# EDGAR Filing Document

**Accession Number:** 0000202032
**File Stem:** 0000202032-25-000004
**Filing Date:** 2025-8
**Character Count:** 1633589
**Document Hash:** f7027a4064a72c538e82a8671dc088c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000202032-25-000004.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000202032-25-000004

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 104

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02699
- **FILM NUMBER:** 251259725

**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'? 8dde14f746d8871

#### 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:
June 30, 2025

Item 1. Reports to Stockholders.

(a) The Registrant's semi-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_2563.jpg)

### Invesco Active Allocation Fund

### Class A: OAAAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $24 | 0.46% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1943269971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![](chartimages_9497192.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_2562.jpg)

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

O-OPSAA-SAR-AInvesco Active Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco Active Allocation Fund

### Class C: OAACX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $63 | 1.22% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1943269971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497191.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_2562.jpg)

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

O-OPSAA-SAR-C Invesco Active Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco Active Allocation Fund

### Class R: OAANX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $37 | 0.72% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1943269971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497190.jpg)

### Where Can I Find Mo re 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_2562.jpg)

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

O-OPSAA-SAR-R Invesco Active Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco Active Allocation Fund

### Class Y: OAAYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $11 | 0.22% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1943269971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497201.jpg)

### Where Can I Find Mo re 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_2562.jpg)

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

O-OPSAA-SAR-Y Invesco Active Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco Active Allocation Fund

### Class R5: PAAJX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $7 | 0.14% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1943269971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497200.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_2562.jpg)

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

O-OPSAA-SAR-R5 Invesco Active Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco Active Allocation Fund

### Class R6: PAAQX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $7 | 0.13% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1943269971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised Th e Fu nd's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497199.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_2562.jpg)

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

O-OPSAA-SAR-R6 Invesco Active Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco Convertible Securities Fund

### Class A: CNSAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $49 | 0.96% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$721319799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series L, Conv. Pfd., 7.25% | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), Conv. Pfd., 6.00% | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Conv., 0.63%, 09/15/2027 | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower OP LLC, Conv., 3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., Conv., 5.75%, 12/01/2027 | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The), Conv., 4.50%, 06/15/2027 | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seagate HDD Cayman, Conv., 3.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., Conv. Pfd., 6.75%, 07/31/2026 | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497218.jpg)

### Where Can I Find More Infor m ation?
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_2562.jpg)

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

MS-CSEC-SAR-A Invesco Convertible Securities Fund

![TSR_logo](images_2563.jpg)

### Invesco Convertible Securities Fund

### Class C: CNSCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $88 | 1.71% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$721319799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series L, Conv. Pfd., 7.25% | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), Conv. Pfd., 6.00% | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Conv., 0.63%, 09/15/2027 | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower OP LLC, Conv., 3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., Conv., 5.75%, 12/01/2027 | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The), Conv., 4.50%, 06/15/2027 | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seagate HDD Cayman, Conv., 3.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., Conv. Pfd., 6.75%, 07/31/2026 | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497217.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_2562.jpg)

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

MS-CSEC-SAR-C Invesco Convertible Securities Fund

![TSR_logo](images_2563.jpg)

### Invesco Convertible Securities Fund

### Class Y: CNSDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $36 | 0.71% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$721319799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series L, Conv. Pfd., 7.25% | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), Conv. Pfd., 6.00% | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Conv., 0.63%, 09/15/2027 | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower OP LLC, Conv., 3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., Conv., 5.75%, 12/01/2027 | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The), Conv., 4.50%, 06/15/2027 | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seagate HDD Cayman, Conv., 3.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., Conv. Pfd., 6.75%, 07/31/2026 | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497144.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_2562.jpg)

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

MS-CSEC-SAR-Y Invesco Convertible Securities Fund

![TSR_logo](images_2563.jpg)

### Invesco Convertible Securities Fund

### Class R5: CNSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $34 | 0.67% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$721319799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series L, Conv. Pfd., 7.25% | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), Conv. Pfd., 6.00% | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Conv., 0.63%, 09/15/2027 | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower OP LLC, Conv., 3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., Conv., 5.75%, 12/01/2027 | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The), Conv., 4.50%, 06/15/2027 | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seagate HDD Cayman, Conv., 3.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., Conv. Pfd., 6.75%, 07/31/2026 | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497143.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_2562.jpg)

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

MS-CSEC-SAR-R5Invesco Convertible Securities Fund

![TSR_logo](images_2563.jpg)

### Invesco Convertible Securities Fund

### Class R6: CNSFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $31 | 0.60% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$721319799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series L, Conv. Pfd., 7.25% | &nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boeing Co. (The), Conv. Pfd., 6.00% | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Conv., 0.63%, 09/15/2027 | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028 | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower OP LLC, Conv., 3.13%, 07/15/2029 | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., Conv., 5.75%, 12/01/2027 | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The), Conv., 4.50%, 06/15/2027 | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seagate HDD Cayman, Conv., 3.50%, 06/01/2028 | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc., Conv. Pfd., 6.75%, 07/31/2026 | &nbsp;&nbsp;&nbsp;1.53% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497142.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_2562.jpg)

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

MS-CSEC-SAR-R6Invesco Convertible Securities Fund

![TSR_logo](images_2563.jpg)

### Invesco Income Allocation Fund

### Class A: ALAAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $23 | 0.45% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323070237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497157.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_2562.jpg)

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

INCAL-SAR-A Invesco Income Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco Income Allocation Fund

### Class C: CLIAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $61 | 1.20% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323070237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497156.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_2562.jpg)

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

INCAL-SAR-C Invesco Income Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco Income Allocation Fund

### Class R: RLIAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $36 | 0.70% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323070237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497155.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_2562.jpg)

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

INCAL-SAR-R Invesco Income Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco Income Allocation Fund

### Class Y: ALAYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $10 | 0.20% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323070237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497154.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_2562.jpg)

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

INCAL-SAR-Y Invesco Income Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco Income Allocation Fund

### Class R5: ILAAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $8 | 0.16% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323070237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497165.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_2562.jpg)

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

INCAL-SAR-R5 Invesco Income Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco Income Allocation Fund

### Class R6: IIASX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $5 | 0.09% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$323070237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497164.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_2562.jpg)

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

INCAL-SAR-R6 Invesco Income Allocation Fund

![TSR_logo](images_2563.jpg)

### Invesco International Diversified Fund

### Class A: OIDAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $23 | 0.44% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1527406554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Portfolio composition** 

**(% of total investments)**

---

| | |
|:---|:---|
| Invesco International Small-Mid Company Fund, Class R6 | 30.23% |
| Invesco EQV International Equity Fund, Class R6 | 24.99 |
| Invesco Oppenheimer International Growth Fund, Class R6 | 24.88 |
| Invesco Developing Markets Fund, Class R6 | 19.90 |
| Invesco International Growth Focus ETF | 0.00 |

---

### 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_2562.jpg)

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

O-IDIV-SAR-A Invesco International Diversified Fund

![TSR_logo](images_2563.jpg)

### Invesco International Diversified Fund

### Class C: OIDCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $63 | 1.19% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1527406554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Portfolio composition** 

**(% of total investments)**

---

| | |
|:---|:---|
| Invesco International Small-Mid Company Fund, Class R6 | 30.23% |
| Invesco EQV International Equity Fund, Class R6 | 24.99 |
| Invesco Oppenheimer International Growth Fund, Class R6 | 24.88 |
| Invesco Developing Markets Fund, Class R6 | 19.90 |
| Invesco International Growth Focus ETF | 0.00 |

---

### 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_2562.jpg)

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

O-IDIV-SAR-C Invesco International Diversified Fund

![TSR_logo](images_2563.jpg)

### Invesco International Diversified Fund

### Class R: OIDNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $37 | 0.69% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1527406554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Portfolio composition** 

**(% of total investments)**

---

| | |
|:---|:---|
| Invesco International Small-Mid Company Fund, Class R6 | 30.23% |
| Invesco EQV International Equity Fund, Class R6 | 24.99 |
| Invesco Oppenheimer International Growth Fund, Class R6 | 24.88 |
| Invesco Developing Markets Fund, Class R6 | 19.90 |
| Invesco International Growth Focus ETF | 0.00 |

---

### 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_2562.jpg)

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

O-IDIV-SAR-R Invesco International Diversified Fund

![TSR_logo](images_2563.jpg)

### Invesco International Diversified Fund

### Class Y: OIDYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $10 | 0.19% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1527406554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Portfolio composition** 

**(% of total investments)**

---

| | |
|:---|:---|
| Invesco International Small-Mid Company Fund, Class R6 | 30.23% |
| Invesco EQV International Equity Fund, Class R6 | 24.99 |
| Invesco Oppenheimer International Growth Fund, Class R6 | 24.88 |
| Invesco Developing Markets Fund, Class R6 | 19.90 |
| Invesco International Growth Focus ETF | 0.00 |

---

### 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_2562.jpg)

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

O-IDIV-SAR-Y Invesco International Diversified Fund

![TSR_logo](images_2563.jpg)

### Invesco International Diversified Fund

### Class R5: INDFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $7 | 0.13% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1527406554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Portfolio composition** 

**(% of total investments)**

---

| | |
|:---|:---|
| Invesco International Small-Mid Company Fund, Class R6 | 30.23% |
| Invesco EQV International Equity Fund, Class R6 | 24.99 |
| Invesco Oppenheimer International Growth Fund, Class R6 | 24.88 |
| Invesco Developing Markets Fund, Class R6 | 19.90 |
| Invesco International Growth Focus ETF | 0.00 |

---

### 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_2562.jpg)

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

O-IDIV-SAR-R5 Invesco International Diversified Fund

![TSR_logo](images_2563.jpg)

### Invesco International Diversified Fund

### Class R6: OIDIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $3 | 0.06% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1527406554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Portfolio composition** 

**(% of total investments)**

---

| | |
|:---|:---|
| Invesco International Small-Mid Company Fund, Class R6 | 30.23% |
| Invesco EQV International Equity Fund, Class R6 | 24.99 |
| Invesco Oppenheimer International Growth Fund, Class R6 | 24.88 |
| Invesco Developing Markets Fund, Class R6 | 19.90 |
| Invesco International Growth Focus ETF | 0.00 |

---

### 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_2562.jpg)

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

O-IDIV-SAR-R6 Invesco International Diversified Fund

![TSR_logo](images_2563.jpg)

### Invesco Main Street Mid Cap Fund®

### Class A: OPMSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $53 | 1.05% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2504129039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comp rise d The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.45% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497180.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_2562.jpg)

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

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

![TSR_logo](images_2563.jpg)

### Invesco Main Street Mid Cap Fund®

### Class C: OPMCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $91 | 1.81% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2504129039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.45% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497179.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_2562.jpg)

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

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

![TSR_logo](images_2563.jpg)

### Invesco Main Street Mid Cap Fund®

### Class R: OPMNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $66 | 1.31% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2504129039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.45% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497178.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_2562.jpg)

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

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

![TSR_logo](images_2563.jpg)

### Invesco Main Street Mid Cap Fund®

### Class Y: OPMYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $41 | 0.81% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2504129039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.45% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497189.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_2562.jpg)

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

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

![TSR_logo](images_2563.jpg)

### Invesco Main Street Mid Cap Fund®

### Class R5: MSMJX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $38 | 0.75% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2504129039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Com p rised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.45% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497188.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_2562.jpg)

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

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

![TSR_logo](images_2563.jpg)

### Invesco Main Street Mid Cap Fund®

### Class R6: OPMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $34 | 0.68% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2504129039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;1.45% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497187.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_2562.jpg)

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

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

![TSR_logo](images_2563.jpg)

### Invesco Main Street Small Cap Fund®

### Class A: OSCAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $53 | 1.07% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2043115233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.52% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497186.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_2562.jpg)

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

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

![TSR_logo](images_2563.jpg)

### Invesco Main Street Small Cap Fund®

### Class C: OSCCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $91 | 1.82% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2043115233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.52% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497185.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_2562.jpg)

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

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

![TSR_logo](images_2563.jpg)

### Invesco Main Street Small Cap Fund®

### Class R: OSCNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $66 | 1.32% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2043115233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.52% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497184.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_2562.jpg)

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

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

![TSR_logo](images_2563.jpg)

### Invesco Main Street Small Cap Fund®

### Class Y: OSCYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $41 | 0.82% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2043115233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.52% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497195.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_2562.jpg)

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

O-MSS-SAR-Y Invesco Main Street Small Cap Fund®

![TSR_logo](images_2563.jpg)

### Invesco Main Street Small Cap Fund®

### Class R5: MNSQX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $38 | 0.76% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2043115233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.52% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497194.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_2562.jpg)

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

O-MSS-SAR-R5 Invesco Main Street Small Cap Fund®

![TSR_logo](images_2563.jpg)

### Invesco Main Street Small Cap Fund®

### Class R6: OSSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $34 | 0.69% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2043115233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc. | &nbsp;&nbsp;&nbsp;2.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;1.52% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497193.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_2562.jpg)

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

O-MSS-SAR-R6 Invesco Main Street Small Cap Fund®

![TSR_logo](images_2563.jpg)

### Invesco Quality Income Fund

### Class A: VKMGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $45 | 0.89%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$510961063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;172% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 3.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;2.01% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![](chartimages_9497163.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_2562.jpg)

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

VK-QINC-SAR-A Invesco Quality Income Fund

![TSR_logo](images_2563.jpg)

### Invesco Quality Income Fund

### Class C: VUSCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $83 | 1.65%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$510961063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;172% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 3.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;2.01% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![](chartimages_9497162.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_2562.jpg)

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

VK-QINC-SAR-CInvesco Quality Income Fund

![TSR_logo](images_2563.jpg)

### Invesco Quality Income Fund

### Class R: VUSRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $58 | 1.15%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$510961063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;172% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 3.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;2.01% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![](chartimages_9497170.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_2562.jpg)

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

VK-QINC-SAR-RInvesco Quality Income Fund

![TSR_logo](images_2563.jpg)

### Invesco Quality Income Fund

### Class Y: VUSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $33 | 0.65%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$510961063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;172% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 3.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;2.01% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![](chartimages_9497161.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_2562.jpg)

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

VK-QINC-SAR-YInvesco Quality Income Fund

![TSR_logo](images_2563.jpg)

### Invesco Quality Income Fund

### Class R5: VUSJX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $31 | 0.61% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$510961063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;172% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 3.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;2.01% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![](chartimages_9497160.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_2562.jpg)

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

VK-QINC-SAR-R5Invesco Quality Income Fund

![TSR_logo](images_2563.jpg)

### Invesco Quality Income Fund

### Class R6: VUSSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $27 | 0.54% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$510961063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;172% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 2.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 3.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Government National Mortgage Association, TBA, 5.00%, 07/01/2055 | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 | &nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp;2.01% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of total investments)**

![](chartimages_9497171.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_2562.jpg)

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

VK-QINC-SAR-R6Invesco Quality Income Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Conservative Investor Fund

### Class A: OACIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $21 | 0.41% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$360026538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497198.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_2562.jpg)

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

O-OPSCI-SAR-A Invesco Select Risk: Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Conservative Investor Fund

### Class C: OCCIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $59 | 1.17% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$360026538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497197.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_2562.jpg)

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

O-OPSCI-SAR-C Invesco Select Risk: Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Conservative Investor Fund

### Class R: ONCIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $34 | 0.67% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$360026538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497196.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_2562.jpg)

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

O-OPSCI-SAR-R Invesco Select Risk: Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Conservative Investor Fund

### Class Y: OYCIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $9 | 0.17% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$360026538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497207.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_2562.jpg)

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

O-OPSCI-SAR-Y Invesco Select Risk: Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Conservative Investor Fund

### Class R5: PXCIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $4 | 0.07% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$360026538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497206.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_2562.jpg)

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

O-OPSCI-SAR-R5 Invesco Select Risk: Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Conservative Investor Fund

### Class R6: PXCCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $4 | 0.07% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$360026538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497205.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_2562.jpg)

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

O-OPSCI-SAR-R6 Invesco Select Risk: Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class A: AADAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $22 | 0.42% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008822183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497152.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_2562.jpg)

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

GAL-SAR-A Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class C: AADCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $60 | 1.17% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008822183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497151.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_2562.jpg)

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

GAL-SAR-C Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class R: AADRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $34 | 0.67% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008822183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497150.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_2562.jpg)

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

GAL-SAR-R Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class S: AADSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $16 | 0.32% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008822183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497158.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_2562.jpg)

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

GAL-SAR-S Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class Y: AADYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $9 | 0.17% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008822183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497149.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_2562.jpg)

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

GAL-SAR-Y Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class R5: AADIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $7 | 0.14% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008822183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497148.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_2562.jpg)

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

GAL-SAR-R5 Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Growth Investor Fund

### Class R6: AAESX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $3 | 0.06% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1008822183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497159.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_2562.jpg)

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

GAL-SAR-R6 Invesco Select Risk: Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: High Growth Investor Fund

### Class A: OAAIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $18 | 0.35%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$852504683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497204.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_2562.jpg)

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

O-OPSGI-SAR-A Invesco Select Risk: High Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: High Growth Investor Fund

### Class C: OCAIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $57 | 1.11%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$852504683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497203.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_2562.jpg)

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

O-OPSGI-SAR-C Invesco Select Risk: High Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: High Growth Investor Fund

### Class R: ONAIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $31 | 0.61%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$852504683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497202.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_2562.jpg)

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

O-OPSGI-SAR-R Invesco Select Risk: High Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: High Growth Investor Fund

### Class Y: OYAIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $6 | 0.11%† |

---

*\** Annualized. <br> † Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$852504683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497213.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_2562.jpg)

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

O-OPSGI-SAR-Y Invesco Select Risk: High Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: High Growth Investor Fund

### Class R5: PXQIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $3 | 0.06% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$852504683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497125.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_2562.jpg)

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

O-OPSGI-SAR-R5 Invesco Select Risk: High Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: High Growth Investor Fund

### Class R6: PXGGX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $3 | 0.06% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$852504683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497124.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_2562.jpg)

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

O-OPSGI-SAR-R6 Invesco Select Risk: High Growth Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class A: OAMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $18 | 0.36% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1818400645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497135.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_2562.jpg)

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

O-OPSMI-SAR-A Invesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class C: OCMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $57 | 1.12% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1818400645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497134.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_2562.jpg)

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

O-OPSMI-SAR-C Invesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class R: ONMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $32 | 0.62% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1818400645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497133.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_2562.jpg)

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

O-OPSMI-SAR-R Invesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class S: PXMSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $14 | 0.27% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1818400645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497126.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_2562.jpg)

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

O-OPSMI-SAR-S Invesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class Y: OYMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $6 | 0.12% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1818400645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497132.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_2562.jpg)

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

O-OPSMI-SAR-Y Invesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class R5: PXMQX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $6 | 0.12% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1818400645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497131.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_2562.jpg)

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

O-OPSMI-SAR-R5 Invesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderate Investor Fund

### Class R6: PXMMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $3 | 0.05% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1818400645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497130.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_2562.jpg)

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

O-OPSMI-SAR-R6 Invesco Select Risk: Moderate Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class A: CAAMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $23 | 0.45% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$268289135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497231.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_2562.jpg)

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

CAL-SAR-A Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class C: CACMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $61 | 1.20% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$268289135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497212.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_2562.jpg)

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

CAL-SAR-C Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class R: CMARX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $36 | 0.70% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$268289135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497211.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_2562.jpg)

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

CAL-SAR-R Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class S: CMASX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $18 | 0.35% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$268289135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497219.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_2562.jpg)

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

CAL-SAR-S Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class Y: CAAYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $10 | 0.20% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$268289135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497210.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_2562.jpg)

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

CAL-SAR-Y Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class R5: CMAIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $10 | 0.19% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$268289135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497209.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_2562.jpg)

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

CAL-SAR-R5Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Select Risk: Moderately Conservative Investor Fund

### Class R6: CNSSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $7 | 0.13% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$268289135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Asset allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497208.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_2562.jpg)

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

CAL-SAR-R6 Invesco Select Risk: Moderately Conservative Investor Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Growth Fund

### Class A: GTSAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $58 | 1.19% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1758222104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A | &nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497169.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_2562.jpg)

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

SCG-SAR-A Invesco Small Cap Growth Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Growth Fund

### Class C: GTSDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $93 | 1.92% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1758222104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A | &nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497168.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_2562.jpg)

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

SCG-SAR-C Invesco Small Cap Growth Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Growth Fund

### Class R: GTSRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $70 | 1.44% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1758222104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A | &nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497167.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_2562.jpg)

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

SCG-SAR-R Invesco Small Cap Growth Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Growth Fund

### Class Y: GTSYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $46 | 0.94% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1758222104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A | &nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497166.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_2562.jpg)

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

SCG-SAR-Y Invesco Small Cap Growth Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Growth Fund

### Investor Class: GTSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $55 | 1.13% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1758222104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A | &nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497177.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_2562.jpg)

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

SCG-SAR-INV Invesco Small Cap Growth Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Growth Fund

### Class R5: GTSVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $41 | 0.83% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1758222104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A | &nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497176.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_2562.jpg)

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

SCG-SAR-R5 Invesco Small Cap Growth Fund

![TSR_logo](images_2563.jpg)

### Invesco Small Cap Growth Fund

### Class R6: GTSFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the "Fund") for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>invesco.com/reports</u>. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Six Months ?
(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) | $37 | 0.76% |

---

*\** Annualized.

### What Are Key Statistics About The Fund?
(as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1758222104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

### What Comprised The Fund's Holdings?
(as of June 30, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc. | &nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A | &nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9497175.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_2562.jpg)

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

SCG-SAR-R6 Invesco Small Cap Growth Fund

------

(b) Not applicable.

------

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

------

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

------

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

------

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.

------

![](img6cdc2c4e1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Active Allocation Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_86cff6e2-42b4-419f-9729-abcf4482becb_SOI-Continued-709_1) | Schedule of Investments |
| [6](#xx_86cff6e2-42b4-419f-9729-abcf4482becb_FS-Continued-709_1) | Financial Statements |
| [9](#xx_86cff6e2-42b4-419f-9729-abcf4482becb_FS-Continued-709_4) | Financial Highlights |
| [10](#xx_86cff6e2-42b4-419f-9729-abcf4482becb_NTF-Continued-709_1) | Notes to Financial Statements |
| [19](#xx_86cff6e2-42b4-419f-9729-abcf4482becb_AOC-Continued-709_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [21](#xx_86cff6e2-42b4-419f-9729-abcf4482becb_OIRSR-Continued-709_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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–99.84%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**06/30/25**<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>**06/30/25**<br>| **Value** <br>**06/30/25**<br>|
| **Alternative Funds–1.95%** | **Alternative Funds–1.95%** | **Alternative Funds–1.95%** | **Alternative Funds–1.95%** | **Alternative Funds–1.95%** | **Alternative Funds–1.95%** | **Alternative Funds–1.95%** | **Alternative Funds–1.95%** | **Alternative Funds–1.95%** | **Alternative Funds–1.95%** |
| Invesco Global Real Estate Income Fund, <br> Class R6<br>| 1.95<br> %<br>| $45278775 | $725454 | $(8662155)<br>| $1351394 | $(844520)<br>| $725454 | 4661200 | $37848948 |
| Invesco Macro Allocation Strategy Fund, <br> Class R6<br>|  | 46153483 | 414063 | (46995150)<br>| 7973637 | (7546033)<br>| 414063 |  |  |
| Total Alternative Funds |  | 91432258 | 1139517 | (55657305)<br>| 9325031 | (8390553)<br>| 1139517 |  | 37848948 |
| **Domestic Equity Funds–56.46%** | **Domestic Equity Funds–56.46%** | **Domestic Equity Funds–56.46%** | **Domestic Equity Funds–56.46%** | **Domestic Equity Funds–56.46%** | **Domestic Equity Funds–56.46%** | **Domestic Equity Funds–56.46%** | **Domestic Equity Funds–56.46%** | **Domestic Equity Funds–56.46%** | **Domestic Equity Funds–56.46%** |
| Invesco Discovery Mid Cap Growth Fund, <br> Class R6<br>| 6.72<br> %<br>| 109714684 | 19216370 | (6383692)<br>| 8188601 | (238264)<br>|  | 3639088 | 130497699 |
| Invesco Main Street Small Cap Fund, <br> Class R6<br>| 6.28<br> %<br>| 110878231 | 13589453 | (6117699)<br>| 3914211 | (166119)<br>|  | 5404961 | 122098077 |
| Invesco NASDAQ 100 ETF<sup>(b)</sup> <br>| 13.02<br> %<br>| 195290865 | 58785829 | (24883927)<br>| 21632414 | 2161948 | 641857 | 1113990 | 252987129 |
| Invesco Russell 1000<sup>®</sup> Dynamic <br> Multifactor ETF<br>| 13.82<br> %<br>| 265360134 | 32673856 | (49576830)<br>| 14809107 | 5234100 | 962419 | 4646943 | 268500367 |
| Invesco S&P 500 Revenue ETF | 11.33<br> %<br>|  | 218341987 | (3927603)<br>| 5857909 | (30272)<br>| 1424547 | 2111823 | 220242021 |
| 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>| 5.29<br> %<br>| 91850678 | 11976159 | (6790570)<br>| 5904455 | (113299)<br>|  | 4525855 | 102827423 |
| Total Domestic Equity Funds |  | 939002329 | 395095916 | (302940184)<br>| 49014451 | 16980204 | 3100919 |  | 1097152716 |
| **Fixed Income Funds–17.89%** | **Fixed Income Funds–17.89%** | **Fixed Income Funds–17.89%** | **Fixed Income Funds–17.89%** | **Fixed Income Funds–17.89%** | **Fixed Income Funds–17.89%** | **Fixed Income Funds–17.89%** | **Fixed Income Funds–17.89%** | **Fixed Income Funds–17.89%** | **Fixed Income Funds–17.89%** |
| Invesco Core Bond Fund, Class R6 | 8.85<br> %<br>| 196713917 | 10350101 | (37159881)<br>| 2394535 | (215986)<br>| 4188476 | 30403301 | 172082686 |
| Invesco Core Plus Bond Fund, Class R6 | 4.73<br> %<br>| 94717141 | 5362595 | (9274777)<br>| 3517060 | (2484796)<br>| 2261104 | 9971468 | 91837223 |
| Invesco Dynamic Credit Opportunity Fund, <br> Class R6<br>| 0.14<br> %<br>|  | 2672680 |  | 22027 |  | 110279 | 251138 | 2694707 |
| Invesco Emerging Markets Sovereign Debt <br> ETF<br>| 0.34<br> %<br>| 11506025 |  | (4956537)<br>| 338527 | (338034)<br>| 294801 | 320606 | 6549981 |
| Invesco Equal Weight 0-30 Year Treasury <br> ETF<br>|  | 48867402 |  | (48884121)<br>| 7451144 | (7434425)<br>| 454613 |  |  |
| Invesco Floating Rate ESG Fund, Class R6 | 0.93<br> %<br>| 24480143 | 927821 | (6695964)<br>| (221719)<br>| (374130)<br>| 927766 | 2765825 | 18116151 |
| Invesco High Yield Fund, Class R6 | 1.39<br> %<br>| 23923978 | 3016149 |  | 91949 |  | 869344 | 7636180 | 27032076 |
| Invesco Variable Rate Investment Grade <br> ETF<br>| 1.51<br> %<br>| 41952925 |  | (12473678)<br>| (69747)<br>| (99221)<br>| 899927 | 1170071 | 29310279 |
| Total Fixed Income Funds |  | 442161531 | 22329346 | (119444958)<br>| 13523776 | (10946592)<br>| 10006310 |  | 347623103 |
| **International and Global Equity Funds–22.98%** | **International and Global Equity Funds–22.98%** | **International and Global Equity Funds–22.98%** | **International and Global Equity Funds–22.98%** | **International and Global Equity Funds–22.98%** | **International and Global Equity Funds–22.98%** | **International and Global Equity Funds–22.98%** | **International and Global Equity Funds–22.98%** | **International and Global Equity Funds–22.98%** | **International and Global Equity Funds–22.98%** |
| Invesco EQV Emerging Markets All Cap <br> Fund, Class R6<br>| 1.71<br> %<br>| 26953420 | 2610347 |  | 3689889 |  |  | 912559 | 33253656 |
| Invesco Developing Markets Fund, <br> Class R6<br>| 0.60<br> %<br>| 22274183 |  | (11104522)<br>| (5962108)<br>| 6437430 |  | 275425 | 11644983 |
| Invesco Global Fund, Class R6 | 8.15<br> %<br>| 135280248 | 14728062 | (5478692)<br>| 13931060 | (17391)<br>|  | 1518820 | 158443287 |
| Invesco Global Infrastructure Fund, <br> Class R6<br>|  | 19345651 | 2109009 | (19770572)<br>| (2214341)<br>| 2587293 | 51969 |  |  |
| Invesco International Developed Dynamic <br> Multifactor ETF<sup>(b)</sup> <br>| 3.17<br> %<br>| 52046073 | 5040119 | (5205416)<br>| 9703930 | 15805 | 793834 | 2225452 | 61600511 |
| Invesco International Small-Mid Company <br> Fund, Class R6<br>| 4.35<br> %<br>| 73180712 | 5467778 | (8168233)<br>| 14726374 | (767442)<br>|  | 1960055 | 84439189 |
| Invesco Oppenheimer International <br> Growth Fund, Class R6<br>| 1.41<br> %<br>| 22400524 | 1820327 |  | 3197632 |  |  | 770399 | 27418483 |
| Invesco RAFI Developed Markets ex-U.S. <br> ETF<br>| 3.59<br> %<br>| 61610150 | 8059382 | (12563299)<br>| 11811345 | 890040 | 1394099 | 1215737 | 69807618 |
| Total International and Global Equity <br> Funds<br>|  | 413090961 | 39835024 | (62290734)<br>| 48883781 | 9145735 | 2239902 |  | 446607727 |

---

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–99.84%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.84%**<sup>(a)</sup> |
|  | **% of**<br> **Net**<br> **Assets**<br> **06/30/25**<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> **06/30/25**<br>| **Value**<br> **06/30/25**<br>|
| **Money Market Funds–0.56%** | **Money Market Funds–0.56%** | **Money Market Funds–0.56%** | **Money Market Funds–0.56%** | **Money Market Funds–0.56%** | **Money Market Funds–0.56%** | **Money Market Funds–0.56%** | **Money Market Funds–0.56%** | **Money Market Funds–0.56%** | **Money Market Funds–0.56%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)</sup> <br>| 0.20<br> %<br>| $2201254 | $52037389 | $(50403488)<br>| $— | $— | $74130 | 3835156 | $3835155 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)</sup> <br>| 0.36<br> %<br>| 4087929 | 96640866 | (93606479)<br>|  |  | 136660 | 7122316 | 7122316 |
| Total Money Market Funds |  | 6289183 | 148678255 | (144009967)<br>|  |  | 210790 |  | 10957471 |
| TOTAL INVESTMENTS IN AFFILIATED <br> ISSUERS (excluding investments <br> purchased with cash collateral from <br> securities on loan) <br>(Cost $1,547,148,692)<br>| 99.84<br> %<br>| 1891976262 | 607078058 | (684343148)<br>| 120747039 | 6788794 | 16697438 |  | 1940189965 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **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, <br> 4.34%<sup>(c)(d)</sup> <br>| 0.02<br> %<br>| 2899632 | 146750142 | (149281624)<br>|  |  | 61636 <br><sup>(e)</sup><br>| 368150 | 368150 |
| Invesco Private Prime Fund, 4.49%<sup>(c)(d)</sup> <br>| 0.05<br> %<br>| 7484757 | 295428304 | (301979386)<br>| 66 | (127)<br>| 150473 <br><sup>(e)</sup><br>| 933334 | 933614 |
| Total Investments Purchased with Cash <br> Collateral from Securities on Loan <br>(Cost $1,301,698)<br>| 0.07<br> %<br>| 10384389 | 442178446 | (451261010)<br>| 66 | (127)<br>| 212109 |  | 1301764 |
| TOTAL INVESTMENTS IN AFFILIATED <br> ISSUERS (Cost $1,548,450,390) <br>| 99.91<br> %<br>| $1902360651 | $1049256504 | $(1135604158)<br>| $120747105 | $6788667 <br><sup>(f)</sup><br>| $16909547 |  | $1941491729 |
| OTHER ASSETS LESS LIABILITIES | 0.09<br> %<br>|  |  |  |  |  |  |  | 1778242 |
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $1943269971 |

---

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> All or a portion of this security was out on loan at June 30, 2025.

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(d)</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>(e)</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>(f)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Global Infrastructure Fund | $2057040 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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> &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 10 Year Notes | &nbsp;&nbsp;&nbsp; 445 | September-2025 | &nbsp;&nbsp;&nbsp; $49895625 | &nbsp;&nbsp;&nbsp; $997030 | &nbsp;&nbsp;&nbsp; $997030 |
| **Short Futures Contracts** |  |  |  |  |  |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| E-Mini S&P 500 Index | &nbsp;&nbsp;&nbsp; 10 | September-2025 | &nbsp;&nbsp;&nbsp; (3126875)<br>| &nbsp;&nbsp;&nbsp; (110843)<br>| &nbsp;&nbsp;&nbsp; (110843)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 160 | September-2025 | &nbsp;&nbsp;&nbsp; (9868000)<br>| &nbsp;&nbsp;&nbsp; (203451)<br>| &nbsp;&nbsp;&nbsp; (203451)<br>|
| Nikkei 225 Index | &nbsp;&nbsp;&nbsp; 1 | September-2025 | &nbsp;&nbsp;&nbsp; (281310)<br>| &nbsp;&nbsp;&nbsp; (17142)<br>| &nbsp;&nbsp;&nbsp; (17142)<br>|
| S&P/TSX 60 Index | &nbsp;&nbsp;&nbsp; 1 | September-2025 | &nbsp;&nbsp;&nbsp; (234992)<br>| &nbsp;&nbsp;&nbsp; (3071)<br>| &nbsp;&nbsp;&nbsp; (3071)<br>|
| SPI 200 Index | &nbsp;&nbsp;&nbsp; 1 | September-2025 | &nbsp;&nbsp;&nbsp; (140466)<br>| &nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp; 279 |
| STOXX Europe 600 Index | &nbsp;&nbsp;&nbsp; 27 | September-2025 | &nbsp;&nbsp;&nbsp; (862860)<br>| &nbsp;&nbsp;&nbsp; 8373 | &nbsp;&nbsp;&nbsp; 8373 |
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (325855)<br>| &nbsp;&nbsp;&nbsp; (325855)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $671175 | &nbsp;&nbsp;&nbsp; $671175 |

---

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

**3**

**Invesco Active Allocation Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Futures contracts collateralized by $1,688,389 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** |  |  |  |  |  |  |
| 09/17/2025 | Barclays Bank PLC | USD | 1159050 | CHF | 930000 | &nbsp;&nbsp;&nbsp; $24352 |
| 09/17/2025 | Barclays Bank PLC | USD | 52513 | DKK | 340000 | &nbsp;&nbsp;&nbsp; 1476 |
| 09/17/2025 | Deutsche Bank AG | PHP | 277080000 | USD | 4953961 | &nbsp;&nbsp;&nbsp; 42001 |
| 09/17/2025 | Deutsche Bank AG | USD | 11281070 | AUD | 17250000 | &nbsp;&nbsp;&nbsp; 90011 |
| 09/17/2025 | Deutsche Bank AG | USD | 768738 | CNY | 5475000 | &nbsp;&nbsp;&nbsp; 924 |
| 09/17/2025 | Deutsche Bank AG | USD | 5641440 | IDR | 92367300000 | &nbsp;&nbsp;&nbsp; 62358 |
| 09/17/2025 | Deutsche Bank AG | USD | 10343488 | INR | 890565000 | &nbsp;&nbsp;&nbsp; 10657 |
| 09/17/2025 | Deutsche Bank AG | USD | 576179 | KRW | 776510000 | &nbsp;&nbsp;&nbsp; 445 |
| 09/17/2025 | Deutsche Bank AG | USD | 5332614 | PLN | 19710000 | &nbsp;&nbsp;&nbsp; 125859 |
| 09/17/2025 | Deutsche Bank AG | USD | 5120844 | TWD | 150455000 | &nbsp;&nbsp;&nbsp; 143686 |
| 09/17/2025 | Goldman Sachs International | HKD | 700000 | USD | 89881 | &nbsp;&nbsp;&nbsp; 125 |
| 09/17/2025 | Goldman Sachs International | NOK | 7590000 | USD | 763329 | &nbsp;&nbsp;&nbsp; 9955 |
| 09/17/2025 | Goldman Sachs International | SEK | 108100000 | USD | 11508050 | &nbsp;&nbsp;&nbsp; 24511 |
| 09/17/2025 | Goldman Sachs International | USD | 573704 | CZK | 12250000 | &nbsp;&nbsp;&nbsp; 11275 |
| 09/17/2025 | Goldman Sachs International | USD | 768509 | EUR | 660000 | &nbsp;&nbsp;&nbsp; 12892 |
| 09/03/2025 | J.P. Morgan Chase Bank, N.A. | USD | 6492954 | BRL | 38165000 | &nbsp;&nbsp;&nbsp; 424239 |
| 09/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 8795298 | EUR | 7635000 | &nbsp;&nbsp;&nbsp; 244100 |
| 09/17/2025 | J.P. Morgan Chase Bank, N.A. | USD | 6559967 | SEK | 62370000 | &nbsp;&nbsp;&nbsp; 65641 |
| 09/17/2025 | Merrill Lynch International | USD | 352603 | CNY | 2510000 | &nbsp;&nbsp;&nbsp; 246 |
| 09/17/2025 | Merrill Lynch International | USD | 7054134 | GBP | 5190000 | &nbsp;&nbsp;&nbsp; 73408 |
| 09/17/2025 | Merrill Lynch International | USD | 6434378 | MXN | 124735000 | &nbsp;&nbsp;&nbsp; 159356 |
| 09/17/2025 | Merrill Lynch International | USD | 5471598 | SGD | 6995000 | &nbsp;&nbsp;&nbsp; 60520 |
| 09/17/2025 | Merrill Lynch International | USD | 554988 | ZAR | 9935000 | &nbsp;&nbsp;&nbsp; 3068 |
| 09/17/2025 | Morgan Stanley and Co. International PLC | USD | 5422000 | COP | 22703000000 | &nbsp;&nbsp;&nbsp; 76745 |
| 09/17/2025 | Morgan Stanley and Co. International PLC | USD | 1281777 | MYR | 5395000 | &nbsp;&nbsp;&nbsp; 1983 |
| 09/17/2025 | Morgan Stanley and Co. International PLC | USD | 95289 | PLN | 360000 | &nbsp;&nbsp;&nbsp; 4409 |
| 09/17/2025 | UBS AG | JPY | 562730000 | USD | 3956835 | &nbsp;&nbsp;&nbsp; 15336 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 1689578 |
| **Currency Risk** |  |  |  |  |  |  |
| 09/17/2025 | Barclays Bank PLC | CAD | 6495000 | USD | 4778972 | &nbsp;&nbsp;&nbsp; (9011)<br>|
| 09/17/2025 | Barclays Bank PLC | USD | 6123479 | NOK | 61660000 | &nbsp;&nbsp;&nbsp; (3184)<br>|
| 09/17/2025 | BNP Paribas S.A. | AUD | 7660000 | USD | 5000024 | &nbsp;&nbsp;&nbsp; (49395)<br>|
| 09/17/2025 | BNP Paribas S.A. | MXN | 111870000 | USD | 5851303 | &nbsp;&nbsp;&nbsp; (62363)<br>|
| 09/17/2025 | Deutsche Bank AG | CLP | 240300000 | USD | 257543 | &nbsp;&nbsp;&nbsp; (354)<br>|
| 09/17/2025 | Deutsche Bank AG | HUF | 6610000 | USD | 18593 | &nbsp;&nbsp;&nbsp; (812)<br>|
| 09/17/2025 | Deutsche Bank AG | KRW | 3718360000 | USD | 2750734 | &nbsp;&nbsp;&nbsp; (10458)<br>|
| 09/17/2025 | Deutsche Bank AG | TWD | 163280000 | USD | 5672399 | &nbsp;&nbsp;&nbsp; (40887)<br>|
| 09/17/2025 | Deutsche Bank AG | USD | 960237 | CAD | 1300000 | &nbsp;&nbsp;&nbsp; (1903)<br>|
| 09/17/2025 | Deutsche Bank AG | USD | 4964311 | PHP | 276810000 | &nbsp;&nbsp;&nbsp; (57137)<br>|
| 09/17/2025 | J.P. Morgan Chase Bank, N.A. | CHF | 4315000 | USD | 5323396 | &nbsp;&nbsp;&nbsp; (167334)<br>|
| 09/17/2025 | J.P. Morgan Chase Bank, N.A. | CZK | 126580000 | USD | 5846368 | &nbsp;&nbsp;&nbsp; (198256)<br>|
| 09/17/2025 | Morgan Stanley and Co. International PLC | THB | 181855000 | USD | 5599415 | &nbsp;&nbsp;&nbsp; (27069)<br>|
| 09/17/2025 | UBS AG | NZD | 8885000 | USD | 5390476 | &nbsp;&nbsp;&nbsp; (39300)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (667463)<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; $1022115 |

---

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

**4**

**Invesco Active Allocation Fund**

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 42, Version 1<br>| Sell | 5.00% | Quarterly | &nbsp;&nbsp; 06/20/2029 | 2.785% | USD | 13500000 | &nbsp;&nbsp; $747197 | &nbsp;&nbsp; $1036598 | &nbsp;&nbsp; $289401 |
| **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 Investment <br> Grade Index, Series 42, Version 1<br>| Buy | &nbsp;&nbsp; (1.00) | Quarterly | &nbsp;&nbsp; 06/20/2029 | 0.400  | USD | 187000000 | &nbsp;&nbsp; (3376680)<br>| &nbsp;&nbsp; (4170474)<br>| &nbsp;&nbsp; (793794)<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; $(2629483)<br>| &nbsp;&nbsp; $(3133876)<br>| &nbsp;&nbsp; $(504393)<br>|

---

<sup>(a)</sup> Centrally cleared swap agreements collateralized by $1,578,582 cash held with J.P. Morgan Chase Bank, N.A.

<sup>(b)</sup> Implied credit spreads represent the current level, as of June 30, 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. 

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazilian Real |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chile Peso |
| CNY | —Chinese Yuan Renminbi |
| COP | —Colombia Peso |
| CZK | —Czech Koruna |
| DKK | —Danish Krone |
| EUR | —Euro |
| GBP | —British Pound Sterling |
| HKD | —Hong Kong Dollar |
| HUF | —Hungarian Forint |
| IDR | —Indonesian Rupiah |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| 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.

**5**

**Invesco Active Allocation Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $1,548,450,390)\*<br>| &nbsp;&nbsp; $1941491729 |
| Other investments: |  |
| Variation margin receivable — futures contracts | &nbsp;&nbsp; 105130 |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 1689578 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded futures contracts | &nbsp;&nbsp; 1688389 |
| Cash collateral — centrally cleared swap agreements | &nbsp;&nbsp; 1578582 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 820773 |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 1457270 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 120674 |
| Other assets | &nbsp;&nbsp; 106255 |
| Total assets | &nbsp;&nbsp; 1949058380 |
| **Liabilities:** |  |
| Other investments: |  |
| Variation margin payable — centrally cleared swap <br> agreements<br>| &nbsp;&nbsp; 31028 |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 667463 |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 1371563 |
| Dividends | &nbsp;&nbsp; 53 |
| Fund shares reacquired | &nbsp;&nbsp; 1312141 |
| Amount due custodian | &nbsp;&nbsp; 808 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 1301698 |
| Accrued fees to affiliates | &nbsp;&nbsp; 801538 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 28224 |
| Accrued other operating expenses | &nbsp;&nbsp; 153219 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 120674 |
| Total liabilities | &nbsp;&nbsp; 5788409 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1943269971 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1489503382 |
| Distributable earnings | &nbsp;&nbsp; 453766589 |
|  | &nbsp;&nbsp; $1943269971 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1630081234 |
| Class C | &nbsp;&nbsp; $132114982 |
| Class R | &nbsp;&nbsp; $153508965 |
| Class Y | &nbsp;&nbsp; $26203463 |
| Class R5 | &nbsp;&nbsp; $40438 |
| Class R6 | &nbsp;&nbsp; $1320889 |
| **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; 111356018 |
| Class C | &nbsp;&nbsp; 9323172 |
| Class R | &nbsp;&nbsp; 10580539 |
| Class Y | &nbsp;&nbsp; 1751808 |
| Class R5 | &nbsp;&nbsp; 2765 |
| Class R6 | &nbsp;&nbsp; 90317 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $14.64 |
| Maximum offering price per share <br>(Net asset value of $14.64 ÷ 94.50%)<br>| &nbsp;&nbsp; $15.49 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.17 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.51 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.96 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.62 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.63 |

---

\* At June 30, 2025, securities with an aggregate value of $1,277,685 were on loan to brokers. 

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

**6**

**Invesco Active Allocation Fund**

------

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $29,564) | &nbsp;&nbsp; $16727002 |
| Interest | &nbsp;&nbsp; 197128 |
| Total investment income | &nbsp;&nbsp; 16924130 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 793703 |
| Administrative services fees | &nbsp;&nbsp; 132760 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1842697 |
| Class C | &nbsp;&nbsp; 653295 |
| Class R | &nbsp;&nbsp; 370730 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 889523 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 3 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 65 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 7679 |
| Registration and filing fees | &nbsp;&nbsp; 59102 |
| Reports to shareholders | &nbsp;&nbsp; 42905 |
| Professional services fees | &nbsp;&nbsp; 27286 |
| Other | &nbsp;&nbsp; 2743 |
| Total expenses | &nbsp;&nbsp; 4822491 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (50843)<br>|
| Net expenses | &nbsp;&nbsp; 4771648 |
| Net investment income | &nbsp;&nbsp; 12152482 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 4731627 |
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 2057040 |
| Foreign currencies | &nbsp;&nbsp; 2194 |
| Forward foreign currency contracts | &nbsp;&nbsp; 2984378 |
| Futures contracts | &nbsp;&nbsp; (1435688)<br>|
| Swap agreements | &nbsp;&nbsp; (274694)<br>|
|  | &nbsp;&nbsp; 8064857 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 120747105 |
| Foreign currencies | &nbsp;&nbsp; (2837)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 641491 |
| Futures contracts | &nbsp;&nbsp; 991003 |
| Swap agreements | &nbsp;&nbsp; (340179)<br>|
|  | &nbsp;&nbsp; 122036583 |
| Net realized and unrealized gain | &nbsp;&nbsp; 130101440 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $142253922 |

---

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

**7**

**Invesco Active Allocation Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $12152482 | &nbsp;&nbsp; $35662954 |
| Net realized gain | &nbsp;&nbsp; 8064857 | &nbsp;&nbsp; 93208303 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 122036583 | &nbsp;&nbsp; 50204393 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 142253922 | &nbsp;&nbsp; 179075650 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (86863640)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (6798070)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (8051100)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (1489956)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (673)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (32314)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (103235753)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (70699140)<br>| &nbsp;&nbsp; (70882563)<br>|
| Class C | &nbsp;&nbsp; (15518813)<br>| &nbsp;&nbsp; (27547796)<br>|
| Class R | &nbsp;&nbsp; (10697102)<br>| &nbsp;&nbsp; 1349418 |
| Class Y | &nbsp;&nbsp; (2085617)<br>| &nbsp;&nbsp; (758211)<br>|
| Class R5 | &nbsp;&nbsp; 27452 | &nbsp;&nbsp; (274718)<br>|
| Class R6 | &nbsp;&nbsp; 693261 | &nbsp;&nbsp; 501543 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (98279959)<br>| &nbsp;&nbsp; (97612327)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 43973963 | &nbsp;&nbsp; (21772430)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1899296008 | &nbsp;&nbsp; 1921068438 |
| End of period | &nbsp;&nbsp; $1943269971 | &nbsp;&nbsp; $1899296008 |

---

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

**8**

**Invesco Active Allocation Fund**

------

**Financial Highlights**

*(Unaudited)*

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** |
| Six months ended 06/30/25 | $13.57 | $0.09 | $0.98 | $1.07 | $— | $— | $— | $14.64 | 7.89 %<sup>(e)</sup><br>| &nbsp;&nbsp; $1630081 | 0.46 %<sup>(e)(f)</sup><br>| 0.46 %<sup>(e)(f)</sup><br>| 1.37 %<sup>(e)(f)</sup><br>| 24<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 |
| Year ended 12/31/20 | 14.66 | 0.13 | 1.76 | 1.89 | (0.14)<br>| (1.71)<br>| (1.85)<br>| 14.70 | 13.04 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 1973119 | 0.44 <br><sup>(e)</sup><br>| 0.48 <br><sup>(e)</sup><br>| 0.94 <br><sup>(e)</sup><br>| 70 |
| **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** |
| Six months ended 06/30/25 | 13.19 | 0.04 | 0.94 | 0.98 |  |  |  | 14.17 | 7.43 | &nbsp;&nbsp; 132115 | 1.22 <br><sup>(f)</sup><br>| 1.22 <br><sup>(f)</sup><br>| 0.61 <br><sup>(f)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 14.35 | 0.02 | 1.70 | 1.72 | (0.02)<br>| (1.71)<br>| (1.73)<br>| 14.34 | 12.18 | &nbsp;&nbsp; 263343 | 1.20 | 1.24 | 0.18 | 70 |
| **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** |
| Six months ended 06/30/25 | 13.47 | 0.08 | 0.96 | 1.04 |  |  |  | 14.51 | 7.72 | &nbsp;&nbsp; 153509 | 0.72 <br><sup>(f)</sup><br>| 0.72 <br><sup>(f)</sup><br>| 1.11 <br><sup>(f)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 14.58 | 0.09 | 1.74 | 1.83 | (0.10)<br>| (1.71)<br>| (1.81)<br>| 14.60 | 12.70 | &nbsp;&nbsp; 147675 | 0.70 | 0.74 | 0.68 | 70 |
| **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** |
| Six months ended 06/30/25 | 13.85 | 0.11 | 1.00 | 1.11 |  |  |  | 14.96 | 8.01 | &nbsp;&nbsp; 26203 | 0.22 <br><sup>(f)</sup><br>| 0.22 <br><sup>(f)</sup><br>| 1.61 <br><sup>(f)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 14.88 | 0.17 | 1.77 | 1.94 | (0.17)<br>| (1.71)<br>| (1.88)<br>| 14.94 | 13.22 | &nbsp;&nbsp; 28284 | 0.20 | 0.24 | 1.18 | 70 |
| **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** |
| Six months ended 06/30/25 | 13.54 | 0.11 | 0.97 | 1.08 |  |  |  | 14.62 | 7.98 | &nbsp;&nbsp; 40 | 0.14 <br><sup>(f)</sup><br>| 0.14 <br><sup>(f)</sup><br>| 1.69 <br><sup>(f)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 14.65 | 0.17 | 1.75 | 1.92 | (0.18)<br>| (1.71)<br>| (1.89)<br>| 14.68 | 13.29 | &nbsp;&nbsp; 10 | 0.18 | 0.22 | 1.20 | 70 |
| **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** |
| Six months ended 06/30/25 | 13.53 | 0.12 | 0.98 | 1.10 |  |  |  | 14.63 | 8.13 | &nbsp;&nbsp; 1321 | 0.13 <br><sup>(f)</sup><br>| 0.13 <br><sup>(f)</sup><br>| 1.70 <br><sup>(f)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 14.65 | 0.17 | 1.75 | 1.92 | (0.19)<br>| (1.71)<br>| (1.90)<br>| 14.67 | 13.25 | &nbsp;&nbsp; 10 | 0.17 | 0.22 | 1.21 | 70 |

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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 0.52%, 0.52%, 0.52%, 0.53%, 0.53% and 0.63% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, 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 six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>(f)</sup> Annualized.

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

**9**

**Invesco Active Allocation Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**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. 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.

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

**10**

**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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses** – 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, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making

**11**

**Invesco Active Allocation Fund**

------

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 six months ended June 30, 2025, the Fund paid the Adviser $762 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 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

**12**

**Invesco Active Allocation Fund**

------

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 June 30, 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

**13**

**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.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede an underlying Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**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% |

---

\* 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 six months ended June 30, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2025, the Adviser waived advisory fees of $5,716.

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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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

**14**

**Invesco Active Allocation Fund**

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shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $75,949 in front-end sales commissions from the sale of Class A shares and $4,408 and $3,649 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 June 30, 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; $1929232494 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1929232494 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 10957471 | &nbsp;&nbsp;&nbsp;&nbsp; 1301764 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12259235 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 1940189965 | &nbsp;&nbsp;&nbsp;&nbsp; 1301764 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1941491729 |
| **Other Investments - Assets\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1005682 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1005682 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1689578 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1689578 |
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 289401 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 289401 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 1005682 | &nbsp;&nbsp;&nbsp;&nbsp; 1978979 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2984661 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (334507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (334507)<br>|
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (667463)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (667463)<br>|
| Swap Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (793794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (793794)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (334507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1461257)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1795764)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; 671175 | &nbsp;&nbsp;&nbsp;&nbsp; 517722 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1188897 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1940861140 | &nbsp;&nbsp;&nbsp;&nbsp; $1819486 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1942680626 |

---

\* 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.

**15**

**Invesco Active Allocation Fund**

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**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 June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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; $8652 | &nbsp;&nbsp;&nbsp; $997030 | &nbsp;&nbsp;&nbsp; $1005682 |
| Unrealized appreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 289401 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 289401 |
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1689578 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1689578 |
| Total Derivative Assets | &nbsp;&nbsp;&nbsp; 289401 | &nbsp;&nbsp;&nbsp; 1689578 | &nbsp;&nbsp;&nbsp; 8652 | &nbsp;&nbsp;&nbsp; 997030 | &nbsp;&nbsp;&nbsp; 2984661 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp; (289401)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8652)<br>| &nbsp;&nbsp;&nbsp; (997030)<br>| &nbsp;&nbsp;&nbsp; (1295083)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1689578 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1689578 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value** | **Value** | **Value** | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Credit** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| **Total** |
| Unrealized depreciation on futures contracts —Exchange-Traded<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(334507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(334507)<br>|
| Unrealized depreciation on swap agreements — Centrally Cleared<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (793794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (793794)<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (667463)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (667463)<br>|
| Total Derivative Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (793794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (667463)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (334507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1795764)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 793794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 334507 | &nbsp;&nbsp;&nbsp;&nbsp; 1128301 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(667463)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(667463)<br>|

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<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 June 30, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; $25828 | &nbsp;&nbsp;&nbsp; $(12195)<br>| &nbsp;&nbsp;&nbsp; $13633 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13633 |
| BNP Paribas S.A. | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (111758)<br>| &nbsp;&nbsp;&nbsp; (111758)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (111758)<br>|
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 475941 | &nbsp;&nbsp;&nbsp; (111551)<br>| &nbsp;&nbsp;&nbsp; 364390 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 364390 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 58758 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 58758 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58758 |
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 733980 | &nbsp;&nbsp;&nbsp; (365590)<br>| &nbsp;&nbsp;&nbsp; 368390 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 368390 |
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 296598 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 296598 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 296598 |
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; 83137 | &nbsp;&nbsp;&nbsp; (27069)<br>| &nbsp;&nbsp;&nbsp; 56068 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 56068 |
| UBS AG | &nbsp;&nbsp;&nbsp; 15336 | &nbsp;&nbsp;&nbsp; (39300)<br>| &nbsp;&nbsp;&nbsp; (23964)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (23964)<br>|
| Total | &nbsp;&nbsp;&nbsp; $1689578 | &nbsp;&nbsp;&nbsp; $(667463)<br>| &nbsp;&nbsp;&nbsp; $1022115 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1022115 |

---

**Effect of Derivative Investments for the six months ended June 30, 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; $2984378 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $2984378 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (1317057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (118631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1435688)<br>|
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (274694)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (274694)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 641491 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 641491 |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (634725)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1625728 | &nbsp;&nbsp;&nbsp;&nbsp; 991003 |
| Swap agreements | &nbsp;&nbsp;&nbsp;&nbsp; (340179)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (340179)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(614873)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3625869 | &nbsp;&nbsp;&nbsp;&nbsp; $(1951782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1507097 | &nbsp;&nbsp;&nbsp;&nbsp; $2566311 |

---

**16**

**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; $134704902 | &nbsp;&nbsp;&nbsp;&nbsp; $73314057 | &nbsp;&nbsp;&nbsp;&nbsp; $200500000 |

---

**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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $45,127.

**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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $458,399,803 and $540,315,485, respectively. As of June 30, 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; $405738367 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (17834884)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $387903483 |

---

Cost of investments for tax purposes is $1,554,777,143.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025** | **Six months ended** <br>**June 30, 2025** | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3357981 | &nbsp;&nbsp;&nbsp; $46113574 | &nbsp;&nbsp;&nbsp; 6949657 | &nbsp;&nbsp;&nbsp; $96090726 |
| Class C | &nbsp;&nbsp;&nbsp; 689702 | &nbsp;&nbsp;&nbsp; 9196743 | &nbsp;&nbsp;&nbsp; 1530311 | &nbsp;&nbsp;&nbsp; 20538427 |
| Class R | &nbsp;&nbsp;&nbsp; 797277 | &nbsp;&nbsp;&nbsp; 10831307 | &nbsp;&nbsp;&nbsp; 1357793 | &nbsp;&nbsp;&nbsp; 18535996 |
| Class Y | &nbsp;&nbsp;&nbsp; 226675 | &nbsp;&nbsp;&nbsp; 3163881 | &nbsp;&nbsp;&nbsp; 743875 | &nbsp;&nbsp;&nbsp; 10437707 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1955 | &nbsp;&nbsp;&nbsp; 27452 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class R6 | &nbsp;&nbsp;&nbsp; 73591 | &nbsp;&nbsp;&nbsp; 1026566 | &nbsp;&nbsp;&nbsp; 35045 | &nbsp;&nbsp;&nbsp; 474932 |

---

**17**

**Invesco Active Allocation Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **June 30, 2025** | **Six months ended**<br> **June 30, 2025** | **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; - | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; 6291608 | &nbsp;&nbsp;&nbsp; $85251366 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 512724 | &nbsp;&nbsp;&nbsp; 6752537 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 595777 | &nbsp;&nbsp;&nbsp; 8007245 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 96432 | &nbsp;&nbsp;&nbsp; 1332685 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2349 | &nbsp;&nbsp;&nbsp; 31731 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 738516 | &nbsp;&nbsp;&nbsp; 10191689 | &nbsp;&nbsp;&nbsp; 1621525 | &nbsp;&nbsp;&nbsp; 22319755 |
| Class C | &nbsp;&nbsp;&nbsp; (761429)<br>| &nbsp;&nbsp;&nbsp; (10191689)<br>| &nbsp;&nbsp;&nbsp; (1672251)<br>| &nbsp;&nbsp;&nbsp; (22319755)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9258054)<br>| &nbsp;&nbsp;&nbsp; (127004403)<br>| &nbsp;&nbsp;&nbsp; (19825100)<br>| &nbsp;&nbsp;&nbsp; (274544410)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1088999)<br>| &nbsp;&nbsp;&nbsp; (14523867)<br>| &nbsp;&nbsp;&nbsp; (2420586)<br>| &nbsp;&nbsp;&nbsp; (32519005)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1589629)<br>| &nbsp;&nbsp;&nbsp; (21528409)<br>| &nbsp;&nbsp;&nbsp; (1835617)<br>| &nbsp;&nbsp;&nbsp; (25193823)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (370842)<br>| &nbsp;&nbsp;&nbsp; (5249498)<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; (24484)<br>| &nbsp;&nbsp;&nbsp; (333305)<br>| &nbsp;&nbsp;&nbsp; (355)<br>| &nbsp;&nbsp;&nbsp; (5120)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (7207740)<br>| &nbsp;&nbsp;&nbsp; $(98279959)<br>| &nbsp;&nbsp;&nbsp; (6919155)<br>| &nbsp;&nbsp;&nbsp; $(97612327)<br>|

---

**18**

**Invesco Active Allocation Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Active Allocation Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Active Allocation Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management and investment process in 2024. The Board considered that the Fund's asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain investment factors within the equity market as well as to certain

**19**

**Invesco Active Allocation Fund**

------

segments of the fixed income asset class, negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were below and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board considered that the implementation of the unique tactical allocation strategy employed by Invesco in managing the Fund represents services that are in addition to, rather than duplicative of, services provided by Invesco to the underlying affiliated funds in which the Fund invests.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally

operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with

Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers' relationships with the Fund.

**20**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**21**

**Invesco Active Allocation Fund**

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![](img6cdc2c4e1.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-OPSAA-NCSRS

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![](img03ed47fb1.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Convertible Securities Fund**

Nasdaq:

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

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---

| | |
|:---|:---|
| [2](#xx_4518360b-c12e-442a-bd77-1727886bd2b7_SOI-Continued-49_1) | Schedule of Investments |
| [6](#xx_4518360b-c12e-442a-bd77-1727886bd2b7_FS-Continued-49_1) | Financial Statements |
| [9](#xx_4518360b-c12e-442a-bd77-1727886bd2b7_FS-Continued-49_4) | Financial Highlights |
| [10](#xx_4518360b-c12e-442a-bd77-1727886bd2b7_NTF-Continued-49_1) | Notes to Financial Statements |
| [16](#xx_4518360b-c12e-442a-bd77-1727886bd2b7_AOC-Continued-49_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [18](#xx_4518360b-c12e-442a-bd77-1727886bd2b7_OIRSR-Continued-49_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

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**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes–75.26%** | **U.S. Dollar Denominated Bonds & Notes–75.26%** | **U.S. Dollar Denominated Bonds & Notes–75.26%** |
| **Aerospace & Defense–0.67%** | **Aerospace & Defense–0.67%** | **Aerospace & Defense–0.67%** |
| Rocket Lab USA, Inc., Conv., 4.25%, <br> 02/01/2029<sup>(b)</sup> <br>| $250000 | &nbsp;&nbsp; $1756875 |
| TransDigm, Inc., 6.38%, <br> 03/01/2029<sup>(b)</sup> <br>| 3000000 | &nbsp;&nbsp; 3081575 |
|  |  | &nbsp;&nbsp; 4838450 |
| **Alternative Carriers–0.83%** | **Alternative Carriers–0.83%** | **Alternative Carriers–0.83%** |
| AST SpaceMobile, Inc., Conv., 4.25%, <br> 03/01/2032<sup>(b)</sup> <br>| 3000000 | &nbsp;&nbsp; 5957531 |
| **Apparel Retail–0.72%** | **Apparel Retail–0.72%** | **Apparel Retail–0.72%** |
| Burlington Stores, Inc., Conv., 1.25%, <br> 12/15/2027<br>| 4005000 | &nbsp;&nbsp; 5184473 |
| **Application Software–7.08%** | **Application Software–7.08%** | **Application Software–7.08%** |
| Core Scientific, Inc., Conv., 3.00%, <br> 09/01/2029<sup>(b)</sup> <br>| 1700000 | &nbsp;&nbsp; 2934200 |
| Guidewire Software, Inc., Conv., <br> 1.25%, 11/01/2029<sup>(b)</sup> <br>| 9075000 | &nbsp;&nbsp; 10722113 |
| Life360, Inc., Conv., 0.00%, <br> 06/01/2030<sup>(b)(c)</sup> <br>| 2500000 | &nbsp;&nbsp; 2651563 |
| MARA Holdings, Inc., Conv., 2.13%, <br> 03/01/2029<sup>(b)(d)</sup> <br>| 2300000 | &nbsp;&nbsp; 2453832 |
| MicroStrategy, Inc., Conv., 0.63%, <br> 09/15/2027<sup>(b)(d)</sup> <br>| 6925000 | &nbsp;&nbsp; 16180262 |
| Nutanix, Inc., Conv., 0.25%, <br> 10/01/2027<br>| 5125000 | &nbsp;&nbsp; 7236500 |
| Tyler Technologies, Inc., Conv., <br> 0.25%, 03/15/2026<br>| 5525000 | &nbsp;&nbsp; 6817850 |
| Vertex, Inc., Conv., 0.75%, <br> 05/01/2029<br>| 1750000 | &nbsp;&nbsp; 2100906 |
|  |  | &nbsp;&nbsp; 51097226 |
| **Automobile Manufacturers–2.06%** | **Automobile Manufacturers–2.06%** | **Automobile Manufacturers–2.06%** |
| Ford Motor Credit Co. LLC, 7.35%, <br> 11/04/2027<br>| 4000000 | &nbsp;&nbsp; 4155415 |
| Rivian Automotive, Inc., Conv., <br> 4.63%, 03/15/2029<br>| 10500000 | &nbsp;&nbsp; 10703438 |
|  |  | &nbsp;&nbsp; 14858853 |
| **Biotechnology–5.33%** | **Biotechnology–5.33%** | **Biotechnology–5.33%** |
| Alnylam Pharmaceuticals, Inc., Conv., <br> 1.00%, 09/15/2027<br>| 4270000 | &nbsp;&nbsp; 5557405 |
| Ascendis Pharma A/S (Denmark), <br> Conv., 2.25%, 04/01/2028<br>| 2000000 | &nbsp;&nbsp; 2507952 |
| BridgeBio Pharma, Inc., Conv., 1.75%, <br> 03/01/2031<sup>(b)</sup> <br>| 4257000 | &nbsp;&nbsp; 4974304 |
| Exact Sciences Corp., Conv., 2.00%, <br> 03/01/2030<sup>(b)</sup> <br>| 3000000 | &nbsp;&nbsp; 3045000 |
| Halozyme Therapeutics, Inc., Conv., <br> 1.00%, 08/15/2028<br>| 6500000 | &nbsp;&nbsp; 7416500 |
| Jazz Investments I Ltd., Conv., <br> 3.13%, 09/15/2030<sup>(b)</sup> <br>| 7075000 | &nbsp;&nbsp; 7534875 |
| Mirum Pharmaceuticals, Inc., Conv., <br> 4.00%, 05/01/2029<br>| 2500000 | &nbsp;&nbsp; 4439375 |
| Tempus AI, Inc., 0.75%, 07/15/2030 | 3000000 | &nbsp;&nbsp; 3000000 |
|  |  | &nbsp;&nbsp; 38475411 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Broadline Retail–1.18%** | **Broadline Retail–1.18%** | **Broadline Retail–1.18%** |
| Alibaba Group Holding Ltd. (China), <br> Conv., 0.50%, 06/01/2029<sup>(d)</sup> <br>| $6675000 | &nbsp;&nbsp; $8536152 |
| **Coal & Consumable Fuels–0.32%** | **Coal & Consumable Fuels–0.32%** | **Coal & Consumable Fuels–0.32%** |
| Centrus Energy Corp., Conv., 2.25%, <br> 11/01/2030<sup>(b)</sup> <br>| 1100000 | &nbsp;&nbsp; 2283050 |
| **Communications Equipment–1.15%** | **Communications Equipment–1.15%** | **Communications Equipment–1.15%** |
| Lumentum Holdings, Inc., Conv., <br> 1.50%, 12/15/2029<br>| 5400000 | &nbsp;&nbsp; 8294400 |
| **Computer & Electronics Retail–0.45%** | **Computer & Electronics Retail–0.45%** | **Computer & Electronics Retail–0.45%** |
| GameStop Corp., Conv., 0.00%, <br> 04/03/2028<sup>(b)(c)(d)</sup> <br>| 3000000 | &nbsp;&nbsp; 3247500 |
| **Construction & Engineering–1.68%** | **Construction & Engineering–1.68%** | **Construction & Engineering–1.68%** |
| Fluor Corp., Conv., 1.13%, <br> 08/15/2029<br>| 5500000 | &nbsp;&nbsp; 7222875 |
| Granite Construction, Inc., Conv., <br> 3.25%, 06/15/2030<br>| 3550000 | &nbsp;&nbsp; 4861725 |
|  |  | &nbsp;&nbsp; 12084600 |
| **Consumer Finance–1.50%** | **Consumer Finance–1.50%** | **Consumer Finance–1.50%** |
| SoFi Technologies, Inc., Conv., 1.25%, <br> 03/15/2029<sup>(b)</sup> <br>| 3000000 | &nbsp;&nbsp; 6116700 |
| Upstart Holdings, Inc., Conv., 2.00%, <br> 10/01/2029<sup>(b)</sup> <br>| 2850000 | &nbsp;&nbsp; 4674000 |
|  |  | &nbsp;&nbsp; 10790700 |
| **Diversified Financial Services–0.69%** | **Diversified Financial Services–0.69%** | **Diversified Financial Services–0.69%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland), <br> 6.50%, 07/15/2025<br>| 5000000 | &nbsp;&nbsp; 5003241 |
| **Diversified Metals & Mining–0.96%** | **Diversified Metals & Mining–0.96%** | **Diversified Metals & Mining–0.96%** |
| MP Materials Corp., Conv., 3.00%, <br> 03/01/2030<sup>(b)</sup> <br>| 4000000 | &nbsp;&nbsp; 6942000 |
| **Diversified REITs–0.50%** | **Diversified REITs–0.50%** | **Diversified REITs–0.50%** |
| Digital Realty Trust L.P., Conv., 1.88%, <br> 11/15/2029<sup>(b)</sup> <br>| 3400000 | &nbsp;&nbsp; 3583260 |
| **Electric Utilities–6.21%** | **Electric Utilities–6.21%** | **Electric Utilities–6.21%** |
| Duke Energy Corp., Conv., 4.13%, <br> 04/15/2026<br>| 3000000 | &nbsp;&nbsp; 3177750 |
| Evergy, Inc., Conv., 4.50%, <br> 12/15/2027<br>| 5000000 | &nbsp;&nbsp; 5856875 |
| NextEra Energy Capital Holdings, Inc., <br> Conv., 3.00%, 03/01/2027<br>| 8700000 | &nbsp;&nbsp; 9913650 |
| PPL Capital Funding, Inc., Conv., <br> 2.88%, 03/15/2028<br>| 4250000 | &nbsp;&nbsp; 4600849 |
| Southern Co. (The), Conv., 4.50%, <br> 06/15/2027<br>| 11100000 | &nbsp;&nbsp; 12265622 |
| TXNM Energy, Inc., Conv., 5.75%, <br> 06/01/2054<br>| 3800000 | &nbsp;&nbsp; 4942364 |
| Vistra Operations Co. LLC, 5.63%, <br> 02/15/2027<sup>(b)</sup> <br>| 4000000 | &nbsp;&nbsp; 4005236 |
|  |  | &nbsp;&nbsp; 44762346 |

---

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** |
| **Electronic Equipment & Instruments–2.40%** | **Electronic Equipment & Instruments–2.40%** | **Electronic Equipment & Instruments–2.40%** |
| Advanced Energy Industries, Inc., <br> Conv., 2.50%, 09/15/2028<br>| $2000000 | &nbsp;&nbsp; $2405800 |
| Itron, Inc., Conv., 1.38%, <br> 07/15/2030<br>| 3600000 | &nbsp;&nbsp; 4298400 |
| Mirion Technologies, Inc., Conv., <br> 0.25%, 06/01/2030<sup>(b)</sup> <br>| 4500000 | &nbsp;&nbsp; 5199750 |
| OSI Systems, Inc., Conv., 2.25%, <br> 08/01/2029<sup>(b)</sup> <br>| 4000000 | &nbsp;&nbsp; 5436000 |
|  |  | &nbsp;&nbsp; 17339950 |
| **Environmental & Facilities Services–0.43%** | **Environmental & Facilities Services–0.43%** | **Environmental & Facilities Services–0.43%** |
| Tetra Tech, Inc., Conv., 2.25%, <br> 08/15/2028<br>| 2750000 | &nbsp;&nbsp; 3104063 |
| **Financial Exchanges & Data–1.24%** | **Financial Exchanges & Data–1.24%** | **Financial Exchanges & Data–1.24%** |
| Coinbase Global, Inc., Conv., 0.25%, <br> 04/01/2030<br>| 6800000 | &nbsp;&nbsp; 8911400 |
| **Food Distributors–0.22%** | **Food Distributors–0.22%** | **Food Distributors–0.22%** |
| Chefs' Warehouse, Inc. (The), Conv., <br> 2.38%, 12/15/2028<br>| 1000000 | &nbsp;&nbsp; 1561000 |
| **Gas Utilities–0.50%** | **Gas Utilities–0.50%** | **Gas Utilities–0.50%** |
| UGI Corp., Conv., 5.00%, <br> 06/01/2028<br>| 2600000 | &nbsp;&nbsp; 3595731 |
| **Health Care Equipment–2.35%** | **Health Care Equipment–2.35%** | **Health Care Equipment–2.35%** |
| Insulet Corp., Conv., 0.38%, <br> 09/01/2026<br>| 4500000 | &nbsp;&nbsp; 6336829 |
| Integer Holdings Corp., Conv., 2.13%, <br> 02/15/2028<br>| 3000000 | &nbsp;&nbsp; 4504500 |
| iRhythm Technologies, Inc., Conv., <br> 1.50%, 09/01/2029<br>| 2225000 | &nbsp;&nbsp; 2860238 |
| TransMedics Group, Inc., Conv., <br> 1.50%, 06/01/2028<br>| 2000000 | &nbsp;&nbsp; 3211676 |
|  |  | &nbsp;&nbsp; 16913243 |
| **Health Care REITs–2.68%** | **Health Care REITs–2.68%** | **Health Care REITs–2.68%** |
| Ventas Realty L.P., Conv., 3.75%, <br> 06/01/2026<br>| 3750000 | &nbsp;&nbsp; 4492500 |
| Welltower OP LLC, Conv., 3.13%, <br> 07/15/2029<sup>(b)</sup> <br>| 11175000 | &nbsp;&nbsp; 14840400 |
|  |  | &nbsp;&nbsp; 19332900 |
| **Health Care Services–0.45%** | **Health Care Services–0.45%** | **Health Care Services–0.45%** |
| Hims & Hers Health, Inc., Conv., <br> 0.00%, 05/15/2030<sup>(b)(c)</sup> <br>| 3100000 | &nbsp;&nbsp; 3258100 |
| **Health Care Supplies–1.10%** | **Health Care Supplies–1.10%** | **Health Care Supplies–1.10%** |
| Lantheus Holdings, Inc., Conv., <br> 2.63%, 12/15/2027<br>| 2770000 | &nbsp;&nbsp; 3525517 |
| Merit Medical Systems, Inc., Conv., <br> 3.00%, 02/01/2029<sup>(b)</sup> <br>| 3500000 | &nbsp;&nbsp; 4382953 |
|  |  | &nbsp;&nbsp; 7908470 |
| **Heavy Electrical Equipment–0.60%** | **Heavy Electrical Equipment–0.60%** | **Heavy Electrical Equipment–0.60%** |
| Bloom Energy Corp., |  |  |
| Conv., <br>3.00%, 06/01/2028<br>| 1750000 | &nbsp;&nbsp; 2592625 |
| 3.00%, 06/01/2029 | 1250000 | &nbsp;&nbsp; 1765899 |
|  |  | &nbsp;&nbsp; 4358524 |
| **Homefurnishing Retail–1.07%** | **Homefurnishing Retail–1.07%** | **Homefurnishing Retail–1.07%** |
| Wayfair, Inc., Conv., 3.50%, <br> 11/15/2028<br>| 5700000 | &nbsp;&nbsp; 7714251 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Hotels, Resorts & Cruise Lines–3.22%** | **Hotels, Resorts & Cruise Lines–3.22%** | **Hotels, Resorts & Cruise Lines–3.22%** | **Hotels, Resorts & Cruise Lines–3.22%** |
| Carnival Corp., | Carnival Corp., |  |  |
| Conv., 5.75%, 12/01/2027 |  | $6150000 | &nbsp;&nbsp; $13542300 |
| 7.00%, 08/15/2029<sup>(b)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4216324 |
| MakeMyTrip Ltd. (India), Conv., <br> 0.00%, 07/06/2028<sup>(b)(c)(d)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2136491 |
| Trip.com Group Ltd. (China), Conv., <br> 0.75%, 06/15/2027<sup>(d)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3343500 |
|  |  |  | &nbsp;&nbsp; 23238615 |
| **Housewares & Specialties–0.54%** | **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; 3901296 |
| **Interactive Media & Services–2.09%** | **Interactive Media & Services–2.09%** | **Interactive Media & Services–2.09%** | **Interactive Media & Services–2.09%** |
| Match Group Holdings II LLC, 5.00%, <br> 12/15/2027<sup>(b)</sup> <br>|  | 3500000 | &nbsp;&nbsp; 3483320 |
| Snap, Inc., | Snap, Inc., |  |  |
| Conv., 0.50%, 05/01/2030 |  | 2300000 | &nbsp;&nbsp; 1961900 |
| 6.88%, 03/01/2033<sup>(b)</sup> <br>|  | 9400000 | &nbsp;&nbsp; 9651459 |
|  |  |  | &nbsp;&nbsp; 15096679 |
| **Internet Services & Infrastructure–2.86%** | **Internet Services & Infrastructure–2.86%** | **Internet Services & Infrastructure–2.86%** | **Internet Services & Infrastructure–2.86%** |
| Akamai Technologies, Inc., Conv., <br> 0.25%, 05/15/2031<sup>(b)(d)</sup> <br>|  | 3300000 | &nbsp;&nbsp; 3423750 |
| Cloudflare, Inc., Conv., 0.00%, <br> 06/15/2030<sup>(b)(c)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3244500 |
| Snowflake, Inc., | Snowflake, Inc., |  |  |
| Conv., <br>0.00%, 10/01/2027<sup>(b)(c)</sup> <br>|  | 2250000 | &nbsp;&nbsp; 3424500 |
| 0.00%, 10/01/2029<sup>(b)(c)</sup> <br>|  | 6750000 | &nbsp;&nbsp; 10515656 |
|  |  |  | &nbsp;&nbsp; 20608406 |
| **Investment Banking & Brokerage–0.34%** | **Investment Banking & Brokerage–0.34%** | **Investment Banking & Brokerage–0.34%** | **Investment Banking & Brokerage–0.34%** |
| Galaxy Digital Holdings L.P., Conv., <br> 2.50%, 12/01/2029<sup>(b)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2460005 |
| **Leisure Products–0.38%** | **Leisure Products–0.38%** | **Leisure Products–0.38%** | **Leisure Products–0.38%** |
| Peloton Interactive, Inc., Conv., <br> 5.50%, 12/01/2029<br>|  | 1500000 | &nbsp;&nbsp; 2759765 |
| **Marine Transportation–0.31%** | **Marine Transportation–0.31%** | **Marine Transportation–0.31%** | **Marine Transportation–0.31%** |
| NCL Corp. Ltd., 6.75%, <br> 02/01/2032<sup>(b)</sup> <br>|  | 2204000 | &nbsp;&nbsp; 2253047 |
| **Mortgage REITs–0.59%** | **Mortgage REITs–0.59%** | **Mortgage REITs–0.59%** | **Mortgage REITs–0.59%** |
| Starwood Property Trust, Inc., Conv., <br> 6.75%, 07/15/2027<br>|  | 4000000 | &nbsp;&nbsp; 4287000 |
| **Movies & Entertainment–2.31%** | **Movies & Entertainment–2.31%** | **Movies & Entertainment–2.31%** | **Movies & Entertainment–2.31%** |
| Liberty Media Corp.-Liberty Formula <br> One, Conv., 2.25%, 08/15/2027<br>|  | 5000000 | &nbsp;&nbsp; 6657500 |
| Live Nation Entertainment, Inc., Conv., <br> 3.13%, 01/15/2029<br>|  | 6500000 | &nbsp;&nbsp; 10000250 |
|  |  |  | &nbsp;&nbsp; 16657750 |
| **Multi-Utilities–2.08%** | **Multi-Utilities–2.08%** | **Multi-Utilities–2.08%** | **Multi-Utilities–2.08%** |
| CenterPoint Energy, Inc., Conv., <br> 4.25%, 08/15/2026<br>|  | 5500000 | &nbsp;&nbsp; 5964750 |
| CMS Energy Corp., Conv., 3.38%, <br> 05/01/2028<br>|  | 2500000 | &nbsp;&nbsp; 2663750 |
| WEC Energy Group, Inc., Conv., <br> 4.38%, 06/01/2029<br>|  | 5500000 | &nbsp;&nbsp; 6360750 |
|  |  |  | &nbsp;&nbsp; 14989250 |

---

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** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Exploration & Production–0.99%** | **Oil & Gas Exploration & Production–0.99%** | **Oil & Gas Exploration & Production–0.99%** | **Oil & Gas Exploration & Production–0.99%** |
| Northern Oil and Gas, Inc., | Northern Oil and Gas, Inc., |  |  |
| Conv., <br>3.63%, 04/15/2029<br>|  | $3857000 | &nbsp;&nbsp; $4035386 |
| 3.63%, 04/15/2029<sup>(b)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3138750 |
|  |  |  | &nbsp;&nbsp; 7174136 |
| **Oil & Gas Refining & Marketing–0.54%** | **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>(b)</sup> <br>|  | 3750000 | &nbsp;&nbsp; 3907849 |
| **Packaged Foods & Meats–1.15%** | **Packaged Foods & Meats–1.15%** | **Packaged Foods & Meats–1.15%** | **Packaged Foods & Meats–1.15%** |
| Freshpet, Inc., Conv., 3.00%, <br> 04/01/2028<br>|  | 1000000 | &nbsp;&nbsp; 1244500 |
| Post Holdings, Inc., Conv., 2.50%, <br> 08/15/2027<br>|  | 6150000 | &nbsp;&nbsp; 7035600 |
|  |  |  | &nbsp;&nbsp; 8280100 |
| **Passenger Airlines–0.76%** | **Passenger Airlines–0.76%** | **Passenger Airlines–0.76%** | **Passenger Airlines–0.76%** |
| American Airlines, Inc./AAdvantage <br> Loyalty IP Ltd., 5.75%, <br> 04/20/2029<sup>(b)</sup> <br>|  | 2700000 | &nbsp;&nbsp; 2699319 |
| JetBlue Airways Corp., Conv., 2.50%, <br> 09/01/2029<sup>(b)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 2766000 |
|  |  |  | &nbsp;&nbsp; 5465319 |
| **Passenger Ground Transportation–3.15%** | **Passenger Ground Transportation–3.15%** | **Passenger Ground Transportation–3.15%** | **Passenger Ground Transportation–3.15%** |
| Uber Technologies, Inc., | Uber Technologies, Inc., |  |  |
| 6.25%, 01/15/2028<sup>(b)</sup> <br>|  | 4500000 | &nbsp;&nbsp; 4524296 |
| Conv., 0.00%, 05/15/2028<sup>(b)(c)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 2129000 |
| Series 2028, Conv., 0.88%, <br> 12/01/2028<br>|  | 11225000 | &nbsp;&nbsp; 16068587 |
|  |  |  | &nbsp;&nbsp; 22721883 |
| **Personal Care Products–0.08%** | **Personal Care Products–0.08%** | **Personal Care Products–0.08%** | **Personal Care Products–0.08%** |
| Oddity Finance LLC, Conv., 0.00%, <br> 06/15/2030<sup>(b)(c)</sup> <br>|  | 500000 | &nbsp;&nbsp; 543532 |
| **Restaurants–1.13%** | **Restaurants–1.13%** | **Restaurants–1.13%** | **Restaurants–1.13%** |
| Cheesecake Factory, Inc. (The), Conv., <br> 2.00%, 03/15/2030<sup>(b)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1629375 |
| DoorDash, Inc., Conv., 0.00%, <br> 05/15/2030<sup>(b)(c)</sup> <br>|  | 6000000 | &nbsp;&nbsp; 6515132 |
|  |  |  | &nbsp;&nbsp; 8144507 |
| **Semiconductors–1.12%** | **Semiconductors–1.12%** | **Semiconductors–1.12%** | **Semiconductors–1.12%** |
| MACOM Technology Solutions Holdings, <br> Inc., Conv., 0.00%, <br> 12/15/2029<sup>(b)(c)</sup> <br>|  | 2200000 | &nbsp;&nbsp; 2352900 |
| ON Semiconductor Corp., Conv., <br> 0.00%, 05/01/2027<sup>(c)</sup> <br>|  | 4050000 | &nbsp;&nbsp; 4809982 |
| Synaptics, Inc., Conv., 0.75%, <br> 12/01/2031<sup>(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 947425 |
|  |  |  | &nbsp;&nbsp; 8110307 |
| **Steel–0.58%** | **Steel–0.58%** | **Steel–0.58%** | **Steel–0.58%** |
| ArcelorMittal S.A. (Luxembourg), <br> 6.55%, 11/29/2027<br>|  | 4000000 | &nbsp;&nbsp; 4171075 |
| **Systems Software–1.49%** | **Systems Software–1.49%** | **Systems Software–1.49%** | **Systems Software–1.49%** |
| CyberArk Software Ltd., Conv., <br> 0.00%, 06/15/2030<sup>(b)(c)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3090000 |
| Progress Software Corp., Conv., <br> 3.50%, 03/01/2030<br>|  | 3000000 | &nbsp;&nbsp; 3484500 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** | **Systems Software–(continued)** |
| Rubrik, Inc., Conv., 0.00%, <br> 06/15/2030<sup>(b)(c)</sup> <br>|  | $4000000 | &nbsp;&nbsp; $4197500 |
|  |  |  | &nbsp;&nbsp; 10772000 |
| **Technology Hardware, Storage & Peripherals–3.24%** | **Technology Hardware, Storage & Peripherals–3.24%** | **Technology Hardware, Storage & Peripherals–3.24%** | **Technology Hardware, Storage & Peripherals–3.24%** |
| Seagate HDD Cayman, Conv., 3.50%, <br> 06/01/2028<br>|  | 6500000 | &nbsp;&nbsp; 11702437 |
| Super Micro Computer, Inc., Conv., <br> 0.00%, 06/15/2030<sup>(b)(c)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4496000 |
| Western Digital Corp., Conv., 3.00%, <br> 11/15/2028<br>|  | 4000000 | &nbsp;&nbsp; 7190000 |
|  |  |  | &nbsp;&nbsp; 23388437 |
| **Trading Companies & Distributors–0.45%** | **Trading Companies & Distributors–0.45%** | **Trading Companies & Distributors–0.45%** | **Trading Companies & Distributors–0.45%** |
| Air Lease Corp., Series D, 6.00%<sup>(e)(f)</sup> <br>|  | 3318000 | &nbsp;&nbsp; 3252865 |
| **Transaction & Payment Processing Services–1.49%** | **Transaction & Payment Processing Services–1.49%** | **Transaction & Payment Processing Services–1.49%** | **Transaction & Payment Processing Services–1.49%** |
| Affirm Holdings, Inc., Conv., 0.75%, <br> 12/15/2029<sup>(b)</sup> <br>|  | 4000000 | &nbsp;&nbsp; 4238000 |
| Block, Inc., 6.50%, 05/15/2032 |  | 6300000 | &nbsp;&nbsp; 6503981 |
|  |  |  | &nbsp;&nbsp; 10741981 |
| Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $470,633,803) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $470,633,803) | Total U.S. Dollar Denominated Bonds & Notes <br> (Cost $470,633,803) | &nbsp;&nbsp; 542862629 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Preferred Stocks–21.26%** | **Preferred Stocks–21.26%** | **Preferred Stocks–21.26%** | **Preferred Stocks–21.26%** |
| **Aerospace & Defense–3.08%** | **Aerospace & Defense–3.08%** | **Aerospace & Defense–3.08%** | **Aerospace & Defense–3.08%** |
| Boeing Co. (The), 6.00%, Conv. Pfd. | Boeing Co. (The), 6.00%, Conv. Pfd. | 327000 | &nbsp;&nbsp; 22236000 |
| **Application Software–1.19%** | **Application Software–1.19%** | **Application Software–1.19%** | **Application Software–1.19%** |
| MicroStrategy, Inc., 8.00%, Conv. Pfd. | MicroStrategy, Inc., 8.00%, Conv. Pfd. | 71000 | &nbsp;&nbsp; 8591710 |
| **Asset Management & Custody Banks–2.37%** | **Asset Management & Custody Banks–2.37%** | **Asset Management & Custody Banks–2.37%** | **Asset Management & Custody Banks–2.37%** |
| Ares Management Corp., 6.75%, Series B, <br> Conv. Pfd. | Ares Management Corp., 6.75%, Series B, <br> Conv. Pfd. | 191000 | &nbsp;&nbsp; 10123000 |
| KKR & Co., Inc., 6.25%, Series D, Conv. <br> Pfd. | KKR & Co., Inc., 6.25%, Series D, Conv. <br> Pfd. | 130000 | &nbsp;&nbsp; 6968000 |
|  |  |  | &nbsp;&nbsp; 17091000 |
| **Diversified Banks–5.98%** | **Diversified Banks–5.98%** | **Diversified Banks–5.98%** | **Diversified Banks–5.98%** |
| 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; 23410900 |
| Wells Fargo & Co., 7.50%, Class A, <br> Series L, Conv. Pfd. | Wells Fargo & Co., 7.50%, Class A, <br> Series L, Conv. Pfd. | 16800 | &nbsp;&nbsp; 19725384 |
|  |  |  | &nbsp;&nbsp; 43136284 |
| **Diversified Financial Services–1.53%** | **Diversified Financial Services–1.53%** | **Diversified Financial Services–1.53%** | **Diversified Financial Services–1.53%** |
| Apollo Global Management, Inc., 6.75%, <br> Conv. Pfd. | Apollo Global Management, Inc., 6.75%, <br> Conv. Pfd. | 147800 | &nbsp;&nbsp; 11062830 |
| **Electric Utilities–2.24%** | **Electric Utilities–2.24%** | **Electric Utilities–2.24%** | **Electric Utilities–2.24%** |
| NextEra Energy, Inc., 7.30%, Conv. Pfd. | NextEra Energy, Inc., 7.30%, Conv. Pfd. | 197000 | &nbsp;&nbsp; 9276730 |
| PG&E Corp., 6.00%, Series A, Conv. Pfd. | PG&E Corp., 6.00%, Series A, Conv. Pfd. | 182300 | &nbsp;&nbsp; 6854480 |
|  |  |  | &nbsp;&nbsp; 16131210 |
| **Health Care Services–0.21%** | **Health Care Services–0.21%** | **Health Care Services–0.21%** | **Health Care Services–0.21%** |
| BrightSpring Health Services, Inc., 6.75%, <br> Conv. Pfd. | BrightSpring Health Services, Inc., 6.75%, <br> Conv. Pfd. | 18000 | &nbsp;&nbsp; 1485900 |
| **Industrial Machinery & Supplies & Components–0.53%** | **Industrial Machinery & Supplies & Components–0.53%** | **Industrial Machinery & Supplies & Components–0.53%** | **Industrial Machinery & Supplies & Components–0.53%** |
| Chart Industries, Inc., 6.75%, Series B, <br> Conv. Pfd. | Chart Industries, Inc., 6.75%, Series B, <br> Conv. Pfd. | 63000 | &nbsp;&nbsp; 3805200 |

---

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** |
| **Semiconductors–1.31%** | **Semiconductors–1.31%** | **Semiconductors–1.31%** |
| Microchip Technology, Inc., 7.50%, Conv. <br> Pfd. | 142000 | &nbsp;&nbsp; $9462880 |
| **Specialty Chemicals–0.57%** | **Specialty Chemicals–0.57%** | **Specialty Chemicals–0.57%** |
| Albemarle Corp., 7.25%, Conv. Pfd. | 127800 | &nbsp;&nbsp; 4102380 |
| **Technology Hardware, Storage & Peripherals–1.06%** | **Technology Hardware, Storage & Peripherals–1.06%** | **Technology Hardware, Storage & Peripherals–1.06%** |
| Hewlett Packard Enterprise Co., 7.63%, <br> Conv. Pfd. | 130000 | &nbsp;&nbsp; 7654400 |
| **Trading Companies & Distributors–0.21%** | **Trading Companies & Distributors–0.21%** | **Trading Companies & Distributors–0.21%** |
| QXO, Inc., 5.50%, Conv. Pfd. | 25000 | &nbsp;&nbsp; 1549750 |
| **Transaction & Payment Processing Services–0.98%** | **Transaction & Payment Processing Services–0.98%** | **Transaction & Payment Processing Services–0.98%** |
| Shift4 Payments, Inc., 6.00%, Conv. Pfd. | 61400 | &nbsp;&nbsp; 7073280 |
| Total Preferred Stocks (Cost $138,737,879) | Total Preferred Stocks (Cost $138,737,879) | &nbsp;&nbsp; 153382824 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **Money Market Funds–1.75%** | **Money Market Funds–1.75%** | **Money Market Funds–1.75%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(g)(h)</sup>  | 4411207 | &nbsp;&nbsp; $4411207 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(g)(h)</sup>  | 8186813 | &nbsp;&nbsp; 8186813 |
| Total Money Market Funds (Cost $12,598,020) | Total Money Market Funds (Cost $12,598,020) | &nbsp;&nbsp; 12598020 |
| **Options Purchased–0.59%** | **Options Purchased–0.59%** | **Options Purchased–0.59%** |
| (Cost $3,931,157)<sup>(i)</sup>  | (Cost $3,931,157)<sup>(i)</sup>  | &nbsp;&nbsp; 4271420 |
| TOTAL INVESTMENTS IN SECURITIES–98.86% <br> (Cost $625,900,859) | TOTAL INVESTMENTS IN SECURITIES–98.86% <br> (Cost $625,900,859) | &nbsp;&nbsp; 713114893 |
| OTHER ASSETS LESS LIABILITIES—1.14% | OTHER ASSETS LESS LIABILITIES—1.14% | &nbsp;&nbsp; 8204906 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $721319799 |

---

Investment Abbreviations:

Conv. – Convertible <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> 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 June 30, 2025 was $217,245,209, which represented 30.12% of the Fund's Net Assets. 

<sup>(c)</sup> Zero coupon bond issued at a discount.

<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> 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 six months ended June 30, 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>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $5028319 | &nbsp;&nbsp; $56498794 | &nbsp;&nbsp; $(57115906) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4411207 | &nbsp;&nbsp; $202543 |
| Invesco Treasury Portfolio, Institutional Class | 9332880 | &nbsp;&nbsp; 104926333 | &nbsp;&nbsp; (106072400) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8186813 | &nbsp;&nbsp; 373458 |
| Total | $14361199 | &nbsp;&nbsp; $161425127 | &nbsp;&nbsp; $(163188306) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12598020 | &nbsp;&nbsp; $576001 |

---

<sup>(h)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025. <br> <sup>(i)</sup> The table below details 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** | **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** |  |  |  |  |  |  |
| Axon Enterprise, Inc.<br> Call | 01/16/2026 | &nbsp;&nbsp;&nbsp; 255 | USD | 840.00 | USD | 21420000 | &nbsp;&nbsp;&nbsp; $2841975 |

---

<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; **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** |  |  |  |  |  |  |
| S&P 500<sup>®</sup> Index<br> Call | &nbsp;&nbsp;&nbsp; 10/17/2025 | &nbsp;&nbsp;&nbsp; 67 | USD | 6240.00 | USD | 41808000 | &nbsp;&nbsp;&nbsp; $1429445 |

---

<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.

**5**

**Invesco Convertible Securities Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $613,302,839)<br>| &nbsp;&nbsp; $700516873 |
| Investments in affiliated money market funds, at value <br> (Cost $12,598,020)<br>| &nbsp;&nbsp; 12598020 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 8523413 |
| Fund shares sold | &nbsp;&nbsp; 248581 |
| Dividends | &nbsp;&nbsp; 256559 |
| Interest | &nbsp;&nbsp; 2967124 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 115380 |
| Other assets | &nbsp;&nbsp; 421283 |
| Total assets | &nbsp;&nbsp; 725647233 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3000000 |
| Fund shares reacquired | &nbsp;&nbsp; 727285 |
| Accrued fees to affiliates | &nbsp;&nbsp; 376365 |
| Accrued other operating expenses | &nbsp;&nbsp; 64841 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 158943 |
| Total liabilities | &nbsp;&nbsp; 4327434 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $721319799 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $609931135 |
| Distributable earnings | &nbsp;&nbsp; 111388664 |
|  | &nbsp;&nbsp; $721319799 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $437649498 |
| Class C | &nbsp;&nbsp; $10878844 |
| Class Y | &nbsp;&nbsp; $235609875 |
| Class R5 | &nbsp;&nbsp; $334329 |
| Class R6 | &nbsp;&nbsp; $36847253 |
| **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; 17396363 |
| Class C | &nbsp;&nbsp; 436165 |
| Class Y | &nbsp;&nbsp; 9346915 |
| Class R5 | &nbsp;&nbsp; 13292 |
| Class R6 | &nbsp;&nbsp; 1464223 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $25.16 |
| Maximum offering price per share <br>(Net asset value of $25.16 ÷ 94.50%)<br>| &nbsp;&nbsp; $26.62 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.94 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.21 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.15 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.17 |

---

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

**6**

**Invesco Convertible Securities Fund**

------

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $6030059 |
| Dividends | &nbsp;&nbsp; 3261972 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 576001 |
| Total investment income | &nbsp;&nbsp; 9868032 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1826776 |
| Administrative services fees | &nbsp;&nbsp; 56074 |
| Custodian fees | &nbsp;&nbsp; 5809 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 524467 |
| Class C | &nbsp;&nbsp; 55195 |
| Transfer agent fees — A, C and Y | &nbsp;&nbsp; 474125 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 156 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 5436 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 13872 |
| Registration and filing fees | &nbsp;&nbsp; 41345 |
| Reports to shareholders | &nbsp;&nbsp; 35650 |
| Professional services fees | &nbsp;&nbsp; 28183 |
| Other | &nbsp;&nbsp; 9539 |
| Total expenses | &nbsp;&nbsp; 3076627 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (20531)<br>|
| Net expenses | &nbsp;&nbsp; 3056096 |
| Net investment income | &nbsp;&nbsp; 6811936 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (9567493)<br>|
| Option contracts written | &nbsp;&nbsp; (114831)<br>|
|  | &nbsp;&nbsp; (9682324)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 48984370 |
| Option contracts written | &nbsp;&nbsp; (153077)<br>|
|  | &nbsp;&nbsp; 48831293 |
| Net realized and unrealized gain | &nbsp;&nbsp; 39148969 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $45960905 |

---

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

**7**

**Invesco Convertible Securities Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6811936 | &nbsp;&nbsp; $14833866 |
| Net realized gain (loss) | &nbsp;&nbsp; (9682324)<br>| &nbsp;&nbsp; 66516708 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 48831293 | &nbsp;&nbsp; (9526366)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 45960905 | &nbsp;&nbsp; 71824208 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (5512109)<br>| &nbsp;&nbsp; (14305064)<br>|
| Class C | &nbsp;&nbsp; (100558)<br>| &nbsp;&nbsp; (329670)<br>|
| Class Y | &nbsp;&nbsp; (3301782)<br>| &nbsp;&nbsp; (9807758)<br>|
| Class R5 | &nbsp;&nbsp; (4609)<br>| &nbsp;&nbsp; (18128)<br>|
| Class R6 | &nbsp;&nbsp; (534714)<br>| &nbsp;&nbsp; (1361892)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (9453772)<br>| &nbsp;&nbsp; (25822512)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (22673364)<br>| &nbsp;&nbsp; (48668672)<br>|
| Class C | &nbsp;&nbsp; (1774057)<br>| &nbsp;&nbsp; (4939925)<br>|
| Class Y | &nbsp;&nbsp; (27917587)<br>| &nbsp;&nbsp; (72093740)<br>|
| Class R5 | &nbsp;&nbsp; (1820)<br>| &nbsp;&nbsp; (464222)<br>|
| Class R6 | &nbsp;&nbsp; (2103175)<br>| &nbsp;&nbsp; (12590071)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (54470003)<br>| &nbsp;&nbsp; (138756630)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (17962870)<br>| &nbsp;&nbsp; (92754934)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 739282669 | &nbsp;&nbsp; 832037603 |
| End of period | &nbsp;&nbsp; $721319799 | &nbsp;&nbsp; $739282669 |

---

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

**8**

**Invesco Convertible Securities Fund**

------

**Financial Highlights**

*(Unaudited)*

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** |
| Six months ended 06/30/25 | $23.87 | $0.22 | $1.38 | $1.60 | $(0.31)<br>| $— | $(0.31)<br>| $25.16 | 6.78<br> %<br>| &nbsp;&nbsp; $437649 | 0.96 %<sup>(d)</sup><br>| 0.96 %<sup>(d)</sup><br>| 1.85 %<sup>(d)</sup><br>| 48<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 |
| Year ended 12/31/20 | 24.64 | 0.23 | 10.47 | 10.70 | (0.37)<br>| (3.06)<br>| (3.43)<br>| 31.91 | 44.35 | &nbsp;&nbsp; 675347 | 0.91 | 0.91 | 0.84 | 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** |
| Six months ended 06/30/25 | 23.66 | 0.13 | 1.37 | 1.50 | (0.22)<br>|  | (0.22)<br>| 24.94 | 6.39 | &nbsp;&nbsp; 10879 | 1.71 <br><sup>(d)</sup><br>| 1.71 <br><sup>(d)</sup><br>| 1.10 <br><sup>(d)</sup><br>| 48 |
| 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>(e)</sup><br>| &nbsp;&nbsp; 12111 | 1.70 <br><sup>(e)</sup><br>| 1.71 <br><sup>(e)</sup><br>| 1.08 <br><sup>(e)</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>(f)</sup><br>| &nbsp;&nbsp; 16263 | 1.66 <br><sup>(f)</sup><br>| 1.67 <br><sup>(f)</sup><br>| 0.48 <br><sup>(f)</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>(f)</sup><br>| &nbsp;&nbsp; 21915 | 1.66 <br><sup>(f)</sup><br>| 1.66 <br><sup>(f)</sup><br>| 0.13 <br><sup>(f)</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>(g)</sup><br>| &nbsp;&nbsp; 44798 | 1.60 <br><sup>(g)</sup><br>| 1.60 <br><sup>(g)</sup><br>| (0.29 )<sup>(g)</sup><br>| 61 |
| Year ended 12/31/20 | 24.51 | 0.03 | 10.41 | 10.44 | (0.16)<br>| (3.06)<br>| (3.22)<br>| 31.73 | 43.25 | &nbsp;&nbsp; 61221 | 1.66 | 1.66 | 0.09 | 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** |
| Six months ended 06/30/25 | 23.91 | 0.25 | 1.40 | 1.65 | (0.35)<br>|  | (0.35)<br>| 25.21 | 6.95 | &nbsp;&nbsp; 235610 | 0.71 <br><sup>(d)</sup><br>| 0.71 <br><sup>(d)</sup><br>| 2.10 <br><sup>(d)</sup><br>| 48 |
| 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 |
| Year ended 12/31/20 | 24.68 | 0.30 | 10.48 | 10.78 | (0.44)<br>| (3.06)<br>| (3.50)<br>| 31.96 | 44.69 | &nbsp;&nbsp; 647484 | 0.66 | 0.66 | 1.09 | 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** |
| Six months ended 06/30/25 | 23.86 | 0.25 | 1.39 | 1.64 | (0.35)<br>|  | (0.35)<br>| 25.15 | 6.94 | &nbsp;&nbsp; 334 | 0.67 <br><sup>(d)</sup><br>| 0.67 <br><sup>(d)</sup><br>| 2.14 <br><sup>(d)</sup><br>| 48 |
| 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 |
| Year ended 12/31/20 | 24.65 | 0.31 | 10.46 | 10.77 | (0.45)<br>| (3.06)<br>| (3.51)<br>| 31.91 | 44.70 | &nbsp;&nbsp; 1773 | 0.64 | 0.64 | 1.11 | 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** |
| Six months ended 06/30/25 | 23.87 | 0.26 | 1.40 | 1.66 | (0.36)<br>|  | (0.36)<br>| 25.17 | 7.02 | &nbsp;&nbsp; 36847 | 0.60 <br><sup>(d)</sup><br>| 0.60 <br><sup>(d)</sup><br>| 2.21 <br><sup>(d)</sup><br>| 48 |
| 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 |
| Year ended 12/31/20 | 24.65 | 0.33 | 10.47 | 10.80 | (0.47)<br>| (3.06)<br>| (3.53)<br>| 31.92 | 44.86 | &nbsp;&nbsp; 55585 | 0.56 | 0.56 | 1.19 | 65 |

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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> Annualized.

<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 0.99% for Class C shares.

<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 0.98% for the years ended December 31, 2023 and 2022, respectively. 

<sup>(g)</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.

**9**

**Invesco Convertible Securities Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**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. 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.

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

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.

**10**

**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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated 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, the Adviser acts 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 covered call options and/or buy call options. A covered 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. 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.

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.

When the Fund writes a covered 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

**11**

**Invesco Convertible Securities Fund**

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written covered call 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 covered 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. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

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, when rates increase. 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.

**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 $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% |

---

For the six months ended June 30, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco 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.

**12**

**Invesco Convertible Securities Fund**

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Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2025, the Adviser waived advisory fees of $15,546.

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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2025, IDI advised the Fund that IDI retained $17,899 in front-end sales commissions from the sale of Class A shares and $911 and $9 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 June 30, 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; $542862629 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $542862629 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 153382824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153382824 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 12598020 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12598020 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 4271420 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4271420 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $170252264 | &nbsp;&nbsp;&nbsp;&nbsp; $542862629 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $713114893 |

---

**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.

**13**

**Invesco Convertible Securities Fund**

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**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 June 30, 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; $4271420 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (4271420)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> Options purchased, at value as reported in the Schedule of Investments.

**Effect of Derivative Investments for the six months ended June 30, 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 (Loss): |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; $(5912842)<br>|
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; (114831)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Options purchased<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5434078 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; (153077)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(746672)<br>|

---

<sup>(a)</sup> Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on 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; $46880750 | &nbsp;&nbsp;&nbsp;&nbsp; $55547000 | &nbsp;&nbsp;&nbsp;&nbsp; $6492333 | &nbsp;&nbsp;&nbsp;&nbsp; $14694000 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2877 | &nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $4,985.

**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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**14**

**Invesco Convertible Securities Fund**

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**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 six months ended June 30, 2025 was $328,145,502 and $385,496,897, respectively. As of June 30, 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; $93807404 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (6455204)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $87352200 |

---

Cost of investments for tax purposes is $625,762,693.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 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; 312366 | &nbsp;&nbsp;&nbsp; $7420336 | &nbsp;&nbsp;&nbsp; 633991 | &nbsp;&nbsp;&nbsp; $14678032 |
| Class C | &nbsp;&nbsp;&nbsp; 21330 | &nbsp;&nbsp;&nbsp; 504204 | &nbsp;&nbsp;&nbsp; 37484 | &nbsp;&nbsp;&nbsp; 860913 |
| Class Y | &nbsp;&nbsp;&nbsp; 616694 | &nbsp;&nbsp;&nbsp; 14788110 | &nbsp;&nbsp;&nbsp; 2090348 | &nbsp;&nbsp;&nbsp; 48404616 |
| Class R5 | &nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; 5453 | &nbsp;&nbsp;&nbsp; 3821 | &nbsp;&nbsp;&nbsp; 85662 |
| Class R6 | &nbsp;&nbsp;&nbsp; 45058 | &nbsp;&nbsp;&nbsp; 1064020 | &nbsp;&nbsp;&nbsp; 122097 | &nbsp;&nbsp;&nbsp; 2801553 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 191921 | &nbsp;&nbsp;&nbsp; 4627674 | &nbsp;&nbsp;&nbsp; 512846 | &nbsp;&nbsp;&nbsp; 12243962 |
| Class C | &nbsp;&nbsp;&nbsp; 3677 | &nbsp;&nbsp;&nbsp; 87891 | &nbsp;&nbsp;&nbsp; 12482 | &nbsp;&nbsp;&nbsp; 296558 |
| Class Y | &nbsp;&nbsp;&nbsp; 94996 | &nbsp;&nbsp;&nbsp; 2293907 | &nbsp;&nbsp;&nbsp; 316587 | &nbsp;&nbsp;&nbsp; 7577218 |
| Class R5 | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 2732 | &nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp; 16333 |
| Class R6 | &nbsp;&nbsp;&nbsp; 20580 | &nbsp;&nbsp;&nbsp; 496312 | &nbsp;&nbsp;&nbsp; 53515 | &nbsp;&nbsp;&nbsp; 1274152 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 48281 | &nbsp;&nbsp;&nbsp; 1153808 | &nbsp;&nbsp;&nbsp; 130677 | &nbsp;&nbsp;&nbsp; 2997346 |
| Class C | &nbsp;&nbsp;&nbsp; (48747)<br>| &nbsp;&nbsp;&nbsp; (1153808)<br>| &nbsp;&nbsp;&nbsp; (131883)<br>| &nbsp;&nbsp;&nbsp; (2997346)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1509436)<br>| &nbsp;&nbsp;&nbsp; (35875182)<br>| &nbsp;&nbsp;&nbsp; (3428281)<br>| &nbsp;&nbsp;&nbsp; (78588012)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (51955)<br>| &nbsp;&nbsp;&nbsp; (1212344)<br>| &nbsp;&nbsp;&nbsp; (136193)<br>| &nbsp;&nbsp;&nbsp; (3100050)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1895063)<br>| &nbsp;&nbsp;&nbsp; (44999604)<br>| &nbsp;&nbsp;&nbsp; (5517951)<br>| &nbsp;&nbsp;&nbsp; (128075574)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (421)<br>| &nbsp;&nbsp;&nbsp; (10005)<br>| &nbsp;&nbsp;&nbsp; (23384)<br>| &nbsp;&nbsp;&nbsp; (566217)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (152550)<br>| &nbsp;&nbsp;&nbsp; (3663507)<br>| &nbsp;&nbsp;&nbsp; (733158)<br>| &nbsp;&nbsp;&nbsp; (16665776)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2302929)<br>| &nbsp;&nbsp;&nbsp; $(54470003)<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 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**15**

**Invesco Convertible Securities Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Convertible Securities Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC(collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against ICE BofA U.S. Convertible Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

**16**

**Invesco Convertible Securities Fund**

------

performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns

of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**17**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**18**

**Invesco Convertible Securities Fund**

------

![](img03ed47fb1.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

MS-CSEC-NCSRS

------

![](imgca22acc61.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Income Allocation Fund**

Nasdaq:

A: ALAAX ■ C: CLIAX ■ R: RLIAX ■ Y: ALAYX ■ R5: ILAAX ■ R6: IIASX

------

---

| | |
|:---|:---|
| [2](#xx_d2755910-9b7d-419f-9f8d-0ff3f9e95eaf_SOI-Continued-55_1) | Schedule of Investments |
| [3](#xx_d2755910-9b7d-419f-9f8d-0ff3f9e95eaf_FS-Continued-55_1) | Financial Statements |
| [6](#xx_d2755910-9b7d-419f-9f8d-0ff3f9e95eaf_FS-Continued-55_4) | Financial Highlights |
| [7](#xx_d2755910-9b7d-419f-9f8d-0ff3f9e95eaf_NTF-Continued-55_1) | Notes to Financial Statements |
| [12](#xx_d2755910-9b7d-419f-9f8d-0ff3f9e95eaf_AOC-Continued-55_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [14](#xx_d2755910-9b7d-419f-9f8d-0ff3f9e95eaf_OIRSR-Continued-55_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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–100.09%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.09%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.09%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.09%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.09%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.09%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.09%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.09%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.09%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.09%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**06/30/25**<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>**06/30/25**<br>| **Value** <br>**06/30/25**<br>|
| **Domestic Equity Funds–31.16%** | **Domestic Equity Funds–31.16%** | **Domestic Equity Funds–31.16%** | **Domestic Equity Funds–31.16%** | **Domestic Equity Funds–31.16%** | **Domestic Equity Funds–31.16%** | **Domestic Equity Funds–31.16%** | **Domestic Equity Funds–31.16%** | **Domestic Equity Funds–31.16%** | **Domestic Equity Funds–31.16%** |
| Invesco Dividend Income Fund, Class R6 | 4.02<br> %<br>| $13137603 | $428514 | $(1423720)<br>| $758331 | $86194 | $107730 | 476934 | $12986922 |
| Invesco Main Street Small Cap Fund, Class R6 | 1.79<br> %<br>| 5593393 | 242955 | (155511)<br>| 117944 | (11908)<br>|  | 256170 | 5786873 |
| Invesco MSCI USA ETF<sup>(b)</sup> <br>| 6.76<br> %<br>| 22442626 | 1989285 | (3868791)<br>| 956341 | 333451 | 132396 | 351446 | 21852912 |
| Invesco QQQ Income Advantage ETF | 5.01<br> %<br>| 16517003 | 1655398 | (2045015)<br>| 47549 | 24102 | 835415 | 322690 | 16199037 |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 2.76<br> %<br>| 9226204 |  | (905865)<br>| 522995 | 62240 | 35166 | 154129 | 8905574 |
| Invesco S&P 500 Equal Weight Income Advantage ETF<sup>(b)</sup> <br>| 4.99<br> %<br>| 16323456 | 505540 | (587061)<br>| (90022)<br>| (22875)<br>| 751603 | 323292 | 16129038 |
| Invesco S&P 500<sup>®</sup> Pure Value ETF<sup>(b)</sup> <br>| 4.28<br> %<br>| 13907495 |  | (627051)<br>| 481789 | 57241 | 182681 | 147392 | 13819474 |
| Invesco Value Opportunities Fund, Class R6 | 1.55<br> %<br>| 4897996 | 346186 | (511964)<br>| 246306 | 16486 |  | 219851 | 4995010 |
| Total Domestic Equity Funds |  | 102045776 | 5167878 | (10124978)<br>| 3041233 | 544931 | 2044991 |  | 100674840 |
| **Fixed Income Funds–61.62%** | **Fixed Income Funds–61.62%** | **Fixed Income Funds–61.62%** | **Fixed Income Funds–61.62%** | **Fixed Income Funds–61.62%** | **Fixed Income Funds–61.62%** | **Fixed Income Funds–61.62%** | **Fixed Income Funds–61.62%** | **Fixed Income Funds–61.62%** | **Fixed Income Funds–61.62%** |
| Invesco Core Bond Fund, Class R6 | 24.88<br> %<br>| 83915857 | 1874718 | (6452435)<br>| 911352 | 119448 | 1874642 | 14199459 | 80368940 |
| Invesco Core Plus Bond Fund, Class R6 | 23.86<br> %<br>| 80513728 | 1920211 | (6208575)<br>| 1753747 | (894383)<br>| 1920125 | 8369677 | 77084728 |
| Invesco Floating Rate ESG Fund, Class R6 | 2.01<br> %<br>| 6882139 | 280533 | (528265)<br>| (116121)<br>| (15318)<br>| 280513 | 992819 | 6502968 |
| Invesco High Yield Fund, Class R6 | 2.03<br> %<br>| 6863710 | 227814 | (520270)<br>| (12220)<br>| 7198 | 227800 | 1854868 | 6566232 |
| Invesco International Bond Fund, Class R6 | 3.01<br> %<br>| 10260796 | 249097 | (1504051)<br>| 814019 | (112691)<br>| 249086 | 2096581 | 9707170 |
| Invesco Variable Rate Investment Grade ETF | 5.83<br> %<br>| 20194796 |  | (1294846)<br>| (45513)<br>| (13255)<br>| 486843 | 752143 | 18841182 |
| Total Fixed Income Funds |  | 208631026 | 4552373 | (16508442)<br>| 3305264 | (909001)<br>| 5039009 |  | 199071220 |
| **International and Global Equity Funds–6.95%** | **International and Global Equity Funds–6.95%** | **International and Global Equity Funds–6.95%** | **International and Global Equity Funds–6.95%** | **International and Global Equity Funds–6.95%** | **International and Global Equity Funds–6.95%** | **International and Global Equity Funds–6.95%** | **International and Global Equity Funds–6.95%** | **International and Global Equity Funds–6.95%** | **International and Global Equity Funds–6.95%** |
| Invesco RAFI Developed Markets ex-U.S. ETF | 5.47<br> %<br>| 17673326 |  | (3279821)<br>| 3004538 | 268541 | 379377 | 307673 | 17666584 |
| Invesco S&P Emerging Markets Low Volatility ETF<sup>(b)</sup> <br>| 1.48<br> %<br>| 4815812 |  | (556634)<br>| 503748 | 37538 | 118833 | 183785 | 4800464 |
| Total International and Global Equity Funds |  | 22489138 |  | (3836455)<br>| 3508286 | 306079 | 498210 |  | 22467048 |
| **Money Market Funds–0.36%** | **Money Market Funds–0.36%** | **Money Market Funds–0.36%** | **Money Market Funds–0.36%** | **Money Market Funds–0.36%** | **Money Market Funds–0.36%** | **Money Market Funds–0.36%** | **Money Market Funds–0.36%** | **Money Market Funds–0.36%** | **Money Market Funds–0.36%** |
| Invesco Government & Agency Portfolio, Institutional <br> Class, 4.26%<sup>(c)</sup> <br>| 0.13<br> %<br>| 9123 | 8886564 | (8491083)<br>|  |  | 7872 | 404604 | 404604 |
| Invesco Treasury Portfolio, Institutional Class, 4.23%<sup>(c)</sup> <br>| 0.23<br> %<br>|  | 16503620 | (15759370)<br>|  |  | 14292 | 744250 | 744250 |
| Total Money Market Funds |  | 9123 | 25390184 | (24250453)<br>|  |  | 22164 |  | 1148854 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding <br> investments purchased with cash collateral from <br> securities on loan) <br>(Cost $301,196,901)<br>| 100.09<br> %<br>| 333175063 | 35110435 | (54720328)<br>| 9854783 | (57991)<br>| 7604374 |  | 323361962 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan**<br>|  |  |  |  |  |  |  |  |  |
| **Money Market Funds–4.53%** | **Money Market Funds–4.53%** | **Money Market Funds–4.53%** | **Money Market Funds–4.53%** | **Money Market Funds–4.53%** | **Money Market Funds–4.53%** | **Money Market Funds–4.53%** | **Money Market Funds–4.53%** | **Money Market Funds–4.53%** | **Money Market Funds–4.53%** |
| Invesco Private Government Fund, 4.34%<sup>(c)(d)</sup> <br>| 1.26<br> %<br>| 573775 | 66329032 | (62841789)<br>|  |  | 36347 <br><sup>(e)</sup><br>| 4061018 | 4061018 |
| Invesco Private Prime Fund, 4.49%<sup>(c)(d)</sup> <br>| 3.27<br> %<br>| 1495465 | 154124824 | (145052036)<br>| 1039 | (420)<br>| 91713 <br><sup>(e)</sup><br>| 10565702 | 10568872 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $14,628,851)<br>| 4.53<br> %<br>| 2069240 | 220453856 | (207893825)<br>| 1039 | (420)<br>| 128060 |  | 14629890 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (Cost $315,825,752) <br>| 104.62<br> %<br>| $335244303 | $255564291 | $(262614153)<br>| $9855822 | $(58411)<br>| $7732434 |  | $337991852 |
| OTHER ASSETS LESS LIABILITIES | (4.62)%<br>|  |  |  |  |  |  |  | (14921615)<br>|
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $323070237 |

---

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> All or a portion of this security was out on loan at June 30, 2025.

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(d)</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>(e)</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. 

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

**2**

**Invesco Income Allocation Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $315,825,752)\*<br>| &nbsp;&nbsp; $337991852 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 26475 |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 753686 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 43051 |
| Other assets | &nbsp;&nbsp; 55068 |
| Total assets | &nbsp;&nbsp; 338870132 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 739661 |
| Fund shares reacquired | &nbsp;&nbsp; 184743 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 14628851 |
| Accrued fees to affiliates | &nbsp;&nbsp; 167713 |
| Accrued other operating expenses | &nbsp;&nbsp; 31922 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 47005 |
| Total liabilities | &nbsp;&nbsp; 15799895 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $323070237 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $346814416 |
| Distributable earnings (loss) | &nbsp;&nbsp; (23744179)<br>|
|  | &nbsp;&nbsp; $323070237 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $295030522 |
| Class C | &nbsp;&nbsp; $9320275 |
| Class R | &nbsp;&nbsp; $4737130 |
| Class Y | &nbsp;&nbsp; $13850001 |
| Class R5 | &nbsp;&nbsp; $71902 |
| Class R6 | &nbsp;&nbsp; $60407 |

---

---

| | |
|:---|:---|
| **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; 27166405 |
| Class C | &nbsp;&nbsp; 857154 |
| Class R | &nbsp;&nbsp; 435893 |
| Class Y | &nbsp;&nbsp; 1275500 |
| Class R5 | &nbsp;&nbsp; 6622 |
| Class R6 | &nbsp;&nbsp; 5571 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $10.86 |
| Maximum offering price per share <br>(Net asset value of $10.86 ÷ 94.50%)<br>| &nbsp;&nbsp; $11.49 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.87 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.87 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.86 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.86 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.84 |

---

\* At June 30, 2025, securities with an aggregate value of $14,398,776 were on loan to brokers. 

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

**3**

**Invesco Income Allocation Fund**

------

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $57,664) | &nbsp;&nbsp; $7662038 |
| Interest | &nbsp;&nbsp; 5759 |
| Total investment income | &nbsp;&nbsp; 7667797 |
| **Expenses:** |  |
| Administrative services fees | &nbsp;&nbsp; 24961 |
| Custodian fees | &nbsp;&nbsp; 1038 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 365701 |
| Class C | &nbsp;&nbsp; 52448 |
| Class R | &nbsp;&nbsp; 11625 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 191058 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 28 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 4 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10679 |
| Registration and filing fees | &nbsp;&nbsp; 47201 |
| Reports to shareholders | &nbsp;&nbsp; 18309 |
| Professional services fees | &nbsp;&nbsp; 17830 |
| Other | &nbsp;&nbsp; 7696 |
| Total expenses | &nbsp;&nbsp; 748578 |
| Less: Fees waived | &nbsp;&nbsp; (2080)<br>|
| Net expenses | &nbsp;&nbsp; 746498 |
| Net investment income | &nbsp;&nbsp; 6921299 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from affiliated underlying fund shares | &nbsp;&nbsp; (58411)<br>|
| Change in net unrealized appreciation of affiliated underlying fund shares | &nbsp;&nbsp; 9855822 |
| Net realized and unrealized gain | &nbsp;&nbsp; 9797411 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $16718710 |

---

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

**4**

**Invesco Income Allocation Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6921299 | &nbsp;&nbsp; $14555630 |
| Net realized gain (loss) | &nbsp;&nbsp; (58411)<br>| &nbsp;&nbsp; (10860101)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 9855822 | &nbsp;&nbsp; 16189913 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 16718710 | &nbsp;&nbsp; 19885442 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (6590944)<br>| &nbsp;&nbsp; (12896454)<br>|
| Class C | &nbsp;&nbsp; (195675)<br>| &nbsp;&nbsp; (542158)<br>|
| Class R | &nbsp;&nbsp; (98763)<br>| &nbsp;&nbsp; (161865)<br>|
| Class Y | &nbsp;&nbsp; (356016)<br>| &nbsp;&nbsp; (846858)<br>|
| Class R5 | &nbsp;&nbsp; (1656)<br>| &nbsp;&nbsp; (2981)<br>|
| Class R6 | &nbsp;&nbsp; (1282)<br>| &nbsp;&nbsp; (1028)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (7244336)<br>| &nbsp;&nbsp; (14451344)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (14111183)<br>| &nbsp;&nbsp; (40637567)<br>|
| Class C | &nbsp;&nbsp; (2727080)<br>| &nbsp;&nbsp; (9239032)<br>|
| Class R | &nbsp;&nbsp; 22737 | &nbsp;&nbsp; 817282 |
| Class Y | &nbsp;&nbsp; (2614219)<br>| &nbsp;&nbsp; (4997399)<br>|
| Class R5 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 3294 |
| Class R6 | &nbsp;&nbsp; 10431 | &nbsp;&nbsp; 38950 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (19418899)<br>| &nbsp;&nbsp; (54014472)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (9944525)<br>| &nbsp;&nbsp; (48580374)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 333014762 | &nbsp;&nbsp; 381595136 |
| End of period | &nbsp;&nbsp; $323070237 | &nbsp;&nbsp; $333014762 |

---

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

**5**

**Invesco Income Allocation Fund**

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**Financial Highlights**

*(Unaudited)*

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**<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** |
| Six months ended 06/30/25 | $10.54 | $0.23 | $0.33 | $0.56 | $(0.24)<br>| $— | $(0.24)<br>| $10.86 | 5.37<br> %<br>| &nbsp;&nbsp; $295031 | 0.45 %<sup>(e)</sup><br>| 0.45 %<sup>(e)</sup><br>| 4.30 %<sup>(e)</sup><br>| 3<br> %<br>|
| Year ended 12/31/24 | 10.38 | 0.43 | 0.17 | 0.60 | (0.44)<br>|  | (0.44)<br>| 10.54 | 5.84 | &nbsp;&nbsp; 300472 | 0.47 | 0.47 | 4.13 | 86 |
| Year ended 12/31/23 | 10.10 | 0.45 | 0.25 | 0.70 | (0.42)<br>|  | (0.42)<br>| 10.38 | 7.14 | &nbsp;&nbsp; 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>|  | (0.36)<br>| 10.10 | (11.78)<br>| &nbsp;&nbsp; 366254 | 0.37 | 0.43 | 3.25 | 30 |
| Year ended 12/31/21 | 11.37 | 0.34 | 0.51 | 0.85 | (0.38)<br>|  | (0.38)<br>| 11.84 | 7.56 | &nbsp;&nbsp; 458085 | 0.25 | 0.42 | 2.90 | 16 |
| Year ended 12/31/20 | 11.60 | 0.40 | (0.17)<br>| 0.23 | (0.46)<br>| (0.00)<br>| (0.46)<br>| 11.37 | 2.33 | &nbsp;&nbsp; 414703 | 0.25 | 0.43 | 3.65 | 66 |
| **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** |
| Six months ended 06/30/25 | 10.56 | 0.19 | 0.32 | 0.51 | (0.20)<br>|  | (0.20)<br>| 10.87 | 4.87 | &nbsp;&nbsp; 9320 | 1.20 <br><sup>(e)</sup><br>| 1.20 <br><sup>(e)</sup><br>| 3.55 <br><sup>(e)</sup><br>| 3 |
| Year ended 12/31/24 | 10.40 | 0.36 | 0.16 | 0.52 | (0.36)<br>|  | (0.36)<br>| 10.56 | 5.04 | &nbsp;&nbsp; 11754 | 1.22 | 1.22 | 3.38 | 86 |
| Year ended 12/31/23 | 10.11 | 0.37 | 0.27 | 0.64 | (0.35)<br>|  | (0.35)<br>| 10.40 | 6.43 | &nbsp;&nbsp; 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>|  | (0.28)<br>| 10.11 | (12.43)<br>| &nbsp;&nbsp; 29588 | 1.12 | 1.18 | 2.50 | 30 |
| Year ended 12/31/21 | 11.38 | 0.25 | 0.51 | 0.76 | (0.29)<br>|  | (0.29)<br>| 11.85 | 6.76 | &nbsp;&nbsp; 46368 | 1.00 | 1.17 | 2.15 | 16 |
| Year ended 12/31/20 | 11.61 | 0.31 | (0.16)<br>| 0.15 | (0.38)<br>| (0.00)<br>| (0.38)<br>| 11.38 | 1.56 | &nbsp;&nbsp; 57434 | 1.00 | 1.18 | 2.90 | 66 |
| **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** |
| Six months ended 06/30/25 | 10.55 | 0.21 | 0.33 | 0.54 | (0.22)<br>|  | (0.22)<br>| 10.87 | 5.23 | &nbsp;&nbsp; 4737 | 0.70 <br><sup>(e)</sup><br>| 0.70 <br><sup>(e)</sup><br>| 4.05 <br><sup>(e)</sup><br>| 3 |
| Year ended 12/31/24 | 10.39 | 0.41 | 0.16 | 0.57 | (0.41)<br>|  | (0.41)<br>| 10.55 | 5.57 | &nbsp;&nbsp; 4577 | 0.72 | 0.72 | 3.88 | 86 |
| Year ended 12/31/23 | 10.11 | 0.42 | 0.26 | 0.68 | (0.40)<br>|  | (0.40)<br>| 10.39 | 6.86 | &nbsp;&nbsp; 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>|  | (0.33)<br>| 10.11 | (11.91)<br>| &nbsp;&nbsp; 3470 | 0.62 | 0.68 | 3.00 | 30 |
| Year ended 12/31/21 | 11.38 | 0.31 | 0.50 | 0.81 | (0.35)<br>|  | (0.35)<br>| 11.84 | 7.20 | &nbsp;&nbsp; 5115 | 0.50 | 0.67 | 2.65 | 16 |
| Year ended 12/31/20 | 11.60 | 0.37 | (0.16)<br>| 0.21 | (0.43)<br>| (0.00)<br>| (0.43)<br>| 11.38 | 2.17 | &nbsp;&nbsp; 4975 | 0.50 | 0.68 | 3.40 | 66 |
| **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** |
| Six months ended 06/30/25 | 10.54 | 0.24 | 0.33 | 0.57 | (0.25)<br>|  | (0.25)<br>| 10.86 | 5.50 | &nbsp;&nbsp; 13850 | 0.20 <br><sup>(e)</sup><br>| 0.20 <br><sup>(e)</sup><br>| 4.55 <br><sup>(e)</sup><br>| 3 |
| Year ended 12/31/24 | 10.38 | 0.46 | 0.16 | 0.62 | (0.46)<br>|  | (0.46)<br>| 10.54 | 6.11 | &nbsp;&nbsp; 16094 | 0.22 | 0.22 | 4.38 | 86 |
| Year ended 12/31/23 | 10.10 | 0.47 | 0.26 | 0.73 | (0.45)<br>|  | (0.45)<br>| 10.38 | 7.41 | &nbsp;&nbsp; 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>|  | (0.38)<br>| 10.10 | (11.48)<br>| &nbsp;&nbsp; 28227 | 0.12 | 0.18 | 3.50 | 30 |
| Year ended 12/31/21 | 11.37 | 0.37 | 0.50 | 0.87 | (0.41)<br>|  | (0.41)<br>| 11.83 | 7.74 | &nbsp;&nbsp; 48311 | 0.00 | 0.17 | 3.15 | 16 |
| Year ended 12/31/20 | 11.60 | 0.42 | (0.16)<br>| 0.26 | (0.49)<br>| (0.00)<br>| (0.49)<br>| 11.37 | 2.59 | &nbsp;&nbsp; 49435 | 0.00 | 0.18 | 3.90 | 66 |
| **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** |
| Six months ended 06/30/25 | 10.54 | 0.24 | 0.33 | 0.57 | (0.25)<br>|  | (0.25)<br>| 10.86 | 5.52 | &nbsp;&nbsp; 72 | 0.16 <br><sup>(e)</sup><br>| 0.16 <br><sup>(e)</sup><br>| 4.59 <br><sup>(e)</sup><br>| 3 |
| Year ended 12/31/24 | 10.38 | 0.46 | 0.16 | 0.62 | (0.46)<br>|  | (0.46)<br>| 10.54 | 6.14 | &nbsp;&nbsp; 69 | 0.18 | 0.18 | 4.42 | 86 |
| Year ended 12/31/23 | 10.09 | 0.48 | 0.26 | 0.74 | (0.45)<br>|  | (0.45)<br>| 10.38 | 7.53 | &nbsp;&nbsp; 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>|  | (0.39)<br>| 10.09 | (11.55)<br>| &nbsp;&nbsp; 93 | 0.11 | 0.16 | 3.51 | 30 |
| Year ended 12/31/21 | 11.37 | 0.37 | 0.50 | 0.87 | (0.41)<br>|  | (0.41)<br>| 11.83 | 7.74 | &nbsp;&nbsp; 136 | 0.00 | 0.16 | 3.15 | 16 |
| Year ended 12/31/20 | 11.60 | 0.42 | (0.16)<br>| 0.26 | (0.49)<br>| (0.00)<br>| (0.49)<br>| 11.37 | 2.59 | &nbsp;&nbsp; 367 | 0.00 | 0.16 | 3.90 | 66 |
| **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** |
| Six months ended 06/30/25 | 10.53 | 0.24 | 0.33 | 0.57 | (0.26)<br>|  | (0.26)<br>| 10.84 | 5.46 | &nbsp;&nbsp; 60 | 0.09 <br><sup>(e)</sup><br>| 0.09 <br><sup>(e)</sup><br>| 4.66 <br><sup>(e)</sup><br>| 3 |
| Year ended 12/31/24 | 10.38 | 0.47 | 0.15 | 0.62 | (0.47)<br>|  | (0.47)<br>| 10.53 | 6.14 | &nbsp;&nbsp; 48 | 0.09 | 0.09 | 4.51 | 86 |
| Year ended 12/31/23 | 10.09 | 0.49 | 0.26 | 0.75 | (0.46)<br>|  | (0.46)<br>| 10.38 | 7.60 | &nbsp;&nbsp; 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>|  | (0.39)<br>| 10.09 | (11.51)<br>| &nbsp;&nbsp; 337 | 0.06 | 0.09 | 3.56 | 30 |
| Year ended 12/31/21 | 11.36 | 0.37 | 0.51 | 0.88 | (0.41)<br>|  | (0.41)<br>| 11.83 | 7.83 | &nbsp;&nbsp; 139 | 0.00 | 0.12 | 3.15 | 16 |
| Year ended 12/31/20 | 11.60 | 0.45 | (0.20)<br>| 0.25 | (0.49)<br>| (0.00)<br>| (0.49)<br>| 11.36 | 2.50 | &nbsp;&nbsp; 10 | 0.00 | 0.14 | 3.90 | 66 |

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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 your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund's total return. Estimated acquired fund fees from underlying funds were 0.45%, 0.45%, 0.46%, 0.45%, 0.45% and 0.51% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, 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> Annualized.

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

**6**

**Invesco Income Allocation Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**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. 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.

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

**7**

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

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

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

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

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

**8**

**Invesco Income Allocation Fund**

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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 six months ended June 30, 2025, the Fund paid the Adviser $5,000 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** - 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.

Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers' securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2025, IDI advised the Fund that IDI retained $17,527 in front-end sales commissions from the sale of Class A shares and $2,871 and $104 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.

**9**

**Invesco Income Allocation Fund**

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**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 June 30, 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; $322213108 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $322213108 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1148854 | &nbsp;&nbsp;&nbsp;&nbsp; 14629890 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15778744 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $323361962 | &nbsp;&nbsp;&nbsp;&nbsp; $14629890 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $337991852 |

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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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,080.

**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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 had a capital loss carryforward as of December 31, 2024, 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; $5379005 | &nbsp;&nbsp;&nbsp;&nbsp; $38266649 | &nbsp;&nbsp;&nbsp;&nbsp; $43645654 |

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\*

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 six months ended June 30, 2025 was $9,720,251 and $30,469,875, respectively. As of June 30, 2025, the aggregate cost of investments,

**10**

**Invesco Income Allocation Fund**

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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; $19992090 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (1053278)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $18938812 |

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Cost of investments for tax purposes is $319,053,040.

**NOTE 9—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 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; 1156904 | &nbsp;&nbsp;&nbsp; $12242952 | &nbsp;&nbsp;&nbsp; 2335386 | &nbsp;&nbsp;&nbsp; $24590572 |
| Class C | &nbsp;&nbsp;&nbsp; 33593 | &nbsp;&nbsp;&nbsp; 358310 | &nbsp;&nbsp;&nbsp; 69540 | &nbsp;&nbsp;&nbsp; 727251 |
| Class R | &nbsp;&nbsp;&nbsp; 65186 | &nbsp;&nbsp;&nbsp; 692367 | &nbsp;&nbsp;&nbsp; 107515 | &nbsp;&nbsp;&nbsp; 1123657 |
| Class Y | &nbsp;&nbsp;&nbsp; 275622 | &nbsp;&nbsp;&nbsp; 2945295 | &nbsp;&nbsp;&nbsp; 711579 | &nbsp;&nbsp;&nbsp; 7376542 |
| Class R5 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 1196 |
| Class R6 | &nbsp;&nbsp;&nbsp; 909 | &nbsp;&nbsp;&nbsp; 9500 | &nbsp;&nbsp;&nbsp; 8274 | &nbsp;&nbsp;&nbsp; 87471 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 515939 | &nbsp;&nbsp;&nbsp; 5463934 | &nbsp;&nbsp;&nbsp; 1025283 | &nbsp;&nbsp;&nbsp; 10741679 |
| Class C | &nbsp;&nbsp;&nbsp; 15725 | &nbsp;&nbsp;&nbsp; 166780 | &nbsp;&nbsp;&nbsp; 44074 | &nbsp;&nbsp;&nbsp; 461710 |
| Class R | &nbsp;&nbsp;&nbsp; 9315 | &nbsp;&nbsp;&nbsp; 98763 | &nbsp;&nbsp;&nbsp; 15402 | &nbsp;&nbsp;&nbsp; 161705 |
| Class Y | &nbsp;&nbsp;&nbsp; 26010 | &nbsp;&nbsp;&nbsp; 275387 | &nbsp;&nbsp;&nbsp; 55809 | &nbsp;&nbsp;&nbsp; 584606 |
| Class R5 | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 1368 | &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 2449 |
| Class R6 | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 1057 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 612 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 181628 | &nbsp;&nbsp;&nbsp; 1928573 | &nbsp;&nbsp;&nbsp; 534546 | &nbsp;&nbsp;&nbsp; 5581918 |
| Class C | &nbsp;&nbsp;&nbsp; (181411)<br>| &nbsp;&nbsp;&nbsp; (1928573)<br>| &nbsp;&nbsp;&nbsp; (533922)<br>| &nbsp;&nbsp;&nbsp; (5581918)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3185290)<br>| &nbsp;&nbsp;&nbsp; (33746642)<br>| &nbsp;&nbsp;&nbsp; (7802301)<br>| &nbsp;&nbsp;&nbsp; (81551736)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (124241)<br>| &nbsp;&nbsp;&nbsp; (1323597)<br>| &nbsp;&nbsp;&nbsp; (457647)<br>| &nbsp;&nbsp;&nbsp; (4846075)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (72404)<br>| &nbsp;&nbsp;&nbsp; (768393)<br>| &nbsp;&nbsp;&nbsp; (44544)<br>| &nbsp;&nbsp;&nbsp; (468080)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (552684)<br>| &nbsp;&nbsp;&nbsp; (5834901)<br>| &nbsp;&nbsp;&nbsp; (1229101)<br>| &nbsp;&nbsp;&nbsp; (12958547)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (108)<br>| &nbsp;&nbsp;&nbsp; (1155)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (351)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp; (4635)<br>| &nbsp;&nbsp;&nbsp; (49133)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1835071)<br>| &nbsp;&nbsp;&nbsp; $(19418899)<br>| &nbsp;&nbsp;&nbsp; (5164370)<br>| &nbsp;&nbsp;&nbsp; $(54014472)<br>|

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<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 54% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**11**

**Invesco Income Allocation Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Income Allocation Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Income Allocation Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management and investment process in 2024. The Board considered that the Fund's asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain investment factors within the equity market as well as to certain segments of the fixed income asset class, negatively impacted Fund performance. The Board recognized

**12**

**Invesco Income Allocation Fund**

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that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund's investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

*D.* *Economies of Scale and Breakpoints*

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in

providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers' relationships with the Fund.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's

investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

**13**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**14**

**Invesco Income Allocation Fund**

------

![](imgca22acc61.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

INCAL-NCSRS

------

![](img558496e41.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco International Diversified Fund**

Nasdaq:

A: OIDAX ■ C: OIDCX ■ R: OIDNX ■ Y: OIDYX ■ R5: INDFX ■ R6: OIDIX

------

---

| | |
|:---|:---|
| [2](#xx_b07038a8-6549-4160-a5c1-fd8df60a0cc9_SOI-Continued-702_1) | Schedule of Investments |
| [3](#xx_b07038a8-6549-4160-a5c1-fd8df60a0cc9_FS-Continued-702_1) | Financial Statements |
| [6](#xx_b07038a8-6549-4160-a5c1-fd8df60a0cc9_FS-Continued-702_4) | Financial Highlights |
| [7](#xx_b07038a8-6549-4160-a5c1-fd8df60a0cc9_NTF-Continued-702_1) | Notes to Financial Statements |
| [12](#xx_b07038a8-6549-4160-a5c1-fd8df60a0cc9_AOC-Continued-702_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [14](#xx_b07038a8-6549-4160-a5c1-fd8df60a0cc9_OIRSR-Continued-702_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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–99.72%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.72%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.72%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.72%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.72%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.72%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.72%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.72%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.72%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.72%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**06/30/25**<br>| **Value** <br>**12/31/24**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Dividend** <br>**Income**<br>| **Shares** <br>**06/30/25**<br>| **Value** <br>**06/30/25**<br>|
| **International and Global Equity Funds–99.72%** | **International and Global Equity Funds–99.72%** | **International and Global Equity Funds–99.72%** | **International and Global Equity Funds–99.72%** | **International and Global Equity Funds–99.72%** | **International and Global Equity Funds–99.72%** | **International and Global Equity Funds–99.72%** | **International and Global Equity Funds–99.72%** | **International and Global Equity Funds–99.72%** | **International and Global Equity Funds–99.72%** |
| Invesco Developing Markets Fund, Class R6 | 19.85<br> %<br>| $310928502 | $5415179 | $(45469987)<br>| $26729568 | $5557194 | $— | 7170304 | $303160456 |
| Invesco EQV International Equity Fund, Class R6 | 24.91<br> %<br>| 390460273 | 3333799 | (54989045)<br>| 39438407 | 2304882 |  | 15538927 | 380548316 |
| Invesco International Growth Focus ETF | 0.00<br> %<br>|  | 50302 |  | 456 |  |  | 2000 | 50758 |
| Invesco International Small-Mid Company Fund, Class R6 | 30.15<br> %<br>| 468831444 |  | (85362218)<br>| 61176569 | 15794268 |  | 10688024 | 460440063 |
| Invesco Oppenheimer International Growth Fund, <br> Class R6<br>| 24.81<br> %<br>| 387663252 | 125718 | (54155606)<br>| 42057718 | 3251914 |  | 10647457 | 378942996 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (Cost $884,835,794) <br>| 99.72<br> %<br>| $1557883471 | $8924998 | $(239976856)<br>| $169402718 | $26908258 | $— |  | $1523142589 |
| OTHER ASSETS LESS LIABILITIES | 0.28<br> %<br>|  |  |  |  |  |  |  | 4263965 |
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $1527406554 |

---

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.

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**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $884,835,794)<br>| &nbsp;&nbsp; $1523142589 |
| Cash | &nbsp;&nbsp; 8010836 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 556273 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 167702 |
| Other assets | &nbsp;&nbsp; 89323 |
| Total assets | &nbsp;&nbsp; 1531966723 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 3402731 |
| Accrued fees to affiliates | &nbsp;&nbsp; 874749 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 16660 |
| Accrued other operating expenses | &nbsp;&nbsp; 87121 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 178908 |
| Total liabilities | &nbsp;&nbsp; 4560169 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1527406554 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $831248617 |
| Distributable earnings | &nbsp;&nbsp; 696157937 |
|  | &nbsp;&nbsp; $1527406554 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $744157873 |
| Class C | &nbsp;&nbsp; $43816755 |
| Class R | &nbsp;&nbsp; $109599353 |
| Class Y | &nbsp;&nbsp; $458674086 |
| Class R5 | &nbsp;&nbsp; $35277 |
| Class R6 | &nbsp;&nbsp; $171123210 |
| **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; 43729199 |
| Class C | &nbsp;&nbsp; 2777232 |
| Class R | &nbsp;&nbsp; 6621188 |
| Class Y | &nbsp;&nbsp; 26490971 |
| Class R5 | &nbsp;&nbsp; 2062 |
| Class R6 | &nbsp;&nbsp; 9824885 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $17.02 |
| Maximum offering price per share <br>(Net asset value of $17.02 ÷ 94.50%)<br>| &nbsp;&nbsp; $18.01 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.78 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.55 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.31 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.11 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.42 |

---

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 six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Expenses:** |  |
| Custodian fees | &nbsp;&nbsp; $773 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 869661 |
| Class C | &nbsp;&nbsp; 224453 |
| Class R | &nbsp;&nbsp; 259258 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1095837 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 16 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 30080 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10577 |
| Registration and filing fees | &nbsp;&nbsp; 50079 |
| Reports to shareholders | &nbsp;&nbsp; 91983 |
| Professional services fees | &nbsp;&nbsp; 20438 |
| Other | &nbsp;&nbsp; 17682 |
| Total expenses | &nbsp;&nbsp; 2670837 |
| Less: Expense offset arrangement(s) | &nbsp;&nbsp; (30779)<br>|
| Net expenses | &nbsp;&nbsp; 2640058 |
| Net investment income (loss) | &nbsp;&nbsp; (2640058)<br>|
| **Realized and unrealized gain from:** |  |
| Net realized gain from affiliated underlying fund shares | &nbsp;&nbsp; 26908258 |
| Change in net unrealized appreciation of affiliated underlying fund shares | &nbsp;&nbsp; 169402718 |
| Net realized and unrealized gain | &nbsp;&nbsp; 196310976 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $193670918 |

---

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 six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(2640058)<br>| &nbsp;&nbsp; $18040473 |
| Net realized gain | &nbsp;&nbsp; 26908258 | &nbsp;&nbsp; 182518389 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 169402718 | &nbsp;&nbsp; (232714831)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 193670918 | &nbsp;&nbsp; (32155969)<br>|
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (33277647)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (1861674)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (4575352)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (26908504)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1683)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10741695)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (77366555)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (51432368)<br>| &nbsp;&nbsp; (92386922)<br>|
| Class C | &nbsp;&nbsp; (9246470)<br>| &nbsp;&nbsp; (19389878)<br>|
| Class R | &nbsp;&nbsp; (7735751)<br>| &nbsp;&nbsp; (14861631)<br>|
| Class Y | &nbsp;&nbsp; (115353694)<br>| &nbsp;&nbsp; (246778070)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1268 |
| Class R6 | &nbsp;&nbsp; (48745870)<br>| &nbsp;&nbsp; (73717241)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (232514153)<br>| &nbsp;&nbsp; (447132474)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (38843235)<br>| &nbsp;&nbsp; (556654998)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1566249789 | &nbsp;&nbsp; 2122904787 |
| End of period | &nbsp;&nbsp; $1527406554 | &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**

*(Unaudited)*

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** |
| Six months ended 06/30/25 | $14.98 | $(0.03)<br>| $2.07 | $2.04 | $— | $— | $— | $17.02 | 13.62<br> %<br>| &nbsp;&nbsp; $744158 | 0.44 %<sup>(e)</sup><br>| 0.44 %<sup>(e)</sup><br>| (0.44 )%<sup>(e)</sup><br>| 1<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 |
| Year ended 12/31/20 | 18.88 | (0.01)<br>| 3.79 | 3.78 | (0.19)<br>| (0.06)<br>| (0.25)<br>| 22.41 | 20.56 | &nbsp;&nbsp; 1403095 | 0.44 | 0.44 | (0.04)<br>| 12 |
| **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** |
| Six months ended 06/30/25 | 13.94 | (0.09)<br>| 1.93 | 1.84 |  |  |  | 15.78 | 13.20 | &nbsp;&nbsp; 43817 | 1.19 <br><sup>(e)</sup><br>| 1.19 <br><sup>(e)</sup><br>| (1.19 )<sup>(e)</sup><br>| 1 |
| 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 |
| Year ended 12/31/20 | 18.24 | (0.14)<br>| 3.61 | 3.47 | (0.19)<br>| (0.06)<br>| (0.25)<br>| 21.46 | 19.58 | &nbsp;&nbsp; 211223 | 1.19 | 1.19 | (0.79)<br>| 12 |
| **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** |
| Six months ended 06/30/25 | 14.58 | (0.05)<br>| 2.02 | 1.97 |  |  |  | 16.55 | 13.51 | &nbsp;&nbsp; 109599 | 0.69 <br><sup>(e)</sup><br>| 0.69 <br><sup>(e)</sup><br>| (0.69 )<sup>(e)</sup><br>| 1 |
| 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 |
| Year ended 12/31/20 | 18.61 | (0.05)<br>| 3.71 | 3.66 | (0.19)<br>| (0.06)<br>| (0.25)<br>| 22.02 | 20.21 | &nbsp;&nbsp; 196106 | 0.69 | 0.69 | (0.29)<br>| 12 |
| **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** |
| Six months ended 06/30/25 | 15.22 | (0.01)<br>| 2.10 | 2.09 |  |  |  | 17.31 | 13.73 | &nbsp;&nbsp; 458674 | 0.19 <br><sup>(e)</sup><br>| 0.19 <br><sup>(e)</sup><br>| (0.19 )<sup>(e)</sup><br>| 1 |
| 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 |
| Year ended 12/31/20 | 19.10 | 0.04 | 3.84 | 3.88 | (0.21)<br>| (0.06)<br>| (0.27)<br>| 22.71 | 20.83 | &nbsp;&nbsp; 2019871 | 0.19 | 0.19 | 0.21 | 12 |
| **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** |
| Six months ended 06/30/25 | 15.03 | (0.01)<br>| 2.09 | 2.08 |  |  |  | 17.11 | 13.84 | &nbsp;&nbsp; 35 | 0.13 <br><sup>(e)</sup><br>| 0.13 <br><sup>(e)</sup><br>| (0.13 )<sup>(e)</sup><br>| 1 |
| 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 |
| Year ended 12/31/20 | 18.93 | 0.07 | 3.80 | 3.87 | (0.24)<br>| (0.06)<br>| (0.30)<br>| 22.50 | 20.96 | &nbsp;&nbsp; 24 | 0.05 | 0.05 | 0.35 | 12 |
| **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** |
| Six months ended 06/30/25 | 15.30 | (0.00)<br>| 2.12 | 2.12 |  |  |  | 17.42 | 13.86 | &nbsp;&nbsp; 171123 | 0.06 <br><sup>(e)</sup><br>| 0.06 <br><sup>(e)</sup><br>| (0.06 )<sup>(e)</sup><br>| 1 |
| 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 |
| Year ended 12/31/20 | 19.19 | 0.07 | 3.86 | 3.93 | (0.24)<br>| (0.06)<br>| (0.30)<br>| 22.82 | 20.99 | &nbsp;&nbsp; 842979 | 0.04 | 0.04 | 0.36 | 12 |

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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%, 0.82% and 0.81% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>(d)</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 ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $103,226,025 and sold of $86,850,094 in the effort to realign the Fund's portfolio holdings after the reorganization of Invesco International Allocation Fund into the Fund. 

<sup>(e)</sup> Annualized.

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

**6**

**Invesco International Diversified Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**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. 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.

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

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**

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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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses** – 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, the Adviser acts 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** - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede

**8**

**Invesco International Diversified Fund**

------

an underlying Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.

The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. In addition, export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country's products. Further, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the underlying Fund.

Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

**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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2025, IDI advised the Fund that IDI retained $28,273 in front-end sales commissions from the sale of Class A shares and $291 and $902 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

**9**

**Invesco International Diversified 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.

As of June 30, 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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $30,779.

**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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 had a capital loss carryforward as of December 31, 2024, 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; $29562453 | &nbsp;&nbsp;&nbsp;&nbsp; $29946148 |

---

\*

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 six months ended June 30, 2025 was $8,924,998 and $239,976,855, respectively. As of June 30, 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; $586062294 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $586062294 |

---

**10**

**Invesco International Diversified Fund**

------

Cost of investments for tax purposes is $937,080,295.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 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; 1238035 | &nbsp;&nbsp;&nbsp; $19480787 | &nbsp;&nbsp;&nbsp; 2535038 | &nbsp;&nbsp;&nbsp; $41189501 |
| Class C | &nbsp;&nbsp;&nbsp; 146376 | &nbsp;&nbsp;&nbsp; 2144876 | &nbsp;&nbsp;&nbsp; 314679 | &nbsp;&nbsp;&nbsp; 4749942 |
| Class R | &nbsp;&nbsp;&nbsp; 493522 | &nbsp;&nbsp;&nbsp; 7565725 | &nbsp;&nbsp;&nbsp; 886405 | &nbsp;&nbsp;&nbsp; 14016424 |
| Class Y | &nbsp;&nbsp;&nbsp; 1507681 | &nbsp;&nbsp;&nbsp; 24031246 | &nbsp;&nbsp;&nbsp; 4364363 | &nbsp;&nbsp;&nbsp; 72036733 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1186793 | &nbsp;&nbsp;&nbsp; 18987301 | &nbsp;&nbsp;&nbsp; 2675334 | &nbsp;&nbsp;&nbsp; 44501278 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2055318 | &nbsp;&nbsp;&nbsp; 30973646 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 127656 | &nbsp;&nbsp;&nbsp; 1791011 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 311184 | &nbsp;&nbsp;&nbsp; 4568180 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &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; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 685801 | &nbsp;&nbsp;&nbsp; 10554471 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 364378 | &nbsp;&nbsp;&nbsp; 5813468 | &nbsp;&nbsp;&nbsp; 661177 | &nbsp;&nbsp;&nbsp; 10781306 |
| Class C | &nbsp;&nbsp;&nbsp; (392367)<br>| &nbsp;&nbsp;&nbsp; (5813468)<br>| &nbsp;&nbsp;&nbsp; (713855)<br>| &nbsp;&nbsp;&nbsp; (10781306)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4890727)<br>| &nbsp;&nbsp;&nbsp; (76726623)<br>| &nbsp;&nbsp;&nbsp; (10754954)<br>| &nbsp;&nbsp;&nbsp; (175331375)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (385639)<br>| &nbsp;&nbsp;&nbsp; (5577878)<br>| &nbsp;&nbsp;&nbsp; (1001640)<br>| &nbsp;&nbsp;&nbsp; (15149525)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1000385)<br>| &nbsp;&nbsp;&nbsp; (15301476)<br>| &nbsp;&nbsp;&nbsp; (2112641)<br>| &nbsp;&nbsp;&nbsp; (33446235)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (8790146)<br>| &nbsp;&nbsp;&nbsp; (139384940)<br>| &nbsp;&nbsp;&nbsp; (20448821)<br>| &nbsp;&nbsp;&nbsp; (340628040)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (4219645)<br>| &nbsp;&nbsp;&nbsp; (67733171)<br>| &nbsp;&nbsp;&nbsp; (7678861)<br>| &nbsp;&nbsp;&nbsp; (128772990)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (14742124)<br>| &nbsp;&nbsp;&nbsp; $(232514153)<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 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.

**11**

**Invesco International Diversified Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Diversified Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex USA® Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and five year periods, and the fourth quintile for the three year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund is a fund of funds that invests primarily in certain underlying affiliated funds and discussed how the performance of the underlying funds contributed to or detracted from the Fund's performance. The Board considered that stock selection in certain regions and

**12**

**Invesco International Diversified Fund**

------

sectors and an underweight exposure to certain factors (each of the foregoing achieved by the Fund's exposure to underlying funds) detracted from Fund performance. The Board considered information provided by management regarding the evaluation of the drivers of the Fund's underperformance and enhancements to be made to the Fund to address such underperformance, which included changes to the underlying funds in which the Fund invests and related allocations to such underlying funds. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that there were only three funds (including the Fund) in the expense group, therefore, Broadridge did not provide quintile rankings. The independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management regarding the Fund's limited peer group.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund's investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

*D.* *Economies of Scale and Breakpoints*

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements

with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds

to be collateral benefits resulting from Invesco Advisers' relationships with the Fund.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**14**

**Invesco International Diversified Fund**

------

![](img558496e41.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-IDIV-NCSRS

------

![](img64c980961.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

Nasdaq:

A: OPMSX ■ C: OPMCX ■ R: OPMNX ■ Y: OPMYX ■ R5: MSMJX ■ R6: OPMIX

------

---

| | |
|:---|:---|
| [2](#xx_2aa306f0-4876-44b1-b993-22aafff17a39_SOI-Continued-703_1) | Schedule of Investments |
| [5](#xx_2aa306f0-4876-44b1-b993-22aafff17a39_FS-Continued-703_1) | Financial Statements |
| [8](#xx_2aa306f0-4876-44b1-b993-22aafff17a39_FS-Continued-703_4) | Financial Highlights |
| [9](#xx_2aa306f0-4876-44b1-b993-22aafff17a39_NTF-Continued-703_1) | Notes to Financial Statements |
| [15](#xx_2aa306f0-4876-44b1-b993-22aafff17a39_AOC-Continued-703_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [18](#xx_2aa306f0-4876-44b1-b993-22aafff17a39_OIRSR-Continued-703_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.79%** | **Common Stocks & Other Equity Interests–98.79%** | **Common Stocks & Other Equity Interests–98.79%** |
| **Advertising–1.44%** | **Advertising–1.44%** | **Advertising–1.44%** |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup>  | 500439 | &nbsp;&nbsp; $36026604 |
| **Aerospace & Defense–3.51%** | **Aerospace & Defense–3.51%** | **Aerospace & Defense–3.51%** |
| Curtiss-Wright Corp. | 78814 | &nbsp;&nbsp; 38504580 |
| Howmet Aerospace, Inc. | 266047 | &nbsp;&nbsp; 49519328 |
|  |  | &nbsp;&nbsp; 88023908 |
| **Agricultural & Farm Machinery–0.54%** | **Agricultural & Farm Machinery–0.54%** | **Agricultural & Farm Machinery–0.54%** |
| AGCO Corp. | 131334 | &nbsp;&nbsp; 13548415 |
| **Apparel Retail–1.00%** | **Apparel Retail–1.00%** | **Apparel Retail–1.00%** |
| Burlington Stores, Inc.<sup>(b)(c)</sup>  | 107917 | &nbsp;&nbsp; 25105811 |
| **Apparel, Accessories & Luxury Goods–0.72%** | **Apparel, Accessories & Luxury Goods–0.72%** | **Apparel, Accessories & Luxury Goods–0.72%** |
| Tapestry, Inc. | 204054 | &nbsp;&nbsp; 17917982 |
| **Application Software–4.38%** | **Application Software–4.38%** | **Application Software–4.38%** |
| HubSpot, Inc.<sup>(b)</sup>  | 52151 | &nbsp;&nbsp; 29028811 |
| Informatica, Inc., Class A<sup>(b)</sup>  | 1001398 | &nbsp;&nbsp; 24384041 |
| Tyler Technologies, Inc.<sup>(b)</sup>  | 48382 | &nbsp;&nbsp; 28682785 |
| Unity Software, Inc.<sup>(b)(c)</sup>  | 1140405 | &nbsp;&nbsp; 27597801 |
|  |  | &nbsp;&nbsp; 109693438 |
| **Asset Management & Custody Banks–1.10%** | **Asset Management & Custody Banks–1.10%** | **Asset Management & Custody Banks–1.10%** |
| Blue Owl Capital, Inc.<sup>(c)</sup>  | 1431690 | &nbsp;&nbsp; 27502765 |
| **Automotive Parts & Equipment–0.70%** | **Automotive Parts & Equipment–0.70%** | **Automotive Parts & Equipment–0.70%** |
| Visteon Corp.<sup>(b)</sup>  | 188116 | &nbsp;&nbsp; 17551223 |
| **Automotive Retail–0.80%** | **Automotive Retail–0.80%** | **Automotive Retail–0.80%** |
| AutoNation, Inc.<sup>(b)</sup>  | 100252 | &nbsp;&nbsp; 19915060 |
| **Biotechnology–2.60%** | **Biotechnology–2.60%** | **Biotechnology–2.60%** |
| ADMA Biologics, Inc.<sup>(b)(c)</sup>  | 563156 | &nbsp;&nbsp; 10255071 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 140356 | &nbsp;&nbsp; 24225446 |
| Natera, Inc.<sup>(b)</sup>  | 181264 | &nbsp;&nbsp; 30622740 |
|  |  | &nbsp;&nbsp; 65103257 |
| **Building Products–1.70%** | **Building Products–1.70%** | **Building Products–1.70%** |
| A.O. Smith Corp. | 240615 | &nbsp;&nbsp; 15777126 |
| Johnson Controls International PLC | 253291 | &nbsp;&nbsp; 26752595 |
|  |  | &nbsp;&nbsp; 42529721 |
| **Communications Equipment–0.88%** | **Communications Equipment–0.88%** | **Communications Equipment–0.88%** |
| Motorola Solutions, Inc. | 52149 | &nbsp;&nbsp; 21926569 |
| **Construction & Engineering–0.78%** | **Construction & Engineering–0.78%** | **Construction & Engineering–0.78%** |
| WillScot Holdings Corp.<sup>(c)</sup>  | 717244 | &nbsp;&nbsp; 19652486 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.25%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.25%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.25%** |
| Allison Transmission Holdings, Inc. | 329399 | &nbsp;&nbsp; 31289611 |
| **Consumer Finance–1.09%** | **Consumer Finance–1.09%** | **Consumer Finance–1.09%** |
| Capital One Financial Corp. | 127775 | &nbsp;&nbsp; 27185409 |
| **Consumer Staples Merchandise Retail–0.99%** | **Consumer Staples Merchandise Retail–0.99%** | **Consumer Staples Merchandise Retail–0.99%** |
| BJ's Wholesale Club Holdings, Inc., <br> Class C<sup>(b)</sup>  | 230608 | &nbsp;&nbsp; 24866461 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Diversified Financial Services–1.49%** | **Diversified Financial Services–1.49%** | **Diversified Financial Services–1.49%** |
| Equitable Holdings, Inc. | 664281 | &nbsp;&nbsp; $37266164 |
| **Electric Utilities–1.45%** | **Electric Utilities–1.45%** | **Electric Utilities–1.45%** |
| PPL Corp. | 1075032 | &nbsp;&nbsp; 36432834 |
| **Electrical Components & Equipment–3.64%** | **Electrical Components & Equipment–3.64%** | **Electrical Components & Equipment–3.64%** |
| Hubbell, Inc. | 77907 | &nbsp;&nbsp; 31817999 |
| Rockwell Automation, Inc. | 95092 | &nbsp;&nbsp; 31586709 |
| Vertiv Holdings Co., Class A | 215861 | &nbsp;&nbsp; 27718711 |
|  |  | &nbsp;&nbsp; 91123419 |
| **Electronic Equipment & Instruments–1.00%** | **Electronic Equipment & Instruments–1.00%** | **Electronic Equipment & Instruments–1.00%** |
| Keysight Technologies, Inc.<sup>(b)</sup>  | 153379 | &nbsp;&nbsp; 25132683 |
| **Environmental & Facilities Services–0.98%** | **Environmental & Facilities Services–0.98%** | **Environmental & Facilities Services–0.98%** |
| Casella Waste Systems, Inc., Class A<sup>(b)(c)</sup>  | 212862 | &nbsp;&nbsp; 24560018 |
| **Fertilizers & Agricultural Chemicals–1.16%** | **Fertilizers & Agricultural Chemicals–1.16%** | **Fertilizers & Agricultural Chemicals–1.16%** |
| Corteva, Inc. | 389735 | &nbsp;&nbsp; 29046950 |
| **Financial Exchanges & Data–1.05%** | **Financial Exchanges & Data–1.05%** | **Financial Exchanges & Data–1.05%** |
| Cboe Global Markets, Inc. | 112920 | &nbsp;&nbsp; 26334073 |
| **Food Distributors–1.23%** | **Food Distributors–1.23%** | **Food Distributors–1.23%** |
| Sysco Corp. | 405801 | &nbsp;&nbsp; 30735368 |
| **Footwear–0.64%** | **Footwear–0.64%** | **Footwear–0.64%** |
| Deckers Outdoor Corp.<sup>(b)</sup>  | 156380 | &nbsp;&nbsp; 16118087 |
| **Health Care Distributors–1.37%** | **Health Care Distributors–1.37%** | **Health Care Distributors–1.37%** |
| Cencora, Inc. | 114022 | &nbsp;&nbsp; 34189497 |
| **Health Care Equipment–0.89%** | **Health Care Equipment–0.89%** | **Health Care Equipment–0.89%** |
| Zimmer Biomet Holdings, Inc. | 244218 | &nbsp;&nbsp; 22275124 |
| **Health Care Facilities–2.29%** | **Health Care Facilities–2.29%** | **Health Care Facilities–2.29%** |
| Encompass Health Corp. | 237642 | &nbsp;&nbsp; 29142038 |
| Tenet Healthcare Corp.<sup>(b)</sup>  | 160765 | &nbsp;&nbsp; 28294640 |
|  |  | &nbsp;&nbsp; 57436678 |
| **Health Care REITs–0.99%** | **Health Care REITs–0.99%** | **Health Care REITs–0.99%** |
| American Healthcare REIT, Inc. | 677810 | &nbsp;&nbsp; 24902739 |
| **Homebuilding–2.32%** | **Homebuilding–2.32%** | **Homebuilding–2.32%** |
| D.R. Horton, Inc. | 237641 | &nbsp;&nbsp; 30636678 |
| TopBuild Corp.<sup>(b)(c)</sup>  | 84912 | &nbsp;&nbsp; 27489411 |
|  |  | &nbsp;&nbsp; 58126089 |
| **Hotels, Resorts & Cruise Lines–3.25%** | **Hotels, Resorts & Cruise Lines–3.25%** | **Hotels, Resorts & Cruise Lines–3.25%** |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup>  | 175528 | &nbsp;&nbsp; 54964838 |
| Wyndham Hotels & Resorts, Inc. | 324869 | &nbsp;&nbsp; 26382611 |
|  |  | &nbsp;&nbsp; 81347449 |
| **Human Resource & Employment Services–1.72%** | **Human Resource & Employment Services–1.72%** | **Human Resource & Employment Services–1.72%** |
| Korn Ferry | 312887 | &nbsp;&nbsp; 22944004 |
| Paylocity Holding Corp.<sup>(b)</sup>  | 110992 | &nbsp;&nbsp; 20110640 |
|  |  | &nbsp;&nbsp; 43054644 |
| **Independent Power Producers & Energy Traders–1.36%** | **Independent Power Producers & Energy Traders–1.36%** | **Independent Power Producers & Energy Traders–1.36%** |
| Vistra Corp. | 175702 | &nbsp;&nbsp; 34052805 |

---

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** |
| **Industrial Machinery & Supplies & Components–2.39%** | **Industrial Machinery & Supplies & Components–2.39%** | **Industrial Machinery & Supplies & Components–2.39%** |
| Lincoln Electric Holdings, Inc. | 130765 | &nbsp;&nbsp; $27110200 |
| Xylem, Inc. | 252611 | &nbsp;&nbsp; 32677759 |
|  |  | &nbsp;&nbsp; 59787959 |
| **Industrial REITs–1.31%** | **Industrial REITs–1.31%** | **Industrial REITs–1.31%** |
| First Industrial Realty Trust, Inc. | 679092 | &nbsp;&nbsp; 32684698 |
| **Insurance Brokers–1.09%** | **Insurance Brokers–1.09%** | **Insurance Brokers–1.09%** |
| Arthur J. Gallagher & Co. | 85549 | &nbsp;&nbsp; 27385946 |
| **Interactive Home Entertainment–1.57%** | **Interactive Home Entertainment–1.57%** | **Interactive Home Entertainment–1.57%** |
| Electronic Arts, Inc. | 245993 | &nbsp;&nbsp; 39285082 |
| **Internet Services & Infrastructure–2.58%** | **Internet Services & Infrastructure–2.58%** | **Internet Services & Infrastructure–2.58%** |
| MongoDB, Inc.<sup>(b)</sup>  | 142090 | &nbsp;&nbsp; 29837479 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 155720 | &nbsp;&nbsp; 34845464 |
|  |  | &nbsp;&nbsp; 64682943 |
| **Investment Banking & Brokerage–1.68%** | **Investment Banking & Brokerage–1.68%** | **Investment Banking & Brokerage–1.68%** |
| Raymond James Financial, Inc. | 275147 | &nbsp;&nbsp; 42199295 |
| **IT Consulting & Other Services–0.83%** | **IT Consulting & Other Services–0.83%** | **IT Consulting & Other Services–0.83%** |
| Amdocs Ltd. | 226609 | &nbsp;&nbsp; 20675805 |
| **Life Sciences Tools & Services–1.70%** | **Life Sciences Tools & Services–1.70%** | **Life Sciences Tools & Services–1.70%** |
| Lonza Group AG (Switzerland) | 34734 | &nbsp;&nbsp; 24840488 |
| Repligen Corp.<sup>(b)(c)</sup>  | 141767 | &nbsp;&nbsp; 17632979 |
|  |  | &nbsp;&nbsp; 42473467 |
| **Managed Health Care–0.77%** | **Managed Health Care–0.77%** | **Managed Health Care–0.77%** |
| HealthEquity, Inc.<sup>(b)</sup>  | 184580 | &nbsp;&nbsp; 19336601 |
| **Metal, Glass & Plastic Containers–0.70%** | **Metal, Glass & Plastic Containers–0.70%** | **Metal, Glass & Plastic Containers–0.70%** |
| Silgan Holdings, Inc.<sup>(c)</sup>  | 321338 | &nbsp;&nbsp; 17410093 |
| **Multi-Family Residential REITs–0.98%** | **Multi-Family Residential REITs–0.98%** | **Multi-Family Residential REITs–0.98%** |
| AvalonBay Communities, Inc. | 120909 | &nbsp;&nbsp; 24604981 |
| **Multi-line Insurance–1.32%** | **Multi-line Insurance–1.32%** | **Multi-line Insurance–1.32%** |
| American International Group, Inc. | 386460 | &nbsp;&nbsp; 33077111 |
| **Multi-Utilities–2.71%** | **Multi-Utilities–2.71%** | **Multi-Utilities–2.71%** |
| Ameren Corp. | 344336 | &nbsp;&nbsp; 33070029 |
| CMS Energy Corp. | 502695 | &nbsp;&nbsp; 34826710 |
|  |  | &nbsp;&nbsp; 67896739 |
| **Oil & Gas Exploration & Production–2.45%** | **Oil & Gas Exploration & Production–2.45%** | **Oil & Gas Exploration & Production–2.45%** |
| Expand Energy Corp. | 271624 | &nbsp;&nbsp; 31763711 |
| Permian Resources Corp.<sup>(c)</sup>  | 2166433 | &nbsp;&nbsp; 29506817 |
|  |  | &nbsp;&nbsp; 61270528 |
| **Oil & Gas Refining & Marketing–0.96%** | **Oil & Gas Refining & Marketing–0.96%** | **Oil & Gas Refining & Marketing–0.96%** |
| Valero Energy Corp. | 179110 | &nbsp;&nbsp; 24075966 |
| **Oil & Gas Storage & Transportation–2.25%** | **Oil & Gas Storage & Transportation–2.25%** | **Oil & Gas Storage & Transportation–2.25%** |
| Cheniere Energy, Inc. | 151012 | &nbsp;&nbsp; 36774442 |
| Williams Cos., Inc. (The) | 310563 | &nbsp;&nbsp; 19506462 |
|  |  | &nbsp;&nbsp; 56280904 |
| **Other Specialized REITs–1.14%** | **Other Specialized REITs–1.14%** | **Other Specialized REITs–1.14%** |
| Lamar Advertising Co., Class A<sup>(c)</sup>  | 235908 | &nbsp;&nbsp; 28629795 |
| **Paper & Plastic Packaging Products & Materials–0.80%** | **Paper & Plastic Packaging Products & Materials–0.80%** | **Paper & Plastic Packaging Products & Materials–0.80%** |
| Smurfit WestRock PLC | 462370 | &nbsp;&nbsp; 19951265 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Personal Care Products–1.53%** | **Personal Care Products–1.53%** | **Personal Care Products–1.53%** |
| BellRing Brands, Inc.<sup>(b)</sup>  | 425139 | &nbsp;&nbsp; $24628302 |
| Estee Lauder Cos., Inc. (The), Class A | 168115 | &nbsp;&nbsp; 13583692 |
|  |  | &nbsp;&nbsp; 38211994 |
| **Property & Casualty Insurance–1.51%** | **Property & Casualty Insurance–1.51%** | **Property & Casualty Insurance–1.51%** |
| Hartford Insurance Group, Inc. (The) | 297758 | &nbsp;&nbsp; 37776557 |
| **Regional Banks–3.97%** | **Regional Banks–3.97%** | **Regional Banks–3.97%** |
| Citizens Financial Group, Inc. | 544564 | &nbsp;&nbsp; 24369239 |
| M&T Bank Corp. | 217784 | &nbsp;&nbsp; 42247918 |
| Wintrust Financial Corp. | 265325 | &nbsp;&nbsp; 32894994 |
|  |  | &nbsp;&nbsp; 99512151 |
| **Reinsurance–0.91%** | **Reinsurance–0.91%** | **Reinsurance–0.91%** |
| Reinsurance Group of America, Inc. | 114541 | &nbsp;&nbsp; 22720353 |
| **Research & Consulting Services–1.76%** | **Research & Consulting Services–1.76%** | **Research & Consulting Services–1.76%** |
| CACI International, Inc., Class A<sup>(b)(c)</sup>  | 36841 | &nbsp;&nbsp; 17562105 |
| TransUnion | 301543 | &nbsp;&nbsp; 26535784 |
|  |  | &nbsp;&nbsp; 44097889 |
| **Restaurants–1.82%** | **Restaurants–1.82%** | **Restaurants–1.82%** |
| Domino's Pizza, Inc. | 45376 | &nbsp;&nbsp; 20446425 |
| Texas Roadhouse, Inc. | 134351 | &nbsp;&nbsp; 25178721 |
|  |  | &nbsp;&nbsp; 45625146 |
| **Retail REITs–1.06%** | **Retail REITs–1.06%** | **Retail REITs–1.06%** |
| Brixmor Property Group, Inc. | 1015678 | &nbsp;&nbsp; 26448255 |
| **Semiconductors–3.23%** | **Semiconductors–3.23%** | **Semiconductors–3.23%** |
| Astera Labs, Inc.<sup>(b)(c)</sup>  | 274020 | &nbsp;&nbsp; 24776888 |
| Marvell Technology, Inc. | 296552 | &nbsp;&nbsp; 22953125 |
| Microchip Technology, Inc. | 472867 | &nbsp;&nbsp; 33275651 |
|  |  | &nbsp;&nbsp; 81005664 |
| **Single-Family Residential REITs–1.07%** | **Single-Family Residential REITs–1.07%** | **Single-Family Residential REITs–1.07%** |
| American Homes 4 Rent, Class A | 743601 | &nbsp;&nbsp; 26821688 |
| **Soft Drinks & Non-alcoholic Beverages–0.73%** | **Soft Drinks & Non-alcoholic Beverages–0.73%** | **Soft Drinks & Non-alcoholic Beverages–0.73%** |
| Keurig Dr Pepper, Inc. | 552861 | &nbsp;&nbsp; 18277585 |
| **Specialty Chemicals–2.09%** | **Specialty Chemicals–2.09%** | **Specialty Chemicals–2.09%** |
| DuPont de Nemours, Inc. | 355164 | &nbsp;&nbsp; 24360699 |
| International Flavors & Fragrances, Inc. | 379190 | &nbsp;&nbsp; 27889424 |
|  |  | &nbsp;&nbsp; 52250123 |
| **Steel–0.98%** | **Steel–0.98%** | **Steel–0.98%** |
| ATI, Inc.<sup>(b)</sup>  | 285162 | &nbsp;&nbsp; 24620887 |
| **Trading Companies & Distributors–0.59%** | **Trading Companies & Distributors–0.59%** | **Trading Companies & Distributors–0.59%** |
| Air Lease Corp., Class A | 252013 | &nbsp;&nbsp; 14740240 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,794,561,373) | Total Common Stocks & Other Equity Interests <br> (Cost $1,794,561,373) | &nbsp;&nbsp; 2473791051 |
| **Money Market Funds–1.01%** | **Money Market Funds–1.01%** | **Money Market Funds–1.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 8887684 | &nbsp;&nbsp; 8887684 |

---

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** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 16505700 | &nbsp;&nbsp; $16505700 |
| Total Money Market Funds (Cost $25,393,384) | Total Money Market Funds (Cost $25,393,384) | Total Money Market Funds (Cost $25,393,384) | &nbsp;&nbsp; 25393384 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.80% <br> (Cost $1,819,954,757)<br>|  |  | &nbsp;&nbsp; 2499184435 |
| **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–4.86%** | **Money Market Funds–4.86%** | **Money Market Funds–4.86%** | **Money Market Funds–4.86%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 33869116 | &nbsp;&nbsp; 33869116 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.49%<sup>(d)(e)(f)</sup>  | 87814969 | &nbsp;&nbsp; $87841313 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $121,703,529) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $121,703,529) | &nbsp;&nbsp; 121710429 |
| TOTAL INVESTMENTS IN SECURITIES–104.66% <br> (Cost $1,941,658,286) | TOTAL INVESTMENTS IN SECURITIES–104.66% <br> (Cost $1,941,658,286) | &nbsp;&nbsp; 2620894864 |
| OTHER ASSETS LESS LIABILITIES—(4.66)% | OTHER ASSETS LESS LIABILITIES—(4.66)% | &nbsp;&nbsp; (116765825)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2504129039 |

---

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 June 30, 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 six months ended June 30, 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>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $8436592 | &nbsp;&nbsp; $59644919 | &nbsp;&nbsp; $(59193827) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8887684 | &nbsp;&nbsp; $97696 |
| Invesco Treasury Portfolio, Institutional Class | 15673297 | &nbsp;&nbsp; 110769135 | &nbsp;&nbsp; (109936732) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16505700 | &nbsp;&nbsp; 180122 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 22114219 | &nbsp;&nbsp; 210892320 | &nbsp;&nbsp; (199137423) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 33869116 | &nbsp;&nbsp; 454,607\* |
| Invesco Private Prime Fund | 63876671 | &nbsp;&nbsp; 491674526 | &nbsp;&nbsp; (467714434) | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; (2350) | &nbsp;&nbsp; 87841313 | &nbsp;&nbsp; 1,241,689\* |
| Total | $110100779 | &nbsp;&nbsp; $872980900 | &nbsp;&nbsp; $(835982416) | &nbsp;&nbsp; $6900 | &nbsp;&nbsp; $(2350) | &nbsp;&nbsp; $147103813 | &nbsp;&nbsp; $1974114 |

---

\* 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 June 30, 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**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,794,561,373)\*<br>| &nbsp;&nbsp; $2473791051 |
| Investments in affiliated money market funds, at value <br> (Cost $147,096,913)<br>| &nbsp;&nbsp; 147103813 |
| Cash | &nbsp;&nbsp; 5000000 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 599104 |
| Dividends | &nbsp;&nbsp; 2241866 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 655422 |
| Other assets | &nbsp;&nbsp; 148074 |
| Total assets | &nbsp;&nbsp; 2629539330 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1592237 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 121703529 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1324315 |
| Accrued other operating expenses | &nbsp;&nbsp; 114844 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 675366 |
| Total liabilities | &nbsp;&nbsp; 125410291 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2504129039 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1688984355 |
| Distributable earnings | &nbsp;&nbsp; 815144684 |
|  | &nbsp;&nbsp; $2504129039 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1845302890 |
| Class C | &nbsp;&nbsp; $54991148 |
| Class R | &nbsp;&nbsp; $149789112 |
| Class Y | &nbsp;&nbsp; $334063278 |
| Class R5 | &nbsp;&nbsp; $15310413 |
| Class R6 | &nbsp;&nbsp; $104672198 |
| **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; 61683768 |
| Class C | &nbsp;&nbsp; 2765317 |
| Class R | &nbsp;&nbsp; 5568117 |
| Class Y | &nbsp;&nbsp; 9734067 |
| Class R5 | &nbsp;&nbsp; 504862 |
| Class R6 | &nbsp;&nbsp; 3047317 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $29.92 |
| Maximum offering price per share <br>(Net asset value of $29.92 ÷ 94.50%)<br>| &nbsp;&nbsp; $31.66 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.89 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $26.90 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.32 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $30.33 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.35 |

---

\* At June 30, 2025, securities with an aggregate value of $118,939,149 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 six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $12,384) | &nbsp;&nbsp; $15901963 |
| Dividends from affiliated money market funds (includes net securities lending income of $45,956) | &nbsp;&nbsp; 323774 |
| Total investment income | &nbsp;&nbsp; 16225737 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 7504365 |
| Administrative services fees | &nbsp;&nbsp; 173489 |
| Custodian fees | &nbsp;&nbsp; 7498 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2180887 |
| Class C | &nbsp;&nbsp; 277453 |
| Class R | &nbsp;&nbsp; 359806 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1836642 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 7472 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 15453 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 18445 |
| Registration and filing fees | &nbsp;&nbsp; 55110 |
| Reports to shareholders | &nbsp;&nbsp; 81122 |
| Professional services fees | &nbsp;&nbsp; 26757 |
| Other | &nbsp;&nbsp; 20806 |
| Total expenses | &nbsp;&nbsp; 12565305 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (57032)<br>|
| Net expenses | &nbsp;&nbsp; 12508273 |
| Net investment income | &nbsp;&nbsp; 3717464 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 76945985 |
| Affiliated investment securities | &nbsp;&nbsp; (2350)<br>|
| Foreign currencies | &nbsp;&nbsp; 1590 |
|  | &nbsp;&nbsp; 76945225 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 13718035 |
| Affiliated investment securities | &nbsp;&nbsp; 6900 |
| Foreign currencies | &nbsp;&nbsp; 3175 |
|  | &nbsp;&nbsp; 13728110 |
| Net realized and unrealized gain | &nbsp;&nbsp; 90673335 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $94390799 |

---

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 six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3717464 | &nbsp;&nbsp; $5112177 |
| Net realized gain | &nbsp;&nbsp; 76945225 | &nbsp;&nbsp; 244715207 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 13728110 | &nbsp;&nbsp; 143683906 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 94390799 | &nbsp;&nbsp; 393511290 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (158390842)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (7217346)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (13558577)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (25777932)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1329243)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7647437)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (213921377)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (98041916)<br>| &nbsp;&nbsp; (48956494)<br>|
| Class C | &nbsp;&nbsp; (7410580)<br>| &nbsp;&nbsp; (4399443)<br>|
| Class R | &nbsp;&nbsp; (5603361)<br>| &nbsp;&nbsp; (1686209)<br>|
| Class Y | &nbsp;&nbsp; (14640510)<br>| &nbsp;&nbsp; (18895006)<br>|
| Class R5 | &nbsp;&nbsp; (729852)<br>| &nbsp;&nbsp; (3833)<br>|
| Class R6 | &nbsp;&nbsp; 1408887 | &nbsp;&nbsp; 4311637 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (125017332)<br>| &nbsp;&nbsp; (69629348)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (30626533)<br>| &nbsp;&nbsp; 109960565 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2534755572 | &nbsp;&nbsp; 2424795007 |
| End of period | &nbsp;&nbsp; $2504129039 | &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**

*(Unaudited)*

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** |
| Six months ended 06/30/25 | $28.77 | $0.04 | $1.11 | $1.15 | $— | $— | $— | $29.92 | 4.00 %<sup>(d)</sup><br>| &nbsp;&nbsp; $1845303 | 1.05 %<sup>(d)(e)</sup><br>| 1.05 %<sup>(d)(e)</sup><br>| 0.29 %<sup>(d)(e)</sup><br>| 20<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 |
| Year ended 12/31/20 | 26.13 | 0.06 | 2.06 | 2.12 |  | (0.73)<br>| (0.73)<br>| 27.52 | 9.13 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 1946102 | 1.10 <br><sup>(d)</sup><br>| 1.11 <br><sup>(d)</sup><br>| 0.27 <br><sup>(d)</sup><br>| 76 |
| **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** |
| Six months ended 06/30/25 | 19.20 | (0.04)<br>| 0.73 | 0.69 |  |  |  | 19.89 | 3.59 | &nbsp;&nbsp; 54991 | 1.81 <br><sup>(e)</sup><br>| 1.81 <br><sup>(e)</sup><br>| (0.47 )<sup>(e)</sup><br>| 20 |
| 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 |
| Year ended 12/31/20 | 20.41 | (0.09)<br>| 1.52 | 1.43 |  | (0.73)<br>| (0.73)<br>| 21.11 | 8.29 | &nbsp;&nbsp; 90764 | 1.84 | 1.87 | (0.47)<br>| 76 |
| **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** |
| Six months ended 06/30/25 | 25.90 | 0.00 | 1.00 | 1.00 |  |  |  | 26.90 | 3.86 | &nbsp;&nbsp; 149789 | 1.31 <br><sup>(e)</sup><br>| 1.31 <br><sup>(e)</sup><br>| 0.03 <br><sup>(e)</sup><br>| 20 |
| 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 |
| Year ended 12/31/20 | 24.41 | 0.01 | 1.89 | 1.90 |  | (0.73)<br>| (0.73)<br>| 25.58 | 8.87 | &nbsp;&nbsp; 163178 | 1.34 | 1.37 | 0.03 | 76 |
| **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** |
| Six months ended 06/30/25 | 32.96 | 0.09 | 1.27 | 1.36 |  |  |  | 34.32 | 4.13 | &nbsp;&nbsp; 334063 | 0.81 <br><sup>(e)</sup><br>| 0.81 <br><sup>(e)</sup><br>| 0.53 <br><sup>(e)</sup><br>| 20 |
| 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 |
| Year ended 12/31/20 | 28.69 | 0.14 | 2.30 | 2.44 |  | (0.73)<br>| (0.73)<br>| 30.40 | 9.44 | &nbsp;&nbsp; 395290 | 0.84 | 0.87 | 0.53 | 76 |
| **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** |
| Six months ended 06/30/25 | 29.12 | 0.08 | 1.13 | 1.21 |  |  |  | 30.33 | 4.16 | &nbsp;&nbsp; 15310 | 0.75 <br><sup>(e)</sup><br>| 0.75 <br><sup>(e)</sup><br>| 0.59 <br><sup>(e)</sup><br>| 20 |
| 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 |
| Year ended 12/31/20 | 26.19 | 0.16 | 2.08 | 2.24 |  | (0.73)<br>| (0.73)<br>| 27.70 | 9.58 | &nbsp;&nbsp; 14535 | 0.72 | 0.72 | 0.65 | 76 |
| **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** |
| Six months ended 06/30/25 | 32.97 | 0.11 | 1.27 | 1.38 |  |  |  | 34.35 | 4.19 | &nbsp;&nbsp; 104672 | 0.68 <br><sup>(e)</sup><br>| 0.68 <br><sup>(e)</sup><br>| 0.66 <br><sup>(e)</sup><br>| 20 |
| 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 |
| Year ended 12/31/20 | 28.63 | 0.18 | 2.30 | 2.48 |  | (0.73)<br>| (0.73)<br>| 30.38 | 9.60 | &nbsp;&nbsp; 87060 | 0.67 | 0.69 | 0.70 | 76 |

---

<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 six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022 and 2020, respectively. 

<sup>(e)</sup> Annualized.

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**

*June 30, 2025*

*(Unaudited)*

**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. 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.

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

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>

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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. 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated 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, the Adviser acts 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

**10**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

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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 six months ended June 30, 2025, the Fund paid the Adviser $1,984 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:

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| | |
|:---|:---|
| **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% |

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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 six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.62%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate

**11**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

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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, 2026, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2025, the Adviser waived advisory fees of $7,417.

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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2025, IDI advised the Fund that IDI retained $49,568 in front-end sales commissions from the sale of Class A shares and $1,105 and $1,139 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 June 30, 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; $2448950563 | &nbsp;&nbsp;&nbsp;&nbsp; $24840488 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2473791051 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 25393384 | &nbsp;&nbsp;&nbsp;&nbsp; 121710429 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147103813 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $2474343947 | &nbsp;&nbsp;&nbsp;&nbsp; $146550917 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2620894864 |

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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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $49,615.

**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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $499,121,584 and $620,986,402, respectively. As of June 30, 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; $720939187 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (41905056)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $679034131 |

---

Cost of investments for tax purposes is $1,941,860,733.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 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; 1404152 | &nbsp;&nbsp;&nbsp; $39711990 | &nbsp;&nbsp;&nbsp; 2492586 | &nbsp;&nbsp;&nbsp; $71961339 |
| Class C | &nbsp;&nbsp;&nbsp; 175745 | &nbsp;&nbsp;&nbsp; 3290572 | &nbsp;&nbsp;&nbsp; 344394 | &nbsp;&nbsp;&nbsp; 6858346 |
| Class R | &nbsp;&nbsp;&nbsp; 356311 | &nbsp;&nbsp;&nbsp; 9082476 | &nbsp;&nbsp;&nbsp; 674517 | &nbsp;&nbsp;&nbsp; 17879433 |
| Class Y | &nbsp;&nbsp;&nbsp; 692120 | &nbsp;&nbsp;&nbsp; 22552871 | &nbsp;&nbsp;&nbsp; 1011189 | &nbsp;&nbsp;&nbsp; 33333374 |
| Class R5 | &nbsp;&nbsp;&nbsp; 43811 | &nbsp;&nbsp;&nbsp; 1252877 | &nbsp;&nbsp;&nbsp; 59058 | &nbsp;&nbsp;&nbsp; 1739131 |
| Class R6 | &nbsp;&nbsp;&nbsp; 456353 | &nbsp;&nbsp;&nbsp; 15071444 | &nbsp;&nbsp;&nbsp; 588055 | &nbsp;&nbsp;&nbsp; 19246361 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5007292 | &nbsp;&nbsp;&nbsp; 150368947 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 356045 | &nbsp;&nbsp;&nbsp; 7135141 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 500236 | &nbsp;&nbsp;&nbsp; 13526382 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 644610 | &nbsp;&nbsp;&nbsp; 22174581 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 43715 | &nbsp;&nbsp;&nbsp; 1328490 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 214062 | &nbsp;&nbsp;&nbsp; 7365867 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 168424 | &nbsp;&nbsp;&nbsp; 4814797 | &nbsp;&nbsp;&nbsp; 245442 | &nbsp;&nbsp;&nbsp; 7111286 |
| Class C | &nbsp;&nbsp;&nbsp; (252942)<br>| &nbsp;&nbsp;&nbsp; (4814797)<br>| &nbsp;&nbsp;&nbsp; (354871)<br>| &nbsp;&nbsp;&nbsp; (7111286)<br>|

---

**13**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **June 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **June 30, 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; (5027689)<br>| &nbsp;&nbsp;&nbsp; $(142568703)<br>| &nbsp;&nbsp;&nbsp; (9611454)<br>| &nbsp;&nbsp;&nbsp; $(278398066)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (310578)<br>| &nbsp;&nbsp;&nbsp; (5886355)<br>| &nbsp;&nbsp;&nbsp; (564891)<br>| &nbsp;&nbsp;&nbsp; (11281644)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (575038)<br>| &nbsp;&nbsp;&nbsp; (14685837)<br>| &nbsp;&nbsp;&nbsp; (1266772)<br>| &nbsp;&nbsp;&nbsp; (33092024)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1135515)<br>| &nbsp;&nbsp;&nbsp; (37193381)<br>| &nbsp;&nbsp;&nbsp; (2270028)<br>| &nbsp;&nbsp;&nbsp; (74402961)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (72502)<br>| &nbsp;&nbsp;&nbsp; (1982729)<br>| &nbsp;&nbsp;&nbsp; (101416)<br>| &nbsp;&nbsp;&nbsp; (3071454)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (420201)<br>| &nbsp;&nbsp;&nbsp; (13662557)<br>| &nbsp;&nbsp;&nbsp; (672921)<br>| &nbsp;&nbsp;&nbsp; (22300591)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (4497549)<br>| &nbsp;&nbsp;&nbsp; $(125017332)<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>

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Main Street Mid Cap Fund's<sup>®</sup> (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell Midcap® Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period, and the fourth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed

**15**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty.

The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a

result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the

**16**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**17**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**18**

**Invesco Main Street Mid Cap Fund**<sup>®</sup>

------

![](img64c980961.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-MSM-NCSRS

------

![](img5fe8bd971.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

Nasdaq:

A: OSCAX ■ C: OSCCX ■ R: OSCNX ■ Y: OSCYX ■ R5: MNSQX ■ R6: OSSIX

------

---

| | |
|:---|:---|
| [2](#xx_071cf921-c658-43e9-b302-d3221878f009_SOI-Continued-704_1) | Schedule of Investments |
| [5](#xx_071cf921-c658-43e9-b302-d3221878f009_FS-Continued-704_1) | Financial Statements |
| [8](#xx_071cf921-c658-43e9-b302-d3221878f009_FS-Continued-704_4) | Financial Highlights |
| [9](#xx_071cf921-c658-43e9-b302-d3221878f009_NTF-Continued-704_1) | Notes to Financial Statements |
| [15](#xx_071cf921-c658-43e9-b302-d3221878f009_AOC-Continued-704_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [18](#xx_071cf921-c658-43e9-b302-d3221878f009_OIRSR-Continued-704_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.71%** | **Common Stocks & Other Equity Interests–97.71%** | **Common Stocks & Other Equity Interests–97.71%** |
| **Aerospace & Defense–1.22%** | **Aerospace & Defense–1.22%** | **Aerospace & Defense–1.22%** |
| AAR Corp.<sup>(b)</sup>  | 361514 | &nbsp;&nbsp; $24868548 |
| **Agricultural & Farm Machinery–0.55%** | **Agricultural & Farm Machinery–0.55%** | **Agricultural & Farm Machinery–0.55%** |
| AGCO Corp. | 108448 | &nbsp;&nbsp; 11187496 |
| **Air Freight & Logistics–1.15%** | **Air Freight & Logistics–1.15%** | **Air Freight & Logistics–1.15%** |
| Hub Group, Inc., Class A | 700068 | &nbsp;&nbsp; 23403273 |
| **Application Software–2.89%** | **Application Software–2.89%** | **Application Software–2.89%** |
| Informatica, Inc., Class A<sup>(b)</sup>  | 1074057 | &nbsp;&nbsp; 26153288 |
| MARA Holdings, Inc.<sup>(b)(c)</sup>  | 921881 | &nbsp;&nbsp; 14455094 |
| Unity Software, Inc.<sup>(b)(c)</sup>  | 759838 | &nbsp;&nbsp; 18388080 |
|  |  | &nbsp;&nbsp; 58996462 |
| **Asset Management & Custody Banks–1.91%** | **Asset Management & Custody Banks–1.91%** | **Asset Management & Custody Banks–1.91%** |
| DigitalBridge Group, Inc. | 1493292 | &nbsp;&nbsp; 15455572 |
| Federated Hermes, Inc., Class B | 532787 | &nbsp;&nbsp; 23613120 |
|  |  | &nbsp;&nbsp; 39068692 |
| **Automotive Parts & Equipment–2.65%** | **Automotive Parts & Equipment–2.65%** | **Automotive Parts & Equipment–2.65%** |
| Dorman Products, Inc.<sup>(b)</sup>  | 242531 | &nbsp;&nbsp; 29751278 |
| Visteon Corp.<sup>(b)</sup>  | 260370 | &nbsp;&nbsp; 24292521 |
|  |  | &nbsp;&nbsp; 54043799 |
| **Automotive Retail–2.20%** | **Automotive Retail–2.20%** | **Automotive Retail–2.20%** |
| AutoNation, Inc.<sup>(b)</sup>  | 225944 | &nbsp;&nbsp; 44883776 |
| **Biotechnology–5.65%** | **Biotechnology–5.65%** | **Biotechnology–5.65%** |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 1669544 | &nbsp;&nbsp; 30402396 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 111139 | &nbsp;&nbsp; 19182591 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup>  | 397276 | &nbsp;&nbsp; 17154378 |
| Caris Life Sciences, Inc.<sup>(b)</sup>  | 85411 | &nbsp;&nbsp; 2282182 |
| LENZ Therapeutics, Inc.<sup>(b)(c)</sup>  | 112949 | &nbsp;&nbsp; 3310535 |
| Merus N.V. (Netherlands)<sup>(b)</sup>  | 130602 | &nbsp;&nbsp; 6869666 |
| Soleno Therapeutics, Inc.<sup>(b)</sup>  | 123885 | &nbsp;&nbsp; 10379085 |
| Twist Bioscience Corp.<sup>(b)</sup>  | 451340 | &nbsp;&nbsp; 16604799 |
| Ultragenyx Pharmaceutical, Inc.<sup>(b)</sup>  | 251928 | &nbsp;&nbsp; 9160102 |
|  |  | &nbsp;&nbsp; 115345734 |
| **Building Products–2.40%** | **Building Products–2.40%** | **Building Products–2.40%** |
| Hayward Holdings, Inc.<sup>(b)</sup>  | 1058329 | &nbsp;&nbsp; 14604940 |
| Zurn Elkay Water Solutions Corp. | 939081 | &nbsp;&nbsp; 34342192 |
|  |  | &nbsp;&nbsp; 48947132 |
| **Commercial & Residential Mortgage Finance–1.53%** | **Commercial & Residential Mortgage Finance–1.53%** | **Commercial & Residential Mortgage Finance–1.53%** |
| PennyMac Financial Services, Inc. | 313663 | &nbsp;&nbsp; 31253381 |
| **Construction & Engineering–0.65%** | **Construction & Engineering–0.65%** | **Construction & Engineering–0.65%** |
| WillScot Holdings Corp.<sup>(c)</sup>  | 487100 | &nbsp;&nbsp; 13346540 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **3.13%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **3.13%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **3.13%** |
| Allison Transmission Holdings, Inc. | 276179 | &nbsp;&nbsp; 26234243 |
| Atmus Filtration Technologies, Inc. | 508081 | &nbsp;&nbsp; 18504310 |
| Federal Signal Corp. | 179553 | &nbsp;&nbsp; 19108031 |
|  |  | &nbsp;&nbsp; 63846584 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Construction Materials–1.02%** | **Construction Materials–1.02%** | **Construction Materials–1.02%** |
| Knife River Corp.<sup>(b)</sup>  | 254925 | &nbsp;&nbsp; $20812077 |
| **Diversified Banks–0.77%** | **Diversified Banks–0.77%** | **Diversified Banks–0.77%** |
| Bank of N.T. Butterfield & Son Ltd. (The) <br> (Bermuda) | 356545 | &nbsp;&nbsp; 15787813 |
| **Diversified REITs–1.46%** | **Diversified REITs–1.46%** | **Diversified REITs–1.46%** |
| Essential Properties Realty Trust, Inc. | 932641 | &nbsp;&nbsp; 29760574 |
| **Education Services–1.43%** | **Education Services–1.43%** | **Education Services–1.43%** |
| Stride, Inc.<sup>(b)(c)</sup>  | 201651 | &nbsp;&nbsp; 29277709 |
| **Electric Utilities–1.09%** | **Electric Utilities–1.09%** | **Electric Utilities–1.09%** |
| Portland General Electric Co. | 548271 | &nbsp;&nbsp; 22276251 |
| **Electronic Components–1.64%** | **Electronic Components–1.64%** | **Electronic Components–1.64%** |
| Belden, Inc. | 288596 | &nbsp;&nbsp; 33419417 |
| **Electronic Equipment & Instruments–2.04%** | **Electronic Equipment & Instruments–2.04%** | **Electronic Equipment & Instruments–2.04%** |
| Itron, Inc.<sup>(b)</sup>  | 317291 | &nbsp;&nbsp; 41765014 |
| **Environmental & Facilities Services–2.87%** | **Environmental & Facilities Services–2.87%** | **Environmental & Facilities Services–2.87%** |
| ABM Industries, Inc. | 479534 | &nbsp;&nbsp; 22638800 |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup>  | 312839 | &nbsp;&nbsp; 36095363 |
|  |  | &nbsp;&nbsp; 58734163 |
| **Footwear–0.65%** | **Footwear–0.65%** | **Footwear–0.65%** |
| Steven Madden Ltd.<sup>(c)</sup>  | 553620 | &nbsp;&nbsp; 13275808 |
| **Gas Utilities–1.25%** | **Gas Utilities–1.25%** | **Gas Utilities–1.25%** |
| Chesapeake Utilities Corp. | 211653 | &nbsp;&nbsp; 25444924 |
| **Health Care Equipment–1.76%** | **Health Care Equipment–1.76%** | **Health Care Equipment–1.76%** |
| Inspire Medical Systems, Inc.<sup>(b)(c)</sup>  | 108367 | &nbsp;&nbsp; 14062785 |
| Integer Holdings Corp.<sup>(b)(c)</sup>  | 178740 | &nbsp;&nbsp; 21979658 |
|  |  | &nbsp;&nbsp; 36042443 |
| **Health Care Facilities–1.80%** | **Health Care Facilities–1.80%** | **Health Care Facilities–1.80%** |
| Encompass Health Corp. | 180612 | &nbsp;&nbsp; 22148450 |
| Surgery Partners, Inc.<sup>(b)(c)</sup>  | 661789 | &nbsp;&nbsp; 14711569 |
|  |  | &nbsp;&nbsp; 36860019 |
| **Health Care REITs–1.52%** | **Health Care REITs–1.52%** | **Health Care REITs–1.52%** |
| American Healthcare REIT, Inc. | 844472 | &nbsp;&nbsp; 31025901 |
| **Health Care Services–2.89%** | **Health Care Services–2.89%** | **Health Care Services–2.89%** |
| Addus HomeCare Corp.<sup>(b)</sup>  | 121202 | &nbsp;&nbsp; 13961259 |
| BrightSpring Health Services, Inc.<sup>(b)(c)</sup>  | 846365 | &nbsp;&nbsp; 19965750 |
| Guardant Health, Inc.<sup>(b)(c)</sup>  | 481476 | &nbsp;&nbsp; 25056011 |
|  |  | &nbsp;&nbsp; 58983020 |
| **Homebuilding–1.95%** | **Homebuilding–1.95%** | **Homebuilding–1.95%** |
| Champion Homes, Inc.<sup>(b)</sup>  | 211321 | &nbsp;&nbsp; 13230808 |
| KB Home | 502245 | &nbsp;&nbsp; 26603917 |
|  |  | &nbsp;&nbsp; 39834725 |
| **Hotels, Resorts & Cruise Lines–1.00%** | **Hotels, Resorts & Cruise Lines–1.00%** | **Hotels, Resorts & Cruise Lines–1.00%** |
| Wyndham Hotels & Resorts, Inc. | 251361 | &nbsp;&nbsp; 20413027 |

---

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** |
| **Human Resource & Employment Services–2.14%** | **Human Resource & Employment Services–2.14%** | **Human Resource & Employment Services–2.14%** |
| Korn Ferry | 384428 | &nbsp;&nbsp; $28190105 |
| Upwork, Inc.<sup>(b)</sup>  | 1160230 | &nbsp;&nbsp; 15593491 |
|  |  | &nbsp;&nbsp; 43783596 |
| **Industrial Machinery & Supplies & Components–4.28%** | **Industrial Machinery & Supplies & Components–4.28%** | **Industrial Machinery & Supplies & Components–4.28%** |
| Enpro, Inc. | 168028 | &nbsp;&nbsp; 32185763 |
| ESAB Corp. | 260001 | &nbsp;&nbsp; 31343121 |
| Gates Industrial Corp. PLC<sup>(b)</sup>  | 1041926 | &nbsp;&nbsp; 23995556 |
|  |  | &nbsp;&nbsp; 87524440 |
| **Industrial REITs–1.41%** | **Industrial REITs–1.41%** | **Industrial REITs–1.41%** |
| Terreno Realty Corp. | 513117 | &nbsp;&nbsp; 28770470 |
| **Investment Banking & Brokerage–2.00%** | **Investment Banking & Brokerage–2.00%** | **Investment Banking & Brokerage–2.00%** |
| BGC Group, Inc., Class A | 2100175 | &nbsp;&nbsp; 21484790 |
| Stifel Financial Corp. | 186581 | &nbsp;&nbsp; 19363376 |
|  |  | &nbsp;&nbsp; 40848166 |
| **IT Consulting & Other Services–0.85%** | **IT Consulting & Other Services–0.85%** | **IT Consulting & Other Services–0.85%** |
| ASGN, Inc.<sup>(b)</sup>  | 349741 | &nbsp;&nbsp; 17462568 |
| **Life Sciences Tools & Services–1.46%** | **Life Sciences Tools & Services–1.46%** | **Life Sciences Tools & Services–1.46%** |
| BioLife Solutions, Inc.<sup>(b)</sup>  | 658838 | &nbsp;&nbsp; 14191371 |
| Repligen Corp.<sup>(b)</sup>  | 126404 | &nbsp;&nbsp; 15722129 |
|  |  | &nbsp;&nbsp; 29913500 |
| **Metal, Glass & Plastic Containers–1.38%** | **Metal, Glass & Plastic Containers–1.38%** | **Metal, Glass & Plastic Containers–1.38%** |
| Silgan Holdings, Inc. | 521143 | &nbsp;&nbsp; 28235528 |
| **Oil & Gas Drilling–0.78%** | **Oil & Gas Drilling–0.78%** | **Oil & Gas Drilling–0.78%** |
| Helmerich & Payne, Inc.<sup>(c)</sup>  | 1052831 | &nbsp;&nbsp; 15960918 |
| **Oil & Gas Equipment & Services–0.98%** | **Oil & Gas Equipment & Services–0.98%** | **Oil & Gas Equipment & Services–0.98%** |
| Kodiak Gas Services, Inc. | 585371 | &nbsp;&nbsp; 20060664 |
| **Oil & Gas Exploration & Production–2.28%** | **Oil & Gas Exploration & Production–2.28%** | **Oil & Gas Exploration & Production–2.28%** |
| Northern Oil and Gas, Inc. | 1027833 | &nbsp;&nbsp; 29139066 |
| SM Energy Co. | 706510 | &nbsp;&nbsp; 17457862 |
|  |  | &nbsp;&nbsp; 46596928 |
| **Other Specialized REITs–1.25%** | **Other Specialized REITs–1.25%** | **Other Specialized REITs–1.25%** |
| Outfront Media, Inc.<sup>(c)</sup>  | 1569842 | &nbsp;&nbsp; 25619821 |
| **Personal Care Products–1.90%** | **Personal Care Products–1.90%** | **Personal Care Products–1.90%** |
| BellRing Brands, Inc.<sup>(b)</sup>  | 382887 | &nbsp;&nbsp; 22180644 |
| Interparfums, Inc. | 127411 | &nbsp;&nbsp; 16730338 |
|  |  | &nbsp;&nbsp; 38910982 |
| **Pharmaceuticals–1.36%** | **Pharmaceuticals–1.36%** | **Pharmaceuticals–1.36%** |
| Collegium Pharmaceutical, Inc.<sup>(b)</sup>  | 439306 | &nbsp;&nbsp; 12990279 |
| Structure Therapeutics, Inc., ADR<sup>(b)(c)</sup>  | 182514 | &nbsp;&nbsp; 3785340 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)</sup>  | 272871 | &nbsp;&nbsp; 11054004 |
|  |  | &nbsp;&nbsp; 27829623 |
| **Property & Casualty Insurance–2.06%** | **Property & Casualty Insurance–2.06%** | **Property & Casualty Insurance–2.06%** |
| Definity Financial Corp. (Canada)<sup>(c)</sup>  | 476993 | &nbsp;&nbsp; 27801678 |
| Skyward Specialty Insurance Group, <br> Inc.<sup>(b)</sup>  | 248457 | &nbsp;&nbsp; 14358330 |
|  |  | &nbsp;&nbsp; 42160008 |
| **Regional Banks–10.18%** | **Regional Banks–10.18%** | **Regional Banks–10.18%** |
| Banc of California, Inc. | 1332490 | &nbsp;&nbsp; 18721485 |
| Berkshire Hills Bancorp, Inc. | 468954 | &nbsp;&nbsp; 11742608 |
| Cathay General Bancorp | 550927 | &nbsp;&nbsp; 25083706 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Regional Banks–(continued)** | **Regional Banks–(continued)** | **Regional Banks–(continued)** | **Regional Banks–(continued)** |
| Columbia Banking System, Inc. | Columbia Banking System, Inc. | 1036759 | &nbsp;&nbsp; $24239425 |
| OceanFirst Financial Corp. | OceanFirst Financial Corp. | 713262 | &nbsp;&nbsp; 12560544 |
| Pacific Premier Bancorp, Inc. | Pacific Premier Bancorp, Inc. | 908184 | &nbsp;&nbsp; 19153601 |
| United Community Banks, Inc. | United Community Banks, Inc. | 508930 | &nbsp;&nbsp; 15161025 |
| Webster Financial Corp. | Webster Financial Corp. | 445879 | &nbsp;&nbsp; 24344993 |
| Wintrust Financial Corp. | Wintrust Financial Corp. | 317687 | &nbsp;&nbsp; 39386834 |
| WSFS Financial Corp. | WSFS Financial Corp. | 319823 | &nbsp;&nbsp; 17590265 |
|  |  |  | &nbsp;&nbsp; 207984486 |
| **Research & Consulting Services–0.62%** | **Research & Consulting Services–0.62%** | **Research & Consulting Services–0.62%** | **Research & Consulting Services–0.62%** |
| CACI International, Inc., Class A<sup>(b)</sup>  | CACI International, Inc., Class A<sup>(b)</sup>  | 26679 | &nbsp;&nbsp; 12717879 |
| **Restaurants–1.63%** | **Restaurants–1.63%** | **Restaurants–1.63%** | **Restaurants–1.63%** |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | 303261 | &nbsp;&nbsp; 19002334 |
| Texas Roadhouse, Inc. | Texas Roadhouse, Inc. | 76746 | &nbsp;&nbsp; 14382968 |
|  |  |  | &nbsp;&nbsp; 33385302 |
| **Semiconductor Materials & Equipment–0.55%** | **Semiconductor Materials & Equipment–0.55%** | **Semiconductor Materials & Equipment–0.55%** | **Semiconductor Materials & Equipment–0.55%** |
| MKS Instruments, Inc. | MKS Instruments, Inc. | 112125 | &nbsp;&nbsp; 11140740 |
| **Semiconductors–4.61%** | **Semiconductors–4.61%** | **Semiconductors–4.61%** | **Semiconductors–4.61%** |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)</sup>  | Allegro MicroSystems, Inc. (Japan)<sup>(b)</sup>  | 795350 | &nbsp;&nbsp; 27193017 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup>  | Lattice Semiconductor Corp.<sup>(b)(c)</sup>  | 331955 | &nbsp;&nbsp; 16262475 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 189494 | &nbsp;&nbsp; 27152595 |
| Silicon Laboratories, Inc.<sup>(b)</sup>  | Silicon Laboratories, Inc.<sup>(b)</sup>  | 159325 | &nbsp;&nbsp; 23478132 |
|  |  |  | &nbsp;&nbsp; 94086219 |
| **Steel–2.11%** | **Steel–2.11%** | **Steel–2.11%** | **Steel–2.11%** |
| ATI, Inc.<sup>(b)</sup>  | ATI, Inc.<sup>(b)</sup>  | 180314 | &nbsp;&nbsp; 15568311 |
| Commercial Metals Co. | Commercial Metals Co. | 562692 | &nbsp;&nbsp; 27521266 |
|  |  |  | &nbsp;&nbsp; 43089577 |
| **Systems Software–0.92%** | **Systems Software–0.92%** | **Systems Software–0.92%** | **Systems Software–0.92%** |
| Progress Software Corp.<sup>(c)</sup>  | Progress Software Corp.<sup>(c)</sup>  | 294634 | &nbsp;&nbsp; 18809435 |
| **Trading Companies & Distributors–1.21%** | **Trading Companies & Distributors–1.21%** | **Trading Companies & Distributors–1.21%** | **Trading Companies & Distributors–1.21%** |
| Air Lease Corp., Class A | Air Lease Corp., Class A | 423976 | &nbsp;&nbsp; 24798356 |
| **Transaction & Payment Processing Services–0.68%** | **Transaction & Payment Processing Services–0.68%** | **Transaction & Payment Processing Services–0.68%** | **Transaction & Payment Processing Services–0.68%** |
| Marqeta, Inc., Class A<sup>(b)</sup>  | Marqeta, Inc., Class A<sup>(b)</sup>  | 2365803 | &nbsp;&nbsp; 13792632 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,555,131,739) | Total Common Stocks & Other Equity Interests <br> (Cost $1,555,131,739) | Total Common Stocks & Other Equity Interests <br> (Cost $1,555,131,739) | &nbsp;&nbsp; 1996386140 |
| **Money Market Funds–2.17%** | **Money Market Funds–2.17%** | **Money Market Funds–2.17%** | **Money Market Funds–2.17%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 14769429 | &nbsp;&nbsp; 14769429 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 29507626 | &nbsp;&nbsp; 29507626 |
| Total Money Market Funds (Cost $44,277,055) | Total Money Market Funds (Cost $44,277,055) | Total Money Market Funds (Cost $44,277,055) | &nbsp;&nbsp; 44277055 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.88% <br> (Cost $1,599,408,794)<br>|  |  | &nbsp;&nbsp; 2040663195 |
| **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–8.99%** | **Money Market Funds–8.99%** | **Money Market Funds–8.99%** | **Money Market Funds–8.99%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 47786211 | &nbsp;&nbsp; 47786211 |

---

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> 4.49%<sup>(d)(e)(f)</sup>  | 135909900 | &nbsp;&nbsp; $135950673 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $183,723,293) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $183,723,293) | &nbsp;&nbsp; 183736884 |
| TOTAL INVESTMENTS IN SECURITIES–108.87% <br> (Cost $1,783,132,087) | TOTAL INVESTMENTS IN SECURITIES–108.87% <br> (Cost $1,783,132,087) | &nbsp;&nbsp; 2224400079 |
| OTHER ASSETS LESS LIABILITIES—(8.87)% | OTHER ASSETS LESS LIABILITIES—(8.87)% | &nbsp;&nbsp; (181284846)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2043115233 |

---

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 June 30, 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 six months ended June 30, 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>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $6728218 | &nbsp;&nbsp; $109871722 | &nbsp;&nbsp; $(101830511) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $14769429 | &nbsp;&nbsp; $258000 |
| Invesco Treasury Portfolio, Institutional Class | 14573949 | &nbsp;&nbsp; 204047484 | &nbsp;&nbsp; (189113807) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 29507626 | &nbsp;&nbsp; 519473 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 71355058 | &nbsp;&nbsp; 229281599 | &nbsp;&nbsp; (252850446) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 47786211 | &nbsp;&nbsp; 1,289,445\* |
| Invesco Private Prime Fund | 185809900 | &nbsp;&nbsp; 417576343 | &nbsp;&nbsp; (467437642) | &nbsp;&nbsp; 13591 | &nbsp;&nbsp; (11519) | &nbsp;&nbsp; 135950673 | &nbsp;&nbsp; 3,480,718\* |
| Total | $278467125 | &nbsp;&nbsp; $960777148 | &nbsp;&nbsp; $(1011232406) | &nbsp;&nbsp; $13591 | &nbsp;&nbsp; $(11519) | &nbsp;&nbsp; $228013939 | &nbsp;&nbsp; $5547636 |

---

\* 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 June 30, 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**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,555,131,739)\*<br>| &nbsp;&nbsp; $1996386140 |
| Investments in affiliated money market funds, at value <br> (Cost $228,000,348)<br>| &nbsp;&nbsp; 228013939 |
| Cash | &nbsp;&nbsp; 915404 |
| Foreign currencies, at value (Cost $55,443) | &nbsp;&nbsp; 55854 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 1368650 |
| Dividends | &nbsp;&nbsp; 2302609 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 162966 |
| Other assets | &nbsp;&nbsp; 108443 |
| Total assets | &nbsp;&nbsp; 2229314005 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1427892 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 183723293 |
| Accrued fees to affiliates | &nbsp;&nbsp; 820964 |
| Accrued other operating expenses | &nbsp;&nbsp; 59215 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 167408 |
| Total liabilities | &nbsp;&nbsp; 186198772 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2043115233 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1464866773 |
| Distributable earnings | &nbsp;&nbsp; 578248460 |
|  | &nbsp;&nbsp; $2043115233 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $409423955 |
| Class C | &nbsp;&nbsp; $27124309 |
| Class R | &nbsp;&nbsp; $80344591 |
| Class Y | &nbsp;&nbsp; $876432924 |
| Class R5 | &nbsp;&nbsp; $11490863 |
| Class R6 | &nbsp;&nbsp; $638298591 |
| **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; 18498146 |
| Class C | &nbsp;&nbsp; 1354435 |
| Class R | &nbsp;&nbsp; 3749382 |
| Class Y | &nbsp;&nbsp; 38989143 |
| Class R5 | &nbsp;&nbsp; 513511 |
| Class R6 | &nbsp;&nbsp; 28257302 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $22.13 |
| Maximum offering price per share <br>(Net asset value of $22.13 ÷ 94.50%)<br>| &nbsp;&nbsp; $23.42 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $20.03 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $21.43 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.48 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.38 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.59 |

---

\* At June 30, 2025, securities with an aggregate value of $179,146,681 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 six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $22,157) | &nbsp;&nbsp; $12220299 |
| Dividends from affiliated money market funds (includes net securities lending income of $135,600) | &nbsp;&nbsp; 913073 |
| Total investment income | &nbsp;&nbsp; 13133372 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 6124383 |
| Administrative services fees | &nbsp;&nbsp; 139658 |
| Custodian fees | &nbsp;&nbsp; 7022 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 486064 |
| Class C | &nbsp;&nbsp; 137819 |
| Class R | &nbsp;&nbsp; 191848 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1082140 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 5637 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 89679 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 16727 |
| Registration and filing fees | &nbsp;&nbsp; 61801 |
| Reports to shareholders | &nbsp;&nbsp; 82044 |
| Professional services fees | &nbsp;&nbsp; 26383 |
| Other | &nbsp;&nbsp; (38947)<br>|
| Total expenses | &nbsp;&nbsp; 8412258 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (40067)<br>|
| Net expenses | &nbsp;&nbsp; 8372191 |
| Net investment income | &nbsp;&nbsp; 4761181 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 89755725 |
| Affiliated investment securities | &nbsp;&nbsp; (11519)<br>|
| Foreign currencies | &nbsp;&nbsp; 6378 |
|  | &nbsp;&nbsp; 89750584 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (70352421)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 13591 |
| Foreign currencies | &nbsp;&nbsp; 269 |
|  | &nbsp;&nbsp; (70338561)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 19412023 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $24173204 |

---

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 six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $4761181 | &nbsp;&nbsp; $9700908 |
| Net realized gain | &nbsp;&nbsp; 89750584 | &nbsp;&nbsp; 187807825 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (70338561)<br>| &nbsp;&nbsp; 31189684 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 24173204 | &nbsp;&nbsp; 228698417 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (23440638)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (1859235)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (4665345)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (53244379)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (689594)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (34207724)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (118106915)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (1911644)<br>| &nbsp;&nbsp; 9353730 |
| Class C | &nbsp;&nbsp; (2310540)<br>| &nbsp;&nbsp; (3586405)<br>|
| Class R | &nbsp;&nbsp; 663632 | &nbsp;&nbsp; 8057295 |
| Class Y | &nbsp;&nbsp; (42018377)<br>| &nbsp;&nbsp; 184804362 |
| Class R5 | &nbsp;&nbsp; (641528)<br>| &nbsp;&nbsp; 2104252 |
| Class R6 | &nbsp;&nbsp; 38657770 | &nbsp;&nbsp; (7960486)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (7560687)<br>| &nbsp;&nbsp; 192772748 |
| Net increase in net assets | &nbsp;&nbsp; 16612517 | &nbsp;&nbsp; 303364250 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2026502716 | &nbsp;&nbsp; 1723138466 |
| End of period | &nbsp;&nbsp; $2043115233 | &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**

*(Unaudited)*

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** |
| Six months ended 06/30/25 | $21.93 | $0.03 | $0.17 | $0.20 | $— | $— | $— | $— | $22.13 | 0.91<br> %<br>| $409424 | 1.07 %<sup>(d)</sup><br>| 1.07 %<sup>(d)</sup><br>| 0.28 %<sup>(d)</sup><br>| 24<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 |
| Year ended 12/31/20 | 15.68 | 0.01 | 3.10 | 3.11 |  | (0.08)<br>|  | (0.08)<br>| 18.71 | 19.82 <br><sup>(e)</sup><br>| 158769 | 1.20 <br><sup>(e)</sup><br>| 1.23 <br><sup>(e)</sup><br>| 0.03 <br><sup>(e)</sup><br>| 43 |
| **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** |
| Six months ended 06/30/25 | 19.92 | (0.04)<br>| 0.15 | 0.11 |  |  |  |  | 20.03 | 0.55 | 27124 | 1.82 <br><sup>(d)</sup><br>| 1.82 <br><sup>(d)</sup><br>| (0.47 )<sup>(d)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 14.95 | (0.10)<br>| 2.93 | 2.83 |  | (0.08)<br>|  | (0.08)<br>| 17.70 | 18.92 | 34635 | 1.94 | 1.99 | (0.71)<br>| 43 |
| **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** |
| Six months ended 06/30/25 | 21.26 | 0.00 | 0.17 | 0.17 |  |  |  |  | 21.43 | 0.80 | 80345 | 1.32 <br><sup>(d)</sup><br>| 1.32 <br><sup>(d)</sup><br>| 0.03 <br><sup>(d)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 15.45 | (0.03)<br>| 3.03 | 3.00 |  | (0.08)<br>|  | (0.08)<br>| 18.37 | 19.40 | 33457 | 1.45 | 1.49 | (0.22)<br>| 43 |
| **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** |
| Six months ended 06/30/25 | 22.25 | 0.06 | 0.17 | 0.23 |  |  |  |  | 22.48 | 1.03 | 876433 | 0.82 <br><sup>(d)</sup><br>| 0.82 <br><sup>(d)</sup><br>| 0.53 <br><sup>(d)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 15.79 | 0.05 | 3.13 | 3.18 | (0.06)<br>| (0.08)<br>|  | (0.14)<br>| 18.83 | 20.13 | 266951 | 0.90 | 0.99 | 0.33 | 43 |
| **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** |
| Six months ended 06/30/25 | 22.14 | 0.06 | 0.18 | 0.24 |  |  |  |  | 22.38 | 1.08 | 11491 | 0.76 <br><sup>(d)</sup><br>| 0.76 <br><sup>(d)</sup><br>| 0.59 <br><sup>(d)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 15.71 | 0.07 | 3.12 | 3.19 | (0.08)<br>| (0.08)<br>|  | (0.16)<br>| 18.74 | 20.30 | 13 | 0.77 | 0.77 | 0.46 | 43 |
| **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** |
| Six months ended 06/30/25 | 22.34 | 0.07 | 0.18 | 0.25 |  |  |  |  | 22.59 | 1.12 | 638299 | 0.69 <br><sup>(d)</sup><br>| 0.69 <br><sup>(d)</sup><br>| 0.66 <br><sup>(d)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 15.83 | 0.07 | 3.15 | 3.22 | (0.09)<br>| (0.08)<br>|  | (0.17)<br>| 18.88 | 20.31 | 704706 | 0.77 | 0.77 | 0.46 | 43 |

---

<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. 

<sup>(d)</sup> Annualized.

<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 0.24% for the year ended December 31, 2020. 

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**

*June 30, 2025*

*(Unaudited)*

**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. 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.

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

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated 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, the Adviser acts 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

**10**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

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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 six months ended June 30, 2025, the Fund paid the Adviser $6,161 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 six months ended June 30, 2025, the effective advisory fee rate incurred by the Fund was 0.63%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate

**11**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

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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, 2026, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended June 30, 2025, the Adviser waived advisory fees of $20,965.

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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2025, IDI advised the Fund that IDI retained $54,699 in front-end sales commissions from the sale of Class A shares and $2,154 and $928 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 June 30, 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; $1996386140 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1996386140 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 44277055 | &nbsp;&nbsp;&nbsp;&nbsp; 183736884 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 228013939 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $2040663195 | &nbsp;&nbsp;&nbsp;&nbsp; $183736884 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2224400079 |

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**12**

**Invesco Main Street Small 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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $19,102.

**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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $472,631,627 and $498,264,293, respectively. As of June 30, 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; $524390437 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (89444665)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $434945772 |

---

Cost of investments for tax purposes is $1,789,454,307.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 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; 1364488 | &nbsp;&nbsp;&nbsp; $29402071 | &nbsp;&nbsp;&nbsp; 2529034 | &nbsp;&nbsp;&nbsp; $55860609 |
| Class C | &nbsp;&nbsp;&nbsp; 216491 | &nbsp;&nbsp;&nbsp; 4124386 | &nbsp;&nbsp;&nbsp; 267875 | &nbsp;&nbsp;&nbsp; 5383092 |
| Class R | &nbsp;&nbsp;&nbsp; 497407 | &nbsp;&nbsp;&nbsp; 10254767 | &nbsp;&nbsp;&nbsp; 869007 | &nbsp;&nbsp;&nbsp; 18462176 |
| Class Y | &nbsp;&nbsp;&nbsp; 11480840 | &nbsp;&nbsp;&nbsp; 251012697 | &nbsp;&nbsp;&nbsp; 19254649 | &nbsp;&nbsp;&nbsp; 423519817 |
| Class R5 | &nbsp;&nbsp;&nbsp; 48901 | &nbsp;&nbsp;&nbsp; 1058836 | &nbsp;&nbsp;&nbsp; 185812 | &nbsp;&nbsp;&nbsp; 4167834 |
| Class R6 | &nbsp;&nbsp;&nbsp; 3481910 | &nbsp;&nbsp;&nbsp; 70997907 | &nbsp;&nbsp;&nbsp; 4381748 | &nbsp;&nbsp;&nbsp; 95218073 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 976270 | &nbsp;&nbsp;&nbsp; 22639698 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 85636 | &nbsp;&nbsp;&nbsp; 1804359 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 207385 | &nbsp;&nbsp;&nbsp; 4662028 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2142046 | &nbsp;&nbsp;&nbsp; 50380932 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 29387 | &nbsp;&nbsp;&nbsp; 687588 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1396053 | &nbsp;&nbsp;&nbsp; 32974768 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 126932 | &nbsp;&nbsp;&nbsp; 2741910 | &nbsp;&nbsp;&nbsp; 211488 | &nbsp;&nbsp;&nbsp; 4534359 |
| Class C | &nbsp;&nbsp;&nbsp; (140042)<br>| &nbsp;&nbsp;&nbsp; (2741910)<br>| &nbsp;&nbsp;&nbsp; (230622)<br>| &nbsp;&nbsp;&nbsp; (4534359)<br>|

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**13**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **June 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **June 30, 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; (1591640)<br>| &nbsp;&nbsp;&nbsp; $(34055625)<br>| &nbsp;&nbsp;&nbsp; (3354261)<br>| &nbsp;&nbsp;&nbsp; $(73680936)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (192130)<br>| &nbsp;&nbsp;&nbsp; (3693016)<br>| &nbsp;&nbsp;&nbsp; (313611)<br>| &nbsp;&nbsp;&nbsp; (6239497)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (472211)<br>| &nbsp;&nbsp;&nbsp; (9591135)<br>| &nbsp;&nbsp;&nbsp; (708700)<br>| &nbsp;&nbsp;&nbsp; (15066909)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (13482651)<br>| &nbsp;&nbsp;&nbsp; (293031074)<br>| &nbsp;&nbsp;&nbsp; (13029707)<br>| &nbsp;&nbsp;&nbsp; (289096387)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (79836)<br>| &nbsp;&nbsp;&nbsp; (1700364)<br>| &nbsp;&nbsp;&nbsp; (124190)<br>| &nbsp;&nbsp;&nbsp; (2751170)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1460854)<br>| &nbsp;&nbsp;&nbsp; (32340137)<br>| &nbsp;&nbsp;&nbsp; (6122279)<br>| &nbsp;&nbsp;&nbsp; (136153327)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (202395)<br>| &nbsp;&nbsp;&nbsp; $(7560687)<br>| &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, 13% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |

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**14**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Main Street Small Cap Fund's<sup>®</sup> (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 2000® Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well

**15**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

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as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the

extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the

Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the

**16**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

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Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**17**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

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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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**18**

**Invesco Main Street Small Cap Fund**<sup>®</sup>

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![](img5fe8bd971.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-MSS-NCSRS

------

![](img515473b51.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Quality Income Fund**

Nasdaq:

A: VKMGX ■ C: VUSCX ■ R: VUSRX ■ Y: VUSIX ■ R5: VUSJX ■ R6: VUSSX

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---

| | |
|:---|:---|
| [2](#xx_bcbf9f26-7079-456f-9d66-bc6efa1e4b54_SOI-Continued-61_1) | Schedule of Investments |
| [8](#xx_bcbf9f26-7079-456f-9d66-bc6efa1e4b54_FS-Continued-61_1) | Financial Statements |
| [11](#xx_bcbf9f26-7079-456f-9d66-bc6efa1e4b54_FS-Continued-61_4) | Financial Highlights |
| [12](#xx_bcbf9f26-7079-456f-9d66-bc6efa1e4b54_NTF-Continued-61_1) | Notes to Financial Statements |
| [19](#xx_bcbf9f26-7079-456f-9d66-bc6efa1e4b54_AOC-Continued-61_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [21](#xx_bcbf9f26-7079-456f-9d66-bc6efa1e4b54_OIRSR-Continued-61_1) | Other Information Required in Form N-CSR (Items 8-11) |

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**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)*

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–110.89%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–110.89%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–110.89%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities–110.89%** |
| **Collateralized Mortgage Obligations–4.87%** | **Collateralized Mortgage Obligations–4.87%** | **Collateralized Mortgage Obligations–4.87%** | **Collateralized Mortgage Obligations–4.87%** |
| Fannie Mae Grantor Trust, <br> Series 1999-T2, Class A1, <br>7.50%, 01/19/2039<sup>(a)</sup> <br>|  | $75925 | &nbsp;&nbsp; $75764 |
| Fannie Mae Interest STRIPS, | Fannie Mae Interest STRIPS, |  |  |
| IO, <br>7.00%, 02/25/2028<sup>(b)</sup> <br>|  | 71393 | &nbsp;&nbsp; 3702 |
| 6.50%, 04/25/2029 to <br> 02/25/2033<sup>(b)</sup> <br>|  | 637290 | &nbsp;&nbsp; 70609 |
| 8.00%, 05/25/2030<sup>(b)</sup> <br>|  | 148847 | &nbsp;&nbsp; 18052 |
| 7.50%, 01/25/2032<sup>(b)</sup> <br>|  | 43886 | &nbsp;&nbsp; 3434 |
| 6.00%, 02/25/2033 to <br> 09/25/2035<sup>(b)(d)</sup> <br>|  | 897976 | &nbsp;&nbsp; 108824 |
| 5.50%, 11/25/2033 to <br> 06/25/2035<sup>(b)</sup> <br>|  | 431990 | &nbsp;&nbsp; 59371 |
| PO, <br>0.00%, 09/25/2032<sup>(c)</sup> <br>|  | 23919 | &nbsp;&nbsp; 21777 |
| Fannie Mae REMICs, | Fannie Mae REMICs, |  |  |
| IO, <br>2.50%, 12/25/2025 to <br> 08/25/2049<sup>(b)</sup> <br>|  | 18539534 | &nbsp;&nbsp; 2613682 |
| 3.00%, 10/25/2026 to <br> 02/25/2028<sup>(b)</sup> <br>|  | 650256 | &nbsp;&nbsp; 11641 |
| 8.00%, 08/18/2027 to <br> 09/18/2027<sup>(b)</sup> <br>|  | 41677 | &nbsp;&nbsp; 1918 |
| 6.50%, 10/25/2028 to <br> 05/25/2033<sup>(b)</sup> <br>|  | 15004 | &nbsp;&nbsp; 6001 |
| 0.75%, 10/25/2031<sup>(b)</sup> <br>|  | 1881 | &nbsp;&nbsp; 24 |
| 2.28% (6.70% - (30 Day Average <br> SOFR + 0.11%)), 10/25/2031 to <br> 05/25/2035<sup>(b)(e)</sup> <br>|  | 365727 | &nbsp;&nbsp; 30020 |
| 3.48% (7.90% - (30 Day Average <br> SOFR + 0.11%)), <br> 11/25/2031<sup>(b)(e)</sup> <br>|  | 45934 | &nbsp;&nbsp; 4605 |
| 3.48% (7.90% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/18/2031<sup>(b)(e)</sup> <br>|  | 27240 | &nbsp;&nbsp; 1507 |
| 3.53% (7.95% - (30 Day Average <br> SOFR + 0.11%)), <br> 01/25/2032<sup>(b)(e)</sup> <br>|  | 30501 | &nbsp;&nbsp; 2722 |
| 3.58% (8.00% - (30 Day Average <br> SOFR + 0.11%)), <br> 03/18/2032<sup>(b)(e)</sup> <br>|  | 71428 | &nbsp;&nbsp; 7082 |
| 3.68% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2032 to <br> 04/25/2032<sup>(b)(e)</sup> <br>|  | 98000 | &nbsp;&nbsp; 9941 |
| 2.58% (7.00% - (30 Day Average <br> SOFR + 0.11%)), 04/25/2032 to <br> 08/25/2032<sup>(b)(e)</sup> <br>|  | 154566 | &nbsp;&nbsp; 12812 |
| 3.38% (7.80% - (30 Day Average <br> SOFR + 0.11%)), <br> 04/25/2032<sup>(b)(e)</sup> <br>|  | 31905 | &nbsp;&nbsp; 3444 |
| 3.58% (8.00% - (30 Day Average <br> SOFR + 0.11%)), 07/25/2032 to <br> 09/25/2032<sup>(b)(e)</sup> <br>|  | 199038 | &nbsp;&nbsp; 20367 |
| 3.68% (8.10% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/18/2032<sup>(b)(e)</sup> <br>|  | 122897 | &nbsp;&nbsp; 10680 |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| 3.83% (8.25% - (30 Day Average <br> SOFR + 0.11%)), 02/25/2033 to <br> 05/25/2033<sup>(b)(e)</sup> <br>| $172604 | &nbsp;&nbsp; $25214 |
| 6.00%, 05/25/2033<sup>(b)</sup> <br>| 9066 | &nbsp;&nbsp; 1351 |
| 7.00%, 05/25/2033<sup>(b)</sup> <br>| 107238 | &nbsp;&nbsp; 13180 |
| 1.63% (6.05% - (30 Day Average <br> SOFR + 0.11%)), 03/25/2035 to <br> 07/25/2038<sup>(b)(e)</sup> <br>| 520374 | &nbsp;&nbsp; 42901 |
| 2.33% (6.75% - (30 Day Average <br> SOFR + 0.11%)), <br> 03/25/2035<sup>(b)(e)</sup> <br>| 26041 | &nbsp;&nbsp; 1359 |
| 2.18% (6.60% - (30 Day Average <br> SOFR + 0.11%)), <br> 05/25/2035<sup>(b)(e)</sup> <br>| 105956 | &nbsp;&nbsp; 6530 |
| 3.50%, 08/25/2035 to <br> 08/25/2042<sup>(b)</sup> <br>| 1036560 | &nbsp;&nbsp; 112782 |
| 4.00%, 04/25/2041 to <br> 08/25/2047<sup>(b)</sup> <br>| 231082 | &nbsp;&nbsp; 42029 |
| 2.13% (6.55% - (30 Day Average <br> SOFR + 0.11%)), <br> 10/25/2041<sup>(b)(e)</sup> <br>| 88678 | &nbsp;&nbsp; 7282 |
| 1.73% (6.15% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/25/2042<sup>(b)(e)</sup> <br>| 313432 | &nbsp;&nbsp; 36542 |
| 4.50%, 02/25/2043<sup>(b)</sup> <br>| 200224 | &nbsp;&nbsp; 24015 |
| 5.50%, 07/25/2046<sup>(b)</sup> <br>| 204710 | &nbsp;&nbsp; 27186 |
| 1.48% (5.90% - (30 Day Average <br> SOFR + 0.11%)), <br> 09/25/2047<sup>(b)(e)</sup> <br>| 1372181 | &nbsp;&nbsp; 139206 |
| 2.00%, 03/25/2051<sup>(b)</sup> <br>| 5765219 | &nbsp;&nbsp; 755763 |
| 1.81%, 02/25/2056<sup>(d)</sup> <br>| 3279678 | &nbsp;&nbsp; 192970 |
| 7.00%, 03/18/2027 to <br> 09/25/2032<br>| 68172 | &nbsp;&nbsp; 71661 |
| 6.50%, 11/25/2029 | 41705 | &nbsp;&nbsp; 42370 |
| 5.42% (30 Day Average SOFR + <br> 1.11%), 12/25/2031 to <br> 12/25/2032<sup>(e)</sup> <br>| 203985 | &nbsp;&nbsp; 205760 |
| 5.42% (30 Day Average SOFR + <br> 1.11%), 03/18/2032 to <br> 12/18/2032<sup>(e)</sup> <br>| 181274 | &nbsp;&nbsp; 183119 |
| 4.92% (30 Day Average SOFR + <br> 0.61%), 08/25/2032 to <br> 06/25/2046<sup>(e)</sup> <br>| 671519 | &nbsp;&nbsp; 666725 |
| 4.92% (30 Day Average SOFR + <br> 0.61%), 10/18/2032<sup>(e)</sup> <br>| 19875 | &nbsp;&nbsp; 19811 |
| 4.82% (30 Day Average SOFR + <br> 0.51%), 03/25/2033 to <br> 03/25/2042<sup>(e)</sup> <br>| 130812 | &nbsp;&nbsp; 129470 |
| 4.76% (30 Day Average SOFR + <br> 0.45%), 06/25/2035<sup>(e)</sup> <br>| 486175 | &nbsp;&nbsp; 482157 |
| 4.77% (30 Day Average SOFR + <br> 0.46%), 08/25/2035 to <br> 10/25/2035<sup>(e)</sup> <br>| 270151 | &nbsp;&nbsp; 268961 |
| 8.36% (24.57% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 03/25/2036<sup>(e)</sup> <br>| 89200 | &nbsp;&nbsp; 105651 |
| 7.99% (24.20% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 06/25/2036<sup>(e)</sup> <br>| 55081 | &nbsp;&nbsp; 64430 |

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

**2**

**Invesco Quality Income Fund**

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| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| 7.99% (24.20% - (3.67 x (30 Day <br> Average SOFR + 0.11%))), <br> 06/25/2036<sup>(e)</sup> <br>|  | $55611 | &nbsp;&nbsp; $62211 |
| 5.36% (30 Day Average SOFR + <br> 1.05%), 06/25/2037<sup>(e)</sup> <br>|  | 473449 | &nbsp;&nbsp; 477413 |
| 4.87% (30 Day Average SOFR + <br> 0.56%), 08/25/2037<sup>(e)</sup> <br>|  | 312762 | &nbsp;&nbsp; 308981 |
| 6.60%, 06/25/2039<sup>(a)</sup> <br>|  | 211503 | &nbsp;&nbsp; 220800 |
| 4.00%, 03/25/2041 |  | 248537 | &nbsp;&nbsp; 238048 |
| 3.00%, 07/25/2045 |  | 2716625 | &nbsp;&nbsp; 2673027 |
| Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., | Freddie Mac Multifamily Structured <br> Pass-Through Ctfs., |  |  |
| Series K051, Class X1, IO, <br>0.63%, 09/25/2025<sup>(d)</sup> <br>|  | 40467898 | &nbsp;&nbsp; 30905 |
| Series K734, Class X1, IO, <br>0.79%, 02/25/2026<sup>(d)</sup> <br>|  | 13798877 | &nbsp;&nbsp; 27229 |
| Series K735, Class X1, IO, <br>1.10%, 05/25/2026<sup>(d)</sup> <br>|  | 15050279 | &nbsp;&nbsp; 87367 |
| Series K093, Class X1, IO, <br>1.08%, 05/25/2029<sup>(d)</sup> <br>|  | 12221288 | &nbsp;&nbsp; 372377 |
| Series Q004, Class AFL, <br>4.71%(12 mo. MTA Rate + <br> 0.74%), 05/25/2044<sup>(e)</sup> <br>|  | 271476 | &nbsp;&nbsp; 271503 |
| Freddie Mac REMICs, | Freddie Mac REMICs, |  |  |
| 3.50%, 11/15/2025 to <br> 05/15/2032<br>|  | 263230 | &nbsp;&nbsp; 258466 |
| 1.50%, 08/15/2027 |  | 5030975 | &nbsp;&nbsp; 4902444 |
| 6.95%, 03/15/2028 |  | 36093 | &nbsp;&nbsp; 36418 |
| 6.50%, 08/15/2028 to <br> 03/15/2032<br>|  | 508752 | &nbsp;&nbsp; 517124 |
| 5.02% (30 Day Average SOFR + <br> 0.71%), 01/15/2029 to <br> 12/15/2032<sup>(e)</sup> <br>|  | 46236 | &nbsp;&nbsp; 46313 |
| 6.00%, 01/15/2029 to <br> 04/15/2029<br>|  | 73040 | &nbsp;&nbsp; 74138 |
| 4.77% (30 Day Average SOFR + <br> 0.46%), 02/15/2029<sup>(e)</sup> <br>|  | 42572 | &nbsp;&nbsp; 42497 |
| 5.33% (30 Day Average SOFR + <br> 1.01%), 03/15/2029<sup>(e)</sup> <br>|  | 46470 | &nbsp;&nbsp; 46623 |
| 4.82% (30 Day Average SOFR + <br> 0.51%), 06/15/2029 to <br> 01/15/2033<sup>(e)</sup> <br>|  | 80045 | &nbsp;&nbsp; 79809 |
| 5.07% (30 Day Average SOFR + <br> 0.76%), 07/15/2029<sup>(e)</sup> <br>|  | 10954 | &nbsp;&nbsp; 10955 |
| 8.00%, 03/15/2030 |  | 23103 | &nbsp;&nbsp; 23941 |
| 5.37% (30 Day Average SOFR + <br> 1.06%), 08/15/2031<sup>(e)</sup> <br>|  | 46503 | &nbsp;&nbsp; 46953 |
| 4.92% (30 Day Average SOFR + <br> 0.61%), 02/15/2032 to <br> 03/15/2032<sup>(e)</sup> <br>|  | 143757 | &nbsp;&nbsp; 143312 |
| 5.42% (30 Day Average SOFR + <br> 1.11%), 02/15/2032 to <br> 03/15/2032<sup>(e)</sup> <br>|  | 98393 | &nbsp;&nbsp; 99268 |
| 4.97% (30 Day Average SOFR + <br> 0.66%), 03/15/2032 to <br> 10/15/2036<sup>(e)</sup> <br>|  | 370261 | &nbsp;&nbsp; 368406 |
| 8.55% (24.75% - (3.67 x <br> (30 Day Average SOFR + <br> 0.11%))), 08/15/2035<sup>(e)</sup> <br>|  | 15223 | &nbsp;&nbsp; 17032 |
| 4.72% (30 Day Average SOFR + <br> 0.41%), 03/15/2036<sup>(e)</sup> <br>|  | 809516 | &nbsp;&nbsp; 799902 |
| 4.87% (30 Day Average SOFR + <br> 0.56%), 07/15/2037<sup>(e)</sup> <br>|  | 50927 | &nbsp;&nbsp; 50478 |
| 4.00%, 06/15/2038 |  | 83731 | &nbsp;&nbsp; 80340 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &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)** |
| 2.50%, 07/15/2038 |  | $638733 | &nbsp;&nbsp; $605148 |
| 4.96% (30 Day Average SOFR + <br> 0.61%), 03/15/2042<sup>(e)</sup> <br>|  | 64961 | &nbsp;&nbsp; 65575 |
| IO, <br>3.00%, 07/15/2026 to <br> 12/15/2027<sup>(b)</sup> <br>|  | 1207956 | &nbsp;&nbsp; 38601 |
| 3.23% (7.65% - (30 Day Average <br> SOFR + 0.11%)), <br> 07/15/2026<sup>(b)(e)</sup> <br>|  | 1876 | &nbsp;&nbsp; 21 |
| 2.50%, 09/15/2027 to <br> 09/25/2048<sup>(b)</sup> <br>|  | 7808986 | &nbsp;&nbsp; 1004901 |
| 4.28% (8.70% - (30 Day Average <br> SOFR + 0.11%)), <br> 07/17/2028<sup>(b)(e)</sup> <br>|  | 19 | &nbsp;&nbsp; 0 |
| 3.68% (8.10% - (30 Day Average <br> SOFR + 0.11%)), 06/15/2029 to <br> 09/15/2029<sup>(b)(e)</sup> <br>|  | 73373 | &nbsp;&nbsp; 4328 |
| 2.28% (6.70% - (30 Day Average <br> SOFR + 0.11%)), <br> 01/15/2035<sup>(b)(e)</sup> <br>|  | 425528 | &nbsp;&nbsp; 26381 |
| 2.33% (6.75% - (30 Day Average <br> SOFR + 0.11%)), <br> 02/15/2035<sup>(b)(e)</sup> <br>|  | 64429 | &nbsp;&nbsp; 3877 |
| 2.30% (6.72% - (30 Day Average <br> SOFR + 0.11%)), <br> 05/15/2035<sup>(b)(e)</sup> <br>|  | 76945 | &nbsp;&nbsp; 4754 |
| 2.58% (7.00% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/15/2037<sup>(b)(e)</sup> <br>|  | 9690 | &nbsp;&nbsp; 1027 |
| 1.58% (6.00% - (30 Day Average <br> SOFR + 0.11%)), <br> 04/15/2038<sup>(b)(e)</sup> <br>|  | 23974 | &nbsp;&nbsp; 2115 |
| 1.65% (6.07% - (30 Day Average <br> SOFR + 0.11%)), <br> 05/15/2038<sup>(b)(e)</sup> <br>|  | 563102 | &nbsp;&nbsp; 47759 |
| 2.06%, 02/15/2039<sup>(d)</sup> <br>|  | 1140503 | &nbsp;&nbsp; 108159 |
| 1.83% (6.25% - (30 Day Average <br> SOFR + 0.11%)), <br> 12/15/2039<sup>(b)(e)</sup> <br>|  | 125952 | &nbsp;&nbsp; 11372 |
| 1.68% (6.10% - (30 Day Average <br> SOFR + 0.11%)), <br> 01/15/2044<sup>(b)(e)</sup> <br>|  | 206336 | &nbsp;&nbsp; 20585 |
| 4.00%, 03/15/2045<sup>(b)</sup> <br>|  | 5070 | &nbsp;&nbsp; 7 |
| Freddie Mac Seasoned Loans <br> Structured Transaction, <br> Series 2019-1, Class A2, <br>3.50%, 05/25/2029<br>|  | 2000000 | &nbsp;&nbsp; 1934054 |
| Freddie Mac STRIPS, | Freddie Mac STRIPS, |  |  |
| IO, <br>3.00%, 12/15/2027<sup>(b)</sup> <br>|  | 92266 | &nbsp;&nbsp; 2107 |
| 3.15%, 12/15/2027<sup>(d)</sup> <br>|  | 27217 | &nbsp;&nbsp; 721 |
| 6.50%, 02/01/2028<sup>(b)</sup> <br>|  | 8643 | &nbsp;&nbsp; 486 |
| 7.00%, 09/01/2029<sup>(b)</sup> <br>|  | 94764 | &nbsp;&nbsp; 8964 |
| 7.50%, 12/15/2029<sup>(b)</sup> <br>|  | 8346 | &nbsp;&nbsp; 871 |
| 8.00%, 06/15/2031<sup>(b)</sup> <br>|  | 193149 | &nbsp;&nbsp; 27466 |
| 6.00%, 12/15/2032<sup>(b)</sup> <br>|  | 44140 | &nbsp;&nbsp; 4933 |
| 0.00%, 12/01/2031 to <br> 03/01/2032<sup>(c)</sup> <br>|  | 120057 | &nbsp;&nbsp; 108610 |
| <br>4.92%(30 Day Average SOFR + <br> 0.61%), 05/15/2036<sup>(e)</sup> <br>|  | 398626 | &nbsp;&nbsp; 396322 |
| Freddie Mac Structured Pass-Through <br> Ctfs., Series T-54, Class 2A, <br>6.50%, 02/25/2043<br>|  | 1071462 | &nbsp;&nbsp; 1076070 |

---

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** |
| **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** | **Collateralized Mortgage Obligations–(continued)** |
| Freddie Mac Whole Loan Securities <br> Trust, Series 2015-SC02, <br> Class 1A, <br>3.00%, 09/25/2045<br>| $203242 | &nbsp;&nbsp; $176431 |
|  |  | &nbsp;&nbsp; 24862329 |
| **Federal Home Loan Mortgage Corp. (FHLMC)–30.40%** | **Federal Home Loan Mortgage Corp. (FHLMC)–30.40%** | **Federal Home Loan Mortgage Corp. (FHLMC)–30.40%** |
| 6.50%, 07/01/2028 to <br> 04/01/2034<br>| 220328 | &nbsp;&nbsp; 228084 |
| 6.00%, 03/01/2029 to <br> 10/01/2029<br>| 88562 | &nbsp;&nbsp; 90755 |
| 2.50%, 02/01/2031 to <br> 04/01/2052<br>| 38495931 | &nbsp;&nbsp; 32409413 |
| 8.50%, 03/01/2031 to <br> 08/01/2031<br>| 47232 | &nbsp;&nbsp; 49830 |
| 7.00%, 10/01/2031 to <br> 10/01/2037<br>| 92208 | &nbsp;&nbsp; 97389 |
| 7.50%, 01/01/2032 to <br> 08/01/2037<br>| 2475170 | &nbsp;&nbsp; 2580647 |
| 3.00%, 02/01/2032 to <br> 05/01/2050<br>| 24776454 | &nbsp;&nbsp; 22307745 |
| 8.00%, 08/01/2032 | 31185 | &nbsp;&nbsp; 32739 |
| 5.50%, 12/01/2036 to <br> 05/01/2053<br>| 26016213 | &nbsp;&nbsp; 26230857 |
| 5.00%, 01/01/2037 to <br> 07/01/2052<br>| 7397231 | &nbsp;&nbsp; 7322934 |
| 4.50%, 05/01/2038 to <br> 07/01/2052<br>| 14275126 | &nbsp;&nbsp; 13872884 |
| 5.35%, 07/01/2038 to <br> 10/17/2038<br>| 788143 | &nbsp;&nbsp; 801747 |
| 5.45%, 11/25/2038 | 810534 | &nbsp;&nbsp; 828571 |
| 5.80%, 01/20/2039 | 317156 | &nbsp;&nbsp; 321169 |
| 4.00%, 06/01/2042 to <br> 07/01/2049<br>| 13900802 | &nbsp;&nbsp; 13226893 |
| 3.50%, 09/01/2045 to <br> 05/01/2050<br>| 14984096 | &nbsp;&nbsp; 13776330 |
| 2.00%, 05/01/2051 to <br> 01/01/2052<br>| 22626555 | &nbsp;&nbsp; 18092934 |
| ARM, <br>5.34% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.16%), <br> 11/01/2048<sup>(e)</sup> <br>| 3010376 | &nbsp;&nbsp; 3085841 |
|  |  | &nbsp;&nbsp; 155356762 |
| **Federal National Mortgage Association (FNMA)–43.86%** | **Federal National Mortgage Association (FNMA)–43.86%** | **Federal National Mortgage Association (FNMA)–43.86%** |
| 6.50%, 01/01/2027 to <br> 11/01/2038<br>| 1012076 | &nbsp;&nbsp; 1050900 |
| 7.50%, 02/01/2027 to <br> 08/01/2037<br>| 811495 | &nbsp;&nbsp; 835293 |
| 5.00%, 06/01/2027 to <br> 01/01/2053<br>| 7583658 | &nbsp;&nbsp; 7520981 |
| 5.50%, 12/01/2027 to <br> 04/01/2038<br>| 1918756 | &nbsp;&nbsp; 1966870 |
| 6.00%, 05/01/2028 to <br> 10/01/2053<br>| 9538644 | &nbsp;&nbsp; 9806310 |
| 3.00%, 02/01/2029 to <br> 01/01/2052<br>| 41596902 | &nbsp;&nbsp; 37575426 |
| 7.00%, 04/01/2029 to <br> 01/01/2036<br>| 666420 | &nbsp;&nbsp; 702999 |
| 5.63%, 08/01/2032 | 36771 | &nbsp;&nbsp; 36690 |
| 8.50%, 10/01/2032 | 78913 | &nbsp;&nbsp; 82409 |
| 8.00%, 04/01/2033 | 77561 | &nbsp;&nbsp; 81471 |
| 3.50%, 11/01/2034 to <br> 05/01/2050<br>| 33538134 | &nbsp;&nbsp; 31497352 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Federal National Mortgage Association (FNMA)–(continued)** | **Federal National Mortgage Association (FNMA)–(continued)** | **Federal National Mortgage Association (FNMA)–(continued)** |
| 2.00%, 09/01/2035 to <br> 03/01/2052<br>| $70837847 | &nbsp;&nbsp; $58560716 |
| 5.45%, 01/01/2038 | 214863 | &nbsp;&nbsp; 217748 |
| 4.50%, 01/01/2040 to <br> 07/01/2044<br>| 2865510 | &nbsp;&nbsp; 2850030 |
| 4.00%, 02/01/2042 to <br> 11/01/2053<br>| 29776290 | &nbsp;&nbsp; 28274739 |
| 2.50%, 10/01/2050 to <br> 02/01/2052<br>| 48527336 | &nbsp;&nbsp; 40716279 |
| ARM, <br>6.76% (1 yr. Refinitiv USD IBOR <br> Consumer Cash Fallbacks + <br> 1.58%), 04/01/2045<sup>(e)</sup> <br>| 2232688 | &nbsp;&nbsp; 2308936 |
|  |  | &nbsp;&nbsp; 224085149 |
| **Government National Mortgage Association (GNMA)–25.11%** | **Government National Mortgage Association (GNMA)–25.11%** | **Government National Mortgage Association (GNMA)–25.11%** |
| 3.00%, 12/16/2025 to <br> 02/20/2050<br>| 2309160 | &nbsp;&nbsp; 2055589 |
| 7.00%, 12/15/2027 to <br> 01/20/2030<br>| 69883 | &nbsp;&nbsp; 70580 |
| 6.50%, 03/15/2028 to <br> 10/15/2028<br>| 7292 | &nbsp;&nbsp; 7374 |
| 6.00%, 06/15/2028 to <br> 04/20/2029<br>| 28070 | &nbsp;&nbsp; 28695 |
| 7.50%, 06/15/2028 to <br> 08/15/2028<br>| 30512 | &nbsp;&nbsp; 30628 |
| 5.50%, 05/15/2033 to <br> 10/15/2034<br>| 171541 | &nbsp;&nbsp; 174720 |
| 6.92%, 11/20/2033<sup>(a)</sup> <br>| 310030 | &nbsp;&nbsp; 321636 |
| 5.00%, 11/20/2037 | 199939 | &nbsp;&nbsp; 199994 |
| 5.88%, 01/20/2039<sup>(a)</sup> <br>| 490107 | &nbsp;&nbsp; 507929 |
| 4.53%, 07/20/2041<sup>(a)</sup> <br>| 618584 | &nbsp;&nbsp; 624747 |
| 4.97%, 09/20/2041 | 398613 | &nbsp;&nbsp; 403438 |
| 4.89% (1 mo. Term SOFR + <br> 0.56%), 07/20/2044<sup>(e)</sup> <br>| 317257 | &nbsp;&nbsp; 319447 |
| 3.50%, 05/20/2046 to <br> 06/20/2050<br>| 9149194 | &nbsp;&nbsp; 8398621 |
| 4.00%, 02/20/2048 to <br> 03/20/2050<br>| 3022285 | &nbsp;&nbsp; 2817771 |
| 2.50%, 04/20/2051 | 1759716 | &nbsp;&nbsp; 1465994 |
| IO, <br>2.22% (6.65% - (1 mo. Term <br> SOFR + 0.11%)), <br> 04/16/2041<sup>(b)(e)</sup> <br>| 651331 | &nbsp;&nbsp; 43513 |
| 4.50%, 09/16/2047<sup>(b)</sup> <br>| 543733 | &nbsp;&nbsp; 75950 |
| 1.77% (6.20% - (1 mo. Term <br> SOFR + 0.11%)), <br> 10/16/2047<sup>(b)(e)</sup> <br>| 548420 | &nbsp;&nbsp; 69824 |
| TBA, <br>2.00%, 07/01/2055<sup>(f)</sup> <br>| 23444000 | &nbsp;&nbsp; 19099097 |
| 2.50%, 07/01/2055<sup>(f)</sup> <br>| 22128000 | &nbsp;&nbsp; 18803310 |
| 3.00%, 07/01/2055<sup>(f)</sup> <br>| 16451813 | &nbsp;&nbsp; 14554455 |
| 4.50%, 07/01/2055<sup>(f)</sup> <br>| 4300000 | &nbsp;&nbsp; 4116693 |
| 5.00%, 07/01/2055<sup>(f)</sup> <br>| 14440000 | &nbsp;&nbsp; 14186718 |
| 5.50%, 07/01/2055<sup>(f)</sup> <br>| 19860000 | &nbsp;&nbsp; 19892268 |
| 6.00%, 07/01/2055<sup>(f)</sup> <br>| 10100000 | &nbsp;&nbsp; 10250690 |
| 6.50%, 07/01/2055<sup>(f)</sup> <br>| 4000000 | &nbsp;&nbsp; 4107368 |
| Series 2020-137, Class A, <br>1.50%, 04/16/2062<br>| 7523681 | &nbsp;&nbsp; 5667024 |
|  |  | &nbsp;&nbsp; 128294073 |

---

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–6.65%** | **Uniform Mortgage-Backed Securities–6.65%** | **Uniform Mortgage-Backed Securities–6.65%** | **Uniform Mortgage-Backed Securities–6.65%** |
| TBA, <br>5.00%, 07/01/2040<sup>(f)</sup> <br>|  | $700000 | &nbsp;&nbsp; $701710 |
| 3.00%, 07/01/2055<sup>(f)</sup> <br>|  | 2639377 | &nbsp;&nbsp; 2284257 |
| 6.00%, 07/01/2055<sup>(f)</sup> <br>|  | 22370000 | &nbsp;&nbsp; 22734163 |
| 6.50%, 07/01/2055<sup>(f)</sup> <br>|  | 8000000 | &nbsp;&nbsp; 8261063 |
|  |  |  | &nbsp;&nbsp; 33981193 |
| Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $621,922,413) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $621,922,413) | Total U.S. Government Sponsored Agency <br> Mortgage-Backed Securities <br> (Cost $621,922,413) | &nbsp;&nbsp; 566579506 |
| **Certificates of Deposit–5.29%** | **Certificates of Deposit–5.29%** | **Certificates of Deposit–5.29%** | **Certificates of Deposit–5.29%** |
| **Diversified Banks–3.92%** | **Diversified Banks–3.92%** | **Diversified Banks–3.92%** | **Diversified Banks–3.92%** |
| Bank of Nova Scotia (Canada), 4.67% <br> (SOFR + 0.35%), 10/17/2025<sup>(e)</sup> <br>|  | 7000000 | &nbsp;&nbsp; 7003813 |
| Mitsubishi UFJ Trust & Banking Corp. <br> (Japan), 4.66% (SOFR + 0.34%), <br> 01/30/2026<sup>(e)</sup> <br>|  | 10000000 | &nbsp;&nbsp; 10004838 |
| Mizuho Bank Ltd. (Japan), 4.69% <br> (SOFR + 0.33%), 02/19/2026<sup>(e)</sup> <br>|  | 3000000 | &nbsp;&nbsp; 3001055 |
|  |  |  | &nbsp;&nbsp; 20009706 |
| **Homebuilding–1.37%** | **Homebuilding–1.37%** | **Homebuilding–1.37%** | **Homebuilding–1.37%** |
| Standard Chartered Bank (United <br> Kingdom), 4.76% (SOFR + <br> 0.36%), 07/24/2025<sup>(e)</sup> <br>|  | 7000000 | &nbsp;&nbsp; 7001750 |
| Total Certificates of Deposit (Cost $27,000,187) | Total Certificates of Deposit (Cost $27,000,187) | Total Certificates of Deposit (Cost $27,000,187) | &nbsp;&nbsp; 27011456 |
| **Asset-Backed Securities–4.81%** | **Asset-Backed Securities–4.81%** | **Asset-Backed Securities–4.81%** | **Asset-Backed Securities–4.81%** |
| Adjustable Rate Mortgage Trust, <br> Series 2005-7, Class 2A21, <br> 0.77%, 10/25/2035<sup>(a)</sup> <br>|  | 127066 | &nbsp;&nbsp; 112518 |
| Agate Bay Mortgage Trust, <br> Series 2015-2, Class B1, 3.62%, <br> 03/25/2045<sup>(a)(g)</sup> <br>|  | 905589 | &nbsp;&nbsp; 842228 |
| Banc of America Funding Trust, <br> Series 2006-A, Class 1A1, <br> 5.49%, 02/20/2036<sup>(a)</sup> <br>|  | 133271 | &nbsp;&nbsp; 127049 |
| Bank, Series 2017-BNK5, Class AS, <br> 3.62%, 06/15/2060<br>|  | 3200000 | &nbsp;&nbsp; 3115682 |
| Bear Stearns Adjustable Rate <br> Mortgage Trust, Series 2005-1, <br> Class 2A1, 2.16%, <br> 03/25/2035<sup>(a)</sup> <br>|  | 509091 | &nbsp;&nbsp; 469134 |
| Benchmark Mortgage Trust, <br> Series 2018-B1, Class XA, IO, <br> 0.67%, 01/15/2051<sup>(d)</sup> <br>|  | 11231398 | &nbsp;&nbsp; 121552 |
| CD Mortgage Trust, Series 2017-<br> CD6, Class XA, IO, 1.03%, <br> 11/13/2050<sup>(d)</sup> <br>|  | 5774759 | &nbsp;&nbsp; 85495 |
| Chase Mortgage Finance Corp., | Chase Mortgage Finance Corp., |  |  |
| Series 2016-2, Class M4, 3.75%, <br> 12/25/2045<sup>(a)(g)</sup> <br>|  | 1181181 | &nbsp;&nbsp; 1087628 |
| Series 2016-SH1, Class M3, <br> 3.75%, 04/25/2045<sup>(a)(g)</sup> <br>|  | 857383 | &nbsp;&nbsp; 780934 |
| Chase Mortgage Finance Trust, | Chase Mortgage Finance Trust, |  |  |
| Series 2005-A1, Class 3A1, <br> 3.93%, 12/25/2035<sup>(a)</sup> <br>|  | 10605 | &nbsp;&nbsp; 9393 |
| Series 2007-A2, Class 2A1, <br> 6.61%, 06/25/2035<sup>(a)</sup> <br>|  | 139109 | &nbsp;&nbsp; 138728 |
| Series 2007-A2, Class 2A4, <br> 6.61%, 06/25/2035<sup>(a)</sup> <br>|  | 128507 | &nbsp;&nbsp; 127565 |
| Citigroup Commercial Mortgage Trust, <br> Series 2017-C4, Class XA, IO, <br> 1.12%, 10/12/2050<sup>(d)</sup> <br>|  | 15387731 | &nbsp;&nbsp; 287963 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |  |  |
| Series 2004-UST1, Class A4, <br> 6.53%, 08/25/2034<sup>(a)</sup> <br>|  | $21198 | &nbsp;&nbsp; $20045 |
| Series 2005-11, Class A2A, <br> 7.23% (1 yr. U.S. Treasury Yield <br> Curve Rate + 2.40%), <br> 10/25/2035<sup>(e)</sup> <br>|  | 344659 | &nbsp;&nbsp; 357523 |
| Series 2006-AR2, Class 1A2, <br> 2.56%, 03/25/2036<sup>(a)</sup> <br>|  | 5657 | &nbsp;&nbsp; 5553 |
| COMM Mortgage Trust, <br> Series 2015-CR24, Class XA, IO, <br> 0.71%, 08/10/2048<sup>(d)</sup> <br>|  | 14918039 | &nbsp;&nbsp; 215 |
| Commonbond Student Loan Trust, <br> Series 2018-CGS, Class A1, <br> 3.87%, 02/25/2046<sup>(g)</sup> <br>|  | 496463 | &nbsp;&nbsp; 481473 |
| Countrywide Home Loans Mortgage <br> Pass-Through Trust, <br> Series 2004-29, Class 1A1, <br> 4.97% (1 mo. Term SOFR + <br> 0.65%), 02/25/2035<sup>(e)</sup> <br>|  | 69132 | &nbsp;&nbsp; 66607 |
| Credit Suisse Mortgage Capital Trust, <br> Series 2013-7, Class B1, 3.54%, <br> 08/25/2043<sup>(a)(g)</sup> <br>|  | 811847 | &nbsp;&nbsp; 789714 |
| Credit Suisse Mortgage Loan Trust, <br> Series 2015-1, Class A9, 3.50%, <br> 05/25/2045<sup>(a)(g)</sup> <br>|  | 269055 | &nbsp;&nbsp; 248071 |
| CSFB Mortgage-Backed Pass-Through <br> Ctfs., Series 2004-AR5, <br> Class 5A1, 5.92%, <br> 06/25/2034<sup>(a)</sup> <br>|  | 140266 | &nbsp;&nbsp; 138256 |
| 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>|  | 1155058 | &nbsp;&nbsp; 1026894 |
| Galton Funding Mortgage Trust, <br> Series 2018-1, Class A33, <br> 3.50%, 11/25/2057<sup>(a)(g)</sup> <br>|  | 199782 | &nbsp;&nbsp; 182601 |
| GSAA Home Equity Trust, <br> Series 2007-7, Class A4, 4.97% <br> (1 mo. Term SOFR + 0.65%), <br> 07/25/2037<sup>(e)</sup> <br>|  | 9963 | &nbsp;&nbsp; 9603 |
| GSR Mortgage Loan Trust, | GSR Mortgage Loan Trust, |  |  |
| Series 2004-12, Class 3A6, <br> 1.46%, 12/25/2034<sup>(a)</sup> <br>|  | 143144 | &nbsp;&nbsp; 134958 |
| Series 2005-AR4, Class 6A1, <br> 5.02%, 07/25/2035<sup>(a)</sup> <br>|  | 40428 | &nbsp;&nbsp; 38105 |
| JP Morgan Mortgage Trust, | JP Morgan Mortgage Trust, |  |  |
| Series 2005-A1, Class 3A1, <br> 5.64%, 02/25/2035<sup>(a)</sup> <br>|  | 178384 | &nbsp;&nbsp; 171127 |
| Series 2014-1, Class 1A17, <br> 0.79%, 01/25/2044<sup>(a)(g)</sup> <br>|  | 504914 | &nbsp;&nbsp; 481521 |
| Series 2017-5, Class A1, 4.92%, <br> 10/26/2048<sup>(a)(g)</sup> <br>|  | 90331 | &nbsp;&nbsp; 91223 |
| Series 2019-INV2, Class A15, <br> 3.50%, 02/25/2050<sup>(a)(g)</sup> <br>|  | 109892 | &nbsp;&nbsp; 100569 |
| JP Morgan Trust, Series 2015-3, <br> Class A3, 3.50%, <br> 05/25/2045<sup>(a)(g)</sup> <br>|  | 470452 | &nbsp;&nbsp; 438671 |
| Luminent Mortgage Trust, <br> Series 2006-1, Class A1, 5.15% <br> (1 mo. Term SOFR + 0.83%), <br> 04/25/2036<sup>(e)</sup> <br>|  | 23870 | &nbsp;&nbsp; 20736 |
| MASTR Adjustable Rate Mortgages <br> Trust, Series 2004-13, <br> Class 2A2, 6.83%, <br> 04/21/2034<sup>(a)</sup> <br>|  | 72879 | &nbsp;&nbsp; 72734 |

---

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** |
| 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>|  | $118427 | &nbsp;&nbsp; $110462 |
| Series 2005-A, Class A1, 4.89% <br> (1 mo. Term SOFR + 0.57%), <br> 03/25/2030<sup>(e)</sup> <br>|  | 173779 | &nbsp;&nbsp; 166065 |
| Morgan Stanley Capital I Trust, <br> Series 2017-HR2, Class XA, IO, <br> 0.99%, 12/15/2050<sup>(d)</sup> <br>|  | 5320869 | &nbsp;&nbsp; 92522 |
| Residential Accredit Loans, Inc. Trust, <br> Series 2006-QS13, Class 1A8, <br> 6.00%, 09/25/2036<br>|  | 22555 | &nbsp;&nbsp; 17852 |
| Sapphire Aviation Finance II Ltd., <br> Series 2020-1A, Class B, 4.34%, <br> 03/15/2040<sup>(g)</sup> <br>|  | 3120561 | &nbsp;&nbsp; 2859349 |
| Shellpoint Asset Funding Trust, <br> Series 2013-1, Class A3, 3.75%, <br> 07/25/2043<sup>(a)(g)</sup> <br>|  | 290602 | &nbsp;&nbsp; 279422 |
| Structured Adjustable Rate Mortgage <br> Loan Trust, | Structured Adjustable Rate Mortgage <br> Loan Trust, |  |  |
| Series 2004-13, Class A2, 4.73% <br> (1 mo. Term SOFR + 0.41%), <br> 09/25/2034<sup>(e)</sup> <br>|  | 182728 | &nbsp;&nbsp; 168504 |
| Series 2004-20, Class 3A1, <br> 3.97%, 01/25/2035<sup>(a)</sup> <br>|  | 18157 | &nbsp;&nbsp; 18033 |
| Structured Asset Sec Mortgage <br> Pass-Through Ctfs., <br> Series 2002-21A, Class B1II, <br> 6.56%, 11/25/2032<sup>(a)</sup> <br>|  | 4 | &nbsp;&nbsp; 4 |
| UBS Commercial Mortgage Trust, <br> Series 2017-C5, Class XA, IO, <br> 1.28%, 11/15/2050<sup>(d)</sup> <br>|  | 8703439 | &nbsp;&nbsp; 147616 |
| Vendee Mortgage Trust, | Vendee Mortgage Trust, |  |  |
| Series 1999-3, Class IO, 0.00%, <br> 10/15/2029<sup>(a)(c)</sup> <br>|  | 1961141 | &nbsp;&nbsp; 20 |
| Series 2001-3, Class IO, 0.00%, <br> 10/15/2031<sup>(a)(c)</sup> <br>|  | 1217779 | &nbsp;&nbsp; 12 |
| Series 2002-2, Class IO, 0.00%, <br> 01/15/2032<sup>(a)(c)</sup> <br>|  | 3585709 | &nbsp;&nbsp; 389 |
| Series 2002-3, Class IO, 0.15%, <br> 08/15/2032<sup>(a)</sup> <br>|  | 3741313 | &nbsp;&nbsp; 8123 |
| Series 2003-1, Class IO, 0.02%, <br> 11/15/2032<sup>(a)</sup> <br>|  | 6487475 | &nbsp;&nbsp; 908 |
| Verus Securitization Trust, | Verus Securitization Trust, |  |  |
| Series 2019-INV3, Class A2, <br> 3.95%, 11/25/2059<sup>(a)(g)</sup> <br>|  | 281192 | &nbsp;&nbsp; 278547 |
| Series 2023-INV3, Class A3, <br> 7.73%, 11/25/2068<sup>(a)(g)</sup> <br>|  | 5303139 | &nbsp;&nbsp; 5414001 |
| WaMu Mortgage Pass-Through Ctfs. Trust, | WaMu Mortgage Pass-Through Ctfs. Trust, |  |  |
| Series 2003-AR10, Class A7, <br> 6.50%, 10/25/2033<sup>(a)</sup> <br>|  | 91271 | &nbsp;&nbsp; 88229 |
| Series 2007-HY2, Class 2A1, <br> 4.61%, 11/25/2036<sup>(a)</sup> <br>|  | 27697 | &nbsp;&nbsp; 24367 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-C42, Class XA, <br> IO, 0.98%, 12/15/2050<sup>(d)</sup> <br>|  | 8189966 | &nbsp;&nbsp; 138874 |
| Zaxby's Funding LLC, Series 2021-<br> 1A, Class A2, 3.24%, <br> 07/30/2051<sup>(g)</sup> <br>|  | 2791250 | &nbsp;&nbsp; 2584071 |
| Total Asset-Backed Securities (Cost $27,098,567) | Total Asset-Backed Securities (Cost $27,098,567) | Total Asset-Backed Securities (Cost $27,098,567) | &nbsp;&nbsp; 24579438 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |
| **Agency Credit Risk Transfer Notes–2.73%** | **Agency Credit Risk Transfer Notes–2.73%** | **Agency Credit Risk Transfer Notes–2.73%** | **Agency Credit Risk Transfer Notes–2.73%** |
| Fannie Mae Connecticut Avenue <br> Securities, Series 2023-R02, <br> Class 1M2, 7.66% (30 Day <br> Average SOFR + 3.35%), <br> 01/25/2043<sup>(e)(g)</sup> <br>|  | $5550000 | &nbsp;&nbsp; $5794517 |
| Freddie Mac, | Freddie Mac, |  |  |
| Series 2022-DNA4, Class M1, <br> STACR<sup>®</sup>, 7.66% (30 Day Average <br> SOFR + 3.35%), 05/25/2042<sup>(e)(g)</sup> <br>|  | 4615000 | &nbsp;&nbsp; 4799231 |
| Series 2022-HQA3, Class M1, <br> STACR<sup>®</sup>, 6.61% (30 Day Average <br> SOFR + 2.30%), 08/25/2042<sup>(e)(g)</sup> <br>|  | 3267550 | &nbsp;&nbsp; 3328895 |
| Total Agency Credit Risk Transfer Notes <br> (Cost $13,555,405) | Total Agency Credit Risk Transfer Notes <br> (Cost $13,555,405) | Total Agency Credit Risk Transfer Notes <br> (Cost $13,555,405) | &nbsp;&nbsp; 13922643 |
| **Commercial Paper–2.15%** | **Commercial Paper–2.15%** | **Commercial Paper–2.15%** | **Commercial Paper–2.15%** |
| **Diversified Banks–0.98%** | **Diversified Banks–0.98%** | **Diversified Banks–0.98%** | **Diversified Banks–0.98%** |
| ING US Funding LLC (Netherlands), <br> 4.74% (SOFR + 0.36%), <br> 10/24/2025<sup>(e)(g)</sup> <br>|  | 5000000 | &nbsp;&nbsp; 5003086 |
| **Diversified Financial Services–1.17%** | **Diversified Financial Services–1.17%** | **Diversified Financial Services–1.17%** | **Diversified Financial Services–1.17%** |
| JP Morgan Securities LLC, 4.79% <br> (SOFR + 0.39%), <br> 11/26/2025<sup>(e)(g)</sup> <br>|  | 6000000 | &nbsp;&nbsp; 6003667 |
| Total Commercial Paper (Cost $11,000,000) | Total Commercial Paper (Cost $11,000,000) | Total Commercial Paper (Cost $11,000,000) | &nbsp;&nbsp; 11006753 |
| **U.S. Treasury Securities–0.17%** | **U.S. Treasury Securities–0.17%** | **U.S. Treasury Securities–0.17%** | **U.S. Treasury Securities–0.17%** |
| **U.S. Treasury Bills–0.17%** | **U.S. Treasury Bills–0.17%** | **U.S. Treasury Bills–0.17%** | **U.S. Treasury Bills–0.17%** |
| 4.07% - 4.12%, 05/14/2026 <br>(Cost $879,316)<sup>(h)(i)</sup> <br>|  | 911000 | &nbsp;&nbsp; 880276 |
|  | <br>**Shares** | <br>**Shares** |  |
| **Money Market Funds–0.79%** | **Money Market Funds–0.79%** | **Money Market Funds–0.79%** | **Money Market Funds–0.79%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(j)(k)</sup> <br>(Cost $4,055,371) | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(j)(k)</sup> <br>(Cost $4,055,371) | 4055371 | &nbsp;&nbsp; 4055371 |
| TOTAL INVESTMENTS IN SECURITIES–126.83% <br> (Cost $705,511,259) | TOTAL INVESTMENTS IN SECURITIES–126.83% <br> (Cost $705,511,259) | TOTAL INVESTMENTS IN SECURITIES–126.83% <br> (Cost $705,511,259) | &nbsp;&nbsp; 648035443 |
| OTHER ASSETS LESS LIABILITIES—(26.83)% | OTHER ASSETS LESS LIABILITIES—(26.83)% | OTHER ASSETS LESS LIABILITIES—(26.83)% | &nbsp;&nbsp; (137074380)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $510961063 |

---

---

| | | |
|:---|:---|:---|
| **Securities Sold Short** |  |  |
| &nbsp;&nbsp; **Principal**<br> **Amount** | **Value** |  |
| **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities Short–(1.13)%** | **U.S. Government Sponsored Agency Mortgage-Backed** <br> **Securities Short–(1.13)%** |  |
| **Uniform Mortgage-Backed Securities–(1.13)%** | **Uniform Mortgage-Backed Securities–(1.13)%** |  |
| TBA, 2.50%, 07/01/2055<sup>(f)</sup>, <br>(Total Proceeds $(5721894)) | $(6962000)<br>| &nbsp;&nbsp; $(5773469)<br>|

---

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

**6**

**Invesco Quality Income Fund**

------

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 June 30, 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 June 30, 2025. 

<sup>(e)</sup> Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 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 June 30, 2025 was $42,896,313, which represented 8.40% of the Fund's Net Assets. 

<sup>(h)</sup> All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.

<sup>(i)</sup> Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

<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 six months ended June 30, 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>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $5675101 | &nbsp;&nbsp; $64435891 | &nbsp;&nbsp; $(66055621) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4055371 | &nbsp;&nbsp; $100754 |

---

<sup>(k)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 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 10 Year Notes | &nbsp;&nbsp;&nbsp; 58 | September-2025 | &nbsp;&nbsp;&nbsp; $6503250 | &nbsp;&nbsp;&nbsp; $91926 | &nbsp;&nbsp;&nbsp; $91926 |
| **Short Futures Contracts** |  |  |  |  |  |
| **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; 51 | September-2025 | &nbsp;&nbsp;&nbsp; (10609195)<br>| &nbsp;&nbsp;&nbsp; (43507)<br>| &nbsp;&nbsp;&nbsp; (43507)<br>|
| U.S. Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp; 154 | September-2025 | &nbsp;&nbsp;&nbsp; (16786000)<br>| &nbsp;&nbsp;&nbsp; (188348)<br>| &nbsp;&nbsp;&nbsp; (188348)<br>|
| U.S. Treasury 10 Year Ultra Notes | &nbsp;&nbsp;&nbsp; 33 | September-2025 | &nbsp;&nbsp;&nbsp; (3770766)<br>| &nbsp;&nbsp;&nbsp; (80756)<br>| &nbsp;&nbsp;&nbsp; (80756)<br>|
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 27 | September-2025 | &nbsp;&nbsp;&nbsp; (3117656)<br>| &nbsp;&nbsp;&nbsp; (112055)<br>| &nbsp;&nbsp;&nbsp; (112055)<br>|
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 23 | September-2025 | &nbsp;&nbsp;&nbsp; (2739875)<br>| &nbsp;&nbsp;&nbsp; (76479)<br>| &nbsp;&nbsp;&nbsp; (76479)<br>|
| Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | Subtotal—Short Futures Contracts | &nbsp;&nbsp;&nbsp; (501145)<br>| &nbsp;&nbsp;&nbsp; (501145)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp; $(409219)<br>| &nbsp;&nbsp;&nbsp; $(409219)<br>|

---

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

**7**

**Invesco Quality Income Fund**

------

**Statement of Assets and Liabilities**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $701,455,888)<br>| &nbsp;&nbsp; $643980072 |
| Investments in affiliated money market funds, at value <br> (Cost $4,055,371)<br>| &nbsp;&nbsp; 4055371 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 1604 |
| TBA sales commitment | &nbsp;&nbsp; 5728179 |
| Fund shares sold | &nbsp;&nbsp; 85646 |
| Dividends | &nbsp;&nbsp; 13100 |
| Interest | &nbsp;&nbsp; 1951048 |
| Principal paydowns | &nbsp;&nbsp; 9562 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 209047 |
| Other assets | &nbsp;&nbsp; 74055 |
| Total assets | &nbsp;&nbsp; 656107684 |
| **Liabilities:** |  |
| Other investments: |  |
| Securities sold short, at value (proceeds $5,721,894) | &nbsp;&nbsp; 5773469 |
| Variation margin payable — futures contracts | &nbsp;&nbsp; 95906 |
| Payable for: |  |
| TBA sales commitment | &nbsp;&nbsp; 138225741 |
| Interest on short sales | &nbsp;&nbsp; 6285 |
| Dividends | &nbsp;&nbsp; 211928 |
| Fund shares reacquired | &nbsp;&nbsp; 255689 |
| Amount due custodian | &nbsp;&nbsp; 1721 |
| Accrued fees to affiliates | &nbsp;&nbsp; 289513 |
| Accrued other operating expenses | &nbsp;&nbsp; 72292 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 214077 |
| Total liabilities | &nbsp;&nbsp; 145146621 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $510961063 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $734407302 |
| Distributable earnings (loss) | &nbsp;&nbsp; (223446239)<br>|
|  | &nbsp;&nbsp; $510961063 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $413380245 |
| Class C | &nbsp;&nbsp; $11065306 |
| Class R | &nbsp;&nbsp; $14812582 |
| Class Y | &nbsp;&nbsp; $56800022 |
| Class R5 | &nbsp;&nbsp; $228644 |
| Class R6 | &nbsp;&nbsp; $14674264 |
| **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; 42368942 |
| Class C | &nbsp;&nbsp; 1140587 |
| Class R | &nbsp;&nbsp; 1519119 |
| Class Y | &nbsp;&nbsp; 5800475 |
| Class R5 | &nbsp;&nbsp; 23398 |
| Class R6 | &nbsp;&nbsp; 1498637 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $9.76 |
| Maximum offering price per share <br>(Net asset value of $9.76 ÷ 95.75%)<br>| &nbsp;&nbsp; $10.19 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.70 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.75 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.79 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.77 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $9.79 |

---

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

**8**

**Invesco Quality Income Fund**

------

**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $10189860 |
| Dividends from affiliated money market funds | &nbsp;&nbsp; 100754 |
| Total investment income | &nbsp;&nbsp; 10290614 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1099096 |
| Administrative services fees | &nbsp;&nbsp; 38910 |
| Custodian fees | &nbsp;&nbsp; 23453 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 506753 |
| Class C | &nbsp;&nbsp; 57282 |
| Class R | &nbsp;&nbsp; 36753 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 374950 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 103 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 2283 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11379 |
| Registration and filing fees | &nbsp;&nbsp; 49107 |
| Reports to shareholders | &nbsp;&nbsp; 32490 |
| Professional services fees | &nbsp;&nbsp; 31824 |
| Other | &nbsp;&nbsp; 9285 |
| Total expenses | &nbsp;&nbsp; 2273668 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (17609)<br>|
| Net expenses | &nbsp;&nbsp; 2256059 |
| Net investment income | &nbsp;&nbsp; 8034555 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (2742095)<br>|
| Futures contracts | &nbsp;&nbsp; (106461)<br>|
|  | &nbsp;&nbsp; (2848556)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 16388043 |
| Futures contracts | &nbsp;&nbsp; (764251)<br>|
| Securities sold short | &nbsp;&nbsp; (51575)<br>|
|  | &nbsp;&nbsp; 15572217 |
| Net realized and unrealized gain | &nbsp;&nbsp; 12723661 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $20758216 |

---

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

**9**

**Invesco Quality Income Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $8034555 | &nbsp;&nbsp; $18242845 |
| Net realized gain (loss) | &nbsp;&nbsp; (2848556)<br>| &nbsp;&nbsp; 23123 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 15572217 | &nbsp;&nbsp; (13093627)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 20758216 | &nbsp;&nbsp; 5172341 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (7092893)<br>| &nbsp;&nbsp; (17261544)<br>|
| Class C | &nbsp;&nbsp; (152305)<br>| &nbsp;&nbsp; (429125)<br>|
| Class R | &nbsp;&nbsp; (232587)<br>| &nbsp;&nbsp; (573106)<br>|
| Class Y | &nbsp;&nbsp; (1002215)<br>| &nbsp;&nbsp; (3038248)<br>|
| Class R5 | &nbsp;&nbsp; (3817)<br>| &nbsp;&nbsp; (8516)<br>|
| Class R6 | &nbsp;&nbsp; (277964)<br>| &nbsp;&nbsp; (717050)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (8761781)<br>| &nbsp;&nbsp; (22027589)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (19104266)<br>| &nbsp;&nbsp; (38852181)<br>|
| Class C | &nbsp;&nbsp; (1291782)<br>| &nbsp;&nbsp; (3636846)<br>|
| Class R | &nbsp;&nbsp; (474654)<br>| &nbsp;&nbsp; (1754486)<br>|
| Class Y | &nbsp;&nbsp; (10128470)<br>| &nbsp;&nbsp; (14968213)<br>|
| Class R5 | &nbsp;&nbsp; 31826 | &nbsp;&nbsp; (176954)<br>|
| Class R6 | &nbsp;&nbsp; (770060)<br>| &nbsp;&nbsp; (3942467)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (31737406)<br>| &nbsp;&nbsp; (63331147)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (19740971)<br>| &nbsp;&nbsp; (80186395)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 530702034 | &nbsp;&nbsp; 610888429 |
| End of period | &nbsp;&nbsp; $510961063 | &nbsp;&nbsp; $530702034 |

---

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

**10**

**Invesco Quality Income Fund**

------

**Financial Highlights**

*(Unaudited)*

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** |
| Six months ended 06/30/25 | $9.53 | $0.15 | $0.24 | $0.39 | $(0.16)<br>| $9.76 | 4.15 %<sup>(d)</sup><br>| $413380 | 0.89 %<sup>(d)(e)</sup><br>| 0.90 %<sup>(d)(e)</sup><br>| 3.14 %<sup>(d)(e)</sup><br>| 172<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 |
| Year ended 12/31/20 | 11.72 | 0.26 | 0.36 | 0.62 | (0.44)<br>| 11.90 | 5.33 <br><sup>(d)</sup><br>| 816715 | 0.83 <br><sup>(d)</sup><br>| 0.85 <br><sup>(d)</sup><br>| 2.15 <br><sup>(d)</sup><br>| 979 |
| **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** |
| Six months ended 06/30/25 | 9.47 | 0.11 | 0.25 | 0.36 | (0.13)<br>| 9.70 | 3.78 | 11065 | 1.65 <br><sup>(e)</sup><br>| 1.66 <br><sup>(e)</sup><br>| 2.38 <br><sup>(e)</sup><br>| 172 |
| 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>(f)</sup><br>| 32752 | 1.62 <br><sup>(f)</sup><br>| 1.62 <br><sup>(f)</sup><br>| (0.21 )<sup>(f)</sup><br>| 401 |
| Year ended 12/31/20 | 11.64 | 0.16 | 0.37 | 0.53 | (0.35)<br>| 11.82 | 4.57 <br><sup>(f)</sup><br>| 53821 | 1.60 <br><sup>(f)</sup><br>| 1.60 <br><sup>(f)</sup><br>| 1.38 <br><sup>(f)</sup><br>| 979 |
| **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** |
| Six months ended 06/30/25 | 9.52 | 0.14 | 0.24 | 0.38 | (0.15)<br>| 9.75 | 4.02 | 14813 | 1.15 <br><sup>(e)</sup><br>| 1.16 <br><sup>(e)</sup><br>| 2.88 <br><sup>(e)</sup><br>| 172 |
| 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 |
| Period ended 12/31/20<sup>(g)</sup> <br>| 11.79 | 0.14 | 0.21 | 0.35 | (0.25)<br>| 11.89 | 2.99 | 27785 | 1.10 <br><sup>(e)</sup><br>| 1.10 <br><sup>(e)</sup><br>| 1.88 <br><sup>(e)</sup><br>| 979 |
| **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** |
| Six months ended 06/30/25 | 9.56 | 0.16 | 0.25 | 0.41 | (0.18)<br>| 9.79 | 4.27 | 56800 | 0.65 <br><sup>(e)</sup><br>| 0.66 <br><sup>(e)</sup><br>| 3.38 <br><sup>(e)</sup><br>| 172 |
| 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 |
| Year ended 12/31/20 | 11.77 | 0.29 | 0.36 | 0.65 | (0.47)<br>| 11.95 | 5.59 | 185925 | 0.52 | 0.61 | 2.46 | 979 |
| **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** |
| Six months ended 06/30/25 | 9.55 | 0.16 | 0.24 | 0.40 | (0.18)<br>| 9.77 | 4.20 | 229 | 0.61 <br><sup>(e)</sup><br>| 0.61 <br><sup>(e)</sup><br>| 3.42 <br><sup>(e)</sup><br>| 172 |
| 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 |
| Year ended 12/31/20 | 11.76 | 0.30 | 0.33 | 0.63 | (0.48)<br>| 11.91 | 5.42 | 395 | 0.46 | 0.46 | 2.52 | 979 |
| **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** |
| Six months ended 06/30/25 | 9.56 | 0.17 | 0.24 | 0.41 | (0.18)<br>| 9.79 | 4.34 | 14674 | 0.54 <br><sup>(e)</sup><br>| 0.54 <br><sup>(e)</sup><br>| 3.49 <br><sup>(e)</sup><br>| 172 |
| 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 |
| Year ended 12/31/20 | 11.77 | 0.30 | 0.36 | 0.66 | (0.48)<br>| 11.95 | 5.69 | 33032 | 0.46 | 0.46 | 2.52 | 979 |

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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. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $1,606,141,382 in connection with the acquisition of Invesco Oppenheimer Limited-Term Government Fund into the Fund. 

<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 six months ended June 30, 2025 and for the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>(e)</sup> Annualized.

<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 0.99% for the years ended December 31, 2021 and 2020, respectively. 

<sup>(g)</sup> Commencement date of May 15, 2020.

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

**11**

**Invesco Quality Income Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**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. 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.

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

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.

**12**

**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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**E.** **Expenses –** 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, the Adviser acts 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 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

**13**

**Invesco Quality Income Fund**

------

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

**M.** **Collateral** —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

**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.

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, when rates increase. 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.

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:

---

| | |
|:---|:---|
| **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 six months ended June 30, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco 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.

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

**14**

**Invesco Quality Income Fund**

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For the six months ended June 30, 2025, the Adviser waived advisory fees of $2,189.

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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2025, IDI advised the Fund that IDI retained $5,062 in front-end sales commissions from the sale of Class A shares and $720 and $296 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 June 30, 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; $566579506 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $566579506 |
| Certificates of Deposit | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27011456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27011456 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24579438 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24579438 |
| Agency Credit Risk Transfer Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13922643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13922643 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11006753 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11006753 |
| U.S. Treasury Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 880276 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 880276 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 4055371 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4055371 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 4055371 | &nbsp;&nbsp;&nbsp;&nbsp; 643980072 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 648035443 |
| **Other Investments - Assets** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 91926 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91926 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Securities Sold Short | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5773469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5773469)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (501145)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (501145)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (501145)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5773469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6274614)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; (409219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5773469)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6182688)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $3646152 | &nbsp;&nbsp;&nbsp;&nbsp; $638206603 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $641852755 |

---

\* Futures contracts are valued at unrealized appreciation (depreciation). Securities sold short are shown at value.

**15**

**Invesco Quality Income Fund**

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**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 June 30, 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; $91926 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; (91926)<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; $(501145)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 501145 |
| 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 six months ended June 30, 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; $(106461)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (764251)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(870712)<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; $39305375 |

---

**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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $15,420.

**NOTE 6—Trustees' and Officers' Fees and Benefits**

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

**NOTE 7—Cash Balances**

The Fund may borrow for leveraging in an amount up to 5% of the Fund's total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with 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

**16**

**Invesco Quality Income Fund**

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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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 had a capital loss carryforward as of December 31, 2024, 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; $82399019 | &nbsp;&nbsp;&nbsp;&nbsp; $78805638 | &nbsp;&nbsp;&nbsp;&nbsp; $161204657 |

---

\*

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 six months ended June 30, 2025 was $0 and $3,082,228, respectively. As of June 30, 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; $4366021 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (62854739)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(58488718)<br>|

---

Cost of investments for tax purposes is $700,341,473.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 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; 1281366 | &nbsp;&nbsp;&nbsp; $12320787 | &nbsp;&nbsp;&nbsp; 3007428 | &nbsp;&nbsp;&nbsp; $29164377 |
| Class C | &nbsp;&nbsp;&nbsp; 151499 | &nbsp;&nbsp;&nbsp; 1447781 | &nbsp;&nbsp;&nbsp; 247738 | &nbsp;&nbsp;&nbsp; 2375465 |
| Class R | &nbsp;&nbsp;&nbsp; 454640 | &nbsp;&nbsp;&nbsp; 4366812 | &nbsp;&nbsp;&nbsp; 142770 | &nbsp;&nbsp;&nbsp; 1375027 |
| Class Y | &nbsp;&nbsp;&nbsp; 761909 | &nbsp;&nbsp;&nbsp; 7360718 | &nbsp;&nbsp;&nbsp; 2483191 | &nbsp;&nbsp;&nbsp; 23958733 |
| Class R5 | &nbsp;&nbsp;&nbsp; 24589 | &nbsp;&nbsp;&nbsp; 235128 | &nbsp;&nbsp;&nbsp; 8002 | &nbsp;&nbsp;&nbsp; 77000 |
| Class R6 | &nbsp;&nbsp;&nbsp; 232770 | &nbsp;&nbsp;&nbsp; 2245921 | &nbsp;&nbsp;&nbsp; 383624 | &nbsp;&nbsp;&nbsp; 3749094 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 627045 | &nbsp;&nbsp;&nbsp; 6075381 | &nbsp;&nbsp;&nbsp; 1525939 | &nbsp;&nbsp;&nbsp; 14702224 |
| Class C | &nbsp;&nbsp;&nbsp; 14680 | &nbsp;&nbsp;&nbsp; 141364 | &nbsp;&nbsp;&nbsp; 40592 | &nbsp;&nbsp;&nbsp; 388740 |
| Class R | &nbsp;&nbsp;&nbsp; 23582 | &nbsp;&nbsp;&nbsp; 228286 | &nbsp;&nbsp;&nbsp; 58688 | &nbsp;&nbsp;&nbsp; 565058 |
| Class Y | &nbsp;&nbsp;&nbsp; 78464 | &nbsp;&nbsp;&nbsp; 762862 | &nbsp;&nbsp;&nbsp; 250035 | &nbsp;&nbsp;&nbsp; 2415579 |
| Class R5 | &nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp; 3633 | &nbsp;&nbsp;&nbsp; 788 | &nbsp;&nbsp;&nbsp; 7603 |
| Class R6 | &nbsp;&nbsp;&nbsp; 22459 | &nbsp;&nbsp;&nbsp; 218362 | &nbsp;&nbsp;&nbsp; 58974 | &nbsp;&nbsp;&nbsp; 570149 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 91082 | &nbsp;&nbsp;&nbsp; 879173 | &nbsp;&nbsp;&nbsp; 223026 | &nbsp;&nbsp;&nbsp; 2135516 |
| Class C | &nbsp;&nbsp;&nbsp; (91626)<br>| &nbsp;&nbsp;&nbsp; (879173)<br>| &nbsp;&nbsp;&nbsp; (224314)<br>| &nbsp;&nbsp;&nbsp; (2135516)<br>|

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**17**

**Invesco Quality Income Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **June 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **June 30, 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; (3986815)<br>| &nbsp;&nbsp;&nbsp; $(38379607)<br>| &nbsp;&nbsp;&nbsp; (8805438)<br>| &nbsp;&nbsp;&nbsp; $(84854298)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (209744)<br>| &nbsp;&nbsp;&nbsp; (2001754)<br>| &nbsp;&nbsp;&nbsp; (445436)<br>| &nbsp;&nbsp;&nbsp; (4265535)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (527123)<br>| &nbsp;&nbsp;&nbsp; (5069752)<br>| &nbsp;&nbsp;&nbsp; (382089)<br>| &nbsp;&nbsp;&nbsp; (3694571)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1909638)<br>| &nbsp;&nbsp;&nbsp; (18252050)<br>| &nbsp;&nbsp;&nbsp; (4296725)<br>| &nbsp;&nbsp;&nbsp; (41342525)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (21600)<br>| &nbsp;&nbsp;&nbsp; (206935)<br>| &nbsp;&nbsp;&nbsp; (27108)<br>| &nbsp;&nbsp;&nbsp; (261557)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (334788)<br>| &nbsp;&nbsp;&nbsp; (3234343)<br>| &nbsp;&nbsp;&nbsp; (853115)<br>| &nbsp;&nbsp;&nbsp; (8261710)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (3316875)<br>| &nbsp;&nbsp;&nbsp; $(31737406)<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 16% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**18**

**Invesco Quality Income Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Quality Income Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.&nbsp;&nbsp;&nbsp;&nbsp;

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by

which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal

and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg U.S. Mortgage-Backed Securities Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as

**19**

**Invesco Quality Income Fund**

------

other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were reasonably comparable to and the same as, respectfully, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board noted that the Fund's total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to the components of the Fund's total expense ratio driving total expenses relative to peers.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund

The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements

with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. Invesco Advisers noted that the Fund does not execute brokerage transactions through "soft dollar" arrangements to any significant degree.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending

arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively, referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**20**

**Invesco Quality Income 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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**21**

**Invesco Quality Income Fund**

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![](img515473b51.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

VK-QINC-NCSRS

------

![](img69350e511.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Select Risk: Conservative Investor Fund**

Nasdaq:

A: OACIX ■ C: OCCIX ■ R: ONCIX ■ Y: OYCIX ■ R5: PXCIX ■ R6: PXCCX

------

---

| | |
|:---|:---|
| [2](#xx_28ff6136-839c-4ed5-9ac2-aebe6d9b35e1_SOI-Continued-710_1) | Schedule of Investments |
| [4](#xx_28ff6136-839c-4ed5-9ac2-aebe6d9b35e1_FS-Continued-710_1) | Financial Statements |
| [7](#xx_28ff6136-839c-4ed5-9ac2-aebe6d9b35e1_FS-Continued-710_4) | Financial Highlights |
| [8](#xx_28ff6136-839c-4ed5-9ac2-aebe6d9b35e1_NTF-Continued-710_1) | Notes to Financial Statements |
| [13](#xx_28ff6136-839c-4ed5-9ac2-aebe6d9b35e1_AOC-Continued-710_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_28ff6136-839c-4ed5-9ac2-aebe6d9b35e1_OIRSR-Continued-710_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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–99.98%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**06/30/25**<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>**06/30/25**<br>| **Value** <br>**06/30/25**<br>|
| **Alternative Funds–5.88%** | **Alternative Funds–5.88%** | **Alternative Funds–5.88%** | **Alternative Funds–5.88%** | **Alternative Funds–5.88%** | **Alternative Funds–5.88%** | **Alternative Funds–5.88%** | **Alternative Funds–5.88%** | **Alternative Funds–5.88%** | **Alternative Funds–5.88%** |
| Invesco Global Real Estate Income Fund, Class R6 | 2.08<br> %<br>| $7072238 | $328602 | $(138978)<br>| $232975 | $(5072)<br>| $124426 | 922385 | $7489765 |
| Invesco Macro Allocation Strategy Fund, Class R6 |  | 11089939 | 96215 | (11287161)<br>| 1774312 | (1673305)<br>| 96215 |  |  |
| Invesco Managed Futures Strategy ETF | 3.80<br> %<br>|  | 13744630 |  | (77435)<br>|  |  | 313503 | 13667195 |
| Total Alternative Funds |  | 18162177 | 14169447 | (11426139)<br>| 1929852 | (1678377)<br>| 220641 |  | 21156960 |
| **Domestic Equity Funds–15.68%** | **Domestic Equity Funds–15.68%** | **Domestic Equity Funds–15.68%** | **Domestic Equity Funds–15.68%** | **Domestic Equity Funds–15.68%** | **Domestic Equity Funds–15.68%** | **Domestic Equity Funds–15.68%** | **Domestic Equity Funds–15.68%** | **Domestic Equity Funds–15.68%** | **Domestic Equity Funds–15.68%** |
| Invesco Discovery Mid Cap Growth Fund, Class R6 | 1.85<br> %<br>| 4517536 | 2178533 | (711505)<br>| 620652 | 49833 |  | 185584 | 6655049 |
| Invesco Main Street Small Cap Fund, Class R6 | 1.83<br> %<br>| 4388189 | 1827226 |  | 371726 |  |  | 291596 | 6587141 |
| Invesco NASDAQ 100 ETF | 3.86<br> %<br>| 8196396 | 6456721 | (2231765)<br>| 1270175 | 197228 | 31451 | 61157 | 13888755 |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 3.13<br> %<br>| 11157551 | 2038672 | (2819761)<br>| 446683 | 464467 | 39980 | 195355 | 11287612 |
| Invesco S&P 500 Revenue ETF | 3.48<br> %<br>|  | 12639076 | (451379)<br>| 352121 | 324 | 70823 | 120243 | 12540142 |
| Invesco S&P 500<sup>®</sup> Pure Value ETF |  | 7039898 |  | (7260554)<br>| (2033126)<br>| 2253782 |  |  |  |
| Invesco S&P 500<sup>®</sup> Top 50 ETF |  |  | 1667278 | (1405521)<br>|  | (261757)<br>| 2967 |  |  |
| Invesco Value Opportunities Fund, Class R6 | 1.53<br> %<br>| 3689281 | 1562967 | (228024)<br>| 459987 | 7788 |  | 241725 | 5491999 |
| Total Domestic Equity Funds |  | 38988851 | 28370473 | (15108509)<br>| 1488218 | 2711665 | 145221 |  | 56450698 |
| **Fixed Income Funds–70.90%** | **Fixed Income Funds–70.90%** | **Fixed Income Funds–70.90%** | **Fixed Income Funds–70.90%** | **Fixed Income Funds–70.90%** | **Fixed Income Funds–70.90%** | **Fixed Income Funds–70.90%** | **Fixed Income Funds–70.90%** | **Fixed Income Funds–70.90%** | **Fixed Income Funds–70.90%** |
| Invesco Core Bond Fund, Class R6 | 32.80<br> %<br>| 125150817 | 2785937 | (11299432)<br>| 1502772 | (38321)<br>| 2785825 | 20866038 | 118101773 |
| Invesco Core Plus Bond Fund, Class R6 | 17.55<br> %<br>| 60897067 | 3180041 | (1603437)<br>| 1127866 | (418217)<br>| 1512397 | 6860295 | 63183320 |
| Invesco Dynamic Credit Opportunity Fund, Class R6 | 0.54<br> %<br>|  | 1939236 |  | 15981 |  | 49816 | 182220 | 1955217 |
| Invesco Emerging Markets Sovereign Debt ETF | 1.30<br> %<br>| 7209684 |  | (2567856)<br>| 213812 | (175127)<br>| 193890 | 229100 | 4680513 |
| Invesco Equal Weight 0-30 Year Treasury ETF | 4.00<br> %<br>| 32654456 |  | (18470376)<br>| 4364597 | (4127284)<br>| 440543 | 524987 | 14421393 |
| Invesco Floating Rate ESG Fund, Class R6 | 3.59<br> %<br>| 15432632 | 597024 | (2790802)<br>| (204725)<br>| (120454)<br>| 596985 | 1971553 | 12913675 |
| Invesco High Yield Fund, Class R6 | 5.33<br> %<br>| 15164848 | 4395647 | (535233)<br>| 148442 | 13876 | 574658 | 5420220 | 19187580 |
| Invesco Variable Rate Investment Grade ETF | 5.79<br> %<br>| 27657845 |  | (6726944)<br>| (150839)<br>| 52219 | 605006 | 831628 | 20832281 |
| Total Fixed Income Funds |  | 284167349 | 12897885 | (43994080)<br>| 7017906 | (4813308)<br>| 6759120 |  | 255275752 |
| **International and Global Equity Funds–6.77%** | **International and Global Equity Funds–6.77%** | **International and Global Equity Funds–6.77%** | **International and Global Equity Funds–6.77%** | **International and Global Equity Funds–6.77%** | **International and Global Equity Funds–6.77%** | **International and Global Equity Funds–6.77%** | **International and Global Equity Funds–6.77%** | **International and Global Equity Funds–6.77%** | **International and Global Equity Funds–6.77%** |
| Invesco EQV Emerging Markets All Cap Fund, Class R6 | 0.49<br> %<br>| 1245596 | 400466 | (84311)<br>| 210570 | 838 |  | 48660 | 1773159 |
| Invesco Developing Markets Fund, Class R6 | 0.18<br> %<br>| 976811 |  | (380523)<br>| 70935 | (31563)<br>|  | 15035 | 635660 |
| Invesco Global Fund, Class R6 | 2.36<br> %<br>| 5925438 | 2204119 | (562945)<br>| 943989 | (5548)<br>|  | 81528 | 8505053 |
| Invesco Global Infrastructure Fund, Class R6 |  | 3593989 | 376655 | (3673178)<br>| (469833)<br>| 539740 | 9282 |  |  |
| Invesco International Developed Dynamic Multifactor <br> ETF<br>| 0.94<br> %<br>| 2016556 | 858549 |  | 505315 |  | 39027 | 122125 | 3380420 |
| Invesco International Small-Mid Company Fund, <br> Class R6<br>| 1.31<br> %<br>| 2962360 | 1010221 |  | 748030 |  |  | 109578 | 4720611 |
| Invesco Oppenheimer International Growth Fund, <br> Class R6<br>| 0.40<br> %<br>| 969434 | 308366 |  | 176876 |  |  | 40873 | 1454676 |
| Invesco RAFI Developed Markets ex-U.S. ETF | 1.09<br> %<br>| 2454458 | 821567 |  | 640938 |  | 72851 | 68216 | 3916963 |
| Total International and Global Equity Funds |  | 20144642 | 5979943 | (4700957)<br>| 2826820 | 503467 | 121160 |  | 24386542 |
| **Money Market Funds–0.75%** | **Money Market Funds–0.75%** | **Money Market Funds–0.75%** | **Money Market Funds–0.75%** | **Money Market Funds–0.75%** | **Money Market Funds–0.75%** | **Money Market Funds–0.75%** | **Money Market Funds–0.75%** | **Money Market Funds–0.75%** | **Money Market Funds–0.75%** |
| Invesco Government & Agency Portfolio, Institutional <br> Class, 4.26%<sup>(b)</sup> <br>| 0.26<br> %<br>| 489387 | 17619766 | (17167865)<br>|  |  | 17599 | 941288 | 941288 |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(b)</sup> <br>| 0.49<br> %<br>| 905739 | 32722421 | (31882085)<br>|  |  | 32368 | 1746075 | 1746075 |
| Total Money Market Funds |  | 1395126 | 50342187 | (49049950)<br>|  |  | 49967 |  | 2687363 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (excluding investments purchased with cash <br> collateral from securities on loan) <br>(Cost $355,011,682)<br>| 99.98<br> %<br>| 362858145 | 111759935 | (124279635)<br>| 13262796 | (3276553)<br>| 7296109 |  | 359957315 |

---

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

**2**

**Invesco Select Risk: Conservative Investor Fund**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Select Risk: Conservative Investor Fund (continued)** | **Invesco Select Risk: Conservative Investor Fund (continued)** | **Invesco Select Risk: Conservative Investor Fund (continued)** | **Invesco Select Risk: Conservative Investor Fund (continued)** | **Invesco Select Risk: Conservative Investor Fund (continued)** | **Invesco Select Risk: Conservative Investor Fund (continued)** | **Invesco Select Risk: Conservative Investor Fund (continued)** | **Invesco Select Risk: Conservative Investor Fund (continued)** | **Invesco Select Risk: Conservative Investor Fund (continued)** | **Invesco Select Risk: Conservative Investor Fund (continued)** |
| **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–99.98%**<sup>(a)</sup> |
|  | **% of**<br> **Net**<br> **Assets**<br> **06/30/25**<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> **06/30/25**<br>| **Value**<br> **06/30/25**<br>|
| **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, 4.34%<sup>(b)(c)</sup> <br>|  | $— | $12541910 | $(12541910)<br>| $— | $— | $8153 <br><sup>(d)</sup><br>|  | $— |
| Invesco Private Prime Fund, 4.49%<sup>(b)(c)</sup> <br>|  |  | 32077729 | (32077729)<br>|  |  | 22089 <br><sup>(d)</sup><br>|  |  |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $0)<br>| 0.00<br> %<br>|  | 44619639 | (44619639)<br>|  |  | 30242 |  |  |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (Cost $355,011,682) <br>| 99.98<br> %<br>| $362858145 | $156379574 | $(168899274)<br>| $13262796 | $(3276553 )<sup>(e)</sup><br>| $7326351 |  | $359957315 |
| OTHER ASSETS LESS LIABILITIES | 0.02<br> %<br>|  |  |  |  |  |  |  | 69223 |
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $360026538 |

---

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> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(c)</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>(d)</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>(e)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Global Infrastructure Fund | $367373 |

---

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**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $355,011,682)<br>| &nbsp;&nbsp; $359957315 |
| Cash | &nbsp;&nbsp; 10000 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 439121 |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 957287 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 42480 |
| Other assets | &nbsp;&nbsp; 89748 |
| Total assets | &nbsp;&nbsp; 361495951 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 951475 |
| Fund shares reacquired | &nbsp;&nbsp; 264076 |
| Accrued fees to affiliates | &nbsp;&nbsp; 185364 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2404 |
| Accrued other operating expenses | &nbsp;&nbsp; 23613 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 42481 |
| Total liabilities | &nbsp;&nbsp; 1469413 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $360026538 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $380295767 |
| Distributable earnings (loss) | &nbsp;&nbsp; (20269229)<br>|
|  | &nbsp;&nbsp; $360026538 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $291040632 |
| Class C | &nbsp;&nbsp; $26990794 |
| Class R | &nbsp;&nbsp; $35931591 |
| Class Y | &nbsp;&nbsp; $5784379 |
| Class R5 | &nbsp;&nbsp; $9348 |
| Class R6 | &nbsp;&nbsp; $269794 |
| **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; 32769028 |
| Class C | &nbsp;&nbsp; 3079882 |
| Class R | &nbsp;&nbsp; 4058523 |
| Class Y | &nbsp;&nbsp; 647488 |
| Class R5 | &nbsp;&nbsp; 1053 |
| Class R6 | &nbsp;&nbsp; 30376 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $8.88 |
| Maximum offering price per share <br>(Net asset value of $8.88 ÷ 94.50%)<br>| &nbsp;&nbsp; $9.40 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.76 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.85 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.93 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.88 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.88 |

---

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 six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $1,634) | &nbsp;&nbsp; $7297743 |
| Interest | &nbsp;&nbsp; 2691 |
| Total investment income | &nbsp;&nbsp; 7300434 |
| **Expenses:** |  |
| Custodian fees | &nbsp;&nbsp; 929 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 339261 |
| Class C | &nbsp;&nbsp; 130663 |
| Class R | &nbsp;&nbsp; 94689 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 192333 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 6 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 9608 |
| Registration and filing fees | &nbsp;&nbsp; 54987 |
| Reports to shareholders | &nbsp;&nbsp; 14819 |
| Professional services fees | &nbsp;&nbsp; 17698 |
| Other | &nbsp;&nbsp; 7680 |
| Total expenses | &nbsp;&nbsp; 862673 |
| Less: Expense offset arrangement(s) | &nbsp;&nbsp; (8759)<br>|
| Net expenses | &nbsp;&nbsp; 853914 |
| Net investment income | &nbsp;&nbsp; 6446520 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; (3643926)<br>|
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 367373 |
|  | &nbsp;&nbsp; (3276553)<br>|
| Change in net unrealized appreciation of affiliated underlying fund shares | &nbsp;&nbsp; 13262796 |
| Net realized and unrealized gain | &nbsp;&nbsp; 9986243 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $16432763 |

---

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 six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6446520 | &nbsp;&nbsp; $14728288 |
| Net realized gain (loss) | &nbsp;&nbsp; (3276553)<br>| &nbsp;&nbsp; (6012199)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 13262796 | &nbsp;&nbsp; 6569217 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 16432763 | &nbsp;&nbsp; 15285306 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (12135441)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (941014)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (1634751)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (288126)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (422)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3855)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (15003609)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (9780708)<br>| &nbsp;&nbsp; (4612869)<br>|
| Class C | &nbsp;&nbsp; (1352099)<br>| &nbsp;&nbsp; (6093429)<br>|
| Class R | &nbsp;&nbsp; (7335668)<br>| &nbsp;&nbsp; (224463)<br>|
| Class Y | &nbsp;&nbsp; (982526)<br>| &nbsp;&nbsp; (637665)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (45545)<br>|
| Class R6 | &nbsp;&nbsp; 181836 | &nbsp;&nbsp; 35860 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (19269165)<br>| &nbsp;&nbsp; (11578111)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (2836402)<br>| &nbsp;&nbsp; (11296414)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 362862940 | &nbsp;&nbsp; 374159354 |
| End of period | &nbsp;&nbsp; $360026538 | &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**

*(Unaudited)*

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** |
| Six months ended 06/30/25 | $8.48 | $0.16 | $0.24 | $0.40 | $— | $— | $— | $8.88 | 4.72 %<sup>(e)</sup><br>| &nbsp;&nbsp; $291041 | 0.41 %<sup>(e)(f)</sup><br>| 0.41 %<sup>(e)(f)</sup><br>| 3.73 %<sup>(e)(f)</sup><br>| 17<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 |
| Year ended 12/31/20 | 9.46 | 0.18 | 0.60 | 0.78 | (0.21)<br>|  | (0.21)<br>| 10.03 | 8.29 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 451258 | 0.33 <br><sup>(e)</sup><br>| 0.43 <br><sup>(e)</sup><br>| 1.85 <br><sup>(e)</sup><br>| 80 |
| **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** |
| Six months ended 06/30/25 | 8.40 | 0.13 | 0.23 | 0.36 |  |  |  | 8.76 | 4.29 | &nbsp;&nbsp; 26991 | 1.17 <br><sup>(f)</sup><br>| 1.17 <br><sup>(f)</sup><br>| 2.97 <br><sup>(f)</sup><br>| 17 |
| 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 |
| Year ended 12/31/20 | 9.35 | 0.10 | 0.61 | 0.71 | (0.14)<br>|  | (0.14)<br>| 9.92 | 7.55 | &nbsp;&nbsp; 68581 | 1.09 | 1.19 | 1.09 | 80 |
| **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** |
| Six months ended 06/30/25 | 8.46 | 0.15 | 0.24 | 0.39 |  |  |  | 8.85 | 4.61 | &nbsp;&nbsp; 35932 | 0.67 <br><sup>(f)</sup><br>| 0.67 <br><sup>(f)</sup><br>| 3.47 <br><sup>(f)</sup><br>| 17 |
| 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 |
| Year ended 12/31/20 | 9.44 | 0.15 | 0.61 | 0.76 | (0.19)<br>|  | (0.19)<br>| 10.01 | 8.03 | &nbsp;&nbsp; 51481 | 0.59 | 0.69 | 1.59 | 80 |
| **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** |
| Six months ended 06/30/25 | 8.52 | 0.17 | 0.24 | 0.41 |  |  |  | 8.93 | 4.81 | &nbsp;&nbsp; 5784 | 0.17 <br><sup>(f)</sup><br>| 0.17 <br><sup>(f)</sup><br>| 3.97 <br><sup>(f)</sup><br>| 17 |
| 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 |
| Year ended 12/31/20 | 9.49 | 0.20 | 0.63 | 0.83 | (0.24)<br>|  | (0.24)<br>| 10.08 | 8.71 | &nbsp;&nbsp; 8821 | 0.09 | 0.19 | 2.09 | 80 |
| **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** |
| Six months ended 06/30/25 | 8.46 | 0.17 | 0.25 | 0.42 |  |  |  | 8.88 | 4.96 | &nbsp;&nbsp; 9 | 0.07 <br><sup>(f)</sup><br>| 0.07 <br><sup>(f)</sup><br>| 4.07 <br><sup>(f)</sup><br>| 17 |
| 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 |
| Year ended 12/31/20 | 9.45 | 0.20 | 0.62 | 0.82 | (0.24)<br>|  | (0.24)<br>| 10.03 | 8.67 | &nbsp;&nbsp; 11 | 0.04 | 0.14 | 2.14 | 80 |
| **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** |
| Six months ended 06/30/25 | 8.46 | 0.17 | 0.25 | 0.42 |  |  |  | 8.88 | 4.96 | &nbsp;&nbsp; 270 | 0.07 <br><sup>(f)</sup><br>| 0.07 <br><sup>(f)</sup><br>| 4.07 <br><sup>(f)</sup><br>| 17 |
| 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 |
| Year ended 12/31/20 | 9.45 | 0.20 | 0.62 | 0.82 | (0.24)<br>|  | (0.24)<br>| 10.03 | 8.67 | &nbsp;&nbsp; 11 | 0.04 | 0.14 | 2.14 | 80 |

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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 0.47%, 0.47%, 0.47%, 0.45%, 0.47% and 0.55% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, 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 six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>(f)</sup> Annualized.

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

**7**

**Invesco Select Risk: Conservative Investor Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**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", 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. 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.

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

**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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

**9**

**Invesco Select Risk: Conservative Investor Fund**

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(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 six months ended June 30, 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** - 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.

Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers' securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.

**NOTE 2—Advisory Fees and Other Fees Paid to Affiliates**

The 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco 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 at least 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"). In determining the Adviser's obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2026. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under the expense limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2025, IDI advised the Fund that IDI retained $14,917 in front-end sales commissions from the sale of Class A shares and $10,607 and $590 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.

**10**

**Invesco Select Risk: Conservative Investor Fund**

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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 June 30, 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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $8,759.

**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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 had a capital loss carryforward as of December 31, 2024, 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; $1763106 | &nbsp;&nbsp;&nbsp;&nbsp; $27966615 | &nbsp;&nbsp;&nbsp;&nbsp; $29729721 |

---

\*

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 six months ended June 30, 2025 was $61,417,748 and $75,229,685, respectively. As of June 30, 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; $12811705 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (12005966)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $805739 |

---

**11**

**Invesco Select Risk: Conservative Investor Fund**

------

Cost of investments for tax purposes is $359,151,576.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 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; 3737102 | &nbsp;&nbsp;&nbsp; $32126509 | &nbsp;&nbsp;&nbsp; 10329186 | &nbsp;&nbsp;&nbsp; $89915225 |
| Class C | &nbsp;&nbsp;&nbsp; 434802 | &nbsp;&nbsp;&nbsp; 3709986 | &nbsp;&nbsp;&nbsp; 940856 | &nbsp;&nbsp;&nbsp; 8045514 |
| Class R | &nbsp;&nbsp;&nbsp; 249535 | &nbsp;&nbsp;&nbsp; 2137415 | &nbsp;&nbsp;&nbsp; 839935 | &nbsp;&nbsp;&nbsp; 7238994 |
| Class Y | &nbsp;&nbsp;&nbsp; 40937 | &nbsp;&nbsp;&nbsp; 352823 | &nbsp;&nbsp;&nbsp; 259576 | &nbsp;&nbsp;&nbsp; 2259549 |
| Class R6 | &nbsp;&nbsp;&nbsp; 26146 | &nbsp;&nbsp;&nbsp; 224334 | &nbsp;&nbsp;&nbsp; 6359 | &nbsp;&nbsp;&nbsp; 53670 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1380514 | &nbsp;&nbsp;&nbsp; 11679153 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 111017 | &nbsp;&nbsp;&nbsp; 931432 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 192832 | &nbsp;&nbsp;&nbsp; 1629429 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 30976 | &nbsp;&nbsp;&nbsp; 263297 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; 3430 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 214666 | &nbsp;&nbsp;&nbsp; 1854478 | &nbsp;&nbsp;&nbsp; 449274 | &nbsp;&nbsp;&nbsp; 3891958 |
| Class C | &nbsp;&nbsp;&nbsp; (217187)<br>| &nbsp;&nbsp;&nbsp; (1854478)<br>| &nbsp;&nbsp;&nbsp; (455293)<br>| &nbsp;&nbsp;&nbsp; (3891958)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (5092400)<br>| &nbsp;&nbsp;&nbsp; (43761695)<br>| &nbsp;&nbsp;&nbsp; (12676446)<br>| &nbsp;&nbsp;&nbsp; (110099205)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (377897)<br>| &nbsp;&nbsp;&nbsp; (3207607)<br>| &nbsp;&nbsp;&nbsp; (1300177)<br>| &nbsp;&nbsp;&nbsp; (11178417)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1106584)<br>| &nbsp;&nbsp;&nbsp; (9473083)<br>| &nbsp;&nbsp;&nbsp; (1052102)<br>| &nbsp;&nbsp;&nbsp; (9092886)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (154549)<br>| &nbsp;&nbsp;&nbsp; (1335349)<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; (4940)<br>| &nbsp;&nbsp;&nbsp; (42498)<br>| &nbsp;&nbsp;&nbsp; (2409)<br>| &nbsp;&nbsp;&nbsp; (21240)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2250369)<br>| &nbsp;&nbsp;&nbsp; $(19269165)<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 17% 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.

**12**

**Invesco Select Risk: Conservative Investor Fund**

------

**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Conservative Investor Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: Conservative Investor Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management and investment process in 2024. The Board considered that the Fund's asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain equity investing styles as well as

**13**

**Invesco Select Risk: Conservative Investor Fund**

------

to certain segments of the fixed income asset class, negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund's investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

*D.* *Economies of Scale and Breakpoints*

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and

the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers' relationships with the Fund.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market

funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

**14**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

**Invesco Select Risk: Conservative Investor Fund**

------

![](img69350e511.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-OPSCI-NCSRS

------

![](imga32ddb941.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Select Risk: Growth Investor Fund**

Nasdaq:

A: AADAX ■ C: AADCX ■ R: AADRX ■ S: AADSX ■ Y: AADYX ■ R5: AADIX ■ R6: AAESX

------

---

| | |
|:---|:---|
| [2](#xx_c28ecd2b-adbb-416e-b2ed-aeca436570a9_SOI-Continued-54_1) | Schedule of Investments |
| [4](#xx_c28ecd2b-adbb-416e-b2ed-aeca436570a9_FS-Continued-54_1) | Financial Statements |
| [7](#xx_c28ecd2b-adbb-416e-b2ed-aeca436570a9_FS-Continued-54_4) | Financial Highlights |
| [8](#xx_c28ecd2b-adbb-416e-b2ed-aeca436570a9_NTF-Continued-54_1) | Notes to Financial Statements |
| [13](#xx_c28ecd2b-adbb-416e-b2ed-aeca436570a9_AOC-Continued-54_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_c28ecd2b-adbb-416e-b2ed-aeca436570a9_OIRSR-Continued-54_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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–100.00%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**06/30/25**<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>**06/30/25**<br>| **Value** <br>**06/30/25**<br>|
| **Alternative Funds–1.94%** | **Alternative Funds–1.94%** | **Alternative Funds–1.94%** | **Alternative Funds–1.94%** | **Alternative Funds–1.94%** | **Alternative Funds–1.94%** | **Alternative Funds–1.94%** | **Alternative Funds–1.94%** | **Alternative Funds–1.94%** | **Alternative Funds–1.94%** |
| Invesco Global Real Estate Income Fund, <br> Class R6<br>| 1.94<br> %<br>| $22361773 | $365378 | $(3459862)<br>| $1241461 | $(912691)<br>| $365378 | 2413308 | $19596059 |
| Invesco Macro Allocation Strategy Fund, <br> Class R6<br>|  | 23852206 | 211454 | (24287275)<br>| 3731036 | (3507421)<br>| 211454 |  |  |
| Total Alternative Funds |  | 46213979 | 576832 | (27747137)<br>| 4972497 | (4420112)<br>| 576832 |  | 19596059 |
| **Domestic Equity Funds–56.83%** | **Domestic Equity Funds–56.83%** | **Domestic Equity Funds–56.83%** | **Domestic Equity Funds–56.83%** | **Domestic Equity Funds–56.83%** | **Domestic Equity Funds–56.83%** | **Domestic Equity Funds–56.83%** | **Domestic Equity Funds–56.83%** | **Domestic Equity Funds–56.83%** | **Domestic Equity Funds–56.83%** |
| Invesco Discovery Mid Cap Growth Fund, <br> Class R6<br>| 6.76<br> %<br>| 57517487 | 10381685 | (3914021)<br>| 4209025 | (15924)<br>|  | 1901234 | 68178252 |
| Invesco Main Street Small Cap Fund, Class R6 | 6.36<br> %<br>| 55821272 | 6590591 |  | 1688324 |  |  | 2837547 | 64100187 |
| Invesco NASDAQ 100 ETF<sup>(b)</sup> <br>| 13.35<br> %<br>| 100090651 | 28328099 | (6073955)<br>| 11875822 | 470122 | 340220 | 593090 | 134690739 |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 13.78<br> %<br>| 137846369 | 17137829 | (26343526)<br>| 7834554 | 2539178 | 497781 | 2405926 | 139014404 |
| Invesco S&P 500 Revenue ETF<sup>(b)</sup> <br>| 11.30<br> %<br>|  | 112509002 | (1526850)<br>| 3033054 | 13707 | 736988 | 1093383 | 114028913 |
| 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 | 5.28<br> %<br>| 46449662 | 5602014 | (1585083)<br>| 2778618 | (6977)<br>|  | 2343232 | 53238234 |
| Total Domestic Equity Funds |  | 483660660 | 201366877 | (145621532)<br>| 25570353 | 8274371 | 1612036 |  | 573250729 |
| **Fixed Income Funds–17.97%** | **Fixed Income Funds–17.97%** | **Fixed Income Funds–17.97%** | **Fixed Income Funds–17.97%** | **Fixed Income Funds–17.97%** | **Fixed Income Funds–17.97%** | **Fixed Income Funds–17.97%** | **Fixed Income Funds–17.97%** | **Fixed Income Funds–17.97%** | **Fixed Income Funds–17.97%** |
| Invesco Core Bond Fund, Class R6 | 8.95<br> %<br>| 99108287 | 6523020 | (16509100)<br>| 1244118 | (61457)<br>| 2147838 | 15954924 | 90304868 |
| Invesco Core Plus Bond Fund, Class R6 | 4.72<br> %<br>| 48359614 | 2887249 | (4114871)<br>| 1209348 | (673860)<br>| 1165009 | 5175622 | 47667480 |
| Invesco Dynamic Credit Opportunity Fund, <br> Class R6<br>| 0.14<br> %<br>|  | 1383763 |  | 11404 |  | 35547 | 130025 | 1395167 |
| Invesco Emerging Markets Sovereign Debt ETF | 0.34<br> %<br>| 5770811 |  | (2386945)<br>| 170099 | (162789)<br>| 149544 | 165990 | 3391176 |
| Invesco Equal Weight 0-30 Year Treasury ETF |  | 25070514 |  | (25079092)<br>| 3363224 | (3354646)<br>| 233231 |  |  |
| Invesco Floating Rate ESG Fund, Class R6 | 0.93<br> %<br>| 12487165 | 469086 | (3293424)<br>| (117933)<br>| (168372)<br>| 469057 | 1431530 | 9376522 |
| Invesco High Yield Fund, Class R6 | 1.39<br> %<br>| 12491745 | 2560661 | (1147632)<br>| 73977 | 14876 | 445440 | 3953002 | 13993627 |
| Invesco Variable Rate Investment Grade ETF | 1.50<br> %<br>| 21541914 |  | (6287404)<br>| (23001)<br>| (56294)<br>| 460290 | 605797 | 15175215 |
| Total Fixed Income Funds |  | 224830050 | 13823779 | (58818468)<br>| 5931236 | (4462542)<br>| 5105956 |  | 181304055 |
| **International and Global Equity Funds–22.87%** | **International and Global Equity Funds–22.87%** | **International and Global Equity Funds–22.87%** | **International and Global Equity Funds–22.87%** | **International and Global Equity Funds–22.87%** | **International and Global Equity Funds–22.87%** | **International and Global Equity Funds–22.87%** | **International and Global Equity Funds–22.87%** | **International and Global Equity Funds–22.87%** | **International and Global Equity Funds–22.87%** |
| Invesco EQV Emerging Markets All Cap Fund, <br> Class R6<br>| 1.71<br> %<br>| 14710070 | 630023 |  | 1876755 |  |  | 472471 | 17216848 |
| Invesco Developing Markets Fund, Class R6 | 0.60<br> %<br>| 11746749 |  | (5941614)<br>| 716664 | (492632)<br>|  | 142601 | 6029167 |
| Invesco Global Fund, Class R6 | 8.14<br> %<br>| 69385769 | 7320320 | (1696945)<br>| 7148602 | 19031 |  | 787738 | 82176777 |
| Invesco Global Infrastructure Fund, Class R6 |  | 9430462 | 1028083 | (9637596)<br>| (970857)<br>| 1152657 | 25334 |  |  |
| Invesco International Developed Dynamic <br> Multifactor ETF<sup>(b)</sup> <br>| 3.08<br> %<br>| 26090812 | 2955067 | (2866380)<br>| 4916348 | 31835 | 402934 | 1124555 | 31127682 |
| Invesco International Small-Mid Company Fund, <br> Class R6<br>| 4.38<br> %<br>| 37407271 | 3381057 | (3826932)<br>| 8281689 | (1097765)<br>|  | 1024729 | 44145320 |
| Invesco Oppenheimer International Growth <br> Fund, Class R6<br>| 1.41<br> %<br>| 11615316 | 925434 |  | 1654970 |  |  | 398868 | 14195720 |
| Invesco RAFI Developed Markets ex-U.S. ETF<sup>(b)</sup> <br>| 3.55<br> %<br>| 30647541 | 3485458 | (4638457)<br>| 6024502 | 315113 | 724496 | 624071 | 35834157 |
| Total International and Global Equity Funds |  | 211033990 | 19725442 | (28607924)<br>| 29648673 | (71761)<br>| 1152764 |  | 230725671 |
| **Money Market Funds–0.39%** | **Money Market Funds–0.39%** | **Money Market Funds–0.39%** | **Money Market Funds–0.39%** | **Money Market Funds–0.39%** | **Money Market Funds–0.39%** | **Money Market Funds–0.39%** | **Money Market Funds–0.39%** | **Money Market Funds–0.39%** | **Money Market Funds–0.39%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)</sup> <br>| 0.14<br> %<br>| 1858787 | 25583926 | (26074748)<br>|  |  | 35414 | 1367965 | 1367965 |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(c)</sup> <br>| 0.25<br> %<br>| 3483095 | 47513005 | (48424532)<br>|  |  | 65930 | 2571568 | 2571568 |
| Total Money Market Funds |  | 5341882 | 73096931 | (74499280)<br>|  |  | 101344 |  | 3939533 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (excluding investments purchased with <br> cash collateral from securities on loan) <br>(Cost $847,291,179)<br>| 100.00<br> %<br>| 971080561 | 308589861 | (335294341)<br>| 66122759 | (680044)<br>| 8548932 |  | 1008816047 |

---

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–100.00%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.00%**<sup>(a)</sup> |
|  | **% of**<br> **Net**<br> **Assets**<br> **06/30/25**<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> **06/30/25**<br>| **Value**<br> **06/30/25**<br>|
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan**<br>|  |  |  |  |  |  |  |  |  |
| **Money Market Funds–0.19%** | **Money Market Funds–0.19%** | **Money Market Funds–0.19%** | **Money Market Funds–0.19%** | **Money Market Funds–0.19%** | **Money Market Funds–0.19%** | **Money Market Funds–0.19%** | **Money Market Funds–0.19%** | **Money Market Funds–0.19%** | **Money Market Funds–0.19%** |
| Invesco Private Government Fund, 4.34%<sup>(c)(d)</sup> <br>| 0.05<br> %<br>| $2671896 | $234754571 | $(236887130)<br>| $— | $— | $93427 <br><sup>(e)</sup><br>| 539337 | $539337 |
| Invesco Private Prime Fund, 4.49%<sup>(c)(d)</sup> <br>| 0.14<br> %<br>| 6962219 | 636245478 | (641804820)<br>| 140 | (7788)<br>| 259489 <br><sup>(e)</sup><br>| 1394810 | 1395229 |
| Total Investments Purchased with Cash <br> Collateral from Securities on Loan <br>(Cost $1,934,426)<br>| 0.19<br> %<br>| 9634115 | 871000049 | (878691950)<br>| 140 | (7788)<br>| 352916 |  | 1934566 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (Cost $849,225,605) <br>| 100.19<br> %<br>| $980714676 | $1179589910 | $(1213986291)<br>| $66122899 | $(687832 )<sup>(f)</sup><br>| $8901848 |  | $1010750613 |
| OTHER ASSETS LESS LIABILITIES | (0.19)%<br>|  |  |  |  |  |  |  | (1928430)<br>|
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $1008822183 |

---

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> All or a portion of this security was out on loan at June 30, 2025.

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(d)</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>(e)</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>(f)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Global Infrastructure Fund | $1002749 |

---

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**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $849,225,605)\*<br>| &nbsp;&nbsp; $1010750613 |
| Receivable for: |  |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 734988 |
| Fund shares sold | &nbsp;&nbsp; 963097 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 166072 |
| Other assets | &nbsp;&nbsp; 87244 |
| Total assets | &nbsp;&nbsp; 1012702014 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 715172 |
| Fund shares reacquired | &nbsp;&nbsp; 444659 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 1934426 |
| Accrued fees to affiliates | &nbsp;&nbsp; 491410 |
| Accrued other operating expenses | &nbsp;&nbsp; 121196 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 172968 |
| Total liabilities | &nbsp;&nbsp; 3879831 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1008822183 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $814431911 |
| Distributable earnings | &nbsp;&nbsp; 194390272 |
|  | &nbsp;&nbsp; $1008822183 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $892335404 |
| Class C | &nbsp;&nbsp; $38470327 |
| Class R | &nbsp;&nbsp; $45900008 |
| Class S | &nbsp;&nbsp; $16980444 |
| Class Y | &nbsp;&nbsp; $14161972 |
| Class R5 | &nbsp;&nbsp; $63228 |
| Class R6 | &nbsp;&nbsp; $910800 |
| **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; 55087787 |
| Class C | &nbsp;&nbsp; 2425795 |
| Class R | &nbsp;&nbsp; 2848341 |
| Class S | &nbsp;&nbsp; 1049414 |
| Class Y | &nbsp;&nbsp; 876387 |
| Class R5 | &nbsp;&nbsp; 3876 |
| Class R6 | &nbsp;&nbsp; 55807 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $16.20 |
| Maximum offering price per share <br>(Net asset value of $16.20 ÷ 94.50%)<br>| &nbsp;&nbsp; $17.14 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.86 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.11 |
| Class S: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.18 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.16 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.31 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $16.32 |

---

\* At June 30, 2025, securities with an aggregate value of $1,897,142 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 six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $52,350) | &nbsp;&nbsp; $8601282 |
| Interest | &nbsp;&nbsp; 4634 |
| Total investment income | &nbsp;&nbsp; 8605916 |
| **Expenses:** |  |
| Administrative services fees | &nbsp;&nbsp; 73709 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1057383 |
| Class C | &nbsp;&nbsp; 186878 |
| Class R | &nbsp;&nbsp; 102169 |
| Class S | &nbsp;&nbsp; 12573 |
| Transfer agent fees — A, C, R, S and Y | &nbsp;&nbsp; 619263 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 30 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 89 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 12915 |
| Registration and filing fees | &nbsp;&nbsp; 59852 |
| Reports to shareholders | &nbsp;&nbsp; 41506 |
| Professional services fees | &nbsp;&nbsp; 20067 |
| Other | &nbsp;&nbsp; (16311)<br>|
| Total expenses | &nbsp;&nbsp; 2170123 |
| Less: Expense offset arrangement(s) | &nbsp;&nbsp; (20161)<br>|
| Net expenses | &nbsp;&nbsp; 2149962 |
| Net investment income | &nbsp;&nbsp; 6455954 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; (1690581)<br>|
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 1002749 |
|  | &nbsp;&nbsp; (687832)<br>|
| Change in net unrealized appreciation of affiliated underlying fund shares | &nbsp;&nbsp; 66122899 |
| Net realized and unrealized gain | &nbsp;&nbsp; 65435067 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $71891021 |

---

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 six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6455954 | &nbsp;&nbsp; $18491052 |
| Net realized gain (loss) | &nbsp;&nbsp; (687832)<br>| &nbsp;&nbsp; 44246786 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 66122899 | &nbsp;&nbsp; 26200841 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 71891021 | &nbsp;&nbsp; 88938679 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (38439096)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (1206496)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (1586587)<br>|
| Class S | &nbsp;&nbsp; — | &nbsp;&nbsp; (806559)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (686706)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2940)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (19417)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (42747801)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (32364294)<br>| &nbsp;&nbsp; (28914338)<br>|
| Class C | &nbsp;&nbsp; (2701009)<br>| &nbsp;&nbsp; (5484006)<br>|
| Class R | &nbsp;&nbsp; 2861957 | &nbsp;&nbsp; 4811841 |
| Class S | &nbsp;&nbsp; (1586193)<br>| &nbsp;&nbsp; (1848977)<br>|
| Class Y | &nbsp;&nbsp; (460283)<br>| &nbsp;&nbsp; 259870 |
| Class R5 | &nbsp;&nbsp; (85)<br>| &nbsp;&nbsp; 2085 |
| Class R6 | &nbsp;&nbsp; 370317 | &nbsp;&nbsp; (398954)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (33879590)<br>| &nbsp;&nbsp; (31572479)<br>|
| Net increase in net assets | &nbsp;&nbsp; 38011431 | &nbsp;&nbsp; 14618399 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 970810752 | &nbsp;&nbsp; 956192353 |
| End of period | &nbsp;&nbsp; $1008822183 | &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**

*(Unaudited)*

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** |
| Six months ended 06/30/25 | $15.04 | $0.10 | $1.06 | $1.16 | $— | $— | $— | $16.20 | 7.71<br> %<br>| &nbsp;&nbsp; $892335 | 0.42 %<sup>(f)</sup><br>| 0.42 %<sup>(f)</sup><br>| 1.38 %<sup>(f)</sup><br>| 24<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 |
| Year ended 12/31/20 | 15.79 | 0.14 | 1.71 | 1.85 | (0.27)<br>| (1.57)<br>| (1.84)<br>| 15.80 | 11.87 | &nbsp;&nbsp; 948121 | 0.47 | 0.47 | 0.92 | 90 |
| **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** |
| Six months ended 06/30/25 | 14.78 | 0.05 | 1.03 | 1.08 |  |  |  | 15.86 | 7.31 | &nbsp;&nbsp; 38470 | 1.17 <br><sup>(f)</sup><br>| 1.17 <br><sup>(f)</sup><br>| 0.63 <br><sup>(f)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 15.64 | 0.02 | 1.70 | 1.72 | (0.19)<br>| (1.57)<br>| (1.76)<br>| 15.60 | 11.09 | &nbsp;&nbsp; 58187 | 1.22 | 1.22 | 0.17 | 90 |
| **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** |
| Six months ended 06/30/25 | 14.98 | 0.09 | 1.04 | 1.13 |  |  |  | 16.11 | 7.54 | &nbsp;&nbsp; 45900 | 0.67 <br><sup>(f)</sup><br>| 0.67 <br><sup>(f)</sup><br>| 1.13 <br><sup>(f)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 15.75 | 0.10 | 1.71 | 1.81 | (0.23)<br>| (1.57)<br>| (1.80)<br>| 15.76 | 11.64 | &nbsp;&nbsp; 21447 | 0.72 | 0.72 | 0.67 | 90 |
| **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** |
| Six months ended 06/30/25 | 15.02 | 0.11 | 1.05 | 1.16 |  |  |  | 16.18 | 7.72 | &nbsp;&nbsp; 16980 | 0.32 <br><sup>(f)</sup><br>| 0.32 <br><sup>(f)</sup><br>| 1.48 <br><sup>(f)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 15.77 | 0.15 | 1.72 | 1.87 | (0.29)<br>| (1.57)<br>| (1.86)<br>| 15.78 | 11.98 | &nbsp;&nbsp; 23627 | 0.37 | 0.37 | 1.02 | 90 |
| **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** |
| Six months ended 06/30/25 | 14.98 | 0.12 | 1.06 | 1.18 |  |  |  | 16.16 | 7.88 | &nbsp;&nbsp; 14162 | 0.17 <br><sup>(f)</sup><br>| 0.17 <br><sup>(f)</sup><br>| 1.63 <br><sup>(f)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 15.74 | 0.17 | 1.72 | 1.89 | (0.31)<br>| (1.57)<br>| (1.88)<br>| 15.75 | 12.16 | &nbsp;&nbsp; 10589 | 0.22 | 0.22 | 1.17 | 90 |
| **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** |
| Six months ended 06/30/25 | 15.12 | 0.13 | 1.06 | 1.19 |  |  |  | 16.31 | 7.87 | &nbsp;&nbsp; 63 | 0.14 <br><sup>(f)</sup><br>| 0.14 <br><sup>(f)</sup><br>| 1.66 <br><sup>(f)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 15.86 | 0.19 | 1.72 | 1.91 | (0.32)<br>| (1.57)<br>| (1.89)<br>| 15.88 | 12.20 | &nbsp;&nbsp; 453 | 0.14 | 0.14 | 1.25 | 90 |
| **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** |
| Six months ended 06/30/25 | 15.13 | 0.13 | 1.06 | 1.19 |  |  |  | 16.32 | 7.87 | &nbsp;&nbsp; 911 | 0.06 <br><sup>(f)</sup><br>| 0.06 <br><sup>(f)</sup><br>| 1.74 <br><sup>(f)</sup><br>| 24 |
| 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 |
| Year ended 12/31/20 | 15.85 | 0.19 | 1.73 | 1.92 | (0.32)<br>| (1.57)<br>| (1.89)<br>| 15.88 | 12.27 | &nbsp;&nbsp; 584 | 0.14 | 0.14 | 1.25 | 90 |

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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 0.52%, 0.52%, 0.52%, 0.54%, 0.54% and 0.58% for the six months ended June 30, 2025 and for the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

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

<sup>(f)</sup> Annualized.

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

**7**

**Invesco Select Risk: Growth Investor Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

The Fund is a "fund of funds", in that it invests in other mutual funds 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 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. 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.

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

**8**

**Invesco Select Risk: 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

**9**

**Invesco Select Risk: Growth Investor Fund**

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(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 six months ended June 30, 2025, the Fund paid the Adviser $5,285 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.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede an underlying Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has 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%, 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 six months ended June 30, 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 six months ended June 30, 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

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**Invesco Select Risk: Growth Investor Fund**

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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 six months ended June 30, 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 six months ended June 30, 2025, IDI advised the Fund that IDI retained $56,094 in front-end sales commissions from the sale of Class A shares and $12,463 and $235 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 June 30, 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; $1004876514 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1004876514 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 3939533 | &nbsp;&nbsp;&nbsp;&nbsp; 1934566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5874099 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1008816047 | &nbsp;&nbsp;&nbsp;&nbsp; $1934566 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1010750613 |

---

**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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $20,161.

**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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

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**Invesco Select Risk: Growth Investor Fund**

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**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 six months ended June 30, 2025 was $235,492,930 and $260,795,061, respectively. As of June 30, 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; $157390999 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (4270956)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $153120043 |

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Cost of investments for tax purposes is $857,630,570.

**NOTE 9—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 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; 3085531 | &nbsp;&nbsp;&nbsp; $47024002 | &nbsp;&nbsp;&nbsp; 5571508 | &nbsp;&nbsp;&nbsp; $84365290 |
| Class C | &nbsp;&nbsp;&nbsp; 249460 | &nbsp;&nbsp;&nbsp; 3703601 | &nbsp;&nbsp;&nbsp; 557583 | &nbsp;&nbsp;&nbsp; 8166647 |
| Class R | &nbsp;&nbsp;&nbsp; 443289 | &nbsp;&nbsp;&nbsp; 6701089 | &nbsp;&nbsp;&nbsp; 624431 | &nbsp;&nbsp;&nbsp; 9359732 |
| Class S | &nbsp;&nbsp;&nbsp; 6989 | &nbsp;&nbsp;&nbsp; 105346 | &nbsp;&nbsp;&nbsp; 17777 | &nbsp;&nbsp;&nbsp; 270323 |
| Class Y | &nbsp;&nbsp;&nbsp; 136291 | &nbsp;&nbsp;&nbsp; 2069983 | &nbsp;&nbsp;&nbsp; 261618 | &nbsp;&nbsp;&nbsp; 3959658 |
| Class R6 | &nbsp;&nbsp;&nbsp; 26176 | &nbsp;&nbsp;&nbsp; 408964 | &nbsp;&nbsp;&nbsp; 26258 | &nbsp;&nbsp;&nbsp; 397352 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2482503 | &nbsp;&nbsp;&nbsp; 37262393 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 80885 | &nbsp;&nbsp;&nbsp; 1193862 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 105882 | &nbsp;&nbsp;&nbsp; 1583988 |
| Class S | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 53795 | &nbsp;&nbsp;&nbsp; 806391 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 41749 | &nbsp;&nbsp;&nbsp; 624568 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; 2254 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp; 18870 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 160857 | &nbsp;&nbsp;&nbsp; 2461621 | &nbsp;&nbsp;&nbsp; 326305 | &nbsp;&nbsp;&nbsp; 4946317 |
| Class C | &nbsp;&nbsp;&nbsp; (164019)<br>| &nbsp;&nbsp;&nbsp; (2461621)<br>| &nbsp;&nbsp;&nbsp; (335009)<br>| &nbsp;&nbsp;&nbsp; (4946317)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (5402061)<br>| &nbsp;&nbsp;&nbsp; (81849917)<br>| &nbsp;&nbsp;&nbsp; (10261862)<br>| &nbsp;&nbsp;&nbsp; (155488338)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (269927)<br>| &nbsp;&nbsp;&nbsp; (3942989)<br>| &nbsp;&nbsp;&nbsp; (675431)<br>| &nbsp;&nbsp;&nbsp; (9898198)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (254273)<br>| &nbsp;&nbsp;&nbsp; (3839132)<br>| &nbsp;&nbsp;&nbsp; (405011)<br>| &nbsp;&nbsp;&nbsp; (6131879)<br>|
| Class S | &nbsp;&nbsp;&nbsp; (111661)<br>| &nbsp;&nbsp;&nbsp; (1691539)<br>| &nbsp;&nbsp;&nbsp; (191848)<br>| &nbsp;&nbsp;&nbsp; (2925691)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (168023)<br>| &nbsp;&nbsp;&nbsp; (2530266)<br>| &nbsp;&nbsp;&nbsp; (285223)<br>| &nbsp;&nbsp;&nbsp; (4324356)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (85)<br>| &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (169)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2544)<br>| &nbsp;&nbsp;&nbsp; (38647)<br>| &nbsp;&nbsp;&nbsp; (50847)<br>| &nbsp;&nbsp;&nbsp; (815176)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2263921)<br>| &nbsp;&nbsp;&nbsp; $(33879590)<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 34% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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**Invesco Select Risk: Growth Investor Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Growth Investor Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: Growth Investor Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management and investment process in 2024. The Board considered that the Fund's asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain equity investing styles as well as to certain segments of the fixed income asset class, negatively impacted Fund performance. The Board recognized that the

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**Invesco Select Risk: Growth Investor Fund**

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performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund's investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

*D.* *Economies of Scale and Breakpoints*

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and

the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers' relationships with the Fund.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market

funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

**14**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

**Invesco Select Risk: Growth Investor Fund**

------

![](imga32ddb941.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

GAL-NCSRS

------

![](imge10031e11.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Select Risk: High Growth Investor Fund**

Nasdaq:

A: OAAIX ■ C: OCAIX ■ R: ONAIX ■ Y: OYAIX ■ R5: PXQIX ■ R6: PXGGX

------

---

| | |
|:---|:---|
| [2](#xx_e531a1cf-40d2-4d1c-ab1f-6fe726590aa8_SOI-Continued-711_1) | Schedule of Investments |
| [4](#xx_e531a1cf-40d2-4d1c-ab1f-6fe726590aa8_FS-Continued-711_1) | Financial Statements |
| [7](#xx_e531a1cf-40d2-4d1c-ab1f-6fe726590aa8_FS-Continued-711_4) | Financial Highlights |
| [8](#xx_e531a1cf-40d2-4d1c-ab1f-6fe726590aa8_NTF-Continued-711_1) | Notes to Financial Statements |
| [14](#xx_e531a1cf-40d2-4d1c-ab1f-6fe726590aa8_AOC-Continued-711_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_e531a1cf-40d2-4d1c-ab1f-6fe726590aa8_OIRSR-Continued-711_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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–100.03%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.03%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.03%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.03%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.03%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.03%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.03%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.03%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.03%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.03%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**06/30/25**<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>**06/30/25**<br>| **Value** <br>**06/30/25**<br>|
| **Alternative Funds–1.37%** | **Alternative Funds–1.37%** | **Alternative Funds–1.37%** | **Alternative Funds–1.37%** | **Alternative Funds–1.37%** | **Alternative Funds–1.37%** | **Alternative Funds–1.37%** | **Alternative Funds–1.37%** | **Alternative Funds–1.37%** | **Alternative Funds–1.37%** |
| Invesco Global Real Estate Income Fund, Class R6 | 1.37<br> %<br>| $19520894 | $276389 | $(7926218)<br>| $844050 | $(1027430)<br>| $276389 | 1439370 | $11687685 |
| Invesco Macro Allocation Strategy Fund, Class R6 |  | 20117218 | 180481 | (20484077)<br>| 3118574 | (2932196)<br>| 180480 |  |  |
| Total Alternative Funds |  | 39638112 | 456870 | (28410295)<br>| 3962624 | (3959626)<br>| 456869 |  | 11687685 |
| **Domestic Equity Funds–63.56%** | **Domestic Equity Funds–63.56%** | **Domestic Equity Funds–63.56%** | **Domestic Equity Funds–63.56%** | **Domestic Equity Funds–63.56%** | **Domestic Equity Funds–63.56%** | **Domestic Equity Funds–63.56%** | **Domestic Equity Funds–63.56%** | **Domestic Equity Funds–63.56%** | **Domestic Equity Funds–63.56%** |
| Invesco Discovery Mid Cap Growth Fund, Class R6 | 7.47<br> %<br>| 55577539 | 8272346 | (4002519)<br>| 3767034 | 22386 |  | 1774590 | 63636786 |
| Invesco Main Street Small Cap Fund, Class R6 | 7.16<br> %<br>| 53996368 | 5475994 |  | 1571111 |  |  | 2702234 | 61043473 |
| Invesco NASDAQ 100 ETF | 14.25<br> %<br>| 97689417 | 24152949 | (11538781)<br>| 9997278 | 1167206 | 320846 | 534866 | 121468069 |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 16.16<br> %<br>| 135019631 | 18602756 | (26021697)<br>| 7860769 | 2318476 | 485857 | 2384561 | 137779935 |
| Invesco S&P 500 Revenue ETF | 12.58<br> %<br>|  | 106993665 | (2337025)<br>| 2599420 | (4641)<br>| 700999 | 1028396 | 107251419 |
| 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 | 5.94<br> %<br>| 44448060 | 3746136 |  | 2433365 |  |  | 2228326 | 50627561 |
| Total Domestic Equity Funds |  | 470497044 | 187800700 | (147621081)<br>| 22527576 | 8603004 | 1544285 |  | 541807243 |
| **Fixed Income Funds–8.69%** | **Fixed Income Funds–8.69%** | **Fixed Income Funds–8.69%** | **Fixed Income Funds–8.69%** | **Fixed Income Funds–8.69%** | **Fixed Income Funds–8.69%** | **Fixed Income Funds–8.69%** | **Fixed Income Funds–8.69%** | **Fixed Income Funds–8.69%** | **Fixed Income Funds–8.69%** |
| Invesco Core Bond Fund, Class R6 | 4.40<br> %<br>| 42729012 | 3059284 | (8775339)<br>| 528041 | (61292)<br>| 910186 | 6621856 | 37479706 |
| Invesco Core Plus Bond Fund, Class R6 | 2.21<br> %<br>| 20459261 | 482596 | (2283858)<br>| 427169 | (230734)<br>| 482574 | 2047170 | 18854434 |
| Invesco Dynamic Credit Opportunity Fund, Class R6 | 0.06<br> %<br>|  | 542456 |  | 4470 |  | 13935 | 50972 | 546926 |
| Invesco Emerging Markets Sovereign Debt ETF | 0.17<br> %<br>| 2454468 |  | (1032021)<br>| 72295 | (70383)<br>| 63318 | 69719 | 1424359 |
| Invesco Equal Weight 0-30 Year Treasury ETF |  | 10566811 |  | (10570426)<br>| 1794601 | (1790986)<br>| 98303 |  |  |
| Invesco Floating Rate ESG Fund, Class R6 | 0.45<br> %<br>| 5344173 | 200210 | (1589128)<br>| (42540)<br>| (89718)<br>| 200198 | 583664 | 3822997 |
| Invesco High Yield Fund, Class R6 | 0.67<br> %<br>| 5428639 | 287001 |  | 4707 |  | 191007 | 1615917 | 5720347 |
| Invesco Variable Rate Investment Grade ETF<sup>(b)</sup> <br>| 0.73<br> %<br>| 9218485 |  | (2994807)<br>| (8240)<br>| (30116)<br>| 194520 | 246919 | 6185322 |
| Total Fixed Income Funds |  | 96200849 | 4571547 | (27245579)<br>| 2780503 | (2273229)<br>| 2154041 |  | 74034091 |
| **International and Global Equity Funds–25.88%** | **International and Global Equity Funds–25.88%** | **International and Global Equity Funds–25.88%** | **International and Global Equity Funds–25.88%** | **International and Global Equity Funds–25.88%** | **International and Global Equity Funds–25.88%** | **International and Global Equity Funds–25.88%** | **International and Global Equity Funds–25.88%** | **International and Global Equity Funds–25.88%** | **International and Global Equity Funds–25.88%** |
| Invesco EQV Emerging Markets All Cap Fund, Class R6 | 1.92<br> %<br>| 14255168 | 340792 |  | 1772197 |  |  | 449181 | 16368157 |
| Invesco Developing Markets Fund, Class R6 | 0.68<br> %<br>| 11632339 |  | (6058839)<br>| (3104108)<br>| 3293977 |  | 136314 | 5763369 |
| Invesco Global Fund, Class R6 | 9.11<br> %<br>| 71230691 | 5738113 | (6092726)<br>| 6763360 | (11809)<br>|  | 744130 | 77627629 |
| Invesco Global Infrastructure Fund, Class R6 |  | 8240462 | 898352 | (8421459)<br>| (1063007)<br>| 1221868 | 22136 |  |  |
| Invesco International Developed Dynamic Multifactor ETF | 3.47<br> %<br>| 26110206 | 1919955 | (3168065)<br>| 4719493 | 36952 | 389597 | 1070034 | 29618541 |
| Invesco International Small-Mid Company Fund, Class R6 | 5.02<br> %<br>| 36762679 | 2046910 | (2926511)<br>| 7255951 | (335806)<br>|  | 993575 | 42803223 |
| Invesco Oppenheimer International Growth Fund, <br> Class R6<br>| 1.59<br> %<br>| 11252103 | 738134 |  | 1576669 |  |  | 381200 | 13566906 |
| Invesco RAFI Developed Markets ex-U.S. ETF | 4.09<br> %<br>| 30437111 | 2493709 | (4236617)<br>| 5876809 | 329381 | 707288 | 607809 | 34900393 |
| Total International and Global Equity Funds |  | 209920759 | 14175965 | (30904217)<br>| 23797364 | 4534563 | 1119021 |  | 220648218 |
| **Money Market Funds–0.53%** | **Money Market Funds–0.53%** | **Money Market Funds–0.53%** | **Money Market Funds–0.53%** | **Money Market Funds–0.53%** | **Money Market Funds–0.53%** | **Money Market Funds–0.53%** | **Money Market Funds–0.53%** | **Money Market Funds–0.53%** | **Money Market Funds–0.53%** |
| Invesco Government & Agency Portfolio, Institutional <br> Class, 4.26%<sup>(c)</sup> <br>| 0.18<br> %<br>| 1449842 | 21489759 | (21351382)<br>|  |  | 29074 | 1588219 | 1588219 |
| Invesco Treasury Portfolio, Institutional Class, 4.23%<sup>(c)</sup> <br>| 0.35<br> %<br>| 2779139 | 39909551 | (39728535)<br>|  |  | 55338 | 2960155 | 2960155 |
| Total Money Market Funds |  | 4228981 | 61399310 | (61079917)<br>|  |  | 84412 |  | 4548374 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding <br> investments purchased with cash collateral from <br> securities on loan) <br>(Cost $659,904,045)<br>| 100.03<br> %<br>| 820485745 | 268404392 | (295261089)<br>| 53068067 | 6904712 | 5358628 |  | 852725611 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan**<br>|  |  |  |  |  |  |  |  |  |
| **Money Market Funds–0.03%** | **Money Market Funds–0.03%** | **Money Market Funds–0.03%** | **Money Market Funds–0.03%** | **Money Market Funds–0.03%** | **Money Market Funds–0.03%** | **Money Market Funds–0.03%** | **Money Market Funds–0.03%** | **Money Market Funds–0.03%** | **Money Market Funds–0.03%** |
| Invesco Private Government Fund, 4.34%<sup>(c)(d)</sup> <br>| 0.01<br> %<br>| 341531 | 58503636 | (58773124)<br>|  |  | 25770 <br><sup>(e)</sup><br>| 72043 | 72043 |
| Invesco Private Prime Fund, 4.49%<sup>(c)(d)</sup> <br>| 0.02<br> %<br>| 889956 | 150353966 | (151053682)<br>| 19 | (2200)<br>| 69322 <br><sup>(e)</sup><br>| 188003 | 188059 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $260,083)<br>| 0.03<br> %<br>| 1231487 | 208857602 | (209826806)<br>| 19 | (2200)<br>| 95092 |  | 260102 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (Cost $660,164,128) <br>| 100.06<br> %<br>| $821717232 | $477261994 | $(505087895)<br>| $53068086 | $6902512 <br><sup>(f)</sup><br>| $5453720 |  | $852985713 |
| OTHER ASSETS LESS LIABILITIES | (0.06)%<br>|  |  |  |  |  |  |  | (481030)<br>|
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $852504683 |

---

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

**2**

**Invesco Select Risk: High Growth 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> All or a portion of this security was out on loan at June 30, 2025.

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(d)</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>(e)</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>(f)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Global Infrastructure Fund | $876216 |

---

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**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $660,164,128)\*<br>| &nbsp;&nbsp; $852985713 |
| Cash | &nbsp;&nbsp; 10000 |
| Receivable for: |  |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 301840 |
| Fund shares sold | &nbsp;&nbsp; 465011 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 52496 |
| Other assets | &nbsp;&nbsp; 91644 |
| Total assets | &nbsp;&nbsp; 853906704 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 291267 |
| Fund shares reacquired | &nbsp;&nbsp; 389543 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 260083 |
| Accrued fees to affiliates | &nbsp;&nbsp; 337047 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4271 |
| Accrued other operating expenses | &nbsp;&nbsp; 67314 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 52496 |
| Total liabilities | &nbsp;&nbsp; 1402021 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $852504683 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $628767753 |
| Distributable earnings | &nbsp;&nbsp; 223736930 |
|  | &nbsp;&nbsp; $852504683 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $669074111 |
| Class C | &nbsp;&nbsp; $65598543 |
| Class R | &nbsp;&nbsp; $104409103 |
| Class Y | &nbsp;&nbsp; $13011288 |
| Class R5 | &nbsp;&nbsp; $9237 |
| Class R6 | &nbsp;&nbsp; $402401 |
| **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; 43658463 |
| Class C | &nbsp;&nbsp; 4505074 |
| Class R | &nbsp;&nbsp; 6831086 |
| Class Y | &nbsp;&nbsp; 840061 |
| Class R5 | &nbsp;&nbsp; 602 |
| Class R6 | &nbsp;&nbsp; 26243 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $15.33 |
| Maximum offering price per share <br>(Net asset value of $15.33 ÷ 94.50%)<br>| &nbsp;&nbsp; $16.22 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $14.56 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.28 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.49 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.34 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $15.33 |

---

\* At June 30, 2025, security with a value of $253,005 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**

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**Statement of Operations**

*For the six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $16,124) | &nbsp;&nbsp; $5374752 |
| Interest | &nbsp;&nbsp; 3901 |
| Total investment income | &nbsp;&nbsp; 5378653 |
| **Expenses:** |  |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 766108 |
| Class C | &nbsp;&nbsp; 319913 |
| Class R | &nbsp;&nbsp; 240151 |
| Transfer agent fees— A, C, R and Y | &nbsp;&nbsp; 407617 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 60 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10591 |
| Registration and filing fees | &nbsp;&nbsp; 49904 |
| Reports to shareholders | &nbsp;&nbsp; 22295 |
| Professional services fees | &nbsp;&nbsp; 18771 |
| Other | &nbsp;&nbsp; (6122)<br>|
| Total expenses | &nbsp;&nbsp; 1829290 |
| Less: Expense offset arrangement(s) | &nbsp;&nbsp; (24274)<br>|
| Net expenses | &nbsp;&nbsp; 1805016 |
| Net investment income | &nbsp;&nbsp; 3573637 |
| **Realized and unrealized gain from:** |  |
| Net realized gain from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 6026296 |
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 876216 |
|  | &nbsp;&nbsp; 6902512 |
| Change in net unrealized appreciation of: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 53068086 |
| Foreign currencies | &nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp; 53068091 |
| Net realized and unrealized gain | &nbsp;&nbsp; 59970603 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $63544240 |

---

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 six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3573637 | &nbsp;&nbsp; $12018387 |
| Net realized gain | &nbsp;&nbsp; 6902512 | &nbsp;&nbsp; 47860154 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 53068091 | &nbsp;&nbsp; 21831340 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 63544240 | &nbsp;&nbsp; 81709881 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (35006589)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (3296655)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (4958958)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (855229)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (520)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (35929)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (44153880)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (24032530)<br>| &nbsp;&nbsp; (11709730)<br>|
| Class C | &nbsp;&nbsp; (5099383)<br>| &nbsp;&nbsp; (8515332)<br>|
| Class R | &nbsp;&nbsp; 1000612 | &nbsp;&nbsp; 6216558 |
| Class Y | &nbsp;&nbsp; (3196136)<br>| &nbsp;&nbsp; 64901 |
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (21141)<br>|
| Class R6 | &nbsp;&nbsp; (59161)<br>| &nbsp;&nbsp; 237600 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (31386598)<br>| &nbsp;&nbsp; (13727144)<br>|
| Net increase in net assets | &nbsp;&nbsp; 32157642 | &nbsp;&nbsp; 23828857 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 820347041 | &nbsp;&nbsp; 796518184 |
| End of period | &nbsp;&nbsp; $852504683 | &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**

*(Unaudited)*

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** |
| Six months ended 06/30/25 | $14.19 | $0.07 | $1.07 | $1.14 | $— | $— | $— | $15.33 | 8.03<br> %<br>| &nbsp;&nbsp; $669074 | 0.35 %<sup>(e)(f)</sup><br>| 0.36 %<sup>(e)(f)</sup><br>| 0.98 %<sup>(e)(f)</sup><br>| 25<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>(f)</sup><br>| &nbsp;&nbsp; 643128 | 0.38 <br><sup>(f)</sup><br>| 0.39 <br><sup>(f)</sup><br>| 1.56 <br><sup>(f)</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>(f)</sup><br>| &nbsp;&nbsp; 625248 | 0.37 <br><sup>(f)</sup><br>| 0.37 <br><sup>(f)</sup><br>| 1.51 <br><sup>(f)</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>(f)</sup><br>| &nbsp;&nbsp; 570009 | 0.38 <br><sup>(f)</sup><br>| 0.38 <br><sup>(f)</sup><br>| 1.02 <br><sup>(f)</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>(f)</sup><br>| &nbsp;&nbsp; 736134 | 0.39 <br><sup>(f)</sup><br>| 0.39 <br><sup>(f)</sup><br>| 0.62 <br><sup>(f)</sup><br>| 17 |
| Year ended 12/31/20 | 15.84 | 0.09 | 2.01 | 2.10 | (0.10)<br>| (2.83)<br>| (2.93)<br>| 15.01 | 13.52 <br><sup>(f)</sup><br>| &nbsp;&nbsp; 702842 | 0.42 <br><sup>(f)</sup><br>| 0.42 <br><sup>(f)</sup><br>| 0.62 <br><sup>(f)</sup><br>| 70 |
| **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** |
| Six months ended 06/30/25 | 13.53 | 0.01 | 1.02 | 1.03 |  |  |  | 14.56 | 7.61 | &nbsp;&nbsp; 65599 | 1.11 <br><sup>(e)</sup><br>| 1.12 <br><sup>(e)</sup><br>| 0.22 <br><sup>(e)</sup><br>| 25 |
| 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 |
| Year ended 12/31/20 | 15.37 | (0.02)<br>| 1.93 | 1.91 | (0.02)<br>| (2.83)<br>| (2.85)<br>| 14.43 | 12.66 | &nbsp;&nbsp; 104858 | 1.18 | 1.18 | (0.14)<br>| 70 |
| **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** |
| Six months ended 06/30/25 | 14.16 | 0.05 | 1.07 | 1.12 |  |  |  | 15.28 | 7.91 | &nbsp;&nbsp; 104409 | 0.61 <br><sup>(e)</sup><br>| 0.62 <br><sup>(e)</sup><br>| 0.72 <br><sup>(e)</sup><br>| 25 |
| 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 |
| Year ended 12/31/20 | 15.83 | 0.05 | 2.00 | 2.05 | (0.06)<br>| (2.83)<br>| (2.89)<br>| 14.99 | 13.22 | &nbsp;&nbsp; 78109 | 0.68 | 0.68 | 0.36 | 70 |
| **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** |
| Six months ended 06/30/25 | 14.32 | 0.09 | 1.08 | 1.17 |  |  |  | 15.49 | 8.17 | &nbsp;&nbsp; 13011 | 0.11 <br><sup>(e)</sup><br>| 0.12 <br><sup>(e)</sup><br>| 1.22 <br><sup>(e)</sup><br>| 25 |
| 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 |
| Year ended 12/31/20 | 15.93 | 0.13 | 2.03 | 2.16 | (0.14)<br>| (2.83)<br>| (2.97)<br>| 15.12 | 13.82 | &nbsp;&nbsp; 12904 | 0.18 | 0.18 | 0.86 | 70 |
| **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** |
| Six months ended 06/30/25 | 14.18 | 0.09 | 1.07 | 1.16 |  |  |  | 15.34 | 8.18 | &nbsp;&nbsp; 9 | 0.06 <br><sup>(e)</sup><br>| 0.06 <br><sup>(e)</sup><br>| 1.27 <br><sup>(e)</sup><br>| 25 |
| 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 |
| Year ended 12/31/20 | 15.82 | 0.14 | 2.01 | 2.15 | (0.15)<br>| (2.83)<br>| (2.98)<br>| 14.99 | 13.83 | &nbsp;&nbsp; 9 | 0.14 | 0.14 | 0.90 | 70 |
| **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** |
| Six months ended 06/30/25 | 14.17 | 0.09 | 1.07 | 1.16 |  |  |  | 15.33 | 8.19 | &nbsp;&nbsp; 402 | 0.06 <br><sup>(e)</sup><br>| 0.06 <br><sup>(e)</sup><br>| 1.27 <br><sup>(e)</sup><br>| 25 |
| 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 |
| Year ended 12/31/20 | 15.82 | 0.14 | 2.01 | 2.15 | (0.15)<br>| (2.83)<br>| (2.98)<br>| 14.99 | 13.87 | &nbsp;&nbsp; 9 | 0.10 | 0.14 | 0.94 | 70 |

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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 0.53%, 0.53%, 0.53%, 0.55%, 0.55% and 0.64% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, 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> Annualized.

<sup>(f)</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 six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, 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**

*June 30, 2025*

*(Unaudited)*

**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", 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. 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.

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

**8**

**Invesco Select Risk: High Growth Investor 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 and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

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

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

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

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

**9**

**Invesco Select Risk: High Growth Investor Fund**

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(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 six months ended June 30, 2025, the Fund paid the Adviser $586 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.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede an underlying Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets,

**10**

**Invesco Select Risk: High Growth Investor Fund**

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restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco 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 at least 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"). In determining the Adviser's obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2026. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under the expense limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2025, IDI advised the Fund that IDI retained $59,986 in front-end sales commissions from the sale of Class A shares and $1,843 and $1,322 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 June 30, 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.

**11**

**Invesco Select Risk: High Growth Investor Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp; $848177237 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $848177237 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 4548374 | &nbsp;&nbsp;&nbsp;&nbsp; 260102 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4808476 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $852725611 | &nbsp;&nbsp;&nbsp;&nbsp; $260102 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $852985713 |

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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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $24,274.

**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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $207,005,082 and $234,181,172, respectively. As of June 30, 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; $190695034 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (209600)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $190485434 |

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Cost of investments for tax purposes is $662,500,279.

**NOTE 9—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025** | **Six months ended** <br>**June 30, 2025** | **Year ended** <br>**December 31, 2024** | **Year ended** <br>**December 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2068934 | &nbsp;&nbsp;&nbsp; $29588876 | &nbsp;&nbsp;&nbsp; 3871024 | &nbsp;&nbsp;&nbsp; $55885182 |
| Class C | &nbsp;&nbsp;&nbsp; 482282 | &nbsp;&nbsp;&nbsp; 6576018 | &nbsp;&nbsp;&nbsp; 824232 | &nbsp;&nbsp;&nbsp; 11246820 |
| Class R | &nbsp;&nbsp;&nbsp; 645131 | &nbsp;&nbsp;&nbsp; 9185861 | &nbsp;&nbsp;&nbsp; 1061837 | &nbsp;&nbsp;&nbsp; 15203269 |
| Class Y | &nbsp;&nbsp;&nbsp; 98466 | &nbsp;&nbsp;&nbsp; 1427586 | &nbsp;&nbsp;&nbsp; 421971 | &nbsp;&nbsp;&nbsp; 6092970 |
| Class R6 | &nbsp;&nbsp;&nbsp; 22006 | &nbsp;&nbsp;&nbsp; 311531 | &nbsp;&nbsp;&nbsp; 26959 | &nbsp;&nbsp;&nbsp; 406389 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2431171 | &nbsp;&nbsp;&nbsp; 34425361 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 243287 | &nbsp;&nbsp;&nbsp; 3286805 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 350077 | &nbsp;&nbsp;&nbsp; 4950091 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 56074 | &nbsp;&nbsp;&nbsp; 801295 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2498 | &nbsp;&nbsp;&nbsp; 35325 |

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**12**

**Invesco Select Risk: High Growth Investor Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **June 30, 2025** | **Six months ended**<br> **June 30, 2025** | **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; 255925 | &nbsp;&nbsp;&nbsp; $3688223 | &nbsp;&nbsp;&nbsp; 605498 | &nbsp;&nbsp;&nbsp; $8677540 |
| Class C | &nbsp;&nbsp;&nbsp; (268858)<br>| &nbsp;&nbsp;&nbsp; (3688223)<br>| &nbsp;&nbsp;&nbsp; (635333)<br>| &nbsp;&nbsp;&nbsp; (8677540)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4003778)<br>| &nbsp;&nbsp;&nbsp; (57309629)<br>| &nbsp;&nbsp;&nbsp; (7684026)<br>| &nbsp;&nbsp;&nbsp; (110697813)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (579731)<br>| &nbsp;&nbsp;&nbsp; (7987178)<br>| &nbsp;&nbsp;&nbsp; (1053552)<br>| &nbsp;&nbsp;&nbsp; (14371417)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (571873)<br>| &nbsp;&nbsp;&nbsp; (8185249)<br>| &nbsp;&nbsp;&nbsp; (972549)<br>| &nbsp;&nbsp;&nbsp; (13936802)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (316437)<br>| &nbsp;&nbsp;&nbsp; (4623722)<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; (26326)<br>| &nbsp;&nbsp;&nbsp; (370692)<br>| &nbsp;&nbsp;&nbsp; (14365)<br>| &nbsp;&nbsp;&nbsp; (204114)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2194259)<br>| &nbsp;&nbsp;&nbsp; $(31386598)<br>| &nbsp;&nbsp;&nbsp; (930465)<br>| &nbsp;&nbsp;&nbsp; $(13727144)<br>|

---

**13**

**Invesco Select Risk: High Growth Investor Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: High Growth Investor Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: High Growth Investor Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in investment process in portfolio management and investment process in 2024. The Board considered that the Fund's asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain equity investing styles as well as overweight

**14**

**Invesco Select Risk: High Growth Investor Fund**

------

allocations to alternative and fixed income asset classes, negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund's investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

*D.* *Economies of Scale and Breakpoints*

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in

providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers' relationships with the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The

Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

**15**

**Invesco Select Risk: High Growth 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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco Select Risk: High Growth Investor Fund**

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![](imge10031e11.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-OPSGI-NCSRS

------

![](img2e2a0d361.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Select Risk: Moderate Investor Fund**

Nasdaq:

A: OAMIX ■ C: OCMIX ■ R: ONMIX ■ S: PXMSX ■ Y: OYMIX ■ R5: PXMQX ■ R6: PXMMX

------

---

| | |
|:---|:---|
| [2](#xx_21225b90-ef20-4a30-8931-38660ab8376f_SOI-Continued-713_1) | Schedule of Investments |
| [4](#xx_21225b90-ef20-4a30-8931-38660ab8376f_FS-Continued-713_1) | Financial Statements |
| [7](#xx_21225b90-ef20-4a30-8931-38660ab8376f_FS-Continued-713_4) | Financial Highlights |
| [8](#xx_21225b90-ef20-4a30-8931-38660ab8376f_NTF-Continued-713_1) | Notes to Financial Statements |
| [14](#xx_21225b90-ef20-4a30-8931-38660ab8376f_AOC-Continued-713_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_21225b90-ef20-4a30-8931-38660ab8376f_OIRSR-Continued-713_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)* 

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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–100.08%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**06/30/25**<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>**06/30/25**<br>| **Value** <br>**06/30/25**<br>|
| **Alternative Funds–6.69%** | **Alternative Funds–6.69%** | **Alternative Funds–6.69%** | **Alternative Funds–6.69%** | **Alternative Funds–6.69%** | **Alternative Funds–6.69%** | **Alternative Funds–6.69%** | **Alternative Funds–6.69%** | **Alternative Funds–6.69%** | **Alternative Funds–6.69%** |
| Invesco Global Real Estate Income Fund, <br> Class R6<br>| 2.51<br> %<br>| $42798623 | $1465285 | $— | $1331503 | $— | $762861 | 5615198 | $45595411 |
| Invesco Macro Allocation Strategy Fund, <br> Class R6<br>|  | 44495890 | 389398 | (45306138)<br>| 6687240 | (6266390)<br>| 389398 |  |  |
| Invesco Managed Futures Strategy ETF | 4.18<br> %<br>|  | 76501308 |  | (430997)<br>|  |  | 1744928 | 76070311 |
| Total Alternative Funds |  | 87294513 | 78355991 | (45306138)<br>| 7587746 | (6266390)<br>| 1152259 |  | 121665722 |
| **Domestic Equity Funds–43.67%** | **Domestic Equity Funds–43.67%** | **Domestic Equity Funds–43.67%** | **Domestic Equity Funds–43.67%** | **Domestic Equity Funds–43.67%** | **Domestic Equity Funds–43.67%** | **Domestic Equity Funds–43.67%** | **Domestic Equity Funds–43.67%** | **Domestic Equity Funds–43.67%** | **Domestic Equity Funds–43.67%** |
| Invesco Discovery Mid Cap Growth Fund, <br> Class R6<br>| 5.25<br> %<br>| 82860728 | 14020478 | (7021831)<br>| 5711244 | (58065)<br>|  | 2663485 | 95512554 |
| Invesco Main Street Small Cap Fund, Class R6 | 5.00<br> %<br>| 79021557 | 9726890 |  | 2240024 |  |  | 4027821 | 90988471 |
| Invesco NASDAQ 100 ETF<sup>(b)</sup> <br>| 9.78<br> %<br>| 143736508 | 38070662 | (19631922)<br>| 13948776 | 1714807 | 471026 | 783086 | 177838831 |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor <br> ETF<br>| 11.06<br> %<br>| 198255552 | 26569479 | (38984605)<br>| 11292573 | 3920138 | 719319 | 3479632 | 201053137 |
| Invesco S&P 500 Revenue ETF | 8.64<br> %<br>|  | 153574641 |  | 3493816 |  | 1046283 | 1506074 | 157068457 |
| 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 | (25382103)<br>|  | (4727037)<br>| 53584 |  |  |
| Invesco Value Opportunities Fund, Class R6 | 3.94<br> %<br>| 66835368 | 8239973 | (7208783)<br>| 3652564 | 146922 |  | 3154315 | 71666044 |
| Total Domestic Equity Funds |  | 697476684 | 280311263 | (228969558)<br>| 26880152 | 18428953 | 2290212 |  | 794127494 |
| **Fixed Income Funds–31.38%** | **Fixed Income Funds–31.38%** | **Fixed Income Funds–31.38%** | **Fixed Income Funds–31.38%** | **Fixed Income Funds–31.38%** | **Fixed Income Funds–31.38%** | **Fixed Income Funds–31.38%** | **Fixed Income Funds–31.38%** | **Fixed Income Funds–31.38%** | **Fixed Income Funds–31.38%** |
| Invesco Core Bond Fund, Class R6 | 14.90<br> %<br>| 303099659 | 12591141 | (48123598)<br>| 3669342 | (273355)<br>| 6548159 | 47873355 | 270963189 |
| Invesco Core Plus Bond Fund, Class R6 | 7.94<br> %<br>| 147923120 | 7125291 | (12267643)<br>| 4872865 | (3187517)<br>| 3546391 | 15685789 | 144466116 |
| Invesco Dynamic Credit Opportunity Fund, <br> Class R6<br>| 0.24<br> %<br>|  | 4292916 |  | 35380 |  | 68657 | 403383 | 4328296 |
| Invesco Emerging Markets Sovereign Debt <br> ETF<br>| 0.58<br> %<br>| 17648144 |  | (7159766)<br>| 520630 | (488293)<br>| 459715 | 514964 | 10520715 |
| Invesco Equal Weight 0-30 Year Treasury <br> ETF<br>| 1.22<br> %<br>| 78949224 |  | (57153367)<br>| 15954927 | (15509891)<br>| 938399 | 809643 | 22240893 |
| Invesco Floating Rate ESG Fund, Class R6 | 1.59<br> %<br>| 37635319 | 1417406 | (9358447)<br>| (413717)<br>| (420654)<br>| 1417319 | 4406093 | 28859907 |
| Invesco High Yield Fund, Class R6 | 2.35<br> %<br>| 38149540 | 7336048 | (2970502)<br>| 226700 | 27002 | 1336119 | 12081578 | 42768788 |
| Invesco Variable Rate Investment Grade ETF | 2.56<br> %<br>| 65335718 |  | (18624733)<br>| (401913)<br>| 156975 | 1404473 | 1854932 | 46466047 |
| Total Fixed Income Funds |  | 688740724 | 32762802 | (155658056)<br>| 24464214 | (19695733)<br>| 15719232 |  | 570613951 |
| **International and Global Equity Funds–17.90%** | **International and Global Equity Funds–17.90%** | **International and Global Equity Funds–17.90%** | **International and Global Equity Funds–17.90%** | **International and Global Equity Funds–17.90%** | **International and Global Equity Funds–17.90%** | **International and Global Equity Funds–17.90%** | **International and Global Equity Funds–17.90%** | **International and Global Equity Funds–17.90%** | **International and Global Equity Funds–17.90%** |
| Invesco EQV Emerging Markets All Cap Fund, <br> Class R6<br>| 1.34<br> %<br>| 19963476 | 1713130 |  | 2694988 |  |  | 668814 | 24371594 |
| Invesco Developing Markets Fund, Class R6 | 0.47<br> %<br>| 17638097 |  | (9460305)<br>| (1588711)<br>| 1924689 |  | 201366 | 8513770 |
| Invesco Global Fund, Class R6 | 6.27<br> %<br>| 103790468 | 9242966 | (8941982)<br>| 10039140 | (126996)<br>|  | 1092826 | 114003596 |
| Invesco Global Infrastructure Fund, Class R6 |  | 18577657 | 1940472 | (18985178)<br>| (2524778)<br>| 2884483 | 47816 |  |  |
| Invesco International Developed Dynamic <br> Multifactor ETF<br>| 2.46<br> %<br>| 38561016 | 1959613 | (2732826)<br>| 6990605 | 27263 | 591916 | 1618702 | 44805671 |
| Invesco International Small-Mid Company <br> Fund, Class R6<br>| 3.46<br> %<br>| 52016973 | 2768867 | (1915325)<br>| 10230510 | (228333)<br>|  | 1459441 | 62872692 |
| Invesco Oppenheimer International Growth <br> Fund, Class R6<br>| 1.11<br> %<br>| 17061554 | 720029 |  | 2323775 |  |  | 564916 | 20105358 |
| Invesco RAFI Developed Markets ex-U.S. ETF | 2.79<br> %<br>| 44436844 | 3618157 | (6315291)<br>| 8541160 | 481396 | 1039739 | 884052 | 50762266 |
| Total International and Global Equity <br> Funds<br>|  | 312046085 | 21963234 | (48350907)<br>| 36706689 | 4962502 | 1679471 |  | 325434947 |
| **Money Market Funds–0.44%** | **Money Market Funds–0.44%** | **Money Market Funds–0.44%** | **Money Market Funds–0.44%** | **Money Market Funds–0.44%** | **Money Market Funds–0.44%** | **Money Market Funds–0.44%** | **Money Market Funds–0.44%** | **Money Market Funds–0.44%** | **Money Market Funds–0.44%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)</sup> <br>| 0.16<br> %<br>| 1967632 | 70278900 | (69323359)<br>|  |  | 81248 | 2923173 | 2923173 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)</sup> <br>| 0.28<br> %<br>| 3294602 | 130517956 | (128617530)<br>|  |  | 144149 | 5195028 | 5195028 |
| Total Money Market Funds |  | 5262234 | 200796856 | (197940889)<br>|  |  | 225397 |  | 8118201 |
| TOTAL INVESTMENTS IN AFFILIATED <br> ISSUERS (excluding investments <br> purchased with cash collateral from <br> securities on loan) <br>(Cost $1,552,489,625)<br>| 100.08<br> %<br>| 1790820240 | 614190146 | (676225548)<br>| 95638801 | (2570668)<br>| 21066571 |  | 1819960315 |

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

**2**

**Invesco Select Risk: Moderate Investor Fund**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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–100.08%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.08%**<sup>(a)</sup> |
|  | **% of**<br> **Net**<br> **Assets**<br> **06/30/25**<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> **06/30/25**<br>| **Value**<br> **06/30/25**<br>|
| **Investments Purchased with** <br> **Cash Collateral from** <br> **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, <br> 4.34%<sup>(c)(d)</sup> <br>| 0.02<br> %<br>| $88780 | $123619838 | $(123383832)<br>| $— | $— | $41348 <br><sup>(e)</sup><br>| 324786 | $324786 |
| Invesco Private Prime Fund, 4.49%<sup>(c)(d)</sup> <br>| 0.05<br> %<br>| 227477 | 235399246 | (234730526)<br>|  | (1184)<br>| 98219 <br><sup>(e)</sup><br>| 894745 | 895013 |
| Total Investments Purchased with Cash <br> Collateral from Securities on Loan <br>(Cost $1,219,799)<br>| 0.07<br> %<br>| 316257 | 359019084 | (358114358)<br>|  | (1184)<br>| 139567 |  | 1219799 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (Cost $1,553,709,424) <br>| 100.15<br> %<br>| $1791136497 | $973209230 | $(1034339906)<br>| $95638801 | $(2571852)<br>| $21206138 |  | $1821180114 |
| OTHER ASSETS LESS LIABILITIES | (0.15)%<br>|  |  |  |  |  |  |  | (2779469)<br>|
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $1818400645 |

---

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> All or a portion of this security was out on loan at June 30, 2025.

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(d)</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>(e)</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. 

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Global Infrastructure Fund | $1892656 |

---

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**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $1,553,709,424)\*<br>| &nbsp;&nbsp; $1821180114 |
| Cash | &nbsp;&nbsp; 10000 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 1082099 |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 2143729 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 185055 |
| Other assets | &nbsp;&nbsp; 112071 |
| Total assets | &nbsp;&nbsp; 1824713068 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 2164667 |
| Fund shares reacquired | &nbsp;&nbsp; 1873109 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 1219799 |
| Accrued fees to affiliates | &nbsp;&nbsp; 787811 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 8688 |
| Accrued other operating expenses | &nbsp;&nbsp; 64780 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 193569 |
| Total liabilities | &nbsp;&nbsp; 6312423 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1818400645 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1511761326 |
| Distributable earnings | &nbsp;&nbsp; 306639319 |
|  | &nbsp;&nbsp; $1818400645 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1480758634 |
| Class C | &nbsp;&nbsp; $129345436 |
| Class R | &nbsp;&nbsp; $159924717 |
| Class S | &nbsp;&nbsp; $18545593 |
| Class Y | &nbsp;&nbsp; $25874080 |
| Class R5 | &nbsp;&nbsp; $373497 |
| Class R6 | &nbsp;&nbsp; $3578688 |
| **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; 125160482 |
| Class C | &nbsp;&nbsp; 11270540 |
| Class R | &nbsp;&nbsp; 13661523 |
| Class S | &nbsp;&nbsp; 1565810 |
| Class Y | &nbsp;&nbsp; 2165156 |
| Class R5 | &nbsp;&nbsp; 31546 |
| Class R6 | &nbsp;&nbsp; 302143 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $11.83 |
| Maximum offering price per share <br>(Net asset value of $11.83 ÷ 94.50%)<br>| &nbsp;&nbsp; $12.52 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.48 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.71 |
| Class S: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.84 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.95 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.84 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.84 |

---

\* At June 30, 2025, security with a value of $1,203,630 was 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 six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $16,420) | &nbsp;&nbsp; $21082991 |
| Interest | &nbsp;&nbsp; 10145 |
| Total investment income | &nbsp;&nbsp; 21093136 |
| **Expenses:** |  |
| Custodian fees | &nbsp;&nbsp; 2088 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1685583 |
| Class C | &nbsp;&nbsp; 641131 |
| Class R | &nbsp;&nbsp; 383231 |
| Class S | &nbsp;&nbsp; 13397 |
| Transfer agent fees— A, C, R, S and Y | &nbsp;&nbsp; 873090 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 171 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 413 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 12806 |
| Registration and filing fees | &nbsp;&nbsp; 64350 |
| Reports to shareholders | &nbsp;&nbsp; 46184 |
| Professional services fees | &nbsp;&nbsp; 20472 |
| Other | &nbsp;&nbsp; 17906 |
| Total expenses | &nbsp;&nbsp; 3760822 |
| Less: Expense offset arrangement(s) | &nbsp;&nbsp; (41048)<br>|
| Net expenses | &nbsp;&nbsp; 3719774 |
| Net investment income | &nbsp;&nbsp; 17373362 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; (4464508)<br>|
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 1892656 |
|  | &nbsp;&nbsp; (2571852)<br>|
| Change in net unrealized appreciation of: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 95638801 |
| Foreign currencies | &nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp; 95638805 |
| Net realized and unrealized gain | &nbsp;&nbsp; 93066953 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $110440315 |

---

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 six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $17373362 | &nbsp;&nbsp; $44925722 |
| Net realized gain (loss) | &nbsp;&nbsp; (2571852)<br>| &nbsp;&nbsp; 54207699 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 95638805 | &nbsp;&nbsp; 44105817 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 110440315 | &nbsp;&nbsp; 143239238 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (49759864)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (3627901)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (4927673)<br>|
| Class S | &nbsp;&nbsp; — | &nbsp;&nbsp; (639537)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (947962)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (12170)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (103752)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (60018859)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (63934685)<br>| &nbsp;&nbsp; (70685213)<br>|
| Class C | &nbsp;&nbsp; (11152940)<br>| &nbsp;&nbsp; (26537592)<br>|
| Class R | &nbsp;&nbsp; (5198791)<br>| &nbsp;&nbsp; 1732189 |
| Class S | &nbsp;&nbsp; (867912)<br>| &nbsp;&nbsp; (2517772)<br>|
| Class Y | &nbsp;&nbsp; (2013733)<br>| &nbsp;&nbsp; (10460)<br>|
| Class R5 | &nbsp;&nbsp; 17442 | &nbsp;&nbsp; (1049657)<br>|
| Class R6 | &nbsp;&nbsp; 671248 | &nbsp;&nbsp; (20638)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (82479371)<br>| &nbsp;&nbsp; (99089143)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 27960944 | &nbsp;&nbsp; (15868764)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1790439701 | &nbsp;&nbsp; 1806308465 |
| End of period | &nbsp;&nbsp; $1818400645 | &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**

*(Unaudited)*

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** |
| Six months ended 06/30/25 | $11.11 | $0.11 | $0.61 | $0.72 | $— | $— | $— | $11.83 | 6.48 %<sup>(e)</sup><br>| &nbsp;&nbsp; $1480759 | 0.36 %<sup>(e)(f)</sup><br>| 0.36 %<sup>(e)(f)</sup><br>| 2.05 %<sup>(e)(f)</sup><br>| 23<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 |
| Year ended 12/31/20 | 11.96 | 0.16 | 1.14 | 1.30 | (0.18)<br>| (1.13)<br>| (1.31)<br>| 11.95 | 11.67 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 1851149 | 0.31 <br><sup>(e)</sup><br>| 0.38 <br><sup>(e)</sup><br>| 1.42 <br><sup>(e)</sup><br>| 88 |
| **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** |
| Six months ended 06/30/25 | 10.82 | 0.07 | 0.59 | 0.66 |  |  |  | 11.48 | 6.10 | &nbsp;&nbsp; 129345 | 1.12 <br><sup>(f)</sup><br>| 1.12 <br><sup>(f)</sup><br>| 1.29 <br><sup>(f)</sup><br>| 23 |
| 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 |
| Year ended 12/31/20 | 11.72 | 0.07 | 1.09 | 1.16 | (0.09)<br>| (1.13)<br>| (1.22)<br>| 11.66 | 10.70 | &nbsp;&nbsp; 250605 | 1.08 | 1.15 | 0.65 | 88 |
| **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** |
| Six months ended 06/30/25 | 11.01 | 0.10 | 0.60 | 0.70 |  |  |  | 11.71 | 6.36 | &nbsp;&nbsp; 159925 | 0.62 <br><sup>(f)</sup><br>| 0.62 <br><sup>(f)</sup><br>| 1.79 <br><sup>(f)</sup><br>| 23 |
| 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 |
| Year ended 12/31/20 | 11.88 | 0.13 | 1.12 | 1.25 | (0.15)<br>| (1.13)<br>| (1.28)<br>| 11.85 | 11.32 | &nbsp;&nbsp; 153448 | 0.58 | 0.65 | 1.15 | 88 |
| **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** |
| Six months ended 06/30/25 | 11.12 | 0.12 | 0.60 | 0.72 |  |  |  | 11.84 | 6.47 | &nbsp;&nbsp; 18546 | 0.27 <br><sup>(f)</sup><br>| 0.27 <br><sup>(f)</sup><br>| 2.14 <br><sup>(f)</sup><br>| 23 |
| 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 |
| Period ended 12/31/20<sup>(g)</sup> <br>| 10.46 | 0.11 | 2.38 | 2.49 | (0.19)<br>| (0.80)<br>| (0.99)<br>| 11.96 | 23.86 | &nbsp;&nbsp; 26339 | 0.23 <br><sup>(f)</sup><br>| 0.30 <br><sup>(f)</sup><br>| 1.50 <br><sup>(f)</sup><br>| 88 |
| **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** |
| Six months ended 06/30/25 | 11.21 | 0.13 | 0.61 | 0.74 |  |  |  | 11.95 | 6.60 | &nbsp;&nbsp; 25874 | 0.12 <br><sup>(f)</sup><br>| 0.12 <br><sup>(f)</sup><br>| 2.29 <br><sup>(f)</sup><br>| 23 |
| 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 |
| Year ended 12/31/20 | 12.03 | 0.19 | 1.15 | 1.34 | (0.20)<br>| (1.13)<br>| (1.33)<br>| 12.04 | 11.97 | &nbsp;&nbsp; 29097 | 0.08 | 0.15 | 1.65 | 88 |
| **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** |
| Six months ended 06/30/25 | 11.11 | 0.13 | 0.60 | 0.73 |  |  |  | 11.84 | 6.57 | &nbsp;&nbsp; 373 | 0.12 <br><sup>(f)</sup><br>| 0.12 <br><sup>(f)</sup><br>| 2.29 <br><sup>(f)</sup><br>| 23 |
| 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 |
| Year ended 12/31/20 | 11.95 | 0.20 | 1.14 | 1.34 | (0.21)<br>| (1.13)<br>| (1.34)<br>| 11.95 | 12.04 | &nbsp;&nbsp; 11 | 0.00 | 0.07 | 1.73 | 88 |
| **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** |
| Six months ended 06/30/25 | 11.11 | 0.13 | 0.60 | 0.73 |  |  |  | 11.84 | 6.57 | &nbsp;&nbsp; 3579 | 0.05 <br><sup>(f)</sup><br>| 0.05 <br><sup>(f)</sup><br>| 2.36 <br><sup>(f)</sup><br>| 23 |
| 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 |
| Year ended 12/31/20 | 11.95 | 0.20 | 1.14 | 1.34 | (0.21)<br>| (1.13)<br>| (1.34)<br>| 11.95 | 12.04 | &nbsp;&nbsp; 2147 | (0.01)<br>| 0.06 | 1.74 | 88 |

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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 0.50%, 0.50%, 0.51%, 0.52%, 0.52% and 0.58% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>(d)</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, 2020, the portfolio turnover calculation excludes the value of securities purchased of $597,759,006 in connection with the acquisition of Invesco Moderate Allocation Fund into the Fund. 

<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%, 0.24% and 0.23% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Commencement date of May 15, 2020.

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**

*June 30, 2025*

*(Unaudited)*

**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", 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 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. 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.

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

**8**

**Invesco Select Risk: Moderate 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

**9**

**Invesco Select Risk: Moderate Investor Fund**

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(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 six months ended June 30, 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.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede an underlying Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets,

**10**

**Invesco Select Risk: Moderate Investor Fund**

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restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco 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 at least 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"). In determining the Adviser's obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2026. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under the expense limits.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2025, IDI advised the Fund that IDI retained $88,195 in front-end sales commissions from the sale of Class A shares and $7,854 and $1,263 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 June 30, 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.

**11**

**Invesco Select Risk: Moderate Investor Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp; $1811842114 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1811842114 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 8118201 | &nbsp;&nbsp;&nbsp;&nbsp; 1219799 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9338000 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1819960315 | &nbsp;&nbsp;&nbsp;&nbsp; $1219799 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1821180114 |

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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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $41,048.

**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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 did not have a capital loss carryforward as of December 31, 2024.

**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 six months ended June 30, 2025 was $413,393,290 and $478,284,659, respectively. As of June 30, 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; $277332193 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (19850287)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $257481906 |

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Cost of investments for tax purposes is $1,563,698,208.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 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; 5456996 | &nbsp;&nbsp;&nbsp; $61175838 | &nbsp;&nbsp;&nbsp; 11984685 | &nbsp;&nbsp;&nbsp; $133616073 |
| Class C | &nbsp;&nbsp;&nbsp; 968779 | &nbsp;&nbsp;&nbsp; 10580479 | &nbsp;&nbsp;&nbsp; 2066888 | &nbsp;&nbsp;&nbsp; 22310891 |
| Class R | &nbsp;&nbsp;&nbsp; 1151578 | &nbsp;&nbsp;&nbsp; 12765635 | &nbsp;&nbsp;&nbsp; 2212025 | &nbsp;&nbsp;&nbsp; 24311484 |
| Class S | &nbsp;&nbsp;&nbsp; 8645 | &nbsp;&nbsp;&nbsp; 96392 | &nbsp;&nbsp;&nbsp; 29474 | &nbsp;&nbsp;&nbsp; 327203 |
| Class Y | &nbsp;&nbsp;&nbsp; 256378 | &nbsp;&nbsp;&nbsp; 2908937 | &nbsp;&nbsp;&nbsp; 675272 | &nbsp;&nbsp;&nbsp; 7596473 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1624 | &nbsp;&nbsp;&nbsp; 18441 | &nbsp;&nbsp;&nbsp; 4471 | &nbsp;&nbsp;&nbsp; 49226 |
| Class R6 | &nbsp;&nbsp;&nbsp; 62705 | &nbsp;&nbsp;&nbsp; 714509 | &nbsp;&nbsp;&nbsp; 19242 | &nbsp;&nbsp;&nbsp; 217408 |

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**12**

**Invesco Select Risk: Moderate Investor Fund**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **June 30, 2025**<sup>(a)</sup> | **Six months ended**<br> **June 30, 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; - | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; 4328961 | &nbsp;&nbsp;&nbsp; $48008192 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 333352 | &nbsp;&nbsp;&nbsp; 3600204 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 446885 | &nbsp;&nbsp;&nbsp; 4911275 |
| Class S | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 57567 | &nbsp;&nbsp;&nbsp; 638457 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 74435 | &nbsp;&nbsp;&nbsp; 832931 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1063 | &nbsp;&nbsp;&nbsp; 11791 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9132 | &nbsp;&nbsp;&nbsp; 101279 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 830544 | &nbsp;&nbsp;&nbsp; 9390701 | &nbsp;&nbsp;&nbsp; 1680153 | &nbsp;&nbsp;&nbsp; 18710995 |
| Class C | &nbsp;&nbsp;&nbsp; (854978)<br>| &nbsp;&nbsp;&nbsp; (9390701)<br>| &nbsp;&nbsp;&nbsp; (1730808)<br>| &nbsp;&nbsp;&nbsp; (18710995)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (12001568)<br>| &nbsp;&nbsp;&nbsp; (134501224)<br>| &nbsp;&nbsp;&nbsp; (24329805)<br>| &nbsp;&nbsp;&nbsp; (271020473)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1131888)<br>| &nbsp;&nbsp;&nbsp; (12342718)<br>| &nbsp;&nbsp;&nbsp; (3113805)<br>| &nbsp;&nbsp;&nbsp; (33737692)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1616124)<br>| &nbsp;&nbsp;&nbsp; (17964426)<br>| &nbsp;&nbsp;&nbsp; (2495219)<br>| &nbsp;&nbsp;&nbsp; (27490570)<br>|
| Class S | &nbsp;&nbsp;&nbsp; (86313)<br>| &nbsp;&nbsp;&nbsp; (964304)<br>| &nbsp;&nbsp;&nbsp; (311946)<br>| &nbsp;&nbsp;&nbsp; (3483432)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (431031)<br>| &nbsp;&nbsp;&nbsp; (4922670)<br>| &nbsp;&nbsp;&nbsp; (747916)<br>| &nbsp;&nbsp;&nbsp; (8439864)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp; (999)<br>| &nbsp;&nbsp;&nbsp; (101750)<br>| &nbsp;&nbsp;&nbsp; (1110674)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3736)<br>| &nbsp;&nbsp;&nbsp; (43261)<br>| &nbsp;&nbsp;&nbsp; (29687)<br>| &nbsp;&nbsp;&nbsp; (339325)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (7388479)<br>| &nbsp;&nbsp;&nbsp; $(82479371)<br>| &nbsp;&nbsp;&nbsp; (8937331)<br>| &nbsp;&nbsp;&nbsp; $(99089143)<br>|

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<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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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Moderate Investor Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: Moderate Investor Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management and investment process in 2024. The Board considered that the Fund's asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain equity investing styles as well as to certain segments of the fixed income asset class,

**14**

**Invesco Select Risk: Moderate Investor Fund**

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negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has contractually agreed to limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund's investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

*D.* *Economies of Scale and Breakpoints*

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an

individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers' relationships with the Fund.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount

equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

**15**

**Invesco Select Risk: Moderate 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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco Select Risk: Moderate Investor Fund**

------

![](img2e2a0d361.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

O-OPSMI-NCSRS

------

![](imgcc5b05e71.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**June 30, 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_d95144c7-3fe7-4f91-999e-16a0ff2b901c_SOI-Continued-48_1) | Schedule of Investments |
| [4](#xx_d95144c7-3fe7-4f91-999e-16a0ff2b901c_FS-Continued-48_1) | Financial Statements |
| [7](#xx_d95144c7-3fe7-4f91-999e-16a0ff2b901c_FS-Continued-48_4) | Financial Highlights |
| [8](#xx_d95144c7-3fe7-4f91-999e-16a0ff2b901c_NTF-Continued-48_1) | Notes to Financial Statements |
| [13](#xx_d95144c7-3fe7-4f91-999e-16a0ff2b901c_AOC-Continued-48_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [15](#xx_d95144c7-3fe7-4f91-999e-16a0ff2b901c_OIRSR-Continued-48_1) | Other Information Required in Form N-CSR (Items 8-11) |

---

------

**Schedule of Investments** 

*June 30, 2025*

*(Unaudited)* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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–100.07%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup>  | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup>  |
|  | **% of** <br>**Net** <br>**Assets** <br>**06/30/25**<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>**06/30/25**<br>| **Value** <br>**06/30/25**<br>|
| **Alternative Funds–6.61%** | **Alternative Funds–6.61%** | **Alternative Funds–6.61%** | **Alternative Funds–6.61%** | **Alternative Funds–6.61%** | **Alternative Funds–6.61%** | **Alternative Funds–6.61%** | **Alternative Funds–6.61%** | **Alternative Funds–6.61%** | **Alternative Funds–6.61%** |
| Invesco Global Real Estate Income Fund, Class R6 | 2.49<br> %<br>| $6582713 | $270324 | $(357337)<br>| $225465 | $(26432)<br>| $113402 | 824475 | $6694733 |
| Invesco Macro Allocation Strategy Fund, Class R6 |  | 6760190 | 58130 | (6883162)<br>| 1062935 | (998093)<br>| 58130 |  |  |
| Invesco Managed Futures Strategy ETF | 4.12<br> %<br>|  | 11108010 |  | (62581)<br>|  |  | 253364 | 11045429 |
| Total Alternative Funds |  | 13342903 | 11436464 | (7240499)<br>| 1225819 | (1024525)<br>| 171532 |  | 17740162 |
| **Domestic Equity Funds–29.05%** | **Domestic Equity Funds–29.05%** | **Domestic Equity Funds–29.05%** | **Domestic Equity Funds–29.05%** | **Domestic Equity Funds–29.05%** | **Domestic Equity Funds–29.05%** | **Domestic Equity Funds–29.05%** | **Domestic Equity Funds–29.05%** | **Domestic Equity Funds–29.05%** | **Domestic Equity Funds–29.05%** |
| Invesco Discovery Mid Cap Growth Fund, Class R6 | 3.40<br> %<br>| 7511745 | 2300748 | (1335440)<br>| 641424 | 14960 |  | 254697 | 9133437 |
| Invesco Main Street Small Cap Fund, Class R6 | 3.25<br> %<br>| 7307452 | 1629173 | (546036)<br>| 342986 | (19489)<br>|  | 385750 | 8714086 |
| Invesco NASDAQ 100 ETF<sup>(b)</sup> <br>| 6.81<br> %<br>| 13574656 | 5943131 | (2951746)<br>| 1517021 | 174188 | 46594 | 80393 | 18257250 |
| Invesco Russell 1000<sup>®</sup> Dynamic Multifactor ETF | 6.86<br> %<br>| 18499263 | 3074784 | (4598791)<br>| 425566 | 997948 | 67436 | 318428 | 18398770 |
| Invesco S&P 500 Revenue ETF | 6.03<br> %<br>|  | 16451344 | (672803)<br>| 409550 | (3117)<br>| 102338 | 155192 | 16184974 |
| 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 | 2.70<br> %<br>| 6060239 | 1169605 | (433955)<br>| 467792 | (19653)<br>|  | 318839 | 7244028 |
| Total Domestic Equity Funds |  | 64433660 | 33380758 | (24749413)<br>| 357756 | 4509784 | 221372 |  | 77932545 |
| **Fixed Income Funds–51.80%** | **Fixed Income Funds–51.80%** | **Fixed Income Funds–51.80%** | **Fixed Income Funds–51.80%** | **Fixed Income Funds–51.80%** | **Fixed Income Funds–51.80%** | **Fixed Income Funds–51.80%** | **Fixed Income Funds–51.80%** | **Fixed Income Funds–51.80%** | **Fixed Income Funds–51.80%** |
| Invesco Core Bond Fund, Class R6 | 24.41<br> %<br>| 70561076 | 3306154 | (9181622)<br>| 853591 | (38631)<br>| 1545620 | 11572538 | 65500568 |
| Invesco Core Plus Bond Fund, Class R6 | 12.99<br> %<br>| 34477963 | 2073285 | (2118177)<br>| 676719 | (267453)<br>| 839928 | 3783098 | 34842337 |
| Invesco Dynamic Credit Opportunity Fund, Class R6 | 0.39<br> %<br>|  | 1040694 |  | 8577 |  | 26734 | 97789 | 1049271 |
| Invesco Emerging Markets Sovereign Debt ETF | 0.94<br> %<br>| 4054497 |  | (1553715)<br>| 119923 | (96825)<br>| 106594 | 123538 | 2523880 |
| Invesco Equal Weight 0-30 Year Treasury ETF | 2.41<br> %<br>| 18636753 |  | (12308211)<br>| 2659727 | (2527352)<br>| 231918 | 235199 | 6460917 |
| Invesco Floating Rate ESG Fund, Class R6 | 2.61<br> %<br>| 8719093 | 333378 | (1874335)<br>| (106257)<br>| (81735)<br>| 333384 | 1067198 | 6990144 |
| Invesco High Yield Fund, Class R6 | 3.86<br> %<br>| 8587731 | 2240549 | (563764)<br>| 67675 | 13636 | 317358 | 2922550 | 10345827 |
| Invesco Variable Rate Investment Grade ETF | 4.19<br> %<br>| 15593075 |  | (4294529)<br>| (93441)<br>| 39038 | 333213 | 448868 | 11244143 |
| Total Fixed Income Funds |  | 160630188 | 8994060 | (31894353)<br>| 4186514 | (2959322)<br>| 3734749 |  | 138957087 |
| **International and Global Equity Funds–11.99%** | **International and Global Equity Funds–11.99%** | **International and Global Equity Funds–11.99%** | **International and Global Equity Funds–11.99%** | **International and Global Equity Funds–11.99%** | **International and Global Equity Funds–11.99%** | **International and Global Equity Funds–11.99%** | **International and Global Equity Funds–11.99%** | **International and Global Equity Funds–11.99%** | **International and Global Equity Funds–11.99%** |
| Invesco EQV Emerging Markets All Cap Fund, Class R6 | 0.87<br> %<br>| 2074007 | 333892 | (356163)<br>| 259054 | 26571 |  | 64143 | 2337361 |
| Invesco Developing Markets Fund, Class R6 | 0.33<br> %<br>| 1661925 |  | (831632)<br>| 145266 | (96056)<br>|  | 20802 | 879503 |
| Invesco Global Fund, Class R6 | 4.24<br> %<br>| 9649575 | 1771300 | (1119895)<br>| 1092168 | (11043)<br>|  | 109108 | 11382105 |
| Invesco Global Infrastructure Fund, Class R6 |  | 2602528 | 283720 | (2659692)<br>| (281189)<br>| 331362 | 6991 |  |  |
| Invesco International Developed Dynamic Multifactor <br> ETF<br>| 1.64<br> %<br>| 3491993 | 543141 | (333674)<br>| 687622 | 8550 | 56630 | 158874 | 4397632 |
| Invesco International Small-Mid Company Fund, <br> Class R6<br>| 2.24<br> %<br>| 4910254 | 859057 | (771624)<br>| 1210616 | (192774)<br>|  | 139636 | 6015529 |
| Invesco Oppenheimer International Growth Fund, <br> Class R6<br>| 0.77<br> %<br>| 1646400 | 171999 |  | 241425 |  |  | 57876 | 2059824 |
| Invesco RAFI Developed Markets ex-U.S. ETF<sup>(b)</sup> <br>| 1.90<br> %<br>| 4175432 | 840551 | (842903)<br>| 855292 | 74314 | 100408 | 88866 | 5102686 |
| Total International and Global Equity Funds |  | 30212114 | 4803660 | (6915583)<br>| 4210254 | 140924 | 164029 |  | 32174640 |
| **Money Market Funds–0.62%** | **Money Market Funds–0.62%** | **Money Market Funds–0.62%** | **Money Market Funds–0.62%** | **Money Market Funds–0.62%** | **Money Market Funds–0.62%** | **Money Market Funds–0.62%** | **Money Market Funds–0.62%** | **Money Market Funds–0.62%** | **Money Market Funds–0.62%** |
| Invesco Government & Agency Portfolio, Institutional <br> Class, 4.26%<sup>(c)</sup> <br>| 0.22<br> %<br>| 788387 | 12298613 | (12501883)<br>|  |  | 12298 | 585117 | 585117 |
| Invesco Treasury Portfolio, Institutional Class, <br> 4.23%<sup>(c)</sup> <br>| 0.40<br> %<br>| 1456644 | 22840282 | (23215156)<br>|  |  | 22528 | 1081770 | 1081770 |
| Total Money Market Funds |  | 2245031 | 35138895 | (35717039)<br>|  |  | 34826 |  | 1666887 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (excluding investments purchased with cash <br> collateral from securities on loan) <br>(Cost $246,435,445)<br>| 100.07<br> %<br>| 270863896 | 93753837 | (106516887)<br>| 9980343 | 666861 | 4326508 |  | 268471321 |

---

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

**2**

**Invesco Select Risk: Moderately Conservative Investor Fund**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Select Risk: Moderately Conservative Investor Fund (continued)** | **Invesco Select Risk: Moderately Conservative Investor Fund (continued)** | **Invesco Select Risk: Moderately Conservative Investor Fund (continued)** | **Invesco Select Risk: Moderately Conservative Investor Fund (continued)** | **Invesco Select Risk: Moderately Conservative Investor Fund (continued)** | **Invesco Select Risk: Moderately Conservative Investor Fund (continued)** | **Invesco Select Risk: Moderately Conservative Investor Fund (continued)** | **Invesco Select Risk: Moderately Conservative Investor Fund (continued)** | **Invesco Select Risk: Moderately Conservative Investor Fund (continued)** | **Invesco Select Risk: Moderately Conservative Investor Fund (continued)** |
| **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup> | **Schedule of Investments in Affiliated Issuers–100.07%**<sup>(a)</sup> |
|  | **% of**<br> **Net**<br> **Assets**<br> **06/30/25**<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> **06/30/25**<br>| **Value**<br> **06/30/25**<br>|
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan**<br>|  |  |  |  |  |  |  |  |  |
| **Money Market Funds–5.87%** | **Money Market Funds–5.87%** | **Money Market Funds–5.87%** | **Money Market Funds–5.87%** | **Money Market Funds–5.87%** | **Money Market Funds–5.87%** | **Money Market Funds–5.87%** | **Money Market Funds–5.87%** | **Money Market Funds–5.87%** | **Money Market Funds–5.87%** |
| Invesco Private Government Fund, 4.34%<sup>(c)(d)</sup> <br>| 1.64<br> %<br>| $— | $12717324 | $(8308879)<br>| $— | $— | $4298 <br><sup>(e)</sup><br>| 4408445 | $4408445 |
| Invesco Private Prime Fund, 4.49%<sup>(c)(d)</sup> <br>| 4.23<br> %<br>|  | 36160126 | (24824126)<br>|  |  | 12804 <br><sup>(e)</sup><br>| 11332600 | 11336000 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $15,744,445)<br>| 5.87<br> %<br>|  | 48877450 | (33133005)<br>|  |  | 17102 |  | 15744445 |
| TOTAL INVESTMENTS IN AFFILIATED ISSUERS <br> (Cost $262,179,890) <br>| 105.94<br> %<br>| $270863896 | $142631287 | $(139649892)<br>| $9980343 | $666861 <br><sup>(f)</sup><br>| $4343610 |  | $284215766 |
| OTHER ASSETS LESS LIABILITIES | (5.94)%<br>|  |  |  |  |  |  |  | (15926631)<br>|
| NET ASSETS | 100.00<br> %<br>|  |  |  |  |  |  |  | $268289135 |

---

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> All or a portion of this security was out on loan at June 30, 2025.

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

<sup>(d)</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>(e)</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>(f)</sup> Includes capital gains distributions from affiliated underlying funds as follows:

---

| | |
|:---|:---|
| **Fund Name** | **Capital Gain** |
| Invesco Global Infrastructure Fund | $276729 |

---

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**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in affiliated underlying funds, at value <br>(Cost $262,179,890)\*<br>| &nbsp;&nbsp; $284215766 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 47461 |
| Dividends - affiliated underlying funds | &nbsp;&nbsp; 526768 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 60999 |
| Other assets | &nbsp;&nbsp; 82741 |
| Total assets | &nbsp;&nbsp; 284933735 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased - affiliated underlying funds | &nbsp;&nbsp; 523155 |
| Fund shares reacquired | &nbsp;&nbsp; 163032 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 15744445 |
| Accrued fees to affiliates | &nbsp;&nbsp; 126964 |
| Accrued other operating expenses | &nbsp;&nbsp; 22189 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 64815 |
| Total liabilities | &nbsp;&nbsp; 16644600 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $268289135 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $262042955 |
| Distributable earnings | &nbsp;&nbsp; 6246180 |
|  | &nbsp;&nbsp; $268289135 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $235022977 |
| Class C | &nbsp;&nbsp; $15607624 |
| Class R | &nbsp;&nbsp; $9169392 |
| Class S | &nbsp;&nbsp; $1572561 |
| Class Y | &nbsp;&nbsp; $6518499 |
| Class R5 | &nbsp;&nbsp; $98704 |
| Class R6 | &nbsp;&nbsp; $299378 |
| **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; 21265729 |
| Class C | &nbsp;&nbsp; 1429487 |
| Class R | &nbsp;&nbsp; 833420 |
| Class S | &nbsp;&nbsp; 142115 |
| Class Y | &nbsp;&nbsp; 590942 |
| Class R5 | &nbsp;&nbsp; 8891 |
| Class R6 | &nbsp;&nbsp; 26967 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $11.05 |
| Maximum offering price per share <br>(Net asset value of $11.05 ÷ 94.50%)<br>| &nbsp;&nbsp; $11.69 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.92 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.00 |
| Class S: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.07 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.03 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.10 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $11.10 |

---

\* At June 30, 2025, securities with an aggregate value of $15,504,594 were on loan to brokers. 

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 six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends from affiliated underlying funds (includes net securities lending income of $2,451) | &nbsp;&nbsp; $4328959 |
| Interest | &nbsp;&nbsp; 1540 |
| Total investment income | &nbsp;&nbsp; 4330499 |
| **Expenses:** |  |
| Administrative services fees | &nbsp;&nbsp; 20435 |
| Custodian fees | &nbsp;&nbsp; 885 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 287079 |
| Class C | &nbsp;&nbsp; 71684 |
| Class R | &nbsp;&nbsp; 26460 |
| Class S | &nbsp;&nbsp; 1128 |
| Transfer agent fees — A, C, R, S and Y | &nbsp;&nbsp; 144280 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 46 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 57 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 10426 |
| Registration and filing fees | &nbsp;&nbsp; 52034 |
| Reports to shareholders | &nbsp;&nbsp; 14024 |
| Professional services fees | &nbsp;&nbsp; 17832 |
| Other | &nbsp;&nbsp; 7825 |
| Total expenses | &nbsp;&nbsp; 654195 |
| Less: Expense offset arrangement(s) | &nbsp;&nbsp; (4355)<br>|
| Net expenses | &nbsp;&nbsp; 649840 |
| Net investment income | &nbsp;&nbsp; 3680659 |
| **Realized and unrealized gain from:** |  |
| Net realized gain from: |  |
| Affiliated underlying fund shares | &nbsp;&nbsp; 390132 |
| Capital gain distributions from affiliated underlying fund shares | &nbsp;&nbsp; 276729 |
|  | &nbsp;&nbsp; 666861 |
| Change in net unrealized appreciation of affiliated underlying fund shares | &nbsp;&nbsp; 9980343 |
| Net realized and unrealized gain | &nbsp;&nbsp; 10647204 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $14327863 |

---

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 six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30,** <br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $3680659 | &nbsp;&nbsp; $8875418 |
| Net realized gain | &nbsp;&nbsp; 666861 | &nbsp;&nbsp; 443618 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 9980343 | &nbsp;&nbsp; 7071307 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 14327863 | &nbsp;&nbsp; 16390343 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (3419831)<br>| &nbsp;&nbsp; (5851776)<br>|
| Class C | &nbsp;&nbsp; (165169)<br>| &nbsp;&nbsp; (248248)<br>|
| Class R | &nbsp;&nbsp; (123503)<br>| &nbsp;&nbsp; (259245)<br>|
| Class S | &nbsp;&nbsp; (23443)<br>| &nbsp;&nbsp; (39007)<br>|
| Class Y | &nbsp;&nbsp; (100839)<br>| &nbsp;&nbsp; (183640)<br>|
| Class R5 | &nbsp;&nbsp; (1528)<br>| &nbsp;&nbsp; (2346)<br>|
| Class R6 | &nbsp;&nbsp; (5390)<br>| &nbsp;&nbsp; (9264)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (3839703)<br>| &nbsp;&nbsp; (6593526)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (8613491)<br>| &nbsp;&nbsp; (21642595)<br>|
| Class C | &nbsp;&nbsp; 367989 | &nbsp;&nbsp; (745160)<br>|
| Class R | &nbsp;&nbsp; (4014769)<br>| &nbsp;&nbsp; 2093974 |
| Class S | &nbsp;&nbsp; 11912 | &nbsp;&nbsp; (126278)<br>|
| Class Y | &nbsp;&nbsp; (403618)<br>| &nbsp;&nbsp; (461291)<br>|
| Class R5 | &nbsp;&nbsp; 5572 | &nbsp;&nbsp; 9585 |
| Class R6 | &nbsp;&nbsp; (281660)<br>| &nbsp;&nbsp; 338106 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (12928065)<br>| &nbsp;&nbsp; (20533659)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (2439905)<br>| &nbsp;&nbsp; (10736842)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 270729040 | &nbsp;&nbsp; 281465882 |
| End of period | &nbsp;&nbsp; $268289135 | &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**

*(Unaudited)*

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** |
| Six months ended 06/30/25 | $10.63 | $0.15 | $0.43 | $0.58 | $(0.16)<br>| $— | $— | $(0.16)<br>| $11.05 | 5.50<br> %<br>| $235023 | 0.45 %<sup>(f)</sup><br>| 0.45 %<sup>(f)</sup><br>| 2.85 %<sup>(f)</sup><br>| 22<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 |
| Year ended 12/31/20 | 11.47 | 0.20 | 0.94 | 1.14 | (0.27)<br>| (0.65)<br>|  | (0.92)<br>| 11.69 | 10.23 | 300116 | 0.47 | 0.47 | 1.81 | 86 |
| **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** |
| Six months ended 06/30/25 | 10.50 | 0.11 | 0.43 | 0.54 | (0.12)<br>|  |  | (0.12)<br>| 10.92 | 5.15 | 15608 | 1.20 <br><sup>(f)</sup><br>| 1.20 <br><sup>(f)</sup><br>| 2.10 <br><sup>(f)</sup><br>| 22 |
| 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 |
| Year ended 12/31/20 | 11.34 | 0.12 | 0.92 | 1.04 | (0.18)<br>| (0.65)<br>|  | (0.83)<br>| 11.55 | 9.40 | 27569 | 1.22 | 1.22 | 1.06 | 86 |
| **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** |
| Six months ended 06/30/25 | 10.58 | 0.14 | 0.43 | 0.57 | (0.15)<br>|  |  | (0.15)<br>| 11.00 | 5.39 | 9169 | 0.70 <br><sup>(f)</sup><br>| 0.70 <br><sup>(f)</sup><br>| 2.60 <br><sup>(f)</sup><br>| 22 |
| 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 |
| Year ended 12/31/20 | 11.42 | 0.18 | 0.93 | 1.11 | (0.24)<br>| (0.65)<br>|  | (0.89)<br>| 11.64 | 9.99 | 7877 | 0.72 | 0.72 | 1.56 | 86 |
| **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** |
| Six months ended 06/30/25 | 10.64 | 0.16 | 0.44 | 0.60 | (0.17)<br>|  |  | (0.17)<br>| 11.07 | 5.65 | 1573 | 0.35 <br><sup>(f)</sup><br>| 0.35 <br><sup>(f)</sup><br>| 2.95 <br><sup>(f)</sup><br>| 22 |
| 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 |
| Year ended 12/31/20 | 11.48 | 0.22 | 0.93 | 1.15 | (0.28)<br>| (0.65)<br>|  | (0.93)<br>| 11.70 | 10.33 | 2012 | 0.37 | 0.37 | 1.91 | 86 |
| **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** |
| Six months ended 06/30/25 | 10.61 | 0.16 | 0.43 | 0.59 | (0.17)<br>|  |  | (0.17)<br>| 11.03 | 5.64 | 6518 | 0.20 <br><sup>(f)</sup><br>| 0.20 <br><sup>(f)</sup><br>| 3.10 <br><sup>(f)</sup><br>| 22 |
| 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 |
| Year ended 12/31/20 | 11.45 | 0.23 | 0.93 | 1.16 | (0.29)<br>| (0.65)<br>|  | (0.94)<br>| 11.67 | 10.52 | 10363 | 0.22 | 0.22 | 2.06 | 86 |
| **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** |
| Six months ended 06/30/25 | 10.67 | 0.17 | 0.44 | 0.61 | (0.18)<br>|  |  | (0.18)<br>| 11.10 | 5.72 | 99 | 0.19 <br><sup>(f)</sup><br>| 0.19 <br><sup>(f)</sup><br>| 3.11 <br><sup>(f)</sup><br>| 22 |
| 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 |
| Year ended 12/31/20 | 11.52 | 0.24 | 0.93 | 1.17 | (0.30)<br>| (0.65)<br>|  | (0.95)<br>| 11.74 | 10.51 | 11 | 0.19 | 0.19 | 2.09 | 86 |
| **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** |
| Six months ended 06/30/25 | 10.67 | 0.17 | 0.44 | 0.61 | (0.18)<br>|  |  | (0.18)<br>| 11.10 | 5.75 | 299 | 0.13 <br><sup>(f)</sup><br>| 0.13 <br><sup>(f)</sup><br>| 3.17 <br><sup>(f)</sup><br>| 22 |
| 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 |
| Year ended 12/31/20 | 11.52 | 0.24 | 0.93 | 1.17 | (0.30)<br>| (0.65)<br>|  | (0.95)<br>| 11.74 | 10.51 | 12 | 0.19 | 0.19 | 2.09 | 86 |

---

<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 0.48%, 0.48%, 0.49%, 0.49%, 0.49% and 0.51% for the six months ended June 30, 2025 and for the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

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

<sup>(f)</sup> Annualized.

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

**7**

**Invesco Select Risk: Moderately Conservative Investor Fund**

------

**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

The Fund's investment objective is total return consistent with a lower level of risk relative to the broad stock market.

The Fund is a "fund of funds", in that it invests in other mutual funds 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 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. 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.

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

**8**

**Invesco Select Risk: Moderately Conservative Investor 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 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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

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

**9**

**Invesco Select Risk: Moderately Conservative Investor Fund**

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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 six months ended June 30, 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.

Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries' economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede an underlying Fund's ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company's assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

**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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has 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 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 six months ended June 30, 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 six months ended June 30, 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

**10**

**Invesco Select Risk: Moderately Conservative Investor Fund**

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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 six months ended June 30, 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 six months ended June 30, 2025, IDI advised the Fund that IDI retained $10,688 in front-end sales commissions from the sale of Class A shares and $888 and $290 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 June 30, 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; $266804434 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $266804434 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1666887 | &nbsp;&nbsp;&nbsp;&nbsp; 15744445 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17411332 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $268471321 | &nbsp;&nbsp;&nbsp;&nbsp; $15744445 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $284215766 |

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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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $4,355.

**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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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.

**11**

**Invesco Select Risk: Moderately Conservative Investor Fund**

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The Fund had a capital loss carryforward as of December 31, 2024, 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; $716247 | &nbsp;&nbsp;&nbsp;&nbsp; $14884418 | &nbsp;&nbsp;&nbsp;&nbsp; $15600665 |

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\*

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 six months ended June 30, 2025 was $58,614,942 and $70,799,848, respectively. As of June 30, 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; $17938094 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (2407054)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $15531040 |

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Cost of investments for tax purposes is $268,684,726.

**NOTE 9—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 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; 1127924 | &nbsp;&nbsp;&nbsp; $11954126 | &nbsp;&nbsp;&nbsp; 2652557 | &nbsp;&nbsp;&nbsp; $27996926 |
| Class C | &nbsp;&nbsp;&nbsp; 232202 | &nbsp;&nbsp;&nbsp; 2476027 | &nbsp;&nbsp;&nbsp; 443386 | &nbsp;&nbsp;&nbsp; 4613532 |
| Class R | &nbsp;&nbsp;&nbsp; 123142 | &nbsp;&nbsp;&nbsp; 1316585 | &nbsp;&nbsp;&nbsp; 511900 | &nbsp;&nbsp;&nbsp; 5392703 |
| Class S | &nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp; 8200 |
| Class Y | &nbsp;&nbsp;&nbsp; 57134 | &nbsp;&nbsp;&nbsp; 612798 | &nbsp;&nbsp;&nbsp; 132320 | &nbsp;&nbsp;&nbsp; 1391532 |
| Class R5 | &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; 4361 | &nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp; 7854 |
| Class R6 | &nbsp;&nbsp;&nbsp; 13680 | &nbsp;&nbsp;&nbsp; 148792 | &nbsp;&nbsp;&nbsp; 43238 | &nbsp;&nbsp;&nbsp; 468475 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 291524 | &nbsp;&nbsp;&nbsp; 3147948 | &nbsp;&nbsp;&nbsp; 507247 | &nbsp;&nbsp;&nbsp; 5380465 |
| Class C | &nbsp;&nbsp;&nbsp; 15024 | &nbsp;&nbsp;&nbsp; 160502 | &nbsp;&nbsp;&nbsp; 22792 | &nbsp;&nbsp;&nbsp; 238960 |
| Class R | &nbsp;&nbsp;&nbsp; 11489 | &nbsp;&nbsp;&nbsp; 123522 | &nbsp;&nbsp;&nbsp; 24490 | &nbsp;&nbsp;&nbsp; 259009 |
| Class S | &nbsp;&nbsp;&nbsp; 2167 | &nbsp;&nbsp;&nbsp; 23443 | &nbsp;&nbsp;&nbsp; 3673 | &nbsp;&nbsp;&nbsp; 39007 |
| Class Y | &nbsp;&nbsp;&nbsp; 8330 | &nbsp;&nbsp;&nbsp; 89800 | &nbsp;&nbsp;&nbsp; 15865 | &nbsp;&nbsp;&nbsp; 168045 |
| Class R5 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 1362 | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 2069 |
| Class R6 | &nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 3789 | &nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 6302 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 87758 | &nbsp;&nbsp;&nbsp; 941158 | &nbsp;&nbsp;&nbsp; 190243 | &nbsp;&nbsp;&nbsp; 2013104 |
| Class C | &nbsp;&nbsp;&nbsp; (88922)<br>| &nbsp;&nbsp;&nbsp; (941158)<br>| &nbsp;&nbsp;&nbsp; (192727)<br>| &nbsp;&nbsp;&nbsp; (2013104)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2302629)<br>| &nbsp;&nbsp;&nbsp; (24656723)<br>| &nbsp;&nbsp;&nbsp; (5415677)<br>| &nbsp;&nbsp;&nbsp; (57033090)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (125307)<br>| &nbsp;&nbsp;&nbsp; (1327382)<br>| &nbsp;&nbsp;&nbsp; (345073)<br>| &nbsp;&nbsp;&nbsp; (3584548)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (510439)<br>| &nbsp;&nbsp;&nbsp; (5454876)<br>| &nbsp;&nbsp;&nbsp; (335819)<br>| &nbsp;&nbsp;&nbsp; (3557738)<br>|
| Class S | &nbsp;&nbsp;&nbsp; (1258)<br>| &nbsp;&nbsp;&nbsp; (13631)<br>| &nbsp;&nbsp;&nbsp; (16680)<br>| &nbsp;&nbsp;&nbsp; (173485)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (103281)<br>| &nbsp;&nbsp;&nbsp; (1106216)<br>| &nbsp;&nbsp;&nbsp; (191194)<br>| &nbsp;&nbsp;&nbsp; (2020868)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (151)<br>| &nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp; (338)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (41215)<br>| &nbsp;&nbsp;&nbsp; (434241)<br>| &nbsp;&nbsp;&nbsp; (12711)<br>| &nbsp;&nbsp;&nbsp; (136671)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1201614)<br>| &nbsp;&nbsp;&nbsp; $(12928065)<br>| &nbsp;&nbsp;&nbsp; (1959885)<br>| &nbsp;&nbsp;&nbsp; $(20533659)<br>|

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<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 35% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**12**

**Invesco Select Risk: Moderately Conservative Investor Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Moderately Conservative Investor Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: Moderately Conservative Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management and investment process in 2024. The Board considered that the Fund's asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain equity investing styles as well as to certain segments of the fixed income asset class, negatively impacted

**13**

**Invesco Select Risk: Moderately Conservative Investor Fund**

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Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

The Board noted that Invesco Advisers has voluntarily agreed to limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund's investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.

*D.* *Economies of Scale and Breakpoints*

The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund's investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered

the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers' relationships with the Fund.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco

Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

**14**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**15**

**Invesco Select Risk: Moderately Conservative Investor Fund**

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![](imgcc5b05e71.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

CAL-NCSRS

------

![](img7434cfe41.jpg)

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**Semi-Annual Financial Statements and Other Information**

**June 30, 2025**

**Invesco Small Cap Growth Fund**

Nasdaq:

A: GTSAX ■ C: GTSDX ■ R: GTSRX ■ Y: GTSYX ■ Investor: GTSIX ■ R5: GTSVX ■ R6: GTSFX

------

---

| | |
|:---|:---|
| [2](#xx_df618bc7-147e-4e1f-b316-5e29b19cebcc_SOI-Continued-63_1) | Schedule of Investments |
| [5](#xx_df618bc7-147e-4e1f-b316-5e29b19cebcc_FS-Continued-63_1) | Financial Statements |
| [8](#xx_df618bc7-147e-4e1f-b316-5e29b19cebcc_FS-Continued-63_4) | Financial Highlights |
| [9](#xx_df618bc7-147e-4e1f-b316-5e29b19cebcc_NTF-Continued-63_1) | Notes to Financial Statements |
| [14](#xx_df618bc7-147e-4e1f-b316-5e29b19cebcc_AOC-Continued-63_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [17](#xx_df618bc7-147e-4e1f-b316-5e29b19cebcc_OIRSR-Continued-63_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Schedule of Investments**<sup>(a)</sup> 

*June 30, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–99.58%** | **Common Stocks & Other Equity Interests–99.58%** | **Common Stocks & Other Equity Interests–99.58%** |
| **Aerospace & Defense–2.99%** | **Aerospace & Defense–2.99%** | **Aerospace & Defense–2.99%** |
| BWX Technologies, Inc. | 108411 | &nbsp;&nbsp; $15617689 |
| Kratos Defense & Security Solutions, <br> Inc.<sup>(b)(c)</sup>  | 452348 | &nbsp;&nbsp; 21011564 |
| Loar Holdings, Inc.<sup>(b)</sup>  | 74606 | &nbsp;&nbsp; 6428799 |
| Rocket Lab Corp.<sup>(b)(c)</sup>  | 264597 | &nbsp;&nbsp; 9464635 |
|  |  | &nbsp;&nbsp; 52522687 |
| **Apparel Retail–1.22%** | **Apparel Retail–1.22%** | **Apparel Retail–1.22%** |
| Boot Barn Holdings, Inc.<sup>(b)</sup>  | 141380 | &nbsp;&nbsp; 21489760 |
| **Apparel, Accessories & Luxury Goods–0.68%** | **Apparel, Accessories & Luxury Goods–0.68%** | **Apparel, Accessories & Luxury Goods–0.68%** |
| Kontoor Brands, Inc. | 181996 | &nbsp;&nbsp; 12006276 |
| **Application Software–7.90%** | **Application Software–7.90%** | **Application Software–7.90%** |
| Agilysys, Inc.<sup>(b)</sup>  | 172061 | &nbsp;&nbsp; 19725073 |
| AvePoint, Inc.<sup>(b)(c)</sup>  | 907797 | &nbsp;&nbsp; 17529560 |
| Box, Inc., Class A<sup>(b)</sup>  | 221137 | &nbsp;&nbsp; 7556251 |
| Cellebrite DI Ltd. (Israel)<sup>(b)</sup>  | 663525 | &nbsp;&nbsp; 10616400 |
| Clearwater Analytics Holdings, Inc., <br> Class A<sup>(b)</sup>  | 603154 | &nbsp;&nbsp; 13227167 |
| Descartes Systems Group, Inc. (The) <br> (Canada)<sup>(b)</sup>  | 129383 | &nbsp;&nbsp; 13151135 |
| Intapp, Inc.<sup>(b)</sup>  | 188516 | &nbsp;&nbsp; 9731196 |
| Q2 Holdings, Inc.<sup>(b)</sup>  | 268077 | &nbsp;&nbsp; 25089327 |
| ServiceTitan, Inc.<sup>(b)</sup>  | 124503 | &nbsp;&nbsp; 13344232 |
| Vertex, Inc., Class A<sup>(b)(c)</sup>  | 251946 | &nbsp;&nbsp; 8902512 |
|  |  | &nbsp;&nbsp; 138872853 |
| **Asset Management & Custody Banks–1.72%** | **Asset Management & Custody Banks–1.72%** | **Asset Management & Custody Banks–1.72%** |
| Hamilton Lane, Inc., Class A | 80143 | &nbsp;&nbsp; 11389923 |
| StepStone Group, Inc., Class A | 339323 | &nbsp;&nbsp; 18832427 |
|  |  | &nbsp;&nbsp; 30222350 |
| **Automotive Retail–0.44%** | **Automotive Retail–0.44%** | **Automotive Retail–0.44%** |
| Murphy USA, Inc. | 19021 | &nbsp;&nbsp; 7737743 |
| **Biotechnology–6.50%** | **Biotechnology–6.50%** | **Biotechnology–6.50%** |
| ADMA Biologics, Inc.<sup>(b)</sup>  | 994565 | &nbsp;&nbsp; 18111029 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup>  | 96236 | &nbsp;&nbsp; 16610333 |
| BridgeBio Pharma, Inc.<sup>(b)</sup>  | 205655 | &nbsp;&nbsp; 8880183 |
| CareDx, Inc.<sup>(b)</sup>  | 382281 | &nbsp;&nbsp; 7469771 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup>  | 216097 | &nbsp;&nbsp; 11241366 |
| Insmed, Inc.<sup>(b)</sup>  | 235583 | &nbsp;&nbsp; 23709073 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 48785 | &nbsp;&nbsp; 14764292 |
| Vericel Corp.<sup>(b)</sup>  | 318842 | &nbsp;&nbsp; 13566727 |
|  |  | &nbsp;&nbsp; 114352774 |
| **Broadline Retail–1.43%** | **Broadline Retail–1.43%** | **Broadline Retail–1.43%** |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)(c)</sup>  | 190774 | &nbsp;&nbsp; 25140198 |
| **Building Products–1.61%** | **Building Products–1.61%** | **Building Products–1.61%** |
| Armstrong World Industries, Inc. | 83562 | &nbsp;&nbsp; 13573811 |
| Zurn Elkay Water Solutions Corp. | 403191 | &nbsp;&nbsp; 14744695 |
|  |  | &nbsp;&nbsp; 28318506 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Cargo Ground Transportation–0.69%** | **Cargo Ground Transportation–0.69%** | **Cargo Ground Transportation–0.69%** |
| Knight-Swift Transportation Holdings, <br> Inc. | 274955 | &nbsp;&nbsp; $12161260 |
| **Casinos & Gaming–0.67%** | **Casinos & Gaming–0.67%** | **Casinos & Gaming–0.67%** |
| Genius Sports Ltd. (United Kingdom)<sup>(b)(c)</sup>  | 1132362 | &nbsp;&nbsp; 11776565 |
| **Commercial & Residential Mortgage Finance–1.02%** | **Commercial & Residential Mortgage Finance–1.02%** | **Commercial & Residential Mortgage Finance–1.02%** |
| PennyMac Financial Services, Inc. | 180306 | &nbsp;&nbsp; 17965690 |
| **Construction & Engineering–4.41%** | **Construction & Engineering–4.41%** | **Construction & Engineering–4.41%** |
| API Group Corp.<sup>(b)</sup>  | 344688 | &nbsp;&nbsp; 17596322 |
| Construction Partners, Inc., Class A<sup>(b)(c)</sup>  | 161618 | &nbsp;&nbsp; 17176761 |
| Everus Construction Group, Inc.<sup>(b)(c)</sup>  | 252813 | &nbsp;&nbsp; 16061210 |
| Limbach Holdings, Inc.<sup>(b)(c)</sup>  | 95249 | &nbsp;&nbsp; 13344385 |
| Sterling Infrastructure, Inc.<sup>(b)</sup>  | 57807 | &nbsp;&nbsp; 13337809 |
|  |  | &nbsp;&nbsp; 77516487 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.98%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.98%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.98%** |
| Atmus Filtration Technologies, Inc. | 336526 | &nbsp;&nbsp; 12256277 |
| Federal Signal Corp. | 212189 | &nbsp;&nbsp; 22581153 |
|  |  | &nbsp;&nbsp; 34837430 |
| **Consumer Finance–1.08%** | **Consumer Finance–1.08%** | **Consumer Finance–1.08%** |
| Upstart Holdings, Inc.<sup>(b)(c)</sup>  | 293668 | &nbsp;&nbsp; 18994446 |
| **Data Processing & Outsourced Services–0.90%** | **Data Processing & Outsourced Services–0.90%** | **Data Processing & Outsourced Services–0.90%** |
| ExlService Holdings, Inc.<sup>(b)</sup>  | 362728 | &nbsp;&nbsp; 15883859 |
| **Diversified Metals & Mining–0.28%** | **Diversified Metals & Mining–0.28%** | **Diversified Metals & Mining–0.28%** |
| MP Materials Corp.<sup>(b)(c)</sup>  | 147383 | &nbsp;&nbsp; 4903432 |
| **Education Services–1.54%** | **Education Services–1.54%** | **Education Services–1.54%** |
| Bright Horizons Family Solutions, Inc.<sup>(b)</sup>  | 92336 | &nbsp;&nbsp; 11411806 |
| Stride, Inc.<sup>(b)(c)</sup>  | 107990 | &nbsp;&nbsp; 15679068 |
|  |  | &nbsp;&nbsp; 27090874 |
| **Electrical Components & Equipment–2.33%** | **Electrical Components & Equipment–2.33%** | **Electrical Components & Equipment–2.33%** |
| Hammond Power Solutions, Inc. <br> (Canada) | 113773 | &nbsp;&nbsp; 10479565 |
| nVent Electric PLC | 232487 | &nbsp;&nbsp; 17029673 |
| Regal Rexnord Corp. | 92935 | &nbsp;&nbsp; 13471857 |
|  |  | &nbsp;&nbsp; 40981095 |
| **Electronic Equipment & Instruments–3.54%** | **Electronic Equipment & Instruments–3.54%** | **Electronic Equipment & Instruments–3.54%** |
| Itron, Inc.<sup>(b)</sup>  | 142679 | &nbsp;&nbsp; 18780837 |
| Mirion Technologies, Inc.<sup>(b)(c)</sup>  | 713031 | &nbsp;&nbsp; 15351558 |
| OSI Systems, Inc.<sup>(b)</sup>  | 38440 | &nbsp;&nbsp; 8643618 |
| PAR Technology Corp.<sup>(b)</sup>  | 279765 | &nbsp;&nbsp; 19407298 |
|  |  | &nbsp;&nbsp; 62183311 |
| **Electronic Manufacturing Services–2.92%** | **Electronic Manufacturing Services–2.92%** | **Electronic Manufacturing Services–2.92%** |
| Fabrinet (Thailand)<sup>(b)</sup>  | 65734 | &nbsp;&nbsp; 19370495 |
| Sanmina Corp.<sup>(b)</sup>  | 187514 | &nbsp;&nbsp; 18344495 |
| TTM Technologies, Inc.<sup>(b)</sup>  | 335447 | &nbsp;&nbsp; 13692946 |
|  |  | &nbsp;&nbsp; 51407936 |
| **Environmental & Facilities Services–2.36%** | **Environmental & Facilities Services–2.36%** | **Environmental & Facilities Services–2.36%** |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup>  | 133640 | &nbsp;&nbsp; 15419383 |

---

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

**2**

**Invesco Small Cap Growth Fund**

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| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Environmental & Facilities Services–(continued)** | **Environmental & Facilities Services–(continued)** | **Environmental & Facilities Services–(continued)** |
| Clean Harbors, Inc.<sup>(b)</sup>  | 112407 | &nbsp;&nbsp; $25986251 |
|  |  | &nbsp;&nbsp; 41405634 |
| **Food Retail–0.94%** | **Food Retail–0.94%** | **Food Retail–0.94%** |
| Maplebear, Inc.<sup>(b)</sup>  | 363905 | &nbsp;&nbsp; 16463062 |
| **Footwear–0.43%** | **Footwear–0.43%** | **Footwear–0.43%** |
| Steven Madden Ltd.<sup>(c)</sup>  | 314603 | &nbsp;&nbsp; 7544180 |
| **Health Care Equipment–2.46%** | **Health Care Equipment–2.46%** | **Health Care Equipment–2.46%** |
| Glaukos Corp.<sup>(b)</sup>  | 83637 | &nbsp;&nbsp; 8638866 |
| Integer Holdings Corp.<sup>(b)</sup>  | 135582 | &nbsp;&nbsp; 16672519 |
| TransMedics Group, Inc.<sup>(b)(c)</sup>  | 134275 | &nbsp;&nbsp; 17994193 |
|  |  | &nbsp;&nbsp; 43305578 |
| **Health Care Facilities–1.58%** | **Health Care Facilities–1.58%** | **Health Care Facilities–1.58%** |
| Encompass Health Corp. | 226192 | &nbsp;&nbsp; 27737925 |
| **Health Care Services–1.93%** | **Health Care Services–1.93%** | **Health Care Services–1.93%** |
| BrightSpring Health Services, Inc.<sup>(b)(c)</sup>  | 602351 | &nbsp;&nbsp; 14209460 |
| Guardant Health, Inc.<sup>(b)</sup>  | 379393 | &nbsp;&nbsp; 19743612 |
|  |  | &nbsp;&nbsp; 33953072 |
| **Health Care Supplies–2.55%** | **Health Care Supplies–2.55%** | **Health Care Supplies–2.55%** |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup>  | 196341 | &nbsp;&nbsp; 16072475 |
| Merit Medical Systems, Inc.<sup>(b)</sup>  | 183294 | &nbsp;&nbsp; 17134323 |
| UFP Technologies, Inc.<sup>(b)(c)</sup>  | 47813 | &nbsp;&nbsp; 11674022 |
|  |  | &nbsp;&nbsp; 44880820 |
| **Home Improvement Retail–0.72%** | **Home Improvement Retail–0.72%** | **Home Improvement Retail–0.72%** |
| Floor & Decor Holdings, Inc., Class A<sup>(b)(c)</sup>  | 165547 | &nbsp;&nbsp; 12574950 |
| **Homebuilding–0.50%** | **Homebuilding–0.50%** | **Homebuilding–0.50%** |
| Cavco Industries, Inc.<sup>(b)</sup>  | 20247 | &nbsp;&nbsp; 8795904 |
| **Hotels, Resorts & Cruise Lines–1.11%** | **Hotels, Resorts & Cruise Lines–1.11%** | **Hotels, Resorts & Cruise Lines–1.11%** |
| Travel + Leisure Co. | 182087 | &nbsp;&nbsp; 9397510 |
| Wyndham Hotels & Resorts, Inc. | 124174 | &nbsp;&nbsp; 10084171 |
|  |  | &nbsp;&nbsp; 19481681 |
| **Independent Power Producers & Energy Traders–1.18%** | **Independent Power Producers & Energy Traders–1.18%** | **Independent Power Producers & Energy Traders–1.18%** |
| Talen Energy Corp.<sup>(b)</sup>  | 71143 | &nbsp;&nbsp; 20686250 |
| **Industrial Machinery & Supplies & Components–5.47%** | **Industrial Machinery & Supplies & Components–5.47%** | **Industrial Machinery & Supplies & Components–5.47%** |
| Enpro, Inc.<sup>(c)</sup>  | 78167 | &nbsp;&nbsp; 14972889 |
| ESAB Corp. | 140594 | &nbsp;&nbsp; 16948606 |
| ESCO Technologies, Inc. | 78963 | &nbsp;&nbsp; 15150631 |
| Mueller Industries, Inc. | 166339 | &nbsp;&nbsp; 13218960 |
| RBC Bearings, Inc.<sup>(b)</sup>  | 62966 | &nbsp;&nbsp; 24229317 |
| SPX Technologies, Inc.<sup>(b)</sup>  | 69569 | &nbsp;&nbsp; 11665330 |
|  |  | &nbsp;&nbsp; 96185733 |
| **Industrial REITs–1.27%** | **Industrial REITs–1.27%** | **Industrial REITs–1.27%** |
| EastGroup Properties, Inc. | 59317 | &nbsp;&nbsp; 9913057 |
| Terreno Realty Corp. | 221286 | &nbsp;&nbsp; 12407506 |
|  |  | &nbsp;&nbsp; 22320563 |
| **Interactive Media & Services–0.71%** | **Interactive Media & Services–0.71%** | **Interactive Media & Services–0.71%** |
| CarGurus, Inc.<sup>(b)</sup>  | 373840 | &nbsp;&nbsp; 12512425 |
| **Investment Banking & Brokerage–2.45%** | **Investment Banking & Brokerage–2.45%** | **Investment Banking & Brokerage–2.45%** |
| Evercore, Inc., Class A | 74282 | &nbsp;&nbsp; 20057626 |
| Piper Sandler Cos. | 82598 | &nbsp;&nbsp; 22957288 |
|  |  | &nbsp;&nbsp; 43014914 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Leisure Facilities–0.91%** | **Leisure Facilities–0.91%** | **Leisure Facilities–0.91%** |
| Planet Fitness, Inc., Class A<sup>(b)</sup>  | 147422 | &nbsp;&nbsp; $16076369 |
| **Life Sciences Tools & Services–1.49%** | **Life Sciences Tools & Services–1.49%** | **Life Sciences Tools & Services–1.49%** |
| BioLife Solutions, Inc.<sup>(b)</sup>  | 655703 | &nbsp;&nbsp; 14123841 |
| Repligen Corp.<sup>(b)</sup>  | 97531 | &nbsp;&nbsp; 12130906 |
|  |  | &nbsp;&nbsp; 26254747 |
| **Managed Health Care–1.42%** | **Managed Health Care–1.42%** | **Managed Health Care–1.42%** |
| Alignment Healthcare, Inc.<sup>(b)</sup>  | 459643 | &nbsp;&nbsp; 6435002 |
| HealthEquity, Inc.<sup>(b)</sup>  | 177515 | &nbsp;&nbsp; 18596471 |
|  |  | &nbsp;&nbsp; 25031473 |
| **Oil & Gas Equipment & Services–0.89%** | **Oil & Gas Equipment & Services–0.89%** | **Oil & Gas Equipment & Services–0.89%** |
| TechnipFMC PLC (United Kingdom) | 456555 | &nbsp;&nbsp; 15723755 |
| **Oil & Gas Exploration & Production–1.35%** | **Oil & Gas Exploration & Production–1.35%** | **Oil & Gas Exploration & Production–1.35%** |
| Antero Resources Corp.<sup>(b)</sup>  | 295589 | &nbsp;&nbsp; 11906325 |
| Range Resources Corp. | 292989 | &nbsp;&nbsp; 11915863 |
|  |  | &nbsp;&nbsp; 23822188 |
| **Packaged Foods & Meats–0.68%** | **Packaged Foods & Meats–0.68%** | **Packaged Foods & Meats–0.68%** |
| Post Holdings, Inc.<sup>(b)(c)</sup>  | 108999 | &nbsp;&nbsp; 11884161 |
| **Personal Care Products–0.75%** | **Personal Care Products–0.75%** | **Personal Care Products–0.75%** |
| BellRing Brands, Inc.<sup>(b)</sup>  | 227152 | &nbsp;&nbsp; 13158915 |
| **Pharmaceuticals–1.26%** | **Pharmaceuticals–1.26%** | **Pharmaceuticals–1.26%** |
| Prestige Consumer Healthcare, Inc.<sup>(b)</sup>  | 277206 | &nbsp;&nbsp; 22134899 |
| **Property & Casualty Insurance–1.94%** | **Property & Casualty Insurance–1.94%** | **Property & Casualty Insurance–1.94%** |
| Palomar Holdings, Inc.<sup>(b)</sup>  | 76305 | &nbsp;&nbsp; 11770047 |
| Root, Inc., Class A<sup>(b)(c)</sup>  | 80132 | &nbsp;&nbsp; 10254492 |
| Skyward Specialty Insurance Group, <br> Inc.<sup>(b)</sup>  | 210199 | &nbsp;&nbsp; 12147400 |
|  |  | &nbsp;&nbsp; 34171939 |
| **Regional Banks–1.71%** | **Regional Banks–1.71%** | **Regional Banks–1.71%** |
| Bancorp, Inc. (The)<sup>(b)</sup>  | 324719 | &nbsp;&nbsp; 18499242 |
| Western Alliance Bancorporation | 147535 | &nbsp;&nbsp; 11504779 |
|  |  | &nbsp;&nbsp; 30004021 |
| **Research & Consulting Services–0.80%** | **Research & Consulting Services–0.80%** | **Research & Consulting Services–0.80%** |
| CBIZ, Inc.<sup>(b)(c)</sup>  | 197009 | &nbsp;&nbsp; 14127515 |
| **Restaurants–2.40%** | **Restaurants–2.40%** | **Restaurants–2.40%** |
| Shake Shack, Inc., Class A<sup>(b)</sup>  | 169218 | &nbsp;&nbsp; 23792051 |
| Texas Roadhouse, Inc. | 66769 | &nbsp;&nbsp; 12513178 |
| Wingstop, Inc. | 17419 | &nbsp;&nbsp; 5865674 |
|  |  | &nbsp;&nbsp; 42170903 |
| **Semiconductors–4.46%** | **Semiconductors–4.46%** | **Semiconductors–4.46%** |
| Impinj, Inc.<sup>(b)(c)</sup>  | 152838 | &nbsp;&nbsp; 16975717 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup>  | 281351 | &nbsp;&nbsp; 13783385 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 185063 | &nbsp;&nbsp; 26517677 |
| SiTime Corp.<sup>(b)</sup>  | 99396 | &nbsp;&nbsp; 21179300 |
|  |  | &nbsp;&nbsp; 78456079 |
| **Specialty Chemicals–0.73%** | **Specialty Chemicals–0.73%** | **Specialty Chemicals–0.73%** |
| Element Solutions, Inc. | 569592 | &nbsp;&nbsp; 12901259 |
| **Steel–1.72%** | **Steel–1.72%** | **Steel–1.72%** |
| Carpenter Technology Corp. | 109156 | &nbsp;&nbsp; 30168535 |

---

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

**3**

**Invesco Small Cap Growth Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Systems Software–2.63%** | **Systems Software–2.63%** | **Systems Software–2.63%** | **Systems Software–2.63%** |
| Commvault Systems, Inc.<sup>(b)</sup>  | Commvault Systems, Inc.<sup>(b)</sup>  | 116738 | &nbsp;&nbsp; $20350935 |
| CyberArk Software Ltd.<sup>(b)</sup>  | CyberArk Software Ltd.<sup>(b)</sup>  | 63437 | &nbsp;&nbsp; 25811247 |
|  |  |  | &nbsp;&nbsp; 46162182 |
| **Trading Companies & Distributors–1.60%** | **Trading Companies & Distributors–1.60%** | **Trading Companies & Distributors–1.60%** | **Trading Companies & Distributors–1.60%** |
| Applied Industrial Technologies, Inc. | Applied Industrial Technologies, Inc. | 72499 | &nbsp;&nbsp; 16852392 |
| FTAI Aviation Ltd. | FTAI Aviation Ltd. | 97521 | &nbsp;&nbsp; 11218816 |
|  |  |  | &nbsp;&nbsp; 28071208 |
| **Transaction & Payment Processing Services–1.33%** | **Transaction & Payment Processing Services–1.33%** | **Transaction & Payment Processing Services–1.33%** | **Transaction & Payment Processing Services–1.33%** |
| Payoneer Global, Inc.<sup>(b)</sup>  | Payoneer Global, Inc.<sup>(b)</sup>  | 1253596 | &nbsp;&nbsp; 8587133 |
| Shift4 Payments, Inc., Class A<sup>(b)(c)</sup>  | Shift4 Payments, Inc., Class A<sup>(b)(c)</sup>  | 148599 | &nbsp;&nbsp; 14727647 |
|  |  |  | &nbsp;&nbsp; 23314780 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,418,655,423) | Total Common Stocks & Other Equity Interests <br> (Cost $1,418,655,423) | Total Common Stocks & Other Equity Interests <br> (Cost $1,418,655,423) | &nbsp;&nbsp; 1750863151 |
| **Money Market Funds–0.67%** | **Money Market Funds–0.67%** | **Money Market Funds–0.67%** | **Money Market Funds–0.67%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 4114638 | &nbsp;&nbsp; 4114638 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 7641053 | &nbsp;&nbsp; 7641053 |
| Total Money Market Funds (Cost $11,755,691) | Total Money Market Funds (Cost $11,755,691) | Total Money Market Funds (Cost $11,755,691) | &nbsp;&nbsp; 11755691 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-100.25% <br> (Cost $1,430,411,114)<br>|  |  | &nbsp;&nbsp; 1762618842 |

---

---

| | | |
|:---|:---|:---|
| **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–11.62%** | **Money Market Funds–11.62%** | **Money Market Funds–11.62%** |
| Invesco Private Government Fund, <br> 4.34%<sup>(d)(e)(f)</sup>  | 56744951 | &nbsp;&nbsp; $56744951 |
| Invesco Private Prime Fund, <br> 4.49%<sup>(d)(e)(f)</sup>  | 147534477 | &nbsp;&nbsp; 147578737 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $204,310,029) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $204,310,029) | &nbsp;&nbsp; 204323688 |
| TOTAL INVESTMENTS IN SECURITIES–111.87% <br> (Cost $1,634,721,143) | TOTAL INVESTMENTS IN SECURITIES–111.87% <br> (Cost $1,634,721,143) | &nbsp;&nbsp; 1966942530 |
| OTHER ASSETS LESS LIABILITIES—(11.87)% | OTHER ASSETS LESS LIABILITIES—(11.87)% | &nbsp;&nbsp; (208720426)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1758222104 |

---

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 June 30, 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 six months ended June 30, 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>**(Loss)**<br>| **Value** <br>**June 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $13607249 | &nbsp;&nbsp; $94931831 | &nbsp;&nbsp; $(104424442) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4114638 | &nbsp;&nbsp; $180214 |
| Invesco Treasury Portfolio, Institutional Class | 25257479 | &nbsp;&nbsp; 176301972 | &nbsp;&nbsp; (193918398) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7641053 | &nbsp;&nbsp; 331803 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 50491549 | &nbsp;&nbsp; 279784528 | &nbsp;&nbsp; (273531126) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 56744951 | &nbsp;&nbsp; 1,228,675\* |
| Invesco Private Prime Fund | 131156686 | &nbsp;&nbsp; 601284989 | &nbsp;&nbsp; (584865919) | &nbsp;&nbsp; 13659 | &nbsp;&nbsp; (10678) | &nbsp;&nbsp; 147578737 | &nbsp;&nbsp; 3,350,063\* |
| Total | $220512963 | &nbsp;&nbsp; $1152303320 | &nbsp;&nbsp; $(1156739885) | &nbsp;&nbsp; $13659 | &nbsp;&nbsp; $(10678) | &nbsp;&nbsp; $216079379 | &nbsp;&nbsp; $5090755 |

---

\* 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 June 30, 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**

*June 30, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,418,655,423)\*<br>| &nbsp;&nbsp; $1750863151 |
| Investments in affiliated money market funds, at value <br> (Cost $216,065,720)<br>| &nbsp;&nbsp; 216079379 |
| Foreign currencies, at value (Cost $19,807) | &nbsp;&nbsp; 19855 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 525593 |
| Fund shares sold | &nbsp;&nbsp; 581644 |
| Dividends | &nbsp;&nbsp; 417982 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 407389 |
| Other assets | &nbsp;&nbsp; 74485 |
| Total assets | &nbsp;&nbsp; 1968969478 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 2710670 |
| Fund shares reacquired | &nbsp;&nbsp; 2255175 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 204310029 |
| Accrued fees to affiliates | &nbsp;&nbsp; 880313 |
| Accrued other operating expenses | &nbsp;&nbsp; 162875 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 428312 |
| Total liabilities | &nbsp;&nbsp; 210747374 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1758222104 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1366616520 |
| Distributable earnings | &nbsp;&nbsp; 391605584 |
|  | &nbsp;&nbsp; $1758222104 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $455219655 |
| Class C | &nbsp;&nbsp; $4063158 |
| Class R | &nbsp;&nbsp; $46511876 |
| Class Y | &nbsp;&nbsp; $91431278 |
| Investor Class | &nbsp;&nbsp; $140265842 |
| Class R5 | &nbsp;&nbsp; $527533828 |
| Class R6 | &nbsp;&nbsp; $493196467 |
| **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; 15910662 |
| Class C | &nbsp;&nbsp; 460278 |
| Class R | &nbsp;&nbsp; 1962679 |
| Class Y | &nbsp;&nbsp; 2935346 |
| Investor Class | &nbsp;&nbsp; 4421618 |
| Class R5 | &nbsp;&nbsp; 14173056 |
| Class R6 | &nbsp;&nbsp; 13041129 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $28.61 |
| Maximum offering price per share <br>(Net asset value of $28.61 ÷ 94.50%)<br>| &nbsp;&nbsp; $30.28 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.83 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.70 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.15 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.72 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $37.22 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $37.82 |

---

\* At June 30, 2025, securities with an aggregate value of $200,927,250 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 six months ended June 30, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $26,393) | &nbsp;&nbsp; $3559160 |
| Dividends from affiliated money market funds (includes net securities lending income of $184,368) | &nbsp;&nbsp; 696385 |
| Total investment income | &nbsp;&nbsp; 4255545 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 6100324 |
| Administrative services fees | &nbsp;&nbsp; 147012 |
| Custodian fees | &nbsp;&nbsp; 2963 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 567816 |
| Class C | &nbsp;&nbsp; 21488 |
| Class R | &nbsp;&nbsp; 116311 |
| Investor Class | &nbsp;&nbsp; 133641 |
| Transfer agent fees — A, C, R, Y and Investor | &nbsp;&nbsp; 794674 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 263741 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 85453 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 16533 |
| Registration and filing fees | &nbsp;&nbsp; 57744 |
| Reports to shareholders | &nbsp;&nbsp; 46946 |
| Professional services fees | &nbsp;&nbsp; 28552 |
| Other | &nbsp;&nbsp; 18301 |
| Total expenses | &nbsp;&nbsp; 8401499 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (13911)<br>|
| Net expenses | &nbsp;&nbsp; 8387588 |
| Net investment income (loss) | &nbsp;&nbsp; (4132043)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 95788357 |
| Affiliated investment securities | &nbsp;&nbsp; (10678)<br>|
| Foreign currencies | &nbsp;&nbsp; 16056 |
|  | &nbsp;&nbsp; 95793735 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (157520036)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 13659 |
| Foreign currencies | &nbsp;&nbsp; 15 |
|  | &nbsp;&nbsp; (157506362)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (61712627)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(65844670)<br>|

---

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 six months ended June 30, 2025 and the year ended December 31, 2024*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(4132043)<br>| &nbsp;&nbsp; $(9107345)<br>|
| Net realized gain | &nbsp;&nbsp; 95793735 | &nbsp;&nbsp; 252323804 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (157506362)<br>| &nbsp;&nbsp; 67170599 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (65844670)<br>| &nbsp;&nbsp; 310387058 |
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (34618893)<br>| &nbsp;&nbsp; (79666284)<br>|
| Class C | &nbsp;&nbsp; (842836)<br>| &nbsp;&nbsp; (1632267)<br>|
| Class R | &nbsp;&nbsp; (4147099)<br>| &nbsp;&nbsp; (12548962)<br>|
| Class Y | &nbsp;&nbsp; (15137790)<br>| &nbsp;&nbsp; (27606027)<br>|
| Investor Class | &nbsp;&nbsp; (8936396)<br>| &nbsp;&nbsp; (19144652)<br>|
| Class R5 | &nbsp;&nbsp; (52690897)<br>| &nbsp;&nbsp; (145526573)<br>|
| Class R6 | &nbsp;&nbsp; (49489724)<br>| &nbsp;&nbsp; (131868797)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (165863635)<br>| &nbsp;&nbsp; (417993562)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (231708305)<br>| &nbsp;&nbsp; (107606504)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1989930409 | &nbsp;&nbsp; 2097536913 |
| End of period | &nbsp;&nbsp; $1758222104 | &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**

*(Unaudited)*

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** |
| Six months ended 06/30/25 | $29.57 | $(0.10)<br>| $(0.86)<br>| $(0.96)<br>| $— | $28.61 | (3.25)%<br>| $455220 | 1.19 %<sup>(d)</sup><br>| 1.19 %<sup>(d)</sup><br>| (0.71 )%<sup>(d)</sup><br>| 46<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 |
| Year ended 12/31/20 | 35.35 | (0.35)<br>| 19.40 | 19.05 | (6.62)<br>| 47.78 | 57.00 | 1047921 | 1.15 | 1.15 | (0.90)<br>| 51 |
| **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** |
| Six months ended 06/30/25 | 9.16 | (0.06)<br>| (0.27)<br>| (0.33)<br>|  | 8.83 | (3.60 )<sup>(e)</sup><br>| 4063 | 1.92 <br><sup>(d)(e)</sup><br>| 1.92 <br><sup>(d)(e)</sup><br>| (1.44 )<sup>(d)(e)</sup><br>| 46 |
| Year ended 12/31/24 | 7.94 | (0.12)<br>| 1.34 | 1.22 |  | 9.16 | 15.37 <br><sup>(e)</sup><br>| 5141 | 1.84 <br><sup>(e)</sup><br>| 1.84 <br><sup>(e)</sup><br>| (1.35 )<sup>(e)</sup><br>| 55 |
| Year ended 12/31/23 | 7.09 | (0.09)<br>| 0.94 | 0.85 |  | 7.94 | 11.99 <br><sup>(e)</sup><br>| 5930 | 1.87 <br><sup>(e)</sup><br>| 1.87 <br><sup>(e)</sup><br>| (1.28 )<sup>(e)</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>(e)</sup><br>| 15850 | 1.86 <br><sup>(e)</sup><br>| 1.86 <br><sup>(e)</sup><br>| (1.58 )<sup>(e)</sup><br>| 35 |
| Year ended 12/31/20 | 21.39 | (0.38)<br>| 11.24 | 10.86 | (6.62)<br>| 25.63 | 55.86 <br><sup>(e)</sup><br>| 21567 | 1.87 <br><sup>(e)</sup><br>| 1.87 <br><sup>(e)</sup><br>| (1.62 )<sup>(e)</sup><br>| 51 |
| **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** |
| Six months ended 06/30/25 | 24.52 | (0.11)<br>| (0.71)<br>| (0.82)<br>|  | 23.70 | (3.34)<br>| 46512 | 1.44 <br><sup>(d)</sup><br>| 1.44 <br><sup>(d)</sup><br>| (0.96 )<sup>(d)</sup><br>| 46 |
| 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 |
| Year ended 12/31/20 | 32.08 | (0.39)<br>| 17.45 | 17.06 | (6.62)<br>| 42.52 | 56.59 | 137020 | 1.40 | 1.40 | (1.15)<br>| 51 |
| **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** |
| Six months ended 06/30/25 | 32.15 | (0.07)<br>| (0.93)<br>| (1.00)<br>|  | 31.15 | (3.11)<br>| 91431 | 0.94 <br><sup>(d)</sup><br>| 0.94 <br><sup>(d)</sup><br>| (0.46 )<sup>(d)</sup><br>| 46 |
| 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 |
| Year ended 12/31/20 | 36.83 | (0.26)<br>| 20.29 | 20.03 | (6.62)<br>| 50.24 | 57.38 | 301301 | 0.90 | 0.90 | (0.65)<br>| 51 |
| **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** |
| Six months ended 06/30/25 | 32.78 | (0.10)<br>| (0.96)<br>| (1.06)<br>|  | 31.72 | (3.23 )<sup>(f)</sup><br>| 140266 | 1.13 <br><sup>(d)(f)</sup><br>| 1.13 <br><sup>(d)(f)</sup><br>| (0.65 )<sup>(d)(f)</sup><br>| 46 |
| Year ended 12/31/24 | 28.20 | (0.20)<br>| 4.78 | 4.58 |  | 32.78 | 16.24 <br><sup>(f)</sup><br>| 154280 | 1.14 <br><sup>(f)</sup><br>| 1.14 <br><sup>(f)</sup><br>| (0.65 )<sup>(f)</sup><br>| 55 |
| Year ended 12/31/23 | 25.01 | (0.13)<br>| 3.32 | 3.19 |  | 28.20 | 12.75 <br><sup>(f)</sup><br>| 150258 | 1.10 <br><sup>(f)</sup><br>| 1.10 <br><sup>(f)</sup><br>| (0.51 )<sup>(f)</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>(f)</sup><br>| 144075 | 1.13 <br><sup>(f)</sup><br>| 1.13 <br><sup>(f)</sup><br>| (0.51 )<sup>(f)</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>(f)</sup><br>| 246961 | 1.05 <br><sup>(f)</sup><br>| 1.05 <br><sup>(f)</sup><br>| (0.77 )<sup>(f)</sup><br>| 35 |
| Year ended 12/31/20 | 37.52 | (0.33)<br>| 20.67 | 20.34 | (6.62)<br>| 51.24 | 57.11 <br><sup>(f)</sup><br>| 249837 | 1.07 <br><sup>(f)</sup><br>| 1.07 <br><sup>(f)</sup><br>| (0.82 )<sup>(f)</sup><br>| 51 |
| **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** |
| Six months ended 06/30/25 | 38.40 | (0.06)<br>| (1.12)<br>| (1.18)<br>|  | 37.22 | (3.07)<br>| 527534 | 0.83 <br><sup>(d)</sup><br>| 0.83 <br><sup>(d)</sup><br>| (0.35 )<sup>(d)</sup><br>| 46 |
| 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 |
| Year ended 12/31/20 | 41.01 | (0.24)<br>| 22.74 | 22.50 | (6.62)<br>| 56.89 | 57.56 | 1564134 | 0.80 | 0.80 | (0.55)<br>| 51 |
| **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** |
| Six months ended 06/30/25 | 39.00 | (0.05)<br>| (1.13)<br>| (1.18)<br>|  | 37.82 | (3.03)<br>| 493196 | 0.76 <br><sup>(d)</sup><br>| 0.76 <br><sup>(d)</sup><br>| (0.28 )<sup>(d)</sup><br>| 46 |
| 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 |
| Year ended 12/31/20 | 41.31 | (0.20)<br>| 22.93 | 22.73 | (6.62)<br>| 57.42 | 57.70 | 836400 | 0.71 | 0.71 | (0.46)<br>| 51 |

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<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> Annualized.

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual12b-1 fees of 0.98%, 0.92%, 0.95%, 0.97% and 0.97% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2021 and 2020. 

<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 0.19%, 0.22%, 0.18%, 0.22%, 0.16%, 0.17% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

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

**8**

**Invesco Small Cap Growth Fund**

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**Notes to Financial Statements**

*June 30, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

The Fund's investment objective is long-term growth of capital.

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

The Fund's shares are offered on a limited basis to certain investors.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("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. 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.

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

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. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated 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, the Adviser acts 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

**10**

**Invesco Small Cap Growth Fund**

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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 six months ended June 30, 2025, the Fund paid the Adviser $9,232 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:

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| | |
|:---|:---|
| **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 six months ended June 30, 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 Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco 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, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned 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 six months ended June 30, 2025, the Adviser waived advisory fees of $13,741.

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 six months ended June 30, 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 six months ended June 30, 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 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 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 six months ended June 30, 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 six months ended June 30, 2025, IDI advised the Fund that IDI retained $7,333 in front-end sales commissions from the sale of Class A shares and $69 and $38 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended June 30, 2025, the Fund incurred $35,610 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.

**11**

**Invesco Small Cap Growth Fund**

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**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 June 30, 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; $1750863151 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1750863151 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 11755691 | &nbsp;&nbsp;&nbsp;&nbsp; 204323688 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216079379 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1762618842 | &nbsp;&nbsp;&nbsp;&nbsp; $204323688 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1966942530 |

---

**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 six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $170.

**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—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

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 had a capital loss carryforward as of December 31, 2024, 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; $26016012 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26016012 |

---

\*

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 six months ended June 30, 2025 was $822,147,140 and $962,793,095, respectively. As of June 30, 2025, the aggregate cost of

**12**

**Invesco Small Cap Growth Fund**

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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; $364999797 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (38785185)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $326214612 |

---

Cost of investments for tax purposes is $1,640,727,918.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**June 30, 2025**<sup>(a)</sup>  | **Six months ended** <br>**June 30, 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; 584872 | &nbsp;&nbsp;&nbsp; $16079059 | &nbsp;&nbsp;&nbsp; 1285869 | &nbsp;&nbsp;&nbsp; $35974233 |
| Class C | &nbsp;&nbsp;&nbsp; 31964 | &nbsp;&nbsp;&nbsp; 272922 | &nbsp;&nbsp;&nbsp; 56077 | &nbsp;&nbsp;&nbsp; 482603 |
| Class R | &nbsp;&nbsp;&nbsp; 195812 | &nbsp;&nbsp;&nbsp; 4433156 | &nbsp;&nbsp;&nbsp; 331697 | &nbsp;&nbsp;&nbsp; 7664175 |
| Class Y | &nbsp;&nbsp;&nbsp; 387767 | &nbsp;&nbsp;&nbsp; 12064167 | &nbsp;&nbsp;&nbsp; 931467 | &nbsp;&nbsp;&nbsp; 28995514 |
| Investor Class | &nbsp;&nbsp;&nbsp; 237400 | &nbsp;&nbsp;&nbsp; 7188822 | &nbsp;&nbsp;&nbsp; 460107 | &nbsp;&nbsp;&nbsp; 14361746 |
| Class R5 | &nbsp;&nbsp;&nbsp; 543375 | &nbsp;&nbsp;&nbsp; 19337635 | &nbsp;&nbsp;&nbsp; 1449705 | &nbsp;&nbsp;&nbsp; 52474115 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1086939 | &nbsp;&nbsp;&nbsp; 39497372 | &nbsp;&nbsp;&nbsp; 2833674 | &nbsp;&nbsp;&nbsp; 104677241 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 11339 | &nbsp;&nbsp;&nbsp; 310663 | &nbsp;&nbsp;&nbsp; 29792 | &nbsp;&nbsp;&nbsp; 837407 |
| Class C | &nbsp;&nbsp;&nbsp; (36678)<br>| &nbsp;&nbsp;&nbsp; (310663)<br>| &nbsp;&nbsp;&nbsp; (95839)<br>| &nbsp;&nbsp;&nbsp; (837407)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1848285)<br>| &nbsp;&nbsp;&nbsp; (51008615)<br>| &nbsp;&nbsp;&nbsp; (4204748)<br>| &nbsp;&nbsp;&nbsp; (116477924)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (96450)<br>| &nbsp;&nbsp;&nbsp; (805095)<br>| &nbsp;&nbsp;&nbsp; (146021)<br>| &nbsp;&nbsp;&nbsp; (1277463)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (373078)<br>| &nbsp;&nbsp;&nbsp; (8580255)<br>| &nbsp;&nbsp;&nbsp; (883222)<br>| &nbsp;&nbsp;&nbsp; (20213137)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (919478)<br>| &nbsp;&nbsp;&nbsp; (27201957)<br>| &nbsp;&nbsp;&nbsp; (1901340)<br>| &nbsp;&nbsp;&nbsp; (56601541)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (522524)<br>| &nbsp;&nbsp;&nbsp; (16125218)<br>| &nbsp;&nbsp;&nbsp; (1081760)<br>| &nbsp;&nbsp;&nbsp; (33506398)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (1977419)<br>| &nbsp;&nbsp;&nbsp; (72028532)<br>| &nbsp;&nbsp;&nbsp; (5539214)<br>| &nbsp;&nbsp;&nbsp; (198000688)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2395114)<br>| &nbsp;&nbsp;&nbsp; (88987096)<br>| &nbsp;&nbsp;&nbsp; (6524303)<br>| &nbsp;&nbsp;&nbsp; (236546038)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (5089558)<br>| &nbsp;&nbsp;&nbsp; $(165863635)<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 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**13**

**Invesco Small Cap Growth Fund**

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**Approval of Investment Advisory and Sub-Advisory Contracts** 

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Small Cap Growth Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board's annual review process for the Invesco Funds' investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by

which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.

**Factors and Conclusions and Summary of Independent Written Fee Evaluation**

*A.* *Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers*

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal

and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.

The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*B.* *Fund Investment Performance*

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 2000® Growth Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the fifth quintile for the three year period, and the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and five year periods and below the performance of the Index for the three year period. The Board considered that stock selection in certain sectors and factors negatively impacted the Fund's relative performance. The Board noted that management indicated that additional analyst resources had been

**14**

**Invesco Small Cap Growth Fund**

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added to the team in 2024 to broaden research coverage. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

*C.* *Advisory and Sub-Advisory Fees and Fund Expenses*

The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The Board requested and received additional information regarding the Fund's actual and contractual management fees and the levels of the Fund's breakpoints in light of current asset levels.

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or

sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

&nbsp;&nbsp;&nbsp;&nbsp;

*F.* *Collateral Benefits to Invesco Advisers and its Affiliates*

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related

**15**

**Invesco Small Cap Growth Fund**

------

responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers 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 without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

**16**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**17**

**Invesco Small Cap Growth Fund**

------

![](img7434cfe41.jpg)

SEC file number(s): 811-02699 and 002-57526

Invesco Distributors, Inc.

SCG-NCSRS

------

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 for 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.

This information is filed under Item 7 of this Form N-CSR.

------

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 Principal Executive Officer ("PEO") and Principal Financial Officer ("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 Activity for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

19(a)(1) Not applicable.

19(a)(2) Not applicable.

[19(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)

19(a)(4) Not applicable.

19(a)(5) Not applicable.

[19(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: August 27, 2025

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: August 27, 2025

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: August 27, 2025

------

## 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>August 27, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Glenn Brightman</u>

&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; Principal Executive Officer

------

#### 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>August 27, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Adrien Deberghes</u>

&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; 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 June 30, 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: August 27, 2025  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

---

------

#### 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 June 30, 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: August 27, 2025  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------