The Fund underperformed the Benchmark primarily due to stock selection in the industrials, health care, consumer staples and real estate sectors. These results were partially offset by positive stock selection within the utilities, information technology, and energy sectors, as well as an underweight exposure in the communication services and consumer staples sectors.

#### What contributed to performance?
**Circle Internet Group, Inc. \|** Circle is an issuer of USDC stablecoins used to facilitate block-chain electronic payments. The Fund participated in the initial public offering (IPO) and sold the holding following a significant run up in its post-IPO valuation.

**Guardant Health, Inc. \|** Guardant Health operates as a biotechnology company. The company delivered a strong year with accelerating oncology revenues, growing adoption of their blood biopsy tests that focus on cancer treatment selection and monitoring (Guardant360 and Reveal), and Guardant Shield for colorectal cancer emerging as a second growth engine.

**Kratos Defense & Security Solutions, Inc. \|** Kratos Defense & Security Solutions focuses on drone and rocket technology. The stock has done well as defense is an area that has seen a resurgence in spending.

#### What detracted from performance?
**Freshpet, Inc. \|** Freshpet makes dog and cat food that uses fresh meat, fruit and vegetables, which is distributed in grocery and specialty stores. The company saw strong demand during COVID and built out capacity for continued growth. However, additional demand had not materialized. The Fund sold the stock during the period.

**Coherent Corp. \|** Coherent makes electrical components used in artificial intelligence (AI) infrastructure. The stock pulled back during the period on concerns around the sustainability of AI capital expenditures. The Fund sold the stock during the period.

**Vaxcyte, Inc. \|** Vaxcyte is a pneumococcal vaccine provider. The Fund sold the stock during the period following increasing pressure on vaccines under the current administration.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9900109.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Small Cap Growth Fund (Class R6)** | 6.11% | -0.48% | 9.45% |
| **Russell 2000® Growth Index** | 13.01% | 3.18% | 9.57% |
| **S&P 500® Index** | 17.88% | 14.42% | 14.82% |

---

**The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

### What Are Key Statistics About The Fund?
(as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1605241578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12041835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;85% |

---

### What Comprised The Fund's Holdings?
(as of December 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;BridgeBio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1.83% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9900119.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

### What Should I Know About Delivery Of Important Regulatory 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.

![TSR_QRcode](images_2660.jpg)

For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.

SCG-AR-R6 Invesco Small Cap Growth Fund

------

(b) Not applicable.

------

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. There were no waivers for the fiscal year ended December 31, 2025.

------

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that the Registrant has two audit committee financial experts serving on its Audit Committee: Anthony J. LaCava, Jr. and James Liddy. Each of these audit committee financial experts is "independent" within the meaning of that term as used in Form N-CSR.

------

Item 4. Principal Accountant Fees and Services.

------

(a) to (d)

#### Fees Billed by PwC Related to the Registrant
PricewaterhouseCoopers LLP ("PwC"), the Registrant's independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

---

| | | |
|:---|:---|:---|
|  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2024  |
| Audit Fees  | $&nbsp;&nbsp;&nbsp;&nbsp; 355164 | $&nbsp;&nbsp;&nbsp;&nbsp; 391243 |
| Audit-Related Fees<sup>(</sup><sup>1)</sup>  | $6504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Tax Fees<sup>(</sup><sup>2)</sup>  | $199374 | $227101 |
| All Other Fees  | <u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u> | <u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u> |
| Total Fees  | $&nbsp;&nbsp;&nbsp;&nbsp; 561042 | $618344 |

---

(1) Audit-Related Fees for the fiscal year ended 2025 includes fees billed for reviewing regulatory filings. 

(2) Tax Fees for the fiscal years ended 2025 and 2024 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax, year-to-date estimates for various book-to-tax differences and other tax services. 

#### Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Affiliates") aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

---

| | | |
|:---|:---|:---|
|  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2025 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2024 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  |
| Audit-Related Fees<sup>(1)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp; 1195000 | $&nbsp;&nbsp;&nbsp;&nbsp; 1141000 |
| Tax Fees  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| All Other Fees  | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0</u> | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0</u> |
| Total Fees  | $1195000 | $&nbsp;&nbsp;&nbsp;&nbsp; 1141000 |

---

------

(1) Audit-Related Fees for the fiscal years ended 2025 and 2024 include fees billed related to reviewing controls at a service organization.

#### (e)(1)

#### PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

#### POLICIES AND PROCEDURES
As adopted by the Audit Committees

of the Invesco Funds (the "Funds")

Last Amended March 29, 2017

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").<sup>1</sup> They address both general pre-approvals without consideration of specific case-by-case services ("general pre-approvals") and pre-approvals on a case-by-case basis ("specific pre-approvals"). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II. **Pre-Approval of Fund Audit Services** 

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds' financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor's qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

------

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

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. <u>Audit-Related Services</u> 

"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. <u>Tax Services</u> 

"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. <u>Other Services</u> 

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. <u>Appendix I</u> includes a list of services that the Auditor is prohibited from performing by the SEC rules. <u>Appendix I</u> 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 Fund.

VI. **Pre-Approved Fee Levels or Established Amounts** 

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate's Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII. **Delegation** 

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate's Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case-by-case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate's Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII. **Compliance with Procedures** 

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds' Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds' Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds' Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX. **Amendments to Procedures** 

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

------

#### Appendix I

#### Non-Audit Services That May Impair the Auditor's Independence
The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

· Management functions; 

· Human resources; 

· Broker-dealer, investment adviser, or investment banking services; 

· Legal services; 

· Expert services unrelated to the audit; 

· Any service or product provided for a contingent fee or a commission; 

· Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance; 

· Tax services for persons in financial reporting oversight roles at the Fund; and 

· Any other service that the Public Company Oversight Board determines by regulation is impermissible. 

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements:

· Bookkeeping or other services related to the accounting records or financial statements of the audit client; 

· Financial information systems design and implementation; 

· Appraisal or valuation services, fairness opinions, or contribution-in-kind reports; 

· Actuarial services; and 

· Internal audit outsourcing services. 

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,726,000 for the fiscal year ended December 31, 2025 and $6,489,000 for the fiscal year ended December 31, 2024. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $8,120,374 for the fiscal year ended December 31, 2025 and $7,857,101 for the fiscal year ended December 31, 2024.

PwC provided audit services to the Investment Company complex of approximately $35 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.

(i) Not applicable.

(j) Not applicable.

---

| | |
|:---|:---|
| 1  | Applicable Rules include, for example, New York Stock Exchange ("NYSE") rules applicable to closed-end funds managed by Invesco and listed on NYSE.  |

---

------

Item 5. Audit Committee of Listed Registrants.

Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](img3a14a2d81.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco Active Allocation Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_a3ee93b7-e059-4bae-97a2-f4f36413fc15_SOI-Continued-709_1) | Schedule of Investments |
| [7](#xx_a3ee93b7-e059-4bae-97a2-f4f36413fc15_FS-Continued-709_1) | Financial Statements |
| [10](#xx_a3ee93b7-e059-4bae-97a2-f4f36413fc15_FS-Continued-709_4) | Financial Highlights |
| [11](#xx_a3ee93b7-e059-4bae-97a2-f4f36413fc15_NTF-Continued-709_1) | Notes to Financial Statements |
| [20](#xx_a3ee93b7-e059-4bae-97a2-f4f36413fc15_ARS-Continued-709_1) | Report of Independent Registered Public Accounting Firm |
| [21](#xx_a3ee93b7-e059-4bae-97a2-f4f36413fc15_TI-Continued-709_1) | Tax Information |
| [22](#xx_a3ee93b7-e059-4bae-97a2-f4f36413fc15_OIRSR-Continued-709_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*December 31, 2025* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Active Allocation Fund** | **Invesco Active Allocation Fund** | **Invesco Active Allocation Fund** | **Invesco Active Allocation Fund** | **Invesco Active Allocation Fund** | **Invesco Active Allocation Fund** | **Invesco Active Allocation Fund** | **Invesco Active Allocation Fund** | **Invesco Active Allocation Fund** | **Invesco Active Allocation Fund** |
| **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**12/31/25**<br>| **Value** <br>**12/31/24**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain (Loss)**<br>| **Dividend** <br>**Income**<br>| **Shares** <br>**12/31/25**<br>| **Value** <br>**12/31/25**<br>|
| **Alternative Funds–2.11%** | **Alternative Funds–2.11%** | **Alternative Funds–2.11%** | **Alternative Funds–2.11%** | **Alternative Funds–2.11%** | **Alternative Funds–2.11%** | **Alternative Funds–2.11%** | **Alternative Funds–2.11%** | **Alternative Funds–2.11%** | **Alternative Funds–2.11%** |
| Invesco Dynamic Credit Opportunity <br> Fund, Class R6<br>| 0.14<br> %<br>| $— | $2818140 | $— | $(70873)<br>| $— | $214096 | 258056 | $2747267 |
| Invesco Global Real Estate Income Fund, <br> Class R6<br>| 1.97<br> %<br>| 45278775 | 1314549 | (8662156)<br>| 1772350 | (844519)<br>| 1314549 | 4733131 | 38858999 |
| Invesco Macro Allocation Strategy Fund, <br> Class R6<sup>(b)</sup> <br>|  | 46153483 | 414063 | (46995150)<br>| 7973637 | (7518042)<br>| 386072 |  |  |
| Total Alternative Funds |  | 91432258 | 4546752 | (55657306)<br>| 9675114 | (8362561)<br>| 1914717 |  | 41606266 |
| **Domestic Equity Funds–56.02%** | **Domestic Equity Funds–56.02%** | **Domestic Equity Funds–56.02%** | **Domestic Equity Funds–56.02%** | **Domestic Equity Funds–56.02%** | **Domestic Equity Funds–56.02%** | **Domestic Equity Funds–56.02%** | **Domestic Equity Funds–56.02%** | **Domestic Equity Funds–56.02%** | **Domestic Equity Funds–56.02%** |
| Invesco Discovery Mid Cap Growth Fund, <br> Class R6<br>| 6.42<br> %<br>| 109714684 | 27773696 | (11378840)<br>| 357644 | 8827900 |  | 3740784 | 126737758 |
| Invesco Main Street Small Cap Fund, <br> Class R6<br>| 6.25<br> %<br>| 110878231 | 23068225 | (13950260)<br>| 2773699 | 9533216 | 629260 | 5472234 | 123453598 |
| Invesco NASDAQ 100 ETF<sup>(c)</sup> <br>| 12.67<br> %<br>| 195290865 | 58785829 | (55053511)<br>| 43513291 | 7573585 | 1278693 | 988890 | 250110059 |
| Invesco Russell 1000<sup>®</sup> Dynamic <br> Multifactor ETF<br>| 13.97<br> %<br>| 265360134 | 32673856 | (57830246)<br>| 28985749 | 6436385 | 2158210 | 4508848 | 275625878 |
| Invesco S&P 500 Revenue ETF<sup>(c)</sup> <br>| 11.49<br> %<br>|  | 218341986 | (18589235)<br>| 25816477 | 1126689 | 3028351 | 1979877 | 226695917 |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  | 165907737 |  | (171107896)<br>| (11292246)<br>| 16492405 |  |  |  |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | 40512262 | (34151967)<br>|  | (6360295)<br>| 72096 |  |  |
| Invesco Value Opportunities Fund, <br> Class R6<br>| 5.22<br> %<br>| 91850678 | 21843847 | (22046652)<br>| 8348078 | 12261953 | 542553 | 4296025 | 102932769 |
| Total Domestic Equity Funds |  | 939002329 | 422999701 | (384108607)<br>| 98502692 | 55891838 | 7709163 |  | 1105555979 |
| **Fixed Income Funds–18.46%** | **Fixed Income Funds–18.46%** | **Fixed Income Funds–18.46%** | **Fixed Income Funds–18.46%** | **Fixed Income Funds–18.46%** | **Fixed Income Funds–18.46%** | **Fixed Income Funds–18.46%** | **Fixed Income Funds–18.46%** | **Fixed Income Funds–18.46%** | **Fixed Income Funds–18.46%** |
| Invesco Core Bond Fund, Class R6 | 9.26<br> %<br>| 196713917 | 20364519 | (38144646)<br>| 4044085 | (212013)<br>| 8228244 | 31890189 | 182765862 |
| Invesco Core Plus Bond Fund, Class R6 | 4.99<br> %<br>| 94717141 | 10568334 | (9274777)<br>| 4885702 | (2484796)<br>| 4510859 | 10495559 | 98411604 |
| Invesco Emerging Markets Sovereign <br> Debt ETF<br>| 0.35<br> %<br>| 11506025 |  | (4956537)<br>| 732872 | (338034)<br>| 497344 | 320606 | 6944326 |
| Invesco Equal Weight 0-30 Year Treasury <br> ETF<br>|  | 48867402 |  | (48884121)<br>| 7451144 | (7434425)<br>| 454613 |  |  |
| Invesco Floating Rate ESG Fund, <br> Class R6<sup>(b)</sup> <br>| 0.94<br> %<br>| 24480143 | 1661776 | (6695964)<br>| (392735)<br>| (351679)<br>| 1525170 | 2859267 | 18564935 |
| Invesco High Yield Fund, Class R6 | 1.43<br> %<br>| 23923978 | 3959599 |  | 322348 |  | 1812853 | 7856147 | 28205925 |
| Invesco Variable Rate Investment Grade <br> ETF<br>| 1.49<br> %<br>| 41952925 |  | (12473678)<br>| (11243)<br>| (99221)<br>| 1623288 | 1170071 | 29368783 |
| Total Fixed Income Funds |  | 442161531 | 36554228 | (120429723)<br>| 17032173 | (10920168)<br>| 18652371 |  | 364261435 |
| **International and Global Equity Funds–22.76%** | **International and Global Equity Funds–22.76%** | **International and Global Equity Funds–22.76%** | **International and Global Equity Funds–22.76%** | **International and Global Equity Funds–22.76%** | **International and Global Equity Funds–22.76%** | **International and Global Equity Funds–22.76%** | **International and Global Equity Funds–22.76%** | **International and Global Equity Funds–22.76%** | **International and Global Equity Funds–22.76%** |
| Invesco Emerging Markets ex-China <br> Fund, Class R6<sup>(d)</sup> <br>|  | 26953420 | 2610347 | (35762810)<br>| 1817210 | 4381833 |  |  |  |
| Invesco Developing Markets Fund, <br> Class R6<br>| 2.33<br> %<br>| 22274183 | 46016374 | (12538453)<br>| (16282816)<br>| 19922277 | 407665 | 1351472 | 45909501 |
| Invesco Global Fund, Class R6 | 8.05<br> %<br>| 135280248 | 45762994 | (15777343)<br>| (7941505)<br>| 32081730 | 494543 | 1769106 | 158865737 |
| Invesco Global Infrastructure Fund, <br> Class R6<br>|  | 19345651 | 2109009 | (19770572)<br>| (2214341)<br>| 2587293 | 51969 |  |  |
| Invesco International Developed Dynamic <br> Multifactor ETF<sup>(c)</sup> <br>| 3.12<br> %<br>| 52046073 | 5040119 | (9784426)<br>| 13719799 | 608225 | 1845320 | 2068808 | 61629790 |
| Invesco International Growth Fund, <br> Class R6<sup>(d)</sup> <br>| 1.43<br> %<br>| 22400524 | 10625905 |  | (4788384)<br>| 8560514 | 245064 | 1117896 | 28238045 |
| Invesco International Small-Mid Company <br> Fund, Class R6<br>| 4.23<br> %<br>| 73180712 | 19845372 | (8168233)<br>| (665586)<br>| 12058573 | 1551580 | 2366661 | 83424823 |
| Invesco RAFI Developed Markets ex-U.S. <br> ETF<sup>(e)</sup> <br>| 3.60<br> %<br>| 61610150 | 8059382 | (20731507)<br>| 19479477 | 2725696 | 2726265 | 1085410 | 71143198 |
| Total International and Global Equity <br> Funds<br>|  | 413090961 | 140069502 | (122533344)<br>| 3123854 | 82926141 | 7322406 |  | 449211094 |

---

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

**2**

**Invesco Active Allocation Fund**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Active Allocation Fund (continued)** | **Invesco Active Allocation Fund (continued)** | **Invesco Active Allocation Fund (continued)** | **Invesco Active Allocation Fund (continued)** | **Invesco Active Allocation Fund (continued)** | **Invesco Active Allocation Fund (continued)** | **Invesco Active Allocation Fund (continued)** | **Invesco Active Allocation Fund (continued)** | **Invesco Active Allocation Fund (continued)** | **Invesco Active Allocation Fund (continued)** |
| **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.86%**<sup>(a)</sup> |
|  | **% of**<br> **Net**<br> **Assets**<br> **12/31/25**<br>| **Value**<br> **12/31/24**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain (Loss)**<br>| **Dividend**<br> **Income**<br>| **Shares**<br> **12/31/25**<br>| **Value**<br> **12/31/25**<br>|
| **Money Market Funds–0.51%** | **Money Market Funds–0.51%** | **Money Market Funds–0.51%** | **Money Market Funds–0.51%** | **Money Market Funds–0.51%** | **Money Market Funds–0.51%** | **Money Market Funds–0.51%** | **Money Market Funds–0.51%** | **Money Market Funds–0.51%** | **Money Market Funds–0.51%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(f)</sup> <br>| 0.18<br> %<br>| $2201254 | $83784208 | $(82454834)<br>| $— | $— | $130115 | 3530628 | $3530628 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(f)</sup> <br>| 0.33<br> %<br>| 4087929 | 155599243 | (153130406)<br>|  |  | 239397 | 6556766 | 6556766 |
| Total Money Market Funds |  | 6289183 | 239383451 | (235585240)<br>|  |  | 369512 |  | 10087394 |
| TOTAL INVESTMENTS IN AFFILIATED <br> ISSUERS (excluding investments <br> purchased with cash collateral <br> from securities on loan) <br>(Cost $1,570,094,101)<br>| 99.86<br> %<br>| 1891976262 | 843553634 | (918314220)<br>| 128333833 | 119535250 | 35968169 |  | 1970722168 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan**<br>|  |  |  |  |  |  |  |  |  |
| **Money Market Funds–3.08%** | **Money Market Funds–3.08%** | **Money Market Funds–3.08%** | **Money Market Funds–3.08%** | **Money Market Funds–3.08%** | **Money Market Funds–3.08%** | **Money Market Funds–3.08%** | **Money Market Funds–3.08%** | **Money Market Funds–3.08%** | **Money Market Funds–3.08%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(f)(g)</sup> <br>| 0.85<br> %<br>| 2899632 | 437956160 | (424022589)<br>|  |  | 257120 <br><sup>(h)</sup><br>| 16833203 | 16833203 |
| Invesco Private Prime Fund, 3.88%<sup>(f)(g)</sup> <br>| 2.23<br> %<br>| 7484757 | 928330879 | (891793701)<br>|  | 9353 | 729224 <br><sup>(h)</sup><br>| 44018083 | 44031288 |
| Total Investments Purchased with Cash <br> Collateral from Securities on Loan <br>(Cost $60,864,491)<br>| 3.08<br> %<br>| 10384389 | 1366287039 | (1315816290)<br>|  | 9353 | 986344 |  | 60864491 |
| TOTAL INVESTMENTS IN AFFILIATED <br> ISSUERS (Cost $1,630,958,592) <br>| 102.94<br> %<br>| $1902360651 | $2209840673 | $(2234130510)<br>| $128333833 | $119544603 <br><sup>(i)</sup><br>| $36954513 |  | $2031586659 |
| OTHER ASSETS LESS LIABILITIES | (2.94)%<br>|  |  |  |  |  |  |  | (58005400)<br>|
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $1973581259 |

---

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Includes return of capital distribution.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Effective August 22, 2025, the underlying fund's name changed.

<sup>(e)</sup> Effective March 24, 2025, the underlying fund's name changed.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

<sup>(i)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

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| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Developing Markets Fund | $13482064 |
| Invesco Discovery Mid Cap Growth Fund | 8557326 |
| Invesco Global Fund | 30540387 |
| Invesco Global Infrastructure Fund | 2057040 |
| Invesco International Growth Fund | 8560514 |
| Invesco International Small-Mid Company Fund | 12826015 |
| Invesco Main Street Small Cap Fund | 8849513 |
| Invesco Value Opportunities Fund | 9325135 |

---

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

**3**

**Invesco Active Allocation Fund**

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 37 | March-2026 | &nbsp;&nbsp;&nbsp; $12751125 | &nbsp;&nbsp;&nbsp; $7243 | &nbsp;&nbsp;&nbsp; $7243 |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 30 | March-2026 | &nbsp;&nbsp;&nbsp; 2117100 | &nbsp;&nbsp;&nbsp; 43003 | &nbsp;&nbsp;&nbsp; 43003 |
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp; 3 | March-2026 | &nbsp;&nbsp;&nbsp; 965271 | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 190 |
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp; 2 | March-2026 | &nbsp;&nbsp;&nbsp; 542610 | &nbsp;&nbsp;&nbsp; 2602 | &nbsp;&nbsp;&nbsp; 2602 |
| SPI 200 Index | &nbsp;&nbsp;&nbsp; 2 | March-2026 | &nbsp;&nbsp;&nbsp; 289496 | &nbsp;&nbsp;&nbsp; 2284 | &nbsp;&nbsp;&nbsp; 2284 |
| STOXX Europe 600 Index | &nbsp;&nbsp;&nbsp; 104 | March-2026 | &nbsp;&nbsp;&nbsp; 3636069 | &nbsp;&nbsp;&nbsp; 70219 | &nbsp;&nbsp;&nbsp; 70219 |
| Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | Subtotal—Long Futures Contracts | &nbsp;&nbsp;&nbsp; 125541 | &nbsp;&nbsp;&nbsp; 125541 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 175 | March-2026 | &nbsp;&nbsp;&nbsp; (19676563)<br>| &nbsp;&nbsp;&nbsp; 111817 | &nbsp;&nbsp;&nbsp; 111817 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $237358 | &nbsp;&nbsp;&nbsp; $237358 |

---

<sup>(a)</sup> Futures contracts collateralized by $1,691,439 cash held with Merrill Lynch International, the futures commission merchant.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 01/21/2026 | Barclays Bank PLC | PHP | 313540000 | USD | 5466655 | &nbsp;&nbsp;&nbsp; $151461 |
| 01/21/2026 | Barclays Bank PLC | USD | 4370805 | MYR | 18235000 | &nbsp;&nbsp;&nbsp; 128192 |
| 01/21/2026 | BNP Paribas S.A. | NZD | 8885000 | USD | 5323129 | &nbsp;&nbsp;&nbsp; 204541 |
| 01/21/2026 | Citibank, N.A. | HKD | 700000 | USD | 90149 | &nbsp;&nbsp;&nbsp; 153 |
| 01/21/2026 | Citibank, N.A. | KRW | 3622700000 | USD | 2614894 | &nbsp;&nbsp;&nbsp; 104686 |
| 01/21/2026 | Citibank, N.A. | PHP | 270000 | USD | 4713 | &nbsp;&nbsp;&nbsp; 136 |
| 01/21/2026 | Citibank, N.A. | USD | 5722734 | COP | 22703000000 | &nbsp;&nbsp;&nbsp; 238094 |
| 01/21/2026 | Citibank, N.A. | USD | 565286 | ZAR | 9935000 | &nbsp;&nbsp;&nbsp; 34005 |
| 01/21/2026 | Deutsche Bank AG | INR | 301990000 | USD | 3378788 | &nbsp;&nbsp;&nbsp; 24207 |
| 01/21/2026 | Deutsche Bank AG | KRW | 2941850000 | USD | 2130803 | &nbsp;&nbsp;&nbsp; 92363 |
| 01/21/2026 | Deutsche Bank AG | TWD | 12825000 | USD | 430080 | &nbsp;&nbsp;&nbsp; 21704 |
| 01/21/2026 | Goldman Sachs International | USD | 684880 | MXN | 12865000 | &nbsp;&nbsp;&nbsp; 28460 |
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | GBP | 7684000 | USD | 10398210 | &nbsp;&nbsp;&nbsp; 40752 |
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | JPY | 562730000 | USD | 3873449 | &nbsp;&nbsp;&nbsp; 276080 |
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | THB | 181855000 | USD | 5784505 | &nbsp;&nbsp;&nbsp; 6867 |
| 01/21/2026 | Merrill Lynch International | USD | 1131625 | CNY | 7985000 | &nbsp;&nbsp;&nbsp; 7841 |
| 01/21/2026 | Morgan Stanley and Co. International PLC | CHF | 3385000 | USD | 4314544 | &nbsp;&nbsp;&nbsp; 34159 |
| 01/21/2026 | Morgan Stanley and Co. International PLC | USD | 1290361 | MYR | 5395000 | &nbsp;&nbsp;&nbsp; 40711 |
| 01/21/2026 | Standard Chartered Bank PLC | USD | 5522366 | PLN | 20070000 | &nbsp;&nbsp;&nbsp; 67640 |
| 01/21/2026 | UBS AG | USD | 6384101 | AUD | 9590000 | &nbsp;&nbsp;&nbsp; 16436 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 1518488 |
| **Currency Risk** |  |  |  |  |  |  |
| 01/21/2026 | Barclays Bank PLC | CLP | 240300000 | USD | 251995 | &nbsp;&nbsp;&nbsp; (14962)<br>|
| 01/21/2026 | BNP Paribas S.A. | CAD | 5195000 | USD | 3774744 | &nbsp;&nbsp;&nbsp; (13457)<br>|
| 01/21/2026 | BNP Paribas S.A. | USD | 53900 | DKK | 340000 | &nbsp;&nbsp;&nbsp; (353)<br>|
| 01/21/2026 | Citibank, N.A. | USD | 9801803 | EUR | 8295000 | &nbsp;&nbsp;&nbsp; (46128)<br>|
| 01/21/2026 | Citibank, N.A. | USD | 1862220 | TWD | 55645000 | &nbsp;&nbsp;&nbsp; (90358)<br>|
| 01/21/2026 | Deutsche Bank AG | USD | 1005089 | EUR | 846000 | &nbsp;&nbsp;&nbsp; (10115)<br>|
| 01/21/2026 | Deutsche Bank AG | USD | 5602942 | IDR | 92367300000 | &nbsp;&nbsp;&nbsp; (71324)<br>|
| 01/21/2026 | Deutsche Bank AG | USD | 10008305 | INR | 890565000 | &nbsp;&nbsp;&nbsp; (115683)<br>|
| 01/21/2026 | Deutsche Bank AG | USD | 12841485 | JPY | 1874630000 | &nbsp;&nbsp;&nbsp; (857520)<br>|
| 01/21/2026 | Deutsche Bank AG | USD | 5512080 | SGD | 6995000 | &nbsp;&nbsp;&nbsp; (64285)<br>|

---

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

**4**

**Invesco Active Allocation Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **Settlement**<br> **Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| 01/21/2026 | Goldman Sachs International | SEK | 45730000 | USD | 4947760 | &nbsp;&nbsp;&nbsp; $(23578)<br>|
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | HUF | 6610000 | USD | 19642 | &nbsp;&nbsp;&nbsp; (549)<br>|
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | USD | 7037831 | GBP | 5190000 | &nbsp;&nbsp;&nbsp; (42099)<br>|
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | USD | 2210855 | HKD | 17160000 | &nbsp;&nbsp;&nbsp; (4670)<br>|
| 01/21/2026 | J.P. Morgan Chase Bank, N.A. | USD | 5474983 | NOK | 54070000 | &nbsp;&nbsp;&nbsp; (110345)<br>|
| 03/03/2026 | J.P. Morgan Chase Bank, N.A. | USD | 5711584 | BRL | 30865000 | &nbsp;&nbsp;&nbsp; (152340)<br>|
| 01/21/2026 | Merrill Lynch International | CNY | 47350000 | USD | 6710089 | &nbsp;&nbsp;&nbsp; (46796)<br>|
| 01/21/2026 | Merrill Lynch International | CZK | 114330000 | USD | 5522975 | &nbsp;&nbsp;&nbsp; (39953)<br>|
| 01/21/2026 | UBS AG | PLN | 19764000 | USD | 5468292 | &nbsp;&nbsp;&nbsp; (36485)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (1741000)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(222512)<br>|

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  | **Open Centrally Cleared Credit Default Swap Agreements**<sup>(a)</sup>  |
| **Reference Entity** | &nbsp;&nbsp; **Buy/Sell** <br>**Protection**<br>| **(Pay)/** <br>**Receive** <br>**Fixed** <br>**Rate**<br>| &nbsp;&nbsp; **Payment** <br>**Frequency**<br>| **Maturity Date** | **Implied** <br>**Credit** <br>**Spread**<sup>(b)</sup> <br>| **Notional Value** | **Notional Value** | **Upfront** <br>**Payments Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Markit CDX North America High Yield <br> Index, Series 45, Version 1<br>| Buy | &nbsp;&nbsp; (5.00)% | Quarterly | &nbsp;&nbsp; 12/20/2030 | 3.155% | USD | 5350000 | &nbsp;&nbsp; $387687 | &nbsp;&nbsp; $408767 | &nbsp;&nbsp; $21080 |
| **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** | **Credit Risk** |
| Markit CDX North America <br> Investment Grade Index, <br> Series 45, Version 1<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 12/20/2030 | 0.500  | USD | 193280000 | &nbsp;&nbsp; (4132633)<br>| &nbsp;&nbsp; (4380691)<br>| &nbsp;&nbsp; (248058)<br>|
| Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements | Total Centrally Cleared Credit Default Swap Agreements |  |  |  | &nbsp;&nbsp; $(3744946)<br>| &nbsp;&nbsp; $(3971924)<br>| &nbsp;&nbsp; $(226978)<br>|

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $1,784,764 cash held with J.P. Morgan Chase Bank, N.A.

<sup>(b)</sup> Implied credit spreads represent the current level, as of December 31, 2025, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. 

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

**5**

**Invesco Active Allocation Fund**

------

---

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

---

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

**6**

**Invesco Active Allocation Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $1,630,958,592)\*<br>| &nbsp;&nbsp; $2031586659 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 1518488 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 1691439 |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 1784764 |
| Cash collateral — OTC Derivatives | &nbsp;&nbsp; 940000 |
| Cash | &nbsp;&nbsp; 387184 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 708629 |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 1454092 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 121797 |
| Other assets | &nbsp;&nbsp; 42403 |
| Total assets | &nbsp;&nbsp; 2040235455 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable - futures contracts | &nbsp;&nbsp; 71677 |
| Variation margin payable — centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 2508 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 1741000 |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 1409337 |
| Fund shares reacquired | &nbsp;&nbsp; 1293632 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 60864491 |
| Accrued fees to affiliates | &nbsp;&nbsp; 736464 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 23931 |
| Accrued other operating expenses | &nbsp;&nbsp; 389359 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 121797 |
| Total liabilities | &nbsp;&nbsp; 66654196 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1973581259 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1486664397 |
| Distributable earnings | &nbsp;&nbsp; 486916862 |
|  | &nbsp;&nbsp; $1973581259 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1659856851 |
| Class C | &nbsp;&nbsp; $127776908 |
| Class R | &nbsp;&nbsp; $158227443 |
| Class Y | &nbsp;&nbsp; $26577147 |
| Class R5 | &nbsp;&nbsp; $42678 |
| Class R6 | &nbsp;&nbsp; $1100232 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 111420719 |
| Class C | &nbsp;&nbsp; 8839404 |
| Class R | &nbsp;&nbsp; 10707556 |
| Class Y | &nbsp;&nbsp; 1745932 |
| Class R5 | &nbsp;&nbsp; 2873 |
| Class R6 | &nbsp;&nbsp; 74048 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $14.90 |
| Maximum offering price per share <br>(Net asset value of $14.90 ÷ 94.50%)<br>| &nbsp;&nbsp; $15.77 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.46 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.78 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.22 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.85 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.86 |

---

\* At December 31, 2025, securities with an aggregate value of $38,422,152 were on loan to brokers. 

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

**7**

**Invesco Active Allocation Fund**

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $100,624) | &nbsp;&nbsp; $36068793 |
| Interest | &nbsp;&nbsp; 367317 |
| Total investment income | &nbsp;&nbsp; 36436110 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1644688 |
| Administrative services fees | &nbsp;&nbsp; 271606 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3853516 |
| Class C | &nbsp;&nbsp; 1311280 |
| Class R | &nbsp;&nbsp; 765821 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1694264 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 36 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 357 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 23200 |
| Registration and filing fees | &nbsp;&nbsp; 122504 |
| Reports to shareholders | &nbsp;&nbsp; 80261 |
| Professional services fees | &nbsp;&nbsp; 65036 |
| Other | &nbsp;&nbsp; (37318)<br>|
| Total expenses | &nbsp;&nbsp; 9795251 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (94421)<br>|
| Net expenses | &nbsp;&nbsp; 9700830 |
| Net investment income | &nbsp;&nbsp; 26735280 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 25346609 |
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 94197994 |
| Foreign currencies | &nbsp;&nbsp; 2346 |
| Forward foreign currency contracts | &nbsp;&nbsp; 4553226 |
| Futures contracts | &nbsp;&nbsp; (2192154)<br>|
| Swap agreements | &nbsp;&nbsp; (1236646)<br>|
|  | &nbsp;&nbsp; 120671375 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 128333833 |
| Foreign currencies | &nbsp;&nbsp; 1198 |
| Forward foreign currency contracts | &nbsp;&nbsp; (603136)<br>|
| Futures contracts | &nbsp;&nbsp; 557186 |
| Swap agreements | &nbsp;&nbsp; (62764)<br>|
|  | &nbsp;&nbsp; 128226317 |
| Net realized and unrealized gain | &nbsp;&nbsp; 248897692 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $275632972 |

---

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

**8**

**Invesco Active Allocation Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $26735280 | &nbsp;&nbsp; $35662954 |
| Net realized gain | &nbsp;&nbsp; 120671375 | &nbsp;&nbsp; 93208303 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 128226317 | &nbsp;&nbsp; 50204393 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 275632972 | &nbsp;&nbsp; 179075650 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (81998556)<br>| &nbsp;&nbsp; (86863640)<br>|
| Class C | &nbsp;&nbsp; (5603639)<br>| &nbsp;&nbsp; (6798070)<br>|
| Class R | &nbsp;&nbsp; (7466256)<br>| &nbsp;&nbsp; (8051100)<br>|
| Class Y | &nbsp;&nbsp; (1369819)<br>| &nbsp;&nbsp; (1489956)<br>|
| Class R5 | &nbsp;&nbsp; (2251)<br>| &nbsp;&nbsp; (673)<br>|
| Class R6 | &nbsp;&nbsp; (57254)<br>| &nbsp;&nbsp; (32314)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (96497775)<br>| &nbsp;&nbsp; (103235753)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (71403078)<br>| &nbsp;&nbsp; (70882563)<br>|
| Class C | &nbsp;&nbsp; (22715913)<br>| &nbsp;&nbsp; (27547796)<br>|
| Class R | &nbsp;&nbsp; (9034386)<br>| &nbsp;&nbsp; 1349418 |
| Class Y | &nbsp;&nbsp; (2175498)<br>| &nbsp;&nbsp; (758211)<br>|
| Class R5 | &nbsp;&nbsp; 29043 | &nbsp;&nbsp; (274718)<br>|
| Class R6 | &nbsp;&nbsp; 449886 | &nbsp;&nbsp; 501543 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (104849946)<br>| &nbsp;&nbsp; (97612327)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 74285251 | &nbsp;&nbsp; (21772430)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1899296008 | &nbsp;&nbsp; 1921068438 |
| End of year | &nbsp;&nbsp; $1973581259 | &nbsp;&nbsp; $1899296008 |

---

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

**9**

**Invesco Active Allocation Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<sup>(c)</sup> <br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(d)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $13.57 | $0.21 | $1.89 | $2.10 | $(0.24)<br>| $(0.53)<br>| $(0.77)<br>| $14.90 | 15.53 %<sup>(e)</sup><br>| &nbsp;&nbsp; $1659857 | 0.44 %<sup>(e)</sup><br>| 0.44 %<sup>(e)</sup><br>| 1.46 %<sup>(e)</sup><br>| 32<br> %<br>|
| Year ended 12/31/24 | 13.08 | 0.26 | 1.02 | 1.28 | (0.30)<br>| (0.49)<br>| (0.79)<br>| 13.57 | 9.77 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 1581091 | 0.46 <br><sup>(e)</sup><br>| 0.47 <br><sup>(e)</sup><br>| 1.92 <br><sup>(e)</sup><br>| 43 |
| Year ended 12/31/23 | 11.89 | 0.23 | 1.37 | 1.60 | (0.23)<br>| (0.18)<br>| (0.41)<br>| 13.08 | 13.52 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 1589240 | 0.46 <br><sup>(e)</sup><br>| 0.46 <br><sup>(e)</sup><br>| 1.84 <br><sup>(e)</sup><br>| 21 |
| Year ended 12/31/22 | 15.42 | 0.15 | (3.12)<br>| (2.97)<br>| (0.17)<br>| (0.39)<br>| (0.56)<br>| 11.89 | (19.32 )<sup>(e)</sup><br>| &nbsp;&nbsp; 1498861 | 0.47 <br><sup>(e)</sup><br>| 0.47 <br><sup>(e)</sup><br>| 1.18 <br><sup>(e)</sup><br>| 20 |
| Year ended 12/31/21 | 14.70 | 0.10 | 1.92 | 2.02 | (0.32)<br>| (0.98)<br>| (1.30)<br>| 15.42 | 13.92 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 1973745 | 0.45 <br><sup>(e)</sup><br>| 0.47 <br><sup>(e)</sup><br>| 0.64 <br><sup>(e)</sup><br>| 16 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 13.19 | 0.10 | 1.83 | 1.93 | (0.13)<br>| (0.53)<br>| (0.66)<br>| 14.46 | 14.63 | &nbsp;&nbsp; 127777 | 1.20 | 1.20 | 0.70 | 32 |
| Year ended 12/31/24 | 12.72 | 0.16 | 0.99 | 1.15 | (0.19)<br>| (0.49)<br>| (0.68)<br>| 13.19 | 9.00 | &nbsp;&nbsp; 138237 | 1.22 | 1.23 | 1.16 | 43 |
| Year ended 12/31/23 | 11.57 | 0.13 | 1.33 | 1.46 | (0.13)<br>| (0.18)<br>| (0.31)<br>| 12.72 | 12.66 | &nbsp;&nbsp; 159486 | 1.22 | 1.22 | 1.08 | 21 |
| Year ended 12/31/22 | 15.01 | 0.05 | (3.03)<br>| (2.98)<br>| (0.07)<br>| (0.39)<br>| (0.46)<br>| 11.57 | (19.93)<br>| &nbsp;&nbsp; 167991 | 1.23 | 1.23 | 0.42 | 20 |
| Year ended 12/31/21 | 14.34 | (0.02)<br>| 1.86 | 1.84 | (0.19)<br>| (0.98)<br>| (1.17)<br>| 15.01 | 13.01 | &nbsp;&nbsp; 247857 | 1.21 | 1.23 | (0.12)<br>| 16 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 12/31/25 | 13.47 | 0.17 | 1.87 | 2.04 | (0.20)<br>| (0.53)<br>| (0.73)<br>| 14.78 | 15.20 | &nbsp;&nbsp; 158227 | 0.70 | 0.70 | 1.20 | 32 |
| Year ended 12/31/24 | 12.99 | 0.23 | 1.00 | 1.23 | (0.26)<br>| (0.49)<br>| (0.75)<br>| 13.47 | 9.48 | &nbsp;&nbsp; 153142 | 0.72 | 0.73 | 1.66 | 43 |
| Year ended 12/31/23 | 11.80 | 0.20 | 1.37 | 1.57 | (0.20)<br>| (0.18)<br>| (0.38)<br>| 12.99 | 13.33 | &nbsp;&nbsp; 146168 | 0.72 | 0.72 | 1.58 | 21 |
| Year ended 12/31/22 | 15.31 | 0.12 | (3.11)<br>| (2.99)<br>| (0.13)<br>| (0.39)<br>| (0.52)<br>| 11.80 | (19.56)<br>| &nbsp;&nbsp; 127968 | 0.73 | 0.73 | 0.92 | 20 |
| Year ended 12/31/21 | 14.60 | 0.06 | 1.91 | 1.97 | (0.28)<br>| (0.98)<br>| (1.26)<br>| 15.31 | 13.64 | &nbsp;&nbsp; 166900 | 0.71 | 0.73 | 0.38 | 16 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 13.85 | 0.25 | 1.93 | 2.18 | (0.28)<br>| (0.53)<br>| (0.81)<br>| 15.22 | 15.76 | &nbsp;&nbsp; 26577 | 0.20 | 0.20 | 1.70 | 32 |
| Year ended 12/31/24 | 13.34 | 0.30 | 1.04 | 1.34 | (0.34)<br>| (0.49)<br>| (0.83)<br>| 13.85 | 10.00 | &nbsp;&nbsp; 26258 | 0.22 | 0.23 | 2.16 | 43 |
| Year ended 12/31/23 | 12.11 | 0.27 | 1.40 | 1.67 | (0.26)<br>| (0.18)<br>| (0.44)<br>| 13.34 | 13.86 | &nbsp;&nbsp; 25832 | 0.22 | 0.22 | 2.08 | 21 |
| Year ended 12/31/22 | 15.70 | 0.19 | (3.19)<br>| (3.00)<br>| (0.20)<br>| (0.39)<br>| (0.59)<br>| 12.11 | (19.15)<br>| &nbsp;&nbsp; 25095 | 0.23 | 0.23 | 1.42 | 20 |
| Year ended 12/31/21 | 14.94 | 0.14 | 1.96 | 2.10 | (0.36)<br>| (0.98)<br>| (1.34)<br>| 15.70 | 14.24 | &nbsp;&nbsp; 31941 | 0.21 | 0.23 | 0.88 | 16 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 13.54 | 0.24 | 1.88 | 2.12 | (0.28)<br>| (0.53)<br>| (0.81)<br>| 14.85 | 15.72 | &nbsp;&nbsp; 43 | 0.21 | 0.21 | 1.69 | 32 |
| Year ended 12/31/24 | 13.06 | 0.30 | 1.01 | 1.31 | (0.34)<br>| (0.49)<br>| (0.83)<br>| 13.54 | 10.05 | &nbsp;&nbsp; 11 | 0.17 | 0.17 | 2.21 | 43 |
| Year ended 12/31/23 | 11.87 | 0.26 | 1.38 | 1.64 | (0.27)<br>| (0.18)<br>| (0.45)<br>| 13.06 | 13.89 | &nbsp;&nbsp; 287 | 0.20 | 0.20 | 2.10 | 21 |
| Year ended 12/31/22 | 15.39 | 0.19 | (3.12)<br>| (2.93)<br>| (0.20)<br>| (0.39)<br>| (0.59)<br>| 11.87 | (19.08)<br>| &nbsp;&nbsp; 10 | 0.17 | 0.17 | 1.48 | 20 |
| Year ended 12/31/21 | 14.68 | 0.14 | 1.92 | 2.06 | (0.37)<br>| (0.98)<br>| (1.35)<br>| 15.39 | 14.19 | &nbsp;&nbsp; 11 | 0.19 | 0.21 | 0.90 | 16 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 13.53 | 0.25 | 1.90 | 2.15 | (0.29)<br>| (0.53)<br>| (0.82)<br>| 14.86 | 15.90 | &nbsp;&nbsp; 1100 | 0.14 | 0.14 | 1.76 | 32 |
| Year ended 12/31/24 | 13.05 | 0.31 | 1.01 | 1.32 | (0.35)<br>| (0.49)<br>| (0.84)<br>| 13.53 | 10.08 | &nbsp;&nbsp; 558 | 0.15 | 0.15 | 2.23 | 43 |
| Year ended 12/31/23 | 11.86 | 0.27 | 1.37 | 1.64 | (0.27)<br>| (0.18)<br>| (0.45)<br>| 13.05 | 13.91 | &nbsp;&nbsp; 54 | 0.14 | 0.14 | 2.16 | 21 |
| Year ended 12/31/22 | 15.39 | 0.18 | (3.12)<br>| (2.94)<br>| (0.20)<br>| (0.39)<br>| (0.59)<br>| 11.86 | (19.14)<br>| &nbsp;&nbsp; 27 | 0.23 | 0.23 | 1.42 | 20 |
| Year ended 12/31/21 | 14.67 | 0.14 | 1.93 | 2.07 | (0.37)<br>| (0.98)<br>| (1.35)<br>| 15.39 | 14.29 | &nbsp;&nbsp; 14 | 0.19 | 0.21 | 0.90 | 16 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund's total return. Estimated acquired fund fees from underlying funds was 0.49%, 0.52%, 0.52%, 0.53% and 0.53% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

<sup>(e)</sup> The total return, ratios 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, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**10**

**Invesco Active Allocation Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

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

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

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

**11**

**Invesco Active Allocation Fund**

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Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

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

**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 the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

**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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

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

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

**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.

**12**

**Invesco Active Allocation Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated underlying funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $2,614 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated underlying funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

**M.** **Futures Contracts** — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. 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

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**Invesco Active Allocation Fund**

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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.

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

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

In a centrally cleared swap, the Fund's ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as "initial margin." Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a "variation margin" amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

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

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

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

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

Notional amounts of each individual credit default swap agreement outstanding as of December 31, 2025, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

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

**P.** **Other Risks** - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small

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**Invesco Active Allocation Fund**

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number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers' securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF's shares may be halted if the listing exchange's officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which an underlying Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent an underlying Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact an underlying Fund's returns, unless an underlying Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which an underlying Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent an underlying Fund invests in emerging markets, 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.

An underlying Fund may from time to time have a substantial amount of its assets invested 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.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.100% |
| Over $3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.080% |

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

For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.09%.

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

The Adviser has agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary 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. As a result, the total annual fund operating expenses after expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $10,028.

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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to

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**Invesco Active Allocation Fund**

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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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $139,414 in front-end sales commissions from the sale of Class A shares and $7,087 and $4,691 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp; $1960634774 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1960634774 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 10087394 | &nbsp;&nbsp;&nbsp;&nbsp; 60864491 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70951885 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 1970722168 | &nbsp;&nbsp;&nbsp;&nbsp; 60864491 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2031586659 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 237358 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 237358 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1518488 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1518488 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21080 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 237358 | &nbsp;&nbsp;&nbsp;&nbsp; 1539568 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1776926 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1741000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1741000)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (248058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (248058)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1989058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1989058)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 237358 | &nbsp;&nbsp;&nbsp;&nbsp; (449490)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (212132)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1970959526 | &nbsp;&nbsp;&nbsp;&nbsp; $60415001 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2031374527 |

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\* 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.

**16**

**Invesco Active Allocation Fund**

------

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** | **Value** |
| **Derivative Assets** | &nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $125541 | &nbsp;&nbsp;&nbsp; $111817 | &nbsp;&nbsp;&nbsp; $237358 |
| Unrealized appreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 21080 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21080 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1518488 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1518488 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp; 21080 | &nbsp;&nbsp;&nbsp; 1518488 | &nbsp;&nbsp;&nbsp; 125541 | &nbsp;&nbsp;&nbsp; 111817 | &nbsp;&nbsp;&nbsp; 1776926 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp; (21080)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (125541)<br>| &nbsp;&nbsp;&nbsp; (111817)<br>| &nbsp;&nbsp;&nbsp; (258438)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1518488 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1518488 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| **Total** |
| Unrealized depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(248058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(248058)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1741000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1741000)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (248058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1741000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1989058)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 248058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 248058 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1741000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1741000)<br>|

---

<sup>(a)</sup> 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, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $279653 | &nbsp;&nbsp;&nbsp; $(14962)<br>| &nbsp;&nbsp;&nbsp; $264691 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $264691 |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; 204541 | &nbsp;&nbsp;&nbsp; (13810)<br>| &nbsp;&nbsp;&nbsp; 190731 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 190731 |
| Citibank, N.A. | &nbsp;&nbsp;&nbsp; 377074 | &nbsp;&nbsp;&nbsp; (136486)<br>| &nbsp;&nbsp;&nbsp; 240588 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 240588 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 138274 | &nbsp;&nbsp;&nbsp; (1118927)<br>| &nbsp;&nbsp;&nbsp; (980653)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (980653)<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 28460 | &nbsp;&nbsp;&nbsp; (23578)<br>| &nbsp;&nbsp;&nbsp; 4882 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4882 |
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 323699 | &nbsp;&nbsp;&nbsp; (310003)<br>| &nbsp;&nbsp;&nbsp; 13696 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13696 |
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 7841 | &nbsp;&nbsp;&nbsp; (86749)<br>| &nbsp;&nbsp;&nbsp; (78908)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (78908)<br>|
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; 74870 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 74870 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 74870 |
| Standard Chartered Bank PLC | &nbsp;&nbsp;&nbsp; 67640 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 67640 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 67640 |
| UBS AG | &nbsp;&nbsp;&nbsp; 16436 | &nbsp;&nbsp;&nbsp; (36485)<br>| &nbsp;&nbsp;&nbsp; (20049)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20049)<br>|
| Total | &nbsp;&nbsp;&nbsp; $1518488 | &nbsp;&nbsp;&nbsp; $(1741000)<br>| &nbsp;&nbsp;&nbsp; $(222512)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(222512)<br>|

---

**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** | **Location of Gain (Loss) on** <br>**Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>| **Total** |
| Realized Gain (Loss): |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $4553226 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $4553226 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (3602810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1410656 | &nbsp;&nbsp;&nbsp;&nbsp; (2192154)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (1236646)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1236646)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (603136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (603136)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (183329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 740515 | &nbsp;&nbsp;&nbsp;&nbsp; 557186 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (62764)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (62764)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(1299410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3950090 | &nbsp;&nbsp;&nbsp;&nbsp; $(3786139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2151171 | &nbsp;&nbsp;&nbsp;&nbsp; $1015712 |

---

**17**

**Invesco Active Allocation Fund**

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Swap** <br>**Agreements**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $154349010 | &nbsp;&nbsp;&nbsp;&nbsp; $59916888 | &nbsp;&nbsp;&nbsp;&nbsp; $200032500 |

---

**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $84,393.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $55733887 | &nbsp;&nbsp;&nbsp;&nbsp; $54367906 |
| Long-term capital gain | &nbsp;&nbsp; 40763888 | &nbsp;&nbsp;&nbsp;&nbsp; 48867847 |
| Total distributions | &nbsp;&nbsp; $96497775 | &nbsp;&nbsp;&nbsp;&nbsp; $103235753 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $6186024 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 84942107 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 395920517 |
| Net unrealized appreciation (depreciation) — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; (439)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (131347)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1486664397 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1973581259 |

---

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 derivative instruments, partnerships 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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $604,170,183 and $682,707,929, respectively. As of December 31, 2025, the aggregate cost of

**18**

**Invesco Active Allocation Fund**

------

investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $422742840 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (26822323)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $395920517 |

---

Cost of investments for tax purposes is $1,635,454,010.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization, distributions, foreign currency transactions and derivative instruments, on December 31, 2025, undistributed net investment income was increased by $4,543,354, undistributed net realized gain was decreased by $8,274,356 and shares of beneficial interest was increased by $3,731,002. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025** | **Year ended** <br>**December 31, 2025** | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6249198 | &nbsp;&nbsp;&nbsp; $89896849 | &nbsp;&nbsp;&nbsp; 6949657 | &nbsp;&nbsp;&nbsp; $96090726 |
| Class C | &nbsp;&nbsp;&nbsp; 1239576 | &nbsp;&nbsp;&nbsp; 17255205 | &nbsp;&nbsp;&nbsp; 1530311 | &nbsp;&nbsp;&nbsp; 20538427 |
| Class R | &nbsp;&nbsp;&nbsp; 1344255 | &nbsp;&nbsp;&nbsp; 18992055 | &nbsp;&nbsp;&nbsp; 1357793 | &nbsp;&nbsp;&nbsp; 18535996 |
| Class Y | &nbsp;&nbsp;&nbsp; 498924 | &nbsp;&nbsp;&nbsp; 7390862 | &nbsp;&nbsp;&nbsp; 743875 | &nbsp;&nbsp;&nbsp; 10437707 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp;&nbsp; 27451 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 102767 | &nbsp;&nbsp;&nbsp; 1477262 | &nbsp;&nbsp;&nbsp; 35045 | &nbsp;&nbsp;&nbsp; 474932 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5433281 | &nbsp;&nbsp;&nbsp; 80412522 | &nbsp;&nbsp;&nbsp; 6291608 | &nbsp;&nbsp;&nbsp; 85251366 |
| Class C | &nbsp;&nbsp;&nbsp; 387137 | &nbsp;&nbsp;&nbsp; 5559305 | &nbsp;&nbsp;&nbsp; 512724 | &nbsp;&nbsp;&nbsp; 6752537 |
| Class R | &nbsp;&nbsp;&nbsp; 506445 | &nbsp;&nbsp;&nbsp; 7434649 | &nbsp;&nbsp;&nbsp; 595777 | &nbsp;&nbsp;&nbsp; 8007245 |
| Class Y | &nbsp;&nbsp;&nbsp; 72142 | &nbsp;&nbsp;&nbsp; 1090790 | &nbsp;&nbsp;&nbsp; 96432 | &nbsp;&nbsp;&nbsp; 1332685 |
| Class R5 | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 1592 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 3840 | &nbsp;&nbsp;&nbsp; 56682 | &nbsp;&nbsp;&nbsp; 2349 | &nbsp;&nbsp;&nbsp; 31731 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1280490 | &nbsp;&nbsp;&nbsp; 18407181 | &nbsp;&nbsp;&nbsp; 1621525 | &nbsp;&nbsp;&nbsp; 22319755 |
| Class C | &nbsp;&nbsp;&nbsp; (1321813)<br>| &nbsp;&nbsp;&nbsp; (18407181)<br>| &nbsp;&nbsp;&nbsp; (1672251)<br>| &nbsp;&nbsp;&nbsp; (22319755)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (18059825)<br>| &nbsp;&nbsp;&nbsp; (260119630)<br>| &nbsp;&nbsp;&nbsp; (19825100)<br>| &nbsp;&nbsp;&nbsp; (274544410)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1949394)<br>| &nbsp;&nbsp;&nbsp; (27123242)<br>| &nbsp;&nbsp;&nbsp; (2420586)<br>| &nbsp;&nbsp;&nbsp; (32519005)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (2516035)<br>| &nbsp;&nbsp;&nbsp; (35461090)<br>| &nbsp;&nbsp;&nbsp; (1835617)<br>| &nbsp;&nbsp;&nbsp; (25193823)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (721109)<br>| &nbsp;&nbsp;&nbsp; (10657150)<br>| &nbsp;&nbsp;&nbsp; (881137)<br>| &nbsp;&nbsp;&nbsp; (12528603)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (21205)<br>| &nbsp;&nbsp;&nbsp; (274718)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (73769)<br>| &nbsp;&nbsp;&nbsp; (1084058)<br>| &nbsp;&nbsp;&nbsp; (355)<br>| &nbsp;&nbsp;&nbsp; (5120)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (7521827)<br>| &nbsp;&nbsp;&nbsp; $(104849946)<br>| &nbsp;&nbsp;&nbsp; (6919155)<br>| &nbsp;&nbsp;&nbsp; $(97612327)<br>|

---

**19**

**Invesco Active Allocation Fund**

------

**Report of Independent Registered Public Accounting Firm** 

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Active Allocation Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**20**

**Invesco Active Allocation Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $44494888 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 26.82% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 16.54% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 4.87% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 26.07% |

---

\*

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

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $26301216 |

---

**21**

**Invesco Active Allocation Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**22**

**Invesco Active Allocation Fund**

------

![](img3a14a2d81.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-OPSAA-NCSR

------

![](img305ea6431.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco Convertible Securities Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_13361473-6afc-4cb0-b41d-e40bb537114a_SOI-Continued-49_1) | Schedule of Investments |
| [7](#xx_13361473-6afc-4cb0-b41d-e40bb537114a_FS-Continued-49_1) | Financial Statements |
| [10](#xx_13361473-6afc-4cb0-b41d-e40bb537114a_FS-Continued-49_4) | Financial Highlights |
| [11](#xx_13361473-6afc-4cb0-b41d-e40bb537114a_NTF-Continued-49_1) | Notes to Financial Statements |
| [18](#xx_13361473-6afc-4cb0-b41d-e40bb537114a_ARS-Continued-49_1) | Report of Independent Registered Public Accounting Firm |
| [19](#xx_13361473-6afc-4cb0-b41d-e40bb537114a_TI-Continued-49_1) | Tax Information |
| [20](#xx_13361473-6afc-4cb0-b41d-e40bb537114a_OIRSR-Continued-49_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–78.80%** | **U.S. Dollar Denominated Bonds & Notes–78.80%** | **U.S. Dollar Denominated Bonds & Notes–78.80%** |
| **Aerospace & Defense–2.61%** | **Aerospace & Defense–2.61%** | **Aerospace & Defense–2.61%** |
| AeroVironment, Inc., Conv., 0.00%, <br> 07/15/2030<sup>(b)</sup> <br>| $6000000 | &nbsp;&nbsp; $6525000 |
| BWX Technologies, Inc., Conv., 0.00%, <br> 11/01/2030<sup>(b)(c)</sup> <br>| 3000000 | &nbsp;&nbsp; 2866500 |
| TransDigm, Inc., 6.38%, <br> 03/01/2029<sup>(c)</sup> <br>| 3000000 | &nbsp;&nbsp; 3097557 |
| Voyager Technologies, Inc., Conv., <br> 0.75%, 11/15/2030<sup>(c)</sup> <br>| 6000000 | &nbsp;&nbsp; 6321000 |
|  |  | &nbsp;&nbsp; 18810057 |
| **Alternative Carriers–0.90%** | **Alternative Carriers–0.90%** | **Alternative Carriers–0.90%** |
| AST SpaceMobile, Inc., Conv., 2.00%, <br> 01/15/2036<sup>(c)</sup> <br>| 6500000 | &nbsp;&nbsp; 6503575 |
| **Apparel Retail–0.83%** | **Apparel Retail–0.83%** | **Apparel Retail–0.83%** |
| Burlington Stores, Inc., Conv., 1.25%, <br> 12/15/2027<br>| 4005000 | &nbsp;&nbsp; 5951430 |
| **Application Software–5.82%** | **Application Software–5.82%** | **Application Software–5.82%** |
| Cipher Mining, Inc., Conv., 0.00%, <br> 10/01/2029<sup>(b)(c)(d)</sup> <br>| 4000000 | &nbsp;&nbsp; 4760000 |
| Core Scientific, Inc., Conv., 3.00%, <br> 09/01/2029<sup>(c)</sup> <br>| 1250000 | &nbsp;&nbsp; 1962500 |
| Datadog, Inc., Conv., 0.00%, <br> 12/01/2029<sup>(b)</sup> <br>| 4000000 | &nbsp;&nbsp; 4005000 |
| Guidewire Software, Inc., Conv., <br> 1.25%, 11/01/2029<br>| 6075000 | &nbsp;&nbsp; 6694650 |
| IREN Ltd. (Australia), Series 33, Conv., <br> 1.00%, 06/01/2033<sup>(c)</sup> <br>| 5921000 | &nbsp;&nbsp; 5550937 |
| Life360, Inc., Conv., 0.00%, <br> 06/01/2030<sup>(b)(c)</sup> <br>| 2350000 | &nbsp;&nbsp; 2523313 |
| Nutanix, Inc., Conv., 0.25%, <br> 10/01/2027<br>| 3500000 | &nbsp;&nbsp; 3939250 |
| Strategy Inc., Conv., 0.63%, <br> 09/15/2028<sup>(d)</sup> <br>| 2500000 | &nbsp;&nbsp; 3160000 |
| TeraWulf, Inc., Conv., 1.00%, <br> 09/01/2031<sup>(c)</sup> <br>| 4250000 | &nbsp;&nbsp; 5034125 |
| Unity Software, Inc., Conv., 0.00%, <br> 03/15/2030<sup>(b)(c)</sup> <br>| 3000000 | &nbsp;&nbsp; 4342500 |
|  |  | &nbsp;&nbsp; 41972275 |
| **Asset Management & Custody Banks–0.27%** | **Asset Management & Custody Banks–0.27%** | **Asset Management & Custody Banks–0.27%** |
| WisdomTree, Inc., Conv., 3.25%, <br> 08/15/2029<br>| 1600000 | &nbsp;&nbsp; 1927000 |
| **Automobile Manufacturers–1.89%** | **Automobile Manufacturers–1.89%** | **Automobile Manufacturers–1.89%** |
| Ford Motor Credit Co. LLC, 7.35%, <br> 11/04/2027<br>| 4000000 | &nbsp;&nbsp; 4177877 |
| Rivian Automotive, Inc., Conv., <br> 4.63%, 03/15/2029<br>| 7500000 | &nbsp;&nbsp; 9445312 |
|  |  | &nbsp;&nbsp; 13623189 |
| **Biotechnology–7.44%** | **Biotechnology–7.44%** | **Biotechnology–7.44%** |
| Alnylam Pharmaceuticals, Inc., Conv., <br> 1.00%, 09/15/2027<br>| 2500000 | &nbsp;&nbsp; 3682000 |
| Ascendis Pharma A/S (Denmark), <br> Conv., 2.25%, 04/01/2028<br>| 3000000 | &nbsp;&nbsp; 4261350 |
| BridgeBio Pharma, Inc., Conv., 1.75%, <br> 03/01/2031<sup>(c)</sup> <br>| 5757000 | &nbsp;&nbsp; 10024376 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Biotechnology–(continued)** | **Biotechnology–(continued)** | **Biotechnology–(continued)** | **Biotechnology–(continued)** |
| Cytokinetics, Inc., Conv., 1.75%, <br> 10/01/2031<sup>(c)</sup> <br>|  | $3000000 | &nbsp;&nbsp; $3741300 |
| Exact Sciences Corp., Conv., 2.00%, <br> 03/01/2030<sup>(c)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2774800 |
| Halozyme Therapeutics, Inc., Conv., <br> 1.00%, 08/15/2028<br>|  | 4500000 | &nbsp;&nbsp; 5982750 |
| Ionis Pharmaceuticals, Inc., | Ionis Pharmaceuticals, Inc., |  |  |
| Conv., <br>1.75%, 06/15/2028<br>|  | 1500000 | &nbsp;&nbsp; 2388075 |
| 0.00%, 12/01/2030<sup>(b)(c)</sup> <br>|  | 5500000 | &nbsp;&nbsp; 5871250 |
| Jazz Investments I Ltd., Conv., <br> 3.13%, 09/15/2030<br>|  | 6325000 | &nbsp;&nbsp; 8434388 |
| Mirum Pharmaceuticals, Inc., Conv., <br> 4.00%, 05/01/2029<br>|  | 2500000 | &nbsp;&nbsp; 6461750 |
|  |  |  | &nbsp;&nbsp; 53622039 |
| **Broadline Retail–1.08%** | **Broadline Retail–1.08%** | **Broadline Retail–1.08%** | **Broadline Retail–1.08%** |
| Alibaba Group Holding Ltd. (China), <br> Conv., 0.50%, 06/01/2029<sup>(d)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 7777500 |
| **Coal & Consumable Fuels–1.46%** | **Coal & Consumable Fuels–1.46%** | **Coal & Consumable Fuels–1.46%** | **Coal & Consumable Fuels–1.46%** |
| Centrus Energy Corp., Conv., 0.00%, <br> 08/15/2032<sup>(b)(c)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 6446250 |
| Energy Fuels Inc., Conv., 0.75%, <br> 11/01/2031<sup>(c)</sup> <br>|  | 3950000 | &nbsp;&nbsp; 4100100 |
|  |  |  | &nbsp;&nbsp; 10546350 |
| **Communications Equipment–2.38%** | **Communications Equipment–2.38%** | **Communications Equipment–2.38%** | **Communications Equipment–2.38%** |
| Lumentum Holdings, Inc., Conv., <br> 0.38%, 03/15/2032<sup>(c)</sup> <br>|  | 8000000 | &nbsp;&nbsp; 17140000 |
| **Construction & Engineering–1.66%** | **Construction & Engineering–1.66%** | **Construction & Engineering–1.66%** | **Construction & Engineering–1.66%** |
| Fluor Corp., Conv., 1.13%, <br> 08/15/2029<br>|  | 5500000 | &nbsp;&nbsp; 6279350 |
| Granite Construction, Inc., Conv., <br> 3.25%, 06/15/2030<br>|  | 3550000 | &nbsp;&nbsp; 5680000 |
|  |  |  | &nbsp;&nbsp; 11959350 |
| **Consumer Finance–0.83%** | **Consumer Finance–0.83%** | **Consumer Finance–0.83%** | **Consumer Finance–0.83%** |
| SoFi Technologies, Inc., Conv., 1.25%, <br> 03/15/2029<sup>(c)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 2832500 |
| Upstart Holdings, Inc., Conv., 2.00%, <br> 10/01/2029<br>|  | 2500000 | &nbsp;&nbsp; 3162500 |
|  |  |  | &nbsp;&nbsp; 5995000 |
| **Diversified Metals & Mining–0.35%** | **Diversified Metals & Mining–0.35%** | **Diversified Metals & Mining–0.35%** | **Diversified Metals & Mining–0.35%** |
| MP Materials Corp., Conv., 3.00%, <br> 03/01/2030<sup>(c)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 2498500 |
| **Electric Utilities–4.53%** | **Electric Utilities–4.53%** | **Electric Utilities–4.53%** | **Electric Utilities–4.53%** |
| Duke Energy Corp., Conv., 4.13%, <br> 04/15/2026<br>|  | 3000000 | &nbsp;&nbsp; 3093750 |
| FirstEnergy Corp., Conv., 3.88%, <br> 01/15/2031<sup>(c)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2157000 |
| NextEra Energy Capital Holdings, Inc., <br> Conv., 3.00%, 03/01/2027<br>|  | 4950000 | &nbsp;&nbsp; 6155325 |
| PPL Capital Funding, Inc., Conv., <br> 2.88%, 03/15/2028<br>|  | 6000000 | &nbsp;&nbsp; 6592500 |
| Southern Co. (The), Conv., 4.50%, <br> 06/15/2027<br>|  | 10000000 | &nbsp;&nbsp; 10695000 |

---

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

**2**

**Invesco Convertible Securities Fund**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Electric Utilities–(continued)** | **Electric Utilities–(continued)** | **Electric Utilities–(continued)** |
| Vistra Operations Co. LLC, 5.63%, <br> 02/15/2027<sup>(c)</sup> <br>| $4000000 | &nbsp;&nbsp; $4003618 |
|  |  | &nbsp;&nbsp; 32697193 |
| **Electrical Components & Equipment–0.94%** | **Electrical Components & Equipment–0.94%** | **Electrical Components & Equipment–0.94%** |
| Enovix Corp., Conv., 4.75%, <br> 09/15/2030<sup>(c)</sup> <br>| 2500000 | &nbsp;&nbsp; 2417500 |
| Eos Energy Enterprises Inc., Conv., <br> 1.75%, 12/01/2031<sup>(c)</sup> <br>| 4500000 | &nbsp;&nbsp; 4376250 |
|  |  | &nbsp;&nbsp; 6793750 |
| **Electronic Equipment & Instruments–2.92%** | **Electronic Equipment & Instruments–2.92%** | **Electronic Equipment & Instruments–2.92%** |
| Advanced Energy Industries, Inc., <br> Conv., 2.50%, 09/15/2028<br>| 3000000 | &nbsp;&nbsp; 4926000 |
| Itron, Inc., Conv., 1.38%, <br> 07/15/2030<br>| 3600000 | &nbsp;&nbsp; 3647250 |
| Mirion Technologies, Inc., Conv., <br> 0.25%, 06/01/2030<sup>(c)</sup> <br>| 4500000 | &nbsp;&nbsp; 5587875 |
| OSI Systems, Inc., |  |  |
| Conv., <br>2.25%, 08/01/2029<br>| 2000000 | &nbsp;&nbsp; 2976000 |
| 0.50%, 02/01/2031<sup>(c)</sup> <br>| 4000000 | &nbsp;&nbsp; 3942800 |
|  |  | &nbsp;&nbsp; 21079925 |
| **Financial Exchanges & Data–1.54%** | **Financial Exchanges & Data–1.54%** | **Financial Exchanges & Data–1.54%** |
| Coinbase Global, Inc., Conv., 0.25%, <br> 04/01/2030<br>| 10800000 | &nbsp;&nbsp; 11088900 |
| **Food Distributors–0.21%** | **Food Distributors–0.21%** | **Food Distributors–0.21%** |
| Chefs' Warehouse, Inc. (The), Conv., <br> 2.38%, 12/15/2028<br>| 1000000 | &nbsp;&nbsp; 1521200 |
| **Gas Utilities–0.51%** | **Gas Utilities–0.51%** | **Gas Utilities–0.51%** |
| UGI Corp., Conv., 5.00%, <br> 06/01/2028<br>| 2600000 | &nbsp;&nbsp; 3690700 |
| **Health Care Equipment–1.52%** | **Health Care Equipment–1.52%** | **Health Care Equipment–1.52%** |
| Alphatec Holdings, Inc., Conv., 0.75%, <br> 03/15/2030<sup>(c)</sup> <br>| 2000000 | &nbsp;&nbsp; 3069400 |
| iRhythm Technologies, Inc., Conv., <br> 1.50%, 09/01/2029<br>| 3475000 | &nbsp;&nbsp; 4865000 |
| TransMedics Group, Inc., Conv., <br> 1.50%, 06/01/2028<br>| 2000000 | &nbsp;&nbsp; 2998900 |
|  |  | &nbsp;&nbsp; 10933300 |
| **Health Care REITs–2.13%** | **Health Care REITs–2.13%** | **Health Care REITs–2.13%** |
| Welltower OP LLC, Conv., 3.13%, <br> 07/15/2029<sup>(c)</sup> <br>| 10175000 | &nbsp;&nbsp; 15389687 |
| **Health Care Services–0.83%** | **Health Care Services–0.83%** | **Health Care Services–0.83%** |
| Guardant Health, Inc., Conv., 1.25%, <br> 02/15/2031<br>| 3250000 | &nbsp;&nbsp; 5960825 |
| **Health Care Supplies–0.75%** | **Health Care Supplies–0.75%** | **Health Care Supplies–0.75%** |
| Merit Medical Systems, Inc., Conv., <br> 3.00%, 02/01/2029<sup>(c)</sup> <br>| 4500000 | &nbsp;&nbsp; 5442750 |
| **Heavy Electrical Equipment–0.46%** | **Heavy Electrical Equipment–0.46%** | **Heavy Electrical Equipment–0.46%** |
| Bloom Energy Corp., Conv., 0.00%, <br> 11/15/2030<sup>(b)(c)</sup> <br>| 3750000 | &nbsp;&nbsp; 3281250 |
| **Homefurnishing Retail–0.95%** | **Homefurnishing Retail–0.95%** | **Homefurnishing Retail–0.95%** |
| Wayfair, Inc., Conv., 3.50%, <br> 11/15/2028<br>| 3000000 | &nbsp;&nbsp; 6873000 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Hotels, Resorts & Cruise Lines–1.01%** | **Hotels, Resorts & Cruise Lines–1.01%** | **Hotels, Resorts & Cruise Lines–1.01%** |
| Carnival Corp., 7.00%, <br> 08/15/2029<sup>(c)</sup> <br>| $4000000 | &nbsp;&nbsp; $4200420 |
| Trip.com Group Ltd. (China), Conv., <br> 0.75%, 06/15/2027<sup>(d)</sup> <br>| 2500000 | &nbsp;&nbsp; 3086250 |
|  |  | &nbsp;&nbsp; 7286670 |
| **Housewares & Specialties–0.54%** | **Housewares & Specialties–0.54%** | **Housewares & Specialties–0.54%** |
| Newell Brands, Inc., 6.38%, <br> 05/15/2030<br>| 4000000 | &nbsp;&nbsp; 3911486 |
| **Industrial Machinery & Supplies & Components–0.43%** | **Industrial Machinery & Supplies & Components–0.43%** | **Industrial Machinery & Supplies & Components–0.43%** |
| JBT Marel Corp., Conv., 0.38%, <br> 09/15/2030<sup>(c)</sup> <br>| 3000000 | &nbsp;&nbsp; 3114000 |
| **Interactive Media & Services–1.84%** | **Interactive Media & Services–1.84%** | **Interactive Media & Services–1.84%** |
| Match Group Holdings II LLC, 5.00%, <br> 12/15/2027<sup>(c)</sup> <br>| 3500000 | &nbsp;&nbsp; 3508715 |
| Snap, Inc., 6.88%, 03/01/2033<sup>(c)</sup> <br>| 9400000 | &nbsp;&nbsp; 9748131 |
|  |  | &nbsp;&nbsp; 13256846 |
| **Internet Services & Infrastructure–6.13%** | **Internet Services & Infrastructure–6.13%** | **Internet Services & Infrastructure–6.13%** |
| Akamai Technologies, Inc., Conv., <br> 0.25%, 05/15/2031<sup>(c)(d)</sup> <br>| 4550000 | &nbsp;&nbsp; 5041400 |
| Cloudflare, Inc., Conv., 0.00%, <br> 06/15/2030<sup>(b)(c)</sup> <br>| 12350000 | &nbsp;&nbsp; 13455325 |
| CoreWeave, Inc., Conv., 1.75%, <br> 12/01/2031<sup>(c)</sup> <br>| 8350000 | &nbsp;&nbsp; 7922062 |
| DigitalOcean Holdings, Inc., Conv., <br> 0.00%, 08/15/2030<sup>(b)(c)</sup> <br>| 4100000 | &nbsp;&nbsp; 5809700 |
| Snowflake, Inc., Conv., 0.00%, <br> 10/01/2029<sup>(b)</sup> <br>| 7750000 | &nbsp;&nbsp; 12004750 |
|  |  | &nbsp;&nbsp; 44233237 |
| **Investment Banking & Brokerage–0.35%** | **Investment Banking & Brokerage–0.35%** | **Investment Banking & Brokerage–0.35%** |
| Galaxy Digital Holdings L.P., Conv., <br> 2.50%, 12/01/2029<sup>(c)</sup> <br>| 2000000 | &nbsp;&nbsp; 2530200 |
| **Leisure Products–0.35%** | **Leisure Products–0.35%** | **Leisure Products–0.35%** |
| Peloton Interactive, Inc., Conv., <br> 5.50%, 12/01/2029<br>| 1500000 | &nbsp;&nbsp; 2501250 |
| **Life Sciences Tools & Services–0.74%** | **Life Sciences Tools & Services–0.74%** | **Life Sciences Tools & Services–0.74%** |
| Tempus AI, Inc., Conv., 0.75%, <br> 07/15/2030<sup>(c)</sup> <br>| 5000000 | &nbsp;&nbsp; 5340000 |
| **Marine Transportation–1.63%** | **Marine Transportation–1.63%** | **Marine Transportation–1.63%** |
| NCL Corp. Ltd., |  |  |
| Conv., 0.88%, 04/15/2030<sup>(c)</sup> <br>| 5500000 | &nbsp;&nbsp; 6149688 |
| 6.75%, 02/01/2032<sup>(c)</sup> <br>| 2204000 | &nbsp;&nbsp; 2258080 |
| Viking Cruises Ltd., 5.88%, <br> 10/15/2033<sup>(c)</sup> <br>| 3289000 | &nbsp;&nbsp; 3341469 |
|  |  | &nbsp;&nbsp; 11749237 |
| **Movies & Entertainment–2.39%** | **Movies & Entertainment–2.39%** | **Movies & Entertainment–2.39%** |
| Liberty Media Corp.-Liberty Formula <br> One, Conv., 2.25%, 08/15/2027<br>| 5000000 | &nbsp;&nbsp; 6337500 |
| Live Nation Entertainment, Inc., Conv., <br> 3.13%, 01/15/2029<br>| 7500000 | &nbsp;&nbsp; 10916250 |
|  |  | &nbsp;&nbsp; 17253750 |
| **Multi-Utilities–1.86%** | **Multi-Utilities–1.86%** | **Multi-Utilities–1.86%** |
| CenterPoint Energy, Inc., Conv., <br> 4.25%, 08/15/2026<br>| 5500000 | &nbsp;&nbsp; 6028000 |
| CMS Energy Corp., Conv., 3.38%, <br> 05/01/2028<br>| 2500000 | &nbsp;&nbsp; 2680000 |

---

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

**3**

**Invesco Convertible Securities Fund**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** | **Multi-Utilities–(continued)** |
| WEC Energy Group, Inc., Conv., <br> 4.38%, 06/01/2029<br>| $4000000 | &nbsp;&nbsp; $4676000 |
|  |  | &nbsp;&nbsp; 13384000 |
| **Oil & Gas Equipment & Services–0.59%** | **Oil & Gas Equipment & Services–0.59%** | **Oil & Gas Equipment & Services–0.59%** |
| Solaris Energy Infrastructure, Inc., <br> Conv., 0.25%, 10/01/2031<br>| 3900000 | &nbsp;&nbsp; 4229063 |
| **Oil & Gas Refining & Marketing–0.54%** | **Oil & Gas Refining & Marketing–0.54%** | **Oil & Gas Refining & Marketing–0.54%** |
| Sunoco L.P., 7.00%, 05/01/2029<sup>(c)</sup> <br>| 3750000 | &nbsp;&nbsp; 3913316 |
| **Packaged Foods & Meats–0.45%** | **Packaged Foods & Meats–0.45%** | **Packaged Foods & Meats–0.45%** |
| Post Holdings, Inc., Conv., 2.50%, <br> 08/15/2027<br>| 3000000 | &nbsp;&nbsp; 3235500 |
| **Passenger Airlines–0.38%** | **Passenger Airlines–0.38%** | **Passenger Airlines–0.38%** |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.75%, <br> 04/20/2029<sup>(c)</sup> <br>| 2700000 | &nbsp;&nbsp; 2751149 |
| **Passenger Ground Transportation–2.04%** | **Passenger Ground Transportation–2.04%** | **Passenger Ground Transportation–2.04%** |
| Lyft, Inc., Conv., 0.00%, <br> 09/15/2030<sup>(b)(c)</sup> <br>| 3000000 | &nbsp;&nbsp; 3399000 |
| Uber Technologies, Inc., Series 2028, <br> Conv., 0.88%, 12/01/2028<br>| 8725000 | &nbsp;&nbsp; 11338138 |
|  |  | &nbsp;&nbsp; 14737138 |
| **Pharmaceuticals–1.39%** | **Pharmaceuticals–1.39%** | **Pharmaceuticals–1.39%** |
| Ligand Pharmaceuticals, Inc., Conv., <br> 0.75%, 10/01/2030<sup>(c)</sup> <br>| 3500000 | &nbsp;&nbsp; 4111275 |
| Zoetis, Inc., Conv., 0.25%, <br> 06/15/2029<sup>(c)</sup> <br>| 5700000 | &nbsp;&nbsp; 5885250 |
|  |  | &nbsp;&nbsp; 9996525 |
| **Research & Consulting Services–0.45%** | **Research & Consulting Services–0.45%** | **Research & Consulting Services–0.45%** |
| Planet Labs PBC, Conv., 0.50%, <br> 10/15/2030<sup>(c)</sup> <br>| 1750000 | &nbsp;&nbsp; 3265938 |
| **Restaurants–1.31%** | **Restaurants–1.31%** | **Restaurants–1.31%** |
| DoorDash, Inc., Conv., 0.00%, <br> 05/15/2030<sup>(b)(c)</sup> <br>| 9000000 | &nbsp;&nbsp; 9423000 |
| **Semiconductor Materials & Equipment–1.40%** | **Semiconductor Materials & Equipment–1.40%** | **Semiconductor Materials & Equipment–1.40%** |
| MKS, Inc., Conv., 1.25%, <br> 06/01/2030<br>| 4500000 | &nbsp;&nbsp; 5751000 |
| Nova Ltd. (Israel), Conv., 0.00%, <br> 09/15/2030<sup>(b)(c)</sup> <br>| 3500000 | &nbsp;&nbsp; 4361000 |
|  |  | &nbsp;&nbsp; 10112000 |
| **Semiconductors–0.71%** | **Semiconductors–0.71%** | **Semiconductors–0.71%** |
| MACOM Technology Solutions Holdings, <br> Inc., Conv., 0.00%, <br> 12/15/2029<sup>(b)(c)</sup> <br>| 2000000 | &nbsp;&nbsp; 2430400 |
| Semtech Corp., Conv., 0.00%, <br> 10/15/2030<sup>(b)(c)</sup> <br>| 2500000 | &nbsp;&nbsp; 2655000 |
|  |  | &nbsp;&nbsp; 5085400 |
| **Steel–1.11%** | **Steel–1.11%** | **Steel–1.11%** |
| ArcelorMittal S.A. (Luxembourg), <br> 6.55%, 11/29/2027<br>| 4000000 | &nbsp;&nbsp; 4167796 |
| Cleveland-Cliffs, Inc., 7.63%, <br> 01/15/2034<sup>(c)</sup> <br>| 3646000 | &nbsp;&nbsp; 3812936 |
|  |  | &nbsp;&nbsp; 7980732 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Systems Software–1.60%** | **Systems Software–1.60%** | **Systems Software–1.60%** | **Systems Software–1.60%** |
| Check Point Software Technologies Ltd. <br> (Israel), Conv., 0.00%, <br> 12/15/2028<sup>(b)(c)(d)</sup> <br>|  | $3500000 | &nbsp;&nbsp; $3494750 |
| Nebius Group N.V. (Netherlands), <br> Conv., 2.75%, 09/15/2032<sup>(c)</sup> <br>|  | 8366000 | &nbsp;&nbsp; 8027177 |
|  |  |  | &nbsp;&nbsp; 11521927 |
| **Technology Hardware, Storage & Peripherals–2.48%** | **Technology Hardware, Storage & Peripherals–2.48%** | **Technology Hardware, Storage & Peripherals–2.48%** | **Technology Hardware, Storage & Peripherals–2.48%** |
| Seagate HDD Cayman, Conv., 3.50%, <br> 06/01/2028<br>|  | 2000000 | &nbsp;&nbsp; 6727000 |
| Super Micro Computer, Inc., Conv., <br> 0.00%, 06/15/2030<sup>(b)(c)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 4240000 |
| Western Digital Corp., Conv., 3.00%, <br> 11/15/2028<br>|  | 1500000 | &nbsp;&nbsp; 6879450 |
|  |  |  | &nbsp;&nbsp; 17846450 |
| **Trading Companies & Distributors–0.44%** | **Trading Companies & Distributors–0.44%** | **Trading Companies & Distributors–0.44%** | **Trading Companies & Distributors–0.44%** |
| Air Lease Corp., Series D, 6.00%<sup>(e)(f)</sup> <br>|  | 3318000 | &nbsp;&nbsp; 3167179 |
| **Transaction & Payment Processing Services–1.83%** | **Transaction & Payment Processing Services–1.83%** | **Transaction & Payment Processing Services–1.83%** | **Transaction & Payment Processing Services–1.83%** |
| Affirm Holdings, Inc., Conv., 0.75%, <br> 12/15/2029<br>|  | 6000000 | &nbsp;&nbsp; 6658500 |
| Block, Inc., 6.50%, 05/15/2032 |  | 6300000 | &nbsp;&nbsp; 6555245 |
|  |  |  | &nbsp;&nbsp; 13213745 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $503,857,567) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $503,857,567) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $503,857,567) | &nbsp;&nbsp; 568118483 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–16.88%** | **Preferred Stocks–16.88%** | **Preferred Stocks–16.88%** | **Preferred Stocks–16.88%** |
| **Aerospace & Defense–2.84%** | **Aerospace & Defense–2.84%** | **Aerospace & Defense–2.84%** | **Aerospace & Defense–2.84%** |
| Boeing Co. (The), 6.00%, Conv. Pfd. | Boeing Co. (The), 6.00%, Conv. Pfd. | 297000 | &nbsp;&nbsp; 20510820 |
| **Asset Management & Custody Banks–2.24%** | **Asset Management & Custody Banks–2.24%** | **Asset Management & Custody Banks–2.24%** | **Asset Management & Custody Banks–2.24%** |
| Ares Management Corp., 6.75%, Series B, <br> Conv. Pfd. | Ares Management Corp., 6.75%, Series B, <br> Conv. Pfd. | 135000 | &nbsp;&nbsp; 6804000 |
| KKR & Co., Inc., 6.25%, Series D, Conv. <br> Pfd. | KKR & Co., Inc., 6.25%, Series D, Conv. <br> Pfd. | 180000 | &nbsp;&nbsp; 9331200 |
|  |  |  | &nbsp;&nbsp; 16135200 |
| **Diversified Banks–3.35%** | **Diversified Banks–3.35%** | **Diversified Banks–3.35%** | **Diversified Banks–3.35%** |
| Bank of America Corp., 7.25%, Series L, <br> Conv. Pfd. | Bank of America Corp., 7.25%, Series L, <br> Conv. Pfd. | 19300 | &nbsp;&nbsp; 24163600 |
| **Diversified Financial Services–1.29%** | **Diversified Financial Services–1.29%** | **Diversified Financial Services–1.29%** | **Diversified Financial Services–1.29%** |
| Apollo Global Management, Inc., 6.75%, <br> Conv. Pfd. | Apollo Global Management, Inc., 6.75%, <br> Conv. Pfd. | 122800 | &nbsp;&nbsp; 9273856 |
| **Electric Utilities–1.79%** | **Electric Utilities–1.79%** | **Electric Utilities–1.79%** | **Electric Utilities–1.79%** |
| NextEra Energy, Inc., 7.30%, Conv. Pfd. | NextEra Energy, Inc., 7.30%, Conv. Pfd. | 137000 | &nbsp;&nbsp; 7092490 |
| PG&E Corp., 6.00%, Series A, Conv. Pfd. | PG&E Corp., 6.00%, Series A, Conv. Pfd. | 142300 | &nbsp;&nbsp; 5834300 |
|  |  |  | &nbsp;&nbsp; 12926790 |
| **Health Care Services–0.32%** | **Health Care Services–0.32%** | **Health Care Services–0.32%** | **Health Care Services–0.32%** |
| BrightSpring Health Services, Inc., 6.75%, <br> Conv. Pfd.<sup>(g)</sup>  | BrightSpring Health Services, Inc., 6.75%, <br> Conv. Pfd.<sup>(g)</sup>  | 18000 | &nbsp;&nbsp; 2271780 |
| **Life Sciences Tools & Services–0.76%** | **Life Sciences Tools & Services–0.76%** | **Life Sciences Tools & Services–0.76%** | **Life Sciences Tools & Services–0.76%** |
| Bruker Corp., 6.38%, Conv. Pfd. | Bruker Corp., 6.38%, Conv. Pfd. | 15000 | &nbsp;&nbsp; 5490000 |
| **Semiconductors–0.85%** | **Semiconductors–0.85%** | **Semiconductors–0.85%** | **Semiconductors–0.85%** |
| Microchip Technology, Inc., 7.50%, Conv. <br> Pfd. | Microchip Technology, Inc., 7.50%, Conv. <br> Pfd. | 105000 | &nbsp;&nbsp; 6119400 |
| **Specialty Chemicals–1.26%** | **Specialty Chemicals–1.26%** | **Specialty Chemicals–1.26%** | **Specialty Chemicals–1.26%** |
| Albemarle Corp., 7.25%, Conv. Pfd. | Albemarle Corp., 7.25%, Conv. Pfd. | 152800 | &nbsp;&nbsp; 9074792 |

---

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

**4**

**Invesco Convertible Securities Fund**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Technology Hardware, Storage & Peripherals–1.20%** | **Technology Hardware, Storage & Peripherals–1.20%** | **Technology Hardware, Storage & Peripherals–1.20%** |
| Hewlett Packard Enterprise Co., 7.63%, <br> Conv. Pfd. | 130000 | &nbsp;&nbsp; $8669700 |
| **Trading Companies & Distributors–0.63%** | **Trading Companies & Distributors–0.63%** | **Trading Companies & Distributors–0.63%** |
| QXO, Inc., 5.50%, Conv. Pfd. | 82500 | &nbsp;&nbsp; 4549875 |
| **Transaction & Payment Processing Services–0.35%** | **Transaction & Payment Processing Services–0.35%** | **Transaction & Payment Processing Services–0.35%** |
| Shift4 Payments, Inc., 6.00%, Conv. Pfd. | 31400 | &nbsp;&nbsp; 2512314 |
| Total Preferred Stocks (Cost $105,186,959) | Total Preferred Stocks (Cost $105,186,959) | &nbsp;&nbsp; 121698127 |
| **Exchange-Traded Funds–0.26%** | **Exchange-Traded Funds–0.26%** | **Exchange-Traded Funds–0.26%** |
| Invesco High Yield Bond Factor ETF <br>(Cost $1,873,310)<sup>(h)</sup>  | 83000 | &nbsp;&nbsp; 1880365 |
| **Common Stocks & Other Equity Interests–0.24%** | **Common Stocks & Other Equity Interests–0.24%** | **Common Stocks & Other Equity Interests–0.24%** |
| **Heavy Electrical Equipment–0.24%** | **Heavy Electrical Equipment–0.24%** | **Heavy Electrical Equipment–0.24%** |
| Bloom Energy Corp., Class A <br> (Cost $2,023,000)<sup>(g)</sup>  | 20000 | &nbsp;&nbsp; 1737800 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Money Market Funds–2.45%** | **Money Market Funds–2.45%** | **Money Market Funds–2.45%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(h)(i)</sup>  | 6186987 | &nbsp;&nbsp; $6186987 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(h)(i)</sup>  | 11486592 | &nbsp;&nbsp; 11486592 |
| Total Money Market Funds (Cost $17,673,579) | Total Money Market Funds (Cost $17,673,579) | &nbsp;&nbsp; 17673579 |
| **Options Purchased–0.93%** | **Options Purchased–0.93%** | **Options Purchased–0.93%** |
| (Cost $12,258,737) | (Cost $12,258,737) | &nbsp;&nbsp; 6725285 |
| TOTAL INVESTMENTS IN SECURITIES–99.56% <br> (Cost $642,873,152) | TOTAL INVESTMENTS IN SECURITIES–99.56% <br> (Cost $642,873,152) | &nbsp;&nbsp; 717833639 |
| OTHER ASSETS LESS LIABILITIES—0.44% | OTHER ASSETS LESS LIABILITIES—0.44% | &nbsp;&nbsp; 3153411 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $720987050 |

---

Investment Abbreviations:

Conv. – Convertible <br> ETF – Exchange-Traded Fund <br> Pfd. – Preferred

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Zero coupon bond issued at a discount.

<sup>(c)</sup> 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, 2025 was $282,248,594, which represented 39.15% of the Fund's Net Assets. 

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

<sup>(e)</sup> Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

<sup>(f)</sup> Perpetual bond with no specified maturity date.

<sup>(g)</sup> Non-income producing security.

<sup>(h)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| Invesco High Yield Bond Factor ETF | $- | &nbsp;&nbsp; $1873310 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7055 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1880365 | &nbsp;&nbsp; $44160 |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| 5028319 | &nbsp;&nbsp; 115290326 | &nbsp;&nbsp; (114131658) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6186987 | &nbsp;&nbsp; 348513 |
| Invesco Treasury Portfolio, Institutional Class | 9332880 | &nbsp;&nbsp; 214110606 | &nbsp;&nbsp; (211956894) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11486592 | &nbsp;&nbsp; 641416 |
| Total | $14361199 | &nbsp;&nbsp; $331274242 | &nbsp;&nbsp; $(326088552) | &nbsp;&nbsp; $7055 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $19553944 | &nbsp;&nbsp; $1034089 |

---

<sup>(i)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** | **Open Exchange-Traded Equity Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| Axon Enterprise, Inc.<br> Call | 06/18/2026 | &nbsp;&nbsp;&nbsp; 80 | USD | 580.00 | USD | 4640000 | &nbsp;&nbsp;&nbsp; $609200 |
| MP Materials Corp.<br> Call | 05/15/2026 | &nbsp;&nbsp;&nbsp; 900 | USD | 60.00 | USD | 5400000 | &nbsp;&nbsp;&nbsp; 499500 |
| Palo Alto Networks, Inc.<br> Call | 05/15/2026 | &nbsp;&nbsp;&nbsp; 385 | USD | 210.00 | USD | 8085000 | &nbsp;&nbsp;&nbsp; 259875 |
| Seagate Technology Holdings Public Limited Company<br> Call | 03/20/2026 | &nbsp;&nbsp;&nbsp; 320 | USD | 280.00 | USD | 8960000 | &nbsp;&nbsp;&nbsp; 1014400 |
| SoFi Technologies, Inc.<br> Call | 04/17/2026 | &nbsp;&nbsp;&nbsp; 3470 | USD | 29.00 | USD | 10063000 | &nbsp;&nbsp;&nbsp; 813715 |
| Western Digital Corp.<br> Call | 06/18/2026 | &nbsp;&nbsp;&nbsp; 750 | USD | 170.00 | USD | 12750000 | &nbsp;&nbsp;&nbsp; 2521875 |
| Total Exchange-Traded Equity Options Purchased | Total Exchange-Traded Equity Options Purchased |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $5718565 |

---

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

**5**

**Invesco Convertible Securities Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** | **Open Exchange-Traded Index Options Purchased** |
| **Description** | &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Number of** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Exercise** <br>**Price** | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; **Notional** <br>**Value**<sup>(a)</sup>  | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| S&P 500<sup>®</sup> Index<br> Call | 02/20/2026 | &nbsp;&nbsp;&nbsp; 128 | USD | 6975.00 | USD | 89280000 | &nbsp;&nbsp;&nbsp; $1006720 |

---

<sup>(a)</sup> Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.<br>

Abbreviations: <br> USD —U.S. Dollar

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

**6**

**Invesco Convertible Securities Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $623,326,263)<br>| &nbsp;&nbsp; $698279695 |
| Investments in affiliates, at value <br>(Cost $19,546,889)<br>| &nbsp;&nbsp; 19553944 |
| Cash | &nbsp;&nbsp; 1508461 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 135378 |
| Dividends | &nbsp;&nbsp; 738868 |
| Interest | &nbsp;&nbsp; 2416557 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 121544 |
| Other assets | &nbsp;&nbsp; 36948 |
| Total assets | &nbsp;&nbsp; 722791395 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1270020 |
| Accrued fees to affiliates | &nbsp;&nbsp; 296871 |
| Accrued other operating expenses | &nbsp;&nbsp; 75970 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 161484 |
| Total liabilities | &nbsp;&nbsp; 1804345 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $720987050 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $618452980 |
| Distributable earnings | &nbsp;&nbsp; 102534070 |
|  | &nbsp;&nbsp; $720987050 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $443855879 |
| Class C | &nbsp;&nbsp; $10340497 |
| Class Y | &nbsp;&nbsp; $228001687 |
| Class R5 | &nbsp;&nbsp; $682447 |
| Class R6 | &nbsp;&nbsp; $38106540 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 17899295 |
| Class C | &nbsp;&nbsp; 420902 |
| Class Y | &nbsp;&nbsp; 9174644 |
| Class R5 | &nbsp;&nbsp; 27517 |
| Class R6 | &nbsp;&nbsp; 1536175 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $24.80 |
| Maximum offering price per share <br>(Net asset value of $24.80 ÷ 94.50%)<br>| &nbsp;&nbsp; $26.24 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.57 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.85 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.80 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.81 |

---

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

**7**

**Invesco Convertible Securities Fund**

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $11213400 |
| Dividends | &nbsp;&nbsp; 7804401 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 1034089 |
| Total investment income | &nbsp;&nbsp; 20051890 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3770779 |
| Administrative services fees | &nbsp;&nbsp; 102792 |
| Custodian fees | &nbsp;&nbsp; 10162 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1094374 |
| Class C | &nbsp;&nbsp; 108546 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 865241 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 143 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 10667 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 28868 |
| Registration and filing fees | &nbsp;&nbsp; 82944 |
| Reports to shareholders | &nbsp;&nbsp; 55267 |
| Professional services fees | &nbsp;&nbsp; 69554 |
| Other | &nbsp;&nbsp; 17470 |
| Total expenses | &nbsp;&nbsp; 6216807 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (39510)<br>|
| Net expenses | &nbsp;&nbsp; 6177297 |
| Net investment income | &nbsp;&nbsp; 13874593 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 56064008 |
| Options written | &nbsp;&nbsp; 133788 |
|  | &nbsp;&nbsp; 56197796 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 36723768 |
| Affiliated investment securities | &nbsp;&nbsp; 7055 |
| Options written | &nbsp;&nbsp; (153077)<br>|
|  | &nbsp;&nbsp; 36577746 |
| Net realized and unrealized gain | &nbsp;&nbsp; 92775542 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $106650135 |

---

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

**8**

**Invesco Convertible Securities Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $13874593 | &nbsp;&nbsp; $14833866 |
| Net realized gain | &nbsp;&nbsp; 56197796 | &nbsp;&nbsp; 66516708 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 36577746 | &nbsp;&nbsp; (9526366)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 106650135 | &nbsp;&nbsp; 71824208 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (48045924)<br>| &nbsp;&nbsp; (14305064)<br>|
| Class C | &nbsp;&nbsp; (1062845)<br>| &nbsp;&nbsp; (329670)<br>|
| Class Y | &nbsp;&nbsp; (25606252)<br>| &nbsp;&nbsp; (9807758)<br>|
| Class R5 | &nbsp;&nbsp; (70157)<br>| &nbsp;&nbsp; (18128)<br>|
| Class R6 | &nbsp;&nbsp; (4212418)<br>| &nbsp;&nbsp; (1361892)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (78997596)<br>| &nbsp;&nbsp; (25822512)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (10603773)<br>| &nbsp;&nbsp; (48668672)<br>|
| Class C | &nbsp;&nbsp; (2211921)<br>| &nbsp;&nbsp; (4939925)<br>|
| Class Y | &nbsp;&nbsp; (33177053)<br>| &nbsp;&nbsp; (72093740)<br>|
| Class R5 | &nbsp;&nbsp; 384890 | &nbsp;&nbsp; (464222)<br>|
| Class R6 | &nbsp;&nbsp; (340301)<br>| &nbsp;&nbsp; (12590071)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (45948158)<br>| &nbsp;&nbsp; (138756630)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (18295619)<br>| &nbsp;&nbsp; (92754934)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 739282669 | &nbsp;&nbsp; 832037603 |
| End of year | &nbsp;&nbsp; $720987050 | &nbsp;&nbsp; $739282669 |

---

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

**9**

**Invesco Convertible Securities Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $23.87 | $0.46 | $3.33 | $3.79 | $(0.62)<br>| $(2.24)<br>| $(2.86)<br>| $24.80 | 15.84<br> %<br>| &nbsp;&nbsp; $443856 | 0.95<br> %<br>| 0.95<br> %<br>| 1.82<br> %<br>| 114<br> %<br>|
| Year ended 12/31/24 | 22.46 | 0.42 | 1.76 | 2.18 | (0.49)<br>| (0.28)<br>| (0.77)<br>| 23.87 | 9.74 | &nbsp;&nbsp; 438011 | 0.96 | 0.97 | 1.82 | 87 |
| Year ended 12/31/23 | 21.09 | 0.26 | 1.38 | 1.64 | (0.27)<br>|  | (0.27)<br>| 22.46 | 7.87 | &nbsp;&nbsp; 460621 | 0.93 | 0.94 | 1.21 | 65 |
| Year ended 12/31/22 | 25.93 | 0.20 | (4.26)<br>| (4.06)<br>| (0.19)<br>| (0.59)<br>| (0.78)<br>| 21.09 | (15.72)<br>| &nbsp;&nbsp; 492448 | 0.93 | 0.93 | 0.86 | 45 |
| Year ended 12/31/21 | 31.91 | 0.14 | 1.17 | 1.31 | (0.23)<br>| (7.06)<br>| (7.29)<br>| 25.93 | 4.68 | &nbsp;&nbsp; 666916 | 0.88 | 0.88 | 0.43 | 61 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 23.66 | 0.27 | 3.30 | 3.57 | (0.42)<br>| (2.24)<br>| (2.66)<br>| 24.57 | 15.01 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 10340 | 1.69 <br><sup>(d)</sup><br>| 1.69 <br><sup>(d)</sup><br>| 1.08 <br><sup>(d)</sup><br>| 114 |
| Year ended 12/31/24 | 22.28 | 0.24 | 1.73 | 1.97 | (0.31)<br>| (0.28)<br>| (0.59)<br>| 23.66 | 8.86 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 12111 | 1.70 <br><sup>(d)</sup><br>| 1.71 <br><sup>(d)</sup><br>| 1.08 <br><sup>(d)</sup><br>| 87 |
| Year ended 12/31/23 | 20.91 | 0.10 | 1.38 | 1.48 | (0.11)<br>|  | (0.11)<br>| 22.28 | 7.12 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 16263 | 1.66 <br><sup>(e)</sup><br>| 1.67 <br><sup>(e)</sup><br>| 0.48 <br><sup>(e)</sup><br>| 65 |
| Year ended 12/31/22 | 25.72 | 0.03 | (4.22)<br>| (4.19)<br>| (0.03)<br>| (0.59)<br>| (0.62)<br>| 20.91 | (16.35 )<sup>(e)</sup><br>| &nbsp;&nbsp; 21915 | 1.66 <br><sup>(e)</sup><br>| 1.66 <br><sup>(e)</sup><br>| 0.13 <br><sup>(e)</sup><br>| 45 |
| Year ended 12/31/21 | 31.73 | (0.09)<br>| 1.16 | 1.07 | (0.02)<br>| (7.06)<br>| (7.08)<br>| 25.72 | 3.94 <br><sup>(f)</sup><br>| &nbsp;&nbsp; 44798 | 1.60 <br><sup>(f)</sup><br>| 1.60 <br><sup>(f)</sup><br>| (0.29 )<sup>(f)</sup><br>| 61 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 23.91 | 0.52 | 3.34 | 3.86 | (0.68)<br>| (2.24)<br>| (2.92)<br>| 24.85 | 16.14 | &nbsp;&nbsp; 228002 | 0.70 | 0.70 | 2.07 | 114 |
| Year ended 12/31/24 | 22.51 | 0.48 | 1.74 | 2.22 | (0.54)<br>| (0.28)<br>| (0.82)<br>| 23.91 | 9.95 | &nbsp;&nbsp; 251811 | 0.71 | 0.72 | 2.07 | 87 |
| Year ended 12/31/23 | 21.13 | 0.31 | 1.40 | 1.71 | (0.33)<br>|  | (0.33)<br>| 22.51 | 8.17 | &nbsp;&nbsp; 307044 | 0.68 | 0.69 | 1.46 | 65 |
| Year ended 12/31/22 | 25.98 | 0.26 | (4.27)<br>| (4.01)<br>| (0.25)<br>| (0.59)<br>| (0.84)<br>| 21.13 | (15.51)<br>| &nbsp;&nbsp; 345453 | 0.68 | 0.68 | 1.11 | 45 |
| Year ended 12/31/21 | 31.96 | 0.22 | 1.17 | 1.39 | (0.31)<br>| (7.06)<br>| (7.37)<br>| 25.98 | 4.93 | &nbsp;&nbsp; 562488 | 0.63 | 0.63 | 0.68 | 61 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 23.86 | 0.55 | 3.32 | 3.87 | (0.69)<br>| (2.24)<br>| (2.93)<br>| 24.80 | 16.22 | &nbsp;&nbsp; 682 | 0.60 | 0.60 | 2.17 | 114 |
| Year ended 12/31/24 | 22.46 | 0.48 | 1.75 | 2.23 | (0.55)<br>| (0.28)<br>| (0.83)<br>| 23.86 | 10.01 | &nbsp;&nbsp; 319 | 0.67 | 0.68 | 2.11 | 87 |
| Year ended 12/31/23 | 21.08 | 0.32 | 1.39 | 1.71 | (0.33)<br>|  | (0.33)<br>| 22.46 | 8.22 | &nbsp;&nbsp; 724 | 0.65 | 0.66 | 1.49 | 65 |
| Year ended 12/31/22 | 25.93 | 0.26 | (4.26)<br>| (4.00)<br>| (0.26)<br>| (0.59)<br>| (0.85)<br>| 21.08 | (15.51)<br>| &nbsp;&nbsp; 556 | 0.64 | 0.64 | 1.15 | 45 |
| Year ended 12/31/21 | 31.91 | 0.23 | 1.17 | 1.40 | (0.32)<br>| (7.06)<br>| (7.38)<br>| 25.93 | 4.96 | &nbsp;&nbsp; 688 | 0.60 | 0.60 | 0.71 | 61 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 23.87 | 0.55 | 3.33 | 3.88 | (0.70)<br>| (2.24)<br>| (2.94)<br>| 24.81 | 16.28 | &nbsp;&nbsp; 38107 | 0.60 | 0.60 | 2.17 | 114 |
| Year ended 12/31/24 | 22.47 | 0.50 | 1.75 | 2.25 | (0.57)<br>| (0.28)<br>| (0.85)<br>| 23.87 | 10.08 | &nbsp;&nbsp; 37030 | 0.60 | 0.61 | 2.18 | 87 |
| Year ended 12/31/23 | 21.09 | 0.33 | 1.40 | 1.73 | (0.35)<br>|  | (0.35)<br>| 22.47 | 8.29 | &nbsp;&nbsp; 47385 | 0.58 | 0.59 | 1.56 | 65 |
| Year ended 12/31/22 | 25.94 | 0.27 | (4.26)<br>| (3.99)<br>| (0.27)<br>| (0.59)<br>| (0.86)<br>| 21.09 | (15.45)<br>| &nbsp;&nbsp; 158063 | 0.57 | 0.57 | 1.22 | 45 |
| Year ended 12/31/21 | 31.92 | 0.25 | 1.17 | 1.42 | (0.34)<br>| (7.06)<br>| (7.40)<br>| 25.94 | 5.06 | &nbsp;&nbsp; 51316 | 0.52 | 0.52 | 0.79 | 61 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.99% for for the years ended December 31, 2025 and 2024, respectively. 

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.98% for the years ended December 31, 2023 and 2022, respectively. 

<sup>(f)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.97% for Class C shares.

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

**10**

**Invesco Convertible Securities Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

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

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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.

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

**11**

**Invesco Convertible Securities Fund**

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

**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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

**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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

**D.** **Distributions** - Distributions from net investment income, 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Call Options Purchased and Written** – The Fund may write call options to reduce the volatility of the Fund's investment portfolio and to earn premiums and/or buy call options for the purpose of acquiring the underlying reference asset for its portfolio, or on underlying reference assets against which it has written other call options. A call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. An uncovered call option exists without the ownership of the underlying security. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

When the Fund writes a call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently "marked-to-market" to reflect the current market value of the option written. If a written call

**12**

**Invesco Convertible Securities Fund**

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option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently "marked-to-market" to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**K.** **Put Options Purchased and Written** – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option's underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a "swaption". A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund's resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**L.** **Other Risks** - Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. 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 and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

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

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

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $750 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.520% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.470% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.420% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.395% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.370% |
| Over $3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.345% |

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For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.52%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

**13**

**Invesco Convertible Securities Fund**

------

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $29,588.

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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended December 31, 2025, 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 Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted distribution and service plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A and Class C shares (collectively, the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $35,578 in front-end sales commissions from the sale of Class A shares and $1,081 and $27 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $568118483 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $568118483 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 121698127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121698127 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1880365 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1880365 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; 1737800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1737800 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 17673579 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17673579 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 6725285 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6725285 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $149715156 | &nbsp;&nbsp;&nbsp;&nbsp; $568118483 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $717833639 |

---

**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.

**14**

**Invesco Convertible Securities Fund**

------

**Value of Derivative Investments at Period-End**

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options purchased, at value — Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $6725285 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (6725285)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the year ended December 31, 2025**

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** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $5400953 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; 133788 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (439637)<br>|
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; (153077)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $4942027 |

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation) on unaffiliated investment securities.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Options** <br>**Written**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Index** <br>**Options** <br>**Written**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $54359625 | &nbsp;&nbsp;&nbsp;&nbsp; $61300208 | &nbsp;&nbsp;&nbsp;&nbsp; $7066125 | &nbsp;&nbsp;&nbsp;&nbsp; $14694000 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4178 | &nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |

---

**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $9,922.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

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

**15**

**Invesco Convertible Securities Fund**

------

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $49434360 | &nbsp;&nbsp;&nbsp;&nbsp; $25822512 |
| Long-term capital gain | &nbsp;&nbsp; 29563236 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; $78997596 | &nbsp;&nbsp;&nbsp;&nbsp; $25822512 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $17864600 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 11179458 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 73595068 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (105056)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 618452980 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $720987050 |

---

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

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

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

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $790,169,121 and $895,197,539, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $90086397 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (16491329)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $73595068 |

---

Cost of investments for tax purposes is $644,238,571.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of deemed dividends and amortization and accretion on debt securities, on December 31, 2025, undistributed net investment income was increased by $2,570,911 and undistributed net realized gain was decreased by $2,570,911. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 718063 | &nbsp;&nbsp;&nbsp; $18084683 | &nbsp;&nbsp;&nbsp; 633991 | &nbsp;&nbsp;&nbsp; $14678032 |
| Class C | &nbsp;&nbsp;&nbsp; 42618 | &nbsp;&nbsp;&nbsp; 1054377 | &nbsp;&nbsp;&nbsp; 37484 | &nbsp;&nbsp;&nbsp; 860913 |
| Class Y | &nbsp;&nbsp;&nbsp; 1132213 | &nbsp;&nbsp;&nbsp; 28437871 | &nbsp;&nbsp;&nbsp; 2090348 | &nbsp;&nbsp;&nbsp; 48404616 |
| Class R5 | &nbsp;&nbsp;&nbsp; 14167 | &nbsp;&nbsp;&nbsp; 385264 | &nbsp;&nbsp;&nbsp; 3821 | &nbsp;&nbsp;&nbsp; 85662 |
| Class R6 | &nbsp;&nbsp;&nbsp; 78677 | &nbsp;&nbsp;&nbsp; 1939800 | &nbsp;&nbsp;&nbsp; 122097 | &nbsp;&nbsp;&nbsp; 2801553 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1627897 | &nbsp;&nbsp;&nbsp; 41219711 | &nbsp;&nbsp;&nbsp; 512846 | &nbsp;&nbsp;&nbsp; 12243962 |
| Class C | &nbsp;&nbsp;&nbsp; 39106 | &nbsp;&nbsp;&nbsp; 981824 | &nbsp;&nbsp;&nbsp; 12482 | &nbsp;&nbsp;&nbsp; 296558 |
| Class Y | &nbsp;&nbsp;&nbsp; 745245 | &nbsp;&nbsp;&nbsp; 18900170 | &nbsp;&nbsp;&nbsp; 316587 | &nbsp;&nbsp;&nbsp; 7577218 |
| Class R5 | &nbsp;&nbsp;&nbsp; 2507 | &nbsp;&nbsp;&nbsp; 63609 | &nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp; 16333 |
| Class R6 | &nbsp;&nbsp;&nbsp; 158846 | &nbsp;&nbsp;&nbsp; 4023621 | &nbsp;&nbsp;&nbsp; 53515 | &nbsp;&nbsp;&nbsp; 1274152 |

---

**16**

**Invesco Convertible Securities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 72244 | &nbsp;&nbsp;&nbsp; $1793799 | &nbsp;&nbsp;&nbsp; 130677 | &nbsp;&nbsp;&nbsp; $2997346 |
| Class C | &nbsp;&nbsp;&nbsp; (72932)<br>| &nbsp;&nbsp;&nbsp; (1793799)<br>| &nbsp;&nbsp;&nbsp; (131883)<br>| &nbsp;&nbsp;&nbsp; (2997346)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2872140)<br>| &nbsp;&nbsp;&nbsp; (71701966)<br>| &nbsp;&nbsp;&nbsp; (3428281)<br>| &nbsp;&nbsp;&nbsp; (78588012)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (99750)<br>| &nbsp;&nbsp;&nbsp; (2454323)<br>| &nbsp;&nbsp;&nbsp; (136193)<br>| &nbsp;&nbsp;&nbsp; (3100050)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (3233102)<br>| &nbsp;&nbsp;&nbsp; (80515094)<br>| &nbsp;&nbsp;&nbsp; (5517951)<br>| &nbsp;&nbsp;&nbsp; (128075574)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (2530)<br>| &nbsp;&nbsp;&nbsp; (63983)<br>| &nbsp;&nbsp;&nbsp; (23384)<br>| &nbsp;&nbsp;&nbsp; (566217)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (252483)<br>| &nbsp;&nbsp;&nbsp; (6303722)<br>| &nbsp;&nbsp;&nbsp; (733158)<br>| &nbsp;&nbsp;&nbsp; (16665776)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1901354)<br>| &nbsp;&nbsp;&nbsp; $(45948158)<br>| &nbsp;&nbsp;&nbsp; (6056309)<br>| &nbsp;&nbsp;&nbsp; $(138756630)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 44% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**17**

**Invesco Convertible Securities Fund**

------

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Convertible Securities Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**18**

**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 advisers.

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $29563236 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 15.50% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 15.55% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 31.99% |

---

\*

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

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $31360211 |

---

**19**

**Invesco Convertible Securities Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**20**

**Invesco Convertible Securities Fund**

------

![](img305ea6431.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

MS-CSEC-NCSR

------

![](imgebaaa4881.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco Income Allocation Fund**

Nasdaq:

A: ALAAX ■ C: CLIAX ■ R: RLIAX ■ Y: ALAYX ■ R5: ILAAX ■ R6: IIASX

------

---

| | |
|:---|:---|
| [2](#xx_925739fa-bf04-41de-b4af-28525ce9f860_SOI-Continued-55_1) | Schedule of Investments |
| [4](#xx_925739fa-bf04-41de-b4af-28525ce9f860_FS-Continued-55_1) | Financial Statements |
| [7](#xx_925739fa-bf04-41de-b4af-28525ce9f860_FS-Continued-55_4) | Financial Highlights |
| [8](#xx_925739fa-bf04-41de-b4af-28525ce9f860_NTF-Continued-55_1) | Notes to Financial Statements |
| [14](#xx_925739fa-bf04-41de-b4af-28525ce9f860_ARS-Continued-55_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_925739fa-bf04-41de-b4af-28525ce9f860_TI-Continued-55_1) | Tax Information |
| [16](#xx_925739fa-bf04-41de-b4af-28525ce9f860_OIRSR-Continued-55_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*December 31, 2025* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Income Allocation Fund** | **Invesco Income Allocation Fund** | **Invesco Income Allocation Fund** | **Invesco Income Allocation Fund** | **Invesco Income Allocation Fund** | **Invesco Income Allocation Fund** | **Invesco Income Allocation Fund** | **Invesco Income Allocation Fund** | **Invesco Income Allocation Fund** | **Invesco Income Allocation Fund** |
| **Schedule of Investments in Affiliated Issuers–100.05%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.05%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.05%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.05%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.05%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.05%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.05%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.05%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.05%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.05%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**12/31/25**<br>| **Value** <br>**12/31/24**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain (Loss)**<br>| **Dividend** <br>**Income**<br>| **Shares** <br>**12/31/25**<br>| **Value** <br>**12/31/25**<br>|
| **Domestic Equity Funds–30.89%** | **Domestic Equity Funds–30.89%** | **Domestic Equity Funds–30.89%** | **Domestic Equity Funds–30.89%** | **Domestic Equity Funds–30.89%** | **Domestic Equity Funds–30.89%** | **Domestic Equity Funds–30.89%** | **Domestic Equity Funds–30.89%** | **Domestic Equity Funds–30.89%** | **Domestic Equity Funds–30.89%** |
| Invesco Dividend Income Fund, Class R6 | 4.05<br> %<br>| $13137603 | $1800797 | $(2283387)<br>| $84790 | $1649353 | $211691 | 498133 | $13120834 |
| Invesco Main Street Small Cap Fund, Class R6 | 1.74<br> %<br>| 5593393 | 666105 | (743474)<br>| 75266 | 426492 | 28091 | 249234 | 5622722 |
| Invesco MSCI USA ETF | 6.69<br> %<br>| 22442626 | 1989285 | (6153970)<br>| 2574202 | 825014 | 250850 | 316686 | 21677157 |
| Invesco QQQ Income Advantage ETF<sup>(b)</sup> <br>| 4.87<br> %<br>| 16517003 | 1655398 | (3367912)<br>| 799661 | 165589 | 1659350 | 297430 | 15769739 |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 2.77<br> %<br>| 9226204 |  | (1354987)<br>| 975352 | 110321 | 74198 | 146522 | 8956890 |
| Invesco S&P 500 Equal Weight Income Advantage ETF | 4.97<br> %<br>| 16323456 | 505540 | (959728)<br>| 252876 | (22913)<br>| 1500162 | 315919 | 16099231 |
| Invesco S&P 500<sup>®</sup> Pure Value ETF | 4.29<br> %<br>| 13907495 |  | (1895524)<br>| 1546641 | 336176 | 371125 | 134431 | 13894788 |
| Invesco Value Opportunities Fund, Class R6 | 1.51<br> %<br>| 4897996 | 814211 | (1375363)<br>| 351431 | 636120 | 25734 | 203761 | 4882104 |
| Total Domestic Equity Funds |  | 102045776 | 7431336 | (18134345)<br>| 6660219 | 4126152 | 4121201 |  | 100023465 |
| **Fixed Income Funds–61.53%** | **Fixed Income Funds–61.53%** | **Fixed Income Funds–61.53%** | **Fixed Income Funds–61.53%** | **Fixed Income Funds–61.53%** | **Fixed Income Funds–61.53%** | **Fixed Income Funds–61.53%** | **Fixed Income Funds–61.53%** | **Fixed Income Funds–61.53%** | **Fixed Income Funds–61.53%** |
| Invesco Core Bond Fund, Class R6 | 24.80<br> %<br>| 83915857 | 3679397 | (9038460)<br>| 1591291 | 158791 | 3679400 | 14012472 | 80306876 |
| Invesco Core Plus Bond Fund, Class R6 | 23.87<br> %<br>| 80513728 | 3724739 | (8886157)<br>| 3173830 | (1219921)<br>| 3724740 | 8244677 | 77306219 |
| Invesco Floating Rate ESG Fund, Class R6<sup>(c)</sup> <br>| 2.01<br> %<br>| 6882139 | 540370 | (686460)<br>| (169948)<br>| (18118)<br>| 497452 | 1001874 | 6505065 |
| Invesco High Yield Fund, Class R6 | 1.99<br> %<br>| 6863710 | 449093 | (899766)<br>| 37494 | 11575 | 449093 | 1799855 | 6462106 |
| Invesco International Bond Fund, Class R6 | 3.03<br> %<br>| 10260796 | 482808 | (2004349)<br>| 1187108 | (111965)<br>| 482808 | 2032498 | 9814398 |
| Invesco Variable Rate Investment Grade ETF | 5.83<br> %<br>| 20194796 |  | (1294846)<br>| (7906)<br>| (13255)<br>| 951833 | 752143 | 18878789 |
| Total Fixed Income Funds |  | 208631026 | 8876407 | (22810038)<br>| 5811869 | (1192893)<br>| 9785326 |  | 199273453 |
| **International and Global Equity Funds–7.14%** | **International and Global Equity Funds–7.14%** | **International and Global Equity Funds–7.14%** | **International and Global Equity Funds–7.14%** | **International and Global Equity Funds–7.14%** | **International and Global Equity Funds–7.14%** | **International and Global Equity Funds–7.14%** | **International and Global Equity Funds–7.14%** | **International and Global Equity Funds–7.14%** | **International and Global Equity Funds–7.14%** |
| Invesco RAFI Developed Markets ex-U.S. ETF<sup>(d)</sup> <br>| 5.62<br> %<br>| 17673326 |  | (5118495)<br>| 4934558 | 708656 | 717831 | 277642 | 18198045 |
| Invesco S&P Emerging Markets Low Volatility ETF | 1.52<br> %<br>| 4815812 |  | (658577)<br>| 730115 | 48898 | 193057 | 179958 | 4936248 |
| Total International and Global Equity Funds |  | 22489138 |  | (5777072)<br>| 5664673 | 757554 | 910888 |  | 23134293 |
| **Money Market Funds–0.49%** | **Money Market Funds–0.49%** | **Money Market Funds–0.49%** | **Money Market Funds–0.49%** | **Money Market Funds–0.49%** | **Money Market Funds–0.49%** | **Money Market Funds–0.49%** | **Money Market Funds–0.49%** | **Money Market Funds–0.49%** | **Money Market Funds–0.49%** |
| Invesco Government & Agency Portfolio, Institutional <br> Class, 3.68%<sup>(e)</sup> <br>| 0.17<br> %<br>| 9123 | 15421645 | (14874864)<br>|  |  | 16703 | 555904 | 555904 |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(e)</sup> <br>| 0.32<br> %<br>|  | 28640198 | (27614964)<br>|  |  | 30370 | 1025234 | 1025234 |
| Total Money Market Funds |  | 9123 | 44061843 | (42489828)<br>|  |  | 47073 |  | 1581138 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (excluding investments purchased with cash <br> collateral from securities on loan) <br>(Cost $293,565,310)<br>| 100.05<br> %<br>| 333175063 | 60369586 | (89211283)<br>| 18136761 | 3690813 | 14864488 |  | 324012349 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan**<br>|  |  |  |  |  |  |  |  |  |
| **Money Market Funds–0.82%** | **Money Market Funds–0.82%** | **Money Market Funds–0.82%** | **Money Market Funds–0.82%** | **Money Market Funds–0.82%** | **Money Market Funds–0.82%** | **Money Market Funds–0.82%** | **Money Market Funds–0.82%** | **Money Market Funds–0.82%** | **Money Market Funds–0.82%** |
| Invesco Private Government Fund, 3.74%<sup>(e)(f)</sup> <br>| 0.23<br> %<br>| 573775 | 111462750 | (111296868)<br>|  |  | 91933 <br><sup>(g)</sup><br>| 739657 | 739657 |
| Invesco Private Prime Fund, 3.88%<sup>(e)(f)</sup> <br>| 0.59<br> %<br>| 1495465 | 248234726 | (247809692)<br>|  | 709 | 237998 <br><sup>(g)</sup><br>| 1920632 | 1921208 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br>(Cost $2,660,865)<br>| 0.82<br> %<br>| 2069240 | 359697476 | (359106560)<br>|  | 709 | 329931 |  | 2660865 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (Cost $296,226,175) <br>| 100.87<br> %<br>| $335244303 | $420067062 | $(448317843)<br>| $18136761 | $3691522 <br><sup>(h)</sup><br>| $15194419 |  | $326673214 |
| OTHER ASSETS LESS LIABILITIES | (0.87)%<br>|  |  |  |  |  |  |  | (2827860)<br>|
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $323845354 |

---

Investment Abbreviations:

ETF - Exchange-Traded Fund

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

**2**

**Invesco Income Allocation Fund**

------

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(c)</sup> Includes return of capital distribution.

<sup>(d)</sup> Effective March 24, 2025, the underlying fund's name changed.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> 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. 

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

<sup>(h)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Dividend Income Fund | $1268322 |
| Invesco Main Street Small Cap Fund | 395060 |
| Invesco Value Opportunities Fund | 442291 |

---

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

**3**

**Invesco Income Allocation Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $296,226,175)\*<br>| &nbsp;&nbsp; $326673214 |
| Cash | &nbsp;&nbsp; 3963 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 33228 |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 730534 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 47043 |
| Other assets | &nbsp;&nbsp; 55631 |
| Total assets | &nbsp;&nbsp; 327543613 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 714279 |
| Fund shares reacquired | &nbsp;&nbsp; 93535 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 2660865 |
| Accrued fees to affiliates | &nbsp;&nbsp; 138867 |
| Accrued other operating expenses | &nbsp;&nbsp; 40456 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 50257 |
| Total liabilities | &nbsp;&nbsp; 3698259 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $323845354 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $335810454 |
| Distributable earnings (loss) | &nbsp;&nbsp; (11965100)<br>|
|  | &nbsp;&nbsp; $323845354 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $296063737 |
| Class C | &nbsp;&nbsp; $7409566 |
| Class R | &nbsp;&nbsp; $4830991 |
| Class Y | &nbsp;&nbsp; $15175364 |
| Class R5 | &nbsp;&nbsp; $284605 |
| Class R6 | &nbsp;&nbsp; $81091 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 26290294 |
| Class C | &nbsp;&nbsp; 657191 |
| Class R | &nbsp;&nbsp; 428723 |
| Class Y | &nbsp;&nbsp; 1347758 |
| Class R5 | &nbsp;&nbsp; 25274 |
| Class R6 | &nbsp;&nbsp; 7213 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $11.26 |
| Maximum offering price per share <br>(Net asset value of $11.26 ÷ 94.50%)<br>| &nbsp;&nbsp; $11.92 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.27 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.27 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.26 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.26 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.24 |

---

\* At December 31, 2025, security with a value of $996,776 was on loan to brokers. 

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

**4**

**Invesco Income Allocation Fund**

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $165,165) | &nbsp;&nbsp; $15029653 |
| Interest | &nbsp;&nbsp; 21259 |
| Total investment income | &nbsp;&nbsp; 15050912 |
| **Expenses:** |  |
| Administrative services fees | &nbsp;&nbsp; 45572 |
| Custodian fees | &nbsp;&nbsp; 1745 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 737962 |
| Class C | &nbsp;&nbsp; 95727 |
| Class R | &nbsp;&nbsp; 23656 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 351593 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 75 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 12 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 24134 |
| Registration and filing fees | &nbsp;&nbsp; 94454 |
| Reports to shareholders | &nbsp;&nbsp; 32991 |
| Professional services fees | &nbsp;&nbsp; 45364 |
| Other | &nbsp;&nbsp; 14376 |
| Total expenses | &nbsp;&nbsp; 1467661 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (3900)<br>|
| Net expenses | &nbsp;&nbsp; 1463761 |
| Net investment income | &nbsp;&nbsp; 13587151 |
| **Realized and unrealized gain from:** |  |
| Net realized gain from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 1585849 |
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 2105673 |
|  | &nbsp;&nbsp; 3691522 |
| Change in net unrealized appreciation of affiliated underlying fund shares | &nbsp;&nbsp; 18136761 |
| Net realized and unrealized gain | &nbsp;&nbsp; 21828283 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $35415434 |

---

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

**5**

**Invesco Income Allocation Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $13587151 | &nbsp;&nbsp; $14555630 |
| Net realized gain (loss) | &nbsp;&nbsp; 3691522 | &nbsp;&nbsp; (10860101)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 18136761 | &nbsp;&nbsp; 16189913 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 35415434 | &nbsp;&nbsp; 19885442 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (12915064)<br>| &nbsp;&nbsp; (12896454)<br>|
| Class C | &nbsp;&nbsp; (347538)<br>| &nbsp;&nbsp; (542158)<br>|
| Class R | &nbsp;&nbsp; (195209)<br>| &nbsp;&nbsp; (161865)<br>|
| Class Y | &nbsp;&nbsp; (694786)<br>| &nbsp;&nbsp; (846858)<br>|
| Class R5 | &nbsp;&nbsp; (6546)<br>| &nbsp;&nbsp; (2981)<br>|
| Class R6 | &nbsp;&nbsp; (2838)<br>| &nbsp;&nbsp; (1028)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (14161981)<br>| &nbsp;&nbsp; (14451344)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (23828021)<br>| &nbsp;&nbsp; (40637567)<br>|
| Class C | &nbsp;&nbsp; (4955295)<br>| &nbsp;&nbsp; (9239032)<br>|
| Class R | &nbsp;&nbsp; (55317)<br>| &nbsp;&nbsp; 817282 |
| Class Y | &nbsp;&nbsp; (1821507)<br>| &nbsp;&nbsp; (4997399)<br>|
| Class R5 | &nbsp;&nbsp; 208518 | &nbsp;&nbsp; 3294 |
| Class R6 | &nbsp;&nbsp; 28761 | &nbsp;&nbsp; 38950 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (30422861)<br>| &nbsp;&nbsp; (54014472)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (9169408)<br>| &nbsp;&nbsp; (48580374)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 333014762 | &nbsp;&nbsp; 381595136 |
| End of year | &nbsp;&nbsp; $323845354 | &nbsp;&nbsp; $333014762 |

---

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

**6**

**Invesco Income Allocation Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<sup>(c)</sup> <br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(d)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $10.54 | $0.46 | $0.74 | $1.20 | $(0.48)<br>| $11.26 | 11.63<br> %<br>| $296064 | 0.44<br> %<br>| 0.44<br> %<br>| 4.20<br> %<br>| 5<br> %<br>|
| Year ended 12/31/24 | 10.38 | 0.43 | 0.17 | 0.60 | (0.44)<br>| 10.54 | 5.84 | 300472 | 0.47 | 0.47 | 4.13 | 86 |
| Year ended 12/31/23 | 10.10 | 0.45 | 0.25 | 0.70 | (0.42)<br>| 10.38 | 7.14 | 336482 | 0.43 | 0.43 | 4.41 | 41 |
| Year ended 12/31/22 | 11.84 | 0.35 | (1.73)<br>| (1.38)<br>| (0.36)<br>| 10.10 | (11.78)<br>| 366254 | 0.37 | 0.43 | 3.25 | 30 |
| Year ended 12/31/21 | 11.37 | 0.34 | 0.51 | 0.85 | (0.38)<br>| 11.84 | 7.56 | 458085 | 0.25 | 0.42 | 2.90 | 16 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 10.56 | 0.37 | 0.73 | 1.10 | (0.39)<br>| 11.27 | 10.68 | 7410 | 1.19 | 1.19 | 3.45 | 5 |
| Year ended 12/31/24 | 10.40 | 0.36 | 0.16 | 0.52 | (0.36)<br>| 10.56 | 5.04 | 11754 | 1.22 | 1.22 | 3.38 | 86 |
| Year ended 12/31/23 | 10.11 | 0.37 | 0.27 | 0.64 | (0.35)<br>| 10.40 | 6.43 | 20704 | 1.18 | 1.18 | 3.66 | 41 |
| Year ended 12/31/22 | 11.85 | 0.27 | (1.73)<br>| (1.46)<br>| (0.28)<br>| 10.11 | (12.43)<br>| 29588 | 1.12 | 1.18 | 2.50 | 30 |
| Year ended 12/31/21 | 11.38 | 0.25 | 0.51 | 0.76 | (0.29)<br>| 11.85 | 6.76 | 46368 | 1.00 | 1.17 | 2.15 | 16 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 12/31/25 | 10.55 | 0.43 | 0.74 | 1.17 | (0.45)<br>| 11.27 | 11.34 | 4831 | 0.69 | 0.69 | 3.95 | 5 |
| Year ended 12/31/24 | 10.39 | 0.41 | 0.16 | 0.57 | (0.41)<br>| 10.55 | 5.57 | 4577 | 0.72 | 0.72 | 3.88 | 86 |
| Year ended 12/31/23 | 10.11 | 0.42 | 0.26 | 0.68 | (0.40)<br>| 10.39 | 6.86 | 3693 | 0.68 | 0.68 | 4.16 | 41 |
| Year ended 12/31/22 | 11.84 | 0.32 | (1.72)<br>| (1.40)<br>| (0.33)<br>| 10.11 | (11.91)<br>| 3470 | 0.62 | 0.68 | 3.00 | 30 |
| Year ended 12/31/21 | 11.38 | 0.31 | 0.50 | 0.81 | (0.35)<br>| 11.84 | 7.20 | 5115 | 0.50 | 0.67 | 2.65 | 16 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 10.54 | 0.48 | 0.74 | 1.22 | (0.50)<br>| 11.26 | 11.91 | 15175 | 0.19 | 0.19 | 4.45 | 5 |
| Year ended 12/31/24 | 10.38 | 0.46 | 0.16 | 0.62 | (0.46)<br>| 10.54 | 6.11 | 16094 | 0.22 | 0.22 | 4.38 | 86 |
| Year ended 12/31/23 | 10.10 | 0.47 | 0.26 | 0.73 | (0.45)<br>| 10.38 | 7.41 | 20642 | 0.18 | 0.18 | 4.66 | 41 |
| Year ended 12/31/22 | 11.83 | 0.38 | (1.73)<br>| (1.35)<br>| (0.38)<br>| 10.10 | (11.48)<br>| 28227 | 0.12 | 0.18 | 3.50 | 30 |
| Year ended 12/31/21 | 11.37 | 0.37 | 0.50 | 0.87 | (0.41)<br>| 11.83 | 7.74 | 48311 | 0.00 | 0.17 | 3.15 | 16 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 10.54 | 0.49 | 0.74 | 1.23 | (0.51)<br>| 11.26 | 11.95 | 285 | 0.14 | 0.14 | 4.50 | 5 |
| Year ended 12/31/24 | 10.38 | 0.46 | 0.16 | 0.62 | (0.46)<br>| 10.54 | 6.14 | 69 | 0.18 | 0.18 | 4.42 | 86 |
| Year ended 12/31/23 | 10.09 | 0.48 | 0.26 | 0.74 | (0.45)<br>| 10.38 | 7.53 | 65 | 0.16 | 0.16 | 4.68 | 41 |
| Year ended 12/31/22 | 11.83 | 0.38 | (1.73)<br>| (1.35)<br>| (0.39)<br>| 10.09 | (11.55)<br>| 93 | 0.11 | 0.16 | 3.51 | 30 |
| Year ended 12/31/21 | 11.37 | 0.37 | 0.50 | 0.87 | (0.41)<br>| 11.83 | 7.74 | 136 | 0.00 | 0.16 | 3.15 | 16 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 10.53 | 0.49 | 0.73 | 1.22 | (0.51)<br>| 11.24 | 11.92 | 81 | 0.10 | 0.10 | 4.54 | 5 |
| Year ended 12/31/24 | 10.38 | 0.47 | 0.15 | 0.62 | (0.47)<br>| 10.53 | 6.14 | 48 | 0.09 | 0.09 | 4.51 | 86 |
| Year ended 12/31/23 | 10.09 | 0.49 | 0.26 | 0.75 | (0.46)<br>| 10.38 | 7.60 | 9 | 0.10 | 0.10 | 4.74 | 41 |
| Year ended 12/31/22 | 11.83 | 0.38 | (1.73)<br>| (1.35)<br>| (0.39)<br>| 10.09 | (11.51)<br>| 337 | 0.06 | 0.09 | 3.56 | 30 |
| Year ended 12/31/21 | 11.36 | 0.37 | 0.51 | 0.88 | (0.41)<br>| 11.83 | 7.83 | 139 | 0.00 | 0.12 | 3.15 | 16 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund's total return. Estimated acquired fund fees from underlying funds were 0.38%, 0.45%, 0.46%, 0.45% and 0.45% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

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

**7**

**Invesco Income Allocation Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

The Fund's investment objective is current income and, secondarily, growth of capital.

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

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

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

**8**

**Invesco Income Allocation Fund**

------

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

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

**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 the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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 within the Financial Highlights.

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

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**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

**9**

**Invesco Income Allocation Fund**

------

collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated underlying funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $13,976 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated underlying funds* on the Statement of Operations.

**J.** **Other Risks** - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers' securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF's shares may be halted if the listing exchange's officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., 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 agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary 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. As a result, the total annual fund operating expenses after expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary 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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended December 31, 2025, 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 Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $29,686 in front-end sales commissions from the sale of Class A shares and $4,453 and $169 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

**10**

**Invesco Income Allocation Fund**

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

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp; $322431211 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $322431211 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1581138 | &nbsp;&nbsp;&nbsp;&nbsp; 2660865 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4242003 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $324012349 | &nbsp;&nbsp;&nbsp;&nbsp; $2660865 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $326673214 |

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**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $3,900.

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $14161981 | &nbsp;&nbsp;&nbsp;&nbsp; $14451344 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $932413 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 27079802 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (31207)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (39946108)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 335810454 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $323845354 |

---

**11**

**Invesco Income Allocation Fund**

------

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

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

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

The Fund has a capital loss carryforward as of December 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $4854182 | &nbsp;&nbsp;&nbsp;&nbsp; $35091926 | &nbsp;&nbsp;&nbsp;&nbsp; $39946108 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $16,307,743 and $46,721,455, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $27387339 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (307537)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $27079802 |

---

Cost of investments for tax purposes is $299,593,412.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of distributions, on December 31, 2025, undistributed net investment income was increased by $162,221 and undistributed net realized gain (loss) was decreased by $162,221. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2345023 | &nbsp;&nbsp;&nbsp; $25434431 | &nbsp;&nbsp;&nbsp; 2335386 | &nbsp;&nbsp;&nbsp; $24590572 |
| Class C | &nbsp;&nbsp;&nbsp; 55677 | &nbsp;&nbsp;&nbsp; 602763 | &nbsp;&nbsp;&nbsp; 69540 | &nbsp;&nbsp;&nbsp; 727251 |
| Class R | &nbsp;&nbsp;&nbsp; 87354 | &nbsp;&nbsp;&nbsp; 939364 | &nbsp;&nbsp;&nbsp; 107515 | &nbsp;&nbsp;&nbsp; 1123657 |
| Class Y | &nbsp;&nbsp;&nbsp; 460398 | &nbsp;&nbsp;&nbsp; 4982229 | &nbsp;&nbsp;&nbsp; 711579 | &nbsp;&nbsp;&nbsp; 7376542 |
| Class R5 | &nbsp;&nbsp;&nbsp; 19066 | &nbsp;&nbsp;&nbsp; 212750 | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 1196 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2445 | &nbsp;&nbsp;&nbsp; 26664 | &nbsp;&nbsp;&nbsp; 8274 | &nbsp;&nbsp;&nbsp; 87471 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 991001 | &nbsp;&nbsp;&nbsp; 10700873 | &nbsp;&nbsp;&nbsp; 1025283 | &nbsp;&nbsp;&nbsp; 10741679 |
| Class C | &nbsp;&nbsp;&nbsp; 27316 | &nbsp;&nbsp;&nbsp; 294641 | &nbsp;&nbsp;&nbsp; 44074 | &nbsp;&nbsp;&nbsp; 461710 |
| Class R | &nbsp;&nbsp;&nbsp; 18052 | &nbsp;&nbsp;&nbsp; 195149 | &nbsp;&nbsp;&nbsp; 15402 | &nbsp;&nbsp;&nbsp; 161705 |
| Class Y | &nbsp;&nbsp;&nbsp; 50286 | &nbsp;&nbsp;&nbsp; 543047 | &nbsp;&nbsp;&nbsp; 55809 | &nbsp;&nbsp;&nbsp; 584606 |
| Class R5 | &nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp; 5967 | &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 2449 |
| Class R6 | &nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp; 2389 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 612 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 312953 | &nbsp;&nbsp;&nbsp; 3391340 | &nbsp;&nbsp;&nbsp; 534546 | &nbsp;&nbsp;&nbsp; 5581918 |
| Class C | &nbsp;&nbsp;&nbsp; (312560)<br>| &nbsp;&nbsp;&nbsp; (3391340)<br>| &nbsp;&nbsp;&nbsp; (533922)<br>| &nbsp;&nbsp;&nbsp; (5581918)<br>|

---

**12**

**Invesco Income Allocation Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (5855907)<br>| &nbsp;&nbsp;&nbsp; $(63354665)<br>| &nbsp;&nbsp;&nbsp; (7802301)<br>| &nbsp;&nbsp;&nbsp; $(81551736)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (226730)<br>| &nbsp;&nbsp;&nbsp; (2461359)<br>| &nbsp;&nbsp;&nbsp; (457647)<br>| &nbsp;&nbsp;&nbsp; (4846075)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (110479)<br>| &nbsp;&nbsp;&nbsp; (1189830)<br>| &nbsp;&nbsp;&nbsp; (44544)<br>| &nbsp;&nbsp;&nbsp; (468080)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (689478)<br>| &nbsp;&nbsp;&nbsp; (7346783)<br>| &nbsp;&nbsp;&nbsp; (1229101)<br>| &nbsp;&nbsp;&nbsp; (12958547)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (918)<br>| &nbsp;&nbsp;&nbsp; (10199)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (351)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; (292)<br>| &nbsp;&nbsp;&nbsp; (4635)<br>| &nbsp;&nbsp;&nbsp; (49133)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2825763)<br>| &nbsp;&nbsp;&nbsp; $(30422861)<br>| &nbsp;&nbsp;&nbsp; (5164370)<br>| &nbsp;&nbsp;&nbsp; $(54014472)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 55% 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.

**13**

**Invesco Income Allocation Fund**

------

**Report of Independent Registered Public Accounting Firm** 

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

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Income Allocation Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**14**

**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 advisers.

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 13.50% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 8.83% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 8.77% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 56.00% |

---

\*

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

**15**

**Invesco Income Allocation Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco Income Allocation Fund**

------

![](imgebaaa4881.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

INCAL-NCSR

------

![](img1fac9ec31.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco International Diversified Fund**

Nasdaq:

A: OIDAX ■ C: OIDCX ■ R: OIDNX ■ Y: OIDYX ■ R5: INDFX ■ R6: OIDIX

------

---

| | |
|:---|:---|
| [2](#xx_38fe9e8e-0063-4632-8338-1cbdd113a5cd_SOI-Continued-702_1) | Schedule of Investments |
| [3](#xx_38fe9e8e-0063-4632-8338-1cbdd113a5cd_FS-Continued-702_1) | Financial Statements |
| [6](#xx_38fe9e8e-0063-4632-8338-1cbdd113a5cd_FS-Continued-702_4) | Financial Highlights |
| [7](#xx_38fe9e8e-0063-4632-8338-1cbdd113a5cd_NTF-Continued-702_1) | Notes to Financial Statements |
| [12](#xx_38fe9e8e-0063-4632-8338-1cbdd113a5cd_ARS-Continued-702_1) | Report of Independent Registered Public Accounting Firm |
| [13](#xx_38fe9e8e-0063-4632-8338-1cbdd113a5cd_TI-Continued-702_1) | Tax Information |
| [14](#xx_38fe9e8e-0063-4632-8338-1cbdd113a5cd_OIRSR-Continued-702_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*December 31, 2025* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco International Diversified Fund** | **Invesco International Diversified Fund** | **Invesco International Diversified Fund** | **Invesco International Diversified Fund** | **Invesco International Diversified Fund** | **Invesco International Diversified Fund** | **Invesco International Diversified Fund** | **Invesco International Diversified Fund** | **Invesco International Diversified Fund** | **Invesco International Diversified Fund** |
| **Schedule of Investments in Affiliated Issuers–99.78%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.78%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.78%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.78%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.78%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.78%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.78%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.78%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.78%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.78%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**12/31/25**<br>| **Value** <br>**12/31/24**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Dividend** <br>**Income**<br>| **Shares** <br>**12/31/25**<br>| **Value** <br>**12/31/25**<br>|
| **International and Global Equity Funds–99.78%** | **International and Global Equity Funds–99.78%** | **International and Global Equity Funds–99.78%** | **International and Global Equity Funds–99.78%** | **International and Global Equity Funds–99.78%** | **International and Global Equity Funds–99.78%** | **International and Global Equity Funds–99.78%** | **International and Global Equity Funds–99.78%** | **International and Global Equity Funds–99.78%** | **International and Global Equity Funds–99.78%** |
| Invesco Developing Markets Fund, <br> Class R6<br>| 19.47<br> %<br>| $310928502 | $93922025 | $(120370310)<br>| $(31621701)<br>| $105246309 | $2555920 | 8053484 | $273576845 |
| Invesco EQV International Equity Fund, <br> Class R6<br>| 9.52<br> %<br>| 390460273 | 25336062 | (309836925)<br>| (42984812)<br>| 89050865 | 3123354 | 6175983 | 133771797 |
| Invesco International Growth Focus ETF | 10.05<br> %<br>|  | 146656575 | (9924933)<br>| 4428820 | 915412 | 124663 | 5389677 | 141228401 |
| Invesco International Growth Fund, <br> Class R6<sup>(b)</sup> <br>| 9.52<br> %<br>| 387663252 | 43979939 | (304806525)<br>| (73893500)<br>| 123385688 | 1220485 | 5292760 | 133695119 |
| Invesco International Small-Mid Company <br> Fund, Class R6<br>| 14.24<br> %<br>| 468831444 | 40560111 | (346445195)<br>| (93478866)<br>| 163220386 | 3944482 | 5676060 | 200081115 |
| Invesco International Value Fund, Class R6 | 36.98<br> %<br>|  | 602189410 | (38943529)<br>| (40879959)<br>| 65241981 | 13145762 | 15735713 | 519593236 |
| TOTAL INVESTMENTS IN AFFILIATED <br> ISSUERS (Cost $1,211,472,454) <br>| 99.78<br> %<br>| $1557883471 | $952644122 | $(1130327417)<br>| $(278430018)<br>| $547060641 <br><sup>(c)</sup><br>| $24114666 |  | $1401946513 |
| OTHER ASSETS LESS LIABILITIES | 0.22<br> %<br>|  |  |  |  |  |  |  | 3083883 |
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $1405030396 |

---

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Effective August 22, 2025, the underlying fund's name changed.

<sup>(c)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Developing Markets Fund | $84527980 |
| Invesco EQV International Equity Fund | 18253666 |
| Invesco International Growth Focus ETF | 847473 |
| Invesco International Growth Fund | 42633735 |
| Invesco International Small-Mid Company Fund | 32606765 |
| Invesco International Value Fund | 68014667 |

---

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

**2**

**Invesco International Diversified Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $1,211,472,454)<br>| &nbsp;&nbsp; $1401946513 |
| Receivable for: |  |
| Investments sold - affiliated underlying funds | &nbsp;&nbsp; 15901342 |
| Fund shares sold | &nbsp;&nbsp; 711652 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 168880 |
| Other assets | &nbsp;&nbsp; 41071 |
| Total assets | &nbsp;&nbsp; 1418769458 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 10154414 |
| Amount due custodian | &nbsp;&nbsp; 2717335 |
| Accrued fees to affiliates | &nbsp;&nbsp; 613767 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 13504 |
| Accrued other operating expenses | &nbsp;&nbsp; 61803 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 178239 |
| Total liabilities | &nbsp;&nbsp; 13739062 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1405030396 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1033892479 |
| Distributable earnings | &nbsp;&nbsp; 371137917 |
|  | &nbsp;&nbsp; $1405030396 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $726599024 |
| Class C | &nbsp;&nbsp; $38650760 |
| Class R | &nbsp;&nbsp; $112069326 |
| Class Y | &nbsp;&nbsp; $374981515 |
| Class R5 | &nbsp;&nbsp; $6539 |
| Class R6 | &nbsp;&nbsp; $152723232 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 54615233 |
| Class C | &nbsp;&nbsp; 3242533 |
| Class R | &nbsp;&nbsp; 8764585 |
| Class Y | &nbsp;&nbsp; 27481479 |
| Class R5 | &nbsp;&nbsp; 488 |
| Class R6 | &nbsp;&nbsp; 11098110 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $13.30 |
| Maximum offering price per share <br>(Net asset value of $13.30 ÷ 94.50%)<br>| &nbsp;&nbsp; $14.07 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.92 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $12.79 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $13.64 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $13.40 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $13.76 |

---

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

**3**

**Invesco International Diversified Fund**

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds | &nbsp;&nbsp; $24114666 |
| **Expenses:** |  |
| Custodian fees | &nbsp;&nbsp; 1625 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1785898 |
| Class C | &nbsp;&nbsp; 433477 |
| Class R | &nbsp;&nbsp; 536664 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1854137 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 26 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 49331 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 25742 |
| Registration and filing fees | &nbsp;&nbsp; 101207 |
| Reports to shareholders | &nbsp;&nbsp; 162450 |
| Professional services fees | &nbsp;&nbsp; 63197 |
| Other | &nbsp;&nbsp; 30109 |
| Total expenses | &nbsp;&nbsp; 5043863 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (57450)<br>|
| Net expenses | &nbsp;&nbsp; 4986413 |
| Net investment income | &nbsp;&nbsp; 19128253 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 300176355 |
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 246884286 |
|  | &nbsp;&nbsp; 547060641 |
| Change in net unrealized appreciation (depreciation) of affiliated underlying fund shares | &nbsp;&nbsp; (278430018)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 268630623 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $287758876 |

---

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

**4**

**Invesco International Diversified Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $19128253 | &nbsp;&nbsp; $18040473 |
| Net realized gain | &nbsp;&nbsp; 547060641 | &nbsp;&nbsp; 182518389 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (278430018)<br>| &nbsp;&nbsp; (232714831)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 287758876 | &nbsp;&nbsp; (32155969)<br>|
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (196322050)<br>| &nbsp;&nbsp; (33277647)<br>|
| Class C | &nbsp;&nbsp; (11476978)<br>| &nbsp;&nbsp; (1861674)<br>|
| Class R | &nbsp;&nbsp; (30430563)<br>| &nbsp;&nbsp; (4575352)<br>|
| Class Y | &nbsp;&nbsp; (108331617)<br>| &nbsp;&nbsp; (26908504)<br>|
| Class R5 | &nbsp;&nbsp; (2325)<br>| &nbsp;&nbsp; (1683)<br>|
| Class R6 | &nbsp;&nbsp; (40038445)<br>| &nbsp;&nbsp; (10741695)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (386601978)<br>| &nbsp;&nbsp; (77366555)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 80457338 | &nbsp;&nbsp; (92386922)<br>|
| Class C | &nbsp;&nbsp; (5384107)<br>| &nbsp;&nbsp; (19389878)<br>|
| Class R | &nbsp;&nbsp; 18242952 | &nbsp;&nbsp; (14861631)<br>|
| Class Y | &nbsp;&nbsp; (118043143)<br>| &nbsp;&nbsp; (246778070)<br>|
| Class R5 | &nbsp;&nbsp; (27250)<br>| &nbsp;&nbsp; 1268 |
| Class R6 | &nbsp;&nbsp; (37622081)<br>| &nbsp;&nbsp; (73717241)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (62376291)<br>| &nbsp;&nbsp; (447132474)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (161219393)<br>| &nbsp;&nbsp; (556654998)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1566249789 | &nbsp;&nbsp; 2122904787 |
| End of year | &nbsp;&nbsp; $1405030396 | &nbsp;&nbsp; $1566249789 |

---

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

**5**

**Invesco International Diversified Fund**

------

**Financial Highlights**

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

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<sup>(c)</sup> <br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(d)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $14.98 | $0.20 | $2.89 | $3.09 | $(0.25)<br>| $(4.52)<br>| $(4.77)<br>| $13.30 | 21.06<br> %<br>| &nbsp;&nbsp; $726599 | 0.42<br> %<br>| 0.42<br> %<br>| 1.18<br> %<br>| 64<br> %<br>|
| Year ended 12/31/24 | 16.12 | 0.14 | (0.55)<br>| (0.41)<br>| (0.21)<br>| (0.52)<br>| (0.73)<br>| 14.98 | (2.53)<br>| &nbsp;&nbsp; 704088 | 0.45 | 0.45 | 0.85 | 8 |
| Year ended 12/31/23 | 14.02 | 0.13 | 2.03 | 2.16 | (0.06)<br>|  | (0.06)<br>| 16.12 | 15.43 | &nbsp;&nbsp; 846831 | 0.42 | 0.42 | 0.84 | 7 |
| Year ended 12/31/22 | 21.53 | 0.05 | (5.49)<br>| (5.44)<br>| (0.06)<br>| (2.01)<br>| (2.07)<br>| 14.02 | (25.32)<br>| &nbsp;&nbsp; 838141 | 0.44 | 0.44 | 0.26 | 15 |
| Year ended 12/31/21 | 22.41 | 0.06 | 0.77 | 0.83 | (0.11)<br>| (1.60)<br>| (1.71)<br>| 21.53 | 3.89 | &nbsp;&nbsp; 1337605 | 0.42 | 0.42 | 0.26 | 20 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 13.94 | 0.07 | 2.68 | 2.75 | (0.25)<br>| (4.52)<br>| (4.77)<br>| 11.92 | 20.19 | &nbsp;&nbsp; 38651 | 1.17 | 1.17 | 0.43 | 64 |
| Year ended 12/31/24 | 14.98 | 0.02 | (0.51)<br>| (0.49)<br>| (0.03)<br>| (0.52)<br>| (0.55)<br>| 13.94 | (3.27)<br>| &nbsp;&nbsp; 47509 | 1.20 | 1.20 | 0.10 | 8 |
| Year ended 12/31/23 | 13.13 | 0.01 | 1.90 | 1.91 | (0.06)<br>|  | (0.06)<br>| 14.98 | 14.57 | &nbsp;&nbsp; 70156 | 1.17 | 1.17 | 0.09 | 7 |
| Year ended 12/31/22 | 20.49 | (0.08)<br>| (5.21)<br>| (5.29)<br>| (0.06)<br>| (2.01)<br>| (2.07)<br>| 13.13 | (25.88)<br>| &nbsp;&nbsp; 82628 | 1.19 | 1.19 | (0.49)<br>| 15 |
| Year ended 12/31/21 | 21.46 | (0.11)<br>| 0.74 | 0.63 |  | (1.60)<br>| (1.60)<br>| 20.49 | 3.11 | &nbsp;&nbsp; 164886 | 1.17 | 1.17 | (0.49)<br>| 20 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 12/31/25 | 14.58 | 0.15 | 2.83 | 2.98 | (0.25)<br>| (4.52)<br>| (4.77)<br>| 12.79 | 20.90 | &nbsp;&nbsp; 112069 | 0.67 | 0.67 | 0.93 | 64 |
| Year ended 12/31/24 | 15.69 | 0.10 | (0.54)<br>| (0.44)<br>| (0.15)<br>| (0.52)<br>| (0.67)<br>| 14.58 | (2.83)<br>| &nbsp;&nbsp; 103960 | 0.70 | 0.70 | 0.60 | 8 |
| Year ended 12/31/23 | 13.68 | 0.09 | 1.98 | 2.07 | (0.06)<br>|  | (0.06)<br>| 15.69 | 15.15 | &nbsp;&nbsp; 126234 | 0.67 | 0.67 | 0.59 | 7 |
| Year ended 12/31/22 | 21.13 | 0.00 | (5.38)<br>| (5.38)<br>| (0.06)<br>| (2.01)<br>| (2.07)<br>| 13.68 | (25.52)<br>| &nbsp;&nbsp; 123943 | 0.69 | 0.69 | 0.01 | 15 |
| Year ended 12/31/21 | 22.02 | 0.00 | 0.76 | 0.76 | (0.05)<br>| (1.60)<br>| (1.65)<br>| 21.13 | 3.62 | &nbsp;&nbsp; 179362 | 0.67 | 0.67 | 0.01 | 20 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 15.22 | 0.24 | 2.95 | 3.19 | (0.25)<br>| (4.52)<br>| (4.77)<br>| 13.64 | 21.37 | &nbsp;&nbsp; 374982 | 0.17 | 0.17 | 1.43 | 64 |
| Year ended 12/31/24 | 16.43 | 0.18 | (0.56)<br>| (0.38)<br>| (0.31)<br>| (0.52)<br>| (0.83)<br>| 15.22 | (2.35)<br>| &nbsp;&nbsp; 513958 | 0.20 | 0.20 | 1.10 | 8 |
| Year ended 12/31/23 | 14.25 | 0.17 | 2.07 | 2.24 | (0.06)<br>|  | (0.06)<br>| 16.43 | 15.74 | &nbsp;&nbsp; 795604 | 0.17 | 0.17 | 1.09 | 7 |
| Year ended 12/31/22 | 21.83 | 0.09 | (5.57)<br>| (5.48)<br>| (0.09)<br>| (2.01)<br>| (2.10)<br>| 14.25 | (25.15)<br>| &nbsp;&nbsp; 871554 | 0.19 | 0.19 | 0.51 | 15 |
| Year ended 12/31/21 | 22.71 | 0.12 | 0.78 | 0.90 | (0.18)<br>| (1.60)<br>| (1.78)<br>| 21.83 | 4.17 | &nbsp;&nbsp; 1823128 | 0.17 | 0.17 | 0.51 | 20 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 15.03 | 0.24 | 2.90 | 3.14 | (0.25)<br>| (4.52)<br>| (4.77)<br>| 13.40 | 21.27 | &nbsp;&nbsp; 7 | 0.13 | 0.13 | 1.47 | 64 |
| Year ended 12/31/24 | 16.25 | 0.19 | (0.56)<br>| (0.37)<br>| (0.33)<br>| (0.52)<br>| (0.85)<br>| 15.03 | (2.31)<br>| &nbsp;&nbsp; 31 | 0.13 | 0.13 | 1.17 | 8 |
| Year ended 12/31/23 | 14.08 | 0.17 | 2.06 | 2.23 | (0.06)<br>|  | (0.06)<br>| 16.25 | 15.86 | &nbsp;&nbsp; 32 | 0.12 | 0.12 | 1.14 | 7 |
| Year ended 12/31/22 | 21.61 | 0.10 | (5.51)<br>| (5.41)<br>| (0.11)<br>| (2.01)<br>| (2.12)<br>| 14.08 | (25.09)<br>| &nbsp;&nbsp; 28 | 0.10 | 0.10 | 0.60 | 15 |
| Year ended 12/31/21 | 22.50 | 0.15 | 0.78 | 0.93 | (0.22)<br>| (1.60)<br>| (1.82)<br>| 21.61 | 4.32 | &nbsp;&nbsp; 73 | 0.07 | 0.07 | 0.61 | 20 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 15.30 | 0.26 | 2.97 | 3.23 | (0.25)<br>| (4.52)<br>| (4.77)<br>| 13.76 | 21.54 | &nbsp;&nbsp; 152723 | 0.06 | 0.06 | 1.54 | 64 |
| Year ended 12/31/24 | 16.54 | 0.21 | (0.57)<br>| (0.36)<br>| (0.36)<br>| (0.52)<br>| (0.88)<br>| 15.30 | (2.21)<br>| &nbsp;&nbsp; 196705 | 0.06 | 0.06 | 1.24 | 8 |
| Year ended 12/31/23 | 14.33 | 0.19 | 2.08 | 2.27 | (0.06)<br>|  | (0.06)<br>| 16.54 | 15.86 | &nbsp;&nbsp; 284047 | 0.05 | 0.05 | 1.21 | 7 |
| Year ended 12/31/22 | 21.94 | 0.11 | (5.58)<br>| (5.47)<br>| (0.13)<br>| (2.01)<br>| (2.14)<br>| 14.33 | (25.02)<br>| &nbsp;&nbsp; 428285 | 0.04 | 0.04 | 0.66 | 15 |
| Year ended 12/31/21 | 22.82 | 0.16 | 0.78 | 0.94 | (0.22)<br>| (1.60)<br>| (1.82)<br>| 21.94 | 4.31 | &nbsp;&nbsp; 812719 | 0.03 | 0.03 | 0.65 | 20 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund's total return. Estimated acquired fund fees from underlying funds were 0.87%, 0.87%, 0.87%, 0.83% and 0.82% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

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

**6**

**Invesco International Diversified Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

The Fund's investment objective is to seek capital appreciation.

The Fund is a "fund of funds", in that it invests in other mutual funds ("underlying funds") advised by Invesco Advisers, Inc. (the "Adviser" or "Invesco"). The Adviser may change the Fund's asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund's accounting policies are outlined in the underlying fund's financial statements and are publicly available.

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

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask 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.

**7**

**Invesco International Diversified Fund**

------

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

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

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

**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 the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

**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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the period.

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

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

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Other Risks** - Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or

**8**

**Invesco International Diversified Fund**

------

social instability, changes in economic or taxation policies or other adverse political or economic developments (in which an underlying Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent an underlying Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact an underlying Fund's returns, unless an underlying Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which an underlying Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent an underlying Fund invests in emerging markets, 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.

An underlying Fund may from time to time have a substantial amount of its assets invested 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.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.

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

The Adviser has agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund's average daily net assets (the "boundary 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. As a result, the total annual fund operating expenses after expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary 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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended December 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $55,075 in front-end sales commissions from the sale of Class A shares and $734 and $1,245 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

**9**

**Invesco International Diversified Fund**

------

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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of December 31, 2025, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 4—Expense Offset Arrangement(s)**

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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $57,450.

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $20654900 | &nbsp;&nbsp;&nbsp;&nbsp; $25021270 |
| Long-term capital gain | &nbsp;&nbsp; 365947078 | &nbsp;&nbsp;&nbsp;&nbsp; 52345285 |
| Total distributions | &nbsp;&nbsp; $386601978 | &nbsp;&nbsp;&nbsp;&nbsp; $77366555 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $25362284 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 236337653 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 138283342 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (156858)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (28688504)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1033892479 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1405030396 |

---

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

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

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

**10**

**Invesco International Diversified Fund**

------

The Fund has a capital loss carryforward as of December 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $383695 | &nbsp;&nbsp;&nbsp;&nbsp; $28304809 | &nbsp;&nbsp;&nbsp;&nbsp; $28688504 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $952,644,122 and $1,130,327,417, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $179163302 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (40879960)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $138283342 |

---

Cost of investments for tax purposes is $1,263,663,171.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization and distributions, on December 31, 2025, undistributed net investment income was increased by $5,876,441, undistributed net realized gain was decreased by $38,382,441 and shares of beneficial interest was increased by $32,506,000. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2594986 | &nbsp;&nbsp;&nbsp; $42163325 | &nbsp;&nbsp;&nbsp; 2535038 | &nbsp;&nbsp;&nbsp; $41189501 |
| Class C | &nbsp;&nbsp;&nbsp; 288306 | &nbsp;&nbsp;&nbsp; 4357968 | &nbsp;&nbsp;&nbsp; 314679 | &nbsp;&nbsp;&nbsp; 4749942 |
| Class R | &nbsp;&nbsp;&nbsp; 923450 | &nbsp;&nbsp;&nbsp; 14563836 | &nbsp;&nbsp;&nbsp; 886405 | &nbsp;&nbsp;&nbsp; 14016424 |
| Class Y | &nbsp;&nbsp;&nbsp; 3421316 | &nbsp;&nbsp;&nbsp; 54692171 | &nbsp;&nbsp;&nbsp; 4364363 | &nbsp;&nbsp;&nbsp; 72036733 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2020882 | &nbsp;&nbsp;&nbsp; 33244438 | &nbsp;&nbsp;&nbsp; 2675334 | &nbsp;&nbsp;&nbsp; 44501278 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 13868037 | &nbsp;&nbsp;&nbsp; 181809944 | &nbsp;&nbsp;&nbsp; 2055318 | &nbsp;&nbsp;&nbsp; 30973646 |
| Class C | &nbsp;&nbsp;&nbsp; 951607 | &nbsp;&nbsp;&nbsp; 11181379 | &nbsp;&nbsp;&nbsp; 127656 | &nbsp;&nbsp;&nbsp; 1791011 |
| Class R | &nbsp;&nbsp;&nbsp; 2406578 | &nbsp;&nbsp;&nbsp; 30322886 | &nbsp;&nbsp;&nbsp; 311184 | &nbsp;&nbsp;&nbsp; 4568180 |
| Class Y | &nbsp;&nbsp;&nbsp; 6005434 | &nbsp;&nbsp;&nbsp; 80773090 | &nbsp;&nbsp;&nbsp; 1424771 | &nbsp;&nbsp;&nbsp; 21813237 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 1268 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2775530 | &nbsp;&nbsp;&nbsp; 37636183 | &nbsp;&nbsp;&nbsp; 685801 | &nbsp;&nbsp;&nbsp; 10554471 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 650884 | &nbsp;&nbsp;&nbsp; 10479130 | &nbsp;&nbsp;&nbsp; 661177 | &nbsp;&nbsp;&nbsp; 10781306 |
| Class C | &nbsp;&nbsp;&nbsp; (704723)<br>| &nbsp;&nbsp;&nbsp; (10479130)<br>| &nbsp;&nbsp;&nbsp; (713855)<br>| &nbsp;&nbsp;&nbsp; (10781306)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9516187)<br>| &nbsp;&nbsp;&nbsp; (153995061)<br>| &nbsp;&nbsp;&nbsp; (10754954)<br>| &nbsp;&nbsp;&nbsp; (175331375)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (701519)<br>| &nbsp;&nbsp;&nbsp; (10444324)<br>| &nbsp;&nbsp;&nbsp; (1001640)<br>| &nbsp;&nbsp;&nbsp; (15149525)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1693494)<br>| &nbsp;&nbsp;&nbsp; (26643770)<br>| &nbsp;&nbsp;&nbsp; (2112641)<br>| &nbsp;&nbsp;&nbsp; (33446235)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (15718707)<br>| &nbsp;&nbsp;&nbsp; (253508404)<br>| &nbsp;&nbsp;&nbsp; (20448821)<br>| &nbsp;&nbsp;&nbsp; (340628040)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (1574)<br>| &nbsp;&nbsp;&nbsp; (27250)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; (6556039)<br>| &nbsp;&nbsp;&nbsp; (108502702)<br>| &nbsp;&nbsp;&nbsp; (7678861)<br>| &nbsp;&nbsp;&nbsp; (128772990)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 1014767 | &nbsp;&nbsp;&nbsp; $(62376291)<br>| &nbsp;&nbsp;&nbsp; (26668962)<br>| &nbsp;&nbsp;&nbsp; $(447132474)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**11**

**Invesco International Diversified Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco International Diversified Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco International Diversified Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**12**

**Invesco International Diversified Fund**

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**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $398453078 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 87.22% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 1.47% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $192545 |

---

**13**

**Invesco International Diversified Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**14**

**Invesco International Diversified Fund**

------

![](img1fac9ec31.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-IDIV-NCSR

------

![](imgd2cce7171.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

Nasdaq:

A: OPMSX ■ C: OPMCX ■ R: OPMNX ■ Y: OPMYX ■ R5: MSMJX ■ R6: OPMIX

------

---

| | |
|:---|:---|
| [2](#xx_b9394ed7-e7fd-44d0-900b-cc3b53bd507f_SOI-Continued-703_1) | Schedule of Investments |
| [5](#xx_b9394ed7-e7fd-44d0-900b-cc3b53bd507f_FS-Continued-703_1) | Financial Statements |
| [8](#xx_b9394ed7-e7fd-44d0-900b-cc3b53bd507f_FS-Continued-703_4) | Financial Highlights |
| [9](#xx_b9394ed7-e7fd-44d0-900b-cc3b53bd507f_NTF-Continued-703_1) | Notes to Financial Statements |
| [15](#xx_b9394ed7-e7fd-44d0-900b-cc3b53bd507f_ARS-Continued-703_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_b9394ed7-e7fd-44d0-900b-cc3b53bd507f_TI-Continued-703_1) | Tax Information |
| [17](#xx_b9394ed7-e7fd-44d0-900b-cc3b53bd507f_OIRSR-Continued-703_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.32%** | **Common Stocks & Other Equity Interests–99.32%** | **Common Stocks & Other Equity Interests–99.32%** |
| **Aerospace & Defense–5.85%** | **Aerospace & Defense–5.85%** | **Aerospace & Defense–5.85%** |
| AeroVironment, Inc.<sup>(b)(c)</sup>  | 74499 | &nbsp;&nbsp; $18020563 |
| ATI, Inc.<sup>(b)</sup>  | 277234 | &nbsp;&nbsp; 31815374 |
| Curtiss-Wright Corp. | 58550 | &nbsp;&nbsp; 32276859 |
| Howmet Aerospace, Inc. | 210673 | &nbsp;&nbsp; 43192178 |
| StandardAero, Inc.<sup>(b)(c)</sup>  | 695795 | &nbsp;&nbsp; 19955401 |
|  |  | &nbsp;&nbsp; 145260375 |
| **Agricultural & Farm Machinery–0.84%** | **Agricultural & Farm Machinery–0.84%** | **Agricultural & Farm Machinery–0.84%** |
| AGCO Corp. | 200432 | &nbsp;&nbsp; 20909066 |
| **Apparel Retail–1.16%** | **Apparel Retail–1.16%** | **Apparel Retail–1.16%** |
| Burlington Stores, Inc.<sup>(b)</sup>  | 99335 | &nbsp;&nbsp; 28692915 |
| **Application Software–3.73%** | **Application Software–3.73%** | **Application Software–3.73%** |
| Datadog, Inc., Class A<sup>(b)</sup>  | 184181 | &nbsp;&nbsp; 25046774 |
| HubSpot, Inc.<sup>(b)</sup>  | 67776 | &nbsp;&nbsp; 27198509 |
| Samsara, Inc., Class A<sup>(b)(c)</sup>  | 393087 | &nbsp;&nbsp; 13934934 |
| Unity Software, Inc.<sup>(b)</sup>  | 597569 | &nbsp;&nbsp; 26394623 |
|  |  | &nbsp;&nbsp; 92574840 |
| **Asset Management & Custody Banks–0.89%** | **Asset Management & Custody Banks–0.89%** | **Asset Management & Custody Banks–0.89%** |
| Carlyle Group, Inc. (The)<sup>(c)</sup>  | 374749 | &nbsp;&nbsp; 22151413 |
| **Automotive Parts & Equipment–0.60%** | **Automotive Parts & Equipment–0.60%** | **Automotive Parts & Equipment–0.60%** |
| Visteon Corp. | 156984 | &nbsp;&nbsp; 14929178 |
| **Automotive Retail–0.83%** | **Automotive Retail–0.83%** | **Automotive Retail–0.83%** |
| AutoNation, Inc.<sup>(b)</sup>  | 100252 | &nbsp;&nbsp; 20700033 |
| **Biotechnology–3.81%** | **Biotechnology–3.81%** | **Biotechnology–3.81%** |
| Abivax S.A., ADR (France)<sup>(b)(c)</sup>  | 113099 | &nbsp;&nbsp; 15251966 |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 955952 | &nbsp;&nbsp; 17436564 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup>  | 248747 | &nbsp;&nbsp; 19026658 |
| Ionis Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 209287 | &nbsp;&nbsp; 16556695 |
| Natera, Inc.<sup>(b)</sup>  | 114809 | &nbsp;&nbsp; 26301594 |
|  |  | &nbsp;&nbsp; 94573477 |
| **Building Products–2.67%** | **Building Products–2.67%** | **Building Products–2.67%** |
| A.O. Smith Corp. | 328851 | &nbsp;&nbsp; 21993555 |
| Johnson Controls International PLC | 194064 | &nbsp;&nbsp; 23239164 |
| Lennox International, Inc. | 43332 | &nbsp;&nbsp; 21041152 |
|  |  | &nbsp;&nbsp; 66273871 |
| **Communications Equipment–0.64%** | **Communications Equipment–0.64%** | **Communications Equipment–0.64%** |
| Motorola Solutions, Inc. | 41318 | &nbsp;&nbsp; 15838016 |
| **Construction & Engineering–0.62%** | **Construction & Engineering–0.62%** | **Construction & Engineering–0.62%** |
| WillScot Holdings Corp. | 821268 | &nbsp;&nbsp; 15464476 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.04%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.04%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.04%** |
| Allison Transmission Holdings, Inc. | 264542 | &nbsp;&nbsp; 25898662 |
| **Construction Materials–1.08%** | **Construction Materials–1.08%** | **Construction Materials–1.08%** |
| Vulcan Materials Co. | 93539 | &nbsp;&nbsp; 26679194 |
| **Consumer Staples Merchandise Retail–0.99%** | **Consumer Staples Merchandise Retail–0.99%** | **Consumer Staples Merchandise Retail–0.99%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup>  | 271611 | &nbsp;&nbsp; 24453138 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Data Center REITs–1.15%** | **Data Center REITs–1.15%** | **Data Center REITs–1.15%** |
| Digital Realty Trust, Inc. | 184867 | &nbsp;&nbsp; $28600774 |
| **Diversified Banks–1.05%** | **Diversified Banks–1.05%** | **Diversified Banks–1.05%** |
| Fifth Third Bancorp | 556135 | &nbsp;&nbsp; 26032679 |
| **Diversified Financial Services–1.28%** | **Diversified Financial Services–1.28%** | **Diversified Financial Services–1.28%** |
| Equitable Holdings, Inc. | 664281 | &nbsp;&nbsp; 31652990 |
| **Electric Utilities–1.52%** | **Electric Utilities–1.52%** | **Electric Utilities–1.52%** |
| PPL Corp. | 1075032 | &nbsp;&nbsp; 37647621 |
| **Electrical Components & Equipment–3.77%** | **Electrical Components & Equipment–3.77%** | **Electrical Components & Equipment–3.77%** |
| Hubbell, Inc. | 69136 | &nbsp;&nbsp; 30703989 |
| Rockwell Automation, Inc. | 87625 | &nbsp;&nbsp; 34092259 |
| Vertiv Holdings Co., Class A | 177325 | &nbsp;&nbsp; 28728423 |
|  |  | &nbsp;&nbsp; 93524671 |
| **Electronic Equipment & Instruments–1.19%** | **Electronic Equipment & Instruments–1.19%** | **Electronic Equipment & Instruments–1.19%** |
| Keysight Technologies, Inc.<sup>(b)</sup>  | 145820 | &nbsp;&nbsp; 29629166 |
| **Environmental & Facilities Services–1.06%** | **Environmental & Facilities Services–1.06%** | **Environmental & Facilities Services–1.06%** |
| Casella Waste Systems, Inc., Class A<sup>(b)(c)</sup>  | 269142 | &nbsp;&nbsp; 26359767 |
| **Fertilizers & Agricultural Chemicals–1.16%** | **Fertilizers & Agricultural Chemicals–1.16%** | **Fertilizers & Agricultural Chemicals–1.16%** |
| Corteva, Inc. | 429383 | &nbsp;&nbsp; 28781542 |
| **Financial Exchanges & Data–1.51%** | **Financial Exchanges & Data–1.51%** | **Financial Exchanges & Data–1.51%** |
| Bullish (Cayman Islands)<sup>(b)(c)</sup>  | 243522 | &nbsp;&nbsp; 9222178 |
| Cboe Global Markets, Inc. | 112920 | &nbsp;&nbsp; 28342920 |
|  |  | &nbsp;&nbsp; 37565098 |
| **Food Distributors–1.44%** | **Food Distributors–1.44%** | **Food Distributors–1.44%** |
| Sysco Corp. | 483317 | &nbsp;&nbsp; 35615630 |
| **Health Care Distributors–1.30%** | **Health Care Distributors–1.30%** | **Health Care Distributors–1.30%** |
| Cencora, Inc. | 95501 | &nbsp;&nbsp; 32255463 |
| **Health Care Facilities–2.05%** | **Health Care Facilities–2.05%** | **Health Care Facilities–2.05%** |
| Encompass Health Corp. | 237642 | &nbsp;&nbsp; 25223322 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 128677 | &nbsp;&nbsp; 25570693 |
|  |  | &nbsp;&nbsp; 50794015 |
| **Health Care REITs–1.43%** | **Health Care REITs–1.43%** | **Health Care REITs–1.43%** |
| American Healthcare REIT, Inc. | 754144 | &nbsp;&nbsp; 35490017 |
| **Health Care Services–1.04%** | **Health Care Services–1.04%** | **Health Care Services–1.04%** |
| Guardant Health, Inc.<sup>(b)</sup>  | 253546 | &nbsp;&nbsp; 25897188 |
| **Homebuilding–2.21%** | **Homebuilding–2.21%** | **Homebuilding–2.21%** |
| D.R. Horton, Inc. | 213619 | &nbsp;&nbsp; 30767545 |
| TopBuild Corp.<sup>(b)(c)</sup>  | 57616 | &nbsp;&nbsp; 24036819 |
|  |  | &nbsp;&nbsp; 54804364 |
| **Hotels, Resorts & Cruise Lines–2.75%** | **Hotels, Resorts & Cruise Lines–2.75%** | **Hotels, Resorts & Cruise Lines–2.75%** |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 156258 | &nbsp;&nbsp; 43583481 |
| Wyndham Hotels & Resorts, Inc. | 324869 | &nbsp;&nbsp; 24547102 |
|  |  | &nbsp;&nbsp; 68130583 |
| **Human Resource & Employment Services–0.83%** | **Human Resource & Employment Services–0.83%** | **Human Resource & Employment Services–0.83%** |
| Korn Ferry | 312887 | &nbsp;&nbsp; 20656800 |

---

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

**2**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Independent Power Producers & Energy Traders–0.97%** | **Independent Power Producers & Energy Traders–0.97%** | **Independent Power Producers & Energy Traders–0.97%** |
| Vistra Corp. | 149211 | &nbsp;&nbsp; $24072211 |
| **Industrial Machinery & Supplies & Components–3.27%** | **Industrial Machinery & Supplies & Components–3.27%** | **Industrial Machinery & Supplies & Components–3.27%** |
| ITT, Inc. | 124764 | &nbsp;&nbsp; 21647802 |
| Lincoln Electric Holdings, Inc. | 120640 | &nbsp;&nbsp; 28910169 |
| Xylem, Inc. | 225478 | &nbsp;&nbsp; 30705594 |
|  |  | &nbsp;&nbsp; 81263565 |
| **Industrial REITs–1.57%** | **Industrial REITs–1.57%** | **Industrial REITs–1.57%** |
| First Industrial Realty Trust, Inc. | 679092 | &nbsp;&nbsp; 38891599 |
| **Insurance Brokers–1.16%** | **Insurance Brokers–1.16%** | **Insurance Brokers–1.16%** |
| Arthur J. Gallagher & Co. | 111241 | &nbsp;&nbsp; 28788058 |
| **Interactive Home Entertainment–2.08%** | **Interactive Home Entertainment–2.08%** | **Interactive Home Entertainment–2.08%** |
| Electronic Arts, Inc. | 124274 | &nbsp;&nbsp; 25392907 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 102280 | &nbsp;&nbsp; 26186748 |
|  |  | &nbsp;&nbsp; 51579655 |
| **Internet Services & Infrastructure–3.06%** | **Internet Services & Infrastructure–3.06%** | **Internet Services & Infrastructure–3.06%** |
| MongoDB, Inc.<sup>(b)</sup>  | 119135 | &nbsp;&nbsp; 49999768 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 117745 | &nbsp;&nbsp; 25828543 |
|  |  | &nbsp;&nbsp; 75828311 |
| **Investment Banking & Brokerage–1.78%** | **Investment Banking & Brokerage–1.78%** | **Investment Banking & Brokerage–1.78%** |
| Raymond James Financial, Inc. | 275147 | &nbsp;&nbsp; 44185857 |
| **IT Consulting & Other Services–0.74%** | **IT Consulting & Other Services–0.74%** | **IT Consulting & Other Services–0.74%** |
| Amdocs Ltd. | 226609 | &nbsp;&nbsp; 18244291 |
| **Life Sciences Tools & Services–2.43%** | **Life Sciences Tools & Services–2.43%** | **Life Sciences Tools & Services–2.43%** |
| Lonza Group AG (Switzerland) | 28769 | &nbsp;&nbsp; 19396625 |
| Repligen Corp.<sup>(b)(c)</sup>  | 141767 | &nbsp;&nbsp; 23229941 |
| Waters Corp.<sup>(b)</sup>  | 46372 | &nbsp;&nbsp; 17613477 |
|  |  | &nbsp;&nbsp; 60240043 |
| **Metal, Glass & Plastic Containers–0.52%** | **Metal, Glass & Plastic Containers–0.52%** | **Metal, Glass & Plastic Containers–0.52%** |
| Silgan Holdings, Inc. | 321338 | &nbsp;&nbsp; 12972415 |
| **Multi-Family Residential REITs–0.88%** | **Multi-Family Residential REITs–0.88%** | **Multi-Family Residential REITs–0.88%** |
| AvalonBay Communities, Inc. | 120909 | &nbsp;&nbsp; 21922011 |
| **Multi-Utilities–2.80%** | **Multi-Utilities–2.80%** | **Multi-Utilities–2.80%** |
| Ameren Corp. | 344336 | &nbsp;&nbsp; 34385393 |
| CMS Energy Corp. | 502695 | &nbsp;&nbsp; 35153461 |
|  |  | &nbsp;&nbsp; 69538854 |
| **Oil & Gas Exploration & Production–2.45%** | **Oil & Gas Exploration & Production–2.45%** | **Oil & Gas Exploration & Production–2.45%** |
| Expand Energy Corp. | 229371 | &nbsp;&nbsp; 25313383 |
| Permian Resources Corp. | 2528288 | &nbsp;&nbsp; 35471881 |
|  |  | &nbsp;&nbsp; 60785264 |
| **Oil & Gas Refining & Marketing–0.68%** | **Oil & Gas Refining & Marketing–0.68%** | **Oil & Gas Refining & Marketing–0.68%** |
| Valero Energy Corp. | 103737 | &nbsp;&nbsp; 16887346 |
| **Oil & Gas Storage & Transportation–2.51%** | **Oil & Gas Storage & Transportation–2.51%** | **Oil & Gas Storage & Transportation–2.51%** |
| Cheniere Energy, Inc. | 164457 | &nbsp;&nbsp; 31968796 |
| Williams Cos., Inc. (The) | 503531 | &nbsp;&nbsp; 30267249 |
|  |  | &nbsp;&nbsp; 62236045 |
| **Other Specialized REITs–0.60%** | **Other Specialized REITs–0.60%** | **Other Specialized REITs–0.60%** |
| Lamar Advertising Co., Class A<sup>(c)</sup>  | 118145 | &nbsp;&nbsp; 14954794 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Other Specialty Retail–0.95%** | **Other Specialty Retail–0.95%** | **Other Specialty Retail–0.95%** | **Other Specialty Retail–0.95%** |
| Tractor Supply Co. | Tractor Supply Co. | 473550 | &nbsp;&nbsp; $23682236 |
| **Packaged Foods & Meats–0.76%** | **Packaged Foods & Meats–0.76%** | **Packaged Foods & Meats–0.76%** | **Packaged Foods & Meats–0.76%** |
| McCormick & Co., Inc. | McCormick & Co., Inc. | 276385 | &nbsp;&nbsp; 18824582 |
| **Personal Care Products–1.06%** | **Personal Care Products–1.06%** | **Personal Care Products–1.06%** | **Personal Care Products–1.06%** |
| Estee Lauder Cos., Inc. (The), Class A | Estee Lauder Cos., Inc. (The), Class A | 251722 | &nbsp;&nbsp; 26360328 |
| **Property & Casualty Insurance–2.19%** | **Property & Casualty Insurance–2.19%** | **Property & Casualty Insurance–2.19%** | **Property & Casualty Insurance–2.19%** |
| American International Group, Inc. | American International Group, Inc. | 230469 | &nbsp;&nbsp; 19716623 |
| Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) | 251331 | &nbsp;&nbsp; 34633412 |
|  |  |  | &nbsp;&nbsp; 54350035 |
| **Regional Banks–3.76%** | **Regional Banks–3.76%** | **Regional Banks–3.76%** | **Regional Banks–3.76%** |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | 429360 | &nbsp;&nbsp; 25078918 |
| M&T Bank Corp. | M&T Bank Corp. | 155080 | &nbsp;&nbsp; 31245518 |
| Wintrust Financial Corp. | Wintrust Financial Corp. | 265325 | &nbsp;&nbsp; 37097741 |
|  |  |  | &nbsp;&nbsp; 93422177 |
| **Reinsurance–0.94%** | **Reinsurance–0.94%** | **Reinsurance–0.94%** | **Reinsurance–0.94%** |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | 114541 | &nbsp;&nbsp; 23304512 |
| **Research & Consulting Services–1.04%** | **Research & Consulting Services–1.04%** | **Research & Consulting Services–1.04%** | **Research & Consulting Services–1.04%** |
| TransUnion | TransUnion | 301543 | &nbsp;&nbsp; 25857312 |
| **Restaurants–2.16%** | **Restaurants–2.16%** | **Restaurants–2.16%** | **Restaurants–2.16%** |
| Domino's Pizza, Inc. | Domino's Pizza, Inc. | 50935 | &nbsp;&nbsp; 21230726 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | 214235 | &nbsp;&nbsp; 32409471 |
|  |  |  | &nbsp;&nbsp; 53640197 |
| **Retail REITs–1.32%** | **Retail REITs–1.32%** | **Retail REITs–1.32%** | **Retail REITs–1.32%** |
| Brixmor Property Group, Inc. | Brixmor Property Group, Inc. | 1249844 | &nbsp;&nbsp; 32770910 |
| **Semiconductors–3.17%** | **Semiconductors–3.17%** | **Semiconductors–3.17%** | **Semiconductors–3.17%** |
| Astera Labs, Inc.<sup>(b)</sup>  | Astera Labs, Inc.<sup>(b)</sup>  | 179115 | &nbsp;&nbsp; 29797571 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | 221864 | &nbsp;&nbsp; 18854003 |
| Microchip Technology, Inc. | Microchip Technology, Inc. | 472867 | &nbsp;&nbsp; 30131085 |
|  |  |  | &nbsp;&nbsp; 78782659 |
| **Single-Family Residential REITs–0.96%** | **Single-Family Residential REITs–0.96%** | **Single-Family Residential REITs–0.96%** | **Single-Family Residential REITs–0.96%** |
| American Homes 4 Rent, Class A | American Homes 4 Rent, Class A | 743601 | &nbsp;&nbsp; 23869592 |
| **Specialty Chemicals–2.02%** | **Specialty Chemicals–2.02%** | **Specialty Chemicals–2.02%** | **Specialty Chemicals–2.02%** |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | 546134 | &nbsp;&nbsp; 21954587 |
| International Flavors & Fragrances, Inc. | International Flavors & Fragrances, Inc. | 419818 | &nbsp;&nbsp; 28291535 |
|  |  |  | &nbsp;&nbsp; 50246122 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,814,891,358) | Total Common Stocks & Other Equity Interests <br> (Cost $1,814,891,358) | Total Common Stocks & Other Equity Interests <br> (Cost $1,814,891,358) | &nbsp;&nbsp; 2465338003 |
| **Money Market Funds–0.50%** | **Money Market Funds–0.50%** | **Money Market Funds–0.50%** | **Money Market Funds–0.50%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 4324575 | &nbsp;&nbsp; 4324575 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 8031354 | &nbsp;&nbsp; 8031354 |
| Total Money Market Funds (Cost $12,355,929) | Total Money Market Funds (Cost $12,355,929) | Total Money Market Funds (Cost $12,355,929) | &nbsp;&nbsp; 12355929 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.82% <br> (Cost $1,827,247,287)<br>|  |  | &nbsp;&nbsp; 2477693932 |

---

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

**3**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–3.78%** | **Money Market Funds–3.78%** | **Money Market Funds–3.78%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 26079688 | &nbsp;&nbsp; $26079688 |
| Invesco Private Prime Fund, 3.88%<sup>(d)(e)(f)</sup>  | 67740191 | &nbsp;&nbsp; 67760513 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $93,840,201) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $93,840,201) | &nbsp;&nbsp; 93840201 |
| TOTAL INVESTMENTS IN SECURITIES–103.60% <br> (Cost $1,921,087,488) | TOTAL INVESTMENTS IN SECURITIES–103.60% <br> (Cost $1,921,087,488) | &nbsp;&nbsp; 2571534133 |
| OTHER ASSETS LESS LIABILITIES—(3.60)% | OTHER ASSETS LESS LIABILITIES—(3.60)% | &nbsp;&nbsp; (89305277)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2482228856 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $8436592 | &nbsp;&nbsp; $136714346 | &nbsp;&nbsp; $(140826363) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4324575 | &nbsp;&nbsp; $205610 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 15673297 | &nbsp;&nbsp; 253898071 | &nbsp;&nbsp; (261540014) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8031354 | &nbsp;&nbsp; 378413 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 22114219 | &nbsp;&nbsp; 526413855 | &nbsp;&nbsp; (522448386) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 26079688 | &nbsp;&nbsp; 1,157,204\* |
| Invesco Private Prime Fund | 63876671 | &nbsp;&nbsp; 1180346503 | &nbsp;&nbsp; (1176474844) | &nbsp;&nbsp; - | &nbsp;&nbsp; 12183 | &nbsp;&nbsp; 67760513 | &nbsp;&nbsp; 3,134,795\* |
| Total | $110100779 | &nbsp;&nbsp; $2097372775 | &nbsp;&nbsp; $(2101289607) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12183 | &nbsp;&nbsp; $106196130 | &nbsp;&nbsp; $4876022 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,814,891,358)\*<br>| &nbsp;&nbsp; $2465338003 |
| Investments in affiliated money market funds, at value <br> (Cost $106,196,130)<br>| &nbsp;&nbsp; 106196130 |
| Cash | &nbsp;&nbsp; 5037381 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 1144517 |
| Dividends | &nbsp;&nbsp; 2731590 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 629808 |
| Other assets | &nbsp;&nbsp; 88781 |
| Total assets | &nbsp;&nbsp; 2581166210 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 3171230 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 93840201 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1169667 |
| Accrued other operating expenses | &nbsp;&nbsp; 109811 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 646445 |
| Total liabilities | &nbsp;&nbsp; 98937354 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2482228856 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1764672024 |
| Distributable earnings | &nbsp;&nbsp; 717556832 |
|  | &nbsp;&nbsp; $2482228856 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1820979418 |
| Class C | &nbsp;&nbsp; $53092128 |
| Class R | &nbsp;&nbsp; $146723617 |
| Class Y | &nbsp;&nbsp; $340469376 |
| Class R5 | &nbsp;&nbsp; $15023642 |
| Class R6 | &nbsp;&nbsp; $105940675 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 63361903 |
| Class C | &nbsp;&nbsp; 2915202 |
| Class R | &nbsp;&nbsp; 5730735 |
| Class Y | &nbsp;&nbsp; 10218423 |
| Class R5 | &nbsp;&nbsp; 515887 |
| Class R6 | &nbsp;&nbsp; 3178430 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $28.74 |
| Maximum offering price per share <br>(Net asset value of $28.74 ÷ 94.50%)<br>| &nbsp;&nbsp; $30.41 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $18.21 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.60 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $33.32 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $29.12 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $33.33 |

---

\* At December 31, 2025, securities with an aggregate value of $81,847,839 were on loan to brokers. 

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

**5**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $12,384) | &nbsp;&nbsp; $32723170 |
| Dividends from affiliated money market funds (includes net securities lending income of $153,949) | &nbsp;&nbsp; 737972 |
| Total investment income | &nbsp;&nbsp; 33461142 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 15376344 |
| Administrative services fees | &nbsp;&nbsp; 351874 |
| Custodian fees | &nbsp;&nbsp; 14811 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 4467393 |
| Class C | &nbsp;&nbsp; 553501 |
| Class R | &nbsp;&nbsp; 738520 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 3517462 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 15412 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 31414 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 40269 |
| Registration and filing fees | &nbsp;&nbsp; 114147 |
| Reports to shareholders | &nbsp;&nbsp; 144934 |
| Professional services fees | &nbsp;&nbsp; 72209 |
| Other | &nbsp;&nbsp; 44455 |
| Total expenses | &nbsp;&nbsp; 25482745 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (109031)<br>|
| Net expenses | &nbsp;&nbsp; 25373714 |
| Net investment income | &nbsp;&nbsp; 8087428 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 218457372 |
| Affiliated investment securities | &nbsp;&nbsp; 12183 |
| Foreign currencies | &nbsp;&nbsp; (971)<br>|
|  | &nbsp;&nbsp; 218468584 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (15064998)<br>|
| Foreign currencies | &nbsp;&nbsp; 3256 |
|  | &nbsp;&nbsp; (15061742)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 203406842 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $211494270 |

---

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

**6**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $8087428 | &nbsp;&nbsp; $5112177 |
| Net realized gain | &nbsp;&nbsp; 218468584 | &nbsp;&nbsp; 244715207 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (15061742)<br>| &nbsp;&nbsp; 143683906 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 211494270 | &nbsp;&nbsp; 393511290 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (151688369)<br>| &nbsp;&nbsp; (158390842)<br>|
| Class C | &nbsp;&nbsp; (6522803)<br>| &nbsp;&nbsp; (7217346)<br>|
| Class R | &nbsp;&nbsp; (13269970)<br>| &nbsp;&nbsp; (13558577)<br>|
| Class Y | &nbsp;&nbsp; (25550463)<br>| &nbsp;&nbsp; (25777932)<br>|
| Class R5 | &nbsp;&nbsp; (1287901)<br>| &nbsp;&nbsp; (1329243)<br>|
| Class R6 | &nbsp;&nbsp; (7966818)<br>| &nbsp;&nbsp; (7647437)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (206286324)<br>| &nbsp;&nbsp; (213921377)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (56672315)<br>| &nbsp;&nbsp; (48956494)<br>|
| Class C | &nbsp;&nbsp; (5143854)<br>| &nbsp;&nbsp; (4399443)<br>|
| Class R | &nbsp;&nbsp; (2173830)<br>| &nbsp;&nbsp; (1686209)<br>|
| Class Y | &nbsp;&nbsp; 1155868 | &nbsp;&nbsp; (18895006)<br>|
| Class R5 | &nbsp;&nbsp; (456156)<br>| &nbsp;&nbsp; (3833)<br>|
| Class R6 | &nbsp;&nbsp; 5555625 | &nbsp;&nbsp; 4311637 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (57734662)<br>| &nbsp;&nbsp; (69629348)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (52526716)<br>| &nbsp;&nbsp; 109960565 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2534755572 | &nbsp;&nbsp; 2424795007 |
| End of year | &nbsp;&nbsp; $2482228856 | &nbsp;&nbsp; $2534755572 |

---

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

**7**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $28.77 | $0.09 | $2.47 | $2.56 | $(0.06)<br>| $(2.53)<br>| $(2.59)<br>| $28.74 | 8.92 %<sup>(d)</sup><br>| &nbsp;&nbsp; $1820979 | 1.04 %<sup>(d)</sup><br>| 1.04 %<sup>(d)</sup><br>| 0.31 %<sup>(d)</sup><br>| 44<br> %<br>|
| Year ended 12/31/24 | 26.72 | 0.05 | 4.62 | 4.67 | (0.08)<br>| (2.54)<br>| (2.62)<br>| 28.77 | 17.07 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1874012 | 1.05 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| 0.19 <br><sup>(d)</sup><br>| 40 |
| Year ended 12/31/23 | 23.34 | 0.05 | 3.33 | 3.38 |  |  |  | 26.72 | 14.48 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1790676 | 1.06 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| 0.21 <br><sup>(d)</sup><br>| 34 |
| Year ended 12/31/22 | 28.30 | 0.09 | (4.16)<br>| (4.07)<br>| (0.03)<br>| (0.86)<br>| (0.89)<br>| 23.34 | (14.35 )<sup>(d)</sup><br>| &nbsp;&nbsp; 1723024 | 1.06 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| 0.35 <br><sup>(d)</sup><br>| 54 |
| Year ended 12/31/21 | 27.52 | (0.04)<br>| 6.20 | 6.16 | (0.07)<br>| (5.31)<br>| (5.38)<br>| 28.30 | 23.02 | &nbsp;&nbsp; 2217085 | 1.06 | 1.06 | (0.13)<br>| 65 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 19.20 | (0.09)<br>| 1.63 | 1.54 |  | (2.53)<br>| (2.53)<br>| 18.21 | 8.06 | &nbsp;&nbsp; 53092 | 1.80 | 1.80 | (0.45)<br>| 44 |
| Year ended 12/31/24 | 18.62 | (0.11)<br>| 3.23 | 3.12 |  | (2.54)<br>| (2.54)<br>| 19.20 | 16.21 | &nbsp;&nbsp; 60528 | 1.81 | 1.82 | (0.57)<br>| 40 |
| Year ended 12/31/23 | 16.39 | (0.09)<br>| 2.32 | 2.23 |  |  |  | 18.62 | 13.61 | &nbsp;&nbsp; 62801 | 1.82 | 1.82 | (0.55)<br>| 34 |
| Year ended 12/31/22 | 20.29 | (0.07)<br>| (2.97)<br>| (3.04)<br>|  | (0.86)<br>| (0.86)<br>| 16.39 | (14.95)<br>| &nbsp;&nbsp; 67259 | 1.82 | 1.82 | (0.41)<br>| 54 |
| Year ended 12/31/21 | 21.11 | (0.21)<br>| 4.70 | 4.49 |  | (5.31)<br>| (5.31)<br>| 20.29 | 22.08 | &nbsp;&nbsp; 97388 | 1.81 | 1.81 | (0.88)<br>| 65 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 12/31/25 | 25.90 | 0.01 | 2.22 | 2.23 |  | (2.53)<br>| (2.53)<br>| 25.60 | 8.64 | &nbsp;&nbsp; 146724 | 1.30 | 1.30 | 0.05 | 44 |
| Year ended 12/31/24 | 24.28 | (0.02)<br>| 4.19 | 4.17 | (0.01)<br>| (2.54)<br>| (2.55)<br>| 25.90 | 16.74 | &nbsp;&nbsp; 149900 | 1.31 | 1.32 | (0.07)<br>| 40 |
| Year ended 12/31/23 | 21.27 | (0.01)<br>| 3.02 | 3.01 |  |  |  | 24.28 | 14.15 | &nbsp;&nbsp; 142753 | 1.32 | 1.32 | (0.05)<br>| 34 |
| Year ended 12/31/22 | 25.90 | 0.02 | (3.79)<br>| (3.77)<br>|  | (0.86)<br>| (0.86)<br>| 21.27 | (14.53)<br>| &nbsp;&nbsp; 140983 | 1.32 | 1.32 | 0.09 | 54 |
| Year ended 12/31/21 | 25.58 | (0.11)<br>| 5.75 | 5.64 | (0.01)<br>| (5.31)<br>| (5.32)<br>| 25.90 | 22.73 | &nbsp;&nbsp; 184312 | 1.31 | 1.31 | (0.38)<br>| 65 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 32.96 | 0.19 | 2.83 | 3.02 | (0.13)<br>| (2.53)<br>| (2.66)<br>| 33.32 | 9.20 | &nbsp;&nbsp; 340469 | 0.80 | 0.80 | 0.55 | 44 |
| Year ended 12/31/24 | 30.29 | 0.14 | 5.22 | 5.36 | (0.15)<br>| (2.54)<br>| (2.69)<br>| 32.96 | 17.32 | &nbsp;&nbsp; 335492 | 0.81 | 0.82 | 0.43 | 40 |
| Year ended 12/31/23 | 26.40 | 0.13 | 3.76 | 3.89 |  |  |  | 30.29 | 14.74 | &nbsp;&nbsp; 326888 | 0.82 | 0.82 | 0.45 | 34 |
| Year ended 12/31/22 | 31.87 | 0.17 | (4.67)<br>| (4.50)<br>| (0.11)<br>| (0.86)<br>| (0.97)<br>| 26.40 | (14.10)<br>| &nbsp;&nbsp; 310823 | 0.82 | 0.82 | 0.59 | 54 |
| Year ended 12/31/21 | 30.40 | 0.04 | 6.87 | 6.91 | (0.13)<br>| (5.31)<br>| (5.44)<br>| 31.87 | 23.31 | &nbsp;&nbsp; 436518 | 0.81 | 0.81 | 0.12 | 65 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 29.12 | 0.18 | 2.50 | 2.68 | (0.15)<br>| (2.53)<br>| (2.68)<br>| 29.12 | 9.23 | &nbsp;&nbsp; 15024 | 0.75 | 0.75 | 0.60 | 44 |
| Year ended 12/31/24 | 27.02 | 0.14 | 4.66 | 4.80 | (0.16)<br>| (2.54)<br>| (2.70)<br>| 29.12 | 17.37 | &nbsp;&nbsp; 15537 | 0.76 | 0.76 | 0.48 | 40 |
| Year ended 12/31/23 | 23.53 | 0.13 | 3.37 | 3.50 | (0.01)<br>|  | (0.01)<br>| 27.02 | 14.86 | &nbsp;&nbsp; 14377 | 0.76 | 0.76 | 0.51 | 34 |
| Year ended 12/31/22 | 28.54 | 0.17 | (4.19)<br>| (4.02)<br>| (0.13)<br>| (0.86)<br>| (0.99)<br>| 23.53 | (14.06)<br>| &nbsp;&nbsp; 13795 | 0.75 | 0.75 | 0.66 | 54 |
| Year ended 12/31/21 | 27.70 | 0.06 | 6.25 | 6.31 | (0.16)<br>| (5.31)<br>| (5.47)<br>| 28.54 | 23.41 | &nbsp;&nbsp; 17284 | 0.74 | 0.74 | 0.19 | 65 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 32.97 | 0.23 | 2.83 | 3.06 | (0.17)<br>| (2.53)<br>| (2.70)<br>| 33.33 | 9.32 | &nbsp;&nbsp; 105941 | 0.68 | 0.68 | 0.67 | 44 |
| Year ended 12/31/24 | 30.29 | 0.18 | 5.22 | 5.40 | (0.18)<br>| (2.54)<br>| (2.72)<br>| 32.97 | 17.48 | &nbsp;&nbsp; 99287 | 0.69 | 0.69 | 0.55 | 40 |
| Year ended 12/31/23 | 26.38 | 0.16 | 3.77 | 3.93 | (0.02)<br>|  | (0.02)<br>| 30.29 | 14.92 | &nbsp;&nbsp; 87300 | 0.69 | 0.69 | 0.58 | 34 |
| Year ended 12/31/22 | 31.86 | 0.21 | (4.68)<br>| (4.47)<br>| (0.15)<br>| (0.86)<br>| (1.01)<br>| 26.38 | (14.00)<br>| &nbsp;&nbsp; 80394 | 0.68 | 0.68 | 0.73 | 54 |
| Year ended 12/31/21 | 30.38 | 0.09 | 6.87 | 6.96 | (0.17)<br>| (5.31)<br>| (5.48)<br>| 31.86 | 23.50 | &nbsp;&nbsp; 93221 | 0.67 | 0.68 | 0.26 | 65 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $96,615,194 in connection with the acquisition of Invesco Endeavor Fund into the Fund. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $654,478,527 in connection with the acquisition of Invesco Mid Cap Core Equity Fund into the Fund. 

<sup>(d)</sup> The total return, ratios 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, 2025, 2024, 2023 and 2022, respectively. 

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

**8**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

The Fund's investment objective is to seek capital appreciation.

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

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

**9**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

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

**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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

**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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds

**10**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

(collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $6,828 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.735% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.730% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $4.2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |

---

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

For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.62%.

**11**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $15,975.

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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended December 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $96,361 in front-end sales commissions from the sale of Class A shares and $1,156 and $1,689 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2025, the Fund incurred $38,313 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $2445941378 | &nbsp;&nbsp;&nbsp;&nbsp; $19396625 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2465338003 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 12355929 | &nbsp;&nbsp;&nbsp;&nbsp; 93840201 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106196130 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $2458297307 | &nbsp;&nbsp;&nbsp;&nbsp; $113236826 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2571534133 |

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**12**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

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**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $93,056.

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $41641794 | &nbsp;&nbsp;&nbsp;&nbsp; $13395311 |
| Long-term capital gain | &nbsp;&nbsp; 164644530 | &nbsp;&nbsp;&nbsp;&nbsp; 200526066 |
| Total distributions | &nbsp;&nbsp; $206286324 | &nbsp;&nbsp;&nbsp;&nbsp; $213921377 |

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $28186841 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 39443247 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 650323222 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 3246 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (399724)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1764672024 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $2482228856 |

---

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

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

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

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $1,087,669,655 and $1,329,120,609, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $715118477 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (64795255)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $650323222 |

---

Cost of investments for tax purposes is $1,921,210,911.

**13**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

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**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization, on December 31, 2025, undistributed net investment income was decreased by $972, undistributed net realized gain was decreased by $8,404,027 and and shares of beneficial interest was increased by $8,404,999. Further, as a result of tax deferrals acquired in the reorganization of Invesco Mid Cap Core Equity Fund into the Fund, and . These reclassifications had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2516051 | &nbsp;&nbsp;&nbsp; $73788361 | &nbsp;&nbsp;&nbsp; 2492586 | &nbsp;&nbsp;&nbsp; $71961339 |
| Class C | &nbsp;&nbsp;&nbsp; 342584 | &nbsp;&nbsp;&nbsp; 6677857 | &nbsp;&nbsp;&nbsp; 344394 | &nbsp;&nbsp;&nbsp; 6858346 |
| Class R | &nbsp;&nbsp;&nbsp; 633404 | &nbsp;&nbsp;&nbsp; 16697482 | &nbsp;&nbsp;&nbsp; 674517 | &nbsp;&nbsp;&nbsp; 17879433 |
| Class Y | &nbsp;&nbsp;&nbsp; 1330142 | &nbsp;&nbsp;&nbsp; 45039191 | &nbsp;&nbsp;&nbsp; 1011189 | &nbsp;&nbsp;&nbsp; 33333374 |
| Class R5 | &nbsp;&nbsp;&nbsp; 90329 | &nbsp;&nbsp;&nbsp; 2704268 | &nbsp;&nbsp;&nbsp; 59058 | &nbsp;&nbsp;&nbsp; 1739131 |
| Class R6 | &nbsp;&nbsp;&nbsp; 715753 | &nbsp;&nbsp;&nbsp; 24235914 | &nbsp;&nbsp;&nbsp; 588055 | &nbsp;&nbsp;&nbsp; 19246361 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5002984 | &nbsp;&nbsp;&nbsp; 143435546 | &nbsp;&nbsp;&nbsp; 5007292 | &nbsp;&nbsp;&nbsp; 150368947 |
| Class C | &nbsp;&nbsp;&nbsp; 355418 | &nbsp;&nbsp;&nbsp; 6457934 | &nbsp;&nbsp;&nbsp; 356045 | &nbsp;&nbsp;&nbsp; 7135141 |
| Class R | &nbsp;&nbsp;&nbsp; 518792 | &nbsp;&nbsp;&nbsp; 13249943 | &nbsp;&nbsp;&nbsp; 500236 | &nbsp;&nbsp;&nbsp; 13526382 |
| Class Y | &nbsp;&nbsp;&nbsp; 659286 | &nbsp;&nbsp;&nbsp; 21908056 | &nbsp;&nbsp;&nbsp; 644610 | &nbsp;&nbsp;&nbsp; 22174581 |
| Class R5 | &nbsp;&nbsp;&nbsp; 44308 | &nbsp;&nbsp;&nbsp; 1287155 | &nbsp;&nbsp;&nbsp; 43715 | &nbsp;&nbsp;&nbsp; 1328490 |
| Class R6 | &nbsp;&nbsp;&nbsp; 230991 | &nbsp;&nbsp;&nbsp; 7678154 | &nbsp;&nbsp;&nbsp; 214062 | &nbsp;&nbsp;&nbsp; 7365867 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 246995 | &nbsp;&nbsp;&nbsp; 7230085 | &nbsp;&nbsp;&nbsp; 245442 | &nbsp;&nbsp;&nbsp; 7111286 |
| Class C | &nbsp;&nbsp;&nbsp; (372194)<br>| &nbsp;&nbsp;&nbsp; (7230085)<br>| &nbsp;&nbsp;&nbsp; (354871)<br>| &nbsp;&nbsp;&nbsp; (7111286)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9543008)<br>| &nbsp;&nbsp;&nbsp; (281126307)<br>| &nbsp;&nbsp;&nbsp; (9611454)<br>| &nbsp;&nbsp;&nbsp; (278398066)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (563698)<br>| &nbsp;&nbsp;&nbsp; (11049560)<br>| &nbsp;&nbsp;&nbsp; (564891)<br>| &nbsp;&nbsp;&nbsp; (11281644)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1208305)<br>| &nbsp;&nbsp;&nbsp; (32121255)<br>| &nbsp;&nbsp;&nbsp; (1266772)<br>| &nbsp;&nbsp;&nbsp; (33092024)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1948467)<br>| &nbsp;&nbsp;&nbsp; (65791379)<br>| &nbsp;&nbsp;&nbsp; (2270028)<br>| &nbsp;&nbsp;&nbsp; (74402961)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (152303)<br>| &nbsp;&nbsp;&nbsp; (4447579)<br>| &nbsp;&nbsp;&nbsp; (101416)<br>| &nbsp;&nbsp;&nbsp; (3071454)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (779479)<br>| &nbsp;&nbsp;&nbsp; (26358443)<br>| &nbsp;&nbsp;&nbsp; (672921)<br>| &nbsp;&nbsp;&nbsp; (22300591)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1880417)<br>| &nbsp;&nbsp;&nbsp; $(57734662)<br>| &nbsp;&nbsp;&nbsp; (2661152)<br>| &nbsp;&nbsp;&nbsp; $(69629348)<br>|

---

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

**14**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Main Street Mid Cap Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Main Street Mid Cap Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**15**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $173049530 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 60.95% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 59.31% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 4.54% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $36453041 |

---

**16**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**17**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

![](imgd2cce7171.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-MSM-NCSR

------

![](imgdba228da1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

Nasdaq:

A: OSCAX ■ C: OSCCX ■ R: OSCNX ■ Y: OSCYX ■ R5: MNSQX ■ R6: OSSIX

------

---

| | |
|:---|:---|
| [2](#xx_2f60c3dc-9b6d-44db-9002-821082e1cca7_SOI-Continued_1) | Schedule of Investments |
| [5](#xx_2f60c3dc-9b6d-44db-9002-821082e1cca7_FS-Continued-704_1) | Financial Statements |
| [8](#xx_2f60c3dc-9b6d-44db-9002-821082e1cca7_FS-Continued-704_4) | Financial Highlights |
| [9](#xx_2f60c3dc-9b6d-44db-9002-821082e1cca7_NTF-Continued-704_1) | Notes to Financial Statements |
| [15](#xx_2f60c3dc-9b6d-44db-9002-821082e1cca7_ARS-Continued-704_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_2f60c3dc-9b6d-44db-9002-821082e1cca7_TI-Continued-704_1) | Tax Information |
| [17](#xx_2f60c3dc-9b6d-44db-9002-821082e1cca7_OIRSR-Continued-704_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.83%** | **Common Stocks & Other Equity Interests–97.83%** | **Common Stocks & Other Equity Interests–97.83%** |
| **Aerospace & Defense–2.80%** | **Aerospace & Defense–2.80%** | **Aerospace & Defense–2.80%** |
| AAR Corp.<sup>(b)</sup>  | 309398 | &nbsp;&nbsp; $25615061 |
| AeroVironment, Inc.<sup>(b)(c)</sup>  | 57427 | &nbsp;&nbsp; 13891017 |
| ATI, Inc.<sup>(b)</sup>  | 226211 | &nbsp;&nbsp; 25959974 |
|  |  | &nbsp;&nbsp; 65466052 |
| **Agricultural & Farm Machinery–0.75%** | **Agricultural & Farm Machinery–0.75%** | **Agricultural & Farm Machinery–0.75%** |
| AGCO Corp. | 168899 | &nbsp;&nbsp; 17619544 |
| **Air Freight & Logistics–1.47%** | **Air Freight & Logistics–1.47%** | **Air Freight & Logistics–1.47%** |
| Hub Group, Inc., Class A | 806092 | &nbsp;&nbsp; 34347580 |
| **Application Software–0.97%** | **Application Software–0.97%** | **Application Software–0.97%** |
| Unity Software, Inc.<sup>(b)</sup>  | 511716 | &nbsp;&nbsp; 22602496 |
| **Asset Management & Custody Banks–0.94%** | **Asset Management & Custody Banks–0.94%** | **Asset Management & Custody Banks–0.94%** |
| Federated Hermes, Inc., Class B<sup>(c)</sup>  | 422765 | &nbsp;&nbsp; 22013374 |
| **Automotive Parts & Equipment–2.44%** | **Automotive Parts & Equipment–2.44%** | **Automotive Parts & Equipment–2.44%** |
| Dorman Products, Inc.<sup>(b)(c)</sup>  | 231527 | &nbsp;&nbsp; 28521811 |
| Visteon Corp. | 299802 | &nbsp;&nbsp; 28511170 |
|  |  | &nbsp;&nbsp; 57032981 |
| **Automotive Retail–1.49%** | **Automotive Retail–1.49%** | **Automotive Retail–1.49%** |
| AutoNation, Inc.<sup>(b)</sup>  | 168572 | &nbsp;&nbsp; 34806747 |
| **Biotechnology–4.64%** | **Biotechnology–4.64%** | **Biotechnology–4.64%** |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 2339672 | &nbsp;&nbsp; 42675617 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup>  | 502556 | &nbsp;&nbsp; 38440508 |
| Soleno Therapeutics, Inc.<sup>(b)(c)</sup>  | 233642 | &nbsp;&nbsp; 10817625 |
| Twist Bioscience Corp.<sup>(b)(c)</sup>  | 526382 | &nbsp;&nbsp; 16696837 |
|  |  | &nbsp;&nbsp; 108630587 |
| **Building Products–2.41%** | **Building Products–2.41%** | **Building Products–2.41%** |
| Hayward Holdings, Inc.<sup>(b)</sup>  | 1218609 | &nbsp;&nbsp; 18827509 |
| Zurn Elkay Water Solutions Corp. | 807430 | &nbsp;&nbsp; 37537421 |
|  |  | &nbsp;&nbsp; 56364930 |
| **Commercial & Residential Mortgage Finance–2.03%** | **Commercial & Residential Mortgage Finance–2.03%** | **Commercial & Residential Mortgage Finance–2.03%** |
| PennyMac Financial Services, Inc.<sup>(c)</sup>  | 361163 | &nbsp;&nbsp; 47615730 |
| **Construction & Engineering–0.56%** | **Construction & Engineering–0.56%** | **Construction & Engineering–0.56%** |
| WillScot Holdings Corp. | 696160 | &nbsp;&nbsp; 13108693 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **3.27%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **3.27%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **3.27%** |
| Allison Transmission Holdings, Inc. | 242929 | &nbsp;&nbsp; 23782749 |
| Atmus Filtration Technologies, Inc. | 585029 | &nbsp;&nbsp; 30368855 |
| Federal Signal Corp. | 206742 | &nbsp;&nbsp; 22450114 |
|  |  | &nbsp;&nbsp; 76601718 |
| **Construction Materials–0.48%** | **Construction Materials–0.48%** | **Construction Materials–0.48%** |
| Eagle Materials, Inc. | 53812 | &nbsp;&nbsp; 11121864 |
| **Diversified Banks–0.87%** | **Diversified Banks–0.87%** | **Diversified Banks–0.87%** |
| Bank of N.T. Butterfield & Son Ltd. <br> (The) (Bermuda) | 410544 | &nbsp;&nbsp; 20453302 |
| **Diversified Metals & Mining–0.49%** | **Diversified Metals & Mining–0.49%** | **Diversified Metals & Mining–0.49%** |
| MP Materials Corp.<sup>(b)(c)</sup>  | 225072 | &nbsp;&nbsp; 11370637 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Diversified REITs–1.56%** | **Diversified REITs–1.56%** | **Diversified REITs–1.56%** |
| Essential Properties Realty Trust, Inc. | 1228173 | &nbsp;&nbsp; $36427611 |
| **Education Services–1.15%** | **Education Services–1.15%** | **Education Services–1.15%** |
| Bright Horizons Family Solutions, Inc.<sup>(b)</sup>  | 119301 | &nbsp;&nbsp; 12097121 |
| Stride, Inc.<sup>(b)(c)</sup>  | 227614 | &nbsp;&nbsp; 14778977 |
|  |  | &nbsp;&nbsp; 26876098 |
| **Electric Utilities–0.82%** | **Electric Utilities–0.82%** | **Electric Utilities–0.82%** |
| Portland General Electric Co. | 402269 | &nbsp;&nbsp; 19304889 |
| **Electronic Components–1.36%** | **Electronic Components–1.36%** | **Electronic Components–1.36%** |
| Belden, Inc. | 273261 | &nbsp;&nbsp; 31848570 |
| **Electronic Equipment & Instruments–2.83%** | **Electronic Equipment & Instruments–2.83%** | **Electronic Equipment & Instruments–2.83%** |
| Badger Meter, Inc. | 97993 | &nbsp;&nbsp; 17090959 |
| Itron, Inc.<sup>(b)</sup>  | 271949 | &nbsp;&nbsp; 25253184 |
| Ralliant Corp. | 471074 | &nbsp;&nbsp; 23982378 |
|  |  | &nbsp;&nbsp; 66326521 |
| **Electronic Manufacturing Services–1.31%** | **Electronic Manufacturing Services–1.31%** | **Electronic Manufacturing Services–1.31%** |
| Sanmina Corp.<sup>(b)</sup>  | 204914 | &nbsp;&nbsp; 30751444 |
| **Environmental & Facilities Services–1.51%** | **Environmental & Facilities Services–1.51%** | **Environmental & Facilities Services–1.51%** |
| Casella Waste Systems, Inc., Class A<sup>(b)(c)</sup>  | 360218 | &nbsp;&nbsp; 35279751 |
| **Financial Exchanges & Data–1.05%** | **Financial Exchanges & Data–1.05%** | **Financial Exchanges & Data–1.05%** |
| Bullish (Cayman Islands)<sup>(b)(c)</sup>  | 308683 | &nbsp;&nbsp; 11689825 |
| Miami International Holdings, Inc.<sup>(b)(c)</sup>  | 289307 | &nbsp;&nbsp; 12839445 |
|  |  | &nbsp;&nbsp; 24529270 |
| **Footwear–1.44%** | **Footwear–1.44%** | **Footwear–1.44%** |
| Steven Madden Ltd. | 811981 | &nbsp;&nbsp; 33810889 |
| **Gas Utilities–0.82%** | **Gas Utilities–0.82%** | **Gas Utilities–0.82%** |
| Chesapeake Utilities Corp. | 153804 | &nbsp;&nbsp; 19188587 |
| **Gold–0.51%** | **Gold–0.51%** | **Gold–0.51%** |
| Coeur Mining, Inc.<sup>(b)</sup>  | 672437 | &nbsp;&nbsp; 11989552 |
| **Health Care Equipment–0.61%** | **Health Care Equipment–0.61%** | **Health Care Equipment–0.61%** |
| Artivion, Inc.<sup>(b)</sup>  | 312363 | &nbsp;&nbsp; 14246876 |
| **Health Care Facilities–0.89%** | **Health Care Facilities–0.89%** | **Health Care Facilities–0.89%** |
| Encompass Health Corp. | 197327 | &nbsp;&nbsp; 20944288 |
| **Health Care REITs–2.06%** | **Health Care REITs–2.06%** | **Health Care REITs–2.06%** |
| American Healthcare REIT, Inc. | 1022599 | &nbsp;&nbsp; 48123509 |
| **Health Care Services–4.52%** | **Health Care Services–4.52%** | **Health Care Services–4.52%** |
| Addus HomeCare Corp.<sup>(b)(c)</sup>  | 139556 | &nbsp;&nbsp; 14986919 |
| BrightSpring Health Services, Inc.<sup>(b)(c)</sup>  | 1059430 | &nbsp;&nbsp; 39675653 |
| Guardant Health, Inc.<sup>(b)</sup>  | 385756 | &nbsp;&nbsp; 39401118 |
| Lumexa Imaging Holdings, Inc.<sup>(b)</sup>  | 629335 | &nbsp;&nbsp; 11642698 |
|  |  | &nbsp;&nbsp; 105706388 |
| **Heavy Electrical Equipment–0.76%** | **Heavy Electrical Equipment–0.76%** | **Heavy Electrical Equipment–0.76%** |
| Bloom Energy Corp., Class A<sup>(b)</sup>  | 205568 | &nbsp;&nbsp; 17861803 |
| **Homebuilding–2.15%** | **Homebuilding–2.15%** | **Homebuilding–2.15%** |
| Champion Homes, Inc.<sup>(b)(c)</sup>  | 316222 | &nbsp;&nbsp; 26720759 |

---

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

**2**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Homebuilding–(continued)** | **Homebuilding–(continued)** | **Homebuilding–(continued)** |
| KB Home | 416819 | &nbsp;&nbsp; $23512760 |
|  |  | &nbsp;&nbsp; 50233519 |
| **Hotels, Resorts & Cruise Lines–0.93%** | **Hotels, Resorts & Cruise Lines–0.93%** | **Hotels, Resorts & Cruise Lines–0.93%** |
| Wyndham Hotels & Resorts, Inc. | 289430 | &nbsp;&nbsp; 21869331 |
| **Human Resource & Employment Services–1.88%** | **Human Resource & Employment Services–1.88%** | **Human Resource & Employment Services–1.88%** |
| Korn Ferry | 266360 | &nbsp;&nbsp; 17585087 |
| Upwork, Inc.<sup>(b)(c)</sup>  | 1335945 | &nbsp;&nbsp; 26478430 |
|  |  | &nbsp;&nbsp; 44063517 |
| **Industrial Machinery & Supplies & Components–4.30%** | **Industrial Machinery & Supplies & Components–4.30%** | **Industrial Machinery & Supplies & Components–4.30%** |
| Enpro, Inc.<sup>(c)</sup>  | 193470 | &nbsp;&nbsp; 41427731 |
| ESAB Corp. | 299373 | &nbsp;&nbsp; 33445951 |
| Gates Industrial Corp. PLC<sup>(b)</sup>  | 1199721 | &nbsp;&nbsp; 25758010 |
|  |  | &nbsp;&nbsp; 100631692 |
| **Industrial REITs–1.29%** | **Industrial REITs–1.29%** | **Industrial REITs–1.29%** |
| Terreno Realty Corp. | 516175 | &nbsp;&nbsp; 30304634 |
| **Investment Banking & Brokerage–1.77%** | **Investment Banking & Brokerage–1.77%** | **Investment Banking & Brokerage–1.77%** |
| BGC Group, Inc., Class A | 2418240 | &nbsp;&nbsp; 21594883 |
| Stifel Financial Corp. | 158852 | &nbsp;&nbsp; 19891448 |
|  |  | &nbsp;&nbsp; 41486331 |
| **IT Consulting & Other Services–1.28%** | **IT Consulting & Other Services–1.28%** | **IT Consulting & Other Services–1.28%** |
| ASGN, Inc.<sup>(b)</sup>  | 621477 | &nbsp;&nbsp; 29936547 |
| **Leisure Facilities–0.69%** | **Leisure Facilities–0.69%** | **Leisure Facilities–0.69%** |
| Life Time Group Holdings, Inc.<sup>(b)</sup>  | 607293 | &nbsp;&nbsp; 16141848 |
| **Life Sciences Tools & Services–2.59%** | **Life Sciences Tools & Services–2.59%** | **Life Sciences Tools & Services–2.59%** |
| Adaptive Biotechnologies Corp.<sup>(b)</sup>  | 927789 | &nbsp;&nbsp; 15067293 |
| BioLife Solutions, Inc.<sup>(b)(c)</sup>  | 898205 | &nbsp;&nbsp; 21718597 |
| Repligen Corp.<sup>(b)</sup>  | 145544 | &nbsp;&nbsp; 23848840 |
|  |  | &nbsp;&nbsp; 60634730 |
| **Metal, Glass & Plastic Containers–1.03%** | **Metal, Glass & Plastic Containers–1.03%** | **Metal, Glass & Plastic Containers–1.03%** |
| Silgan Holdings, Inc. | 600069 | &nbsp;&nbsp; 24224785 |
| **Oil & Gas Drilling–1.61%** | **Oil & Gas Drilling–1.61%** | **Oil & Gas Drilling–1.61%** |
| Helmerich & Payne, Inc. | 1313327 | &nbsp;&nbsp; 37666218 |
| **Oil & Gas Equipment & Services–1.44%** | **Oil & Gas Equipment & Services–1.44%** | **Oil & Gas Equipment & Services–1.44%** |
| Kodiak Gas Services, Inc. | 898686 | &nbsp;&nbsp; 33610856 |
| **Oil & Gas Exploration & Production–1.23%** | **Oil & Gas Exploration & Production–1.23%** | **Oil & Gas Exploration & Production–1.23%** |
| Northern Oil and Gas, Inc.<sup>(c)</sup>  | 1342378 | &nbsp;&nbsp; 28820856 |
| **Other Specialized REITs–1.47%** | **Other Specialized REITs–1.47%** | **Other Specialized REITs–1.47%** |
| Outfront Media, Inc. | 1423292 | &nbsp;&nbsp; 34301337 |
| **Personal Care Products–0.53%** | **Personal Care Products–0.53%** | **Personal Care Products–0.53%** |
| Interparfums, Inc. | 146707 | &nbsp;&nbsp; 12445155 |
| **Pharmaceuticals–2.00%** | **Pharmaceuticals–2.00%** | **Pharmaceuticals–2.00%** |
| Collegium Pharmaceutical, Inc.<sup>(b)</sup>  | 293623 | &nbsp;&nbsp; 13594745 |
| Nektar Therapeutics<sup>(b)</sup>  | 179410 | &nbsp;&nbsp; 7585455 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)</sup>  | 314197 | &nbsp;&nbsp; 25726450 |
|  |  | &nbsp;&nbsp; 46906650 |
| **Property & Casualty Insurance–1.64%** | **Property & Casualty Insurance–1.64%** | **Property & Casualty Insurance–1.64%** |
| Definity Financial Corp. (Canada) | 310004 | &nbsp;&nbsp; 17149542 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** | **Property & Casualty Insurance–(continued)** |
| Skyward Specialty Insurance Group, <br> Inc.<sup>(b)</sup>  | Skyward Specialty Insurance Group, <br> Inc.<sup>(b)</sup>  | 416452 | &nbsp;&nbsp; $21284862 |
|  |  |  | &nbsp;&nbsp; 38434404 |
| **Regional Banks–10.32%** | **Regional Banks–10.32%** | **Regional Banks–10.32%** | **Regional Banks–10.32%** |
| Ameris Bancorp | Ameris Bancorp | 236681 | &nbsp;&nbsp; 17578298 |
| Banc of California, Inc. | Banc of California, Inc. | 1534291 | &nbsp;&nbsp; 29596473 |
| Cathay General Bancorp | Cathay General Bancorp | 634365 | &nbsp;&nbsp; 30696922 |
| Columbia Banking System, Inc. | Columbia Banking System, Inc. | 1470402 | &nbsp;&nbsp; 41097735 |
| OceanFirst Financial Corp. | OceanFirst Financial Corp. | 821285 | &nbsp;&nbsp; 14742066 |
| United Community Banks, Inc. | United Community Banks, Inc. | 586006 | &nbsp;&nbsp; 18295107 |
| Webster Financial Corp. | Webster Financial Corp. | 487145 | &nbsp;&nbsp; 30660906 |
| Wintrust Financial Corp. | Wintrust Financial Corp. | 276581 | &nbsp;&nbsp; 38671556 |
| WSFS Financial Corp.<sup>(c)</sup>  | WSFS Financial Corp.<sup>(c)</sup>  | 368260 | &nbsp;&nbsp; 20342683 |
|  |  |  | &nbsp;&nbsp; 241681746 |
| **Restaurants–1.30%** | **Restaurants–1.30%** | **Restaurants–1.30%** | **Restaurants–1.30%** |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | 600691 | &nbsp;&nbsp; 30322882 |
| **Semiconductor Materials & Equipment–0.85%** | **Semiconductor Materials & Equipment–0.85%** | **Semiconductor Materials & Equipment–0.85%** | **Semiconductor Materials & Equipment–0.85%** |
| MKS, Inc. | MKS, Inc. | 124603 | &nbsp;&nbsp; 19911559 |
| **Semiconductors–6.13%** | **Semiconductors–6.13%** | **Semiconductors–6.13%** | **Semiconductors–6.13%** |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)</sup>  | Allegro MicroSystems, Inc. (Japan)<sup>(b)</sup>  | 1050346 | &nbsp;&nbsp; 27708128 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup>  | Credo Technology Group Holding Ltd.<sup>(b)</sup>  | 141895 | &nbsp;&nbsp; 20417272 |
| Lattice Semiconductor Corp.<sup>(b)</sup>  | Lattice Semiconductor Corp.<sup>(b)</sup>  | 417271 | &nbsp;&nbsp; 30702800 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 169471 | &nbsp;&nbsp; 29026993 |
| Rambus, Inc.<sup>(b)</sup>  | Rambus, Inc.<sup>(b)</sup>  | 127271 | &nbsp;&nbsp; 11694932 |
| Silicon Laboratories, Inc.<sup>(b)</sup>  | Silicon Laboratories, Inc.<sup>(b)</sup>  | 183452 | &nbsp;&nbsp; 23977176 |
|  |  |  | &nbsp;&nbsp; 143527301 |
| **Steel–1.35%** | **Steel–1.35%** | **Steel–1.35%** | **Steel–1.35%** |
| Commercial Metals Co.<sup>(c)</sup>  | Commercial Metals Co.<sup>(c)</sup>  | 455728 | &nbsp;&nbsp; 31545492 |
| **Transaction & Payment Processing Services–1.24%** | **Transaction & Payment Processing Services–1.24%** | **Transaction & Payment Processing Services–1.24%** | **Transaction & Payment Processing Services–1.24%** |
| Marqeta, Inc., Class A<sup>(b)(c)</sup>  | Marqeta, Inc., Class A<sup>(b)(c)</sup>  | 3217676 | &nbsp;&nbsp; 15283961 |
| Paymentus Holdings, Inc., Class A<sup>(b)</sup>  | Paymentus Holdings, Inc., Class A<sup>(b)</sup>  | 435154 | &nbsp;&nbsp; 13746515 |
|  |  |  | &nbsp;&nbsp; 29030476 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,755,525,519) | Total Common Stocks & Other Equity Interests <br> (Cost $1,755,525,519) | Total Common Stocks & Other Equity Interests <br> (Cost $1,755,525,519) | &nbsp;&nbsp; 2290104147 |
| **Money Market Funds–1.17%** | **Money Market Funds–1.17%** | **Money Market Funds–1.17%** | **Money Market Funds–1.17%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 8808628 | &nbsp;&nbsp; 8808628 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 18437566 | &nbsp;&nbsp; 18437566 |
| Total Money Market Funds (Cost $27,246,194) | Total Money Market Funds (Cost $27,246,194) | Total Money Market Funds (Cost $27,246,194) | &nbsp;&nbsp; 27246194 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.00% <br> (Cost $1,782,771,713)<br>|  |  | &nbsp;&nbsp; 2317350341 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–7.66%** | **Money Market Funds–7.66%** | **Money Market Funds–7.66%** | **Money Market Funds–7.66%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 49826686 | &nbsp;&nbsp; 49826686 |

---

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

**3**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, <br> 3.88%<sup>(d)(e)(f)</sup>  | 129499307 | &nbsp;&nbsp; $129538157 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $179,364,843) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $179,364,843) | &nbsp;&nbsp; 179364843 |
| TOTAL INVESTMENTS IN SECURITIES–106.66% <br> (Cost $1,962,136,556) | TOTAL INVESTMENTS IN SECURITIES–106.66% <br> (Cost $1,962,136,556) | &nbsp;&nbsp; 2496715184 |
| OTHER ASSETS LESS LIABILITIES—(6.66)% | OTHER ASSETS LESS LIABILITIES—(6.66)% | &nbsp;&nbsp; (155898121)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2340817063 |

---

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $6728218 | &nbsp;&nbsp; $236233326 | &nbsp;&nbsp; $(234152916) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8808628 | &nbsp;&nbsp; $533060 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 14573949 | &nbsp;&nbsp; 438719034 | &nbsp;&nbsp; (434855417) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 18437566 | &nbsp;&nbsp; 1065857 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 71355058 | &nbsp;&nbsp; 572127108 | &nbsp;&nbsp; (593655480) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 49826686 | &nbsp;&nbsp; 2,527,129\* |
| Invesco Private Prime Fund | 185809900 | &nbsp;&nbsp; 961998674 | &nbsp;&nbsp; (1018271706) | &nbsp;&nbsp; - | &nbsp;&nbsp; 1289 | &nbsp;&nbsp; 129538157 | &nbsp;&nbsp; 6,810,654\* |
| Total | $278467125 | &nbsp;&nbsp; $2209078142 | &nbsp;&nbsp; $(2280935519) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1289 | &nbsp;&nbsp; $206611037 | &nbsp;&nbsp; $10936700 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,755,525,519)\*<br>| &nbsp;&nbsp; $2290104147 |
| Investments in affiliated money market funds, at value <br> (Cost $206,611,037)<br>| &nbsp;&nbsp; 206611037 |
| Cash | &nbsp;&nbsp; 531686 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 19371852 |
| Fund shares sold | &nbsp;&nbsp; 2614284 |
| Dividends | &nbsp;&nbsp; 2458144 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 168079 |
| Other assets | &nbsp;&nbsp; 45934 |
| Total assets | &nbsp;&nbsp; 2521905163 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 954283 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 179364843 |
| Accrued fees to affiliates | &nbsp;&nbsp; 486185 |
| Accrued other operating expenses | &nbsp;&nbsp; 111100 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 171689 |
| Total liabilities | &nbsp;&nbsp; 181088100 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2340817063 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1789206118 |
| Distributable earnings | &nbsp;&nbsp; 551610945 |
|  | &nbsp;&nbsp; $2340817063 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $422236697 |
| Class C | &nbsp;&nbsp; $25944583 |
| Class R | &nbsp;&nbsp; $86678665 |
| Class Y | &nbsp;&nbsp; $1049124519 |
| Class R5 | &nbsp;&nbsp; $11831862 |
| Class R6 | &nbsp;&nbsp; $745000737 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 19129318 |
| Class C | &nbsp;&nbsp; 1315115 |
| Class R | &nbsp;&nbsp; 4071955 |
| Class Y | &nbsp;&nbsp; 46732742 |
| Class R5 | &nbsp;&nbsp; 529767 |
| Class R6 | &nbsp;&nbsp; 33027871 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $22.07 |
| Maximum offering price per share <br>(Net asset value of $22.07 ÷ 94.50%)<br>| &nbsp;&nbsp; $23.35 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.73 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $21.29 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.45 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.33 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.56 |

---

\* At December 31, 2025, securities with an aggregate value of $172,628,736 were on loan to brokers. 

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

**5**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $36,240) | &nbsp;&nbsp; $26547728 |
| Dividends from affiliated money market funds (includes net securities lending income of $373,012) | &nbsp;&nbsp; 1971929 |
| Total investment income | &nbsp;&nbsp; 28519657 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 13163573 |
| Administrative services fees | &nbsp;&nbsp; 298181 |
| Custodian fees | &nbsp;&nbsp; 13986 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1006883 |
| Class C | &nbsp;&nbsp; 275620 |
| Class R | &nbsp;&nbsp; 404053 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1999309 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 11515 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 187424 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 36330 |
| Registration and filing fees | &nbsp;&nbsp; 125798 |
| Reports to shareholders | &nbsp;&nbsp; 204013 |
| Professional services fees | &nbsp;&nbsp; 72166 |
| Other | &nbsp;&nbsp; (24159)<br>|
| Total expenses | &nbsp;&nbsp; 17774692 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (80448)<br>|
| Net expenses | &nbsp;&nbsp; 17694244 |
| Net investment income | &nbsp;&nbsp; 10825413 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 153253088 |
| Affiliated investment securities | &nbsp;&nbsp; 1289 |
| Foreign currencies | &nbsp;&nbsp; 9605 |
|  | &nbsp;&nbsp; 153263982 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 22971806 |
| Foreign currencies | &nbsp;&nbsp; (142)<br>|
|  | &nbsp;&nbsp; 22971664 |
| Net realized and unrealized gain | &nbsp;&nbsp; 176235646 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $187061059 |

---

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

**6**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $10825413 | &nbsp;&nbsp; $9700908 |
| Net realized gain | &nbsp;&nbsp; 153263982 | &nbsp;&nbsp; 187807825 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 22971664 | &nbsp;&nbsp; 31189684 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 187061059 | &nbsp;&nbsp; 228698417 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (31776599)<br>| &nbsp;&nbsp; (23440638)<br>|
| Class C | &nbsp;&nbsp; (2212789)<br>| &nbsp;&nbsp; (1859235)<br>|
| Class R | &nbsp;&nbsp; (6658376)<br>| &nbsp;&nbsp; (4665345)<br>|
| Class Y | &nbsp;&nbsp; (78720058)<br>| &nbsp;&nbsp; (53244379)<br>|
| Class R5 | &nbsp;&nbsp; (889238)<br>| &nbsp;&nbsp; (689594)<br>|
| Class R6 | &nbsp;&nbsp; (56409310)<br>| &nbsp;&nbsp; (34207724)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (176666370)<br>| &nbsp;&nbsp; (118106915)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 12572106 | &nbsp;&nbsp; 9353730 |
| Class C | &nbsp;&nbsp; (3169842)<br>| &nbsp;&nbsp; (3586405)<br>|
| Class R | &nbsp;&nbsp; 7769546 | &nbsp;&nbsp; 8057295 |
| Class Y | &nbsp;&nbsp; 137176950 | &nbsp;&nbsp; 184804362 |
| Class R5 | &nbsp;&nbsp; (255271)<br>| &nbsp;&nbsp; 2104252 |
| Class R6 | &nbsp;&nbsp; 149826169 | &nbsp;&nbsp; (7960486)<br>|
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 303919658 | &nbsp;&nbsp; 192772748 |
| Net increase in net assets | &nbsp;&nbsp; 314314347 | &nbsp;&nbsp; 303364250 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 2026502716 | &nbsp;&nbsp; 1723138466 |
| End of year | &nbsp;&nbsp; $2340817063 | &nbsp;&nbsp; $2026502716 |

---

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

**7**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Return of** <br>**capital**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $21.93 | $0.07 | $1.85 | $1.92 | $(0.07)<br>| $(1.71)<br>| $— | $(1.78)<br>| $22.07 | 8.45<br> %<br>| $422237 | 1.05<br> %<br>| 1.05<br> %<br>| 0.31<br> %<br>| 53<br> %<br>|
| Year ended 12/31/24 | 20.63 | 0.07 | 2.57 | 2.64 |  | (1.34)<br>|  | (1.34)<br>| 21.93 | 12.43 | 407900 | 1.09 | 1.09 | 0.30 | 41 |
| Year ended 12/31/23 | 17.67 | 0.04 | 3.05 | 3.09 | (0.13)<br>|  |  | (0.13)<br>| 20.63 | 17.54 | 376241 | 1.08 | 1.08 | 0.22 | 42 |
| Year ended 12/31/22 | 21.07 | 0.02 | (3.41)<br>| (3.39)<br>| (0.01)<br>|  | (0.00)<br>| (0.01)<br>| 17.67 | (16.09)<br>| 320730 | 1.11 | 1.11 | 0.12 | 36 |
| Year ended 12/31/21 | 18.71 | (0.06)<br>| 4.06 | 4.00 | (0.01)<br>| (1.63)<br>|  | (1.64)<br>| 21.07 | 21.73 | 408430 | 1.11 | 1.11 | (0.28)<br>| 58 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 19.92 | (0.09)<br>| 1.68 | 1.59 | (0.07)<br>| (1.71)<br>|  | (1.78)<br>| 19.73 | 7.64 | 25945 | 1.80 | 1.80 | (0.44)<br>| 53 |
| Year ended 12/31/24 | 18.98 | (0.09)<br>| 2.37 | 2.28 |  | (1.34)<br>|  | (1.34)<br>| 19.92 | 11.61 | 29282 | 1.84 | 1.84 | (0.45)<br>| 41 |
| Year ended 12/31/23 | 16.39 | (0.09)<br>| 2.81 | 2.72 | (0.13)<br>|  |  | (0.13)<br>| 18.98 | 16.65 | 31527 | 1.83 | 1.83 | (0.53)<br>| 42 |
| Year ended 12/31/22 | 19.68 | (0.11)<br>| (3.18)<br>| (3.29)<br>|  |  |  |  | 16.39 | (16.72)<br>| 31022 | 1.86 | 1.86 | (0.63)<br>| 36 |
| Year ended 12/31/21 | 17.70 | (0.21)<br>| 3.83 | 3.62 | (0.01)<br>| (1.63)<br>|  | (1.64)<br>| 19.68 | 20.81 | 42392 | 1.86 | 1.86 | (1.03)<br>| 58 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 12/31/25 | 21.26 | 0.01 | 1.80 | 1.81 | (0.07)<br>| (1.71)<br>|  | (1.78)<br>| 21.29 | 8.20 | 86679 | 1.30 | 1.30 | 0.06 | 53 |
| Year ended 12/31/24 | 20.08 | 0.01 | 2.51 | 2.52 |  | (1.34)<br>|  | (1.34)<br>| 21.26 | 12.18 | 79173 | 1.34 | 1.34 | 0.05 | 41 |
| Year ended 12/31/23 | 17.25 | (0.01)<br>| 2.97 | 2.96 | (0.13)<br>|  |  | (0.13)<br>| 20.08 | 17.21 | 67413 | 1.33 | 1.33 | (0.03)<br>| 42 |
| Year ended 12/31/22 | 20.60 | (0.02)<br>| (3.33)<br>| (3.35)<br>|  |  |  |  | 17.25 | (16.26)<br>| 48875 | 1.36 | 1.36 | (0.13)<br>| 36 |
| Year ended 12/31/21 | 18.37 | (0.11)<br>| 3.98 | 3.87 | (0.01)<br>| (1.63)<br>|  | (1.64)<br>| 20.60 | 21.42 | 57441 | 1.36 | 1.36 | (0.53)<br>| 58 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 22.25 | 0.13 | 1.88 | 2.01 | (0.10)<br>| (1.71)<br>|  | (1.81)<br>| 22.45 | 8.70 | 1049125 | 0.80 | 0.80 | 0.56 | 53 |
| Year ended 12/31/24 | 20.88 | 0.12 | 2.62 | 2.74 | (0.03)<br>| (1.34)<br>|  | (1.37)<br>| 22.25 | 12.75 | 911926 | 0.84 | 0.84 | 0.55 | 41 |
| Year ended 12/31/23 | 17.84 | 0.09 | 3.08 | 3.17 | (0.13)<br>|  |  | (0.13)<br>| 20.88 | 17.82 | 681306 | 0.83 | 0.83 | 0.47 | 42 |
| Year ended 12/31/22 | 21.27 | 0.07 | (3.44)<br>| (3.37)<br>| (0.05)<br>|  | (0.01)<br>| (0.06)<br>| 17.84 | (15.87)<br>| 533098 | 0.86 | 0.86 | 0.37 | 36 |
| Year ended 12/31/21 | 18.83 | (0.01)<br>| 4.09 | 4.08 | (0.01)<br>| (1.63)<br>|  | (1.64)<br>| 21.27 | 22.03 | 566299 | 0.86 | 0.86 | (0.03)<br>| 58 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 22.14 | 0.13 | 1.88 | 2.01 | (0.11)<br>| (1.71)<br>|  | (1.82)<br>| 22.33 | 8.74 | 11832 | 0.76 | 0.76 | 0.60 | 53 |
| Year ended 12/31/24 | 20.79 | 0.14 | 2.59 | 2.73 | (0.04)<br>| (1.34)<br>|  | (1.38)<br>| 22.14 | 12.77 | 12054 | 0.77 | 0.77 | 0.62 | 41 |
| Year ended 12/31/23 | 17.74 | 0.10 | 3.08 | 3.18 | (0.13)<br>|  |  | (0.13)<br>| 20.79 | 17.98 | 9426 | 0.75 | 0.75 | 0.55 | 42 |
| Year ended 12/31/22 | 21.16 | 0.09 | (3.43)<br>| (3.34)<br>| (0.07)<br>|  | (0.01)<br>| (0.08)<br>| 17.74 | (15.78)<br>| 7887 | 0.74 | 0.74 | 0.49 | 36 |
| Year ended 12/31/21 | 18.74 | 0.01 | 4.06 | 4.07 | (0.02)<br>| (1.63)<br>|  | (1.65)<br>| 21.16 | 22.08 | 9028 | 0.77 | 0.77 | 0.06 | 58 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 22.34 | 0.15 | 1.90 | 2.05 | (0.12)<br>| (1.71)<br>|  | (1.83)<br>| 22.56 | 8.86 | 745001 | 0.69 | 0.69 | 0.67 | 53 |
| Year ended 12/31/24 | 20.96 | 0.15 | 2.63 | 2.78 | (0.06)<br>| (1.34)<br>|  | (1.40)<br>| 22.34 | 12.88 | 586167 | 0.70 | 0.70 | 0.69 | 41 |
| Year ended 12/31/23 | 17.88 | 0.11 | 3.10 | 3.21 | (0.13)<br>|  |  | (0.13)<br>| 20.96 | 18.00 | 557225 | 0.71 | 0.71 | 0.59 | 42 |
| Year ended 12/31/22 | 21.36 | 0.10 | (3.47)<br>| (3.37)<br>| (0.09)<br>|  | (0.02)<br>| (0.11)<br>| 17.88 | (15.79)<br>| 483088 | 0.71 | 0.71 | 0.52 | 36 |
| Year ended 12/31/21 | 18.88 | 0.03 | 4.10 | 4.13 | (0.02)<br>| (1.63)<br>|  | (1.65)<br>| 21.36 | 22.23 | 745149 | 0.68 | 0.68 | 0.15 | 58 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $205,907,350 in connection with the acquisition of Invesco Select Companies Fund into the Fund. 

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

**8**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

The Fund's investment objective is to seek capital appreciation.

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

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

**9**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

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

**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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

**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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds

**10**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

(collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $17,061 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
| First $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.690% |
| Next $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.660% |
| Next $4.2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.600% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.580% |

---

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

For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.63%.

**11**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $43,483.

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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended December 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $94,730 in front-end sales commissions from the sale of Class A shares and $2,455 and $3,039 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2025, the Fund incurred $136,757 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $2290104147 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2290104147 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 27246194 | &nbsp;&nbsp;&nbsp;&nbsp; 179364843 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 206611037 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $2317350341 | &nbsp;&nbsp;&nbsp;&nbsp; $179364843 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2496715184 |

---

**12**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $36,965.

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $21789760 | &nbsp;&nbsp;&nbsp;&nbsp; $2504287 |
| Long-term capital gain | &nbsp;&nbsp; 154876610 | &nbsp;&nbsp;&nbsp;&nbsp; 115602628 |
| Total distributions | &nbsp;&nbsp; $176666370 | &nbsp;&nbsp;&nbsp;&nbsp; $118106915 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $6579155 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 22388896 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 522739319 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (96425)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1789206118 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $2340817063 |

---

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

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

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

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $1,215,698,093 and $1,103,844,089, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $593479373 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (70740054)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $522739319 |

---

Cost of investments for tax purposes is $1,973,975,865.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of distributions and equalization, on December 31, 2025, undistributed net investment income was decreased by $1,915,541, undistributed net realized gain was decreased by $10,943,459 and shares of beneficial interest was increased by $12,859,000. This reclassification had no effect on the net assets of the Fund.

**13**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2165610 | &nbsp;&nbsp;&nbsp; $47796006 | &nbsp;&nbsp;&nbsp; 2529034 | &nbsp;&nbsp;&nbsp; $55860609 |
| Class C | &nbsp;&nbsp;&nbsp; 333999 | &nbsp;&nbsp;&nbsp; 6563144 | &nbsp;&nbsp;&nbsp; 267875 | &nbsp;&nbsp;&nbsp; 5383092 |
| Class R | &nbsp;&nbsp;&nbsp; 937311 | &nbsp;&nbsp;&nbsp; 19965161 | &nbsp;&nbsp;&nbsp; 869007 | &nbsp;&nbsp;&nbsp; 18462176 |
| Class Y | &nbsp;&nbsp;&nbsp; 21889049 | &nbsp;&nbsp;&nbsp; 492225336 | &nbsp;&nbsp;&nbsp; 19254649 | &nbsp;&nbsp;&nbsp; 423519817 |
| Class R5 | &nbsp;&nbsp;&nbsp; 77480 | &nbsp;&nbsp;&nbsp; 1719744 | &nbsp;&nbsp;&nbsp; 185812 | &nbsp;&nbsp;&nbsp; 4167834 |
| Class R6 | &nbsp;&nbsp;&nbsp; 8381979 | &nbsp;&nbsp;&nbsp; 185254575 | &nbsp;&nbsp;&nbsp; 4381748 | &nbsp;&nbsp;&nbsp; 95218073 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1332590 | &nbsp;&nbsp;&nbsp; 30609607 | &nbsp;&nbsp;&nbsp; 976270 | &nbsp;&nbsp;&nbsp; 22639698 |
| Class C | &nbsp;&nbsp;&nbsp; 104020 | &nbsp;&nbsp;&nbsp; 2136578 | &nbsp;&nbsp;&nbsp; 85636 | &nbsp;&nbsp;&nbsp; 1804359 |
| Class R | &nbsp;&nbsp;&nbsp; 300390 | &nbsp;&nbsp;&nbsp; 6653624 | &nbsp;&nbsp;&nbsp; 207385 | &nbsp;&nbsp;&nbsp; 4662028 |
| Class Y | &nbsp;&nbsp;&nbsp; 3045255 | &nbsp;&nbsp;&nbsp; 71137148 | &nbsp;&nbsp;&nbsp; 2142046 | &nbsp;&nbsp;&nbsp; 50380932 |
| Class R5 | &nbsp;&nbsp;&nbsp; 38110 | &nbsp;&nbsp;&nbsp; 885674 | &nbsp;&nbsp;&nbsp; 29387 | &nbsp;&nbsp;&nbsp; 687588 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2261618 | &nbsp;&nbsp;&nbsp; 53080182 | &nbsp;&nbsp;&nbsp; 1396053 | &nbsp;&nbsp;&nbsp; 32974768 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 228714 | &nbsp;&nbsp;&nbsp; 5090968 | &nbsp;&nbsp;&nbsp; 211488 | &nbsp;&nbsp;&nbsp; 4534359 |
| Class C | &nbsp;&nbsp;&nbsp; (253043)<br>| &nbsp;&nbsp;&nbsp; (5090968)<br>| &nbsp;&nbsp;&nbsp; (230622)<br>| &nbsp;&nbsp;&nbsp; (4534359)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3195962)<br>| &nbsp;&nbsp;&nbsp; (70924475)<br>| &nbsp;&nbsp;&nbsp; (3354261)<br>| &nbsp;&nbsp;&nbsp; (73680936)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (339977)<br>| &nbsp;&nbsp;&nbsp; (6778596)<br>| &nbsp;&nbsp;&nbsp; (313611)<br>| &nbsp;&nbsp;&nbsp; (6239497)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (889932)<br>| &nbsp;&nbsp;&nbsp; (18849239)<br>| &nbsp;&nbsp;&nbsp; (708700)<br>| &nbsp;&nbsp;&nbsp; (15066909)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (19192516)<br>| &nbsp;&nbsp;&nbsp; (426185534)<br>| &nbsp;&nbsp;&nbsp; (13029707)<br>| &nbsp;&nbsp;&nbsp; (289096387)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (130269)<br>| &nbsp;&nbsp;&nbsp; (2860689)<br>| &nbsp;&nbsp;&nbsp; (124190)<br>| &nbsp;&nbsp;&nbsp; (2751170)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3851972)<br>| &nbsp;&nbsp;&nbsp; (88508588)<br>| &nbsp;&nbsp;&nbsp; (6122279)<br>| &nbsp;&nbsp;&nbsp; (136153327)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 13242454 | &nbsp;&nbsp;&nbsp; $303919658 | &nbsp;&nbsp;&nbsp; 8653020 | &nbsp;&nbsp;&nbsp; $192772748 |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% of the outstanding shares of the <br> 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 <br> 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 <br> 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 <br> record by these entities are also owned beneficially.<br>|
|  | In addition, 9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

---

**14**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Main Street Small Cap Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Main Street Small Cap Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**15**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $167735610 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 100.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 100.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $10119981 |

---

**16**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**17**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

------

![](imgdba228da1.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-MSS-NCSR

------

![](img596203131.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco Quality Income Fund**

Nasdaq:

A: VKMGX ■ C: VUSCX ■ R: VUSRX ■ Y: VUSIX ■ R5: VUSJX ■ R6: VUSSX

------

---

| | |
|:---|:---|
| [2](#xx_8672aa2e-8e2c-4409-860f-66b776c1514e_SOI-Continued-61_1) | Schedule of Investments |
| [9](#xx_8672aa2e-8e2c-4409-860f-66b776c1514e_FS-Continued-61_1) | Financial Statements |
| [12](#xx_8672aa2e-8e2c-4409-860f-66b776c1514e_FS-Continued-61_4) | Financial Highlights |
| [13](#xx_8672aa2e-8e2c-4409-860f-66b776c1514e_NTF-Continued-61_1) | Notes to Financial Statements |
| [20](#xx_8672aa2e-8e2c-4409-860f-66b776c1514e_ARS-Continued-61_1) | Report of Independent Registered Public Accounting Firm |
| [21](#xx_8672aa2e-8e2c-4409-860f-66b776c1514e_TI-Continued-61_1) | Tax Information |
| [22](#xx_8672aa2e-8e2c-4409-860f-66b776c1514e_OIRSR-Continued-61_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–105.15%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–105.15%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–105.15%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–105.15%** |
| **Collateralized Mortgage Obligations–4.17%** | **Collateralized Mortgage Obligations–4.17%** | **Collateralized Mortgage Obligations–4.17%** | **Collateralized Mortgage Obligations–4.17%** |
| Fannie Mae Grantor Trust, <br> Series 1999-T2, Class A1, <br>7.50%, 01/19/2039<sup>(a)</sup> <br>|  | $74308 | &nbsp;&nbsp; $76882 |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>7.00%, 02/25/2028<sup>(b)</sup> <br>|  | 52195 | &nbsp;&nbsp; 2248 |
| 6.50%, 04/25/2029 to <br> 02/25/2033<sup>(b)</sup> <br>|  | 565649 | &nbsp;&nbsp; 60797 |
| 8.00%, 05/25/2030<sup>(b)</sup> <br>|  | 131707 | &nbsp;&nbsp; 14616 |
| 7.50%, 01/25/2032<sup>(b)</sup> <br>|  | 36422 | &nbsp;&nbsp; 4304 |
| 6.00%, 02/25/2033 to <br> 09/25/2035<sup>(b)(d)</sup> <br>|  | 791988 | &nbsp;&nbsp; 94326 |
| 5.50%, 11/25/2033 to <br> 06/25/2035<sup>(b)</sup> <br>|  | 387322 | &nbsp;&nbsp; 51074 |
| PO, <br>0.00%, 09/25/2032<sup>(c)</sup> <br>|  | 21409 | &nbsp;&nbsp; 19731 |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>2.50%, 10/25/2026 to <br> 08/25/2049<sup>(b)</sup> <br>|  | 17785830 | &nbsp;&nbsp; 2399258 |
| 3.00%, 10/25/2026 to <br> 02/25/2028<sup>(b)</sup> <br>|  | 340914 | &nbsp;&nbsp; 5492 |
| 8.00%, 08/18/2027 to <br> 09/18/2027<sup>(b)</sup> <br>|  | 24808 | &nbsp;&nbsp; 849 |
| 6.50%, 10/25/2028 to <br> 05/25/2033<sup>(b)</sup> <br>|  | 13042 | &nbsp;&nbsp; 4853 |
| 0.75%, 10/25/2031<sup>(b)</sup> <br>|  | 1630 | &nbsp;&nbsp; 20 |
| 2.71% (6.70% - (30 Day Average <br> SOFR + 0.11%)), 10/25/2031 to <br> 05/25/2035<sup>(b)(e)</sup> <br>|  | 316938 | &nbsp;&nbsp; 27473 |
| 3.91% (7.90% - (30 Day Average <br> SOFR + 0.11%)), <br> 11/25/2031<sup>(b)(e)</sup> <br>|  | 40639 | &nbsp;&nbsp; 4135 |
| 3.85% (7.90% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/18/2031<sup>(b)(e)</sup> <br>|  | 21668 | &nbsp;&nbsp; 1123 |
| 3.96% (7.95% - (30 Day Average <br> SOFR + 0.11%)), <br> 01/25/2032<sup>(b)(e)</sup> <br>|  | 27326 | &nbsp;&nbsp; 2452 |
| 3.95% (8.00% - (30 Day Average <br> SOFR + 0.11%)), <br> 03/18/2032<sup>(b)(e)</sup> <br>|  | 62575 | &nbsp;&nbsp; 6349 |
| 4.11% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2032 to <br> 04/25/2032<sup>(b)(e)</sup> <br>|  | 87237 | &nbsp;&nbsp; 8640 |
| 3.01% (7.00% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032 to <br> 08/25/2032<sup>(b)(e)</sup> <br>|  | 136249 | &nbsp;&nbsp; 11883 |
| 3.81% (7.80% - (30 Day Average <br> SOFR + 0.11%)), <br> 04/25/2032<sup>(b)(e)</sup> <br>|  | 28778 | &nbsp;&nbsp; 3111 |
| 4.01% (8.00% - (30 Day Average <br> SOFR + 0.11%)), 07/25/2032 to <br> 09/25/2032<sup>(b)(e)</sup> <br>|  | 176602 | &nbsp;&nbsp; 17589 |
| 4.05% (8.10% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/18/2032<sup>(b)(e)</sup> <br>|  | 105783 | &nbsp;&nbsp; 9399 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 4.26% (8.25% - (30 Day Average <br> SOFR + 0.11%)), 02/25/2033 to <br> 05/25/2033<sup>(b)(e)</sup> <br>| $156723 | &nbsp;&nbsp; $22825 |
| 6.00%, 05/25/2033<sup>(b)</sup> <br>| 7754 | &nbsp;&nbsp; 1099 |
| 7.00%, 05/25/2033<sup>(b)</sup> <br>| 86244 | &nbsp;&nbsp; 9658 |
| 2.06% (6.05% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2035 to <br> 07/25/2038<sup>(b)(e)</sup> <br>| 452838 | &nbsp;&nbsp; 40753 |
| 2.76% (6.75% - (30 Day Average <br> SOFR + 0.11%)), <br> 03/25/2035<sup>(b)(e)</sup> <br>| 22331 | &nbsp;&nbsp; 1148 |
| 2.61% (6.60% - (30 Day Average <br> SOFR + 0.11%)), <br> 05/25/2035<sup>(b)(e)</sup> <br>| 90095 | &nbsp;&nbsp; 4323 |
| 3.50%, 08/25/2035 to <br> 08/25/2042<sup>(b)</sup> <br>| 953091 | &nbsp;&nbsp; 100047 |
| 4.00%, 04/25/2041 to <br> 08/25/2047<sup>(b)</sup> <br>| 215114 | &nbsp;&nbsp; 39961 |
| 2.56% (6.55% - (30 Day Average <br> SOFR + 0.11%)), <br> 10/25/2041<sup>(b)(e)</sup> <br>| 77810 | &nbsp;&nbsp; 6860 |
| 2.16% (6.15% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/25/2042<sup>(b)(e)</sup> <br>| 297021 | &nbsp;&nbsp; 32246 |
| 4.50%, 02/25/2043<sup>(b)</sup> <br>| 177115 | &nbsp;&nbsp; 20260 |
| 5.50%, 07/25/2046<sup>(b)</sup> <br>| 182963 | &nbsp;&nbsp; 23462 |
| 1.91% (5.90% - (30 Day Average <br> SOFR + 0.11%)), <br> 09/25/2047<sup>(b)(e)</sup> <br>| 1289215 | &nbsp;&nbsp; 129712 |
| 2.00%, 03/25/2051<sup>(b)</sup> <br>| 5540325 | &nbsp;&nbsp; 776086 |
| 1.57%, 02/25/2056<sup>(d)</sup> <br>| 3012804 | &nbsp;&nbsp; 200938 |
| 7.00%, 03/18/2027 to <br> 09/25/2032<br>| 51754 | &nbsp;&nbsp; 54930 |
| 6.50%, 11/25/2029 | 33789 | &nbsp;&nbsp; 34406 |
| 4.99% (30 Day Average SOFR + <br> 1.11%), 12/25/2031 to <br> 12/25/2032<sup>(e)</sup> <br>| 179499 | &nbsp;&nbsp; 181418 |
| 5.05% (30 Day Average SOFR + <br> 1.11%), 03/18/2032 to <br> 12/18/2032<sup>(e)</sup> <br>| 156925 | &nbsp;&nbsp; 158549 |
| 4.49% (30 Day Average SOFR + <br> 0.61%), 08/25/2032 to <br> 06/25/2046<sup>(e)</sup> <br>| 609460 | &nbsp;&nbsp; 606281 |
| 4.55% (30 Day Average SOFR + <br> 0.61%), 10/18/2032<sup>(e)</sup> <br>| 17154 | &nbsp;&nbsp; 17152 |
| 4.39% (30 Day Average SOFR + <br> 0.51%), 03/25/2033 to <br> 03/25/2042<sup>(e)</sup> <br>| 123526 | &nbsp;&nbsp; 122461 |
| 4.33% (30 Day Average SOFR + <br> 0.45%), 06/25/2035<sup>(e)</sup> <br>| 430728 | &nbsp;&nbsp; 427498 |
| 4.34% (30 Day Average SOFR + <br> 0.46%), 08/25/2035 to <br> 10/25/2035<sup>(e)</sup> <br>| 221472 | &nbsp;&nbsp; 220508 |
| 9.94% (24.57% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 03/25/2036<sup>(e)</sup> <br>| 83235 | &nbsp;&nbsp; 99111 |
| 9.57% (24.20% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 06/25/2036<sup>(e)</sup> <br>| 49604 | &nbsp;&nbsp; 59286 |

---

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

**2**

**Invesco Quality Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 9.57% (24.20% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 06/25/2036<sup>(e)</sup> <br>|  | $50336 | &nbsp;&nbsp; $56590 |
| 4.93% (30 Day Average SOFR + <br> 1.05%), 06/25/2037<sup>(e)</sup> <br>|  | 449887 | &nbsp;&nbsp; 454968 |
| 4.44% (30 Day Average SOFR + <br> 0.56%), 08/25/2037<sup>(e)</sup> <br>|  | 303984 | &nbsp;&nbsp; 301801 |
| 6.60%, 06/25/2039<sup>(a)</sup> <br>|  | 185956 | &nbsp;&nbsp; 194924 |
| 4.00%, 03/25/2041 |  | 241025 | &nbsp;&nbsp; 232144 |
| 3.00%, 07/25/2045 |  | 2347504 | &nbsp;&nbsp; 2324763 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K734, Class X1, IO, <br>0.76%, 02/25/2026<sup>(d)</sup> <br>|  | 2514227 | &nbsp;&nbsp; 446 |
| Series K735, Class X1, IO, <br>0.96%, 05/25/2026<sup>(d)</sup> <br>|  | 12048872 | &nbsp;&nbsp; 26006 |
| Series K093, Class X1, IO, <br>0.94%, 05/25/2029<sup>(d)</sup> <br>|  | 12137715 | &nbsp;&nbsp; 321861 |
| Series Q004, Class AFL, <br>4.77%(12 mo. MTA Rate + <br> 0.74%), 05/25/2044<sup>(e)</sup> <br>|  | 189906 | &nbsp;&nbsp; 189835 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| IO, <br>3.00%, 07/15/2026 to <br> 12/15/2027<sup>(b)</sup> <br>|  | 807459 | &nbsp;&nbsp; 17559 |
| 3.55% (7.65% - (30 Day Average <br> SOFR + 0.11%)), <br> 07/15/2026<sup>(b)(e)</sup> <br>|  | 488 | &nbsp;&nbsp; 2 |
| 2.50%, 09/15/2027 to <br> 09/25/2048<sup>(b)</sup> <br>|  | 7477291 | &nbsp;&nbsp; 1001786 |
| 4.64% (8.70% - (30 Day Average <br> SOFR + 0.11%)), <br> 07/17/2028<sup>(b)(e)</sup> <br>|  | 2 | &nbsp;&nbsp; 0 |
| 4.00% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 06/15/2029 to <br> 09/15/2029<sup>(b)(e)</sup> <br>|  | 59595 | &nbsp;&nbsp; 3520 |
| 2.60% (6.70% - (30 Day Average <br> SOFR + 0.11%)), <br> 01/15/2035<sup>(b)(e)</sup> <br>|  | 377422 | &nbsp;&nbsp; 24576 |
| 2.65% (6.75% - (30 Day Average <br> SOFR + 0.11%)), <br> 02/15/2035<sup>(b)(e)</sup> <br>|  | 56903 | &nbsp;&nbsp; 3603 |
| 2.62% (6.72% - (30 Day Average <br> SOFR + 0.11%)), <br> 05/15/2035<sup>(b)(e)</sup> <br>|  | 61348 | &nbsp;&nbsp; 3879 |
| 2.90% (7.00% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/15/2037<sup>(b)(e)</sup> <br>|  | 8062 | &nbsp;&nbsp; 858 |
| 1.90% (6.00% - (30 Day Average <br> SOFR + 0.11%)), <br> 04/15/2038<sup>(b)(e)</sup> <br>|  | 22965 | &nbsp;&nbsp; 2062 |
| 1.97% (6.07% - (30 Day Average <br> SOFR + 0.11%)), <br> 05/15/2038<sup>(b)(e)</sup> <br>|  | 504005 | &nbsp;&nbsp; 40041 |
| 1.82%, 02/15/2039<sup>(d)</sup> <br>|  | 1059224 | &nbsp;&nbsp; 59785 |
| 2.15% (6.25% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/15/2039<sup>(b)(e)</sup> <br>|  | 114247 | &nbsp;&nbsp; 10656 |
| 2.00% (6.10% - (30 Day Average <br> SOFR + 0.11%)), <br> 01/15/2044<sup>(b)(e)</sup> <br>|  | 200418 | &nbsp;&nbsp; 20688 |
| 1.50%, 08/15/2027 |  | 3138181 | &nbsp;&nbsp; 3087930 |
| 6.95%, 03/15/2028 |  | 26076 | &nbsp;&nbsp; 26364 |
| 6.50%, 08/15/2028 to <br> 03/15/2032<br>|  | 413505 | &nbsp;&nbsp; 422052 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 4.70% (30 Day Average SOFR + <br> 0.71%), 01/15/2029 to <br> 12/15/2032<sup>(e)</sup> <br>|  | $40116 | &nbsp;&nbsp; $40183 |
| 6.00%, 01/15/2029 to <br> 04/15/2029<br>|  | 57078 | &nbsp;&nbsp; 58152 |
| 4.45% (30 Day Average SOFR + <br> 0.46%), 02/15/2029<sup>(e)</sup> <br>|  | 35020 | &nbsp;&nbsp; 34953 |
| 5.04% (30 Day Average SOFR + <br> 1.01%), 03/15/2029<sup>(e)</sup> <br>|  | 36485 | &nbsp;&nbsp; 36579 |
| 4.50% (30 Day Average SOFR + <br> 0.51%), 06/15/2029 to <br> 01/15/2033<sup>(e)</sup> <br>|  | 67905 | &nbsp;&nbsp; 67760 |
| 4.75% (30 Day Average SOFR + <br> 0.76%), 07/15/2029<sup>(e)</sup> <br>|  | 8714 | &nbsp;&nbsp; 8730 |
| 8.00%, 03/15/2030 |  | 19072 | &nbsp;&nbsp; 19772 |
| 5.05% (30 Day Average SOFR + <br> 1.06%), 08/15/2031<sup>(e)</sup> <br>|  | 41238 | &nbsp;&nbsp; 41610 |
| 4.60% (30 Day Average SOFR + <br> 0.61%), 02/15/2032 to <br> 03/15/2032<sup>(e)</sup> <br>|  | 125546 | &nbsp;&nbsp; 125498 |
| 5.10% (30 Day Average SOFR + <br> 1.11%), 02/15/2032 to <br> 03/15/2032<sup>(e)</sup> <br>|  | 84487 | &nbsp;&nbsp; 85376 |
| 4.65% (30 Day Average SOFR + <br> 0.66%), 03/15/2032 to <br> 10/15/2036<sup>(e)</sup> <br>|  | 353708 | &nbsp;&nbsp; 352535 |
| 3.50%, 05/15/2032 |  | 214506 | &nbsp;&nbsp; 211837 |
| 9.72% (24.75% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 08/15/2035<sup>(e)</sup> <br>|  | 13777 | &nbsp;&nbsp; 16356 |
| 4.40% (30 Day Average SOFR + <br> 0.41%), 03/15/2036<sup>(e)</sup> <br>|  | 744878 | &nbsp;&nbsp; 737111 |
| 4.55% (30 Day Average SOFR + <br> 0.56%), 07/15/2037<sup>(e)</sup> <br>|  | 49410 | &nbsp;&nbsp; 49089 |
| 4.00%, 06/15/2038 |  | 80666 | &nbsp;&nbsp; 77836 |
| 2.50%, 07/15/2038 |  | 591585 | &nbsp;&nbsp; 563695 |
| 4.82% (30 Day Average SOFR + <br> 0.61%), 03/15/2042<sup>(e)</sup> <br>|  | 59359 | &nbsp;&nbsp; 59532 |
| Freddie Mac Seasoned Loans <br> Structured Transaction, <br> Series 2019-1, Class A2, <br>3.50%, 05/25/2029<br>|  | 2000000 | &nbsp;&nbsp; 1952059 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| IO, <br>3.00%, 12/15/2027<sup>(b)</sup> <br>|  | 56564 | &nbsp;&nbsp; 973 |
| 3.15%, 12/15/2027<sup>(d)</sup> <br>|  | 17196 | &nbsp;&nbsp; 341 |
| 6.50%, 02/01/2028<sup>(b)</sup> <br>|  | 6213 | &nbsp;&nbsp; 281 |
| 7.00%, 09/01/2029<sup>(b)</sup> <br>|  | 78062 | &nbsp;&nbsp; 6552 |
| 7.50%, 12/15/2029<sup>(b)</sup> <br>|  | 6849 | &nbsp;&nbsp; 640 |
| 8.00%, 06/15/2031<sup>(b)</sup> <br>|  | 168133 | &nbsp;&nbsp; 21542 |
| 6.00%, 12/15/2032<sup>(b)</sup> <br>|  | 37754 | &nbsp;&nbsp; 4205 |
| 0.00%, 12/01/2031 to <br> 03/01/2032<sup>(c)</sup> <br>|  | 105189 | &nbsp;&nbsp; 96326 |
| <br>4.60%(30 Day Average SOFR + <br> 0.61%), 05/15/2036<sup>(e)</sup> <br>|  | 358927 | &nbsp;&nbsp; 357421 |
| Freddie Mac Structured Pass-Through <br> Ctfs., Series T-54, Class 2A, <br>6.50%, 02/25/2043<br>|  | 1051276 | &nbsp;&nbsp; 1056751 |
| Freddie Mac Whole Loan Securities <br> Trust, Series 2015-SC02, <br> Class 1A, <br>3.00%, 09/25/2045<br>|  | 175635 | &nbsp;&nbsp; 154897 |
|  |  |  | &nbsp;&nbsp; 21284873 |

---

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

**3**

**Invesco Quality Income Fund**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Federal Home Loan Mortgage Corp. (FHLMC)–29.25%** | **Federal Home Loan Mortgage Corp. (FHLMC)–29.25%** | **Federal Home Loan Mortgage Corp. (FHLMC)–29.25%** |
| 6.50%, 07/01/2028 to <br> 04/01/2034<br>| $175551 | &nbsp;&nbsp; $182483 |
| 6.00%, 03/01/2029 to <br> 10/01/2029<br>| 71048 | &nbsp;&nbsp; 72991 |
| 2.50%, 02/01/2031 to <br> 04/01/2052<br>| 36855689 | &nbsp;&nbsp; 31778989 |
| 8.50%, 03/01/2031 to <br> 08/01/2031<br>| 41313 | &nbsp;&nbsp; 43549 |
| 7.00%, 10/01/2031 to <br> 10/01/2037<br>| 78772 | &nbsp;&nbsp; 82851 |
| 7.50%, 01/01/2032 to <br> 08/01/2037<br>| 1967503 | &nbsp;&nbsp; 2060622 |
| 3.00%, 02/01/2032 to <br> 05/01/2050<br>| 23242676 | &nbsp;&nbsp; 21280370 |
| 8.00%, 08/01/2032 | 25949 | &nbsp;&nbsp; 27248 |
| 5.50%, 12/01/2036 to <br> 05/01/2053<br>| 24405152 | &nbsp;&nbsp; 25042535 |
| 5.00%, 01/01/2037 to <br> 07/01/2052<br>| 6929746 | &nbsp;&nbsp; 6975364 |
| 4.50%, 05/01/2038 to <br> 07/01/2052<br>| 13436210 | &nbsp;&nbsp; 13328060 |
| 5.35%, 07/01/2038 to <br> 10/17/2038<br>| 743575 | &nbsp;&nbsp; 761742 |
| 5.45%, 11/25/2038 | 774858 | &nbsp;&nbsp; 795073 |
| 5.80%, 01/20/2039 | 298980 | &nbsp;&nbsp; 303752 |
| 4.00%, 06/01/2042 to <br> 07/01/2049<br>| 13058735 | &nbsp;&nbsp; 12697364 |
| 3.50%, 09/01/2045 to <br> 05/01/2050<br>| 13949830 | &nbsp;&nbsp; 13145671 |
| 2.00%, 05/01/2051 to <br> 01/01/2052<br>| 21605037 | &nbsp;&nbsp; 17705479 |
| ARM, <br>5.76% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.16%), <br> 11/01/2048<sup>(e)</sup> <br>| 2848455 | &nbsp;&nbsp; 2971914 |
|  |  | &nbsp;&nbsp; 149256057 |
| **Federal National Mortgage Association (FNMA)–41.90%** | **Federal National Mortgage Association (FNMA)–41.90%** | **Federal National Mortgage Association (FNMA)–41.90%** |
| 6.50%, 01/01/2027 to <br> 11/01/2038<br>| 848466 | &nbsp;&nbsp; 885746 |
| 7.50%, 02/01/2027 to <br> 08/01/2037<br>| 663020 | &nbsp;&nbsp; 683915 |
| 5.00%, 06/01/2027 to <br> 01/01/2053<br>| 7063265 | &nbsp;&nbsp; 7119351 |
| 5.50%, 12/01/2027 to <br> 04/01/2038<br>| 1748633 | &nbsp;&nbsp; 1802675 |
| 6.00%, 05/01/2028 to <br> 11/01/2055<br>| 13912251 | &nbsp;&nbsp; 14446232 |
| 3.00%, 02/01/2029 to <br> 01/01/2052<br>| 38596151 | &nbsp;&nbsp; 35469164 |
| 7.00%, 04/01/2029 to <br> 01/01/2036<br>| 575394 | &nbsp;&nbsp; 604554 |
| 5.63%, 08/01/2032 | 31928 | &nbsp;&nbsp; 31990 |
| 8.50%, 10/01/2032 | 68868 | &nbsp;&nbsp; 71878 |
| 8.00%, 04/01/2033 | 67356 | &nbsp;&nbsp; 70727 |
| 3.50%, 11/01/2034 to <br> 05/01/2050<br>| 31224107 | &nbsp;&nbsp; 29922272 |
| 2.00%, 09/01/2035 to <br> 03/01/2052<br>| 67549774 | &nbsp;&nbsp; 57043097 |
| 5.45%, 01/01/2038 | 208619 | &nbsp;&nbsp; 212133 |
| 4.50%, 01/01/2040 to <br> 07/01/2044<br>| 2730186 | &nbsp;&nbsp; 2748759 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Federal National Mortgage Association (FNMA)–(continued)** | **Federal National Mortgage Association (FNMA)–(continued)** | **Federal National Mortgage Association (FNMA)–(continued)** |
| 4.00%, 02/01/2042 to <br> 03/01/2050<br>| $27079536 | &nbsp;&nbsp; $26259999 |
| 2.50%, 10/01/2050 to <br> 02/01/2052<br>| 39949505 | &nbsp;&nbsp; 34359078 |
| ARM, <br>6.26% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + <br> 1.58%), 04/01/2045<sup>(e)</sup> <br>| 2035307 | &nbsp;&nbsp; 2123209 |
|  |  | &nbsp;&nbsp; 213854779 |
| **Government National Mortgage Association (GNMA)–23.38%** | **Government National Mortgage Association (GNMA)–23.38%** | **Government National Mortgage Association (GNMA)–23.38%** |
| 7.00%, 12/15/2027 to <br> 01/20/2030<br>| 54908 | &nbsp;&nbsp; 55740 |
| 6.50%, 03/15/2028 to <br> 10/15/2028<br>| 5294 | &nbsp;&nbsp; 5457 |
| 6.00%, 06/15/2028 to <br> 04/20/2029<br>| 23289 | &nbsp;&nbsp; 23890 |
| 7.50%, 06/15/2028 to <br> 08/15/2028<br>| 25305 | &nbsp;&nbsp; 25647 |
| 5.50%, 05/15/2033 to <br> 10/15/2034<br>| 160162 | &nbsp;&nbsp; 163569 |
| 6.90%, 11/20/2033<sup>(a)</sup> <br>| 257308 | &nbsp;&nbsp; 266322 |
| 5.00%, 11/20/2037 | 193290 | &nbsp;&nbsp; 193518 |
| 5.87%, 01/20/2039<sup>(a)</sup> <br>| 442969 | &nbsp;&nbsp; 460542 |
| 4.53%, 07/20/2041<sup>(a)</sup> <br>| 602009 | &nbsp;&nbsp; 607828 |
| 5.34%, 09/20/2041 | 366703 | &nbsp;&nbsp; 372783 |
| 4.44% (1 mo. Term SOFR + <br> 0.56%), 07/20/2044<sup>(e)</sup> <br>| 297213 | &nbsp;&nbsp; 301659 |
| 3.50%, 05/20/2046 to <br> 06/20/2050<br>| 8514134 | &nbsp;&nbsp; 7822910 |
| 4.00%, 02/20/2048 to <br> 03/20/2050<br>| 2980638 | &nbsp;&nbsp; 2823199 |
| 3.00%, 02/20/2050 to <br> 06/20/2052<br>| 3475943 | &nbsp;&nbsp; 3124521 |
| 2.50%, 04/20/2051 | 1561291 | &nbsp;&nbsp; 1315207 |
| IO, <br>2.80% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(b)(e)</sup> <br>| 549085 | &nbsp;&nbsp; 37180 |
| 4.50%, 09/16/2047<sup>(b)</sup> <br>| 510557 | &nbsp;&nbsp; 92474 |
| 2.35% (6.20% - (1 mo. Term <br> SOFR + 0.11%)), <br> 10/16/2047<sup>(b)(e)</sup> <br>| 509739 | &nbsp;&nbsp; 61751 |
| TBA, <br>2.00%, 01/01/2056<sup>(f)</sup> <br>| 23444000 | &nbsp;&nbsp; 19421795 |
| 2.50%, 01/01/2056<sup>(f)</sup> <br>| 20125000 | &nbsp;&nbsp; 17362529 |
| 3.00%, 01/01/2056<sup>(f)</sup> <br>| 11830813 | &nbsp;&nbsp; 10632481 |
| 4.50%, 01/01/2056<sup>(f)</sup> <br>| 4300000 | &nbsp;&nbsp; 4189141 |
| 5.00%, 01/01/2056<sup>(f)</sup> <br>| 16067000 | &nbsp;&nbsp; 16032790 |
| 5.50%, 01/01/2056<sup>(f)</sup> <br>| 15162000 | &nbsp;&nbsp; 15311386 |
| 6.00%, 01/01/2056<sup>(f)</sup> <br>| 9322000 | &nbsp;&nbsp; 9500793 |
| 6.50%, 01/01/2056<sup>(f)</sup> <br>| 3395000 | &nbsp;&nbsp; 3509846 |
| Series 2020-137, Class A, <br>1.50%, 04/16/2062<br>| 7403849 | &nbsp;&nbsp; 5616826 |
|  |  | &nbsp;&nbsp; 119331784 |

---

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

**4**

**Invesco Quality Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Uniform Mortgage-Backed Securities–6.45%** | **Uniform Mortgage-Backed Securities–6.45%** | **Uniform Mortgage-Backed Securities–6.45%** | **Uniform Mortgage-Backed Securities–6.45%** |
| TBA, <br>4.50%, 01/01/2041<sup>(f)</sup> <br>|  | $1700000 | &nbsp;&nbsp; $1700863 |
| 5.00%, 01/01/2041<sup>(f)</sup> <br>|  | 3920000 | &nbsp;&nbsp; 3970507 |
| 5.50%, 01/01/2056<sup>(f)</sup> <br>|  | 2735000 | &nbsp;&nbsp; 2773670 |
| 6.00%, 01/01/2056<sup>(f)</sup> <br>|  | 15740000 | &nbsp;&nbsp; 16163150 |
| 6.50%, 01/01/2056<sup>(f)</sup> <br>|  | 8000000 | &nbsp;&nbsp; 8315174 |
|  |  |  | &nbsp;&nbsp; 32923364 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $583,024,823) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $583,024,823) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $583,024,823) | &nbsp;&nbsp; 536650857 |
| **Certificates of Deposit–6.08%** | **Certificates of Deposit–6.08%** | **Certificates of Deposit–6.08%** | **Certificates of Deposit–6.08%** |
| **Diversified Banks–6.08%** | **Diversified Banks–6.08%** | **Diversified Banks–6.08%** | **Diversified Banks–6.08%** |
| Bank of Nova Scotia (Canada), 4.03% <br> (SOFR + 0.33%), 07/22/2026<sup>(e)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3001030 |
| Credit Agricole Corporate and <br> Investment Bank (France), 4.04% <br> (SOFR + 0.34%), 08/28/2026<sup>(e)</sup> <br>|  | 6000000 | &nbsp;&nbsp; 6002991 |
| Mitsubishi UFJ Trust & Banking Corp. <br> (Japan), 4.04% (SOFR + 0.34%), <br> 01/30/2026<sup>(e)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 5001057 |
| Mizuho Bank Ltd. (Japan), 4.08% <br> (SOFR + 0.33%), 02/19/2026<sup>(e)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3000941 |
| Standard Chartered Bank (United <br> Kingdom), 4.03% (SOFR + <br> 0.33%), 07/24/2026<sup>(e)</sup> <br>|  | 7000000 | &nbsp;&nbsp; 7005488 |
| Swedbank AB/New York (Sweden), <br> 4.05% (SOFR + 0.30%), <br> 10/16/2026<br>|  | 7000000 | &nbsp;&nbsp; 7002059 |
| Total Certificates of Deposit (Cost $30,999,473) | Total Certificates of Deposit (Cost $30,999,473) | Total Certificates of Deposit (Cost $30,999,473) | &nbsp;&nbsp; 31013566 |
| **Asset-Backed Securities–5.04%** | **Asset-Backed Securities–5.04%** | **Asset-Backed Securities–5.04%** | **Asset-Backed Securities–5.04%** |
| Adjustable Rate Mortgage Trust, <br> Series 2005-7, Class 2A21, <br> 0.77%, 10/25/2035<sup>(a)</sup> <br>|  | 115586 | &nbsp;&nbsp; 101569 |
| Agate Bay Mortgage Trust, <br> Series 2015-2, Class B1, 3.61%, <br> 03/25/2045<sup>(a)(g)</sup> <br>|  | 865774 | &nbsp;&nbsp; 813286 |
| Banc of America Funding Trust, <br> Series 2006-A, Class 1A1, <br> 5.49%, 02/20/2036<sup>(a)</sup> <br>|  | 127925 | &nbsp;&nbsp; 122327 |
| Bank, Series 2017-BNK5, Class AS, <br> 3.62%, 06/15/2060<br>|  | 3200000 | &nbsp;&nbsp; 3134843 |
| Bear Stearns Adjustable Rate <br> Mortgage Trust, Series 2005-1, <br> Class 2A1, 2.16%, <br> 03/25/2035<sup>(a)</sup> <br>|  | 496098 | &nbsp;&nbsp; 456274 |
| Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, IO, <br> 0.52%, 01/15/2051<sup>(d)</sup> <br>|  | 11130460 | &nbsp;&nbsp; 109948 |
| CD Mortgage Trust, Series 2017-<br> CD6, Class XA, IO, 0.89%, <br> 11/13/2050<sup>(d)</sup> <br>|  | 5405126 | &nbsp;&nbsp; 62338 |
| Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., |  |  |
| Series 2016-2, Class M4, 3.75%, <br> 12/25/2045<sup>(a)(g)</sup> <br>|  | 1098965 | &nbsp;&nbsp; 1023697 |
| Series 2016-SH1, Class M3, <br> 3.75%, 04/25/2045<sup>(a)(g)</sup> <br>|  | 786913 | &nbsp;&nbsp; 735511 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |  |  |
| Series 2005-A1, Class 3A1, <br> 3.93%, 12/25/2035<sup>(a)</sup> <br>|  | $9637 | &nbsp;&nbsp; $8430 |
| Series 2007-A2, Class 2A1, <br> 6.16%, 06/25/2035<sup>(a)</sup> <br>|  | 114911 | &nbsp;&nbsp; 115285 |
| Series 2007-A2, Class 2A4, <br> 6.16%, 06/25/2035<sup>(a)</sup> <br>|  | 106153 | &nbsp;&nbsp; 106051 |
| Citigroup Commercial Mortgage Trust, <br> Series 2017-C4, Class XA, IO, <br> 0.98%, 10/12/2050<sup>(d)</sup> <br>|  | 15264078 | &nbsp;&nbsp; 209727 |
| Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |  |  |
| Series 2004-UST1, Class A4, <br> 6.53%, 08/25/2034<sup>(a)</sup> <br>|  | 20448 | &nbsp;&nbsp; 19350 |
| Series 2005-11, Class A2A, <br> 6.48% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.40%), <br> 10/25/2035<sup>(e)</sup> <br>|  | 322917 | &nbsp;&nbsp; 330680 |
| Series 2006-AR2, Class 1A2, <br> 2.56%, 03/25/2036<sup>(a)</sup> <br>|  | 5386 | &nbsp;&nbsp; 5282 |
| Commonbond Student Loan Trust, <br> Series 2018-CGS, Class A1, <br> 3.87%, 02/25/2046<sup>(g)</sup> <br>|  | 431751 | &nbsp;&nbsp; 421351 |
| Countrywide Home Loans Mortgage <br> Pass-Through Trust, <br> Series 2004-29, Class 1A1, <br> 4.39% (1 mo. Term SOFR + <br> 0.65%), 02/25/2035<sup>(e)</sup> <br>|  | 65088 | &nbsp;&nbsp; 63418 |
| Credit Suisse Mortgage Capital Trust, <br> Series 2013-7, Class B1, 3.55%, <br> 08/25/2043<sup>(a)(g)</sup> <br>|  | 676628 | &nbsp;&nbsp; 664256 |
| Credit Suisse Mortgage Loan Trust, <br> Series 2015-1, Class A9, 3.50%, <br> 05/25/2045<sup>(a)(g)</sup> <br>|  | 251403 | &nbsp;&nbsp; 233193 |
| CSFB Mortgage-Backed Pass-Through <br> Ctfs., Series 2004-AR5, <br> Class 5A1, 5.88%, <br> 06/25/2034<sup>(a)</sup> <br>|  | 133076 | &nbsp;&nbsp; 129729 |
| Deutsche Mortgage Securities, Inc. <br> Re-REMIC Trust Ctfs., <br> Series 2007-WM1, Class A1, <br> 4.50%, 06/27/2037<sup>(a)(g)</sup> <br>|  | 1100999 | &nbsp;&nbsp; 974044 |
| Galton Funding Mortgage Trust, <br> Series 2018-1, Class A33, <br> 3.50%, 11/25/2057<sup>(a)(g)</sup> <br>|  | 194152 | &nbsp;&nbsp; 177037 |
| GCAT Trust, Series 2025-INV2, <br> Class A1, 6.00%, <br> 05/25/2055<sup>(a)(g)</sup> <br>|  | 2824890 | &nbsp;&nbsp; 2879690 |
| GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |  |
| Series 2025-HE1, Class A1, <br> 5.42% (30 Day Average SOFR + <br> 1.55%), 10/25/2055<sup>(e)(g)</sup> <br>|  | 1717324 | &nbsp;&nbsp; 1722677 |
| Series 2025-HE2, Class M1, <br> 5.77% (30 Day Average SOFR + <br> 1.90%), 12/25/2065<sup>(g)</sup> <br>|  | 1350000 | &nbsp;&nbsp; 1355496 |
| GSAA Home Equity Trust, <br> Series 2007-7, Class A4, 4.39% <br> (1 mo. Term SOFR + 0.65%), <br> 07/25/2037<sup>(e)</sup> <br>|  | 7098 | &nbsp;&nbsp; 6922 |
| GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |  |  |
| Series 2004-12, Class 3A6, <br> 1.46%, 12/25/2034<sup>(a)</sup> <br>|  | 123194 | &nbsp;&nbsp; 115717 |
| Series 2005-AR4, Class 6A1, <br> 5.00%, 07/25/2035<sup>(a)</sup> <br>|  | 39406 | &nbsp;&nbsp; 37951 |

---

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

**5**

**Invesco Quality Income Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |  |
| Series 2005-A1, Class 3A1, <br> 5.44%, 02/25/2035<sup>(a)</sup> <br>|  | $173087 | &nbsp;&nbsp; $166566 |
| Series 2014-1, Class 1A17, <br> 0.79%, 01/25/2044<sup>(a)(g)</sup> <br>|  | 495080 | &nbsp;&nbsp; 474801 |
| Series 2017-5, Class A1, 4.75%, <br> 10/26/2048<sup>(a)(g)</sup> <br>|  | 78978 | &nbsp;&nbsp; 79921 |
| Series 2019-INV2, Class A15, <br> 3.50%, 02/25/2050<sup>(a)(g)</sup> <br>|  | 103504 | &nbsp;&nbsp; 94038 |
| JP Morgan Trust, Series 2015-3, <br> Class A3, 3.50%, <br> 05/25/2045<sup>(a)(g)</sup> <br>|  | 459143 | &nbsp;&nbsp; 431132 |
| Luminent Mortgage Trust, <br> Series 2006-1, Class A1, 3.85% <br> (1 mo. Term SOFR + 0.83%), <br> 04/25/2036<sup>(e)</sup> <br>|  | 23307 | &nbsp;&nbsp; 20953 |
| MASTR Adjustable Rate Mortgages <br> Trust, Series 2004-13, <br> Class 2A2, 6.29%, <br> 04/21/2034<sup>(a)</sup> <br>|  | 65294 | &nbsp;&nbsp; 64957 |
| Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |  |  |
| Series 2005-3, Class 3A, 2.39%, <br> 11/25/2035<sup>(a)</sup> <br>|  | 82758 | &nbsp;&nbsp; 79036 |
| Series 2005-A, Class A1, 4.31% <br> (1 mo. Term SOFR + 0.57%), <br> 03/25/2030<sup>(e)</sup> <br>|  | 161291 | &nbsp;&nbsp; 156208 |
| Morgan Stanley Capital I Trust, <br> Series 2017-HR2, Class XA, IO, <br> 0.85%, 12/15/2050<sup>(d)</sup> <br>|  | 5291439 | &nbsp;&nbsp; 70210 |
| Residential Accredit Loans, Inc. Trust, <br> Series 2006-QS13, Class 1A8, <br> 6.00%, 09/25/2036<br>|  | 21913 | &nbsp;&nbsp; 17670 |
| Shellpoint Asset Funding Trust, <br> Series 2013-1, Class A3, 3.75%, <br> 07/25/2043<sup>(a)(g)</sup> <br>|  | 281288 | &nbsp;&nbsp; 271082 |
| Structured Adjustable Rate Mortgage <br> Loan Trust, | Structured Adjustable Rate Mortgage <br> Loan Trust, |  |  |
| Series 2004-13, Class A2, 4.15% <br> (1 mo. Term SOFR + 0.41%), <br> 09/25/2034<sup>(e)</sup> <br>|  | 175426 | &nbsp;&nbsp; 164891 |
| Series 2004-20, Class 3A1, <br> 3.89%, 01/25/2035<sup>(a)</sup> <br>|  | 17731 | &nbsp;&nbsp; 17601 |
| Structured Asset Sec Mortgage <br> Pass-Through Ctfs., <br> Series 2002-21A, Class B1II, <br> 6.56%, 11/25/2032<sup>(a)</sup> <br>|  | 1 | &nbsp;&nbsp; 1 |
| UBS Commercial Mortgage Trust, <br> Series 2017-C5, Class XA, IO, <br> 1.09%, 11/15/2050<sup>(d)</sup> <br>|  | 7212003 | &nbsp;&nbsp; 97454 |
| Vendee Mortgage Trust, | Vendee Mortgage Trust, |  |  |
| Series 1999-3, Class IO, 0.00%, <br> 10/15/2029<sup>(a)(c)</sup> <br>|  | 1616895 | &nbsp;&nbsp; 16 |
| Series 2001-3, Class IO, 0.00%, <br> 10/15/2031<sup>(a)(c)</sup> <br>|  | 1114006 | &nbsp;&nbsp; 11 |
| Series 2002-2, Class IO, 0.00%, <br> 01/15/2032<sup>(a)(c)</sup> <br>|  | 3140071 | &nbsp;&nbsp; 460 |
| Series 2002-3, Class IO, 0.11%, <br> 08/15/2032<sup>(a)</sup> <br>|  | 3403876 | &nbsp;&nbsp; 4814 |
| Series 2003-1, Class IO, 0.00%, <br> 11/15/2032<sup>(a)(c)</sup> <br>|  | 5760620 | &nbsp;&nbsp; 37 |
| Verus Securitization Trust, <br> Series 2023-INV3, Class A3, <br> 7.73%, 11/25/2068<sup>(a)(g)</sup> <br>|  | 4482584 | &nbsp;&nbsp; 4555245 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| WaMu Mortgage Pass-Through Ctfs. Trust, | WaMu Mortgage Pass-Through Ctfs. Trust, |  |  |
| Series 2003-AR10, Class A7, <br> 5.69%, 10/25/2033<sup>(a)</sup> <br>|  | $81080 | &nbsp;&nbsp; $78333 |
| Series 2007-HY2, Class 2A1, <br> 4.61%, 11/25/2036<sup>(a)</sup> <br>|  | 25126 | &nbsp;&nbsp; 21932 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, Class XA, <br> IO, 0.82%, 12/15/2050<sup>(d)</sup> <br>|  | 7528566 | &nbsp;&nbsp; 102373 |
| Zaxby's Funding LLC, Series 2021-<br> 1A, Class A2, 3.24%, <br> 07/30/2051<sup>(g)</sup> <br>|  | 2776750 | &nbsp;&nbsp; 2624234 |
| Total Asset-Backed Securities (Cost $27,809,800) | Total Asset-Backed Securities (Cost $27,809,800) | Total Asset-Backed Securities (Cost $27,809,800) | &nbsp;&nbsp; 25730055 |
| **Commercial Paper–3.92%**<sup>(h)</sup>  | **Commercial Paper–3.92%**<sup>(h)</sup>  | **Commercial Paper–3.92%**<sup>(h)</sup>  | **Commercial Paper–3.92%**<sup>(h)</sup>  |
| **Diversified Banks–2.94%** | **Diversified Banks–2.94%** | **Diversified Banks–2.94%** | **Diversified Banks–2.94%** |
| Australia & New Zealand Banking <br> Group Ltd. (Australia), 4.00% <br> (SOFR + 0.30%), <br> 09/25/2026<sup>(e)(g)</sup> <br>|  | 6000000 | &nbsp;&nbsp; 6001110 |
| HSBC Bank PLC (United Kingdom), <br> 4.09% (SOFR + 0.34%), <br> 10/14/2026<sup>(e)(g)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2000359 |
| Lloyds Bank PLC (United Kingdom), <br> 4.05% (SOFR + 0.30%), <br> 10/14/2026<sup>(e)(g)</sup> <br>|  | 7000000 | &nbsp;&nbsp; 7003174 |
|  |  |  | &nbsp;&nbsp; 15004643 |
| **Diversified Financial Services–0.98%** | **Diversified Financial Services–0.98%** | **Diversified Financial Services–0.98%** | **Diversified Financial Services–0.98%** |
| BofA Securities, Inc., 4.08% (SOFR + <br> 0.33%), 08/06/2026<sup>(e)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 5002690 |
| Total Commercial Paper (Cost $20,000,000) | Total Commercial Paper (Cost $20,000,000) | Total Commercial Paper (Cost $20,000,000) | &nbsp;&nbsp; 20007333 |
| **Agency Credit Risk Transfer Notes–2.06%** | **Agency Credit Risk Transfer Notes–2.06%** | **Agency Credit Risk Transfer Notes–2.06%** | **Agency Credit Risk Transfer Notes–2.06%** |
| Fannie Mae Connecticut Avenue <br> Securities, Series 2023-R02, <br> Class 1M2, 7.22% (30 Day <br> Average SOFR + 3.35%), <br> 01/25/2043<sup>(e)(g)</sup> <br>|  | 5550000 | &nbsp;&nbsp; 5758618 |
| Freddie Mac, Series 2022-DNA4, <br> Class M1, STACR<sup>®</sup>, 7.22% (30 Day <br> Average SOFR + 3.35%), <br> 05/25/2042<sup>(e)(g)</sup> <br>|  | 4615000 | &nbsp;&nbsp; 4764605 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $10,267,433) | Total Agency Credit Risk Transfer Notes <br> (Cost $10,267,433) | Total Agency Credit Risk Transfer Notes <br> (Cost $10,267,433) | &nbsp;&nbsp; 10523223 |
| **U.S. Treasury Securities–0.46%** | **U.S. Treasury Securities–0.46%** | **U.S. Treasury Securities–0.46%** | **U.S. Treasury Securities–0.46%** |
| **U.S. Treasury Bills–0.46%** | **U.S. Treasury Bills–0.46%** | **U.S. Treasury Bills–0.46%** | **U.S. Treasury Bills–0.46%** |
| 3.51% - 4.12%, 05/14/2026 <br>(Cost $2,326,346)<sup>(h)(i)</sup> <br>|  | 2359000 | &nbsp;&nbsp; 2328984 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–2.43%** | **Money Market Funds–2.43%** | **Money Market Funds–2.43%** | **Money Market Funds–2.43%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(j)(k)</sup> <br>(Cost $12,385,434) | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(j)(k)</sup> <br>(Cost $12,385,434) | 12385435 | &nbsp;&nbsp; 12385434 |
| TOTAL INVESTMENTS IN SECURITIES–125.14% <br> (Cost $686,813,309) | TOTAL INVESTMENTS IN SECURITIES–125.14% <br> (Cost $686,813,309) | TOTAL INVESTMENTS IN SECURITIES–125.14% <br> (Cost $686,813,309) | &nbsp;&nbsp; 638639452 |
| OTHER ASSETS LESS LIABILITIES—(25.14)% | OTHER ASSETS LESS LIABILITIES—(25.14)% | OTHER ASSETS LESS LIABILITIES—(25.14)% | &nbsp;&nbsp; (128296198)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $510343254 |

---

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

**6**

**Invesco Quality Income Fund**

------

---

| | | |
|:---|:---|:---|
| **Securities Sold Short** |  |  |
| &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |  |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities Short–(1.31)%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities Short–(1.31)%** |  |
| **Uniform Mortgage-Backed Securities–(1.31)%** | **Uniform Mortgage-Backed Securities–(1.31)%** |  |
| TBA, 2.00%, 01/01/2056<sup>(f)</sup>, <br>(Total Proceeds $(5175000)) | $(6400000)<br>| &nbsp;&nbsp; $(5174974)<br>|
| TBA, 2.50%, 01/01/2056<sup>(f)</sup>, <br>(Total Proceeds $(1512546)) | (1783000)<br>| &nbsp;&nbsp; (1507610)<br>|

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ARM | – Adjustable Rate Mortgage |
| Ctfs. | – Certificates |
| IBOR | – Interbank Offered Rate |
| IO | – Interest Only |
| MTA | – Moving Treasury Average |
| PO | – Principal Only |
| REMICs | – Real Estate Mortgage Investment Conduits |
| SOFR | – Secured Overnight Financing Rate |
| STACR<sup>®</sup> | – 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:

<sup>(a)</sup> Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2025. 

<sup>(b)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.

<sup>(c)</sup> Zero coupon bond issued at a discount.

<sup>(d)</sup> Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on December 31, 2025. 

<sup>(e)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on December 31, 2025.

<sup>(f)</sup> Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1K.

<sup>(g)</sup> 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, 2025 was $45,058,557, which represented 8.83% of the Fund's Net Assets. 

<sup>(h)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<sup>(i)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.

<sup>(j)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $5675101 | &nbsp;&nbsp; $148866410 | &nbsp;&nbsp; $(142156077) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12385434 | &nbsp;&nbsp; $204949 |

---

<sup>(k)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 65 | March-2026 | &nbsp;&nbsp;&nbsp; $13571289 | &nbsp;&nbsp;&nbsp; $1937 | &nbsp;&nbsp;&nbsp; $1937 |

---

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

**7**

**Invesco Quality Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** | **Open Futures Contracts—(continued)** |
| **Short Futures Contracts** | &nbsp;&nbsp; **Number of**<br> **Contracts**<br>| &nbsp;&nbsp;&nbsp; **Expiration**<br> **Month**<br>| &nbsp;&nbsp; **Notional**<br> **Value**<br>| **Value** | &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** | **Interest Rate Risk** |
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 16 | March-2026 | &nbsp;&nbsp;&nbsp; $(1748875)<br>| &nbsp;&nbsp;&nbsp; $748 | &nbsp;&nbsp;&nbsp; $748 |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp; 10 | March-2026 | &nbsp;&nbsp;&nbsp; (1124375)<br>| &nbsp;&nbsp;&nbsp; (2983)<br>| &nbsp;&nbsp;&nbsp; (2983)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 47 | March-2026 | &nbsp;&nbsp;&nbsp; (5405734)<br>| &nbsp;&nbsp;&nbsp; 2182 | &nbsp;&nbsp;&nbsp; 2182 |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 9 | March-2026 | &nbsp;&nbsp;&nbsp; (1040344)<br>| &nbsp;&nbsp;&nbsp; (2545)<br>| &nbsp;&nbsp;&nbsp; (2545)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 10 | March-2026 | &nbsp;&nbsp;&nbsp; (1180000)<br>| &nbsp;&nbsp;&nbsp; 14688 | &nbsp;&nbsp;&nbsp; 14688 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; 12090 | &nbsp;&nbsp;&nbsp; 12090 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $14027 | &nbsp;&nbsp;&nbsp; $14027 |

---

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

**8**

**Invesco Quality Income Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $674,427,875)<br>| &nbsp;&nbsp; $626254018 |
| Investments in affiliated money market funds, at value <br> (Cost $12,385,434)<br>| &nbsp;&nbsp; 12385434 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 16960 |
| Cash | &nbsp;&nbsp; 103297 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1604 |
| TBA sales commitment | &nbsp;&nbsp; 23300233 |
| Fund shares sold | &nbsp;&nbsp; 1203800 |
| Dividends | &nbsp;&nbsp; 17958 |
| Interest | &nbsp;&nbsp; 1850647 |
| Principal paydowns | &nbsp;&nbsp; 7915 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 186562 |
| Other assets | &nbsp;&nbsp; 42124 |
| Total assets | &nbsp;&nbsp; 665370552 |
| **Liabilities:** |  |
| Securities sold short, at value (proceeds $6,687,546) | &nbsp;&nbsp; 6682584 |
| Payable for: |  |
| TBA purchased commitment | &nbsp;&nbsp; 145571751 |
| Interest on short sales | &nbsp;&nbsp; 6232 |
| Dividends | &nbsp;&nbsp; 142137 |
| Fund shares reacquired | &nbsp;&nbsp; 2106080 |
| Accrued fees to affiliates | &nbsp;&nbsp; 222532 |
| Accrued other operating expenses | &nbsp;&nbsp; 105331 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 190651 |
| Total liabilities | &nbsp;&nbsp; 155027298 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $510343254 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $722621686 |
| Distributable earnings (loss) | &nbsp;&nbsp; (212278432)<br>|
|  | &nbsp;&nbsp; $510343254 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $406998977 |
| Class C | &nbsp;&nbsp; $10465516 |
| Class R | &nbsp;&nbsp; $14351605 |
| Class Y | &nbsp;&nbsp; $61001875 |
| Class R5 | &nbsp;&nbsp; $274945 |
| Class R6 | &nbsp;&nbsp; $17250336 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 40831763 |
| Class C | &nbsp;&nbsp; 1055892 |
| Class R | &nbsp;&nbsp; 1440689 |
| Class Y | &nbsp;&nbsp; 6097808 |
| Class R5 | &nbsp;&nbsp; 27545 |
| Class R6 | &nbsp;&nbsp; 1724561 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $9.97 |
| Maximum offering price per share <br>(Net asset value of $9.97 ÷ 95.75%)<br>| &nbsp;&nbsp; $10.41 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.91 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.96 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.00 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.98 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.00 |

---

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

**9**

**Invesco Quality Income Fund**

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $20118693 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 204949 |
| Total investment income | &nbsp;&nbsp; 20323642 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 2214044 |
| Administrative services fees | &nbsp;&nbsp; 72178 |
| Custodian fees | &nbsp;&nbsp; 48575 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1013345 |
| Class C | &nbsp;&nbsp; 110631 |
| Class R | &nbsp;&nbsp; 73970 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 682110 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 219 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 4296 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 25550 |
| Registration and filing fees | &nbsp;&nbsp; 98728 |
| Reports to shareholders | &nbsp;&nbsp; 50269 |
| Professional services fees | &nbsp;&nbsp; 78284 |
| Other | &nbsp;&nbsp; 17300 |
| Total expenses | &nbsp;&nbsp; 4489499 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (33520)<br>|
| Net expenses | &nbsp;&nbsp; 4455979 |
| Net investment income | &nbsp;&nbsp; 15867663 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (117010)<br>|
| Futures contracts | &nbsp;&nbsp; (703593)<br>|
| Securities sold short | &nbsp;&nbsp; 377164 |
|  | &nbsp;&nbsp; (443439)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 25690002 |
| Futures contracts | &nbsp;&nbsp; (341005)<br>|
| Securities sold short | &nbsp;&nbsp; 4962 |
|  | &nbsp;&nbsp; 25353959 |
| Net realized and unrealized gain | &nbsp;&nbsp; 24910520 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $40778183 |

---

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

**10**

**Invesco Quality Income Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $15867663 | &nbsp;&nbsp; $18242845 |
| Net realized gain (loss) | &nbsp;&nbsp; (443439)<br>| &nbsp;&nbsp; 23123 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 25353959 | &nbsp;&nbsp; (13093627)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 40778183 | &nbsp;&nbsp; 5172341 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (14144075)<br>| &nbsp;&nbsp; (17261544)<br>|
| Class C | &nbsp;&nbsp; (294275)<br>| &nbsp;&nbsp; (429125)<br>|
| Class R | &nbsp;&nbsp; (467382)<br>| &nbsp;&nbsp; (573106)<br>|
| Class Y | &nbsp;&nbsp; (2125198)<br>| &nbsp;&nbsp; (3038248)<br>|
| Class R5 | &nbsp;&nbsp; (8638)<br>| &nbsp;&nbsp; (8516)<br>|
| Class R6 | &nbsp;&nbsp; (574373)<br>| &nbsp;&nbsp; (717050)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (17613941)<br>| &nbsp;&nbsp; (22027589)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (34323047)<br>| &nbsp;&nbsp; (38852181)<br>|
| Class C | &nbsp;&nbsp; (2118776)<br>| &nbsp;&nbsp; (3636846)<br>|
| Class R | &nbsp;&nbsp; (1253422)<br>| &nbsp;&nbsp; (1754486)<br>|
| Class Y | &nbsp;&nbsp; (7374601)<br>| &nbsp;&nbsp; (14968213)<br>|
| Class R5 | &nbsp;&nbsp; 72573 | &nbsp;&nbsp; (176954)<br>|
| Class R6 | &nbsp;&nbsp; 1474251 | &nbsp;&nbsp; (3942467)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (43523022)<br>| &nbsp;&nbsp; (63331147)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (20358780)<br>| &nbsp;&nbsp; (80186395)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 530702034 | &nbsp;&nbsp; 610888429 |
| End of year | &nbsp;&nbsp; $510343254 | &nbsp;&nbsp; $530702034 |

---

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

**11**

**Invesco Quality Income Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $9.53 | $0.30 | $0.47 | $0.77 | $(0.33)<br>| $9.97 | 8.23 %<sup>(d)</sup><br>| $406999 | 0.88 %<sup>(d)</sup><br>| 0.89 %<sup>(d)</sup><br>| 3.08 %<sup>(d)</sup><br>| 349<br> %<br>|
| Year ended 12/31/24 | 9.81 | 0.31 | (0.22)<br>| 0.09 | (0.37)<br>| 9.53 | 0.98 <br><sup>(d)</sup><br>| 422688 | 0.90 <br><sup>(d)</sup><br>| 0.91 <br><sup>(d)</sup><br>| 3.20 <br><sup>(d)</sup><br>| 331 |
| Year ended 12/31/23 | 9.66 | 0.27 | 0.22 | 0.49 | (0.34)<br>| 9.81 | 5.25 <br><sup>(d)</sup><br>| 474643 | 0.86 <br><sup>(d)</sup><br>| 0.87 <br><sup>(d)</sup><br>| 2.83 <br><sup>(d)</sup><br>| 427 |
| Year ended 12/31/22 | 11.36 | 0.16 | (1.57)<br>| (1.41)<br>| (0.29)<br>| 9.66 | (12.52 )<sup>(d)</sup><br>| 511108 | 0.85 <br><sup>(d)</sup><br>| 0.85 <br><sup>(d)</sup><br>| 1.53 <br><sup>(d)</sup><br>| 520 |
| Year ended 12/31/21 | 11.90 | 0.07 | (0.25)<br>| (0.18)<br>| (0.36)<br>| 11.36 | (1.55 )<sup>(d)</sup><br>| 697347 | 0.84 <br><sup>(d)</sup><br>| 0.86 <br><sup>(d)</sup><br>| 0.57 <br><sup>(d)</sup><br>| 401 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 9.47 | 0.22 | 0.48 | 0.70 | (0.26)<br>| 9.91 | 7.46 | 10466 | 1.64 | 1.65 | 2.32 | 349 |
| Year ended 12/31/24 | 9.75 | 0.23 | (0.21)<br>| 0.02 | (0.30)<br>| 9.47 | 0.20 | 12087 | 1.66 | 1.67 | 2.44 | 331 |
| Year ended 12/31/23 | 9.60 | 0.20 | 0.22 | 0.42 | (0.27)<br>| 9.75 | 4.46 | 16154 | 1.62 | 1.63 | 2.07 | 427 |
| Year ended 12/31/22 | 11.28 | 0.08 | (1.55)<br>| (1.47)<br>| (0.21)<br>| 9.60 | (13.12)<br>| 19025 | 1.61 | 1.61 | 0.77 | 520 |
| Year ended 12/31/21 | 11.82 | (0.02)<br>| (0.25)<br>| (0.27)<br>| (0.27)<br>| 11.28 | (2.35 )<sup>(e)</sup><br>| 32752 | 1.62 <br><sup>(e)</sup><br>| 1.62 <br><sup>(e)</sup><br>| (0.21 )<sup>(e)</sup><br>| 401 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 12/31/25 | 9.52 | 0.27 | 0.48 | 0.75 | (0.31)<br>| 9.96 | 7.96 | 14352 | 1.14 | 1.15 | 2.82 | 349 |
| Year ended 12/31/24 | 9.80 | 0.28 | (0.21)<br>| 0.07 | (0.35)<br>| 9.52 | 0.72 | 14933 | 1.16 | 1.17 | 2.94 | 331 |
| Year ended 12/31/23 | 9.65 | 0.25 | 0.22 | 0.47 | (0.32)<br>| 9.80 | 4.97 | 17136 | 1.12 | 1.13 | 2.57 | 427 |
| Year ended 12/31/22 | 11.35 | 0.13 | (1.57)<br>| (1.44)<br>| (0.26)<br>| 9.65 | (12.76)<br>| 19497 | 1.11 | 1.11 | 1.27 | 520 |
| Year ended 12/31/21 | 11.89 | 0.03 | (0.25)<br>| (0.22)<br>| (0.32)<br>| 11.35 | (1.84)<br>| 24551 | 1.12 | 1.12 | 0.29 | 401 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 9.56 | 0.33 | 0.47 | 0.80 | (0.36)<br>| 10.00 | 8.48 | 61002 | 0.64 | 0.65 | 3.32 | 349 |
| Year ended 12/31/24 | 9.84 | 0.33 | (0.21)<br>| 0.12 | (0.40)<br>| 9.56 | 1.23 | 65707 | 0.66 | 0.67 | 3.44 | 331 |
| Year ended 12/31/23 | 9.70 | 0.30 | 0.21 | 0.51 | (0.37)<br>| 9.84 | 5.38 | 83005 | 0.62 | 0.63 | 3.07 | 427 |
| Year ended 12/31/22 | 11.40 | 0.18 | (1.57)<br>| (1.39)<br>| (0.31)<br>| 9.70 | (12.26)<br>| 82042 | 0.61 | 0.61 | 1.77 | 520 |
| Year ended 12/31/21 | 11.95 | 0.10 | (0.26)<br>| (0.16)<br>| (0.39)<br>| 11.40 | (1.35)<br>| 106019 | 0.57 | 0.62 | 0.84 | 401 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 9.55 | 0.33 | 0.46 | 0.79 | (0.36)<br>| 9.98 | 8.43 | 275 | 0.60 | 0.60 | 3.36 | 349 |
| Year ended 12/31/24 | 9.82 | 0.34 | (0.21)<br>| 0.13 | (0.40)<br>| 9.55 | 1.38 | 191 | 0.61 | 0.61 | 3.49 | 331 |
| Year ended 12/31/23 | 9.67 | 0.30 | 0.22 | 0.52 | (0.37)<br>| 9.82 | 5.54 | 377 | 0.58 | 0.58 | 3.11 | 427 |
| Year ended 12/31/22 | 11.37 | 0.19 | (1.57)<br>| (1.38)<br>| (0.32)<br>| 9.67 | (12.26)<br>| 139 | 0.57 | 0.57 | 1.81 | 520 |
| Year ended 12/31/21 | 11.91 | 0.10 | (0.25)<br>| (0.15)<br>| (0.39)<br>| 11.37 | (1.29)<br>| 489 | 0.56 | 0.57 | 0.85 | 401 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 9.56 | 0.33 | 0.48 | 0.81 | (0.37)<br>| 10.00 | 8.60 | 17250 | 0.54 | 0.54 | 3.42 | 349 |
| Year ended 12/31/24 | 9.84 | 0.35 | (0.22)<br>| 0.13 | (0.41)<br>| 9.56 | 1.35 | 15095 | 0.54 | 0.54 | 3.56 | 331 |
| Year ended 12/31/23 | 9.70 | 0.31 | 0.21 | 0.52 | (0.38)<br>| 9.84 | 5.50 | 19575 | 0.51 | 0.51 | 3.18 | 427 |
| Year ended 12/31/22 | 11.40 | 0.20 | (1.57)<br>| (1.37)<br>| (0.33)<br>| 9.70 | (12.16)<br>| 21040 | 0.50 | 0.50 | 1.88 | 520 |
| Year ended 12/31/21 | 11.95 | 0.11 | (0.26)<br>| (0.15)<br>| (0.40)<br>| 11.40 | (1.30)<br>| 33442 | 0.51 | 0.51 | 0.90 | 401 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> 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, 2025, 2024, 2023, 2022 and 2021, respectively. 

<sup>(e)</sup> 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 0.99% for Class C shares for the year ended December 31, 2021. 

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

**12**

**Invesco Quality Income Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

The Fund's investment objective is to provide a high level of current income, with liquidity and safety of principal.

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

Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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.

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

**13**

**Invesco Quality Income Fund**

------

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

**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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

**C.** **Distributions -** Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**I.** **Securities Sold Short -** The Fund may enter into short sales of securities which it concurrently holds (against the box) or for which it holds no corresponding position (naked). Securities sold short represent a liability of the Fund to acquire specific securities at prevailing market prices at a future date in order to satisfy the obligation to deliver the securities sold. The liability is recorded on the books of the Fund at the market value of the common stock determined each day in accordance with the procedures for security valuations. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates.

The Fund is required to segregate cash or securities as collateral in margin accounts at a level that is equal to the obligation to the broker who delivered such securities to the buyer on behalf of the Fund. The *Short stock rebate*, if any, presented in the Statement of Operations represents the net income earned on short sale proceeds held on deposit with the broker and margin interest earned or incurred on short sale transactions. Margin interest is the income earned (or expense incurred) as a result of the market value of securities sold short being less than (or greater than) the proceeds received from the short sales.

**J.** **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 instrument or asset. 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

**14**

**Invesco Quality Income Fund**

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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.

**K.** **Dollar Rolls and Forward Commitment Transactions** - The Fund may enter into dollar roll transactions to enhance the Fund's performance. The Fund executes its dollar roll transactions in the *to be announced* ("TBA") market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund's portfolio turnover rate.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.

**L.** **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. This practice does not apply to securities pledged as collateral for securities lending transactions.

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

**N.** **Other Risks** - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund's ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.

Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower's payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund's income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund's share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.

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

Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. 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 and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.4700% |
| Next $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.4400% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.4125% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.3825% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.3800% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.3650% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.3400% |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.2950% |
| Over $12.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.2700% |

---

For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.43%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

**15**

**Invesco Quality Income Fund**

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Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $4,782.

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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended December 31, 2025, 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, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $14,889 in front-end sales commissions from the sale of Class A shares and $858 and $660 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| U.S. Government Sponsored Agency Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $536650857 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $536650857 |
| Certificates of Deposit | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31013566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31013566 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25730055 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25730055 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20007333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20007333 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10523223 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10523223 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2328984 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2328984 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 12385434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12385434 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 12385434 | &nbsp;&nbsp;&nbsp;&nbsp; 626254018 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 638639452 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 19555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19555 |

---

**16**

**Invesco Quality Income Fund**

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Liabilities\*** |  |  |  |  |
| Securities Sold Short | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(6682584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(6682584)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (5528)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5528)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (5528)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6682584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6688112)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 14027 | &nbsp;&nbsp;&nbsp;&nbsp; (6682584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6668557)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $12399461 | &nbsp;&nbsp;&nbsp;&nbsp; $619571434 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $631970895 |

---

\* Futures contracts are valued at unrealized appreciation (depreciation). Securities sold short are shown at value.

**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, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized appreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $19555 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (19555)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(5528)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 5528 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> 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, 2025**

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** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Interest** <br>**Rate Risk**<br>|
| Realized Gain (Loss): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(703593)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (341005)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(1044598)<br>|

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Futures** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $34600089 |

---

**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $28,738.

**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

**17**

**Invesco Quality Income Fund**

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $17613941 | &nbsp;&nbsp;&nbsp;&nbsp; $22027589 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $1230443 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (48196819)<br>|
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (150273)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (165161783)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 722621686 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $510343254 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and derivative 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. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund has a capital loss carryforward as of December 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $81134157 | &nbsp;&nbsp;&nbsp;&nbsp; $84027626 | &nbsp;&nbsp;&nbsp;&nbsp; $165161783 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $6,156,677 and $8,272,400, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $4335705 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (52532524)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(48196819)<br>|

---

Cost of investments for tax purposes is $680,167,714.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of dollar rolls and paydowns, on December 31, 2025, undistributed net investment income was increased by $3,003,530 and undistributed net realized gain (loss) was decreased by $3,003,530. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**18**

**Invesco Quality Income Fund**

------

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2679850 | &nbsp;&nbsp;&nbsp; $26130581 | &nbsp;&nbsp;&nbsp; 3007428 | &nbsp;&nbsp;&nbsp; $29164377 |
| Class C | &nbsp;&nbsp;&nbsp; 241508 | &nbsp;&nbsp;&nbsp; 2334282 | &nbsp;&nbsp;&nbsp; 247738 | &nbsp;&nbsp;&nbsp; 2375465 |
| Class R | &nbsp;&nbsp;&nbsp; 851938 | &nbsp;&nbsp;&nbsp; 8272197 | &nbsp;&nbsp;&nbsp; 142770 | &nbsp;&nbsp;&nbsp; 1375027 |
| Class Y | &nbsp;&nbsp;&nbsp; 2677332 | &nbsp;&nbsp;&nbsp; 26166234 | &nbsp;&nbsp;&nbsp; 2483191 | &nbsp;&nbsp;&nbsp; 23958733 |
| Class R5 | &nbsp;&nbsp;&nbsp; 28835 | &nbsp;&nbsp;&nbsp; 276860 | &nbsp;&nbsp;&nbsp; 8002 | &nbsp;&nbsp;&nbsp; 77000 |
| Class R6 | &nbsp;&nbsp;&nbsp; 834783 | &nbsp;&nbsp;&nbsp; 8235482 | &nbsp;&nbsp;&nbsp; 383624 | &nbsp;&nbsp;&nbsp; 3749094 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1247077 | &nbsp;&nbsp;&nbsp; 12208649 | &nbsp;&nbsp;&nbsp; 1525939 | &nbsp;&nbsp;&nbsp; 14702224 |
| Class C | &nbsp;&nbsp;&nbsp; 28083 | &nbsp;&nbsp;&nbsp; 273159 | &nbsp;&nbsp;&nbsp; 40592 | &nbsp;&nbsp;&nbsp; 388740 |
| Class R | &nbsp;&nbsp;&nbsp; 47046 | &nbsp;&nbsp;&nbsp; 460244 | &nbsp;&nbsp;&nbsp; 58688 | &nbsp;&nbsp;&nbsp; 565058 |
| Class Y | &nbsp;&nbsp;&nbsp; 163264 | &nbsp;&nbsp;&nbsp; 1604855 | &nbsp;&nbsp;&nbsp; 250035 | &nbsp;&nbsp;&nbsp; 2415579 |
| Class R5 | &nbsp;&nbsp;&nbsp; 841 | &nbsp;&nbsp;&nbsp; 8264 | &nbsp;&nbsp;&nbsp; 788 | &nbsp;&nbsp;&nbsp; 7603 |
| Class R6 | &nbsp;&nbsp;&nbsp; 47229 | &nbsp;&nbsp;&nbsp; 464396 | &nbsp;&nbsp;&nbsp; 58974 | &nbsp;&nbsp;&nbsp; 570149 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 150128 | &nbsp;&nbsp;&nbsp; 1462215 | &nbsp;&nbsp;&nbsp; 223026 | &nbsp;&nbsp;&nbsp; 2135516 |
| Class C | &nbsp;&nbsp;&nbsp; (151015)<br>| &nbsp;&nbsp;&nbsp; (1462215)<br>| &nbsp;&nbsp;&nbsp; (224314)<br>| &nbsp;&nbsp;&nbsp; (2135516)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (7601556)<br>| &nbsp;&nbsp;&nbsp; (74124492)<br>| &nbsp;&nbsp;&nbsp; (8805438)<br>| &nbsp;&nbsp;&nbsp; (84854298)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (338462)<br>| &nbsp;&nbsp;&nbsp; (3264002)<br>| &nbsp;&nbsp;&nbsp; (445436)<br>| &nbsp;&nbsp;&nbsp; (4265535)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1026315)<br>| &nbsp;&nbsp;&nbsp; (9985863)<br>| &nbsp;&nbsp;&nbsp; (382089)<br>| &nbsp;&nbsp;&nbsp; (3694571)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (3612528)<br>| &nbsp;&nbsp;&nbsp; (35145690)<br>| &nbsp;&nbsp;&nbsp; (4296725)<br>| &nbsp;&nbsp;&nbsp; (41342525)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (22166)<br>| &nbsp;&nbsp;&nbsp; (212551)<br>| &nbsp;&nbsp;&nbsp; (27108)<br>| &nbsp;&nbsp;&nbsp; (261557)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (735647)<br>| &nbsp;&nbsp;&nbsp; (7225627)<br>| &nbsp;&nbsp;&nbsp; (853115)<br>| &nbsp;&nbsp;&nbsp; (8261710)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (4489775)<br>| &nbsp;&nbsp;&nbsp; $(43523022)<br>| &nbsp;&nbsp;&nbsp; (6603430)<br>| &nbsp;&nbsp;&nbsp; $(63331147)<br>|

---

<sup>(a)</sup> 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.

**19**

**Invesco Quality Income Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Quality Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Quality Income Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**20**

**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 advisers.

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.31% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 87.63% |

---

\*

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

**21**

**Invesco Quality Income Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**22**

**Invesco Quality Income Fund**

------

![](img596203131.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

VK-QINC-NCSR

------

![](img5cb64b761.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco Select Risk: Conservative Investor Fund**

Nasdaq:

A: OACIX ■ C: OCCIX ■ R: ONCIX ■ Y: OYCIX ■ R5: PXCIX ■ R6: PXCCX

------

---

| | |
|:---|:---|
| [2](#xx_c7d2f91d-0153-49d7-aa10-65dfbe0af0b2_SOI-Continued-710_1) | Schedule of Investments |
| [4](#xx_c7d2f91d-0153-49d7-aa10-65dfbe0af0b2_FS-Continued-710_1) | Financial Statements |
| [7](#xx_c7d2f91d-0153-49d7-aa10-65dfbe0af0b2_FS-Continued-710_4) | Financial Highlights |
| [8](#xx_c7d2f91d-0153-49d7-aa10-65dfbe0af0b2_NTF-Continued-710_1) | Notes to Financial Statements |
| [14](#xx_c7d2f91d-0153-49d7-aa10-65dfbe0af0b2_ARS-Continued-710_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_c7d2f91d-0153-49d7-aa10-65dfbe0af0b2_TI-Continued-710_1) | Tax Information |
| [16](#xx_c7d2f91d-0153-49d7-aa10-65dfbe0af0b2_OIRSR-Continued-710_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*December 31, 2025* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Select Risk: Conservative Investor Fund** | **Invesco Select Risk: Conservative Investor Fund** | **Invesco Select Risk: Conservative Investor Fund** | **Invesco Select Risk: Conservative Investor Fund** | **Invesco Select Risk: Conservative Investor Fund** | **Invesco Select Risk: Conservative Investor Fund** | **Invesco Select Risk: Conservative Investor Fund** | **Invesco Select Risk: Conservative Investor Fund** | **Invesco Select Risk: Conservative Investor Fund** | **Invesco Select Risk: Conservative Investor Fund** |
| **Schedule of Investments in Affiliated Issuers–99.94%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.94%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.94%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.94%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.94%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.94%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.94%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.94%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.94%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.94%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**12/31/25**<br>| **Value** <br>**12/31/24**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain (Loss)**<br>| **Dividend** <br>**Income**<br>| **Shares** <br>**12/31/25**<br>| **Value** <br>**12/31/25**<br>|
| **Alternative Funds–5.95%** | **Alternative Funds–5.95%** | **Alternative Funds–5.95%** | **Alternative Funds–5.95%** | **Alternative Funds–5.95%** | **Alternative Funds–5.95%** | **Alternative Funds–5.95%** | **Alternative Funds–5.95%** | **Alternative Funds–5.95%** | **Alternative Funds–5.95%** |
| Invesco Global Real Estate Income Fund, Class R6 | 1.98<br> %<br>| $7072238 | $437396 | $(654135)<br>| $300009 | $21025 | $233221 | 874121 | $7176533 |
| Invesco Macro Allocation Strategy Fund, Class R6<sup>(b)</sup> <br>|  | 11089939 | 96215 | (11287161)<br>| 1774312 | (1666801)<br>| 89711 |  |  |
| Invesco Managed Futures Strategy ETF | 3.97<br> %<br>|  | 13744630 |  | 661585 |  | 145484 | 313503 | 14406215 |
| Total Alternative Funds |  | 18162177 | 14278241 | (11941296)<br>| 2735906 | (1645776)<br>| 468416 |  | 21582748 |
| **Domestic Equity Funds–14.91%** | **Domestic Equity Funds–14.91%** | **Domestic Equity Funds–14.91%** | **Domestic Equity Funds–14.91%** | **Domestic Equity Funds–14.91%** | **Domestic Equity Funds–14.91%** | **Domestic Equity Funds–14.91%** | **Domestic Equity Funds–14.91%** | **Domestic Equity Funds–14.91%** | **Domestic Equity Funds–14.91%** |
| Invesco Discovery Mid Cap Growth Fund, Class R6 | 1.73<br> %<br>| 4517536 | 2602748 | (1155162)<br>| 171180 | 570722 |  | 185443 | 6282809 |
| Invesco Main Street Small Cap Fund, Class R6 | 1.67<br> %<br>| 4388189 | 2305535 | (1024594)<br>| 352103 | 491076 | 31753 | 268872 | 6065753 |
| Invesco NASDAQ 100 ETF<sup>(c)</sup> <br>| 3.69<br> %<br>| 8196396 | 6456721 | (4239908)<br>| 2412615 | 560726 | 65821 | 52928 | 13386550 |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 3.05<br> %<br>| 11157551 | 2038672 | (3681647)<br>| 957755 | 599412 | 88508 | 181118 | 11071743 |
| Invesco S&P 500 Revenue ETF | 3.39<br> %<br>|  | 12639077 | (1889572)<br>| 1422412 | 112674 | 158193 | 107289 | 12284591 |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  | 7039898 |  | (7260554)<br>| (2033126)<br>| 2253782 |  |  |  |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | 1667277 | (1405520)<br>|  | (261757)<br>| 2967 |  |  |
| Invesco Value Opportunities Fund, Class R6 | 1.38<br> %<br>| 3689281 | 2070971 | (1507682)<br>| 574302 | 669446 | 27931 | 209359 | 5016245 |
| Total Domestic Equity Funds |  | 38988851 | 29781001 | (22164639)<br>| 3857241 | 4996081 | 375173 |  | 54107691 |
| **Fixed Income Funds–72.17%** | **Fixed Income Funds–72.17%** | **Fixed Income Funds–72.17%** | **Fixed Income Funds–72.17%** | **Fixed Income Funds–72.17%** | **Fixed Income Funds–72.17%** | **Fixed Income Funds–72.17%** | **Fixed Income Funds–72.17%** | **Fixed Income Funds–72.17%** | **Fixed Income Funds–72.17%** |
| Invesco Core Bond Fund, Class R6 | 33.57<br> %<br>| 125150817 | 5473526 | (11299432)<br>| 2553368 | (38321)<br>| 5473531 | 21259437 | 121839958 |
| Invesco Core Plus Bond Fund, Class R6 | 17.90<br> %<br>| 60897067 | 4681999 | (2225473)<br>| 2174726 | (568064)<br>| 3014426 | 6927793 | 64960255 |
| Invesco Dynamic Credit Opportunity Fund, Class R6 | 0.55<br> %<br>|  | 2044778 |  | (51425)<br>|  | 155344 | 187239 | 1993353 |
| Invesco Emerging Markets Sovereign Debt ETF | 1.37<br> %<br>| 7209684 |  | (2567857)<br>| 495606 | (175127)<br>| 338624 | 229100 | 4962306 |
| Invesco Equal Weight 0-30 Year Treasury ETF | 3.98<br> %<br>| 32654456 |  | (18470376)<br>| 4406596 | (4127284)<br>| 714781 | 524987 | 14463392 |
| Invesco Floating Rate ESG Fund, Class R6<sup>(b)</sup> <br>| 3.64<br> %<br>| 15432632 | 1120207 | (2790802)<br>| (325961)<br>| (112616)<br>| 1030326 | 2038162 | 13233580 |
| Invesco High Yield Fund, Class R6 | 5.41<br> %<br>| 15164848 | 5059417 | (915006)<br>| 311361 | 13429 | 1238471 | 5468637 | 19634049 |
| Invesco Variable Rate Investment Grade ETF | 5.75<br> %<br>| 27657845 |  | (6726943)<br>| (109258)<br>| 52219 | 1119133 | 831628 | 20873863 |
| Total Fixed Income Funds |  | 284167349 | 18379927 | (44995889)<br>| 9455013 | (4955764)<br>| 13084636 |  | 261960756 |
| **International and Global Equity Funds–6.32%** | **International and Global Equity Funds–6.32%** | **International and Global Equity Funds–6.32%** | **International and Global Equity Funds–6.32%** | **International and Global Equity Funds–6.32%** | **International and Global Equity Funds–6.32%** | **International and Global Equity Funds–6.32%** | **International and Global Equity Funds–6.32%** | **International and Global Equity Funds–6.32%** | **International and Global Equity Funds–6.32%** |
| Invesco Emerging Markets ex-China Fund, Class R6<sup>(d)</sup> <br>|  | 1245596 | 400467 | (1991886)<br>| 24523 | 321300 |  |  |  |
| Invesco Developing Markets Fund, Class R6 | 0.69<br> %<br>| 976811 | 2442963 | (380523)<br>| (494261)<br>| 706545 | 22319 | 73990 | 2513427 |
| Invesco Global Fund, Class R6 | 2.16<br> %<br>| 5925438 | 3791263 | (1784180)<br>| (99113)<br>| 1555245 | 25292 | 87158 | 7826800 |
| Invesco Global Infrastructure Fund, Class R6 |  | 3593989 | 376655 | (3673178)<br>| (469833)<br>| 539740 | 9282 |  |  |
| Invesco International Developed Dynamic Multifactor <br> ETF<br>| 0.89<br> %<br>| 2016556 | 858549 | (388729)<br>| 702573 | 34389 | 95312 | 108202 | 3223338 |
| Invesco International Growth Fund, Class R6<sup>(d)</sup> <br>| 0.41<br> %<br>| 969434 | 775543 |  | (246820)<br>| 454174 | 13002 | 59309 | 1498157 |
| Invesco International Small-Mid Company Fund, <br> Class R6<br>| 1.20<br> %<br>| 2962360 | 1759219 | (321540)<br>| (52318)<br>| 666451 | 80830 | 123291 | 4346003 |
| Invesco RAFI Developed Markets ex-U.S. ETF<sup>(e)</sup> <br>| 0.97<br> %<br>| 2454458 | 821567 | (879381)<br>| 951492 | 189786 | 139645 | 53977 | 3537922 |
| Total International and Global Equity Funds |  | 20144642 | 11226226 | (9419417)<br>| 316243 | 4467630 | 385682 |  | 22945647 |
| **Money Market Funds–0.59%** | **Money Market Funds–0.59%** | **Money Market Funds–0.59%** | **Money Market Funds–0.59%** | **Money Market Funds–0.59%** | **Money Market Funds–0.59%** | **Money Market Funds–0.59%** | **Money Market Funds–0.59%** | **Money Market Funds–0.59%** | **Money Market Funds–0.59%** |
| Invesco Government & Agency Portfolio, Institutional <br> Class, 3.68%<sup>(f)</sup> <br>| 0.21<br> %<br>| 489387 | 26123749 | (25856682)<br>|  |  | 30202 | 756454 | 756454 |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(f)</sup> <br>| 0.38<br> %<br>| 905739 | 48515534 | (48018460)<br>|  |  | 55461 | 1402813 | 1402813 |
| Total Money Market Funds |  | 1395126 | 74639283 | (73875142)<br>|  |  | 85663 |  | 2159267 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (excluding investments purchased with cash <br> collateral from securities on loan) <br>(Cost $354,708,869)<br>| 99.94<br> %<br>| 362858145 | 148304678 | (162396383)<br>| 16364403 | 2862171 | 14399570 |  | 362756109 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan**<br>|  |  |  |  |  |  |  |  |  |
| **Money Market Funds–0.07%** | **Money Market Funds–0.07%** | **Money Market Funds–0.07%** | **Money Market Funds–0.07%** | **Money Market Funds–0.07%** | **Money Market Funds–0.07%** | **Money Market Funds–0.07%** | **Money Market Funds–0.07%** | **Money Market Funds–0.07%** | **Money Market Funds–0.07%** |
| Invesco Private Government Fund, 3.74%<sup>(f)(g)</sup> <br>| 0.02<br> %<br>|  | 22475006 | (22409224)<br>|  |  | 13543 <br><sup>(h)</sup><br>| 65782 | 65782 |
| Invesco Private Prime Fund, 3.88%<sup>(f)(g)</sup> <br>| 0.05<br> %<br>|  | 56994767 | (56825940)<br>|  | 51 | 36804 <br><sup>(h)</sup><br>| 168827 | 168878 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br>(Cost $234,660)<br>| 0.07<br> %<br>|  | 79469773 | (79235164)<br>|  | 51 | 50347 |  | 234660 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (Cost $354,943,529) <br>| 100.01<br> %<br>| $362858145 | $227774451 | $(241631547)<br>| $16364403 | $2862222 <br><sup>(i)</sup><br>| $14449917 |  | $362990769 |
| OTHER ASSETS LESS LIABILITIES | (0.01)%<br>|  |  |  |  |  |  |  | (19347)<br>|
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $362971422 |

---

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

**2**

**Invesco Select Risk: Conservative Investor Fund**

------

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Includes return of capital distribution.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Effective August 22, 2025, the underlying fund's name changed.

<sup>(e)</sup> Effective March 24, 2025, the underlying fund's name changed.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(g)</sup> 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. 

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

<sup>(i)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Developing Markets Fund | $738108 |
| Invesco Discovery Mid Cap Growth Fund | 424215 |
| Invesco Global Fund | 1561853 |
| Invesco Global Infrastructure Fund | 367373 |
| Invesco International Growth Fund | 454174 |
| Invesco International Small-Mid Company Fund | 668169 |
| Invesco Main Street Small Cap Fund | 446556 |
| Invesco Value Opportunities Fund | 480074 |

---

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

**3**

**Invesco Select Risk: Conservative Investor Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $354,943,529)\*<br>| &nbsp;&nbsp; $362990769 |
| Cash | &nbsp;&nbsp; 83913 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 401535 |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 960269 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 45293 |
| Other assets | &nbsp;&nbsp; 39870 |
| Total assets | &nbsp;&nbsp; 364521649 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 953371 |
| Fund shares reacquired | &nbsp;&nbsp; 124855 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 234660 |
| Accrued fees to affiliates | &nbsp;&nbsp; 150347 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2122 |
| Accrued other operating expenses | &nbsp;&nbsp; 39579 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 45293 |
| Total liabilities | &nbsp;&nbsp; 1550227 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $362971422 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $380237947 |
| Distributable earnings (loss) | &nbsp;&nbsp; (17266525)<br>|
|  | &nbsp;&nbsp; $362971422 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $297111439 |
| Class C | &nbsp;&nbsp; $25199211 |
| Class R | &nbsp;&nbsp; $35332193 |
| Class Y | &nbsp;&nbsp; $5059863 |
| Class R5 | &nbsp;&nbsp; $9402 |
| Class R6 | &nbsp;&nbsp; $259314 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 33197041 |
| Class C | &nbsp;&nbsp; 2843060 |
| Class R | &nbsp;&nbsp; 3955292 |
| Class Y | &nbsp;&nbsp; 562643 |
| Class R5 | &nbsp;&nbsp; 1053 |
| Class R6 | &nbsp;&nbsp; 29024 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $8.95 |
| Maximum offering price per share <br>(Net asset value of $8.95 ÷ 94.50%)<br>| &nbsp;&nbsp; $9.47 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.86 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.93 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.99 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.93 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.93 |

---

\* At December 31, 2025, security with a value of $227,628 was on loan to brokers. 

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

**4**

**Invesco Select Risk: Conservative Investor Fund**

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $5,630) | &nbsp;&nbsp; $14405200 |
| Interest | &nbsp;&nbsp; 9735 |
| Total investment income | &nbsp;&nbsp; 14414935 |
| **Expenses:** |  |
| Custodian fees | &nbsp;&nbsp; 1685 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 697745 |
| Class C | &nbsp;&nbsp; 261934 |
| Class R | &nbsp;&nbsp; 186490 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 346659 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 64 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 22748 |
| Registration and filing fees | &nbsp;&nbsp; 106651 |
| Reports to shareholders | &nbsp;&nbsp; 30361 |
| Professional services fees | &nbsp;&nbsp; 46216 |
| Other | &nbsp;&nbsp; 14418 |
| Total expenses | &nbsp;&nbsp; 1714973 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (16395)<br>|
| Net expenses | &nbsp;&nbsp; 1698578 |
| Net investment income | &nbsp;&nbsp; 12716357 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; (2278300)<br>|
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 5140522 |
|  | &nbsp;&nbsp; 2862222 |
| Change in net unrealized appreciation of affiliated underlying fund shares | &nbsp;&nbsp; 16364403 |
| Net realized and unrealized gain | &nbsp;&nbsp; 19226625 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $31942982 |

---

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

**5**

**Invesco Select Risk: Conservative Investor Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $12716357 | &nbsp;&nbsp; $14728288 |
| Net realized gain (loss) | &nbsp;&nbsp; 2862222 | &nbsp;&nbsp; (6012199)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 16364403 | &nbsp;&nbsp; 6569217 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 31942982 | &nbsp;&nbsp; 15285306 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (10415667)<br>| &nbsp;&nbsp; (12135441)<br>|
| Class C | &nbsp;&nbsp; (704732)<br>| &nbsp;&nbsp; (941014)<br>|
| Class R | &nbsp;&nbsp; (1189793)<br>| &nbsp;&nbsp; (1634751)<br>|
| Class Y | &nbsp;&nbsp; (186635)<br>| &nbsp;&nbsp; (288126)<br>|
| Class R5 | &nbsp;&nbsp; (371)<br>| &nbsp;&nbsp; (422)<br>|
| Class R6 | &nbsp;&nbsp; (10317)<br>| &nbsp;&nbsp; (3855)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (12507515)<br>| &nbsp;&nbsp; (15003609)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (5989217)<br>| &nbsp;&nbsp; (4612869)<br>|
| Class C | &nbsp;&nbsp; (3470903)<br>| &nbsp;&nbsp; (6093429)<br>|
| Class R | &nbsp;&nbsp; (8281642)<br>| &nbsp;&nbsp; (224463)<br>|
| Class Y | &nbsp;&nbsp; (1755154)<br>| &nbsp;&nbsp; (637665)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (45545)<br>|
| Class R6 | &nbsp;&nbsp; 169931 | &nbsp;&nbsp; 35860 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (19326985)<br>| &nbsp;&nbsp; (11578111)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 108482 | &nbsp;&nbsp; (11296414)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 362862940 | &nbsp;&nbsp; 374159354 |
| End of year | &nbsp;&nbsp; $362971422 | &nbsp;&nbsp; $362862940 |

---

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

**6**

**Invesco Select Risk: Conservative Investor Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<sup>(c)</sup> <br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(d)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $8.48 | $0.32 | $0.47 | $0.79 | $(0.32)<br>| $— | $(0.32)<br>| $8.95 | 9.37 %<sup>(e)</sup><br>| &nbsp;&nbsp; $297111 | 0.40 %<sup>(e)</sup><br>| 0.40 %<sup>(e)</sup><br>| 3.62 %<sup>(e)</sup><br>| 21<br> %<br>|
| Year ended 12/31/24 | 8.48 | 0.35 | 0.02 | 0.37 | (0.37)<br>|  | (0.37)<br>| 8.48 | 4.41 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 287491 | 0.42 <br><sup>(e)</sup><br>| 0.43 <br><sup>(e)</sup><br>| 4.09 <br><sup>(e)</sup><br>| 51 |
| Year ended 12/31/23 | 8.11 | 0.32 | 0.32 | 0.64 | (0.27)<br>|  | (0.27)<br>| 8.48 | 7.85 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 292078 | 0.42 <br><sup>(e)</sup><br>| 0.42 <br><sup>(e)</sup><br>| 3.81 <br><sup>(e)</sup><br>| 33 |
| Year ended 12/31/22 | 9.88 | 0.20 | (1.74)<br>| (1.54)<br>| (0.16)<br>| (0.07)<br>| (0.23)<br>| 8.11 | (15.62 )<sup>(e)</sup><br>| &nbsp;&nbsp; 287368 | 0.41 <br><sup>(e)</sup><br>| 0.41 <br><sup>(e)</sup><br>| 2.32 <br><sup>(e)</sup><br>| 21 |
| Year ended 12/31/21 | 10.03 | 0.17 | 0.14 | 0.31 | (0.35)<br>| (0.11)<br>| (0.46)<br>| 9.88 | 3.11 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 357004 | 0.37 <br><sup>(e)</sup><br>| 0.42 <br><sup>(e)</sup><br>| 1.68 <br><sup>(e)</sup><br>| 27 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 8.40 | 0.25 | 0.46 | 0.71 | (0.25)<br>|  | (0.25)<br>| 8.86 | 8.49 | &nbsp;&nbsp; 25199 | 1.16 | 1.16 | 2.86 | 21 |
| Year ended 12/31/24 | 8.40 | 0.29 | 0.01 | 0.30 | (0.30)<br>|  | (0.30)<br>| 8.40 | 3.57 | &nbsp;&nbsp; 27208 | 1.18 | 1.19 | 3.33 | 51 |
| Year ended 12/31/23 | 8.02 | 0.25 | 0.33 | 0.58 | (0.20)<br>|  | (0.20)<br>| 8.40 | 7.19 | &nbsp;&nbsp; 33124 | 1.18 | 1.18 | 3.05 | 33 |
| Year ended 12/31/22 | 9.77 | 0.14 | (1.73)<br>| (1.59)<br>| (0.09)<br>| (0.07)<br>| (0.16)<br>| 8.02 | (16.34)<br>| &nbsp;&nbsp; 38359 | 1.17 | 1.17 | 1.56 | 21 |
| Year ended 12/31/21 | 9.92 | 0.09 | 0.14 | 0.23 | (0.27)<br>| (0.11)<br>| (0.38)<br>| 9.77 | 2.31 | &nbsp;&nbsp; 59281 | 1.13 | 1.18 | 0.92 | 27 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 12/31/25 | 8.46 | 0.30 | 0.47 | 0.77 | (0.30)<br>|  | (0.30)<br>| 8.93 | 9.11 | &nbsp;&nbsp; 35332 | 0.66 | 0.66 | 3.36 | 21 |
| Year ended 12/31/24 | 8.47 | 0.33 | 0.01 | 0.34 | (0.35)<br>|  | (0.35)<br>| 8.46 | 4.00 | &nbsp;&nbsp; 41595 | 0.68 | 0.69 | 3.83 | 51 |
| Year ended 12/31/23 | 8.09 | 0.30 | 0.32 | 0.62 | (0.24)<br>|  | (0.24)<br>| 8.47 | 7.70 | &nbsp;&nbsp; 41782 | 0.68 | 0.68 | 3.55 | 33 |
| Year ended 12/31/22 | 9.86 | 0.17 | (1.74)<br>| (1.57)<br>| (0.13)<br>| (0.07)<br>| (0.20)<br>| 8.09 | (15.90)<br>| &nbsp;&nbsp; 40864 | 0.67 | 0.67 | 2.06 | 21 |
| Year ended 12/31/21 | 10.01 | 0.14 | 0.14 | 0.28 | (0.32)<br>| (0.11)<br>| (0.43)<br>| 9.86 | 2.84 | &nbsp;&nbsp; 49057 | 0.63 | 0.68 | 1.42 | 27 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 8.52 | 0.34 | 0.48 | 0.82 | (0.35)<br>|  | (0.35)<br>| 8.99 | 9.59 | &nbsp;&nbsp; 5060 | 0.16 | 0.16 | 3.86 | 21 |
| Year ended 12/31/24 | 8.52 | 0.38 | 0.01 | 0.39 | (0.39)<br>|  | (0.39)<br>| 8.52 | 4.64 | &nbsp;&nbsp; 6483 | 0.18 | 0.19 | 4.33 | 51 |
| Year ended 12/31/23 | 8.14 | 0.34 | 0.33 | 0.67 | (0.29)<br>|  | (0.29)<br>| 8.52 | 8.20 | &nbsp;&nbsp; 7080 | 0.18 | 0.18 | 4.05 | 33 |
| Year ended 12/31/22 | 9.93 | 0.22 | (1.76)<br>| (1.54)<br>| (0.18)<br>| (0.07)<br>| (0.25)<br>| 8.14 | (15.53)<br>| &nbsp;&nbsp; 6967 | 0.17 | 0.17 | 2.56 | 21 |
| Year ended 12/31/21 | 10.08 | 0.20 | 0.14 | 0.34 | (0.38)<br>| (0.11)<br>| (0.49)<br>| 9.93 | 3.38 | &nbsp;&nbsp; 7785 | 0.13 | 0.18 | 1.92 | 27 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 8.46 | 0.35 | 0.47 | 0.82 | (0.35)<br>|  | (0.35)<br>| 8.93 | 9.73 | &nbsp;&nbsp; 9 | 0.09 | 0.09 | 3.93 | 21 |
| Year ended 12/31/24 | 8.47 | 0.38 | 0.01 | 0.39 | (0.40)<br>|  | (0.40)<br>| 8.46 | 4.62 | &nbsp;&nbsp; 9 | 0.10 | 0.10 | 4.41 | 51 |
| Year ended 12/31/23 | 8.09 | 0.34 | 0.33 | 0.67 | (0.29)<br>|  | (0.29)<br>| 8.47 | 8.34 | &nbsp;&nbsp; 55 | 0.08 | 0.08 | 4.15 | 33 |
| Year ended 12/31/22 | 9.87 | 0.23 | (1.75)<br>| (1.52)<br>| (0.19)<br>| (0.07)<br>| (0.26)<br>| 8.09 | (15.42)<br>| &nbsp;&nbsp; 9 | 0.07 | 0.07 | 2.66 | 21 |
| Year ended 12/31/21 | 10.03 | 0.20 | 0.14 | 0.34 | (0.39)<br>| (0.11)<br>| (0.50)<br>| 9.87 | 3.38 | &nbsp;&nbsp; 10 | 0.10 | 0.15 | 1.95 | 27 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 8.46 | 0.35 | 0.47 | 0.82 | (0.35)<br>|  | (0.35)<br>| 8.93 | 9.73 | &nbsp;&nbsp; 259 | 0.09 | 0.09 | 3.93 | 21 |
| Year ended 12/31/24 | 8.47 | 0.39 |  | 0.39 | (0.40)<br>|  | (0.40)<br>| 8.46 | 4.65 | &nbsp;&nbsp; 78 | 0.07 | 0.07 | 4.44 | 51 |
| Year ended 12/31/23 | 8.09 | 0.35 | 0.32 | 0.67 | (0.29)<br>|  | (0.29)<br>| 8.47 | 8.34 | &nbsp;&nbsp; 41 | 0.08 | 0.08 | 4.15 | 33 |
| Year ended 12/31/22 | 9.87 | 0.23 | (1.75)<br>| (1.52)<br>| (0.19)<br>| (0.07)<br>| (0.26)<br>| 8.09 | (15.41)<br>| &nbsp;&nbsp; 9 | 0.07 | 0.07 | 2.66 | 21 |
| Year ended 12/31/21 | 10.03 | 0.20 | 0.14 | 0.34 | (0.39)<br>| (0.11)<br>| (0.50)<br>| 9.87 | 3.37 | &nbsp;&nbsp; 18 | 0.10 | 0.15 | 1.95 | 27 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund's total return. Estimated acquired fund fees from underlying funds was 0.46%, 0.47%, 0.47%, 0.45% and 0.47% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**7**

**Invesco Select Risk: Conservative Investor Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

The Fund is a "fund of funds," and may invest its assets in underlying open-end and closed-end funds (including unlisted interval funds) advised by Invesco Advisers, Inc. ("Invesco" or the "Adviser"), including exchange-traded funds ("ETFs"), and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital"), or underlying open-end and closed-end funds, including ETFs, and other pooled investment vehicles advised by unaffiliated advisers (the "underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund's asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund's accounting policies are outlined in the underlying fund's financial statements and are publicly available.

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

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

**8**

**Invesco Select Risk: Conservative Investor Fund**

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Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

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

**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 the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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 within the Financial Highlights.

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

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**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

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**Invesco Select Risk: Conservative Investor Fund**

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securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated underlying funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated underlying funds* on the Statement of Operations.

**J.** **Other Risks** - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers' securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF's shares may be halted if the listing exchange's officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.

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

The Adviser has contractually agreed, through April 30, 2026, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.50%, 1.25%, 0.75%, 0.25%, 0.25%, and 0.25%, respectively, of the Fund's average daily net assets (the "expense limits"). Effective May 1, 2026, the Adviser has agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%,1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes.

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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended December 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2025, 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

**10**

**Invesco Select Risk: Conservative Investor Fund**

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shareholder. During the year ended December 31, 2025, IDI advised the Fund that IDI retained $28,609 in front-end sales commissions from the sale of Class A shares and $21,979 and $923 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp; $360596842 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $360596842 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2159267 | &nbsp;&nbsp;&nbsp;&nbsp; 234660 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2393927 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $362756109 | &nbsp;&nbsp;&nbsp;&nbsp; $234660 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $362990769 |

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**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $16,395.

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $12507515 | &nbsp;&nbsp;&nbsp;&nbsp; $15003609 |

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

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**Invesco Select Risk: Conservative Investor Fund**

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| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $5977818 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 3947077 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (38098)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (27153322)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 380237947 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $362971422 |

---

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

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

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

The Fund has a capital loss carryforward as of December 31, 2025, as follows:

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| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $391811 | &nbsp;&nbsp;&nbsp;&nbsp; $26761511 | &nbsp;&nbsp;&nbsp;&nbsp; $27153322 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $73,665,395 and $88,521,240, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $16779295 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (12832218)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3947077 |

---

Cost of investments for tax purposes is $359,043,692.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of distributions, on December 31, 2025, undistributed net investment income was increased by $263,158 and undistributed net realized gain (loss) was decreased by $263,158. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 10—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 7633797 | &nbsp;&nbsp;&nbsp; $67535957 | &nbsp;&nbsp;&nbsp; 10329186 | &nbsp;&nbsp;&nbsp; $89915225 |
| Class C | &nbsp;&nbsp;&nbsp; 663023 | &nbsp;&nbsp;&nbsp; 5742364 | &nbsp;&nbsp;&nbsp; 940856 | &nbsp;&nbsp;&nbsp; 8045514 |
| Class R | &nbsp;&nbsp;&nbsp; 537997 | &nbsp;&nbsp;&nbsp; 4743555 | &nbsp;&nbsp;&nbsp; 839935 | &nbsp;&nbsp;&nbsp; 7238994 |
| Class Y | &nbsp;&nbsp;&nbsp; 89826 | &nbsp;&nbsp;&nbsp; 801644 | &nbsp;&nbsp;&nbsp; 259576 | &nbsp;&nbsp;&nbsp; 2259549 |
| Class R6 | &nbsp;&nbsp;&nbsp; 27968 | &nbsp;&nbsp;&nbsp; 241043 | &nbsp;&nbsp;&nbsp; 6359 | &nbsp;&nbsp;&nbsp; 53670 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1110086 | &nbsp;&nbsp;&nbsp; 9913067 | &nbsp;&nbsp;&nbsp; 1380514 | &nbsp;&nbsp;&nbsp; 11679153 |
| Class C | &nbsp;&nbsp;&nbsp; 78867 | &nbsp;&nbsp;&nbsp; 697183 | &nbsp;&nbsp;&nbsp; 111017 | &nbsp;&nbsp;&nbsp; 931432 |
| Class R | &nbsp;&nbsp;&nbsp; 133505 | &nbsp;&nbsp;&nbsp; 1189528 | &nbsp;&nbsp;&nbsp; 192832 | &nbsp;&nbsp;&nbsp; 1629429 |
| Class Y | &nbsp;&nbsp;&nbsp; 18920 | &nbsp;&nbsp;&nbsp; 169711 | &nbsp;&nbsp;&nbsp; 30976 | &nbsp;&nbsp;&nbsp; 263297 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1116 | &nbsp;&nbsp;&nbsp; 9946 | &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; 3430 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 380156 | &nbsp;&nbsp;&nbsp; 3353342 | &nbsp;&nbsp;&nbsp; 449274 | &nbsp;&nbsp;&nbsp; 3891958 |
| Class C | &nbsp;&nbsp;&nbsp; (384971)<br>| &nbsp;&nbsp;&nbsp; (3353342)<br>| &nbsp;&nbsp;&nbsp; (455293)<br>| &nbsp;&nbsp;&nbsp; (3891958)<br>|

---

**12**

**Invesco Select Risk: Conservative Investor Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9836658)<br>| &nbsp;&nbsp;&nbsp; $(86791583)<br>| &nbsp;&nbsp;&nbsp; (12676446)<br>| &nbsp;&nbsp;&nbsp; $(110099205)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (754023)<br>| &nbsp;&nbsp;&nbsp; (6557108)<br>| &nbsp;&nbsp;&nbsp; (1300177)<br>| &nbsp;&nbsp;&nbsp; (11178417)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1631782)<br>| &nbsp;&nbsp;&nbsp; (14214725)<br>| &nbsp;&nbsp;&nbsp; (1052102)<br>| &nbsp;&nbsp;&nbsp; (9092886)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (307203)<br>| &nbsp;&nbsp;&nbsp; (2726509)<br>| &nbsp;&nbsp;&nbsp; (360376)<br>| &nbsp;&nbsp;&nbsp; (3160511)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (5415)<br>| &nbsp;&nbsp;&nbsp; (45545)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (9230)<br>| &nbsp;&nbsp;&nbsp; (81058)<br>| &nbsp;&nbsp;&nbsp; (2409)<br>| &nbsp;&nbsp;&nbsp; (21240)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2248606)<br>| &nbsp;&nbsp;&nbsp; $(19326985)<br>| &nbsp;&nbsp;&nbsp; (1311287)<br>| &nbsp;&nbsp;&nbsp; $(11578111)<br>|

---

<sup>(a)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 18% 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.

**13**

**Invesco Select Risk: Conservative Investor Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Conservative Investor Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Conservative Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**14**

**Invesco Select Risk: Conservative Investor Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 7.91% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 4.98% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 17.52% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 78.39% |

---

\*

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

**15**

**Invesco Select Risk: Conservative Investor Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco Select Risk: Conservative Investor Fund**

------

![](img5cb64b761.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-OPSCI-NCSR

------

![](imgbd01e5c81.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco Select Risk: Growth Investor Fund**

Nasdaq:

A: AADAX ■ C: AADCX ■ R: AADRX ■ S: AADSX ■ Y: AADYX ■ R5: AADIX ■ R6: AAESX

------

---

| | |
|:---|:---|
| [2](#xx_01a8779b-57a5-49ff-b9db-b49097c1f247_SOI-Continued-54_1) | Schedule of Investments |
| [4](#xx_01a8779b-57a5-49ff-b9db-b49097c1f247_FS-Continued-54_1) | Financial Statements |
| [7](#xx_01a8779b-57a5-49ff-b9db-b49097c1f247_FS-Continued-54_4) | Financial Highlights |
| [8](#xx_01a8779b-57a5-49ff-b9db-b49097c1f247_NTF-Continued-54_1) | Notes to Financial Statements |
| [14](#xx_01a8779b-57a5-49ff-b9db-b49097c1f247_ARS-Continued-54_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_01a8779b-57a5-49ff-b9db-b49097c1f247_TI-Continued-54_1) | Tax Information |
| [16](#xx_01a8779b-57a5-49ff-b9db-b49097c1f247_OIRSR-Continued-54_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*December 31, 2025* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Select Risk: Growth Investor Fund** | **Invesco Select Risk: Growth Investor Fund** | **Invesco Select Risk: Growth Investor Fund** | **Invesco Select Risk: Growth Investor Fund** | **Invesco Select Risk: Growth Investor Fund** | **Invesco Select Risk: Growth Investor Fund** | **Invesco Select Risk: Growth Investor Fund** | **Invesco Select Risk: Growth Investor Fund** | **Invesco Select Risk: Growth Investor Fund** | **Invesco Select Risk: Growth Investor Fund** |
| **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**12/31/25**<br>| **Value** <br>**12/31/24**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain (Loss)**<br>| **Dividend** <br>**Income**<br>| **Shares** <br>**12/31/25**<br>| **Value** <br>**12/31/25**<br>|
| **Alternative Funds–2.07%** | **Alternative Funds–2.07%** | **Alternative Funds–2.07%** | **Alternative Funds–2.07%** | **Alternative Funds–2.07%** | **Alternative Funds–2.07%** | **Alternative Funds–2.07%** | **Alternative Funds–2.07%** | **Alternative Funds–2.07%** | **Alternative Funds–2.07%** |
| Invesco Dynamic Credit Opportunity Fund, <br> Class R6<br>| 0.14<br> %<br>| $— | $1459073 | $— | $(36694)<br>| $— | $110847 | 137163 | $1422379 |
| Invesco Global Real Estate Income Fund, <br> Class R6<br>| 1.93<br> %<br>| 22361773 | 670379 | (3459863)<br>| 1459407 | (912690)<br>| 670379 | 2450549 | 20119006 |
| Invesco Macro Allocation Strategy Fund, <br> Class R6<sup>(b)</sup> <br>|  | 23852206 | 211452 | (24287274)<br>| 3731036 | (3493126)<br>| 197160 |  |  |
| Total Alternative Funds |  | 46213979 | 2340904 | (27747137)<br>| 5153749 | (4405816)<br>| 978386 |  | 21541385 |
| **Domestic Equity Funds–56.17%** | **Domestic Equity Funds–56.17%** | **Domestic Equity Funds–56.17%** | **Domestic Equity Funds–56.17%** | **Domestic Equity Funds–56.17%** | **Domestic Equity Funds–56.17%** | **Domestic Equity Funds–56.17%** | **Domestic Equity Funds–56.17%** | **Domestic Equity Funds–56.17%** | **Domestic Equity Funds–56.17%** |
| Invesco Discovery Mid Cap Growth Fund, <br> Class R6<br>| 6.36<br> %<br>| 57517487 | 14859627 | (6435737)<br>| 152508 | 4704336 |  | 1957505 | 66320279 |
| Invesco Main Street Small Cap Fund, Class R6 | 6.25<br> %<br>| 55821272 | 11629027 | (3763141)<br>| 1577973 | 4597374 | 334482 | 2888234 | 65158551 |
| Invesco NASDAQ 100 ETF<sup>(c)</sup> <br>| 12.66<br> %<br>| 100090651 | 28328099 | (23020596)<br>| 23375991 | 3267294 | 672889 | 522068 | 132041439 |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor <br> ETF<br>| 14.04<br> %<br>| 137846369 | 17137829 | (27021024)<br>| 15779377 | 2633417 | 1130098 | 2394503 | 146375968 |
| Invesco S&P 500 Revenue ETF<sup>(c)</sup> <br>| 11.54<br> %<br>|  | 112509001 | (6207294)<br>| 13688892 | 418174 | 1584464 | 1051605 | 120408773 |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  | 85935219 |  | (88628745)<br>| (5849044)<br>| 8542570 |  |  |  |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | 20817657 | (17549352)<br>|  | (3268305)<br>| 37047 |  |  |
| Invesco Value Opportunities Fund, Class R6 | 5.32<br> %<br>| 46449662 | 10917225 | (7602715)<br>| 4742552 | 5960777 | 292245 | 2314046 | 55444535 |
| Total Domestic Equity Funds |  | 483660660 | 216198465 | (180228604)<br>| 53468249 | 26855637 | 4051225 |  | 585749545 |
| **Fixed Income Funds–18.34%** | **Fixed Income Funds–18.34%** | **Fixed Income Funds–18.34%** | **Fixed Income Funds–18.34%** | **Fixed Income Funds–18.34%** | **Fixed Income Funds–18.34%** | **Fixed Income Funds–18.34%** | **Fixed Income Funds–18.34%** | **Fixed Income Funds–18.34%** | **Fixed Income Funds–18.34%** |
| Invesco Core Bond Fund, Class R6 | 9.30<br> %<br>| 99108287 | 12284079 | (16509100)<br>| 2132112 | (61457)<br>| 4279799 | 16979671 | 96953921 |
| Invesco Core Plus Bond Fund, Class R6 | 4.92<br> %<br>| 48359614 | 5812992 | (4114871)<br>| 1930433 | (673860)<br>| 2337249 | 5494037 | 51314308 |
| Invesco Emerging Markets Sovereign Debt ETF | 0.34<br> %<br>| 5770811 |  | (2386945)<br>| 374266 | (162789)<br>| 254407 | 165990 | 3595343 |
| Invesco Equal Weight 0-30 Year Treasury ETF |  | 25070514 |  | (25079092)<br>| 3363224 | (3354646)<br>| 233230 |  |  |
| Invesco Floating Rate ESG Fund, Class R6<sup>(b)</sup> <br>| 0.92<br> %<br>| 12487165 | 848965 | (3293424)<br>| (206371)<br>| (158125)<br>| 779558 | 1489737 | 9608803 |
| Invesco High Yield Fund, Class R6 | 1.40<br> %<br>| 12491745 | 3049055 | (1147633)<br>| 193247 | 14876 | 933863 | 4089997 | 14601290 |
| Invesco Variable Rate Investment Grade ETF | 1.46<br> %<br>| 21541914 |  | (6287186)<br>| 7289 | (56512)<br>| 834805 | 605797 | 15205505 |
| Total Fixed Income Funds |  | 224830050 | 21995091 | (58818251)<br>| 7794200 | (4452513)<br>| 9652911 |  | 191279170 |
| **International and Global Equity Funds–22.99%** | **International and Global Equity Funds–22.99%** | **International and Global Equity Funds–22.99%** | **International and Global Equity Funds–22.99%** | **International and Global Equity Funds–22.99%** | **International and Global Equity Funds–22.99%** | **International and Global Equity Funds–22.99%** | **International and Global Equity Funds–22.99%** | **International and Global Equity Funds–22.99%** | **International and Global Equity Funds–22.99%** |
| Invesco Emerging Markets ex-China Fund, <br> Class R6<sup>(d)</sup> <br>|  | 14710070 | 630024 | (18519965)<br>| (999720)<br>| 4179591 |  |  |  |
| Invesco Developing Markets Fund, Class R6 | 2.43<br> %<br>| 11746749 | 25049655 | (5941614)<br>| (5025292)<br>| 6947946 | 224986 | 745860 | 25336866 |
| Invesco Global Fund, Class R6 | 8.06<br> %<br>| 69385769 | 23737036 | (5481638)<br>| (3941824)<br>| 16491847 | 261601 | 935814 | 84036075 |
| Invesco Global Infrastructure Fund, Class R6 |  | 9430462 | 1028083 | (9637596)<br>| (970857)<br>| 1152657 | 25334 |  |  |
| Invesco International Developed Dynamic <br> Multifactor ETF<br>| 3.21<br> %<br>| 26090812 | 2955066 | (2866379)<br>| 7289159 | 31835 | 955338 | 1124555 | 33500493 |
| Invesco International Growth Fund, <br> Class R6<sup>(d)</sup> <br>| 1.40<br> %<br>| 11615316 | 5484458 |  | (2479732)<br>| 4432144 | 126880 | 578782 | 14620042 |
| Invesco International Small-Mid Company <br> Fund, Class R6<br>| 4.18<br> %<br>| 37407271 | 10897751 | (3826932)<br>| 234679 | 5607753 | 811176 | 1237305 | 43615004 |
| Invesco RAFI Developed Markets ex-U.S. ETF<sup>(e)</sup> <br>| 3.71<br> %<br>| 30647541 | 3485459 | (6863792)<br>| 10530361 | 839209 | 1446712 | 589500 | 38638778 |
| Total International and Global Equity Funds |  | 211033990 | 73267532 | (53137916)<br>| 4636774 | 39682982 | 3852027 |  | 239747258 |
| **Money Market Funds–0.54%** | **Money Market Funds–0.54%** | **Money Market Funds–0.54%** | **Money Market Funds–0.54%** | **Money Market Funds–0.54%** | **Money Market Funds–0.54%** | **Money Market Funds–0.54%** | **Money Market Funds–0.54%** | **Money Market Funds–0.54%** | **Money Market Funds–0.54%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(f)</sup> <br>| 0.19<br> %<br>| 1858787 | 39964275 | (39845368)<br>|  |  | 60782 | 1977694 | 1977694 |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(f)</sup> <br>| 0.35<br> %<br>| 3483095 | 74219368 | (73998541)<br>|  |  | 113110 | 3703921 | 3703922 |
| Total Money Market Funds |  | 5341882 | 114183643 | (113843909)<br>|  |  | 173892 |  | 5681616 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (excluding investments purchased with <br> cash collateral from securities on loan) <br>(Cost $877,543,893)<br>| 100.11<br> %<br>| 971080561 | 427985635 | (433775817)<br>| 71052972 | 57680290 | 18708441 |  | 1043998974 |

---

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

**2**

**Invesco Select Risk: Growth Investor Fund**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Select Risk: Growth Investor Fund (continued)** | **Invesco Select Risk: Growth Investor Fund (continued)** | **Invesco Select Risk: Growth Investor Fund (continued)** | **Invesco Select Risk: Growth Investor Fund (continued)** | **Invesco Select Risk: Growth Investor Fund (continued)** | **Invesco Select Risk: Growth Investor Fund (continued)** | **Invesco Select Risk: Growth Investor Fund (continued)** | **Invesco Select Risk: Growth Investor Fund (continued)** | **Invesco Select Risk: Growth Investor Fund (continued)** | **Invesco Select Risk: Growth Investor Fund (continued)** |
| **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.11%**<sup>(a)</sup> |
|  | **% of**<br> **Net**<br> **Assets**<br> **12/31/25**<br>| **Value**<br> **12/31/24**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain (Loss)**<br>| **Dividend**<br> **Income**<br>| **Shares**<br> **12/31/25**<br>| **Value**<br> **12/31/25**<br>|
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan**<br>|  |  |  |  |  |  |  |  |  |
| **Money Market Funds–1.60%** | **Money Market Funds–1.60%** | **Money Market Funds–1.60%** | **Money Market Funds–1.60%** | **Money Market Funds–1.60%** | **Money Market Funds–1.60%** | **Money Market Funds–1.60%** | **Money Market Funds–1.60%** | **Money Market Funds–1.60%** | **Money Market Funds–1.60%** |
| Invesco Private Government Fund, 3.74%<sup>(f)(g)</sup> <br>| 0.44<br> %<br>| $2671896 | $364715858 | $(362757591)<br>| $— | $— | $156213 <br><sup>(h)</sup><br>| 4630163 | $4630163 |
| Invesco Private Prime Fund, 3.88%<sup>(f)(g)</sup> <br>| 1.16<br> %<br>| 6962219 | 1078378144 | (1073302754)<br>|  | 954 | 452470 <br><sup>(h)</sup><br>| 12034953 | 12038563 |
| Total Investments Purchased with Cash <br> Collateral from Securities on Loan <br>(Cost $16,668,726)<br>| 1.60<br> %<br>| 9634115 | 1443094002 | (1436060345)<br>|  | 954 | 608683 |  | 16668726 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (Cost $894,212,619) <br>| 101.71<br> %<br>| $980714676 | $1871079637 | $(1869836162)<br>| $71052972 | $57681244 <br><sup>(i)</sup><br>| $19317124 |  | $1060667700 |
| OTHER ASSETS LESS LIABILITIES | (1.71)%<br>|  |  |  |  |  |  |  | (17823100)<br>|
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $1042844600 |

---

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Includes return of capital distribution.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Effective August 22, 2025, the underlying fund's name changed.

<sup>(e)</sup> Effective March 24, 2025, the underlying fund's name changed.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(g)</sup> 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. 

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

<sup>(i)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Developing Markets Fund | $7440578 |
| Invesco Discovery Mid Cap Growth Fund | 4477942 |
| Invesco Global Fund | 16155115 |
| Invesco Global Infrastructure Fund | 1002749 |
| Invesco International Growth Fund | 4432144 |
| Invesco International Small-Mid Company Fund | 6705518 |
| Invesco Main Street Small Cap Fund | 4703954 |
| Invesco Value Opportunities Fund | 5022966 |

---

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

**3**

**Invesco Select Risk: Growth Investor Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $894,212,619)\*<br>| &nbsp;&nbsp; $1060667700 |
| Cash | &nbsp;&nbsp; 46645 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 520780 |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 759247 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 173614 |
| Other assets | &nbsp;&nbsp; 44356 |
| Total assets | &nbsp;&nbsp; 1062212342 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 739624 |
| Fund shares reacquired | &nbsp;&nbsp; 1269472 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 16668726 |
| Accrued fees to affiliates | &nbsp;&nbsp; 452086 |
| Accrued other operating expenses | &nbsp;&nbsp; 58439 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 179395 |
| Total liabilities | &nbsp;&nbsp; 19367742 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1042844600 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $818587752 |
| Distributable earnings | &nbsp;&nbsp; 224256848 |
|  | &nbsp;&nbsp; $1042844600 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $917028105 |
| Class C | &nbsp;&nbsp; $39358390 |
| Class R | &nbsp;&nbsp; $51310916 |
| Class S | &nbsp;&nbsp; $16943707 |
| Class Y | &nbsp;&nbsp; $15079489 |
| Class R5 | &nbsp;&nbsp; $67188 |
| Class R6 | &nbsp;&nbsp; $3056805 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 54925235 |
| Class C | &nbsp;&nbsp; 2419155 |
| Class R | &nbsp;&nbsp; 3093881 |
| Class S | &nbsp;&nbsp; 1015436 |
| Class Y | &nbsp;&nbsp; 904271 |
| Class R5 | &nbsp;&nbsp; 3990 |
| Class R6 | &nbsp;&nbsp; 181378 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $16.70 |
| Maximum offering price per share <br>(Net asset value of $16.70 ÷ 94.50%)<br>| &nbsp;&nbsp; $17.67 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.27 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.58 |
| Class S: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.69 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.68 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.84 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.85 |

---

\* At December 31, 2025, securities with an aggregate value of $16,199,487 were on loan to brokers. 

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

**4**

**Invesco Select Risk: Growth Investor Fund**

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $83,050) | &nbsp;&nbsp; $18791491 |
| Interest | &nbsp;&nbsp; 17109 |
| Total investment income | &nbsp;&nbsp; 18808600 |
| **Expenses:** |  |
| Administrative services fees | &nbsp;&nbsp; 140646 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2200298 |
| Class C | &nbsp;&nbsp; 384173 |
| Class R | &nbsp;&nbsp; 225102 |
| Class S | &nbsp;&nbsp; 25282 |
| Transfer agent fees — A, C, R, S and Y | &nbsp;&nbsp; 1192455 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 62 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 343 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 29011 |
| Registration and filing fees | &nbsp;&nbsp; 118290 |
| Reports to shareholders | &nbsp;&nbsp; 84486 |
| Professional services fees | &nbsp;&nbsp; 49305 |
| Other | &nbsp;&nbsp; (65331)<br>|
| Total expenses | &nbsp;&nbsp; 4384122 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (37965)<br>|
| Net expenses | &nbsp;&nbsp; 4346157 |
| Net investment income | &nbsp;&nbsp; 14462443 |
| **Realized and unrealized gain from:** |  |
| Net realized gain from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 7740278 |
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 49940966 |
|  | &nbsp;&nbsp; 57681244 |
| Change in net unrealized appreciation of affiliated underlying fund shares | &nbsp;&nbsp; 71052972 |
| Net realized and unrealized gain | &nbsp;&nbsp; 128734216 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $143196659 |

---

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

**5**

**Invesco Select Risk: Growth Investor Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $14462443 | &nbsp;&nbsp; $18491052 |
| Net realized gain | &nbsp;&nbsp; 57681244 | &nbsp;&nbsp; 44246786 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 71052972 | &nbsp;&nbsp; 26200841 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 143196659 | &nbsp;&nbsp; 88938679 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (35207692)<br>| &nbsp;&nbsp; (38439096)<br>|
| Class C | &nbsp;&nbsp; (1560217)<br>| &nbsp;&nbsp; (1206496)<br>|
| Class R | &nbsp;&nbsp; (1978260)<br>| &nbsp;&nbsp; (1586587)<br>|
| Class S | &nbsp;&nbsp; (649127)<br>| &nbsp;&nbsp; (806559)<br>|
| Class Y | &nbsp;&nbsp; (575982)<br>| &nbsp;&nbsp; (686706)<br>|
| Class R5 | &nbsp;&nbsp; (2573)<br>| &nbsp;&nbsp; (2940)<br>|
| Class R6 | &nbsp;&nbsp; (116211)<br>| &nbsp;&nbsp; (19417)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (40090062)<br>| &nbsp;&nbsp; (42747801)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (35507272)<br>| &nbsp;&nbsp; (28914338)<br>|
| Class C | &nbsp;&nbsp; (2830775)<br>| &nbsp;&nbsp; (5484006)<br>|
| Class R | &nbsp;&nbsp; 6908950 | &nbsp;&nbsp; 4811841 |
| Class S | &nbsp;&nbsp; (2148268)<br>| &nbsp;&nbsp; (1848977)<br>|
| Class Y | &nbsp;&nbsp; (6700)<br>| &nbsp;&nbsp; 259870 |
| Class R5 | &nbsp;&nbsp; 1817 | &nbsp;&nbsp; 2085 |
| Class R6 | &nbsp;&nbsp; 2509499 | &nbsp;&nbsp; (398954)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (31072749)<br>| &nbsp;&nbsp; (31572479)<br>|
| Net increase in net assets | &nbsp;&nbsp; 72033848 | &nbsp;&nbsp; 14618399 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 970810752 | &nbsp;&nbsp; 956192353 |
| End of year | &nbsp;&nbsp; $1042844600 | &nbsp;&nbsp; $970810752 |

---

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

**6**

**Invesco Select Risk: Growth Investor Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)(b)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(c)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<sup>(d)</sup> <br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<sup>(b)</sup> <br>| **Portfolio** <br>**turnover** <sup>(e)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $15.04 | $0.24 | $2.09 | $2.33 | $(0.21)<br>| $(0.46)<br>| $(0.67)<br>| $16.70 | 15.49<br> %<br>| &nbsp;&nbsp; $917028 | 0.41<br> %<br>| 0.41<br> %<br>| 1.48<br> %<br>| 32<br> %<br>|
| Year ended 12/31/24 | 14.36 | 0.29 | 1.09 | 1.38 | (0.38)<br>| (0.32)<br>| (0.70)<br>| 15.04 | 9.63 | &nbsp;&nbsp; 860912 | 0.45 | 0.45 | 1.93 | 42 |
| Year ended 12/31/23 | 12.93 | 0.25 | 1.48 | 1.73 | (0.09)<br>| (0.21)<br>| (0.30)<br>| 14.36 | 13.41 | &nbsp;&nbsp; 849133 | 0.43 | 0.43 | 1.84 | 24 |
| Year ended 12/31/22 | 16.85 | 0.17 | (3.33)<br>| (3.16)<br>| (0.19)<br>| (0.57)<br>| (0.76)<br>| 12.93 | (18.79)<br>| &nbsp;&nbsp; 787335 | 0.43 | 0.43 | 1.22 | 29 |
| Year ended 12/31/21 | 15.80 | 0.14 | 1.98 | 2.12 | (0.25)<br>| (0.82)<br>| (1.07)<br>| 16.85 | 13.55 | &nbsp;&nbsp; 1017511 | 0.45 | 0.45 | 0.83 | 19 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 14.78 | 0.12 | 2.04 | 2.16 | (0.21)<br>| (0.46)<br>| (0.67)<br>| 16.27 | 14.61 | &nbsp;&nbsp; 39358 | 1.16 | 1.16 | 0.73 | 32 |
| Year ended 12/31/24 | 14.02 | 0.17 | 1.07 | 1.24 | (0.16)<br>| (0.32)<br>| (0.48)<br>| 14.78 | 8.81 | &nbsp;&nbsp; 38578 | 1.20 | 1.20 | 1.18 | 42 |
| Year ended 12/31/23 | 12.72 | 0.15 | 1.45 | 1.60 | (0.09)<br>| (0.21)<br>| (0.30)<br>| 14.02 | 12.61 | &nbsp;&nbsp; 41815 | 1.18 | 1.18 | 1.09 | 24 |
| Year ended 12/31/22 | 16.62 | 0.06 | (3.28)<br>| (3.22)<br>| (0.11)<br>| (0.57)<br>| (0.68)<br>| 12.72 | (19.42)<br>| &nbsp;&nbsp; 40058 | 1.18 | 1.18 | 0.47 | 29 |
| Year ended 12/31/21 | 15.60 | 0.01 | 1.95 | 1.96 | (0.12)<br>| (0.82)<br>| (0.94)<br>| 16.62 | 12.64 | &nbsp;&nbsp; 54151 | 1.20 | 1.20 | 0.08 | 19 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 12/31/25 | 14.98 | 0.20 | 2.07 | 2.27 | (0.21)<br>| (0.46)<br>| (0.67)<br>| 16.58 | 15.15 | &nbsp;&nbsp; 51311 | 0.66 | 0.66 | 1.23 | 32 |
| Year ended 12/31/24 | 14.28 | 0.25 | 1.08 | 1.33 | (0.31)<br>| (0.32)<br>| (0.63)<br>| 14.98 | 9.32 | &nbsp;&nbsp; 39837 | 0.70 | 0.70 | 1.68 | 42 |
| Year ended 12/31/23 | 12.88 | 0.22 | 1.48 | 1.70 | (0.09)<br>| (0.21)<br>| (0.30)<br>| 14.28 | 13.23 | &nbsp;&nbsp; 33327 | 0.68 | 0.68 | 1.59 | 24 |
| Year ended 12/31/22 | 16.80 | 0.14 | (3.33)<br>| (3.19)<br>| (0.16)<br>| (0.57)<br>| (0.73)<br>| 12.88 | (19.04)<br>| &nbsp;&nbsp; 25192 | 0.68 | 0.68 | 0.97 | 29 |
| Year ended 12/31/21 | 15.76 | 0.10 | 1.97 | 2.07 | (0.21)<br>| (0.82)<br>| (1.03)<br>| 16.80 | 13.24 | &nbsp;&nbsp; 26032 | 0.70 | 0.70 | 0.58 | 19 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Year ended 12/31/25 | 15.02 | 0.25 | 2.09 | 2.34 | (0.21)<br>| (0.46)<br>| (0.67)<br>| 16.69 | 15.57 | &nbsp;&nbsp; 16944 | 0.31 | 0.31 | 1.58 | 32 |
| Year ended 12/31/24 | 14.35 | 0.31 | 1.09 | 1.40 | (0.41)<br>| (0.32)<br>| (0.73)<br>| 15.02 | 9.78 | &nbsp;&nbsp; 17329 | 0.35 | 0.35 | 2.03 | 42 |
| Year ended 12/31/23 | 12.91 | 0.26 | 1.48 | 1.74 | (0.09)<br>| (0.21)<br>| (0.30)<br>| 14.35 | 13.51 | &nbsp;&nbsp; 18291 | 0.33 | 0.33 | 1.94 | 24 |
| Year ended 12/31/22 | 16.82 | 0.19 | (3.33)<br>| (3.14)<br>| (0.20)<br>| (0.57)<br>| (0.77)<br>| 12.91 | (18.68)<br>| &nbsp;&nbsp; 17951 | 0.33 | 0.33 | 1.32 | 29 |
| Year ended 12/31/21 | 15.78 | 0.16 | 1.97 | 2.13 | (0.27)<br>| (0.82)<br>| (1.09)<br>| 16.82 | 13.62 | &nbsp;&nbsp; 24254 | 0.35 | 0.35 | 0.93 | 19 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 14.98 | 0.28 | 2.09 | 2.37 | (0.21)<br>| (0.46)<br>| (0.67)<br>| 16.68 | 15.82 | &nbsp;&nbsp; 15079 | 0.16 | 0.16 | 1.73 | 32 |
| Year ended 12/31/24 | 14.35 | 0.33 | 1.08 | 1.41 | (0.46)<br>| (0.32)<br>| (0.78)<br>| 14.98 | 9.81 | &nbsp;&nbsp; 13608 | 0.20 | 0.20 | 2.18 | 42 |
| Year ended 12/31/23 | 12.88 | 0.28 | 1.49 | 1.77 | (0.09)<br>| (0.21)<br>| (0.30)<br>| 14.35 | 13.77 | &nbsp;&nbsp; 12767 | 0.18 | 0.18 | 2.09 | 24 |
| Year ended 12/31/22 | 16.79 | 0.21 | (3.32)<br>| (3.11)<br>| (0.23)<br>| (0.57)<br>| (0.80)<br>| 12.88 | (18.59)<br>| &nbsp;&nbsp; 11673 | 0.18 | 0.18 | 1.47 | 29 |
| Year ended 12/31/21 | 15.75 | 0.19 | 1.97 | 2.16 | (0.30)<br>| (0.82)<br>| (1.12)<br>| 16.79 | 13.82 | &nbsp;&nbsp; 14854 | 0.20 | 0.20 | 1.08 | 19 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 15.12 | 0.28 | 2.11 | 2.39 | (0.21)<br>| (0.46)<br>| (0.67)<br>| 16.84 | 15.80 | &nbsp;&nbsp; 67 | 0.14 | 0.14 | 1.75 | 32 |
| Year ended 12/31/24 | 14.48 | 0.34 | 1.09 | 1.43 | (0.47)<br>| (0.32)<br>| (0.79)<br>| 15.12 | 9.87 | &nbsp;&nbsp; 59 | 0.16 | 0.16 | 2.22 | 42 |
| Year ended 12/31/23 | 12.99 | 0.29 | 1.50 | 1.79 | (0.09)<br>| (0.21)<br>| (0.30)<br>| 14.48 | 13.81 | &nbsp;&nbsp; 54 | 0.14 | 0.14 | 2.13 | 24 |
| Year ended 12/31/22 | 16.93 | 0.22 | (3.36)<br>| (3.14)<br>| (0.23)<br>| (0.57)<br>| (0.80)<br>| 12.99 | (18.57)<br>| &nbsp;&nbsp; 45 | 0.13 | 0.13 | 1.52 | 29 |
| Year ended 12/31/21 | 15.88 | 0.19 | 1.99 | 2.18 | (0.31)<br>| (0.82)<br>| (1.13)<br>| 16.93 | 13.84 | &nbsp;&nbsp; 49 | 0.14 | 0.14 | 1.14 | 19 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 15.13 | 0.30 | 2.09 | 2.39 | (0.21)<br>| (0.46)<br>| (0.67)<br>| 16.85 | 15.79 | &nbsp;&nbsp; 3057 | 0.06 | 0.06 | 1.83 | 32 |
| Year ended 12/31/24 | 14.49 | 0.35 | 1.10 | 1.45 | (0.49)<br>| (0.32)<br>| (0.81)<br>| 15.13 | 10.02 | &nbsp;&nbsp; 487 | 0.09 | 0.09 | 2.29 | 42 |
| Year ended 12/31/23 | 12.99 | 0.30 | 1.50 | 1.80 | (0.09)<br>| (0.21)<br>| (0.30)<br>| 14.49 | 13.89 | &nbsp;&nbsp; 804 | 0.07 | 0.07 | 2.20 | 24 |
| Year ended 12/31/22 | 16.93 | 0.22 | (3.36)<br>| (3.14)<br>| (0.23)<br>| (0.57)<br>| (0.80)<br>| 12.99 | (18.57)<br>| &nbsp;&nbsp; 118 | 0.13 | 0.13 | 1.52 | 29 |
| Year ended 12/31/21 | 15.88 | 0.22 | 1.97 | 2.19 | (0.32)<br>| (0.82)<br>| (1.14)<br>| 16.93 | 13.95 | &nbsp;&nbsp; 594 | 0.05 | 0.05 | 1.23 | 19 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> 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 0.49%, 0.52%, 0.52%, 0.54% and 0.54% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

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

**7**

**Invesco Select Risk: Growth Investor Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

The Fund is a "fund of funds," and may invest its assets in underlying open-end and closed-end funds (including unlisted interval funds) advised by Invesco Advisers, Inc. ("Invesco" or the "Adviser"), including exchange-traded funds ("ETFs"), and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital"), or underlying open-end and closed-end funds, including ETFs, and other pooled investment vehicles advised by unaffiliated advisers (the "underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund's asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund's accounting policies are outlined in the underlying fund's financial statements and are publicly available.

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

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

**8**

**Invesco Select Risk: Growth Investor Fund**

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

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

**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 the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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 within the Financial Highlights.

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

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**9**

**Invesco Select Risk: Growth Investor Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated underlying funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $5,425 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated underlying funds* on the Statement of Operations.

**J.** **Other Risks** - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers' securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF's shares may be halted if the listing exchange's officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which an underlying Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent an underlying Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact an underlying Fund's returns, unless an underlying Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which an underlying Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent an underlying Fund invests in emerging markets, 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.

An underlying Fund may from time to time have a substantial amount of its assets invested 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.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., 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 agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary 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. As a result, the total

**10**

**Invesco Select Risk: Growth Investor Fund**

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annual fund operating expenses after expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary 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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended December 31, 2025, 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 S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C, Class R and Class S shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2025, 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, 2025, IDI advised the Fund that IDI retained $106,553 in front-end sales commissions from the sale of Class A shares and $19,170 and $595 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp; $1038317358 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1038317358 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 5681616 | &nbsp;&nbsp;&nbsp;&nbsp; 16668726 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22350342 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1043998974 | &nbsp;&nbsp;&nbsp;&nbsp; $16668726 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1060667700 |

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**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $37,965.

**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.

**11**

**Invesco Select Risk: Growth Investor Fund**

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**NOTE 6—Cash Balances**

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $19047168 | &nbsp;&nbsp;&nbsp;&nbsp; $28508383 |
| Long-term capital gain | &nbsp;&nbsp; 21042894 | &nbsp;&nbsp;&nbsp;&nbsp; 14239418 |
| Total distributions | &nbsp;&nbsp; $40090062 | &nbsp;&nbsp;&nbsp;&nbsp; $42747801 |

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

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| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $22455563 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 41831128 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 160065122 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (94965)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 818587752 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1042844600 |

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

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

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

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $313,801,992 and $319,931,908, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $179172030 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (19106908)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $160065122 |

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Cost of investments for tax purposes is $900,602,578.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization and distributions, on December 31, 2025, undistributed net investment income was increased by $1,718,909, undistributed net realized gain was decreased by $3,067,909 and shares of beneficial interest was increased by $1,349,000. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5365479 | &nbsp;&nbsp;&nbsp; $85240341 | &nbsp;&nbsp;&nbsp; 5571508 | &nbsp;&nbsp;&nbsp; $84365290 |
| Class C | &nbsp;&nbsp;&nbsp; 441445 | &nbsp;&nbsp;&nbsp; 6859612 | &nbsp;&nbsp;&nbsp; 557583 | &nbsp;&nbsp;&nbsp; 8166647 |
| Class R | &nbsp;&nbsp;&nbsp; 822399 | &nbsp;&nbsp;&nbsp; 13016678 | &nbsp;&nbsp;&nbsp; 624431 | &nbsp;&nbsp;&nbsp; 9359732 |
| Class S | &nbsp;&nbsp;&nbsp; 12895 | &nbsp;&nbsp;&nbsp; 204298 | &nbsp;&nbsp;&nbsp; 17777 | &nbsp;&nbsp;&nbsp; 270323 |
| Class Y | &nbsp;&nbsp;&nbsp; 313789 | &nbsp;&nbsp;&nbsp; 5050527 | &nbsp;&nbsp;&nbsp; 261618 | &nbsp;&nbsp;&nbsp; 3959658 |
| Class R6 | &nbsp;&nbsp;&nbsp; 156349 | &nbsp;&nbsp;&nbsp; 2623272 | &nbsp;&nbsp;&nbsp; 26258 | &nbsp;&nbsp;&nbsp; 397352 |

---

**12**

**Invesco Select Risk: Growth Investor Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2051426 | &nbsp;&nbsp;&nbsp; $34033165 | &nbsp;&nbsp;&nbsp; 2482503 | &nbsp;&nbsp;&nbsp; $37262393 |
| Class C | &nbsp;&nbsp;&nbsp; 94863 | &nbsp;&nbsp;&nbsp; 1533936 | &nbsp;&nbsp;&nbsp; 80885 | &nbsp;&nbsp;&nbsp; 1193862 |
| Class R | &nbsp;&nbsp;&nbsp; 119973 | &nbsp;&nbsp;&nbsp; 1977150 | &nbsp;&nbsp;&nbsp; 105882 | &nbsp;&nbsp;&nbsp; 1583988 |
| Class S | &nbsp;&nbsp;&nbsp; 39146 | &nbsp;&nbsp;&nbsp; 649042 | &nbsp;&nbsp;&nbsp; 53795 | &nbsp;&nbsp;&nbsp; 806391 |
| Class Y | &nbsp;&nbsp;&nbsp; 30051 | &nbsp;&nbsp;&nbsp; 497942 | &nbsp;&nbsp;&nbsp; 41749 | &nbsp;&nbsp;&nbsp; 624568 |
| Class R5 | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 1996 | &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; 2254 |
| Class R6 | &nbsp;&nbsp;&nbsp; 6815 | &nbsp;&nbsp;&nbsp; 114086 | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp; 18870 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 282040 | &nbsp;&nbsp;&nbsp; 4499165 | &nbsp;&nbsp;&nbsp; 326305 | &nbsp;&nbsp;&nbsp; 4946317 |
| Class C | &nbsp;&nbsp;&nbsp; (288107)<br>| &nbsp;&nbsp;&nbsp; (4499165)<br>| &nbsp;&nbsp;&nbsp; (335009)<br>| &nbsp;&nbsp;&nbsp; (4946317)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (10017170)<br>| &nbsp;&nbsp;&nbsp; (159279943)<br>| &nbsp;&nbsp;&nbsp; (10261862)<br>| &nbsp;&nbsp;&nbsp; (155488338)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (439327)<br>| &nbsp;&nbsp;&nbsp; (6725158)<br>| &nbsp;&nbsp;&nbsp; (675431)<br>| &nbsp;&nbsp;&nbsp; (9898198)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (507816)<br>| &nbsp;&nbsp;&nbsp; (8084878)<br>| &nbsp;&nbsp;&nbsp; (405011)<br>| &nbsp;&nbsp;&nbsp; (6131879)<br>|
| Class S | &nbsp;&nbsp;&nbsp; (190691)<br>| &nbsp;&nbsp;&nbsp; (3001608)<br>| &nbsp;&nbsp;&nbsp; (191848)<br>| &nbsp;&nbsp;&nbsp; (2925691)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (347688)<br>| &nbsp;&nbsp;&nbsp; (5555169)<br>| &nbsp;&nbsp;&nbsp; (285223)<br>| &nbsp;&nbsp;&nbsp; (4324356)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (179)<br>| &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (169)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (13961)<br>| &nbsp;&nbsp;&nbsp; (227859)<br>| &nbsp;&nbsp;&nbsp; (50847)<br>| &nbsp;&nbsp;&nbsp; (815176)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2067982)<br>| &nbsp;&nbsp;&nbsp; $(31072749)<br>| &nbsp;&nbsp;&nbsp; (2053549)<br>| &nbsp;&nbsp;&nbsp; $(31572479)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**13**

**Invesco Select Risk: Growth Investor Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Growth Investor Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Growth Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**14**

**Invesco Select Risk: Growth Investor Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $22391894 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 28.11% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 17.71% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 7.35% |
| Qualified Business Income\* | &nbsp;&nbsp; 1.26% |
| Business Interest Income\* | &nbsp;&nbsp; 33.41% |

---

\*

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

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $6686708 |

---

**15**

**Invesco Select Risk: Growth Investor Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco Select Risk: Growth Investor Fund**

------

![](imgbd01e5c81.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

GAL-NCSR

------

![](img7a0483821.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco Select Risk: High Growth Investor Fund**

Nasdaq:

A: OAAIX ■ C: OCAIX ■ R: ONAIX ■ Y: OYAIX ■ R5: PXQIX ■ R6: PXGGX

------

---

| | |
|:---|:---|
| [2](#xx_0b6620a4-2293-4b1b-b93f-fd94f74fbdd4_SOI-Continued-711_1) | Schedule of Investments |
| [4](#xx_0b6620a4-2293-4b1b-b93f-fd94f74fbdd4_FS-Continued-711_1) | Financial Statements |
| [7](#xx_0b6620a4-2293-4b1b-b93f-fd94f74fbdd4_FS-Continued-711_4) | Financial Highlights |
| [8](#xx_0b6620a4-2293-4b1b-b93f-fd94f74fbdd4_NTF-Continued-711_1) | Notes to Financial Statements |
| [14](#xx_0b6620a4-2293-4b1b-b93f-fd94f74fbdd4_ARS-Continued-711_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_0b6620a4-2293-4b1b-b93f-fd94f74fbdd4_TI-Continued-711_1) | Tax Information |
| [16](#xx_0b6620a4-2293-4b1b-b93f-fd94f74fbdd4_OIRSR-Continued-711_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*December 31, 2025* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Select Risk: High Growth Investor Fund** | **Invesco Select Risk: High Growth Investor Fund** | **Invesco Select Risk: High Growth Investor Fund** | **Invesco Select Risk: High Growth Investor Fund** | **Invesco Select Risk: High Growth Investor Fund** | **Invesco Select Risk: High Growth Investor Fund** | **Invesco Select Risk: High Growth Investor Fund** | **Invesco Select Risk: High Growth Investor Fund** | **Invesco Select Risk: High Growth Investor Fund** | **Invesco Select Risk: High Growth Investor Fund** |
| **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**12/31/25**<br>| **Value** <br>**12/31/24**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain (Loss)**<br>| **Dividend** <br>**Income**<br>| **Shares** <br>**12/31/25**<br>| **Value** <br>**12/31/25**<br>|
| **Alternative Funds–1.41%** | **Alternative Funds–1.41%** | **Alternative Funds–1.41%** | **Alternative Funds–1.41%** | **Alternative Funds–1.41%** | **Alternative Funds–1.41%** | **Alternative Funds–1.41%** | **Alternative Funds–1.41%** | **Alternative Funds–1.41%** | **Alternative Funds–1.41%** |
| Invesco Dynamic Credit Opportunity Fund, <br> Class R6<br>| 0.06<br> %<br>| $— | $571979 | $— | $(14385)<br>| $— | $43454 | 53770 | $557594 |
| Invesco Global Real Estate Income Fund, Class R6 | 1.35<br> %<br>| 19520894 | 458301 | (7926218)<br>| 974040 | (1027430)<br>| 458301 | 1461582 | 11999587 |
| Invesco Macro Allocation Strategy Fund, <br> Class R6<sup>(b)</sup> <br>|  | 20117218 | 180480 | (20484077)<br>| 3118574 | (2919995)<br>| 168280 |  |  |
| Total Alternative Funds |  | 39638112 | 1210760 | (28410295)<br>| 4078229 | (3947425)<br>| 670035 |  | 12557181 |
| **Domestic Equity Funds–63.15%** | **Domestic Equity Funds–63.15%** | **Domestic Equity Funds–63.15%** | **Domestic Equity Funds–63.15%** | **Domestic Equity Funds–63.15%** | **Domestic Equity Funds–63.15%** | **Domestic Equity Funds–63.15%** | **Domestic Equity Funds–63.15%** | **Domestic Equity Funds–63.15%** | **Domestic Equity Funds–63.15%** |
| Invesco Discovery Mid Cap Growth Fund, Class R6 | 7.17<br> %<br>| 55577539 | 12602441 | (4154686)<br>| 68098 | 4367325 |  | 1892875 | 64130621 |
| Invesco Main Street Small Cap Fund, Class R6 | 7.24<br> %<br>| 53996368 | 11600603 | (2254612)<br>| 1345628 | 4568329 | 323293 | 2868339 | 64709730 |
| Invesco NASDAQ 100 ETF<sup>(c)</sup> <br>| 13.90<br> %<br>| 97689417 | 24152949 | (22351594)<br>| 21474815 | 3282881 | 634920 | 491256 | 124248468 |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 16.15<br> %<br>| 135019631 | 18602756 | (27355380)<br>| 15753524 | 2354041 | 1109528 | 2361763 | 144374572 |
| Invesco S&P 500 Revenue ETF | 12.87<br> %<br>|  | 106993665 | (5006726)<br>| 12818840 | 215769 | 1502059 | 1004555 | 115021548 |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  | 83766029 |  | (86391565)<br>| (5701401)<br>| 8326937 |  |  |  |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | 20556854 | (17329494)<br>|  | (3227360)<br>| 36583 |  |  |
| Invesco Value Opportunities Fund, Class R6 | 5.82<br> %<br>| 44448060 | 8896907 | (6488088)<br>| 4694755 | 5323693 | 283204 | 2170608 | 52007760 |
| Total Domestic Equity Funds |  | 470497044 | 203406175 | (171332145)<br>| 50454259 | 25211615 | 3889587 |  | 564492699 |
| **Fixed Income Funds–8.91%** | **Fixed Income Funds–8.91%** | **Fixed Income Funds–8.91%** | **Fixed Income Funds–8.91%** | **Fixed Income Funds–8.91%** | **Fixed Income Funds–8.91%** | **Fixed Income Funds–8.91%** | **Fixed Income Funds–8.91%** | **Fixed Income Funds–8.91%** | **Fixed Income Funds–8.91%** |
| Invesco Core Bond Fund, Class R6 | 4.54<br> %<br>| 42729012 | 5904913 | (8775338)<br>| 851073 | (61292)<br>| 1778171 | 7118804 | 40648368 |
| Invesco Core Plus Bond Fund, Class R6 | 2.40<br> %<br>| 20459261 | 2804583 | (2283858)<br>| 682949 | (230734)<br>| 945912 | 2294668 | 21432201 |
| Invesco Emerging Markets Sovereign Debt ETF | 0.17<br> %<br>| 2454468 |  | (1032021)<br>| 158050 | (70383)<br>| 107363 | 69719 | 1510114 |
| Invesco Equal Weight 0-30 Year Treasury ETF |  | 10566811 |  | (10570426)<br>| 1794601 | (1790986)<br>| 98303 |  |  |
| Invesco Floating Rate ESG Fund, Class R6<sup>(b)</sup> <br>| 0.44<br> %<br>| 5344173 | 355094 | (1589128)<br>| (78685)<br>| (84410)<br>| 325752 | 607396 | 3917702 |
| Invesco High Yield Fund, Class R6 | 0.67<br> %<br>| 5428639 | 486648 |  | 53462 |  | 390666 | 1671918 | 5968749 |
| Invesco Variable Rate Investment Grade ETF | 0.69<br> %<br>| 9218485 |  | (2994808)<br>| 4105 | (30115)<br>| 347167 | 246919 | 6197667 |
| Total Fixed Income Funds |  | 96200849 | 9551238 | (27245579)<br>| 3465555 | (2267920)<br>| 3993334 |  | 79674801 |
| **International and Global Equity Funds–25.78%** | **International and Global Equity Funds–25.78%** | **International and Global Equity Funds–25.78%** | **International and Global Equity Funds–25.78%** | **International and Global Equity Funds–25.78%** | **International and Global Equity Funds–25.78%** | **International and Global Equity Funds–25.78%** | **International and Global Equity Funds–25.78%** | **International and Global Equity Funds–25.78%** | **International and Global Equity Funds–25.78%** |
| Invesco Emerging Markets ex-China Fund, <br> Class R6<sup>(d)</sup> <br>|  | 14255168 | 340792 | (17607748)<br>| 701051 | 2310737 |  |  |  |
| Invesco Developing Markets Fund, Class R6 | 2.72<br> %<br>| 11632339 | 24025756 | (6058839)<br>| (8610416)<br>| 10425017 | 215625 | 714831 | 24282817 |
| Invesco Global Fund, Class R6 | 9.02<br> %<br>| 71230691 | 21490055 | (8507217)<br>| (3960402)<br>| 15880949 | 251008 | 897919 | 80633142 |
| Invesco Global Infrastructure Fund, Class R6 |  | 8240462 | 898351 | (8421459)<br>| (1063007)<br>| 1221868 | 22137 |  |  |
| Invesco International Developed Dynamic <br> Multifactor ETF<br>| 3.57<br> %<br>| 26110206 | 1919956 | (3168066)<br>| 6977265 | 36952 | 915219 | 1070034 | 31876313 |
| Invesco International Growth Fund, Class R6<sup>(d)</sup> <br>| 1.56<br> %<br>| 11252103 | 5095212 |  | (2374882)<br>| 4235818 | 121259 | 553145 | 13972433 |
| Invesco International Small-Mid Company Fund, <br> Class R6<br>| 4.73<br> %<br>| 36762679 | 9335083 | (2926511)<br>| (546416)<br>| 6165853 | 786514 | 1199689 | 42289029 |
| Invesco RAFI Developed Markets ex-U.S. ETF<sup>(e)</sup> <br>| 4.18<br> %<br>| 30437111 | 2493709 | (6563098)<br>| 10177825 | 852135 | 1402261 | 570565 | 37397682 |
| Total International and Global Equity Funds |  | 209920759 | 65598914 | (53252938)<br>| 1301018 | 41129329 | 3714023 |  | 230451416 |
| **Money Market Funds–0.74%** | **Money Market Funds–0.74%** | **Money Market Funds–0.74%** | **Money Market Funds–0.74%** | **Money Market Funds–0.74%** | **Money Market Funds–0.74%** | **Money Market Funds–0.74%** | **Money Market Funds–0.74%** | **Money Market Funds–0.74%** | **Money Market Funds–0.74%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(f)</sup> <br>| 0.26<br> %<br>| 1449842 | 31601208 | (30734016)<br>|  |  | 52312 | 2317034 | 2317034 |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(f)</sup> <br>| 0.48<br> %<br>| 2779139 | 58687957 | (57153427)<br>|  |  | 98192 | 4313669 | 4313669 |
| Total Money Market Funds |  | 4228981 | 90289165 | (87887443)<br>|  |  | 150504 |  | 6630703 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (excluding investments purchased with cash <br> collateral from securities on loan) <br>(Cost $694,754,240)<br>| 99.99<br> %<br>| 820485745 | 370056252 | (368128400)<br>| 59299061 | 60125599 | 12417483 |  | 893806800 |

---

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

**2**

**Invesco Select Risk: High Growth Investor Fund**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Select Risk: High Growth Investor Fund (continued)** | **Invesco Select Risk: High Growth Investor Fund (continued)** | **Invesco Select Risk: High Growth Investor Fund (continued)** | **Invesco Select Risk: High Growth Investor Fund (continued)** | **Invesco Select Risk: High Growth Investor Fund (continued)** | **Invesco Select Risk: High Growth Investor Fund (continued)** | **Invesco Select Risk: High Growth Investor Fund (continued)** | **Invesco Select Risk: High Growth Investor Fund (continued)** | **Invesco Select Risk: High Growth Investor Fund (continued)** | **Invesco Select Risk: High Growth Investor Fund (continued)** |
| **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.99%**<sup>(a)</sup> |
|  | **% of**<br> **Net**<br> **Assets**<br> **12/31/25**<br>| **Value**<br> **12/31/24**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain (Loss)**<br>| **Dividend**<br> **Income**<br>| **Shares**<br> **12/31/25**<br>| **Value**<br> **12/31/25**<br>|
| **Investments Purchased with Cash** <br> **Collateral from Securities on** <br> **Loan**<br>|  |  |  |  |  |  |  |  |  |
| **Money Market Funds–0.21%** | **Money Market Funds–0.21%** | **Money Market Funds–0.21%** | **Money Market Funds–0.21%** | **Money Market Funds–0.21%** | **Money Market Funds–0.21%** | **Money Market Funds–0.21%** | **Money Market Funds–0.21%** | **Money Market Funds–0.21%** | **Money Market Funds–0.21%** |
| Invesco Private Government Fund, 3.74%<sup>(f)(g)</sup> <br>| 0.06<br> %<br>| $341531 | $202182908 | $(202011189)<br>| $— | $— | $94732 <br><sup>(h)</sup><br>| 513250 | $513250 |
| Invesco Private Prime Fund, 3.88%<sup>(f)(g)</sup> <br>| 0.15<br> %<br>| 889956 | 638765428 | (638320578)<br>|  | (277)<br>| 259417 <br><sup>(h)</sup><br>| 1334129 | 1334529 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br>(Cost $1,847,779)<br>| 0.21<br> %<br>| 1231487 | 840948336 | (840331767)<br>|  | (277)<br>| 354149 |  | 1847779 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (Cost $696,602,019) <br>| 100.20<br> %<br>| $821717232 | $1211004588 | $(1208460167)<br>| $59299061 | $60125322 <br><sup>(i)</sup><br>| $12771632 |  | $895654579 |
| OTHER ASSETS LESS LIABILITIES | (0.20)%<br>|  |  |  |  |  |  |  | (1778249)<br>|
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $893876330 |

---

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Includes return of capital distribution.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Effective August 22, 2025, the underlying fund's name changed.

<sup>(e)</sup> Effective March 24, 2025, the underlying fund's name changed.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(g)</sup> 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. 

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

<sup>(i)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Developing Markets Fund | $7131040 |
| Invesco Discovery Mid Cap Growth Fund | 4330096 |
| Invesco Global Fund | 15500934 |
| Invesco Global Infrastructure Fund | 876215 |
| Invesco International Growth Fund | 4235818 |
| Invesco International Small-Mid Company Fund | 6501659 |
| Invesco Main Street Small Cap Fund | 4546586 |
| Invesco Value Opportunities Fund | 4867567 |

---

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

**3**

**Invesco Select Risk: High Growth Investor Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $696,602,019)\*<br>| &nbsp;&nbsp; $895654579 |
| Receivable for: |  |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 326664 |
| Fund shares sold | &nbsp;&nbsp; 1081784 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 55479 |
| Other assets | &nbsp;&nbsp; 39726 |
| Total assets | &nbsp;&nbsp; 897158232 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 307172 |
| Fund shares reacquired | &nbsp;&nbsp; 623280 |
| Amount due custodian | &nbsp;&nbsp; 62407 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 1847779 |
| Accrued fees to affiliates | &nbsp;&nbsp; 334355 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 3479 |
| Accrued other operating expenses | &nbsp;&nbsp; 47951 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 55479 |
| Total liabilities | &nbsp;&nbsp; 3281902 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $893876330 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $651700455 |
| Distributable earnings | &nbsp;&nbsp; 242175875 |
|  | &nbsp;&nbsp; $893876330 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $700934344 |
| Class C | &nbsp;&nbsp; $65709564 |
| Class R | &nbsp;&nbsp; $113589929 |
| Class Y | &nbsp;&nbsp; $13102266 |
| Class R5 | &nbsp;&nbsp; $9436 |
| Class R6 | &nbsp;&nbsp; $530791 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 44718266 |
| Class C | &nbsp;&nbsp; 4407608 |
| Class R | &nbsp;&nbsp; 7258794 |
| Class Y | &nbsp;&nbsp; 827471 |
| Class R5 | &nbsp;&nbsp; 602 |
| Class R6 | &nbsp;&nbsp; 33892 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $15.67 |
| Maximum offering price per share <br>(Net asset value of $15.67 ÷ 94.50%)<br>| &nbsp;&nbsp; $16.58 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.91 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.65 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.83 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.67 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.66 |

---

\* At December 31, 2025, security with a value of $1,795,732 was on loan to brokers. 

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

**4**

**Invesco Select Risk: High Growth Investor Fund**

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $36,218) | &nbsp;&nbsp; $12453701 |
| Interest | &nbsp;&nbsp; 14402 |
| Total investment income | &nbsp;&nbsp; 12468103 |
| **Expenses:** |  |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1602353 |
| Class C | &nbsp;&nbsp; 651883 |
| Class R | &nbsp;&nbsp; 512759 |
| Transfer agent fees— A, C, R and Y | &nbsp;&nbsp; 798213 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 3 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 113 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 25230 |
| Registration and filing fees | &nbsp;&nbsp; 102831 |
| Reports to shareholders | &nbsp;&nbsp; 48023 |
| Professional services fees | &nbsp;&nbsp; 48712 |
| Other | &nbsp;&nbsp; (32169)<br>|
| Total expenses | &nbsp;&nbsp; 3757951 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (45699)<br>|
| Net expenses | &nbsp;&nbsp; 3712252 |
| Net investment income | &nbsp;&nbsp; 8755851 |
| **Realized and unrealized gain from:** |  |
| Net realized gain from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 12135407 |
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 47989915 |
|  | &nbsp;&nbsp; 60125322 |
| Change in net unrealized appreciation of: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 59299061 |
| Foreign currencies | &nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp; 59299065 |
| Net realized and unrealized gain | &nbsp;&nbsp; 119424387 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $128180238 |

---

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

**5**

**Invesco Select Risk: High Growth Investor Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $8755851 | &nbsp;&nbsp; $12018387 |
| Net realized gain | &nbsp;&nbsp; 60125322 | &nbsp;&nbsp; 47860154 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 59299065 | &nbsp;&nbsp; 21831340 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 128180238 | &nbsp;&nbsp; 81709881 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (35330024)<br>| &nbsp;&nbsp; (35006589)<br>|
| Class C | &nbsp;&nbsp; (3038904)<br>| &nbsp;&nbsp; (3296655)<br>|
| Class R | &nbsp;&nbsp; (5443150)<br>| &nbsp;&nbsp; (4958958)<br>|
| Class Y | &nbsp;&nbsp; (688261)<br>| &nbsp;&nbsp; (855229)<br>|
| Class R5 | &nbsp;&nbsp; (529)<br>| &nbsp;&nbsp; (520)<br>|
| Class R6 | &nbsp;&nbsp; (28185)<br>| &nbsp;&nbsp; (35929)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (44529053)<br>| &nbsp;&nbsp; (44153880)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (7893137)<br>| &nbsp;&nbsp; (11709730)<br>|
| Class C | &nbsp;&nbsp; (6612969)<br>| &nbsp;&nbsp; (8515332)<br>|
| Class R | &nbsp;&nbsp; 7732678 | &nbsp;&nbsp; 6216558 |
| Class Y | &nbsp;&nbsp; (3413668)<br>| &nbsp;&nbsp; 64901 |
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (21141)<br>|
| Class R6 | &nbsp;&nbsp; 65200 | &nbsp;&nbsp; 237600 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (10121896)<br>| &nbsp;&nbsp; (13727144)<br>|
| Net increase in net assets | &nbsp;&nbsp; 73529289 | &nbsp;&nbsp; 23828857 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 820347041 | &nbsp;&nbsp; 796518184 |
| End of year | &nbsp;&nbsp; $893876330 | &nbsp;&nbsp; $820347041 |

---

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

**6**

**Invesco Select Risk: High Growth Investor Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<sup>(c)</sup> <br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(d)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $14.19 | $0.17 | $2.14 | $2.31 | $(0.21)<br>| $(0.62)<br>| $(0.83)<br>| $15.67 | 16.34 %<sup>(e)</sup><br>| &nbsp;&nbsp; $700934 | 0.34 %<sup>(e)</sup><br>| 0.35 %<sup>(e)</sup><br>| 1.14 %<sup>(e)</sup><br>| 33<br> %<br>|
| Year ended 12/31/24 | 13.56 | 0.22 | 1.23 | 1.45 | (0.30)<br>| (0.52)<br>| (0.82)<br>| 14.19 | 10.68 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 643128 | 0.38 <br><sup>(e)</sup><br>| 0.39 <br><sup>(e)</sup><br>| 1.56 <br><sup>(e)</sup><br>| 41 |
| Year ended 12/31/23 | 12.14 | 0.19 | 1.57 | 1.76 | (0.14)<br>| (0.20)<br>| (0.34)<br>| 13.56 | 14.60 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 625248 | 0.37 <br><sup>(e)</sup><br>| 0.37 <br><sup>(e)</sup><br>| 1.51 <br><sup>(e)</sup><br>| 25 |
| Year ended 12/31/22 | 16.11 | 0.14 | (3.29)<br>| (3.15)<br>| (0.15)<br>| (0.67)<br>| (0.82)<br>| 12.14 | (19.59 )<sup>(e)</sup><br>| &nbsp;&nbsp; 570009 | 0.38 <br><sup>(e)</sup><br>| 0.38 <br><sup>(e)</sup><br>| 1.02 <br><sup>(e)</sup><br>| 27 |
| Year ended 12/31/21 | 15.01 | 0.10 | 2.14 | 2.24 | (0.28)<br>| (0.86)<br>| (1.14)<br>| 16.11 | 15.06 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 736134 | 0.39 <br><sup>(e)</sup><br>| 0.39 <br><sup>(e)</sup><br>| 0.62 <br><sup>(e)</sup><br>| 17 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 13.53 | 0.05 | 2.04 | 2.09 | (0.09)<br>| (0.62)<br>| (0.71)<br>| 14.91 | 15.53 | &nbsp;&nbsp; 65710 | 1.10 | 1.11 | 0.38 | 33 |
| Year ended 12/31/24 | 12.96 | 0.11 | 1.17 | 1.28 | (0.19)<br>| (0.52)<br>| (0.71)<br>| 13.53 | 9.85 | &nbsp;&nbsp; 65904 | 1.14 | 1.15 | 0.80 | 41 |
| Year ended 12/31/23 | 11.62 | 0.09 | 1.49 | 1.58 | (0.04)<br>| (0.20)<br>| (0.24)<br>| 12.96 | 13.69 | &nbsp;&nbsp; 71198 | 1.13 | 1.13 | 0.75 | 25 |
| Year ended 12/31/22 | 15.45 | 0.03 | (3.15)<br>| (3.12)<br>| (0.04)<br>| (0.67)<br>| (0.71)<br>| 11.62 | (20.19)<br>| &nbsp;&nbsp; 73397 | 1.14 | 1.14 | 0.26 | 27 |
| Year ended 12/31/21 | 14.43 | (0.02)<br>| 2.05 | 2.03 | (0.15)<br>| (0.86)<br>| (1.01)<br>| 15.45 | 14.22 | &nbsp;&nbsp; 104723 | 1.15 | 1.15 | (0.14)<br>| 17 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 12/31/25 | 14.16 | 0.13 | 2.15 | 2.28 | (0.17)<br>| (0.62)<br>| (0.79)<br>| 15.65 | 16.16 | &nbsp;&nbsp; 113590 | 0.60 | 0.61 | 0.88 | 33 |
| Year ended 12/31/24 | 13.54 | 0.19 | 1.21 | 1.40 | (0.26)<br>| (0.52)<br>| (0.78)<br>| 14.16 | 10.34 | &nbsp;&nbsp; 95723 | 0.64 | 0.65 | 1.30 | 41 |
| Year ended 12/31/23 | 12.12 | 0.16 | 1.57 | 1.73 | (0.11)<br>| (0.20)<br>| (0.31)<br>| 13.54 | 14.34 | &nbsp;&nbsp; 85557 | 0.63 | 0.63 | 1.25 | 25 |
| Year ended 12/31/22 | 16.09 | 0.10 | (3.29)<br>| (3.19)<br>| (0.11)<br>| (0.67)<br>| (0.78)<br>| 12.12 | (19.83)<br>| &nbsp;&nbsp; 72465 | 0.64 | 0.64 | 0.76 | 27 |
| Year ended 12/31/21 | 14.99 | 0.06 | 2.13 | 2.19 | (0.23)<br>| (0.86)<br>| (1.09)<br>| 16.09 | 14.79 | &nbsp;&nbsp; 87346 | 0.65 | 0.65 | 0.36 | 17 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 14.32 | 0.21 | 2.17 | 2.38 | (0.25)<br>| (0.62)<br>| (0.87)<br>| 15.83 | 16.66 | &nbsp;&nbsp; 13102 | 0.10 | 0.11 | 1.38 | 33 |
| Year ended 12/31/24 | 13.68 | 0.26 | 1.24 | 1.50 | (0.34)<br>| (0.52)<br>| (0.86)<br>| 14.32 | 10.92 | &nbsp;&nbsp; 15150 | 0.14 | 0.15 | 1.80 | 41 |
| Year ended 12/31/23 | 12.24 | 0.23 | 1.59 | 1.82 | (0.18)<br>| (0.20)<br>| (0.38)<br>| 13.68 | 14.91 | &nbsp;&nbsp; 14276 | 0.13 | 0.13 | 1.75 | 25 |
| Year ended 12/31/22 | 16.24 | 0.17 | (3.32)<br>| (3.15)<br>| (0.18)<br>| (0.67)<br>| (0.85)<br>| 12.24 | (19.42)<br>| &nbsp;&nbsp; 12716 | 0.14 | 0.14 | 1.26 | 27 |
| Year ended 12/31/21 | 15.12 | 0.14 | 2.16 | 2.30 | (0.32)<br>| (0.86)<br>| (1.18)<br>| 16.24 | 15.37 | &nbsp;&nbsp; 12553 | 0.15 | 0.15 | 0.86 | 17 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 14.18 | 0.22 | 2.14 | 2.36 | (0.25)<br>| (0.62)<br>| (0.87)<br>| 15.67 | 16.75 | &nbsp;&nbsp; 9 | 0.05 | 0.05 | 1.43 | 33 |
| Year ended 12/31/24 | 13.55 | 0.27 | 1.23 | 1.50 | (0.35)<br>| (0.52)<br>| (0.87)<br>| 14.18 | 11.03 | &nbsp;&nbsp; 9 | 0.07 | 0.07 | 1.87 | 41 |
| Year ended 12/31/23 | 12.12 | 0.23 | 1.59 | 1.82 | (0.19)<br>| (0.20)<br>| (0.39)<br>| 13.55 | 15.07 | &nbsp;&nbsp; 29 | 0.05 | 0.05 | 1.83 | 25 |
| Year ended 12/31/22 | 16.09 | 0.17 | (3.28)<br>| (3.11)<br>| (0.19)<br>| (0.67)<br>| (0.86)<br>| 12.12 | (19.38)<br>| &nbsp;&nbsp; 7 | 0.11 | 0.11 | 1.29 | 27 |
| Year ended 12/31/21 | 14.99 | 0.16 | 2.13 | 2.29 | (0.33)<br>| (0.86)<br>| (1.19)<br>| 16.09 | 15.48 | &nbsp;&nbsp; 10 | 0.06 | 0.06 | 0.95 | 17 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 14.17 | 0.22 | 2.14 | 2.36 | (0.25)<br>| (0.62)<br>| (0.87)<br>| 15.66 | 16.76 | &nbsp;&nbsp; 531 | 0.05 | 0.05 | 1.43 | 33 |
| Year ended 12/31/24 | 13.54 | 0.27 | 1.23 | 1.50 | (0.35)<br>| (0.52)<br>| (0.87)<br>| 14.17 | 11.05 | &nbsp;&nbsp; 433 | 0.06 | 0.06 | 1.88 | 41 |
| Year ended 12/31/23 | 12.12 | 0.24 | 1.57 | 1.81 | (0.19)<br>| (0.20)<br>| (0.39)<br>| 13.54 | 14.99 | &nbsp;&nbsp; 209 | 0.05 | 0.05 | 1.83 | 25 |
| Year ended 12/31/22 | 16.09 | 0.19 | (3.30)<br>| (3.11)<br>| (0.19)<br>| (0.67)<br>| (0.86)<br>| 12.12 | (19.38)<br>| &nbsp;&nbsp; 15 | 0.10 | 0.11 | 1.30 | 27 |
| Year ended 12/31/21 | 14.99 | 0.16 | 2.13 | 2.29 | (0.33)<br>| (0.86)<br>| (1.19)<br>| 16.09 | 15.48 | &nbsp;&nbsp; 359 | 0.06 | 0.06 | 0.95 | 17 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund's total return. Estimated acquired fund fees from underlying funds was 0.50%, 0.53%, 0.53%, 0.55% and 0.55% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**7**

**Invesco Select Risk: High Growth Investor Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

The Fund is a "fund of funds," and may invest its assets in underlying open-end and closed-end funds (including unlisted interval funds) advised by Invesco Advisers, Inc. ("Invesco" or the "Adviser"), including exchange-traded funds ("ETFs"), and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital"), or underlying open-end and closed-end funds, including ETFs, and other pooled investment vehicles advised by unaffiliated advisers (the "underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund's asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund's accounting policies are outlined in the underlying fund's financial statements and are publicly available.

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

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

**8**

**Invesco Select Risk: High Growth Investor Fund**

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Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

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

**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 the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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 within the Financial Highlights.

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

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**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

**9**

**Invesco Select Risk: High Growth Investor Fund**

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securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated underlying funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $587 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated underlying funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

**L.** **Other Risks** - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers' securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF's shares may be halted if the listing exchange's officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which an underlying Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer

**10**

**Invesco Select Risk: High Growth Investor Fund**

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restrictions and higher transactional costs. To the extent an underlying Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact an underlying Fund's returns, unless an underlying Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which an underlying Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent an underlying Fund invests in emerging markets, 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.

An underlying Fund may from time to time have a substantial amount of its assets invested 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.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.

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

The Adviser has contractually agreed, through April 30, 2026, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.45%, 1.20%, 0.70%, 0.20%, 0.20%, and 0.20%, respectively, of the Fund's average daily net assets (the "expense limits"). Effective May 1, 2026, the Adviser has agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25%, and 1.25%, respectively of the Fund's average daily net assets ("the boundary limits"). In determining the Adviser's obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes.

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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended December 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $114,624 in front-end sales commissions from the sale of Class A shares and $3,570 and $3,374 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

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**Invesco Select Risk: High Growth Investor Fund**

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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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2025. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp; $887176097 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $887176097 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 6630703 | &nbsp;&nbsp;&nbsp;&nbsp; 1847779 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8478482 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $893806800 | &nbsp;&nbsp;&nbsp;&nbsp; $1847779 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $895654579 |

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**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $45,699.

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $23165015 | &nbsp;&nbsp;&nbsp;&nbsp; $22261413 |
| Long-term capital gain | &nbsp;&nbsp; 21364038 | &nbsp;&nbsp;&nbsp;&nbsp; 21892467 |
| Total distributions | &nbsp;&nbsp; $44529053 | &nbsp;&nbsp;&nbsp;&nbsp; $44153880 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $315927 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 44457168 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 197451384 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (48606)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 651700455 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $893876330 |

---

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

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

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

**12**

**Invesco Select Risk: High Growth Investor Fund**

------

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $279,767,087 and $280,240,957, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $202986960 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (5535576)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $197451384 |

---

Cost of investments for tax purposes is $698,203,195.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of distributions , on December 31, 2025, undistributed net investment income was increased by $1,872,748, undistributed net realized gain was decreased by $3,540,748 and shares of beneficial interest was increased by $1,668,000. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025** | **Year ended** <br>**December 31, 2025** | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3834915 | &nbsp;&nbsp;&nbsp; $57649853 | &nbsp;&nbsp;&nbsp; 3871024 | &nbsp;&nbsp;&nbsp; $55885182 |
| Class C | &nbsp;&nbsp;&nbsp; 818167 | &nbsp;&nbsp;&nbsp; 11635825 | &nbsp;&nbsp;&nbsp; 824232 | &nbsp;&nbsp;&nbsp; 11246820 |
| Class R | &nbsp;&nbsp;&nbsp; 1182526 | &nbsp;&nbsp;&nbsp; 17717121 | &nbsp;&nbsp;&nbsp; 1061837 | &nbsp;&nbsp;&nbsp; 15203269 |
| Class Y | &nbsp;&nbsp;&nbsp; 255492 | &nbsp;&nbsp;&nbsp; 3935256 | &nbsp;&nbsp;&nbsp; 421971 | &nbsp;&nbsp;&nbsp; 6092970 |
| Class R6 | &nbsp;&nbsp;&nbsp; 30342 | &nbsp;&nbsp;&nbsp; 447187 | &nbsp;&nbsp;&nbsp; 26959 | &nbsp;&nbsp;&nbsp; 406389 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2233608 | &nbsp;&nbsp;&nbsp; 34754935 | &nbsp;&nbsp;&nbsp; 2431171 | &nbsp;&nbsp;&nbsp; 34425361 |
| Class C | &nbsp;&nbsp;&nbsp; 204724 | &nbsp;&nbsp;&nbsp; 3031959 | &nbsp;&nbsp;&nbsp; 243287 | &nbsp;&nbsp;&nbsp; 3286805 |
| Class R | &nbsp;&nbsp;&nbsp; 349286 | &nbsp;&nbsp;&nbsp; 5427903 | &nbsp;&nbsp;&nbsp; 350077 | &nbsp;&nbsp;&nbsp; 4950091 |
| Class Y | &nbsp;&nbsp;&nbsp; 37801 | &nbsp;&nbsp;&nbsp; 594236 | &nbsp;&nbsp;&nbsp; 56074 | &nbsp;&nbsp;&nbsp; 801295 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1773 | &nbsp;&nbsp;&nbsp; 27571 | &nbsp;&nbsp;&nbsp; 2498 | &nbsp;&nbsp;&nbsp; 35325 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 439278 | &nbsp;&nbsp;&nbsp; 6608170 | &nbsp;&nbsp;&nbsp; 605498 | &nbsp;&nbsp;&nbsp; 8677540 |
| Class C | &nbsp;&nbsp;&nbsp; (462045)<br>| &nbsp;&nbsp;&nbsp; (6608170)<br>| &nbsp;&nbsp;&nbsp; (635333)<br>| &nbsp;&nbsp;&nbsp; (8677540)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (7126917)<br>| &nbsp;&nbsp;&nbsp; (106906095)<br>| &nbsp;&nbsp;&nbsp; (7684026)<br>| &nbsp;&nbsp;&nbsp; (110697813)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1024619)<br>| &nbsp;&nbsp;&nbsp; (14672583)<br>| &nbsp;&nbsp;&nbsp; (1053552)<br>| &nbsp;&nbsp;&nbsp; (14371417)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1030846)<br>| &nbsp;&nbsp;&nbsp; (15412346)<br>| &nbsp;&nbsp;&nbsp; (972549)<br>| &nbsp;&nbsp;&nbsp; (13936802)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (523854)<br>| &nbsp;&nbsp;&nbsp; (7943160)<br>| &nbsp;&nbsp;&nbsp; (463695)<br>| &nbsp;&nbsp;&nbsp; (6829364)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1573)<br>| &nbsp;&nbsp;&nbsp; (21141)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (28786)<br>| &nbsp;&nbsp;&nbsp; (409558)<br>| &nbsp;&nbsp;&nbsp; (14365)<br>| &nbsp;&nbsp;&nbsp; (204114)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (809155)<br>| &nbsp;&nbsp;&nbsp; $(10121896)<br>| &nbsp;&nbsp;&nbsp; (930465)<br>| &nbsp;&nbsp;&nbsp; $(13727144)<br>|

---

**13**

**Invesco Select Risk: High Growth Investor Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: High Growth Investor Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: High Growth Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**14**

**Invesco Select Risk: High Growth Investor Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $23032038 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 36.32% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 22.44% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 2.60% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 16.09% |

---

\*

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

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $12799826 |

---

**15**

**Invesco Select Risk: High Growth Investor Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco Select Risk: High Growth Investor Fund**

------

![](img7a0483821.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-OPSGI-NCSR

------

![](imgcd1842f21.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco Select Risk: Moderate Investor Fund**

Nasdaq:

A: OAMIX ■ C: OCMIX ■ R: ONMIX ■ S: PXMSX ■ Y: OYMIX ■ R5: PXMQX ■ R6: PXMMX

------

---

| | |
|:---|:---|
| [2](#xx_98da374d-160f-4652-8d52-b65a9adfb79c_SOI-Continued-713_1) | Schedule of Investments |
| [4](#xx_98da374d-160f-4652-8d52-b65a9adfb79c_FS-Continued-713_1) | Financial Statements |
| [7](#xx_98da374d-160f-4652-8d52-b65a9adfb79c_FS-Continued-713_4) | Financial Highlights |
| [8](#xx_98da374d-160f-4652-8d52-b65a9adfb79c_NTF-Continued-713_1) | Notes to Financial Statements |
| [14](#xx_98da374d-160f-4652-8d52-b65a9adfb79c_ARS-Continued-713_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_98da374d-160f-4652-8d52-b65a9adfb79c_TI-Continued-713_1) | Tax Information |
| [16](#xx_98da374d-160f-4652-8d52-b65a9adfb79c_OIRSR-Continued-713_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*December 31, 2025* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Select Risk: Moderate Investor Fund** | **Invesco Select Risk: Moderate Investor Fund** | **Invesco Select Risk: Moderate Investor Fund** | **Invesco Select Risk: Moderate Investor Fund** | **Invesco Select Risk: Moderate Investor Fund** | **Invesco Select Risk: Moderate Investor Fund** | **Invesco Select Risk: Moderate Investor Fund** | **Invesco Select Risk: Moderate Investor Fund** | **Invesco Select Risk: Moderate Investor Fund** | **Invesco Select Risk: Moderate Investor Fund** |
| **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**12/31/25**<br>| **Value** <br>**12/31/24**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain (Loss)**<br>| **Dividend** <br>**Income**<br>| **Shares** <br>**12/31/25**<br>| **Value** <br>**12/31/25**<br>|
| **Alternative Funds–6.87%** | **Alternative Funds–6.87%** | **Alternative Funds–6.87%** | **Alternative Funds–6.87%** | **Alternative Funds–6.87%** | **Alternative Funds–6.87%** | **Alternative Funds–6.87%** | **Alternative Funds–6.87%** | **Alternative Funds–6.87%** | **Alternative Funds–6.87%** |
| Invesco Global Real Estate Income Fund, <br> Class R6<br>| 2.53<br> %<br>| $42798623 | $2174949 | $— | $1838616 | $— | $1472525 | 5701850 | $46812188 |
| Invesco Macro Allocation Strategy Fund, <br> Class R6<sup>(b)</sup> <br>|  | 44495890 | 389398 | (45306139)<br>| 6687240 | (6240066)<br>| 363075 |  |  |
| Invesco Managed Futures Strategy ETF | 4.34<br> %<br>|  | 76501308 |  | 3682321 |  | 809751 | 1744928 | 80183629 |
| Total Alternative Funds |  | 87294513 | 79065655 | (45306139)<br>| 12208177 | (6240066)<br>| 2645351 |  | 126995817 |
| **Domestic Equity Funds–42.82%** | **Domestic Equity Funds–42.82%** | **Domestic Equity Funds–42.82%** | **Domestic Equity Funds–42.82%** | **Domestic Equity Funds–42.82%** | **Domestic Equity Funds–42.82%** | **Domestic Equity Funds–42.82%** | **Domestic Equity Funds–42.82%** | **Domestic Equity Funds–42.82%** | **Domestic Equity Funds–42.82%** |
| Invesco Discovery Mid Cap Growth Fund, <br> Class R6<br>| 4.83<br> %<br>| 82860728 | 20048084 | (14323289)<br>| (500179)<br>| 7213756 |  | 2634932 | 89271494 |
| Invesco Main Street Small Cap Fund, <br> Class R6<br>| 4.87<br> %<br>| 79021557 | 16498186 | (7759722)<br>| 1874734 | 6662310 | 449521 | 3988266 | 89975289 |
| Invesco NASDAQ 100 ETF<sup>(c)</sup> <br>| 9.55<br> %<br>| 143736508 | 38070662 | (39866867)<br>| 29653767 | 4949401 | 916781 | 698021 | 176543471 |
| Invesco Russell 1000<sup>®</sup> Dynamic <br> Multifactor ETF<br>| 10.95<br> %<br>| 198255552 | 26569479 | (49138630)<br>| 21254610 | 5481020 | 1604368 | 3311337 | 202422031 |
| Invesco S&P 500 Revenue ETF<sup>(c)</sup> <br>| 8.60<br> %<br>|  | 153574641 | (12954136)<br>| 17434556 | 855138 | 2160968 | 1387862 | 158910199 |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  | 126766971 |  | (130740314)<br>| (13458845)<br>| 17432188 |  |  |  |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | 30109140 | (25382102)<br>|  | (4727038)<br>| 53583 |  |  |
| Invesco Value Opportunities Fund, <br> Class R6<br>| 4.02<br> %<br>| 66835368 | 15367188 | (15661326)<br>| 5862795 | 8677399 | 391875 | 3102925 | 74346084 |
| Total Domestic Equity Funds |  | 697476684 | 300237380 | (295826386)<br>| 62121438 | 46544174 | 5577096 |  | 791468568 |
| **Fixed Income Funds–32.08%** | **Fixed Income Funds–32.08%** | **Fixed Income Funds–32.08%** | **Fixed Income Funds–32.08%** | **Fixed Income Funds–32.08%** | **Fixed Income Funds–32.08%** | **Fixed Income Funds–32.08%** | **Fixed Income Funds–32.08%** | **Fixed Income Funds–32.08%** | **Fixed Income Funds–32.08%** |
| Invesco Core Bond Fund, Class R6 | 15.38<br> %<br>| 303099659 | 23478060 | (48123598)<br>| 6145605 | (273355)<br>| 12815071 | 49794461 | 284326371 |
| Invesco Core Plus Bond Fund, Class R6 | 8.11<br> %<br>| 147923120 | 10560893 | (12267643)<br>| 6923843 | (3187517)<br>| 6982155 | 16054892 | 149952696 |
| Invesco Dynamic Credit Opportunity Fund, <br> Class R6<br>| 0.24<br> %<br>|  | 4526557 |  | (113839)<br>|  | 343887 | 425527 | 4412718 |
| Invesco Emerging Markets Sovereign Debt <br> ETF<br>| 0.60<br> %<br>| 17648144 |  | (7160141)<br>| 1154035 | (487918)<br>| 785044 | 514964 | 11154120 |
| Invesco Equal Weight 0-30 Year Treasury <br> ETF<br>| 1.21<br> %<br>| 78949224 |  | (57153367)<br>| 16019698 | (15509890)<br>| 1361332 | 809643 | 22305665 |
| Invesco Floating Rate ESG Fund, <br> Class R6<sup>(b)</sup> <br>| 1.60<br> %<br>| 37635319 | 2586632 | (9358447)<br>| (685979)<br>| (392132)<br>| 2376079 | 4585247 | 29574841 |
| Invesco High Yield Fund, Class R6 | 2.42<br> %<br>| 38149540 | 8828727 | (2970502)<br>| 591225 | 27002 | 2828890 | 12500278 | 44625992 |
| Invesco Variable Rate Investment Grade <br> ETF<br>| 2.52<br> %<br>| 65335718 |  | (18624733)<br>| (309166)<br>| 156975 | 2551228 | 1854932 | 46558794 |
| Total Fixed Income Funds |  | 688740724 | 49980869 | (155658431)<br>| 29725422 | (19666835)<br>| 30043686 |  | 592911197 |
| **International and Global Equity Funds–17.68%** | **International and Global Equity Funds–17.68%** | **International and Global Equity Funds–17.68%** | **International and Global Equity Funds–17.68%** | **International and Global Equity Funds–17.68%** | **International and Global Equity Funds–17.68%** | **International and Global Equity Funds–17.68%** | **International and Global Equity Funds–17.68%** | **International and Global Equity Funds–17.68%** | **International and Global Equity Funds–17.68%** |
| Invesco Emerging Markets ex-China Fund, <br> Class R6<sup>(d)</sup> <br>|  | 19963476 | 1713130 | (26216983)<br>| (369126)<br>| 4909503 |  |  |  |
| Invesco Developing Markets Fund, <br> Class R6<br>| 1.88<br> %<br>| 17638097 | 34062631 | (9460305)<br>| (9428418)<br>| 12125679 | 308453 | 1022570 | 34736694 |
| Invesco Global Fund, Class R6 | 6.15<br> %<br>| 103790468 | 31435243 | (16986773)<br>| (5862422)<br>| 23062907 | 353635 | 1265042 | 113600782 |
| Invesco Global Infrastructure Fund, <br> Class R6<br>|  | 18577657 | 1940472 | (18985178)<br>| (2524778)<br>| 2884484 | 47815 |  |  |
| Invesco International Developed Dynamic <br> Multifactor ETF<br>| 2.40<br> %<br>| 38561016 | 1959613 | (6570625)<br>| 9846012 | 580866 | 1387055 | 1489657 | 44376882 |
| Invesco International Growth Fund, <br> Class R6<sup>(d)</sup> <br>| 1.12<br> %<br>| 17061554 | 7176962 |  | (3532192)<br>| 6277233 | 179700 | 819728 | 20706324 |
| Invesco International Small-Mid Company <br> Fund, Class R6<br>| 3.21<br> %<br>| 52016973 | 13012990 | (4622696)<br>| (723778)<br>| 8895815 | 1105510 | 1686261 | 59440691 |
| Invesco RAFI Developed Markets ex-U.S. <br> ETF<sup>(e)</sup> <br>| 2.92<br> %<br>| 44436844 | 3618157 | (10103117)<br>| 14711309 | 1268611 | 2046152 | 822821 | 53931804 |
| Total International and Global Equity <br> Funds<br>|  | 312046085 | 94919198 | (92945677)<br>| 2116607 | 60005098 | 5428320 |  | 326793177 |

---

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

**2**

**Invesco Select Risk: Moderate Investor Fund**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Select Risk: Moderate Investor Fund (continued)** | **Invesco Select Risk: Moderate Investor Fund (continued)** | **Invesco Select Risk: Moderate Investor Fund (continued)** | **Invesco Select Risk: Moderate Investor Fund (continued)** | **Invesco Select Risk: Moderate Investor Fund (continued)** | **Invesco Select Risk: Moderate Investor Fund (continued)** | **Invesco Select Risk: Moderate Investor Fund (continued)** | **Invesco Select Risk: Moderate Investor Fund (continued)** | **Invesco Select Risk: Moderate Investor Fund (continued)** | **Invesco Select Risk: Moderate Investor Fund (continued)** |
| **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.02%**<sup>(a)</sup> |
|  | **% of**<br> **Net**<br> **Assets**<br> **12/31/25**<br>| **Value**<br> **12/31/24**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain (Loss)**<br>| **Dividend**<br> **Income**<br>| **Shares**<br> **12/31/25**<br>| **Value**<br> **12/31/25**<br>|
| **Money Market Funds–0.57%** | **Money Market Funds–0.57%** | **Money Market Funds–0.57%** | **Money Market Funds–0.57%** | **Money Market Funds–0.57%** | **Money Market Funds–0.57%** | **Money Market Funds–0.57%** | **Money Market Funds–0.57%** | **Money Market Funds–0.57%** | **Money Market Funds–0.57%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(f)</sup> <br>| 0.20<br> %<br>| $1967632 | $98294275 | $(96497711)<br>| $— | $— | $126107 | 3764196 | $3764196 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(f)</sup> <br>| 0.37<br> %<br>| 3294602 | 182546510 | (179084185)<br>|  |  | 221766 | 6756927 | 6756927 |
| Total Money Market Funds |  | 5262234 | 280840785 | (275581896)<br>|  |  | 347873 |  | 10521123 |
| TOTAL INVESTMENTS IN AFFILIATED <br> ISSUERS (excluding investments <br> purchased with cash collateral from <br> securities on loan) <br>(Cost $1,570,686,349)<br>| 100.02<br> %<br>| 1790820240 | 805043887 | (865318529)<br>| 106171644 | 80642371 | 44042326 |  | 1848689882 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan**<br>|  |  |  |  |  |  |  |  |  |
| **Money Market Funds–0.65%** | **Money Market Funds–0.65%** | **Money Market Funds–0.65%** | **Money Market Funds–0.65%** | **Money Market Funds–0.65%** | **Money Market Funds–0.65%** | **Money Market Funds–0.65%** | **Money Market Funds–0.65%** | **Money Market Funds–0.65%** | **Money Market Funds–0.65%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(f)(g)</sup> <br>| 0.17<br> %<br>| 88780 | 311538349 | (308458148)<br>|  |  | 131336 <br><sup>(h)</sup><br>| 3168981 | 3168981 |
| Invesco Private Prime Fund, 3.88%<sup>(f)(g)</sup> <br>| 0.48<br> %<br>| 227477 | 706243257 | (697578298)<br>|  | 4454 | 344671 <br><sup>(h)</sup><br>| 8894222 | 8896890 |
| Total Investments Purchased with Cash <br> Collateral from Securities on Loan <br>(Cost $12,065,871)<br>| 0.65<br> %<br>| 316257 | 1017781606 | (1006036446)<br>|  | 4454 | 476007 |  | 12065871 |
| TOTAL INVESTMENTS IN AFFILIATED <br> ISSUERS (Cost $1,582,752,220) <br>| 100.67<br> %<br>| $1791136497 | $1822825493 | $(1871354975)<br>| $106171644 | $80646825 <br><sup>(i)</sup><br>| $44518333 |  | $1860755753 |
| OTHER ASSETS LESS LIABILITIES | (0.67)%<br>|  |  |  |  |  |  |  | (12314781)<br>|
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $1848440972 |

---

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Includes return of capital distribution.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Effective August 22, 2025, the underlying fund's name changed.

<sup>(e)</sup> Effective March 24, 2025, the underlying fund's name changed.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(g)</sup> 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. 

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

<sup>(i)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Developing Markets Fund | $10200990 |
| Invesco Discovery Mid Cap Growth Fund | 6027606 |
| Invesco Global Fund | 21838641 |
| Invesco Global Infrastructure Fund | 1892657 |
| Invesco International Growth Fund | 6277233 |
| Invesco International Small-Mid Company Fund | 9138613 |
| Invesco Main Street Small Cap Fund | 6321776 |
| Invesco Value Opportunities Fund | 6735340 |

---

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

**3**

**Invesco Select Risk: Moderate Investor Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $1,582,752,220)\*<br>| &nbsp;&nbsp; $1860755753 |
| Cash | &nbsp;&nbsp; 172187 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 1425328 |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 2226621 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 190064 |
| Other assets | &nbsp;&nbsp; 47025 |
| Total assets | &nbsp;&nbsp; 1864816978 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 2192647 |
| Fund shares reacquired | &nbsp;&nbsp; 1132369 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 12065871 |
| Accrued fees to affiliates | &nbsp;&nbsp; 712623 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 7066 |
| Accrued other operating expenses | &nbsp;&nbsp; 68130 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 197300 |
| Total liabilities | &nbsp;&nbsp; 16376006 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1848440972 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1510985951 |
| Distributable earnings | &nbsp;&nbsp; 337455021 |
|  | &nbsp;&nbsp; $1848440972 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1506654223 |
| Class C | &nbsp;&nbsp; $126384572 |
| Class R | &nbsp;&nbsp; $167344932 |
| Class S | &nbsp;&nbsp; $18296021 |
| Class Y | &nbsp;&nbsp; $25503651 |
| Class R5 | &nbsp;&nbsp; $412219 |
| Class R6 | &nbsp;&nbsp; $3845354 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 125096617 |
| Class C | &nbsp;&nbsp; 10789122 |
| Class R | &nbsp;&nbsp; 14030686 |
| Class S | &nbsp;&nbsp; 1517981 |
| Class Y | &nbsp;&nbsp; 2097910 |
| Class R5 | &nbsp;&nbsp; 34237 |
| Class R6 | &nbsp;&nbsp; 319373 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $12.04 |
| Maximum offering price per share <br>(Net asset value of $12.04 ÷ 94.50%)<br>| &nbsp;&nbsp; $12.74 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.71 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.93 |
| Class S: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $12.05 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $12.16 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $12.04 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $12.04 |

---

\* At December 31, 2025, securities with an aggregate value of $11,709,198 were on loan to brokers. 

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

**4**

**Invesco Select Risk: Moderate Investor Fund**

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $50,315) | &nbsp;&nbsp; $44092641 |
| Interest | &nbsp;&nbsp; 37454 |
| Total investment income | &nbsp;&nbsp; 44130095 |
| **Expenses:** |  |
| Custodian fees | &nbsp;&nbsp; 4303 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3501484 |
| Class C | &nbsp;&nbsp; 1290153 |
| Class R | &nbsp;&nbsp; 793842 |
| Class S | &nbsp;&nbsp; 27355 |
| Transfer agent fees— A, C, R, S and Y | &nbsp;&nbsp; 1664064 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 307 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 969 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 30840 |
| Registration and filing fees | &nbsp;&nbsp; 130823 |
| Reports to shareholders | &nbsp;&nbsp; 85457 |
| Professional services fees | &nbsp;&nbsp; 54452 |
| Other | &nbsp;&nbsp; 32547 |
| Total expenses | &nbsp;&nbsp; 7616596 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (76903)<br>|
| Net expenses | &nbsp;&nbsp; 7539693 |
| Net investment income | &nbsp;&nbsp; 36590402 |
| **Realized and unrealized gain from:** |  |
| Net realized gain from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 12213969 |
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 68432856 |
|  | &nbsp;&nbsp; 80646825 |
| Change in net unrealized appreciation of: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 106171644 |
| Foreign currencies | &nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp; 106171648 |
| Net realized and unrealized gain | &nbsp;&nbsp; 186818473 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $223408875 |

---

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

**5**

**Invesco Select Risk: Moderate Investor Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $36590402 | &nbsp;&nbsp; $44925722 |
| Net realized gain | &nbsp;&nbsp; 80646825 | &nbsp;&nbsp; 54207699 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 106171648 | &nbsp;&nbsp; 44105817 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 223408875 | &nbsp;&nbsp; 143239238 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (64867101)<br>| &nbsp;&nbsp; (49759864)<br>|
| Class C | &nbsp;&nbsp; (4691341)<br>| &nbsp;&nbsp; (3627901)<br>|
| Class R | &nbsp;&nbsp; (6821669)<br>| &nbsp;&nbsp; (4927673)<br>|
| Class S | &nbsp;&nbsp; (803451)<br>| &nbsp;&nbsp; (639537)<br>|
| Class Y | &nbsp;&nbsp; (1117016)<br>| &nbsp;&nbsp; (947962)<br>|
| Class R5 | &nbsp;&nbsp; (18541)<br>| &nbsp;&nbsp; (12170)<br>|
| Class R6 | &nbsp;&nbsp; (175740)<br>| &nbsp;&nbsp; (103752)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (78494859)<br>| &nbsp;&nbsp; (60018859)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (65842838)<br>| &nbsp;&nbsp; (70685213)<br>|
| Class C | &nbsp;&nbsp; (16957770)<br>| &nbsp;&nbsp; (26537592)<br>|
| Class R | &nbsp;&nbsp; (814620)<br>| &nbsp;&nbsp; 1732189 |
| Class S | &nbsp;&nbsp; (1472057)<br>| &nbsp;&nbsp; (2517772)<br>|
| Class Y | &nbsp;&nbsp; (2754191)<br>| &nbsp;&nbsp; (10460)<br>|
| Class R5 | &nbsp;&nbsp; 49963 | &nbsp;&nbsp; (1049657)<br>|
| Class R6 | &nbsp;&nbsp; 878768 | &nbsp;&nbsp; (20638)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (86912745)<br>| &nbsp;&nbsp; (99089143)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 58001271 | &nbsp;&nbsp; (15868764)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1790439701 | &nbsp;&nbsp; 1806308465 |
| End of year | &nbsp;&nbsp; $1848440972 | &nbsp;&nbsp; $1790439701 |

---

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

**6**

**Invesco Select Risk: Moderate Investor Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<sup>(c)</sup> <br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(d)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $11.11 | $0.25 | $1.22 | $1.47 | $(0.33)<br>| $(0.21)<br>| $(0.54)<br>| $12.04 | 13.27 %<sup>(e)</sup><br>| &nbsp;&nbsp; $1506654 | 0.35 %<sup>(e)</sup><br>| 0.35 %<sup>(e)</sup><br>| 2.10 %<sup>(e)</sup><br>| 29<br> %<br>|
| Year ended 12/31/24 | 10.63 | 0.28 | 0.59 | 0.87 | (0.39)<br>|  | (0.39)<br>| 11.11 | 8.21 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 1454389 | 0.36 <br><sup>(e)</sup><br>| 0.37 <br><sup>(e)</sup><br>| 2.56 <br><sup>(e)</sup><br>| 42 |
| Year ended 12/31/23 | 9.58 | 0.24 | 0.93 | 1.17 | (0.12)<br>|  | (0.12)<br>| 10.63 | 12.24 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 1457946 | 0.37 <br><sup>(e)</sup><br>| 0.37 <br><sup>(e)</sup><br>| 2.42 <br><sup>(e)</sup><br>| 28 |
| Year ended 12/31/22 | 12.15 | 0.17 | (2.32)<br>| (2.15)<br>| (0.16)<br>| (0.26)<br>| (0.42)<br>| 9.58 | (17.73 )<sup>(e)</sup><br>| &nbsp;&nbsp; 1393169 | 0.37 <br><sup>(e)</sup><br>| 0.37 <br><sup>(e)</sup><br>| 1.58 <br><sup>(e)</sup><br>| 22 |
| Year ended 12/31/21 | 11.95 | 0.13 | 1.06 | 1.19 | (0.26)<br>| (0.73)<br>| (0.99)<br>| 12.15 | 10.11 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 1801506 | 0.35 <br><sup>(e)</sup><br>| 0.38 <br><sup>(e)</sup><br>| 1.01 <br><sup>(e)</sup><br>| 32 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 10.82 | 0.15 | 1.19 | 1.34 | (0.24)<br>| (0.21)<br>| (0.45)<br>| 11.71 | 12.39 | &nbsp;&nbsp; 126385 | 1.11 | 1.11 | 1.34 | 29 |
| Year ended 12/31/24 | 10.35 | 0.19 | 0.58 | 0.77 | (0.30)<br>|  | (0.30)<br>| 10.82 | 7.46 | &nbsp;&nbsp; 132972 | 1.12 | 1.13 | 1.80 | 42 |
| Year ended 12/31/23 | 9.33 | 0.16 | 0.90 | 1.06 | (0.04)<br>|  | (0.04)<br>| 10.35 | 11.37 | &nbsp;&nbsp; 152483 | 1.13 | 1.13 | 1.66 | 28 |
| Year ended 12/31/22 | 11.84 | 0.08 | (2.25)<br>| (2.17)<br>| (0.08)<br>| (0.26)<br>| (0.34)<br>| 9.33 | (18.38)<br>| &nbsp;&nbsp; 162701 | 1.13 | 1.13 | 0.82 | 22 |
| Year ended 12/31/21 | 11.66 | 0.03 | 1.04 | 1.07 | (0.16)<br>| (0.73)<br>| (0.89)<br>| 11.84 | 9.33 | &nbsp;&nbsp; 233536 | 1.11 | 1.14 | 0.25 | 32 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 12/31/25 | 11.01 | 0.21 | 1.22 | 1.43 | (0.30)<br>| (0.21)<br>| (0.51)<br>| 11.93 | 13.01 | &nbsp;&nbsp; 167345 | 0.61 | 0.61 | 1.84 | 29 |
| Year ended 12/31/24 | 10.53 | 0.25 | 0.59 | 0.84 | (0.36)<br>|  | (0.36)<br>| 11.01 | 8.01 | &nbsp;&nbsp; 155538 | 0.62 | 0.63 | 2.30 | 42 |
| Year ended 12/31/23 | 9.50 | 0.22 | 0.90 | 1.12 | (0.09)<br>|  | (0.09)<br>| 10.53 | 11.84 | &nbsp;&nbsp; 147026 | 0.63 | 0.63 | 2.16 | 28 |
| Year ended 12/31/22 | 12.05 | 0.14 | (2.30)<br>| (2.16)<br>| (0.13)<br>| (0.26)<br>| (0.39)<br>| 9.50 | (17.94)<br>| &nbsp;&nbsp; 135035 | 0.63 | 0.63 | 1.32 | 22 |
| Year ended 12/31/21 | 11.85 | 0.09 | 1.07 | 1.16 | (0.23)<br>| (0.73)<br>| (0.96)<br>| 12.05 | 9.92 | &nbsp;&nbsp; 161076 | 0.61 | 0.64 | 0.75 | 32 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Year ended 12/31/25 | 11.12 | 0.26 | 1.22 | 1.48 | (0.34)<br>| (0.21)<br>| (0.55)<br>| 12.05 | 13.36 | &nbsp;&nbsp; 18296 | 0.26 | 0.26 | 2.19 | 29 |
| Year ended 12/31/24 | 10.63 | 0.29 | 0.60 | 0.89 | (0.40)<br>|  | (0.40)<br>| 11.12 | 8.41 | &nbsp;&nbsp; 18276 | 0.27 | 0.28 | 2.65 | 42 |
| Year ended 12/31/23 | 9.59 | 0.25 | 0.92 | 1.17 | (0.13)<br>|  | (0.13)<br>| 10.63 | 12.22 | &nbsp;&nbsp; 19864 | 0.28 | 0.28 | 2.51 | 28 |
| Year ended 12/31/22 | 12.16 | 0.18 | (2.32)<br>| (2.14)<br>| (0.17)<br>| (0.26)<br>| (0.43)<br>| 9.59 | (17.64)<br>| &nbsp;&nbsp; 19994 | 0.28 | 0.28 | 1.67 | 22 |
| Year ended 12/31/21 | 11.96 | 0.14 | 1.07 | 1.21 | (0.28)<br>| (0.73)<br>| (1.01)<br>| 12.16 | 10.22 | &nbsp;&nbsp; 26025 | 0.26 | 0.29 | 1.10 | 32 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 11.21 | 0.28 | 1.24 | 1.52 | (0.36)<br>| (0.21)<br>| (0.57)<br>| 12.16 | 13.59 | &nbsp;&nbsp; 25504 | 0.11 | 0.11 | 2.34 | 29 |
| Year ended 12/31/24 | 10.72 | 0.31 | 0.60 | 0.91 | (0.42)<br>|  | (0.42)<br>| 11.21 | 8.50 | &nbsp;&nbsp; 26230 | 0.12 | 0.13 | 2.80 | 42 |
| Year ended 12/31/23 | 9.66 | 0.27 | 0.94 | 1.21 | (0.15)<br>|  | (0.15)<br>| 10.72 | 12.51 | &nbsp;&nbsp; 25052 | 0.13 | 0.13 | 2.66 | 28 |
| Year ended 12/31/22 | 12.25 | 0.19 | (2.34)<br>| (2.15)<br>| (0.18)<br>| (0.26)<br>| (0.44)<br>| 9.66 | (17.54)<br>| &nbsp;&nbsp; 25613 | 0.13 | 0.13 | 1.82 | 22 |
| Year ended 12/31/21 | 12.04 | 0.16 | 1.08 | 1.24 | (0.30)<br>| (0.73)<br>| (1.03)<br>| 12.25 | 10.40 | &nbsp;&nbsp; 33378 | 0.11 | 0.14 | 1.25 | 32 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 11.11 | 0.28 | 1.22 | 1.50 | (0.36)<br>| (0.21)<br>| (0.57)<br>| 12.04 | 13.53 | &nbsp;&nbsp; 412 | 0.10 | 0.10 | 2.35 | 29 |
| Year ended 12/31/24 | 10.62 | 0.31 | 0.60 | 0.91 | (0.42)<br>|  | (0.42)<br>| 11.11 | 8.58 | &nbsp;&nbsp; 333 | 0.12 | 0.12 | 2.80 | 42 |
| Year ended 12/31/23 | 9.58 | 0.28 | 0.92 | 1.20 | (0.16)<br>|  | (0.16)<br>| 10.62 | 12.49 | &nbsp;&nbsp; 1340 | 0.05 | 0.05 | 2.74 | 28 |
| Year ended 12/31/22 | 12.15 | 0.20 | (2.32)<br>| (2.12)<br>| (0.19)<br>| (0.26)<br>| (0.45)<br>| 9.58 | (17.45)<br>| &nbsp;&nbsp; 9 | 0.05 | 0.05 | 1.90 | 22 |
| Year ended 12/31/21 | 11.95 | 0.17 | 1.07 | 1.24 | (0.31)<br>| (0.73)<br>| (1.04)<br>| 12.15 | 10.53 | &nbsp;&nbsp; 11 | 0.00 | 0.03 | 1.36 | 32 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 11.11 | 0.28 | 1.23 | 1.51 | (0.37)<br>| (0.21)<br>| (0.58)<br>| 12.04 | 13.60 | &nbsp;&nbsp; 3845 | 0.05 | 0.05 | 2.40 | 29 |
| Year ended 12/31/24 | 10.62 | 0.32 | 0.60 | 0.92 | (0.43)<br>|  | (0.43)<br>| 11.11 | 8.66 | &nbsp;&nbsp; 2701 | 0.05 | 0.05 | 2.87 | 42 |
| Year ended 12/31/23 | 9.58 | 0.28 | 0.92 | 1.20 | (0.16)<br>|  | (0.16)<br>| 10.62 | 12.49 | &nbsp;&nbsp; 2597 | 0.05 | 0.05 | 2.74 | 28 |
| Year ended 12/31/22 | 12.15 | 0.20 | (2.32)<br>| (2.12)<br>| (0.19)<br>| (0.26)<br>| (0.45)<br>| 9.58 | (17.45)<br>| &nbsp;&nbsp; 2061 | 0.05 | 0.05 | 1.90 | 22 |
| Year ended 12/31/21 | 11.95 | 0.17 | 1.07 | 1.24 | (0.31)<br>| (0.73)<br>| (1.04)<br>| 12.15 | 10.53 | &nbsp;&nbsp; 2767 | 0.00 | 0.03 | 1.36 | 32 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> 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. 

<sup>(c)</sup> In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund's total return. Estimated acquired fund fees from underlying funds were 0.48%, 0.50%, 0.51%, 0.52% and 0.52% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24%, 0.24%, 0.24%, 0.24% and 0.24% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**7**

**Invesco Select Risk: Moderate Investor Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

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

The Fund is a "fund of funds," and may invest its assets in underlying open-end and closed-end funds (including unlisted interval funds) advised by Invesco Advisers, Inc. ("Invesco" or the "Adviser"), including exchange-traded funds ("ETFs"), and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital"), or underlying open-end and closed-end funds, including ETFs, and other pooled investment vehicles advised by unaffiliated advisers (the "underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund's asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund's accounting policies are outlined in the underlying fund's financial statements and are publicly available.

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

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

**8**

**Invesco Select Risk: Moderate Investor Fund**

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

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

**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 the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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 within the Financial Highlights.

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

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**9**

**Invesco Select Risk: Moderate Investor Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated underlying funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated underlying funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. 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.

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

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

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

**L.** **Other Risks** - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers' securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF's shares may be halted if the listing exchange's officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or

**10**

**Invesco Select Risk: Moderate Investor Fund**

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social instability, changes in economic or taxation policies or other adverse political or economic developments (in which an underlying Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent an underlying Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact an underlying Fund's returns, unless an underlying Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which an underlying Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent an underlying Fund invests in emerging markets, 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.

An underlying Fund may from time to time have a substantial amount of its assets invested 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.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.

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

The Adviser has contractually agreed, through April 30, 2026, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S and Class Y, Class R5 and Class R6 shares to 0.47%, 1.22%, 0.72%, 0.37% 0.22%, 0.22%, and 0.22%, respectively, of the Fund's average daily net assets (the "expense limits"). Effective May 1, 2026, the Adviser has agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%,1.75%, 1.40%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes.

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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended December 31, 2025, 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 S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C, Class R and Class S shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C, Class R and Class S Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2025, 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, 2025, IDI advised the Fund that IDI retained $165,290 in front-end sales commissions from the sale of Class A shares and $17,407 and $1,598 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

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

**NOTE 3—Additional Valuation Information**

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily

**11**

**Invesco Select Risk: Moderate Investor Fund**

------

available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp; $1838168759 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1838168759 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 10521123 | &nbsp;&nbsp;&nbsp;&nbsp; 12065871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22586994 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1848689882 | &nbsp;&nbsp;&nbsp;&nbsp; $12065871 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1860755753 |

---

**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $76,903.

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $59229992 | &nbsp;&nbsp;&nbsp;&nbsp; $60018859 |
| Long-term capital gain | &nbsp;&nbsp; 19264867 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; $78494859 | &nbsp;&nbsp;&nbsp;&nbsp; $60018859 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $11042966 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 57889432 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 268658635 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (136014)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1510985951 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1848440972 |

---

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.

**12**

**Invesco Select Risk: Moderate Investor Fund**

------

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

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

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $524,203,102 and $589,736,633, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $296639226 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (27980591)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $268658635 |

---

Cost of investments for tax purposes is $1,592,097,118.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization and distributions, on December 31, 2025, undistributed net investment income was increased by $2,518,580, undistributed net realized gain was decreased by $6,176,579 and shares of beneficial interest was increased by $3,657,999. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 10774201 | &nbsp;&nbsp;&nbsp; $126068402 | &nbsp;&nbsp;&nbsp; 11984685 | &nbsp;&nbsp;&nbsp; $133616073 |
| Class C | &nbsp;&nbsp;&nbsp; 1851473 | &nbsp;&nbsp;&nbsp; 20966483 | &nbsp;&nbsp;&nbsp; 2066888 | &nbsp;&nbsp;&nbsp; 22310891 |
| Class R | &nbsp;&nbsp;&nbsp; 2264717 | &nbsp;&nbsp;&nbsp; 26186315 | &nbsp;&nbsp;&nbsp; 2212025 | &nbsp;&nbsp;&nbsp; 24311484 |
| Class S | &nbsp;&nbsp;&nbsp; 15985 | &nbsp;&nbsp;&nbsp; 185623 | &nbsp;&nbsp;&nbsp; 29474 | &nbsp;&nbsp;&nbsp; 327203 |
| Class Y | &nbsp;&nbsp;&nbsp; 783946 | &nbsp;&nbsp;&nbsp; 9427847 | &nbsp;&nbsp;&nbsp; 675272 | &nbsp;&nbsp;&nbsp; 7596473 |
| Class R5 | &nbsp;&nbsp;&nbsp; 2913 | &nbsp;&nbsp;&nbsp; 34219 | &nbsp;&nbsp;&nbsp; 4471 | &nbsp;&nbsp;&nbsp; 49226 |
| Class R6 | &nbsp;&nbsp;&nbsp; 75804 | &nbsp;&nbsp;&nbsp; 876292 | &nbsp;&nbsp;&nbsp; 19242 | &nbsp;&nbsp;&nbsp; 217408 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5244446 | &nbsp;&nbsp;&nbsp; 62775941 | &nbsp;&nbsp;&nbsp; 4328961 | &nbsp;&nbsp;&nbsp; 48008192 |
| Class C | &nbsp;&nbsp;&nbsp; 400464 | &nbsp;&nbsp;&nbsp; 4665406 | &nbsp;&nbsp;&nbsp; 333352 | &nbsp;&nbsp;&nbsp; 3600204 |
| Class R | &nbsp;&nbsp;&nbsp; 573205 | &nbsp;&nbsp;&nbsp; 6798431 | &nbsp;&nbsp;&nbsp; 446885 | &nbsp;&nbsp;&nbsp; 4911275 |
| Class S | &nbsp;&nbsp;&nbsp; 66999 | &nbsp;&nbsp;&nbsp; 802648 | &nbsp;&nbsp;&nbsp; 57567 | &nbsp;&nbsp;&nbsp; 638457 |
| Class Y | &nbsp;&nbsp;&nbsp; 78049 | &nbsp;&nbsp;&nbsp; 943438 | &nbsp;&nbsp;&nbsp; 74435 | &nbsp;&nbsp;&nbsp; 832931 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1506 | &nbsp;&nbsp;&nbsp; 18027 | &nbsp;&nbsp;&nbsp; 1063 | &nbsp;&nbsp;&nbsp; 11791 |
| Class R6 | &nbsp;&nbsp;&nbsp; 14484 | &nbsp;&nbsp;&nbsp; 173375 | &nbsp;&nbsp;&nbsp; 9132 | &nbsp;&nbsp;&nbsp; 101279 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1404202 | &nbsp;&nbsp;&nbsp; 16400980 | &nbsp;&nbsp;&nbsp; 1680153 | &nbsp;&nbsp;&nbsp; 18710995 |
| Class C | &nbsp;&nbsp;&nbsp; (1446847)<br>| &nbsp;&nbsp;&nbsp; (16400980)<br>| &nbsp;&nbsp;&nbsp; (1730808)<br>| &nbsp;&nbsp;&nbsp; (18710995)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (23200742)<br>| &nbsp;&nbsp;&nbsp; (271088161)<br>| &nbsp;&nbsp;&nbsp; (24329805)<br>| &nbsp;&nbsp;&nbsp; (271020473)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (2304595)<br>| &nbsp;&nbsp;&nbsp; (26188679)<br>| &nbsp;&nbsp;&nbsp; (3113805)<br>| &nbsp;&nbsp;&nbsp; (33737692)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (2933305)<br>| &nbsp;&nbsp;&nbsp; (33799366)<br>| &nbsp;&nbsp;&nbsp; (2495219)<br>| &nbsp;&nbsp;&nbsp; (27490570)<br>|
| Class S | &nbsp;&nbsp;&nbsp; (208481)<br>| &nbsp;&nbsp;&nbsp; (2460328)<br>| &nbsp;&nbsp;&nbsp; (311946)<br>| &nbsp;&nbsp;&nbsp; (3483432)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1103894)<br>| &nbsp;&nbsp;&nbsp; (13125476)<br>| &nbsp;&nbsp;&nbsp; (747916)<br>| &nbsp;&nbsp;&nbsp; (8439864)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; (2283)<br>| &nbsp;&nbsp;&nbsp; (101750)<br>| &nbsp;&nbsp;&nbsp; (1110674)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (14089)<br>| &nbsp;&nbsp;&nbsp; (170899)<br>| &nbsp;&nbsp;&nbsp; (29687)<br>| &nbsp;&nbsp;&nbsp; (339325)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (7659753)<br>| &nbsp;&nbsp;&nbsp; $(86912745)<br>| &nbsp;&nbsp;&nbsp; (8937331)<br>| &nbsp;&nbsp;&nbsp; $(99089143)<br>|

---

<sup>(a)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 10% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

**13**

**Invesco Select Risk: Moderate Investor Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Moderate Investor Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Moderate Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**14**

**Invesco Select Risk: Moderate Investor Fund**

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**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $22922867 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 22.10% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 13.68% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 8.14% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 46.70% |

---

\*

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

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $11608958 |

---

**15**

**Invesco Select Risk: Moderate Investor Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco Select Risk: Moderate Investor Fund**

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![](imgcd1842f21.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-OPSMI-NCSR

------

![](img19340c0f1.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco Select Risk: Moderately Conservative Investor Fund**

Nasdaq:

A: CAAMX ■ C: CACMX ■ R: CMARX ■ S: CMASX ■ Y: CAAYX ■ R5: CMAIX ■ R6: CNSSX

------

---

| | |
|:---|:---|
| [2](#xx_ebaea826-84be-4d5b-86bf-98f836bc5425_SOI-Continued-48_1) | Schedule of Investments |
| [4](#xx_ebaea826-84be-4d5b-86bf-98f836bc5425_FS-Continued-48_1) | Financial Statements |
| [7](#xx_ebaea826-84be-4d5b-86bf-98f836bc5425_FS-Continued-48_4) | Financial Highlights |
| [8](#xx_ebaea826-84be-4d5b-86bf-98f836bc5425_NTF-Continued-48_1) | Notes to Financial Statements |
| [14](#xx_ebaea826-84be-4d5b-86bf-98f836bc5425_ARS-Continued-48_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_ebaea826-84be-4d5b-86bf-98f836bc5425_TI-Continued-48_1) | Tax Information |
| [16](#xx_ebaea826-84be-4d5b-86bf-98f836bc5425_OIRSR-Continued-48_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*December 31, 2025* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Select Risk: Moderately Conservative Investor Fund** | **Invesco Select Risk: Moderately Conservative Investor Fund** | **Invesco Select Risk: Moderately Conservative Investor Fund** | **Invesco Select Risk: Moderately Conservative Investor Fund** | **Invesco Select Risk: Moderately Conservative Investor Fund** | **Invesco Select Risk: Moderately Conservative Investor Fund** | **Invesco Select Risk: Moderately Conservative Investor Fund** | **Invesco Select Risk: Moderately Conservative Investor Fund** | **Invesco Select Risk: Moderately Conservative Investor Fund** | **Invesco Select Risk: Moderately Conservative Investor Fund** |
| **Schedule of Investments in Affiliated Issuers–100.06%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.06%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.06%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.06%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.06%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.06%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.06%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.06%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.06%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.06%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**12/31/25**<br>| **Value** <br>**12/31/24**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain (Loss)**<br>| **Dividend** <br>**Income**<br>| **Shares** <br>**12/31/25**<br>| **Value** <br>**12/31/25**<br>|
| **Alternative Funds–7.24%** | **Alternative Funds–7.24%** | **Alternative Funds–7.24%** | **Alternative Funds–7.24%** | **Alternative Funds–7.24%** | **Alternative Funds–7.24%** | **Alternative Funds–7.24%** | **Alternative Funds–7.24%** | **Alternative Funds–7.24%** | **Alternative Funds–7.24%** |
| Invesco Dynamic Credit Opportunity Fund, Class R6 | 0.40<br> %<br>| $— | $1097334 | $— | $(27597)<br>| $— | $83366 | 100483 | $1069737 |
| Invesco Global Real Estate Income Fund, Class R6 | 2.54<br> %<br>| 6582713 | 374523 | (357337)<br>| 299924 | (26432)<br>| 217602 | 837197 | 6873391 |
| Invesco Macro Allocation Strategy Fund, Class R6 |  | 6760190 | 58130 | (6883162)<br>| 1062935 | (998093)<br>| 58130 |  |  |
| Invesco Managed Futures Strategy ETF | 4.30<br> %<br>|  | 11108010 |  | 534674 |  | 117576 | 253364 | 11642684 |
| Total Alternative Funds |  | 13342903 | 12637997 | (7240499)<br>| 1869936 | (1024525)<br>| 476674 |  | 19585812 |
| **Domestic Equity Funds–28.65%** | **Domestic Equity Funds–28.65%** | **Domestic Equity Funds–28.65%** | **Domestic Equity Funds–28.65%** | **Domestic Equity Funds–28.65%** | **Domestic Equity Funds–28.65%** | **Domestic Equity Funds–28.65%** | **Domestic Equity Funds–28.65%** | **Domestic Equity Funds–28.65%** | **Domestic Equity Funds–28.65%** |
| Invesco Discovery Mid Cap Growth Fund, Class R6 | 3.32<br> %<br>| 7511745 | 2906842 | (1591526)<br>| 87186 | 668368 |  | 264950 | 8976521 |
| Invesco Main Street Small Cap Fund, Class R6 | 3.19<br> %<br>| 7307452 | 2300605 | (1289451)<br>| 271483 | 677448 | 44574 | 383009 | 8640679 |
| Invesco NASDAQ 100 ETF | 6.62<br> %<br>| 13574656 | 5943131 | (5274773)<br>| 3082593 | 575565 | 91951 | 70778 | 17901172 |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 6.83<br> %<br>| 18499263 | 3074784 | (5589530)<br>| 1327584 | 1153499 | 149260 | 302071 | 18465600 |
| Invesco S&P 500 Revenue ETF | 6.01<br> %<br>|  | 16451345 | (2128161)<br>| 1832769 | 93544 | 216952 | 141917 | 16249497 |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  | 11480305 |  | (11840140)<br>| (3446583)<br>| 3806418 |  |  |  |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | 2811973 | (2370502)<br>|  | (441471)<br>| 5004 |  |  |
| Invesco Value Opportunities Fund, Class R6<sup>(b)</sup> <br>| 2.68<br> %<br>| 6060239 | 1863311 | (1546311)<br>| 637383 | 881132 | 34212 | 302014 | 7236259 |
| Total Domestic Equity Funds |  | 64433660 | 35351991 | (31630394)<br>| 3792415 | 7414503 | 541953 |  | 77469728 |
| **Fixed Income Funds–51.61%** | **Fixed Income Funds–51.61%** | **Fixed Income Funds–51.61%** | **Fixed Income Funds–51.61%** | **Fixed Income Funds–51.61%** | **Fixed Income Funds–51.61%** | **Fixed Income Funds–51.61%** | **Fixed Income Funds–51.61%** | **Fixed Income Funds–51.61%** | **Fixed Income Funds–51.61%** |
| Invesco Core Bond Fund, Class R6 | 24.43<br> %<br>| 70561076 | 4784913 | (10663774)<br>| 1426379 | (27272)<br>| 3024444 | 11530303 | 66081322 |
| Invesco Core Plus Bond Fund, Class R6 | 13.07<br> %<br>| 34477963 | 2893415 | (2923848)<br>| 1258430 | (354732)<br>| 1660097 | 3770194 | 35351228 |
| Invesco Emerging Markets Sovereign Debt ETF | 0.99<br> %<br>| 4054497 |  | (1553715)<br>| 271876 | (96825)<br>| 184640 | 123538 | 2675833 |
| Invesco Equal Weight 0-30 Year Treasury ETF | 2.40<br> %<br>| 18636753 |  | (12308211)<br>| 2678542 | (2527352)<br>| 354779 | 235199 | 6479732 |
| Invesco Floating Rate ESG Fund, Class R6<sup>(b)</sup> <br>| 2.65<br> %<br>| 8719093 | 616576 | (1874335)<br>| (171904)<br>| (76281)<br>| 566761 | 1103253 | 7163308 |
| Invesco High Yield Fund, Class R6 | 3.90<br> %<br>| 8587731 | 2601264 | (813408)<br>| 155780 | 13711 | 678095 | 2936809 | 10545078 |
| Invesco Variable Rate Investment Grade ETF | 4.17<br> %<br>| 15593075 |  | (4294529)<br>| (70997)<br>| 39038 | 610712 | 448868 | 11266587 |
| Total Fixed Income Funds |  | 160630188 | 10896168 | (34431820)<br>| 5548106 | (3029713)<br>| 7079528 |  | 139563088 |
| **International and Global Equity Funds–11.84%** | **International and Global Equity Funds–11.84%** | **International and Global Equity Funds–11.84%** | **International and Global Equity Funds–11.84%** | **International and Global Equity Funds–11.84%** | **International and Global Equity Funds–11.84%** | **International and Global Equity Funds–11.84%** | **International and Global Equity Funds–11.84%** | **International and Global Equity Funds–11.84%** | **International and Global Equity Funds–11.84%** |
| Invesco Emerging Markets ex-China Fund, Class R6<sup>(c)</sup> <br>|  | 2074007 | 333892 | (2868474)<br>| (53762)<br>| 514337 |  |  |  |
| Invesco Developing Markets Fund, Class R6 | 1.26<br> %<br>| 1661925 | 3305819 | (831632)<br>| (623546)<br>| 907257 | 30338 | 100574 | 3416510 |
| Invesco Global Fund, Class R6 | 4.11<br> %<br>| 9649575 | 3995462 | (2126765)<br>| (391135)<br>| 2187489 | 35442 | 123897 | 11125906 |
| Invesco Global Infrastructure Fund, Class R6 |  | 2602528 | 283720 | (2659692)<br>| (281189)<br>| 331362 | 6991 |  |  |
| Invesco International Developed Dynamic Multifactor <br> ETF<br>| 1.62<br> %<br>| 3491993 | 543141 | (683506)<br>| 971795 | 59013 | 131540 | 147111 | 4382436 |
| Invesco International Growth Fund, Class R6<sup>(c)</sup> <br>| 0.79<br> %<br>| 1646400 | 833521 |  | (358527)<br>| 643112 | 18410 | 83983 | 2121394 |
| Invesco International Small-Mid Company Fund, <br> Class R6<br>| 2.20<br> %<br>| 4910254 | 1883331 | (771625)<br>| 114078 | 720964 | 110536 | 168603 | 5943264 |
| Invesco RAFI Developed Markets ex-U.S. ETF<sup>(d)</sup> <br>| 1.86<br> %<br>| 4175432 | 840551 | (1603864)<br>| 1371416 | 252615 | 195671 | 76835 | 5036150 |
| Total International and Global Equity Funds |  | 30212114 | 12019437 | (11545558)<br>| 749130 | 5616149 | 528928 |  | 32025660 |
| **Money Market Funds–0.72%** | **Money Market Funds–0.72%** | **Money Market Funds–0.72%** | **Money Market Funds–0.72%** | **Money Market Funds–0.72%** | **Money Market Funds–0.72%** | **Money Market Funds–0.72%** | **Money Market Funds–0.72%** | **Money Market Funds–0.72%** | **Money Market Funds–0.72%** |
| Invesco Government & Agency Portfolio, Institutional <br> Class, 3.68%<sup>(e)</sup> <br>| 0.25<br> %<br>| 788387 | 18031465 | (18133247)<br>|  |  | 19927 | 686605 | 686605 |
| Invesco Treasury Portfolio, Institutional Class, <br> 3.64%<sup>(e)</sup> <br>| 0.47<br> %<br>| 1456644 | 33487007 | (33673404)<br>|  |  | 36442 | 1270247 | 1270247 |
| Total Money Market Funds |  | 2245031 | 51518472 | (51806651)<br>|  |  | 56369 |  | 1956852 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (excluding investments purchased with cash <br> collateral from securities on loan) <br>(Cost $246,586,020)<br>| 100.06<br> %<br>| 270863896 | 122424065 | (136654922)<br>| 11959587 | 8976414 | 8683452 |  | 270601140 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan**<br>|  |  |  |  |  |  |  |  |  |
| **Money Market Funds–0.00%** | **Money Market Funds–0.00%** | **Money Market Funds–0.00%** | **Money Market Funds–0.00%** | **Money Market Funds–0.00%** | **Money Market Funds–0.00%** | **Money Market Funds–0.00%** | **Money Market Funds–0.00%** | **Money Market Funds–0.00%** | **Money Market Funds–0.00%** |
| Invesco Private Government Fund, 3.74%<sup>(e)(f)</sup> <br>|  |  | 28750463 | (28750463)<br>|  |  | 9403 <br><sup>(g)</sup><br>|  |  |
| Invesco Private Prime Fund, 3.88%<sup>(e)(f)</sup> <br>|  |  | 85117349 | (85117391)<br>|  | 42 | 29243 <br><sup>(g)</sup><br>|  |  |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $0)<br>| 0.00<br> %<br>|  | 113867812 | (113867854)<br>|  | 42 | 38646 |  |  |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (Cost $246,586,020) <br>| 100.06<br> %<br>| $270863896 | $236291877 | $(250522776)<br>| $11959587 | $8976456 <br><sup>(h)</sup><br>| $8722098 |  | $270601140 |
| OTHER ASSETS LESS LIABILITIES | (0.06)%<br>|  |  |  |  |  |  |  | (167192)<br>|
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $270433948 |

---

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

**2**

**Invesco Select Risk: Moderately Conservative Investor Fund**

------

Investment Abbreviations:

ETF - Exchange-Traded Fund

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Includes return of capital distribution.

<sup>(c)</sup> Effective August 22, 2025, the underlying fund's name changed.

<sup>(d)</sup> Effective March 24, 2025, the underlying fund's name changed.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> 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. 

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

<sup>(h)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Developing Markets Fund | $1003313 |
| Invesco Discovery Mid Cap Growth Fund | 606094 |
| Invesco Global Fund | 2188720 |
| Invesco Global Infrastructure Fund | 276729 |
| Invesco International Growth Fund | 643112 |
| Invesco International Small-Mid Company Fund | 913738 |
| Invesco Main Street Small Cap Fund | 626858 |
| Invesco Value Opportunities Fund | 655565 |

---

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

**3**

**Invesco Select Risk: Moderately Conservative Investor Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $246,586,020)<br>| &nbsp;&nbsp; $270601140 |
| Cash | &nbsp;&nbsp; 1718 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 141388 |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 519873 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 65123 |
| Other assets | &nbsp;&nbsp; 41211 |
| Total assets | &nbsp;&nbsp; 271370453 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 516635 |
| Fund shares reacquired | &nbsp;&nbsp; 201993 |
| Accrued fees to affiliates | &nbsp;&nbsp; 112218 |
| Accrued other operating expenses | &nbsp;&nbsp; 37435 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 68224 |
| Total liabilities | &nbsp;&nbsp; 936505 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $270433948 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $254202949 |
| Distributable earnings | &nbsp;&nbsp; 16230999 |
|  | &nbsp;&nbsp; $270433948 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $237983161 |
| Class C | &nbsp;&nbsp; $15073287 |
| Class R | &nbsp;&nbsp; $9455343 |
| Class S | &nbsp;&nbsp; $1569458 |
| Class Y | &nbsp;&nbsp; $5868837 |
| Class R5 | &nbsp;&nbsp; $104511 |
| Class R6 | &nbsp;&nbsp; $379351 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 20753905 |
| Class C | &nbsp;&nbsp; 1330568 |
| Class R | &nbsp;&nbsp; 828243 |
| Class S | &nbsp;&nbsp; 136699 |
| Class Y | &nbsp;&nbsp; 512753 |
| Class R5 | &nbsp;&nbsp; 9073 |
| Class R6 | &nbsp;&nbsp; 32930 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $11.47 |
| Maximum offering price per share <br>(Net asset value of $11.47 ÷ 94.50%)<br>| &nbsp;&nbsp; $12.14 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.33 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.42 |
| Class S: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.48 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.45 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.52 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.52 |

---

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

**4**

**Invesco Select Risk: Moderately Conservative Investor Fund**

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $6,635) | &nbsp;&nbsp; $8690087 |
| Interest | &nbsp;&nbsp; 5686 |
| Total investment income | &nbsp;&nbsp; 8695773 |
| **Expenses:** |  |
| Administrative services fees | &nbsp;&nbsp; 37677 |
| Custodian fees | &nbsp;&nbsp; 1771 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 585478 |
| Class C | &nbsp;&nbsp; 149617 |
| Class R | &nbsp;&nbsp; 51129 |
| Class S | &nbsp;&nbsp; 2308 |
| Transfer agent fees — A, C, R, S and Y | &nbsp;&nbsp; 270652 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 98 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 95 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 23703 |
| Registration and filing fees | &nbsp;&nbsp; 104013 |
| Reports to shareholders | &nbsp;&nbsp; 28964 |
| Professional services fees | &nbsp;&nbsp; 45258 |
| Other | &nbsp;&nbsp; 15364 |
| Total expenses | &nbsp;&nbsp; 1316127 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (8185)<br>|
| Net expenses | &nbsp;&nbsp; 1307942 |
| Net investment income | &nbsp;&nbsp; 7387831 |
| **Realized and unrealized gain from:** |  |
| Net realized gain from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 2062327 |
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 6914129 |
|  | &nbsp;&nbsp; 8976456 |
| Change in net unrealized appreciation of affiliated underlying fund shares | &nbsp;&nbsp; 11959587 |
| Net realized and unrealized gain | &nbsp;&nbsp; 20936043 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $28323874 |

---

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

**5**

**Invesco Select Risk: Moderately Conservative Investor Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $7387831 | &nbsp;&nbsp; $8875418 |
| Net realized gain | &nbsp;&nbsp; 8976456 | &nbsp;&nbsp; 443618 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 11959587 | &nbsp;&nbsp; 7071307 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 28323874 | &nbsp;&nbsp; 16390343 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (6996755)<br>| &nbsp;&nbsp; (5851776)<br>|
| Class C | &nbsp;&nbsp; (338557)<br>| &nbsp;&nbsp; (248248)<br>|
| Class R | &nbsp;&nbsp; (257648)<br>| &nbsp;&nbsp; (259245)<br>|
| Class S | &nbsp;&nbsp; (47664)<br>| &nbsp;&nbsp; (39007)<br>|
| Class Y | &nbsp;&nbsp; (196147)<br>| &nbsp;&nbsp; (183640)<br>|
| Class R5 | &nbsp;&nbsp; (3209)<br>| &nbsp;&nbsp; (2346)<br>|
| Class R6 | &nbsp;&nbsp; (10915)<br>| &nbsp;&nbsp; (9264)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (7850895)<br>| &nbsp;&nbsp; (6593526)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (14408843)<br>| &nbsp;&nbsp; (21642595)<br>|
| Class C | &nbsp;&nbsp; (741898)<br>| &nbsp;&nbsp; (745160)<br>|
| Class R | &nbsp;&nbsp; (4085269)<br>| &nbsp;&nbsp; 2093974 |
| Class S | &nbsp;&nbsp; (48715)<br>| &nbsp;&nbsp; (126278)<br>|
| Class Y | &nbsp;&nbsp; (1278582)<br>| &nbsp;&nbsp; (461291)<br>|
| Class R5 | &nbsp;&nbsp; 7631 | &nbsp;&nbsp; 9585 |
| Class R6 | &nbsp;&nbsp; (212395)<br>| &nbsp;&nbsp; 338106 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (20768071)<br>| &nbsp;&nbsp; (20533659)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (295092)<br>| &nbsp;&nbsp; (10736842)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 270729040 | &nbsp;&nbsp; 281465882 |
| End of year | &nbsp;&nbsp; $270433948 | &nbsp;&nbsp; $270729040 |

---

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

**6**

**Invesco Select Risk: Moderately Conservative Investor Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)(b)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Return of** <br>**capital**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(c)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<sup>(d)</sup> <br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(e)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $10.63 | $0.31 | $0.86 | $1.17 | $(0.33)<br>| $— | $— | $(0.33)<br>| $11.47 | 11.19<br> %<br>| $237983 | 0.45<br> %<br>| 0.45<br> %<br>| 2.80<br> %<br>| 27<br> %<br>|
| Year ended 12/31/24 | 10.26 | 0.34 | 0.29 | 0.63 | (0.26)<br>|  |  | (0.26)<br>| 10.63 | 6.17 | 234440 | 0.47 | 0.47 | 3.25 | 49 |
| Year ended 12/31/23 | 9.51 | 0.29 | 0.64 | 0.93 | (0.18)<br>|  |  | (0.18)<br>| 10.26 | 9.84 | 247519 | 0.45 | 0.45 | 2.99 | 31 |
| Year ended 12/31/22 | 11.93 | 0.19 | (2.18)<br>| (1.99)<br>| (0.18)<br>| (0.24)<br>| (0.01)<br>| (0.43)<br>| 9.51 | (16.69)<br>| 248677 | 0.44 | 0.44 | 1.83 | 29 |
| Year ended 12/31/21 | 11.69 | 0.15 | 0.69 | 0.84 | (0.23)<br>| (0.37)<br>|  | (0.60)<br>| 11.93 | 7.26 | 331992 | 0.44 | 0.44 | 1.25 | 28 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 10.50 | 0.22 | 0.86 | 1.08 | (0.25)<br>|  |  | (0.25)<br>| 11.33 | 10.35 | 15073 | 1.20 | 1.20 | 2.05 | 27 |
| Year ended 12/31/24 | 10.13 | 0.26 | 0.29 | 0.55 | (0.18)<br>|  |  | (0.18)<br>| 10.50 | 5.42 | 14660 | 1.22 | 1.22 | 2.50 | 49 |
| Year ended 12/31/23 | 9.40 | 0.22 | 0.61 | 0.83 | (0.10)<br>|  |  | (0.10)<br>| 10.13 | 8.89 | 14878 | 1.20 | 1.20 | 2.24 | 31 |
| Year ended 12/31/22 | 11.79 | 0.11 | (2.15)<br>| (2.04)<br>| (0.11)<br>| (0.24)<br>|  | (0.35)<br>| 9.40 | (17.29)<br>| 16084 | 1.19 | 1.19 | 1.08 | 29 |
| Year ended 12/31/21 | 11.55 | 0.06 | 0.68 | 0.74 | (0.13)<br>| (0.37)<br>|  | (0.50)<br>| 11.79 | 6.53 | 24758 | 1.19 | 1.19 | 0.50 | 28 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 12/31/25 | 10.58 | 0.28 | 0.86 | 1.14 | (0.30)<br>|  |  | (0.30)<br>| 11.42 | 10.94 | 9455 | 0.70 | 0.70 | 2.55 | 27 |
| Year ended 12/31/24 | 10.21 | 0.32 | 0.28 | 0.60 | (0.23)<br>|  |  | (0.23)<br>| 10.58 | 5.92 | 12793 | 0.72 | 0.72 | 3.00 | 49 |
| Year ended 12/31/23 | 9.47 | 0.27 | 0.62 | 0.89 | (0.15)<br>|  |  | (0.15)<br>| 10.21 | 9.49 | 10302 | 0.70 | 0.70 | 2.74 | 31 |
| Year ended 12/31/22 | 11.88 | 0.16 | (2.16)<br>| (2.00)<br>| (0.16)<br>| (0.24)<br>| (0.01)<br>| (0.41)<br>| 9.47 | (16.90)<br>| 8955 | 0.69 | 0.69 | 1.58 | 29 |
| Year ended 12/31/21 | 11.64 | 0.12 | 0.69 | 0.81 | (0.20)<br>| (0.37)<br>|  | (0.57)<br>| 11.88 | 7.02 | 10020 | 0.69 | 0.69 | 1.00 | 28 |
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Year ended 12/31/25 | 10.64 | 0.32 | 0.86 | 1.18 | (0.34)<br>|  |  | (0.34)<br>| 11.48 | 11.29 | 1569 | 0.35 | 0.35 | 2.90 | 27 |
| Year ended 12/31/24 | 10.27 | 0.35 | 0.29 | 0.64 | (0.27)<br>|  |  | (0.27)<br>| 10.64 | 6.27 | 1500 | 0.37 | 0.37 | 3.35 | 49 |
| Year ended 12/31/23 | 9.52 | 0.30 | 0.64 | 0.94 | (0.19)<br>|  |  | (0.19)<br>| 10.27 | 9.94 | 1574 | 0.35 | 0.35 | 3.09 | 31 |
| Year ended 12/31/22 | 11.95 | 0.20 | (2.19)<br>| (1.99)<br>| (0.19)<br>| (0.24)<br>| (0.01)<br>| (0.44)<br>| 9.52 | (16.66)<br>| 1567 | 0.34 | 0.34 | 1.93 | 29 |
| Year ended 12/31/21 | 11.70 | 0.16 | 0.70 | 0.86 | (0.24)<br>| (0.37)<br>|  | (0.61)<br>| 11.95 | 7.46 | 2009 | 0.34 | 0.34 | 1.35 | 28 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 10.61 | 0.34 | 0.86 | 1.20 | (0.36)<br>|  |  | (0.36)<br>| 11.45 | 11.48 | 5869 | 0.20 | 0.20 | 3.05 | 27 |
| Year ended 12/31/24 | 10.24 | 0.37 | 0.29 | 0.66 | (0.29)<br>|  |  | (0.29)<br>| 10.61 | 6.44 | 6669 | 0.22 | 0.22 | 3.50 | 49 |
| Year ended 12/31/23 | 9.50 | 0.32 | 0.62 | 0.94 | (0.20)<br>|  |  | (0.20)<br>| 10.24 | 10.01 | 6879 | 0.20 | 0.20 | 3.24 | 31 |
| Year ended 12/31/22 | 11.92 | 0.21 | (2.17)<br>| (1.96)<br>| (0.21)<br>| (0.24)<br>| (0.01)<br>| (0.46)<br>| 9.50 | (16.49)<br>| 17526 | 0.19 | 0.19 | 2.08 | 29 |
| Year ended 12/31/21 | 11.67 | 0.18 | 0.70 | 0.88 | (0.26)<br>| (0.37)<br>|  | (0.63)<br>| 11.92 | 7.63 | 12372 | 0.19 | 0.19 | 1.50 | 28 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 10.67 | 0.34 | 0.87 | 1.21 | (0.36)<br>|  |  | (0.36)<br>| 11.52 | 11.53 | 105 | 0.20 | 0.20 | 3.05 | 27 |
| Year ended 12/31/24 | 10.31 | 0.37 | 0.28 | 0.65 | (0.29)<br>|  |  | (0.29)<br>| 10.67 | 6.35 | 89 | 0.19 | 0.19 | 3.53 | 49 |
| Year ended 12/31/23 | 9.56 | 0.33 | 0.63 | 0.96 | (0.21)<br>|  |  | (0.21)<br>| 10.31 | 10.16 | 77 | 0.12 | 0.12 | 3.32 | 31 |
| Year ended 12/31/22 | 11.99 | 0.22 | (2.18)<br>| (1.96)<br>| (0.22)<br>| (0.24)<br>| (0.01)<br>| (0.47)<br>| 9.56 | (16.40)<br>| 96 | 0.12 | 0.12 | 2.15 | 29 |
| Year ended 12/31/21 | 11.74 | 0.19 | 0.69 | 0.88 | (0.26)<br>| (0.37)<br>|  | (0.63)<br>| 11.99 | 7.65 | 109 | 0.15 | 0.15 | 1.54 | 28 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 10.67 | 0.35 | 0.87 | 1.22 | (0.37)<br>|  |  | (0.37)<br>| 11.52 | 11.61 | 379 | 0.13 | 0.13 | 3.12 | 27 |
| Year ended 12/31/24 | 10.31 | 0.38 | 0.28 | 0.66 | (0.30)<br>|  |  | (0.30)<br>| 10.67 | 6.42 | 578 | 0.12 | 0.12 | 3.60 | 49 |
| Year ended 12/31/23 | 9.56 | 0.33 | 0.63 | 0.96 | (0.21)<br>|  |  | (0.21)<br>| 10.31 | 10.16 | 237 | 0.12 | 0.12 | 3.32 | 31 |
| Year ended 12/31/22 | 11.98 | 0.22 | (2.17)<br>| (1.95)<br>| (0.22)<br>| (0.24)<br>| (0.01)<br>| (0.47)<br>| 9.56 | (16.33)<br>| 46 | 0.12 | 0.12 | 2.15 | 29 |
| Year ended 12/31/21 | 11.74 | 0.19 | 0.68 | 0.87 | (0.26)<br>| (0.37)<br>|  | (0.63)<br>| 11.98 | 7.56 | 41 | 0.15 | 0.15 | 1.54 | 28 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> 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 0.47%, 0.48%, 0.49%, 0.49% and 0.49% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

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

**7**

**Invesco Select Risk: Moderately Conservative Investor Fund**

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**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

The Fund's investment objective is total return consistent with a lower level of risk relative to the broad stock market.

The Fund is a "fund of funds," and may invest its assets in underlying open-end and closed-end funds (including unlisted interval funds) advised by Invesco Advisers, Inc. ("Invesco" or the "Adviser"), including exchange-traded funds ("ETFs"), and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital"), or underlying open-end and closed-end funds, including ETFs, and other pooled investment vehicles advised by unaffiliated advisers (the "underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund's asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund's accounting policies are outlined in the underlying fund's financial statements and are publicly available.

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

Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

**8**

**Invesco Select Risk: Moderately Conservative Investor Fund**

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

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

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

**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 the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

**C.** **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.

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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 within the Financial Highlights.

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

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's

**9**

**Invesco Select Risk: Moderately Conservative Investor Fund**

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long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**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, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated underlying funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated underlying funds* on the Statement of Operations.

**J.** **Other Risks** - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers' securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF's shares may be halted if the listing exchange's officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which an underlying Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent an underlying Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact an underlying Fund's returns, unless an underlying Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which an underlying Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.

To the extent an underlying Fund invests in emerging markets, 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.

An underlying Fund may from time to time have a substantial amount of its assets invested 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.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., 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 agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.40%, 1.25%, 1.25% and 1.25%, respectively, of the Fund's average daily net assets (the "boundary 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

**10**

**Invesco Select Risk: Moderately Conservative Investor Fund**

------

expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary 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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended December 31, 2025, 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 S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C, Class R and Class S shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended December 31, 2025, 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, 2025, IDI advised the Fund that IDI retained $21,089 in front-end sales commissions from the sale of Class A shares and $6,041 and $357 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

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

**NOTE 3—Additional Valuation Information**

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

Level 1 — Prices are determined using quoted prices in an active market for identical assets.

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of December 31, 2025, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 4—Expense Offset Arrangement(s)**

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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $8,185.

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

**11**

**Invesco Select Risk: Moderately Conservative Investor Fund**

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**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $7850895 | &nbsp;&nbsp;&nbsp;&nbsp; $6593526 |

---

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

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $5654408 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 17578042 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (38340)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (6963111)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 254202949 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $270433948 |

---

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

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

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

The Fund has a capital loss carryforward as of December 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6963111 | &nbsp;&nbsp;&nbsp;&nbsp; $6963111 |

---

\*

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

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $70,905,593 and $84,848,271, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $21744947 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (4166905)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $17578042 |

---

Cost of investments for tax purposes is $253,023,098.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of distributions, on December 31, 2025, undistributed net investment income was increased by $279,259 and undistributed net realized gain (loss) was decreased by $279,259. This reclassification had no effect on the net assets or the distributable earnings of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2480959 | &nbsp;&nbsp;&nbsp; $27288327 | &nbsp;&nbsp;&nbsp; 2652557 | &nbsp;&nbsp;&nbsp; $27996926 |
| Class C | &nbsp;&nbsp;&nbsp; 360362 | &nbsp;&nbsp;&nbsp; 3896030 | &nbsp;&nbsp;&nbsp; 443386 | &nbsp;&nbsp;&nbsp; 4613532 |
| Class R | &nbsp;&nbsp;&nbsp; 254259 | &nbsp;&nbsp;&nbsp; 2785751 | &nbsp;&nbsp;&nbsp; 511900 | &nbsp;&nbsp;&nbsp; 5392703 |
| Class S | &nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 3200 | &nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp; 8200 |
| Class Y | &nbsp;&nbsp;&nbsp; 129335 | &nbsp;&nbsp;&nbsp; 1433315 | &nbsp;&nbsp;&nbsp; 132320 | &nbsp;&nbsp;&nbsp; 1391532 |
| Class R5 | &nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp; 5061 | &nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp; 7854 |
| Class R6 | &nbsp;&nbsp;&nbsp; 21770 | &nbsp;&nbsp;&nbsp; 241685 | &nbsp;&nbsp;&nbsp; 43238 | &nbsp;&nbsp;&nbsp; 468475 |

---

**12**

**Invesco Select Risk: Moderately Conservative Investor Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2025**<sup>(a)</sup> | **Year ended**<br> **December 31, 2024** | **Year ended**<br> **December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 581830 | &nbsp;&nbsp;&nbsp; $6439654 | &nbsp;&nbsp;&nbsp; 507247 | &nbsp;&nbsp;&nbsp; $5380465 |
| Class C | &nbsp;&nbsp;&nbsp; 30131 | &nbsp;&nbsp;&nbsp; 329738 | &nbsp;&nbsp;&nbsp; 22792 | &nbsp;&nbsp;&nbsp; 238960 |
| Class R | &nbsp;&nbsp;&nbsp; 23373 | &nbsp;&nbsp;&nbsp; 257648 | &nbsp;&nbsp;&nbsp; 24490 | &nbsp;&nbsp;&nbsp; 259009 |
| Class S | &nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp; 47664 | &nbsp;&nbsp;&nbsp; 3673 | &nbsp;&nbsp;&nbsp; 39007 |
| Class Y | &nbsp;&nbsp;&nbsp; 15663 | &nbsp;&nbsp;&nbsp; 172785 | &nbsp;&nbsp;&nbsp; 15865 | &nbsp;&nbsp;&nbsp; 168045 |
| Class R5 | &nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp; 2865 | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 2069 |
| Class R6 | &nbsp;&nbsp;&nbsp; 684 | &nbsp;&nbsp;&nbsp; 7599 | &nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 6302 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 136542 | &nbsp;&nbsp;&nbsp; 1493267 | &nbsp;&nbsp;&nbsp; 190243 | &nbsp;&nbsp;&nbsp; 2013104 |
| Class C | &nbsp;&nbsp;&nbsp; (138343)<br>| &nbsp;&nbsp;&nbsp; (1493267)<br>| &nbsp;&nbsp;&nbsp; (192727)<br>| &nbsp;&nbsp;&nbsp; (2013104)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4506578)<br>| &nbsp;&nbsp;&nbsp; (49630091)<br>| &nbsp;&nbsp;&nbsp; (5415677)<br>| &nbsp;&nbsp;&nbsp; (57033090)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (318072)<br>| &nbsp;&nbsp;&nbsp; (3474399)<br>| &nbsp;&nbsp;&nbsp; (345073)<br>| &nbsp;&nbsp;&nbsp; (3584548)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (658617)<br>| &nbsp;&nbsp;&nbsp; (7128668)<br>| &nbsp;&nbsp;&nbsp; (335819)<br>| &nbsp;&nbsp;&nbsp; (3557738)<br>|
| Class S | &nbsp;&nbsp;&nbsp; (8904)<br>| &nbsp;&nbsp;&nbsp; (99579)<br>| &nbsp;&nbsp;&nbsp; (16680)<br>| &nbsp;&nbsp;&nbsp; (173485)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (261004)<br>| &nbsp;&nbsp;&nbsp; (2884682)<br>| &nbsp;&nbsp;&nbsp; (191194)<br>| &nbsp;&nbsp;&nbsp; (2020868)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; (295)<br>| &nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp; (338)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (43676)<br>| &nbsp;&nbsp;&nbsp; (461679)<br>| &nbsp;&nbsp;&nbsp; (12711)<br>| &nbsp;&nbsp;&nbsp; (136671)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1894994)<br>| &nbsp;&nbsp;&nbsp; $(20768071)<br>| &nbsp;&nbsp;&nbsp; (1959885)<br>| &nbsp;&nbsp;&nbsp; $(20533659)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% 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.

**13**

**Invesco Select Risk: Moderately Conservative Investor Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Select Risk: Moderately Conservative Investor Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Select Risk: Moderately Conservative Investor Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**14**

**Invesco Select Risk: Moderately Conservative Investor Fund**

------

**Tax Information**

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

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 14.79% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 9.45% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 14.90% |
| Qualified Business Income\* | &nbsp;&nbsp; 1.03% |
| Business Interest Income\* | &nbsp;&nbsp; 71.84% |

---

\*

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

**15**

**Invesco Select Risk: Moderately Conservative Investor Fund**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco Select Risk: Moderately Conservative Investor Fund**

------

![](img19340c0f1.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

CAL-NCSR

------

![](img1d3037b91.jpg)

------

**Annual Financial Statements and Other Information**

**December 31, 2025**

**Invesco Small Cap Growth Fund**

Nasdaq:

A: GTSAX ■ C: GTSDX ■ R: GTSRX ■ Y: GTSYX ■ Investor: GTSIX ■ R5: GTSVX ■ R6: GTSFX

------

---

| | |
|:---|:---|
| [2](#xx_6fa46ea3-a969-45e0-a937-5d0eb678302a_SOI-Continued-63_1) | Schedule of Investments |
| [5](#xx_6fa46ea3-a969-45e0-a937-5d0eb678302a_FS-Continued-63_1) | Financial Statements |
| [8](#xx_6fa46ea3-a969-45e0-a937-5d0eb678302a_FS-Continued-63_4) | Financial Highlights |
| [9](#xx_6fa46ea3-a969-45e0-a937-5d0eb678302a_NTF-Continued-63_1) | Notes to Financial Statements |
| [14](#xx_6fa46ea3-a969-45e0-a937-5d0eb678302a_ARS-Continued-63_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_6fa46ea3-a969-45e0-a937-5d0eb678302a_TI-Continued-63_1) | Tax Information |
| [16](#xx_6fa46ea3-a969-45e0-a937-5d0eb678302a_OIRSR-Continued-63_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*December 31, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–100.12%** | **Common Stocks & Other Equity Interests–100.12%** | **Common Stocks & Other Equity Interests–100.12%** |
| **Aerospace & Defense–6.37%** | **Aerospace & Defense–6.37%** | **Aerospace & Defense–6.37%** |
| AeroVironment, Inc.<sup>(b)(c)</sup>  | 41559 | &nbsp;&nbsp; $10052706 |
| BWX Technologies, Inc. | 47275 | &nbsp;&nbsp; 8171011 |
| Carpenter Technology Corp.<sup>(c)</sup>  | 93595 | &nbsp;&nbsp; 29467450 |
| Embraer S.A., ADR (Brazil) | 195864 | &nbsp;&nbsp; 12607766 |
| Kratos Defense & Security Solutions, <br> Inc.<sup>(b)(c)</sup>  | 179125 | &nbsp;&nbsp; 13597379 |
| Rocket Lab Corp.<sup>(b)</sup>  | 405767 | &nbsp;&nbsp; 28306306 |
|  |  | &nbsp;&nbsp; 102202618 |
| **Apparel Retail–1.42%** | **Apparel Retail–1.42%** | **Apparel Retail–1.42%** |
| Boot Barn Holdings, Inc.<sup>(b)(c)</sup>  | 129487 | &nbsp;&nbsp; 22850571 |
| **Apparel, Accessories & Luxury Goods–0.59%** | **Apparel, Accessories & Luxury Goods–0.59%** | **Apparel, Accessories & Luxury Goods–0.59%** |
| Kontoor Brands, Inc. | 156043 | &nbsp;&nbsp; 9532667 |
| **Application Software–2.99%** | **Application Software–2.99%** | **Application Software–2.99%** |
| Agilysys, Inc.<sup>(b)(c)</sup>  | 128047 | &nbsp;&nbsp; 15217105 |
| Cellebrite DI Ltd. (Israel)<sup>(b)</sup>  | 722301 | &nbsp;&nbsp; 13023087 |
| D-Wave Quantum, Inc. (Canada)<sup>(b)(c)</sup>  | 228338 | &nbsp;&nbsp; 5971039 |
| InterDigital, Inc.<sup>(c)</sup>  | 23606 | &nbsp;&nbsp; 7515678 |
| Porch Group, Inc.<sup>(b)(c)</sup>  | 679712 | &nbsp;&nbsp; 6205771 |
|  |  | &nbsp;&nbsp; 47932680 |
| **Asset Management & Custody Banks–1.62%** | **Asset Management & Custody Banks–1.62%** | **Asset Management & Custody Banks–1.62%** |
| Galaxy Digital, Inc.<sup>(b)(c)</sup>  | 330206 | &nbsp;&nbsp; 7383406 |
| StepStone Group, Inc., Class A | 290938 | &nbsp;&nbsp; 18669492 |
|  |  | &nbsp;&nbsp; 26052898 |
| **Automotive Parts & Equipment–0.05%** | **Automotive Parts & Equipment–0.05%** | **Automotive Parts & Equipment–0.05%** |
| Modine Manufacturing Co.<sup>(b)</sup>  | 6190 | &nbsp;&nbsp; 826427 |
| **Biotechnology–9.69%** | **Biotechnology–9.69%** | **Biotechnology–9.69%** |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 356042 | &nbsp;&nbsp; 6494206 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 118515 | &nbsp;&nbsp; 25272139 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup>  | 398485 | &nbsp;&nbsp; 30480118 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup>  | 185282 | &nbsp;&nbsp; 12469479 |
| Insmed, Inc.<sup>(b)</sup>  | 112137 | &nbsp;&nbsp; 19516324 |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup>  | 152122 | &nbsp;&nbsp; 12034371 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 58680 | &nbsp;&nbsp; 34171711 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup>  | 111613 | &nbsp;&nbsp; 9748279 |
| Soleno Therapeutics, Inc.<sup>(b)(c)</sup>  | 114728 | &nbsp;&nbsp; 5311906 |
|  |  | &nbsp;&nbsp; 155498533 |
| **Broadline Retail–1.44%** | **Broadline Retail–1.44%** | **Broadline Retail–1.44%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup>  | 211339 | &nbsp;&nbsp; 23164868 |
| **Building Products–1.85%** | **Building Products–1.85%** | **Building Products–1.85%** |
| Armstrong World Industries, Inc. | 71647 | &nbsp;&nbsp; 13691742 |
| Zurn Elkay Water Solutions Corp. | 345699 | &nbsp;&nbsp; 16071546 |
|  |  | &nbsp;&nbsp; 29763288 |
| **Casinos & Gaming–1.07%** | **Casinos & Gaming–1.07%** | **Casinos & Gaming–1.07%** |
| Red Rock Resorts, Inc., Class A<sup>(c)</sup>  | 277193 | &nbsp;&nbsp; 17172106 |
| **Commercial & Residential Mortgage Finance–1.27%** | **Commercial & Residential Mortgage Finance–1.27%** | **Commercial & Residential Mortgage Finance–1.27%** |
| PennyMac Financial Services, Inc. | 154595 | &nbsp;&nbsp; 20381805 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Communications Equipment–0.26%** | **Communications Equipment–0.26%** | **Communications Equipment–0.26%** |
| Applied Optoelectronics, Inc.<sup>(b)(c)</sup>  | 119313 | &nbsp;&nbsp; $4159251 |
| **Construction & Engineering–2.49%** | **Construction & Engineering–2.49%** | **Construction & Engineering–2.49%** |
| API Group Corp.<sup>(b)</sup>  | 624179 | &nbsp;&nbsp; 23881088 |
| Construction Partners, Inc., Class A<sup>(b)(c)</sup>  | 76380 | &nbsp;&nbsp; 8291049 |
| Sterling Infrastructure, Inc.<sup>(b)</sup>  | 25442 | &nbsp;&nbsp; 7791104 |
|  |  | &nbsp;&nbsp; 39963241 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **2.50%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **2.50%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **2.50%** |
| Atmus Filtration Technologies, Inc. | 451927 | &nbsp;&nbsp; 23459530 |
| Federal Signal Corp. | 153313 | &nbsp;&nbsp; 16648259 |
|  |  | &nbsp;&nbsp; 40107789 |
| **Diversified Metals & Mining–0.91%** | **Diversified Metals & Mining–0.91%** | **Diversified Metals & Mining–0.91%** |
| MP Materials Corp.<sup>(b)(c)</sup>  | 290638 | &nbsp;&nbsp; 14683032 |
| **Electrical Components & Equipment–2.06%** | **Electrical Components & Equipment–2.06%** | **Electrical Components & Equipment–2.06%** |
| Hammond Power Solutions, Inc. <br> (Canada) | 78279 | &nbsp;&nbsp; 9095432 |
| nVent Electric PLC | 125506 | &nbsp;&nbsp; 12797847 |
| Regal Rexnord Corp. | 79681 | &nbsp;&nbsp; 11180838 |
|  |  | &nbsp;&nbsp; 33074117 |
| **Electronic Equipment & Instruments–3.51%** | **Electronic Equipment & Instruments–3.51%** | **Electronic Equipment & Instruments–3.51%** |
| Advanced Energy Industries, Inc. | 117420 | &nbsp;&nbsp; 24584225 |
| Mirion Technologies, Inc.<sup>(b)(c)</sup>  | 801632 | &nbsp;&nbsp; 18774222 |
| OSI Systems, Inc.<sup>(b)(c)</sup>  | 50863 | &nbsp;&nbsp; 12973117 |
|  |  | &nbsp;&nbsp; 56331564 |
| **Electronic Manufacturing Services–6.13%** | **Electronic Manufacturing Services–6.13%** | **Electronic Manufacturing Services–6.13%** |
| Fabrinet (Thailand)<sup>(b)(c)</sup>  | 65218 | &nbsp;&nbsp; 29692451 |
| Sanmina Corp.<sup>(b)</sup>  | 278943 | &nbsp;&nbsp; 41860976 |
| TTM Technologies, Inc.<sup>(b)(c)</sup>  | 389251 | &nbsp;&nbsp; 26858319 |
|  |  | &nbsp;&nbsp; 98411746 |
| **Environmental & Facilities Services–2.56%** | **Environmental & Facilities Services–2.56%** | **Environmental & Facilities Services–2.56%** |
| Casella Waste Systems, Inc., Class A<sup>(b)(c)</sup>  | 183830 | &nbsp;&nbsp; 18004310 |
| Clean Harbors, Inc.<sup>(b)</sup>  | 98273 | &nbsp;&nbsp; 23043053 |
|  |  | &nbsp;&nbsp; 41047363 |
| **Financial Exchanges & Data–0.51%** | **Financial Exchanges & Data–0.51%** | **Financial Exchanges & Data–0.51%** |
| Bullish (Cayman Islands)<sup>(b)(c)</sup>  | 216836 | &nbsp;&nbsp; 8211579 |
| **Footwear–0.70%** | **Footwear–0.70%** | **Footwear–0.70%** |
| Steven Madden Ltd. | 269743 | &nbsp;&nbsp; 11232099 |
| **Health Care Equipment–1.78%** | **Health Care Equipment–1.78%** | **Health Care Equipment–1.78%** |
| Glaukos Corp.<sup>(b)</sup>  | 144260 | &nbsp;&nbsp; 16288396 |
| TransMedics Group, Inc.<sup>(b)(c)</sup>  | 101184 | &nbsp;&nbsp; 12309034 |
|  |  | &nbsp;&nbsp; 28597430 |
| **Health Care Facilities–1.31%** | **Health Care Facilities–1.31%** | **Health Care Facilities–1.31%** |
| Encompass Health Corp. | 197747 | &nbsp;&nbsp; 20988867 |
| **Health Care Services–5.72%** | **Health Care Services–5.72%** | **Health Care Services–5.72%** |
| BillionToOne, Inc.<sup>(b)(c)</sup>  | 61018 | &nbsp;&nbsp; 4993713 |
| BrightSpring Health Services, Inc.<sup>(b)</sup>  | 621452 | &nbsp;&nbsp; 23273377 |
| GeneDx Holdings Corp.<sup>(b)</sup>  | 101811 | &nbsp;&nbsp; 13241539 |
| Guardant Health, Inc.<sup>(b)</sup>  | 380012 | &nbsp;&nbsp; 38814426 |

---

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

**2**

**Invesco Small Cap Growth Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Health Care Services–(continued)** | **Health Care Services–(continued)** | **Health Care Services–(continued)** |
| RadNet, Inc.<sup>(b)(c)</sup>  | 161175 | &nbsp;&nbsp; $11499836 |
|  |  | &nbsp;&nbsp; 91822891 |
| **Health Care Technology–0.98%** | **Health Care Technology–0.98%** | **Health Care Technology–0.98%** |
| Heartflow, Inc.<sup>(b)(c)</sup>  | 165985 | &nbsp;&nbsp; 4838463 |
| Waystar Holding Corp.<sup>(b)</sup>  | 330693 | &nbsp;&nbsp; 10830195 |
|  |  | &nbsp;&nbsp; 15668658 |
| **Heavy Electrical Equipment–0.56%** | **Heavy Electrical Equipment–0.56%** | **Heavy Electrical Equipment–0.56%** |
| Bloom Energy Corp., Class A<sup>(b)</sup>  | 103259 | &nbsp;&nbsp; 8972174 |
| **Homebuilding–0.64%** | **Homebuilding–0.64%** | **Homebuilding–0.64%** |
| Cavco Industries, Inc.<sup>(b)(c)</sup>  | 17363 | &nbsp;&nbsp; 10257019 |
| **Hotels, Resorts & Cruise Lines–1.47%** | **Hotels, Resorts & Cruise Lines–1.47%** | **Hotels, Resorts & Cruise Lines–1.47%** |
| Travel + Leisure Co. | 221729 | &nbsp;&nbsp; 15638546 |
| Wyndham Hotels & Resorts, Inc.<sup>(c)</sup>  | 106466 | &nbsp;&nbsp; 8044571 |
|  |  | &nbsp;&nbsp; 23683117 |
| **Independent Power Producers & Energy Traders–1.75%** | **Independent Power Producers & Energy Traders–1.75%** | **Independent Power Producers & Energy Traders–1.75%** |
| Talen Energy Corp.<sup>(b)</sup>  | 75029 | &nbsp;&nbsp; 28123870 |
| **Industrial Machinery & Supplies & Components–7.10%** | **Industrial Machinery & Supplies & Components–7.10%** | **Industrial Machinery & Supplies & Components–7.10%** |
| Enpro, Inc. | 90665 | &nbsp;&nbsp; 19414096 |
| ESCO Technologies, Inc. | 102978 | &nbsp;&nbsp; 20120871 |
| Mueller Industries, Inc. | 183521 | &nbsp;&nbsp; 21068211 |
| RBC Bearings, Inc.<sup>(b)</sup>  | 49651 | &nbsp;&nbsp; 22264998 |
| SPX Technologies, Inc.<sup>(b)</sup>  | 155478 | &nbsp;&nbsp; 31104929 |
|  |  | &nbsp;&nbsp; 113973105 |
| **Interactive Media & Services–0.77%** | **Interactive Media & Services–0.77%** | **Interactive Media & Services–0.77%** |
| CarGurus, Inc.<sup>(b)</sup>  | 320533 | &nbsp;&nbsp; 12292441 |
| **Investment Banking & Brokerage–3.24%** | **Investment Banking & Brokerage–3.24%** | **Investment Banking & Brokerage–3.24%** |
| Evercore, Inc., Class A | 63693 | &nbsp;&nbsp; 21671543 |
| Piper Sandler Cos. | 89192 | &nbsp;&nbsp; 30299415 |
|  |  | &nbsp;&nbsp; 51970958 |
| **Leisure Facilities–0.85%** | **Leisure Facilities–0.85%** | **Leisure Facilities–0.85%** |
| Planet Fitness, Inc., Class A<sup>(b)(c)</sup>  | 126400 | &nbsp;&nbsp; 13710608 |
| **Life Sciences Tools & Services–1.12%** | **Life Sciences Tools & Services–1.12%** | **Life Sciences Tools & Services–1.12%** |
| Adaptive Biotechnologies Corp.<sup>(b)(c)</sup>  | 266270 | &nbsp;&nbsp; 4324225 |
| BioLife Solutions, Inc.<sup>(b)(c)</sup>  | 562205 | &nbsp;&nbsp; 13594117 |
|  |  | &nbsp;&nbsp; 17918342 |
| **Managed Health Care–1.92%** | **Managed Health Care–1.92%** | **Managed Health Care–1.92%** |
| Alignment Healthcare, Inc.<sup>(b)</sup>  | 850869 | &nbsp;&nbsp; 16804663 |
| HealthEquity, Inc.<sup>(b)</sup>  | 152204 | &nbsp;&nbsp; 13943408 |
|  |  | &nbsp;&nbsp; 30748071 |
| **Oil & Gas Equipment & Services–1.09%** | **Oil & Gas Equipment & Services–1.09%** | **Oil & Gas Equipment & Services–1.09%** |
| TechnipFMC PLC (United Kingdom) | 391453 | &nbsp;&nbsp; 17443146 |
| **Oil & Gas Exploration & Production–0.80%** | **Oil & Gas Exploration & Production–0.80%** | **Oil & Gas Exploration & Production–0.80%** |
| Antero Resources Corp.<sup>(b)</sup>  | 372981 | &nbsp;&nbsp; 12852925 |
| **Other Specialty Retail–0.46%** | **Other Specialty Retail–0.46%** | **Other Specialty Retail–0.46%** |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup>  | 146856 | &nbsp;&nbsp; 7336926 |
| **Packaged Foods & Meats–0.58%** | **Packaged Foods & Meats–0.58%** | **Packaged Foods & Meats–0.58%** |
| Post Holdings, Inc.<sup>(b)(c)</sup>  | 93457 | &nbsp;&nbsp; 9256916 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Pharmaceuticals–1.83%** | **Pharmaceuticals–1.83%** | **Pharmaceuticals–1.83%** | **Pharmaceuticals–1.83%** |
| Axsome Therapeutics, Inc.<sup>(b)</sup>  | Axsome Therapeutics, Inc.<sup>(b)</sup>  | 161105 | &nbsp;&nbsp; $29424217 |
| **Property & Casualty Insurance–0.86%** | **Property & Casualty Insurance–0.86%** | **Property & Casualty Insurance–0.86%** | **Property & Casualty Insurance–0.86%** |
| Palomar Holdings, Inc.<sup>(b)</sup>  | Palomar Holdings, Inc.<sup>(b)</sup>  | 65424 | &nbsp;&nbsp; 8816538 |
| Root, Inc., Class A<sup>(b)(c)</sup>  | Root, Inc., Class A<sup>(b)(c)</sup>  | 68705 | &nbsp;&nbsp; 4962562 |
|  |  |  | &nbsp;&nbsp; 13779100 |
| **Regional Banks–1.17%** | **Regional Banks–1.17%** | **Regional Banks–1.17%** | **Regional Banks–1.17%** |
| Bancorp, Inc. (The)<sup>(b)(c)</sup>  | Bancorp, Inc. (The)<sup>(b)(c)</sup>  | 278416 | &nbsp;&nbsp; 18798648 |
| **Restaurants–0.29%** | **Restaurants–0.29%** | **Restaurants–0.29%** | **Restaurants–0.29%** |
| Dutch Bros, Inc., Class A<sup>(b)(c)</sup>  | Dutch Bros, Inc., Class A<sup>(b)(c)</sup>  | 75682 | &nbsp;&nbsp; 4633252 |
| **Semiconductor Materials & Equipment–2.60%** | **Semiconductor Materials & Equipment–2.60%** | **Semiconductor Materials & Equipment–2.60%** | **Semiconductor Materials & Equipment–2.60%** |
| MKS, Inc. | MKS, Inc. | 103656 | &nbsp;&nbsp; 16564229 |
| Nova Ltd. (Israel)<sup>(b)</sup>  | Nova Ltd. (Israel)<sup>(b)</sup>  | 76581 | &nbsp;&nbsp; 25148434 |
|  |  |  | &nbsp;&nbsp; 41712663 |
| **Semiconductors–6.88%** | **Semiconductors–6.88%** | **Semiconductors–6.88%** | **Semiconductors–6.88%** |
| Impinj, Inc.<sup>(b)(c)</sup>  | Impinj, Inc.<sup>(b)(c)</sup>  | 154587 | &nbsp;&nbsp; 26899684 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup>  | Lattice Semiconductor Corp.<sup>(b)(c)</sup>  | 323791 | &nbsp;&nbsp; 23824542 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 214364 | &nbsp;&nbsp; 36716266 |
| Rambus, Inc.<sup>(b)</sup>  | Rambus, Inc.<sup>(b)</sup>  | 228539 | &nbsp;&nbsp; 21000448 |
| Rigetti Computing, Inc.<sup>(b)</sup>  | Rigetti Computing, Inc.<sup>(b)</sup>  | 58075 | &nbsp;&nbsp; 1286361 |
| SiTime Corp.<sup>(b)</sup>  | SiTime Corp.<sup>(b)</sup>  | 2231 | &nbsp;&nbsp; 787967 |
|  |  |  | &nbsp;&nbsp; 110515268 |
| **Specialty Chemicals–0.76%** | **Specialty Chemicals–0.76%** | **Specialty Chemicals–0.76%** | **Specialty Chemicals–0.76%** |
| Element Solutions, Inc. | Element Solutions, Inc. | 488373 | &nbsp;&nbsp; 12204441 |
| **Systems Software–0.97%** | **Systems Software–0.97%** | **Systems Software–0.97%** | **Systems Software–0.97%** |
| JFrog Ltd.<sup>(b)</sup>  | JFrog Ltd.<sup>(b)</sup>  | 248410 | &nbsp;&nbsp; 15515689 |
| **Technology Hardware, Storage & Peripherals–0.09%** | **Technology Hardware, Storage & Peripherals–0.09%** | **Technology Hardware, Storage & Peripherals–0.09%** | **Technology Hardware, Storage & Peripherals–0.09%** |
| IonQ, Inc.<sup>(b)(c)</sup>  | IonQ, Inc.<sup>(b)(c)</sup>  | 32949 | &nbsp;&nbsp; 1478422 |
| **Trading Companies & Distributors–2.02%** | **Trading Companies & Distributors–2.02%** | **Trading Companies & Distributors–2.02%** | **Trading Companies & Distributors–2.02%** |
| Applied Industrial Technologies, Inc. | Applied Industrial Technologies, Inc. | 62163 | &nbsp;&nbsp; 15961593 |
| FTAI Aviation Ltd. | FTAI Aviation Ltd. | 83614 | &nbsp;&nbsp; 16459416 |
|  |  |  | &nbsp;&nbsp; 32421009 |
| **Transaction & Payment Processing Services–0.52%** | **Transaction & Payment Processing Services–0.52%** | **Transaction & Payment Processing Services–0.52%** | **Transaction & Payment Processing Services–0.52%** |
| Paymentus Holdings, Inc., Class A<sup>(b)</sup>  | Paymentus Holdings, Inc., Class A<sup>(b)</sup>  | 265018 | &nbsp;&nbsp; 8371919 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,205,894,769) | Total Common Stocks & Other Equity Interests <br> (Cost $1,205,894,769) | Total Common Stocks & Other Equity Interests <br> (Cost $1,205,894,769) | &nbsp;&nbsp; 1607072334 |
| **Money Market Funds–0.02%** | **Money Market Funds–0.02%** | **Money Market Funds–0.02%** | **Money Market Funds–0.02%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 3.68%<sup>(d)(e)</sup>  | 127363 | &nbsp;&nbsp; 127363 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.64%<sup>(d)(e)</sup>  | 236527 | &nbsp;&nbsp; 236527 |
| Total Money Market Funds (Cost $363,890) | Total Money Market Funds (Cost $363,890) | Total Money Market Funds (Cost $363,890) | &nbsp;&nbsp; 363890 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-100.14% <br> (Cost $1,206,258,659)<br>|  |  | &nbsp;&nbsp; 1607436224 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–14.66%** | **Money Market Funds–14.66%** | **Money Market Funds–14.66%** | **Money Market Funds–14.66%** |
| Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 3.74%<sup>(d)(e)(f)</sup>  | 64917107 | &nbsp;&nbsp; 64917107 |

---

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

**3**

**Invesco Small Cap Growth Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, <br> 3.88%<sup>(d)(e)(f)</sup>  | 170413800 | &nbsp;&nbsp; $170464924 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $235,382,031) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $235,382,031) | &nbsp;&nbsp; 235382031 |
| TOTAL INVESTMENTS IN SECURITIES–114.80% <br> (Cost $1,441,640,690) | TOTAL INVESTMENTS IN SECURITIES–114.80% <br> (Cost $1,441,640,690) | &nbsp;&nbsp; 1842818255 |
| OTHER ASSETS LESS LIABILITIES—(14.80)% | OTHER ASSETS LESS LIABILITIES—(14.80)% | &nbsp;&nbsp; (237576677)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1605241578 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at December 31, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended December 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**December 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**December 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $13607249 | &nbsp;&nbsp; $188134060 | &nbsp;&nbsp; $(201613946) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $127363 | &nbsp;&nbsp; $289152 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 25257479 | &nbsp;&nbsp; 349391826 | &nbsp;&nbsp; (374412778) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 236527 | &nbsp;&nbsp; 531791 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 50491549 | &nbsp;&nbsp; 562379302 | &nbsp;&nbsp; (547953744) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 64917107 | &nbsp;&nbsp; 2,518,916\* |
| Invesco Private Prime Fund | 131156686 | &nbsp;&nbsp; 1211950823 | &nbsp;&nbsp; (1172644767) | &nbsp;&nbsp; - | &nbsp;&nbsp; 2182 | &nbsp;&nbsp; 170464924 | &nbsp;&nbsp; 6,837,605\* |
| Total | $220512963 | &nbsp;&nbsp; $2311856011 | &nbsp;&nbsp; $(2296625235) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2182 | &nbsp;&nbsp; $235745921 | &nbsp;&nbsp; $10177464 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of December 31, 2025.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J. 

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

**4**

**Invesco Small Cap Growth Fund**

------

**Statement of Assets and Liabilities**

*December 31, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,205,894,769)\*<br>| &nbsp;&nbsp; $1607072334 |
| Investments in affiliated money market funds, at value <br> (Cost $235,745,921)<br>| &nbsp;&nbsp; 235745921 |
| Cash | &nbsp;&nbsp; 780 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 128340 |
| Fund shares sold | &nbsp;&nbsp; 613651 |
| Dividends | &nbsp;&nbsp; 235291 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 420833 |
| Other assets | &nbsp;&nbsp; 45550 |
| Total assets | &nbsp;&nbsp; 1844262700 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 2395936 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 235382031 |
| Accrued fees to affiliates | &nbsp;&nbsp; 666558 |
| Accrued other operating expenses | &nbsp;&nbsp; 138465 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 438132 |
| Total liabilities | &nbsp;&nbsp; 239021122 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1605241578 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1192606671 |
| Distributable earnings | &nbsp;&nbsp; 412634907 |
|  | &nbsp;&nbsp; $1605241578 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $459127436 |
| Class C | &nbsp;&nbsp; $3760435 |
| Class R | &nbsp;&nbsp; $44962586 |
| Class Y | &nbsp;&nbsp; $87143121 |
| Investor Class | &nbsp;&nbsp; $133649593 |
| Class R5 | &nbsp;&nbsp; $432169266 |
| Class R6 | &nbsp;&nbsp; $444429141 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 16242757 |
| Class C | &nbsp;&nbsp; 567565 |
| Class R | &nbsp;&nbsp; 1966094 |
| Class Y | &nbsp;&nbsp; 2803743 |
| Investor Class | &nbsp;&nbsp; 4219034 |
| Class R5 | &nbsp;&nbsp; 11453366 |
| Class R6 | &nbsp;&nbsp; 11573202 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $28.27 |
| Maximum offering price per share <br>(Net asset value of $28.27 ÷ 94.50%)<br>| &nbsp;&nbsp; $29.92 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $6.63 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.87 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.08 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.68 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $37.73 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $38.40 |

---

\* At December 31, 2025, securities with an aggregate value of $226,404,952 were on loan to brokers. 

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

**5**

**Invesco Small Cap Growth Fund**

------

**Statement of Operations**

*For the year ended December 31, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $32,498) | &nbsp;&nbsp; $5992080 |
| Dividends from affiliated money market funds (includes net securities lending income of $560,331) | &nbsp;&nbsp; 1381274 |
| Total investment income | &nbsp;&nbsp; 7373354 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 12063905 |
| Administrative services fees | &nbsp;&nbsp; 251236 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1159512 |
| Class C | &nbsp;&nbsp; 40479 |
| Class R | &nbsp;&nbsp; 234300 |
| Investor Class | &nbsp;&nbsp; 258296 |
| Transfer agent fees — A, C, R, Y and Investor | &nbsp;&nbsp; 1390644 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 495504 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 151409 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 35045 |
| Registration and filing fees | &nbsp;&nbsp; 113552 |
| Reports to shareholders | &nbsp;&nbsp; 72216 |
| Professional services fees | &nbsp;&nbsp; 70747 |
| Other | &nbsp;&nbsp; 16075 |
| Total expenses | &nbsp;&nbsp; 16352920 |
| Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s) | &nbsp;&nbsp; (22372)<br>|
| Net expenses | &nbsp;&nbsp; 16330548 |
| Net investment income (loss) | &nbsp;&nbsp; (8957194)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 188316143 |
| Affiliated investment securities | &nbsp;&nbsp; 2182 |
| Foreign currencies | &nbsp;&nbsp; 15870 |
|  | &nbsp;&nbsp; 188334195 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (88550199)<br>|
| Foreign currencies | &nbsp;&nbsp; 3 |
|  | &nbsp;&nbsp; (88550196)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 99783999 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $90826805 |

---

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

**6**

**Invesco Small Cap Growth Fund**

------

**Statement of Changes in Net Assets**

*For the years ended December 31, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(8957194)<br>| &nbsp;&nbsp; $(9107345)<br>|
| Net realized gain | &nbsp;&nbsp; 188334195 | &nbsp;&nbsp; 252323804 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (88550196)<br>| &nbsp;&nbsp; 67170599 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 90826805 | &nbsp;&nbsp; 310387058 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (43796244)<br>| &nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp; (1173844)<br>| &nbsp;&nbsp; — |
| Class R | &nbsp;&nbsp; (5182454)<br>| &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; (7691030)<br>| &nbsp;&nbsp; — |
| Investor Class | &nbsp;&nbsp; (11559696)<br>| &nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp; (31733099)<br>| &nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp; (31813504)<br>| &nbsp;&nbsp; — |
| Total distributions from distributable earnings | &nbsp;&nbsp; (132949871)<br>| &nbsp;&nbsp; — |
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (28232225)<br>| &nbsp;&nbsp; (79666284)<br>|
| Class C | &nbsp;&nbsp; (314345)<br>| &nbsp;&nbsp; (1632267)<br>|
| Class R | &nbsp;&nbsp; (4602154)<br>| &nbsp;&nbsp; (12548962)<br>|
| Class Y | &nbsp;&nbsp; (20102207)<br>| &nbsp;&nbsp; (27606027)<br>|
| Investor Class | &nbsp;&nbsp; (16152720)<br>| &nbsp;&nbsp; (19144652)<br>|
| Class R5 | &nbsp;&nbsp; (158176798)<br>| &nbsp;&nbsp; (145526573)<br>|
| Class R6 | &nbsp;&nbsp; (114985316)<br>| &nbsp;&nbsp; (131868797)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (342565765)<br>| &nbsp;&nbsp; (417993562)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (384688831)<br>| &nbsp;&nbsp; (107606504)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1989930409 | &nbsp;&nbsp; 2097536913 |
| End of year | &nbsp;&nbsp; $1605241578 | &nbsp;&nbsp; $1989930409 |

---

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

**7**

**Invesco Small Cap Growth Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 12/31/25 | $29.57 | $(0.21)<br>| $1.86 | $1.65 | $(2.95)<br>| $28.27 | 5.69<br> %<br>| $459127 | 1.17<br> %<br>| 1.17<br> %<br>| (0.75)%<br>| 85<br> %<br>|
| Year ended 12/31/24 | 25.45 | (0.19)<br>| 4.31 | 4.12 |  | 29.57 | 16.19 | 507532 | 1.17 | 1.17 | (0.68)<br>| 55 |
| Year ended 12/31/23 | 22.59 | (0.14)<br>| 3.00 | 2.86 |  | 25.45 | 12.66 | 510293 | 1.17 | 1.17 | (0.58)<br>| 55 |
| Year ended 12/31/22 | 36.33 | (0.14)<br>| (12.79)<br>| (12.93)<br>| (0.81)<br>| 22.59 | (35.60)<br>| 541922 | 1.16 | 1.16 | (0.54)<br>| 44 |
| Year ended 12/31/21 | 47.78 | (0.43)<br>| 3.12 | 2.69 | (14.14)<br>| 36.33 | 7.33 | 988307 | 1.14 | 1.14 | (0.86)<br>| 35 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 12/31/25 | 9.16 | (0.13)<br>| 0.55 | 0.42 | (2.95)<br>| 6.63 | 4.96 <br><sup>(d)</sup><br>| 3760 | 1.88 <br><sup>(d)</sup><br>| 1.88 <br><sup>(d)</sup><br>| (1.46 )<sup>(d)</sup><br>| 85 |
| Year ended 12/31/24 | 7.94 | (0.12)<br>| 1.34 | 1.22 |  | 9.16 | 15.37 <br><sup>(d)</sup><br>| 5141 | 1.84 <br><sup>(d)</sup><br>| 1.84 <br><sup>(d)</sup><br>| (1.35 )<sup>(d)</sup><br>| 55 |
| Year ended 12/31/23 | 7.09 | (0.09)<br>| 0.94 | 0.85 |  | 7.94 | 11.99 <br><sup>(d)</sup><br>| 5930 | 1.87 <br><sup>(d)</sup><br>| 1.87 <br><sup>(d)</sup><br>| (1.28 )<sup>(d)</sup><br>| 55 |
| Year ended 12/31/22 | 12.36 | (0.11)<br>| (4.35)<br>| (4.46)<br>| (0.81)<br>| 7.09 | (36.10)<br>| 7123 | 1.91 | 1.91 | (1.29)<br>| 44 |
| Year ended 12/31/21 | 25.63 | (0.41)<br>| 1.28 | 0.87 | (14.14)<br>| 12.36 | 6.55 <br><sup>(d)</sup><br>| 15850 | 1.86 <br><sup>(d)</sup><br>| 1.86 <br><sup>(d)</sup><br>| (1.58 )<sup>(d)</sup><br>| 35 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 12/31/25 | 24.52 | (0.24)<br>| 1.54 | 1.30 | (2.95)<br>| 22.87 | 5.43 | 44963 | 1.42 | 1.42 | (1.00)<br>| 85 |
| Year ended 12/31/24 | 21.16 | (0.21)<br>| 3.57 | 3.36 |  | 24.52 | 15.88 | 52481 | 1.42 | 1.42 | (0.93)<br>| 55 |
| Year ended 12/31/23 | 18.82 | (0.16)<br>| 2.50 | 2.34 |  | 21.16 | 12.43 | 56945 | 1.42 | 1.42 | (0.83)<br>| 55 |
| Year ended 12/31/22 | 30.57 | (0.17)<br>| (10.77)<br>| (10.94)<br>| (0.81)<br>| 18.82 | (35.79)<br>| 63161 | 1.41 | 1.41 | (0.79)<br>| 44 |
| Year ended 12/31/21 | 42.52 | (0.50)<br>| 2.69 | 2.19 | (14.14)<br>| 30.57 | 7.07 | 112217 | 1.39 | 1.39 | (1.11)<br>| 35 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 12/31/25 | 32.15 | (0.15)<br>| 2.03 | 1.88 | (2.95)<br>| 31.08 | 5.95 | 87143 | 0.92 | 0.92 | (0.50)<br>| 85 |
| Year ended 12/31/24 | 27.60 | (0.13)<br>| 4.68 | 4.55 |  | 32.15 | 16.49 | 111480 | 0.92 | 0.92 | (0.43)<br>| 55 |
| Year ended 12/31/23 | 24.44 | (0.08)<br>| 3.24 | 3.16 |  | 27.60 | 12.93 | 122467 | 0.92 | 0.92 | (0.33)<br>| 55 |
| Year ended 12/31/22 | 39.11 | (0.08)<br>| (13.78)<br>| (13.86)<br>| (0.81)<br>| 24.44 | (35.44)<br>| 129518 | 0.91 | 0.91 | (0.29)<br>| 44 |
| Year ended 12/31/21 | 50.24 | (0.32)<br>| 3.33 | 3.01 | (14.14)<br>| 39.11 | 7.61 | 274782 | 0.89 | 0.89 | (0.61)<br>| 35 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year ended 12/31/25 | 32.78 | (0.22)<br>| 2.07 | 1.85 | (2.95)<br>| 31.68 | 5.74 <br><sup>(e)</sup><br>| 133650 | 1.11 <br><sup>(e)</sup><br>| 1.11 <br><sup>(e)</sup><br>| (0.69 )<sup>(e)</sup><br>| 85 |
| Year ended 12/31/24 | 28.20 | (0.20)<br>| 4.78 | 4.58 |  | 32.78 | 16.24 <br><sup>(e)</sup><br>| 154280 | 1.14 <br><sup>(e)</sup><br>| 1.14 <br><sup>(e)</sup><br>| (0.65 )<sup>(e)</sup><br>| 55 |
| Year ended 12/31/23 | 25.01 | (0.13)<br>| 3.32 | 3.19 |  | 28.20 | 12.75 <br><sup>(e)</sup><br>| 150258 | 1.10 <br><sup>(e)</sup><br>| 1.10 <br><sup>(e)</sup><br>| (0.51 )<sup>(e)</sup><br>| 55 |
| Year ended 12/31/22 | 40.08 | (0.14)<br>| (14.12)<br>| (14.26)<br>| (0.81)<br>| 25.01 | (35.58 )<sup>(e)</sup><br>| 144075 | 1.13 <br><sup>(e)</sup><br>| 1.13 <br><sup>(e)</sup><br>| (0.51 )<sup>(e)</sup><br>| 44 |
| Year ended 12/31/21 | 51.24 | (0.42)<br>| 3.40 | 2.98 | (14.14)<br>| 40.08 | 7.41 <br><sup>(e)</sup><br>| 246961 | 1.05 <br><sup>(e)</sup><br>| 1.05 <br><sup>(e)</sup><br>| (0.77 )<sup>(e)</sup><br>| 35 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 12/31/25 | 38.40 | (0.15)<br>| 2.43 | 2.28 | (2.95)<br>| 37.73 | 6.02 | 432169 | 0.83 | 0.83 | (0.41)<br>| 85 |
| Year ended 12/31/24 | 32.93 | (0.12)<br>| 5.59 | 5.47 |  | 38.40 | 16.61 | 599328 | 0.82 | 0.82 | (0.33)<br>| 55 |
| Year ended 12/31/23 | 29.12 | (0.07)<br>| 3.88 | 3.81 |  | 32.93 | 13.08 | 648606 | 0.82 | 0.82 | (0.23)<br>| 55 |
| Year ended 12/31/22 | 46.32 | (0.06)<br>| (16.33)<br>| (16.39)<br>| (0.81)<br>| 29.12 | (35.39)<br>| 737830 | 0.81 | 0.81 | (0.19)<br>| 44 |
| Year ended 12/31/21 | 56.89 | (0.31)<br>| 3.88 | 3.57 | (14.14)<br>| 46.32 | 7.71 | 1445168 | 0.79 | 0.79 | (0.51)<br>| 35 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 12/31/25 | 39.00 | (0.13)<br>| 2.48 | 2.35 | (2.95)<br>| 38.40 | 6.11 | 444429 | 0.76 | 0.76 | (0.34)<br>| 85 |
| Year ended 12/31/24 | 33.43 | (0.10)<br>| 5.67 | 5.57 |  | 39.00 | 16.66 | 559689 | 0.76 | 0.76 | (0.27)<br>| 55 |
| Year ended 12/31/23 | 29.54 | (0.05)<br>| 3.94 | 3.89 |  | 33.43 | 13.17 | 603038 | 0.75 | 0.75 | (0.16)<br>| 55 |
| Year ended 12/31/22 | 46.94 | (0.04)<br>| (16.55)<br>| (16.59)<br>| (0.81)<br>| 29.54 | (35.35)<br>| 653838 | 0.74 | 0.74 | (0.12)<br>| 44 |
| Year ended 12/31/21 | 57.42 | (0.26)<br>| 3.92 | 3.66 | (14.14)<br>| 46.94 | 7.80 | 948527 | 0.70 | 0.70 | (0.42)<br>| 35 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.96%, 0.92%, 0.95% and 0.97% for the year ended December 31, 2025, 2024, 2023 and 2021, respectively. 

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.19%, 0.22%, 0.18%, 0.22% and 0.16% for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**8**

**Invesco Small Cap Growth Fund**

------

**Notes to Financial Statements**

*December 31, 2025*

**NOTE 1—Significant Accounting Policies**

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

The Fund's investment objective is long-term growth of capital.

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

The Fund's shares are offered on a limited basis to certain investors.

Investor Class shares and Class R5 shares are closed to new investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") 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 is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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 mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.

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

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

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse

**9**

**Invesco Small Cap Growth Fund**

------

investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

**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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

**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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

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

**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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. The Fund did not pay any material income taxes, net of refunds during the 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**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.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security.

**10**

**Invesco Small Cap Growth Fund**

------

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended December 31, 2025, the Fund paid the Adviser $26,097 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.725% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.700% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.675% |
| Over $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |

---

For the year ended December 31, 2025, the effective advisory fee rate incurred by the Fund was 0.69%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 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, 2025, the Adviser waived advisory fees of $22,070.

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, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended December 31, 2025, 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, and Investor shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C,Class R and Investor shares (collectively the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares and up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans 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, 2025, 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, 2025, IDI advised the Fund that IDI retained $13,073 in front-end sales commissions from the sale of Class A shares and $260 and $74 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended December 31, 2025, the Fund incurred $80,105 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

**11**

**Invesco Small Cap Growth 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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of December 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $1607072334 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1607072334 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 363890 | &nbsp;&nbsp;&nbsp;&nbsp; 235382031 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 235745921 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1607436224 | &nbsp;&nbsp;&nbsp;&nbsp; $235382031 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1842818255 |

---

**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, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $302.

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended December 31, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Long-term capital gain | &nbsp;&nbsp; $132949871 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $15787180 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 397075052 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (227361)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1192606671 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1605241578 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and passive foreign investment companies.

**12**

**Invesco Small Cap Growth Fund**

------

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

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

The Fund does not have a capital loss carryforward as of December 31, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended December 31, 2025 was $1,463,307,441 and $1,909,077,226, respectively. As of December 31, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below 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** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $436614756 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (39539704)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $397075052 |

---

Cost of investments for tax purposes is $1,445,743,203.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies, net operating losses and equalization, on December 31, 2025, undistributed net investment income (loss) was increased by $12,305,488, undistributed net realized gain was decreased by $14,997,769 and shares of beneficial interest was increased by $2,692,281. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1117834 | &nbsp;&nbsp;&nbsp; $32347216 | &nbsp;&nbsp;&nbsp; 1285869 | &nbsp;&nbsp;&nbsp; $35974233 |
| Class C | &nbsp;&nbsp;&nbsp; 50123 | &nbsp;&nbsp;&nbsp; 437973 | &nbsp;&nbsp;&nbsp; 56077 | &nbsp;&nbsp;&nbsp; 482603 |
| Class R | &nbsp;&nbsp;&nbsp; 364030 | &nbsp;&nbsp;&nbsp; 8655760 | &nbsp;&nbsp;&nbsp; 331697 | &nbsp;&nbsp;&nbsp; 7664175 |
| Class Y | &nbsp;&nbsp;&nbsp; 537978 | &nbsp;&nbsp;&nbsp; 16994218 | &nbsp;&nbsp;&nbsp; 931467 | &nbsp;&nbsp;&nbsp; 28995514 |
| Investor Class | &nbsp;&nbsp;&nbsp; 283871 | &nbsp;&nbsp;&nbsp; 8755107 | &nbsp;&nbsp;&nbsp; 460107 | &nbsp;&nbsp;&nbsp; 14361746 |
| Class R5 | &nbsp;&nbsp;&nbsp; 889478 | &nbsp;&nbsp;&nbsp; 33266595 | &nbsp;&nbsp;&nbsp; 1449705 | &nbsp;&nbsp;&nbsp; 52474115 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2860709 | &nbsp;&nbsp;&nbsp; 109392994 | &nbsp;&nbsp;&nbsp; 2833674 | &nbsp;&nbsp;&nbsp; 104677241 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1521444 | &nbsp;&nbsp;&nbsp; 42585215 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class C | &nbsp;&nbsp;&nbsp; 175092 | &nbsp;&nbsp;&nbsp; 1148604 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R | &nbsp;&nbsp;&nbsp; 228794 | &nbsp;&nbsp;&nbsp; 5182173 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 232887 | &nbsp;&nbsp;&nbsp; 7168253 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investor Class | &nbsp;&nbsp;&nbsp; 343845 | &nbsp;&nbsp;&nbsp; 10786413 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R5 | &nbsp;&nbsp;&nbsp; 848753 | &nbsp;&nbsp;&nbsp; 31709408 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 821986 | &nbsp;&nbsp;&nbsp; 31251922 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 20429 | &nbsp;&nbsp;&nbsp; 585454 | &nbsp;&nbsp;&nbsp; 29792 | &nbsp;&nbsp;&nbsp; 837407 |
| Class C | &nbsp;&nbsp;&nbsp; (66967)<br>| &nbsp;&nbsp;&nbsp; (585454)<br>| &nbsp;&nbsp;&nbsp; (95839)<br>| &nbsp;&nbsp;&nbsp; (837407)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3579686)<br>| &nbsp;&nbsp;&nbsp; (103750110)<br>| &nbsp;&nbsp;&nbsp; (4204748)<br>| &nbsp;&nbsp;&nbsp; (116477924)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (152125)<br>| &nbsp;&nbsp;&nbsp; (1315468)<br>| &nbsp;&nbsp;&nbsp; (146021)<br>| &nbsp;&nbsp;&nbsp; (1277463)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (766675)<br>| &nbsp;&nbsp;&nbsp; (18440087)<br>| &nbsp;&nbsp;&nbsp; (883222)<br>| &nbsp;&nbsp;&nbsp; (20213137)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1434179)<br>| &nbsp;&nbsp;&nbsp; (44264678)<br>| &nbsp;&nbsp;&nbsp; (1901340)<br>| &nbsp;&nbsp;&nbsp; (56601541)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (1115424)<br>| &nbsp;&nbsp;&nbsp; (35694240)<br>| &nbsp;&nbsp;&nbsp; (1081760)<br>| &nbsp;&nbsp;&nbsp; (33506398)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (5891965)<br>| &nbsp;&nbsp;&nbsp; (223152801)<br>| &nbsp;&nbsp;&nbsp; (5539214)<br>| &nbsp;&nbsp;&nbsp; (198000688)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (6458797)<br>| &nbsp;&nbsp;&nbsp; (255630232)<br>| &nbsp;&nbsp;&nbsp; (6524303)<br>| &nbsp;&nbsp;&nbsp; (236546038)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (9168565)<br>| &nbsp;&nbsp;&nbsp; $(342565765)<br>| &nbsp;&nbsp;&nbsp; (12998059)<br>| &nbsp;&nbsp;&nbsp; $(417993562)<br>|

---

<sup>(a)</sup> 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.

**13**

**Invesco Small Cap Growth Fund**

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**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Growth Series (Invesco Growth Series) and Shareholders of Invesco Small Cap Growth Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Small Cap Growth Fund (one of the funds constituting AIM Growth Series (Invesco Growth Series), referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

February 19, 2026

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

**14**

**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 advisers.

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

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $144610871 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 0.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 0.00% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

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

**15**

**Invesco Small Cap Growth Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco Small Cap Growth Fund**

------

![](img1d3037b91.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

SCG-NCSR

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

None.

------

Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, 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 Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

[(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.](Code_of_Ethics.htm)

(a)(2) Not applicable.

[(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### 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) <u>AIM Growth Series (Invesco Growth Series)</u>

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: March 5, 2026

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

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title: Principal Executive Officer

Date: March 5, 2026

By: <u>/s/ Adrien Deberghes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Adrien Deberghes

Title: Principal Financial Officer

Date: March 5, 2026

------

## Ex-99.Code

#### Exhibit 99.CODEETH

#### EXHIBIT (a)(1)

### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

---

| | |
|:---|:---|
| **Applicable To**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco Funds; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Invesco ETFs (together with the Invesco Funds, a "Fund," and collectively, the "Funds").  |
| **Risk Addressed by Policy**  | Ethics Violations by Principals  |
| **Relevant Law & Related Resources**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Investment Company Act of 1940; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Sarbanes-Oxley Act of 2002.  |
| **Date of Last Review**  | July 2025  |
| **Policy Inception Date**  | August 2003  |

---

I.  **<u>PURPOSE</u>** 

This Code of Ethics (the "Code") for the Invesco Funds and the Invesco ETFs applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

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

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

· compliance with applicable governmental laws, rules and regulations;

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

· accountability for adherence to the Code.

The Code shall be administered by the Chief Compliance Officer of the respective Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

------

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees<sup>2</sup> of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

II.  **<u>COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY</u>** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the respective Fund for which he/she serves to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

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

• observe both the form and spirit of laws and governmental rules and regulations and accounting standards;

• adhere to a high standard of business ethics; and

• place the interest of the Funds and its shareholders before the Covered Officer's own personal interests.

III.  **<u>COVERED OFFICERS SHOULD HANDLE ETHICAL, ACTUAL AND APPARENT CONFLICTS OF INTEREST</u>** 

**<u>Overview</u>. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.** 

------

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict-of-interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

• avoid conflicts of interest wherever possible;

• handle any actual or apparent conflict of interest ethically;

• not use his/her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

• not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

• not use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

• as described in more detail below, discuss any material transactions or relationship that could reasonably be expected to give rise to a conflict of interest with the applicable Chief Compliance Officer.

------

Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Funds or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

• service or significant business relationships as a trustee/director on the board of any public or private company;

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

• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership.

IV.  **<u>DISCLOSURE AND COMPLIANCE</u>** 

Each Covered Officer should:

• familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

• not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

• to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V.  **<u>REPORTING AND ACCOUNTABILITY</u>** 

Each Covered Officer must:

• upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that he/she has received, read and understands the Code;

• annually thereafter, affirm to the Chief Compliance Officers that he/she has complied with the requirements of the Code;

------

• not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

• notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure to do so is itself a violation of this Code.

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

• the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

• if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

• any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant Trust's Audit Committee;

• if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

• the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as appropriate; and

• any changes to, or waivers of, this Code will, to the extent required, be disclosed as provided by SEC rules.

VI.  **<u>OTHER POLICIES AND PROCEDURES</u>** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII.  **<u>AMENDMENTS</u>** 

------

These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee or other applicable committee of the Board or to the Board at the next scheduled in-person meeting of the committee or Board.

VIII.  **<u>CONFIDENTIALITY</u>** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

IX.  **<u>INTERNAL USE</u>** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

------

#### EXHIBIT A
Persons Covered by this Code of Ethics:

• **Invesco Funds** 

• President and Principal Executive Officer - Glenn Brightman

• Treasurer and Principal Financial Officer - Adrian Deberghes

• **Invesco ETFs** 

• President and Principal Executive Officer — Brian Hartigan

• Treasurer and Principal Financial Officer — Kelli Gallegos

<sup>1</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Securities Exchange Act of 1934, of the registrant."<br>

<sup>2</sup> Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

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

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

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

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

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

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

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

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

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp; March 5, 2026</u> <u>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer

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#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

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

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

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

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

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

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

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

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

Date:<u>March 5, 2026</u> <u>/s/ Adrien Deberghes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adrien Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Growth Series (Invesco Growth Series) on Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

---

| | |
|:---|:---|
| Date: March 5, 2026  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

---

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#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Growth Series (Invesco Growth Series) on Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

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

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

---

| | |
|:---|:---|
| Date: March 5, 2026  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------