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:
(713) 626-1919
Date of fiscal year end:
December 31
Date of reporting period:
June 30, 2026
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
Invesco Active Allocation Fund
Class A: OAAAX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Active Allocation Fund
(Class A)		 $23 0.44%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,098,718,317
Total number of portfolio holdings 61
Portfolio turnover rate 28%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
O-OPSAA-SAR-A
Invesco Active Allocation Fund
TSR_logo
Invesco Active Allocation Fund
Class C: OAACX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Active Allocation Fund
(Class C)		 $63 1.20%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,098,718,317
Total number of portfolio holdings 61
Portfolio turnover rate 28%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Active Allocation Fund
Class R: OAANX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Active Allocation Fund
(Class R)		 $37 0.70%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,098,718,317
Total number of portfolio holdings 61
Portfolio turnover rate 28%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Active Allocation Fund
Class Y: OAAYX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Active Allocation Fund
(Class Y)		 $10 0.20%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,098,718,317
Total number of portfolio holdings 61
Portfolio turnover rate 28%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Active Allocation Fund
Class R5: PAAJX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Active Allocation Fund
(Class R5)		 $12 0.22%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,098,718,317
Total number of portfolio holdings 61
Portfolio turnover rate 28%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Active Allocation Fund
Class R6: PAAQX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Active Allocation Fund
(Class R6)		 $7 0.14%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,098,718,317
Total number of portfolio holdings 61
Portfolio turnover rate 28%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Convertible Securities Fund
Class A: CNSAX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Convertible Securities Fund
(Class A)		 $52 0.94%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $861,184,362
Total number of portfolio holdings 177
Portfolio turnover rate 69%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Alphabet, Inc., Series B, Conv. Pfd., 6.25%, 05/15/2029 2.69%
Western Digital Corp., Conv., 3.00%, 11/15/2028 2.54%
Boeing Co. (The), Conv. Pfd., 6.00%, 10/15/2027 2.45%
Nebius Group N.V., Conv., 2.75%, 09/15/2032 2.30%
Welltower OP LLC, Conv., 3.13%, 07/15/2029 1.70%
Bloom Energy Corp., Conv. , 11/15/2030 1.60%
Live Nation Entertainment, Inc., Conv., 3.13%, 01/15/2029 1.55%
Cloudflare, Inc., Conv. , 06/15/2030 1.47%
TeraWulf, Inc., Conv. , 05/01/2032 1.39%
NextEra Energy, Inc., Conv. Pfd., 7.30%, 06/01/2027 1.34%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Convertible Securities Fund
Class C: CNSCX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Convertible Securities Fund
(Class C)		 $93 1.69%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $861,184,362
Total number of portfolio holdings 177
Portfolio turnover rate 69%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Alphabet, Inc., Series B, Conv. Pfd., 6.25%, 05/15/2029 2.69%
Western Digital Corp., Conv., 3.00%, 11/15/2028 2.54%
Boeing Co. (The), Conv. Pfd., 6.00%, 10/15/2027 2.45%
Nebius Group N.V., Conv., 2.75%, 09/15/2032 2.30%
Welltower OP LLC, Conv., 3.13%, 07/15/2029 1.70%
Bloom Energy Corp., Conv. , 11/15/2030 1.60%
Live Nation Entertainment, Inc., Conv., 3.13%, 01/15/2029 1.55%
Cloudflare, Inc., Conv. , 06/15/2030 1.47%
TeraWulf, Inc., Conv. , 05/01/2032 1.39%
NextEra Energy, Inc., Conv. Pfd., 7.30%, 06/01/2027 1.34%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Convertible Securities Fund
Class Y: CNSDX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Convertible Securities Fund
(Class Y)		 $38 0.69%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $861,184,362
Total number of portfolio holdings 177
Portfolio turnover rate 69%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Alphabet, Inc., Series B, Conv. Pfd., 6.25%, 05/15/2029 2.69%
Western Digital Corp., Conv., 3.00%, 11/15/2028 2.54%
Boeing Co. (The), Conv. Pfd., 6.00%, 10/15/2027 2.45%
Nebius Group N.V., Conv., 2.75%, 09/15/2032 2.30%
Welltower OP LLC, Conv., 3.13%, 07/15/2029 1.70%
Bloom Energy Corp., Conv. , 11/15/2030 1.60%
Live Nation Entertainment, Inc., Conv., 3.13%, 01/15/2029 1.55%
Cloudflare, Inc., Conv. , 06/15/2030 1.47%
TeraWulf, Inc., Conv. , 05/01/2032 1.39%
NextEra Energy, Inc., Conv. Pfd., 7.30%, 06/01/2027 1.34%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Convertible Securities Fund
Class R5: CNSIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Convertible Securities Fund
(Class R5)		 $36 0.65%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $861,184,362
Total number of portfolio holdings 177
Portfolio turnover rate 69%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Alphabet, Inc., Series B, Conv. Pfd., 6.25%, 05/15/2029 2.69%
Western Digital Corp., Conv., 3.00%, 11/15/2028 2.54%
Boeing Co. (The), Conv. Pfd., 6.00%, 10/15/2027 2.45%
Nebius Group N.V., Conv., 2.75%, 09/15/2032 2.30%
Welltower OP LLC, Conv., 3.13%, 07/15/2029 1.70%
Bloom Energy Corp., Conv. , 11/15/2030 1.60%
Live Nation Entertainment, Inc., Conv., 3.13%, 01/15/2029 1.55%
Cloudflare, Inc., Conv. , 06/15/2030 1.47%
TeraWulf, Inc., Conv. , 05/01/2032 1.39%
NextEra Energy, Inc., Conv. Pfd., 7.30%, 06/01/2027 1.34%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
MS-CSEC-SAR-R5
Invesco Convertible Securities Fund
TSR_logo
Invesco Convertible Securities Fund
Class R6: CNSFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Convertible Securities Fund
(Class R6)		 $32 0.59%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $861,184,362
Total number of portfolio holdings 177
Portfolio turnover rate 69%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Alphabet, Inc., Series B, Conv. Pfd., 6.25%, 05/15/2029 2.69%
Western Digital Corp., Conv., 3.00%, 11/15/2028 2.54%
Boeing Co. (The), Conv. Pfd., 6.00%, 10/15/2027 2.45%
Nebius Group N.V., Conv., 2.75%, 09/15/2032 2.30%
Welltower OP LLC, Conv., 3.13%, 07/15/2029 1.70%
Bloom Energy Corp., Conv. , 11/15/2030 1.60%
Live Nation Entertainment, Inc., Conv., 3.13%, 01/15/2029 1.55%
Cloudflare, Inc., Conv. , 06/15/2030 1.47%
TeraWulf, Inc., Conv. , 05/01/2032 1.39%
NextEra Energy, Inc., Conv. Pfd., 7.30%, 06/01/2027 1.34%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
MS-CSEC-SAR-R6
Invesco Convertible Securities Fund
TSR_logo
Invesco Income Allocation Fund
Class A: ALAAX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Income Allocation Fund
(Class A)		 $23 0.45%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $320,752,754
Total number of portfolio holdings 20
Portfolio turnover rate 2%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Income Allocation Fund
Class C: CLIAX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Income Allocation Fund
(Class C)		 $61 1.20%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $320,752,754
Total number of portfolio holdings 20
Portfolio turnover rate 2%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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.
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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
Invesco Income Allocation Fund
Class R: RLIAX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Income Allocation Fund
(Class R)		 $36 0.70%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $320,752,754
Total number of portfolio holdings 20
Portfolio turnover rate 2%
What Comprised The Fund's Holdings?
(as of June 30, 2026)

Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Income Allocation Fund
Class Y: ALAYX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Income Allocation Fund
(Class Y)		 $10 0.20%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $320,752,754
Total number of portfolio holdings 20
Portfolio turnover rate 2%
What Comprised The Fund's Holdings?
(as of June 30, 2026)

Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Income Allocation Fund
Class R5: ILAAX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Income Allocation Fund
(Class R5)		 $9 0.18%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $320,752,754
Total number of portfolio holdings 20
Portfolio turnover rate 2%
What Comprised The Fund's Holdings?
(as of June 30, 2026)

Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Income Allocation Fund
Class R6: IIASX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Income Allocation Fund
(Class R6)		 $5 0.10%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $320,752,754
Total number of portfolio holdings 20
Portfolio turnover rate 2%
What Comprised The Fund's Holdings?
(as of June 30, 2026)

Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco International Diversified Fund
Class A: OIDAX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco International Diversified Fund
(Class A)		 $22 0.42%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,415,925,916
Total number of portfolio holdings 6
Portfolio turnover rate 3%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Portfolio composition
(% of total investments)
Invesco International Value Fund, Class R6 34.98%
Invesco Developing Markets Fund, Class R6 19.59
Invesco International Small-Mid Company Fund, Class R6 14.97
Invesco International Growth Fund, Class R6 10.20
Invesco International Growth Focus ETF 10.21
Invesco EQV International Equity Fund, Class R6 10.05
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
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
Invesco International Diversified Fund
Class C: OIDCX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco International Diversified Fund
(Class C)		 $61 1.17%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,415,925,916
Total number of portfolio holdings 6
Portfolio turnover rate 3%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Portfolio composition
(% of total investments)
Invesco International Value Fund, Class R6 34.98%
Invesco Developing Markets Fund, Class R6 19.59
Invesco International Small-Mid Company Fund, Class R6 14.97
Invesco International Growth Fund, Class R6 10.20
Invesco International Growth Focus ETF 10.21
Invesco EQV International Equity Fund, Class R6 10.05
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
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
Invesco International Diversified Fund
Class R: OIDNX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco International Diversified Fund
(Class R)		 $35 0.67%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,415,925,916
Total number of portfolio holdings 6
Portfolio turnover rate 3%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Portfolio composition
(% of total investments)
Invesco International Value Fund, Class R6 34.98%
Invesco Developing Markets Fund, Class R6 19.59
Invesco International Small-Mid Company Fund, Class R6 14.97
Invesco International Growth Fund, Class R6 10.20
Invesco International Growth Focus ETF 10.21
Invesco EQV International Equity Fund, Class R6 10.05
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
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
Invesco International Diversified Fund
Class Y: OIDYX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco International Diversified Fund
(Class Y)		 $9 0.17%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,415,925,916
Total number of portfolio holdings 6
Portfolio turnover rate 3%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Portfolio composition
(% of total investments)
Invesco International Value Fund, Class R6 34.98%
Invesco Developing Markets Fund, Class R6 19.59
Invesco International Small-Mid Company Fund, Class R6 14.97
Invesco International Growth Fund, Class R6 10.20
Invesco International Growth Focus ETF 10.21
Invesco EQV International Equity Fund, Class R6 10.05
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
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
Invesco International Diversified Fund
Class R5: INDFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco International Diversified Fund
(Class R5)		 $3 0.05%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,415,925,916
Total number of portfolio holdings 6
Portfolio turnover rate 3%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Portfolio composition
(% of total investments)
Invesco International Value Fund, Class R6 34.98%
Invesco Developing Markets Fund, Class R6 19.59
Invesco International Small-Mid Company Fund, Class R6 14.97
Invesco International Growth Fund, Class R6 10.20
Invesco International Growth Focus ETF 10.21
Invesco EQV International Equity Fund, Class R6 10.05
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
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
Invesco International Diversified Fund
Class R6: OIDIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco International Diversified Fund
(Class R6)		 $3 0.05%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,415,925,916
Total number of portfolio holdings 6
Portfolio turnover rate 3%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Portfolio composition
(% of total investments)
Invesco International Value Fund, Class R6 34.98%
Invesco Developing Markets Fund, Class R6 19.59
Invesco International Small-Mid Company Fund, Class R6 14.97
Invesco International Growth Fund, Class R6 10.20
Invesco International Growth Focus ETF 10.21
Invesco EQV International Equity Fund, Class R6 10.05
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
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
Invesco Main Street Mid Cap Fund®
Class A: OPMSX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Main Street Mid Cap Fund®
(Class A)		 $55 1.04%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,612,993,314
Total number of portfolio holdings 98
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Royal Caribbean Cruises Ltd. 1.94%
Rockwell Automation, Inc. 1.70%
Keysight Technologies, Inc. 1.64%
Raymond James Financial, Inc. 1.63%
Curtiss-Wright Corp. 1.61%
Yum! Brands, Inc. 1.61%
ATI, Inc. 1.57%
Wintrust Financial Corp. 1.53%
Datadog, Inc., Class A 1.53%
PPL Corp. 1.53%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Main Street Mid Cap Fund®
Class C: OPMCX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Main Street Mid Cap Fund®
(Class C)		 $94 1.80%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,612,993,314
Total number of portfolio holdings 98
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Royal Caribbean Cruises Ltd. 1.94%
Rockwell Automation, Inc. 1.70%
Keysight Technologies, Inc. 1.64%
Raymond James Financial, Inc. 1.63%
Curtiss-Wright Corp. 1.61%
Yum! Brands, Inc. 1.61%
ATI, Inc. 1.57%
Wintrust Financial Corp. 1.53%
Datadog, Inc., Class A 1.53%
PPL Corp. 1.53%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Main Street Mid Cap Fund®
Class R: OPMNX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Main Street Mid Cap Fund®
(Class R)		 $68 1.30%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,612,993,314
Total number of portfolio holdings 98
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Royal Caribbean Cruises Ltd. 1.94%
Rockwell Automation, Inc. 1.70%
Keysight Technologies, Inc. 1.64%
Raymond James Financial, Inc. 1.63%
Curtiss-Wright Corp. 1.61%
Yum! Brands, Inc. 1.61%
ATI, Inc. 1.57%
Wintrust Financial Corp. 1.53%
Datadog, Inc., Class A 1.53%
PPL Corp. 1.53%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Main Street Mid Cap Fund®
Class Y: OPMYX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Main Street Mid Cap Fund®
(Class Y)		 $42 0.80%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,612,993,314
Total number of portfolio holdings 98
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Royal Caribbean Cruises Ltd. 1.94%
Rockwell Automation, Inc. 1.70%
Keysight Technologies, Inc. 1.64%
Raymond James Financial, Inc. 1.63%
Curtiss-Wright Corp. 1.61%
Yum! Brands, Inc. 1.61%
ATI, Inc. 1.57%
Wintrust Financial Corp. 1.53%
Datadog, Inc., Class A 1.53%
PPL Corp. 1.53%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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O-MSM-SAR-Y
Invesco Main Street Mid Cap Fund®
TSR_logo
Invesco Main Street Mid Cap Fund®
Class R5: MSMJX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Main Street Mid Cap Fund®
(Class R5)		 $39 0.75%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,612,993,314
Total number of portfolio holdings 98
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Royal Caribbean Cruises Ltd. 1.94%
Rockwell Automation, Inc. 1.70%
Keysight Technologies, Inc. 1.64%
Raymond James Financial, Inc. 1.63%
Curtiss-Wright Corp. 1.61%
Yum! Brands, Inc. 1.61%
ATI, Inc. 1.57%
Wintrust Financial Corp. 1.53%
Datadog, Inc., Class A 1.53%
PPL Corp. 1.53%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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O-MSM-SAR-R5
Invesco Main Street Mid Cap Fund®
TSR_logo
Invesco Main Street Mid Cap Fund®
Class R6: OPMIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund® (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Main Street Mid Cap Fund®
(Class R6)		 $36 0.68%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,612,993,314
Total number of portfolio holdings 98
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Royal Caribbean Cruises Ltd. 1.94%
Rockwell Automation, Inc. 1.70%
Keysight Technologies, Inc. 1.64%
Raymond James Financial, Inc. 1.63%
Curtiss-Wright Corp. 1.61%
Yum! Brands, Inc. 1.61%
ATI, Inc. 1.57%
Wintrust Financial Corp. 1.53%
Datadog, Inc., Class A 1.53%
PPL Corp. 1.53%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Main Street Small Cap Fund®
Class A: OSCAX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Main Street Small Cap Fund®
(Class A)		 $58 1.06%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,660,616,801
Total number of portfolio holdings 104
Portfolio turnover rate 45%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Columbia Banking System, Inc. 1.94%
Enpro, Inc. 1.93%
Outfront Media, Inc. 1.92%
Kodiak Gas Services, Inc. 1.86%
AAR Corp. 1.82%
MaxLinear, Inc. 1.78%
Zurn Elkay Water Solutions Corp. 1.68%
AutoNation, Inc. 1.67%
Cathay General Bancorp 1.62%
BrightSpring Health Services, Inc. 1.56%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Main Street Small Cap Fund®
Class C: OSCCX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Main Street Small Cap Fund®
(Class C)		 $98 1.81%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,660,616,801
Total number of portfolio holdings 104
Portfolio turnover rate 45%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Columbia Banking System, Inc. 1.94%
Enpro, Inc. 1.93%
Outfront Media, Inc. 1.92%
Kodiak Gas Services, Inc. 1.86%
AAR Corp. 1.82%
MaxLinear, Inc. 1.78%
Zurn Elkay Water Solutions Corp. 1.68%
AutoNation, Inc. 1.67%
Cathay General Bancorp 1.62%
BrightSpring Health Services, Inc. 1.56%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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O-MSS-SAR-C
Invesco Main Street Small Cap Fund®
TSR_logo
Invesco Main Street Small Cap Fund®
Class R: OSCNX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Main Street Small Cap Fund®
(Class R)		 $71 1.31%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,660,616,801
Total number of portfolio holdings 104
Portfolio turnover rate 45%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Columbia Banking System, Inc. 1.94%
Enpro, Inc. 1.93%
Outfront Media, Inc. 1.92%
Kodiak Gas Services, Inc. 1.86%
AAR Corp. 1.82%
MaxLinear, Inc. 1.78%
Zurn Elkay Water Solutions Corp. 1.68%
AutoNation, Inc. 1.67%
Cathay General Bancorp 1.62%
BrightSpring Health Services, Inc. 1.56%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Main Street Small Cap Fund®
Class Y: OSCYX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Main Street Small Cap Fund®
(Class Y)		 $44 0.81%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,660,616,801
Total number of portfolio holdings 104
Portfolio turnover rate 45%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Columbia Banking System, Inc. 1.94%
Enpro, Inc. 1.93%
Outfront Media, Inc. 1.92%
Kodiak Gas Services, Inc. 1.86%
AAR Corp. 1.82%
MaxLinear, Inc. 1.78%
Zurn Elkay Water Solutions Corp. 1.68%
AutoNation, Inc. 1.67%
Cathay General Bancorp 1.62%
BrightSpring Health Services, Inc. 1.56%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Main Street Small Cap Fund®
Class R5: MNSQX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Main Street Small Cap Fund®
(Class R5)		 $41 0.75%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,660,616,801
Total number of portfolio holdings 104
Portfolio turnover rate 45%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Columbia Banking System, Inc. 1.94%
Enpro, Inc. 1.93%
Outfront Media, Inc. 1.92%
Kodiak Gas Services, Inc. 1.86%
AAR Corp. 1.82%
MaxLinear, Inc. 1.78%
Zurn Elkay Water Solutions Corp. 1.68%
AutoNation, Inc. 1.67%
Cathay General Bancorp 1.62%
BrightSpring Health Services, Inc. 1.56%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Main Street Small Cap Fund®
Class R6: OSSIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund® (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Main Street Small Cap Fund®
(Class R6)		 $37 0.68%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $2,660,616,801
Total number of portfolio holdings 104
Portfolio turnover rate 45%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Columbia Banking System, Inc. 1.94%
Enpro, Inc. 1.93%
Outfront Media, Inc. 1.92%
Kodiak Gas Services, Inc. 1.86%
AAR Corp. 1.82%
MaxLinear, Inc. 1.78%
Zurn Elkay Water Solutions Corp. 1.68%
AutoNation, Inc. 1.67%
Cathay General Bancorp 1.62%
BrightSpring Health Services, Inc. 1.56%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Quality Income Fund
Class A: VKMGX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Quality Income Fund
(Class A)		 $44 0.89%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $491,023,784
Total number of portfolio holdings 663
Portfolio turnover rate 211%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Government National Mortgage Association, TBA, 5.00%, 07/01/2056 4.32%
Government National Mortgage Association, TBA, 2.00%, 07/01/2056 3.91%
Government National Mortgage Association, TBA, 2.50%, 07/01/2056 3.50%
Uniform Mortgage-Backed Securities, TBA, 6.00%, 08/01/2056 3.27%
Government National Mortgage Association, TBA, 5.50%, 07/01/2056 3.11%
Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 2.68%
Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2041 2.65%
Government National Mortgage Association, TBA, 3.00%, 07/01/2056 2.14%
Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 2.03%
Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 2.01%
* Excluding money market fund holdings, if any.
Security type allocation
(% of total investments)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Quality Income Fund
Class C: VUSCX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Quality Income Fund
(Class C)		 $82 1.65%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $491,023,784
Total number of portfolio holdings 663
Portfolio turnover rate 211%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Government National Mortgage Association, TBA, 5.00%, 07/01/2056 4.32%
Government National Mortgage Association, TBA, 2.00%, 07/01/2056 3.91%
Government National Mortgage Association, TBA, 2.50%, 07/01/2056 3.50%
Uniform Mortgage-Backed Securities, TBA, 6.00%, 08/01/2056 3.27%
Government National Mortgage Association, TBA, 5.50%, 07/01/2056 3.11%
Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 2.68%
Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2041 2.65%
Government National Mortgage Association, TBA, 3.00%, 07/01/2056 2.14%
Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 2.03%
Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 2.01%
* Excluding money market fund holdings, if any.
Security type allocation
(% of total investments)
Graphical Representation - Allocation 1 Chart
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
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
VK-QINC-SAR-C
Invesco Quality Income Fund
TSR_logo
Invesco Quality Income Fund
Class R: VUSRX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Quality Income Fund
(Class R)		 $57 1.15%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $491,023,784
Total number of portfolio holdings 663
Portfolio turnover rate 211%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Government National Mortgage Association, TBA, 5.00%, 07/01/2056 4.32%
Government National Mortgage Association, TBA, 2.00%, 07/01/2056 3.91%
Government National Mortgage Association, TBA, 2.50%, 07/01/2056 3.50%
Uniform Mortgage-Backed Securities, TBA, 6.00%, 08/01/2056 3.27%
Government National Mortgage Association, TBA, 5.50%, 07/01/2056 3.11%
Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 2.68%
Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2041 2.65%
Government National Mortgage Association, TBA, 3.00%, 07/01/2056 2.14%
Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 2.03%
Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 2.01%
* Excluding money market fund holdings, if any.
Security type allocation
(% of total investments)
Graphical Representation - Allocation 1 Chart
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
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
VK-QINC-SAR-R
Invesco Quality Income Fund
TSR_logo
Invesco Quality Income Fund
Class Y: VUSIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Quality Income Fund
(Class Y)		 $32 0.65%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $491,023,784
Total number of portfolio holdings 663
Portfolio turnover rate 211%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Government National Mortgage Association, TBA, 5.00%, 07/01/2056 4.32%
Government National Mortgage Association, TBA, 2.00%, 07/01/2056 3.91%
Government National Mortgage Association, TBA, 2.50%, 07/01/2056 3.50%
Uniform Mortgage-Backed Securities, TBA, 6.00%, 08/01/2056 3.27%
Government National Mortgage Association, TBA, 5.50%, 07/01/2056 3.11%
Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 2.68%
Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2041 2.65%
Government National Mortgage Association, TBA, 3.00%, 07/01/2056 2.14%
Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 2.03%
Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 2.01%
* Excluding money market fund holdings, if any.
Security type allocation
(% of total investments)
Graphical Representation - Allocation 1 Chart
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
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
VK-QINC-SAR-Y
Invesco Quality Income Fund
TSR_logo
Invesco Quality Income Fund
Class R5: VUSJX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Quality Income Fund
(Class R5)		 $30 0.61%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $491,023,784
Total number of portfolio holdings 663
Portfolio turnover rate 211%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Government National Mortgage Association, TBA, 5.00%, 07/01/2056 4.32%
Government National Mortgage Association, TBA, 2.00%, 07/01/2056 3.91%
Government National Mortgage Association, TBA, 2.50%, 07/01/2056 3.50%
Uniform Mortgage-Backed Securities, TBA, 6.00%, 08/01/2056 3.27%
Government National Mortgage Association, TBA, 5.50%, 07/01/2056 3.11%
Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 2.68%
Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2041 2.65%
Government National Mortgage Association, TBA, 3.00%, 07/01/2056 2.14%
Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 2.03%
Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 2.01%
* Excluding money market fund holdings, if any.
Security type allocation
(% of total investments)
Graphical Representation - Allocation 1 Chart
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
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
VK-QINC-SAR-R5
Invesco Quality Income Fund
TSR_logo
Invesco Quality Income Fund
Class R6: VUSSX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Quality Income Fund
(Class R6)		 $27 0.54%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $491,023,784
Total number of portfolio holdings 663
Portfolio turnover rate 211%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
Government National Mortgage Association, TBA, 5.00%, 07/01/2056 4.32%
Government National Mortgage Association, TBA, 2.00%, 07/01/2056 3.91%
Government National Mortgage Association, TBA, 2.50%, 07/01/2056 3.50%
Uniform Mortgage-Backed Securities, TBA, 6.00%, 08/01/2056 3.27%
Government National Mortgage Association, TBA, 5.50%, 07/01/2056 3.11%
Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 2.68%
Uniform Mortgage-Backed Securities, TBA, 5.00%, 07/01/2041 2.65%
Government National Mortgage Association, TBA, 3.00%, 07/01/2056 2.14%
Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 2.03%
Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 2.01%
* Excluding money market fund holdings, if any.
Security type allocation
(% of total investments)
Graphical Representation - Allocation 1 Chart
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
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
VK-QINC-SAR-R6
Invesco Quality Income Fund
TSR_logo
Invesco Select Risk: Conservative Investor Fund
Class A: OACIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Conservative Investor Fund
(Class A)		 $20 0.40%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $364,801,100
Total number of portfolio holdings 25
Portfolio turnover rate 34%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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O-OPSCI-SAR-A
Invesco Select Risk: Conservative Investor Fund
TSR_logo
Invesco Select Risk: Conservative Investor Fund
Class C: OCCIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Conservative Investor Fund
(Class C)		 $59 1.16%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $364,801,100
Total number of portfolio holdings 25
Portfolio turnover rate 34%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Conservative Investor Fund
Class R: ONCIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Conservative Investor Fund
(Class R)		 $33 0.66%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $364,801,100
Total number of portfolio holdings 25
Portfolio turnover rate 34%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Conservative Investor Fund
Class Y: OYCIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Conservative Investor Fund
(Class Y)		 $8 0.16%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $364,801,100
Total number of portfolio holdings 25
Portfolio turnover rate 34%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Conservative Investor Fund
Class R5: PXCIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Conservative Investor Fund
(Class R5)		 $5 0.10%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $364,801,100
Total number of portfolio holdings 25
Portfolio turnover rate 34%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Conservative Investor Fund
Class R6: PXCCX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Conservative Investor Fund
(Class R6)		 $5 0.10%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $364,801,100
Total number of portfolio holdings 25
Portfolio turnover rate 34%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Growth Investor Fund
Class A: AADAX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Growth Investor Fund
(Class A)		 $21 0.40%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,127,406,908
Total number of portfolio holdings 27
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Growth Investor Fund
Class C: AADCX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Growth Investor Fund
(Class C)		 $60 1.15%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,127,406,908
Total number of portfolio holdings 27
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Growth Investor Fund
Class R: AADRX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Growth Investor Fund
(Class R)		 $34 0.65%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,127,406,908
Total number of portfolio holdings 27
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Growth Investor Fund
Class S: AADSX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Growth Investor Fund
(Class S)		 $16 0.30%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,127,406,908
Total number of portfolio holdings 27
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Growth Investor Fund
Class Y: AADYX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Growth Investor Fund
(Class Y)		 $8 0.15%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,127,406,908
Total number of portfolio holdings 27
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)

Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Growth Investor Fund
Class R5: AADIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Growth Investor Fund
(Class R5)		 $7 0.14%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,127,406,908
Total number of portfolio holdings 27
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)

Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Growth Investor Fund
Class R6: AAESX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Growth Investor Fund
(Class R6)		 $4 0.07%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,127,406,908
Total number of portfolio holdings 27
Portfolio turnover rate 29%
What Comprised The Fund's Holdings?
(as of June 30, 2026)

Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: High Growth Investor Fund
Class A: OAAIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: High Growth Investor Fund
(Class A)		 $19 0.36%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $968,645,942
Total number of portfolio holdings 25
Portfolio turnover rate 28%
What Comprised The Fund's Holdings?
(as of June 30, 2026)

Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: High Growth Investor Fund
Class C: OCAIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: High Growth Investor Fund
(Class C)		 $59 1.12%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $968,645,942
Total number of portfolio holdings 25
Portfolio turnover rate 28%
What Comprised The Fund's Holdings?
(as of June 30, 2026)

Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: High Growth Investor Fund
Class R: ONAIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: High Growth Investor Fund
(Class R)		 $33 0.62%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $968,645,942
Total number of portfolio holdings 25
Portfolio turnover rate 28%
What Comprised The Fund's Holdings?
(as of June 30, 2026)

Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart

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
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
Invesco Select Risk: High Growth Investor Fund
Class Y: OYAIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: High Growth Investor Fund
(Class Y)		 $6 0.12%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $968,645,942
Total number of portfolio holdings 25
Portfolio turnover rate 28%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: High Growth Investor Fund
Class R5: PXQIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: High Growth Investor Fund
(Class R5)		 $3 0.05%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $968,645,942
Total number of portfolio holdings 25
Portfolio turnover rate 28%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: High Growth Investor Fund
Class R6: PXGGX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: High Growth Investor Fund
(Class R6)		 $3 0.05%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $968,645,942
Total number of portfolio holdings 25
Portfolio turnover rate 28%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderate Investor Fund
Class A: OAMIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderate Investor Fund
(Class A)		 $18 0.35%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,934,588,447
Total number of portfolio holdings 27
Portfolio turnover rate 31%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderate Investor Fund
Class C: OCMIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderate Investor Fund
(Class C)		 $58 1.11%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,934,588,447
Total number of portfolio holdings 27
Portfolio turnover rate 31%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderate Investor Fund
Class R: ONMIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderate Investor Fund
(Class R)		 $32 0.61%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,934,588,447
Total number of portfolio holdings 27
Portfolio turnover rate 31%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderate Investor Fund
Class S: PXMSX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderate Investor Fund
(Class S)		 $14 0.26%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,934,588,447
Total number of portfolio holdings 27
Portfolio turnover rate 31%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderate Investor Fund
Class Y: OYMIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderate Investor Fund
(Class Y)		 $6 0.11%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,934,588,447
Total number of portfolio holdings 27
Portfolio turnover rate 31%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderate Investor Fund
Class R5: PXMQX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderate Investor Fund
(Class R5)		 $6 0.12%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,934,588,447
Total number of portfolio holdings 27
Portfolio turnover rate 31%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderate Investor Fund
Class R6: PXMMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderate Investor Fund
(Class R6)		 $3 0.05%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,934,588,447
Total number of portfolio holdings 27
Portfolio turnover rate 31%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderately Conservative Investor Fund
Class A: CAAMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderately Conservative Investor Fund
(Class A)		 $23 0.44%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $278,244,532
Total number of portfolio holdings 24
Portfolio turnover rate 33%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderately Conservative Investor Fund
Class C: CACMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderately Conservative Investor Fund
(Class C)		 $61 1.19%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $278,244,532
Total number of portfolio holdings 24
Portfolio turnover rate 33%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderately Conservative Investor Fund
Class R: CMARX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderately Conservative Investor Fund
(Class R)		 $35 0.69%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $278,244,532
Total number of portfolio holdings 24
Portfolio turnover rate 33%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderately Conservative Investor Fund
Class S: CMASX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderately Conservative Investor Fund
(Class S)		 $17 0.34%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $278,244,532
Total number of portfolio holdings 24
Portfolio turnover rate 33%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderately Conservative Investor Fund
Class Y: CAAYX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderately Conservative Investor Fund
(Class Y)		 $10 0.19%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $278,244,532
Total number of portfolio holdings 24
Portfolio turnover rate 33%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Select Risk: Moderately Conservative Investor Fund
Class R5: CMAIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderately Conservative Investor Fund
(Class R5)		 $10 0.19%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $278,244,532
Total number of portfolio holdings 24
Portfolio turnover rate 33%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
CAL-SAR-R5
Invesco Select Risk: Moderately Conservative Investor Fund
TSR_logo
Invesco Select Risk: Moderately Conservative Investor Fund
Class R6: CNSSX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Select Risk: Moderately Conservative Investor Fund
(Class R6)		 $6 0.11%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $278,244,532
Total number of portfolio holdings 24
Portfolio turnover rate 33%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Asset allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Small Cap Growth Fund
Class A: GTSAX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Small Cap Growth Fund
(Class A)		 $66 1.16%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,831,591,209
Total number of portfolio holdings 102
Portfolio turnover rate 55%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
MKS, Inc. 3.10%
Allegro MicroSystems, Inc. 2.77%
BrightSpring Health Services, Inc. 2.68%
ESCO Technologies, Inc. 2.25%
Sterling Infrastructure, Inc. 2.11%
Lattice Semiconductor Corp. 2.07%
Axsome Therapeutics, Inc. 2.05%
Onto Innovation, Inc. 2.04%
Sanmina Corp. 2.02%
TTM Technologies, Inc. 1.92%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Small Cap Growth Fund
Class C: GTSDX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Small Cap Growth Fund
(Class C)		 $103 1.83%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,831,591,209
Total number of portfolio holdings 102
Portfolio turnover rate 55%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
MKS, Inc. 3.10%
Allegro MicroSystems, Inc. 2.77%
BrightSpring Health Services, Inc. 2.68%
ESCO Technologies, Inc. 2.25%
Sterling Infrastructure, Inc. 2.11%
Lattice Semiconductor Corp. 2.07%
Axsome Therapeutics, Inc. 2.05%
Onto Innovation, Inc. 2.04%
Sanmina Corp. 2.02%
TTM Technologies, Inc. 1.92%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Small Cap Growth Fund
Class R: GTSRX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Small Cap Growth Fund
(Class R)		 $80 1.41%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,831,591,209
Total number of portfolio holdings 102
Portfolio turnover rate 55%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
MKS, Inc. 3.10%
Allegro MicroSystems, Inc. 2.77%
BrightSpring Health Services, Inc. 2.68%
ESCO Technologies, Inc. 2.25%
Sterling Infrastructure, Inc. 2.11%
Lattice Semiconductor Corp. 2.07%
Axsome Therapeutics, Inc. 2.05%
Onto Innovation, Inc. 2.04%
Sanmina Corp. 2.02%
TTM Technologies, Inc. 1.92%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Small Cap Growth Fund
Class Y: GTSYX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Small Cap Growth Fund
(Class Y)		 $52 0.91%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,831,591,209
Total number of portfolio holdings 102
Portfolio turnover rate 55%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
MKS, Inc. 3.10%
Allegro MicroSystems, Inc. 2.77%
BrightSpring Health Services, Inc. 2.68%
ESCO Technologies, Inc. 2.25%
Sterling Infrastructure, Inc. 2.11%
Lattice Semiconductor Corp. 2.07%
Axsome Therapeutics, Inc. 2.05%
Onto Innovation, Inc. 2.04%
Sanmina Corp. 2.02%
TTM Technologies, Inc. 1.92%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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SCG-SAR-Y
Invesco Small Cap Growth Fund
TSR_logo
Invesco Small Cap Growth Fund
Investor Class: GTSIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Small Cap Growth Fund
(Investor Class)		 $63 1.11%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,831,591,209
Total number of portfolio holdings 102
Portfolio turnover rate 55%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
MKS, Inc. 3.10%
Allegro MicroSystems, Inc. 2.77%
BrightSpring Health Services, Inc. 2.68%
ESCO Technologies, Inc. 2.25%
Sterling Infrastructure, Inc. 2.11%
Lattice Semiconductor Corp. 2.07%
Axsome Therapeutics, Inc. 2.05%
Onto Innovation, Inc. 2.04%
Sanmina Corp. 2.02%
TTM Technologies, Inc. 1.92%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Small Cap Growth Fund
Class R5: GTSVX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Small Cap Growth Fund
(Class R5)		 $47 0.83%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,831,591,209
Total number of portfolio holdings 102
Portfolio turnover rate 55%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
MKS, Inc. 3.10%
Allegro MicroSystems, Inc. 2.77%
BrightSpring Health Services, Inc. 2.68%
ESCO Technologies, Inc. 2.25%
Sterling Infrastructure, Inc. 2.11%
Lattice Semiconductor Corp. 2.07%
Axsome Therapeutics, Inc. 2.05%
Onto Innovation, Inc. 2.04%
Sanmina Corp. 2.02%
TTM Technologies, Inc. 1.92%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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
Invesco Small Cap Growth Fund
Class R6: GTSFX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2026 to June 30, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Small Cap Growth Fund
(Class R6)		 $43 0.76%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2026)
Fund net assets $1,831,591,209
Total number of portfolio holdings 102
Portfolio turnover rate 55%
What Comprised The Fund's Holdings?
(as of June 30, 2026)
Top ten holdings*
(% of net assets)
MKS, Inc. 3.10%
Allegro MicroSystems, Inc. 2.77%
BrightSpring Health Services, Inc. 2.68%
ESCO Technologies, Inc. 2.25%
Sterling Infrastructure, Inc. 2.11%
Lattice Semiconductor Corp. 2.07%
Axsome Therapeutics, Inc. 2.05%
Onto Innovation, Inc. 2.04%
Sanmina Corp. 2.02%
TTM Technologies, Inc. 1.92%
* Excluding money market fund holdings, if any.
Sector allocation
(% of net assets)
Graphical Representation - Allocation 1 Chart
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
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.


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco Active Allocation Fund
Nasdaq:
A: OAAAX ■ C: OAACX ■ R: OAANX ■ Y: OAAYX ■ R5: PAAJX ■ R6: PAAQX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
Schedule of Investments  
June 30, 2026
(Unaudited) 
Invesco Active Allocation Fund
Schedule of Investments in Affiliated Issuers–99.65%(a)
 
% of
Net
Assets
06/30/26
Value
12/31/25
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/26
Value
06/30/26
Alternative Funds–0.13%
Invesco Dynamic Credit Opportunity Fund,
Class R6
0.13
%
$2,747,267
$138,741
$—
$(205,835
)
$—
$138,754
278,894
$2,680,173
Invesco Global Real Estate Income Fund,
Class R6
—
38,858,999
—
(42,219,159
)
(2,113,243
)
5,473,403
—
—
—
Total Alternative Funds
41,606,266
138,741
(42,219,159
)
(2,319,078
)
5,473,403
138,754
2,680,173
Domestic Equity Funds–43.54%
Invesco Discovery Mid Cap Growth Fund,
Class R6
1.62
%
126,737,758
—
(109,963,203
)
(15,749,252
)
32,949,528
—
784,276
33,974,831
Invesco Main Street Small Cap Fund,
Class R6
4.34
%
123,453,598
982,953
(51,471,762
)
(121,253
)
18,330,357
—
3,381,821
91,173,893
Invesco NASDAQ 100 ETF(b)
9.33
%
250,110,059
1,641,489
(89,059,513
)
7,981,971
25,073,700
458,780
646,096
195,747,706
Invesco Russell 1000® Dynamic
Multifactor ETF
11.94
%
275,625,878
—
(53,349,956
)
17,535,795
10,906,849
1,090,688
3,657,989
250,718,566
Invesco S&P 500 Revenue ETF(b)
14.72
%
226,695,917
62,679,307
(10,643,987
)
29,790,548
400,873
2,010,952
2,417,992
308,922,658
Invesco Value Opportunities Fund,
Class R6
1.59
%
102,932,769
—
(84,307,898
)
(10,180,187
)
24,861,469
—
1,118,782
33,306,153
Total Domestic Equity Funds
1,105,555,979
65,303,749
(398,796,319
)
29,257,622
112,522,776
3,560,420
913,843,807
Fixed Income Funds–18.82%
Invesco Core Bond Fund, Class R6
5.25
%
182,765,862
10,639,127
(82,119,069
)
(3,089,298
)
1,996,893
2,751,343
19,607,387
110,193,515
Invesco Core Plus Bond Fund, Class R6
2.59
%
98,411,604
1,530,705
(45,313,690
)
10,131,440
(10,477,892
)
1,530,678
5,887,437
54,282,167
Invesco Emerging Markets Sovereign Debt
ETF
0.94
%
6,944,326
13,064,913
(39,659
)
(256,844
)
(1,299
)
510,033
910,459
19,711,437
Invesco Equal Weight 0-30 Year Treasury
ETF(b)
3.89
%
—
85,892,294
(1,507,002
)
(2,604,617
)
(34,631
)
1,188,293
3,010,904
81,746,044
Invesco Floating Rate ESG Fund, Class R6
1.10
%
18,564,935
6,262,740
(1,070,810
)
(517,457
)
(74,392
)
849,153
3,694,580
23,165,016
Invesco High Yield Fund, Class R6
1.57
%
28,205,925
6,383,111
(1,274,306
)
(345,991
)
(16,054
)
1,060,985
9,335,038
32,952,685
Invesco Short Term Treasury ETF
2.16
%
—
47,350,229
(2,002,899
)
(94,300
)
(1,716
)
659,248
428,638
45,251,314
Invesco Variable Rate Investment Grade
ETF
1.32
%
29,368,783
—
(1,711,104
)
(27,602
)
(6,021
)
634,979
1,101,877
27,624,056
Total Fixed Income Funds
364,261,435
171,123,119
(135,038,539
)
3,195,331
(8,615,112
)
9,184,712
394,926,234
International and Global Equity Funds–37.04%
Invesco Developing Markets Fund,
Class R6
5.00
%
45,909,501
53,019,415
(4,374,218
)
11,602,544
(1,207,709
)
—
2,651,580
104,949,533
Invesco Global Fund, Class R6
12.18
%
158,865,737
81,245,833
(10,613,626
)
25,963,059
187,402
—
2,596,997
255,648,405
Invesco International Developed Dynamic
Multifactor ETF(b)
6.89
%
61,629,790
73,815,230
(1,767,054
)
10,881,188
63,687
2,077,139
4,211,498
144,622,841
Invesco International Growth Fund,
Class R6
0.00
%
28,238,045
—
(28,428,070
)
7,152,856
(6,962,813
)
—
1
18
Invesco International Small-Mid Company
Fund, Class R6
6.63
%
83,424,823
56,431,446
—
(699,585
)
—
—
3,929,870
139,156,684
Invesco RAFI Developed Markets ex-U.S.
ETF
6.34
%
71,143,198
53,132,681
(3,494,678
)
11,216,384
1,086,835
2,050,148
1,759,445
133,084,420
Total International and Global Equity
Funds
449,211,094
317,644,605
(48,677,646
)
66,116,446
(6,832,598
)
4,127,287
777,461,901
Money Market Funds–0.12%
Invesco Government & Agency Portfolio,
Institutional Class, 3.57%(c)
0.04
%
3,530,628
29,945,119
(32,613,902
)
—
—
43,159
861,845
861,845
Invesco Treasury Portfolio, Institutional
Class, 3.56%(c)
0.08
%
6,556,766
55,612,364
(60,568,573
)
—
—
79,580
1,600,557
1,600,557
Total Money Market Funds
10,087,394
85,557,483
(93,182,475
)
—
—
122,739
2,462,402
TOTAL INVESTMENTS IN AFFILIATED
ISSUERS (excluding investments
purchased with cash collateral from
securities on loan)
(Cost $1,594,496,129)
99.65
%
1,970,722,168
639,767,697
(717,914,138
)
96,250,321
102,548,469
17,133,912
2,091,374,517
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)
Schedule of Investments in Affiliated Issuers–99.65%(a)
 
% of
Net
Assets
06/30/26
Value
12/31/25
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/26
Value
06/30/26
 
Investments Purchased with
Cash Collateral from
Securities on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–1.64%
Invesco Private Government Fund,
3.62%(c)(d)
0.46
%
$16,833,203
$111,006,751
$(118,211,466
)
$—
$—
$59,383
(e)
9,628,488
$9,628,488
Invesco Private Prime Fund, 3.77%(c)(d)
1.18
%
44,031,288
265,888,250
(285,093,902
)
(86
)
(1,936
)
157,892
(e)
24,821,132
24,823,614
Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $34,452,188)
1.64
%
60,864,491
376,895,001
(403,305,368
)
(86
)
(1,936
)
217,275
34,452,102
TOTAL INVESTMENTS IN AFFILIATED
ISSUERS (Cost $1,628,948,317) 
101.29
%
$2,031,586,659
$1,016,662,698
$(1,121,219,506
)
$96,250,235
$102,546,533
$17,351,187
$2,125,826,619
OTHER ASSETS LESS LIABILITIES
(1.29
)%
(27,108,302
)
NET ASSETS
100.00
%
$2,098,718,317
Investment Abbreviations: 
ETF -
Exchange-Traded Fund
Notes to Schedule of Investments: 
(a)
Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s
investment adviser.
(b)
All or a portion of this security was out on loan at June 30, 2026.
(c)
The rate shown is the 7-day SEC standardized yield as of June 30, 2026.
(d)
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.
(e)
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Equity Risk
E-Mini S&P 500 Index
161
September-2026
$60,763,413
$391,568
$391,568
Interest Rate Risk
U.S. Treasury 10 Year Notes
126
September-2026
13,846,219
98,290
98,290
Subtotal—Long Futures Contracts
489,858
489,858
Short Futures Contracts
 
 
 
 
 
Equity Risk
SFE S&P ASX Share Price 200 Index
14
September-2026
(2,126,622
)
18,285
18,285
MSCI Emerging Markets Index
260
September-2026
(22,844,900
)
452,233
452,233
Nikkei 225 Index
10
September-2026
(4,316,861
)
(276,852
)
(276,852
)
S&P/TSX 60 Index
6
September-2026
(1,739,355
)
(1,007
)
(1,007
)
STOXX Europe 600 Index
335
September-2026
(12,330,967
)
(122,625
)
(122,625
)
Subtotal—Short Futures Contracts
70,034
70,034
Total Futures Contracts
$559,892
$559,892
 
Open Forward Foreign Currency Contracts
Settlement
Date
Counterparty
Contract to
Unrealized
Appreciation
(Depreciation)
Deliver
Receive
Currency Risk
 
 
 
09/02/2026
Deutsche Bank AG
USD
2,654,775
BRL
13,960,000
$9,652
09/16/2026
Deutsche Bank AG
CLP
3,700,000,000
USD
4,042,302
24,995
09/16/2026
Deutsche Bank AG
USD
89,103
COP
328,000,000
5,158
09/16/2026
Goldman Sachs International
CHF
6,400,000
USD
8,127,139
140,015
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Active Allocation Fund
Open Forward Foreign Currency Contracts—(continued)
Settlement
Date
Counterparty
Contract to
Unrealized
Appreciation
(Depreciation)
Deliver
Receive
09/16/2026
Goldman Sachs International
NZD
11,925,000
USD
6,940,553
$150,506
09/16/2026
Goldman Sachs International
USD
2,242,251
IDR
40,950,000,000
30,712
09/16/2026
Goldman Sachs International
USD
6,402,417
INR
616,540,000
73,647
09/17/2026
Goldman Sachs International
USD
4,377,277
MYR
17,900,000
16,601
09/16/2026
J.P. Morgan Chase Bank, N.A.
AUD
8,700,000
USD
6,121,008
105,716
09/16/2026
J.P. Morgan Chase Bank, N.A.
CNY
25,160,000
USD
3,730,715
20,239
09/16/2026
J.P. Morgan Chase Bank, N.A.
GBP
7,720,000
USD
10,299,765
59,626
09/16/2026
J.P. Morgan Chase Bank, N.A.
SEK
83,030,000
USD
8,814,929
215,794
09/16/2026
J.P. Morgan Chase Bank, N.A.
USD
4,030,894
COP
14,822,000,000
228,645
09/16/2026
Merrill Lynch International
CZK
87,540,000
USD
4,170,903
47,044
09/16/2026
Merrill Lynch International
USD
2,966,330
KRW
4,620,000,000
23,592
09/16/2026
Morgan Stanley and Co. International PLC
CHF
1,220,000
USD
1,549,516
26,970
09/16/2026
Standard Chartered Bank PLC
AUD
4,300,000
USD
3,026,162
53,086
09/16/2026
Standard Chartered Bank PLC
NZD
2,485,000
USD
1,446,598
31,649
Subtotal—Appreciation
1,263,647
Currency Risk
 
 
 
09/16/2026
Goldman Sachs International
USD
6,587,445
CAD
9,145,000
(117,598
)
09/16/2026
Goldman Sachs International
ZAR
59,900,000
USD
3,589,592
(44,852
)
09/16/2026
J.P. Morgan Chase Bank, N.A.
USD
3,950,771
EUR
3,414,000
(37,597
)
09/16/2026
J.P. Morgan Chase Bank, N.A.
USD
5,442,786
JPY
865,622,000
(86,453
)
09/16/2026
Merrill Lynch International
USD
8,267,789
SGD
10,600,000
(30,782
)
09/17/2026
Merrill Lynch International
MXN
67,800,000
USD
3,841,834
(10,800
)
09/16/2026
Morgan Stanley and Co. International PLC
USD
8,224,819
NOK
77,945,000
(358,707
)
09/16/2026
Standard Chartered Bank PLC
USD
2,541,487
HKD
19,850,000
(3,857
)
09/16/2026
UBS AG
USD
8,182,437
TWD
260,600,000
(23,031
)
Subtotal—Depreciation
(713,677
)
Total Forward Foreign Currency Contracts
$549,970
 
Open Centrally Cleared Credit Default Swap Agreements
Reference Entity
Buy/Sell
Protection
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity Date
Implied
Credit
Spread(a)
Notional Value
Upfront
Payments Paid
(Received)
Value
Unrealized
Appreciation
(Depreciation)
Credit Risk
Markit CDX North America High Yield
Index, Series 46, Version 1
Buy
(5.00)%
Quarterly
06/20/2031
3.033%
USD
5,225,220
$(324,287
)
$(421,341
)
$(97,054
)
Markit CDX North America Investment
Grade Index, Series 45, Version 1
Buy
(1.00)
Quarterly
06/20/2031
1.403
USD
11,760,000
328,225
207,799
(120,426
)
Total Centrally Cleared Credit Default Swap Agreements
 
$3,938
$(213,542
)
$(217,480
)
 
(a)
Implied credit spreads represent the current level, as of June 30, 2026, at which protection could be bought or sold given the terms of the existing credit default
swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread
that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference
entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads
may increase or decrease reflecting the general tolerance for risk in the credit markets generally.
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Active Allocation Fund
Abbreviations:
AUD
—Australian Dollar
BRL
—Brazilian Real
CAD
—Canadian Dollar
CHF
—Swiss Franc
CHF
—Swiss Franc
CLP
—Chile Peso
CNY
—Chinese Yuan Renminbi
COP
—Colombia Peso
CZK
—Czech Koruna
EUR
—Euro
GBP
—British Pound Sterling
HKD
—Hong Kong Dollar
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
SEK
—Swedish Krona
SGD
—Singapore Dollar
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, 2026
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $1,628,948,317)*
$2,125,826,619
Other investments:
Variation margin receivable—centrally cleared swap
agreements
2,757
Unrealized appreciation on forward foreign currency
contracts outstanding
1,263,647
Deposits with brokers:
Cash collateral — exchange-traded futures contracts
7,657,460
Cash collateral — centrally cleared swap agreements
553,980
Cash collateral — OTC Derivatives
140,000
Cash
202,342
Receivable for:
Fund shares sold
565,568
Dividends - affiliated underlying funds
981,649
Investment for trustee deferred compensation and
retirement plans
134,904
Other assets
104,592
Total assets
2,137,433,518
Liabilities:
Other investments:
Variation margin payable - futures contracts
91,525
Unrealized depreciation on forward foreign currency
contracts outstanding
713,677
Payable for:
Investments purchased - affiliated underlying funds
965,492
Fund shares reacquired
1,342,229
Collateral upon return of securities loaned
34,452,188
Accrued fees to affiliates
726,373
Accrued trustees’ and officers’ fees and benefits
21,673
Accrued other operating expenses
267,140
Trustee deferred compensation and retirement plans
134,904
Total liabilities
38,715,201
Net assets applicable to shares outstanding
$2,098,718,317
Net assets consist of:
Shares of beneficial interest
$1,400,867,109
Distributable earnings
697,851,208
 
$2,098,718,317
Net Assets:
Class A
$1,768,855,361
Class C
$130,089,820
Class R
$171,358,641
Class Y
$27,005,444
Class R5
$47,416
Class R6
$1,361,635
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
106,995,112
Class C
8,140,124
Class R
10,462,921
Class Y
1,596,724
Class R5
2,873
Class R6
82,456
Class A:
Net asset value per share
$16.53
Maximum offering price per share
(Net asset value of $16.53 ÷ 94.50%)
$17.49
Class C:
Net asset value and offering price per share
$15.98
Class R:
Net asset value and offering price per share
$16.38
Class Y:
Net asset value and offering price per share
$16.91
Class R5:
Net asset value and offering price per share
$16.50
Class R6:
Net asset value and offering price per share
$16.51
 
*
At June 30, 2026, securities with an aggregate value of $34,107,486
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, 2026
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $52,835)
$17,186,747
Interest
102,688
Total investment income
17,289,435
Expenses:
Advisory fees
860,064
Administrative services fees
143,405
Custodian fees
16,258
Distribution fees:
Class A
2,036,616
Class C
636,990
Class R
406,695
Transfer agent fees — A, C, R and Y
849,076
Transfer agent fees — R5
22
Transfer agent fees — R6
134
Trustees’ and officers’ fees and benefits
18,043
Registration and filing fees
60,517
Reports to shareholders
40,381
Professional services fees
25,358
Other
13,738
Total expenses
5,107,297
Less: Fees waived and/or expenses reimbursed
(3,920
)
Net expenses
5,103,377
Net investment income
12,186,058
Realized and unrealized gain (loss) from
Net realized gain (loss) from:
Affiliated underlying fund shares
102,546,533
Foreign currencies
3,491
Forward foreign currency contracts
(311,734
)
Futures contracts
(410,848
)
Swap agreements
(441,290
)
 
101,386,152
Change in net unrealized appreciation of:
Affiliated underlying fund shares
96,250,235
Foreign currencies
7,387
Forward foreign currency contracts
772,482
Futures contracts
322,534
Swap agreements
9,498
 
97,362,136
Net realized and unrealized gain
198,748,288
Net increase in net assets resulting from operations
$210,934,346
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, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30,
2026
December 31,
2025
Operations:
 
 
Net investment income
$12,186,058
$26,735,280
Net realized gain
101,386,152
120,671,375
Change in net unrealized appreciation
97,362,136
128,226,317
Net increase in net assets resulting from operations
210,934,346
275,632,972
Distributions to shareholders from distributable earnings:
Class A
—
(81,998,556
)
Class C
—
(5,603,639
)
Class R
—
(7,466,256
)
Class Y
—
(1,369,819
)
Class R5
—
(2,251
)
Class R6
—
(57,254
)
Total distributions from distributable earnings
—
(96,497,775
)
Share transactions–net:
Class A
(69,113,355
)
(71,403,078
)
Class C
(10,602,078
)
(22,715,913
)
Class R
(3,864,571
)
(9,034,386
)
Class Y
(2,357,035
)
(2,175,498
)
Class R5
—
29,043
Class R6
139,751
449,886
Net increase (decrease) in net assets resulting from share transactions
(85,797,288
)
(104,849,946
)
Net increase in net assets
125,137,058
74,285,251
Net assets:
Beginning of period
1,973,581,259
1,899,296,008
End of period
$2,098,718,317
$1,973,581,259
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
value,
beginning
of period
Net
investment
income
(loss)(a)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
from net
investment
income
Distributions
from net
realized
gains
Total
distributions
Net asset
value, end
of period
Total
return(b)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed(c)
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
(loss)
to average
net assets
Portfolio
turnover (d)
Class A
Six months ended 06/30/26
$14.90
$0.10
$1.53
$1.63
$—
$—
$—
$16.53
10.94
%(e)
$1,768,855
0.44
%(e)(f)
0.44
%(e)(f)
1.28
%(e)(f)
28
%
Year ended 12/31/25
13.57
0.21
1.89
2.10
(0.24
)
(0.53
)
(0.77
)
14.90
15.53
(e)
1,659,857
0.44
(e)
0.44
(e)
1.46
(e)
32
Year ended 12/31/24
13.08
0.26
1.02
1.28
(0.30
)
(0.49
)
(0.79
)
13.57
9.77
(e)
1,581,091
0.46
(e)
0.47
(e)
1.92
(e)
43
Year ended 12/31/23
11.89
0.23
1.37
1.60
(0.23
)
(0.18
)
(0.41
)
13.08
13.52
(e)
1,589,240
0.46
(e)
0.46
(e)
1.84
(e)
21
Year ended 12/31/22
15.42
0.15
(3.12
)
(2.97
)
(0.17
)
(0.39
)
(0.56
)
11.89
(19.32
)(e)
1,498,861
0.47
(e)
0.47
(e)
1.18
(e)
20
Year ended 12/31/21
14.70
0.10
1.92
2.02
(0.32
)
(0.98
)
(1.30
)
15.42
13.92
(e)
1,973,745
0.45
(e)
0.47
(e)
0.64
(e)
16
Class C
Six months ended 06/30/26
14.46
0.04
1.48
1.52
—
—
—
15.98
10.51
130,090
1.20
(f)
1.20
(f)
0.52
(f)
28
Year ended 12/31/25
13.19
0.10
1.83
1.93
(0.13
)
(0.53
)
(0.66
)
14.46
14.63
127,777
1.20
1.20
0.70
32
Year ended 12/31/24
12.72
0.16
0.99
1.15
(0.19
)
(0.49
)
(0.68
)
13.19
9.00
138,237
1.22
1.23
1.16
43
Year ended 12/31/23
11.57
0.13
1.33
1.46
(0.13
)
(0.18
)
(0.31
)
12.72
12.66
159,486
1.22
1.22
1.08
21
Year ended 12/31/22
15.01
0.05
(3.03
)
(2.98
)
(0.07
)
(0.39
)
(0.46
)
11.57
(19.93
)
167,991
1.23
1.23
0.42
20
Year ended 12/31/21
14.34
(0.02
)
1.86
1.84
(0.19
)
(0.98
)
(1.17
)
15.01
13.01
247,857
1.21
1.23
(0.12
)
16
Class R
Six months ended 06/30/26
14.78
0.08
1.52
1.60
—
—
—
16.38
10.83
171,359
0.70
(f)
0.70
(f)
1.02
(f)
28
Year ended 12/31/25
13.47
0.17
1.87
2.04
(0.20
)
(0.53
)
(0.73
)
14.78
15.20
158,227
0.70
0.70
1.20
32
Year ended 12/31/24
12.99
0.23
1.00
1.23
(0.26
)
(0.49
)
(0.75
)
13.47
9.48
153,142
0.72
0.73
1.66
43
Year ended 12/31/23
11.80
0.20
1.37
1.57
(0.20
)
(0.18
)
(0.38
)
12.99
13.33
146,168
0.72
0.72
1.58
21
Year ended 12/31/22
15.31
0.12
(3.11
)
(2.99
)
(0.13
)
(0.39
)
(0.52
)
11.80
(19.56
)
127,968
0.73
0.73
0.92
20
Year ended 12/31/21
14.60
0.06
1.91
1.97
(0.28
)
(0.98
)
(1.26
)
15.31
13.64
166,900
0.71
0.73
0.38
16
Class Y
Six months ended 06/30/26
15.22
0.12
1.57
1.69
—
—
—
16.91
11.10
27,005
0.20
(f)
0.20
(f)
1.52
(f)
28
Year ended 12/31/25
13.85
0.25
1.93
2.18
(0.28
)
(0.53
)
(0.81
)
15.22
15.76
26,577
0.20
0.20
1.70
32
Year ended 12/31/24
13.34
0.30
1.04
1.34
(0.34
)
(0.49
)
(0.83
)
13.85
10.00
26,258
0.22
0.23
2.16
43
Year ended 12/31/23
12.11
0.27
1.40
1.67
(0.26
)
(0.18
)
(0.44
)
13.34
13.86
25,832
0.22
0.22
2.08
21
Year ended 12/31/22
15.70
0.19
(3.19
)
(3.00
)
(0.20
)
(0.39
)
(0.59
)
12.11
(19.15
)
25,095
0.23
0.23
1.42
20
Year ended 12/31/21
14.94
0.14
1.96
2.10
(0.36
)
(0.98
)
(1.34
)
15.70
14.24
31,941
0.21
0.23
0.88
16
Class R5
Six months ended 06/30/26
14.85
0.12
1.53
1.65
—
—
—
16.50
11.11
47
0.22
(f)
0.22
(f)
1.50
(f)
28
Year ended 12/31/25
13.54
0.24
1.88
2.12
(0.28
)
(0.53
)
(0.81
)
14.85
15.72
43
0.21
0.21
1.69
32
Year ended 12/31/24
13.06
0.30
1.01
1.31
(0.34
)
(0.49
)
(0.83
)
13.54
10.05
11
0.17
0.17
2.21
43
Year ended 12/31/23
11.87
0.26
1.38
1.64
(0.27
)
(0.18
)
(0.45
)
13.06
13.89
287
0.20
0.20
2.10
21
Year ended 12/31/22
15.39
0.19
(3.12
)
(2.93
)
(0.20
)
(0.39
)
(0.59
)
11.87
(19.08
)
10
0.17
0.17
1.48
20
Year ended 12/31/21
14.68
0.14
1.92
2.06
(0.37
)
(0.98
)
(1.35
)
15.39
14.19
11
0.19
0.21
0.90
16
Class R6
Six months ended 06/30/26
14.86
0.12
1.53
1.65
—
—
—
16.51
11.10
1,362
0.14
(f)
0.14
(f)
1.58
(f)
28
Year ended 12/31/25
13.53
0.25
1.90
2.15
(0.29
)
(0.53
)
(0.82
)
14.86
15.90
1,100
0.14
0.14
1.76
32
Year ended 12/31/24
13.05
0.31
1.01
1.32
(0.35
)
(0.49
)
(0.84
)
13.53
10.08
558
0.15
0.15
2.23
43
Year ended 12/31/23
11.86
0.27
1.37
1.64
(0.27
)
(0.18
)
(0.45
)
13.05
13.91
54
0.14
0.14
2.16
21
Year ended 12/31/22
15.39
0.18
(3.12
)
(2.94
)
(0.20
)
(0.39
)
(0.59
)
11.86
(19.14
)
27
0.23
0.23
1.42
20
Year ended 12/31/21
14.67
0.14
1.93
2.07
(0.37
)
(0.98
)
(1.35
)
15.39
14.29
14
0.19
0.21
0.90
16
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests.
Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by
the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and
are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return.
Estimated acquired fund fees from underlying funds was 0.49%, 0.49%, 0.52%, 0.52%, 0.53% and 0.53% for the six months ended June 30, 2026 and the years ended
December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(d)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(e)
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, 2026 and the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(f)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Invesco Active Allocation Fund
Notes to Financial Statements
June 30, 2026
(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, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
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Invesco Active Allocation Fund
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s
11
Invesco Active Allocation Fund
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, 2026, the Fund paid the Adviser $3,042 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. Cash held as collateral, if any, is recorded as deposits with brokers 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
12
Invesco Active Allocation Fund
unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.
N.
Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s net asset value ("NAV") per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.
Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.
In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.
A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.
Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.
An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.
Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral, if any, 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, 2026, 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
number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.
Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which an underlying Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent an underlying Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact an underlying Fund’s returns, unless an underlying Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which an underlying Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.
To the extent an underlying Fund invests in emerging markets, emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets.
An underlying Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on an underlying Fund’s investment performance.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Rate*
First $3 billion
0.100%
Over $3 billion
0.080%
 
*
The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.
For the six months ended June 30, 2026, the effective advisory fee rate incurred by the Fund was 0.09%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.
The Adviser has agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary limits.
Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any 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, 2026, the Adviser waived advisory fees of $3,920.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2026, 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
14
Invesco Active Allocation Fund
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, 2026, 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, 2026, 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, 2026, IDI advised the Fund that IDI retained $60,569 in front-end sales commissions from the sale of Class A shares and $1,258 and $1,294 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, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Affiliated Issuers
$2,088,912,115
$—
$—
$2,088,912,115
Money Market Funds
2,462,402
34,452,102
—
36,914,504
Total Investments in Securities
2,091,374,517
34,452,102
—
2,125,826,619
Other Investments - Assets*
Futures Contracts
960,376
—
—
960,376
Forward Foreign Currency Contracts
—
1,263,647
—
1,263,647
 
960,376
1,263,647
—
2,224,023
Other Investments - Liabilities*
Futures Contracts
(400,484
)
—
—
(400,484
)
Forward Foreign Currency Contracts
—
(713,677
)
—
(713,677
)
Swap Agreements
—
(217,480
)
—
(217,480
)
 
(400,484
)
(931,157
)
—
(1,331,641
)
Total Other Investments
559,892
332,490
—
892,382
Total Investments
$2,091,934,409
$34,784,592
$—
$2,126,719,001
 
*
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
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, 2026: 
 
Value
Derivative Assets
Currency
Risk
Equity
Risk
Interest
Rate Risk
Total
Unrealized appreciation on futures contracts —Exchange-Traded(a)
$—
$862,086
$98,290
$960,376
Unrealized appreciation on forward foreign currency contracts outstanding
1,263,647
—
—
1,263,647
Total Derivative Assets
1,263,647
862,086
98,290
2,224,023
Derivatives not subject to master netting agreements
—
(862,086
)
(98,290
)
(960,376
)
Total Derivative Assets subject to master netting agreements
$1,263,647
$—
$—
$1,263,647
 
Value
Derivative Liabilities
Credit
Risk
Currency
Risk
Equity
Risk
Total
Unrealized depreciation on futures contracts —Exchange-Traded(a)
$—
$—
$(400,484
)
$(400,484
)
Unrealized depreciation on swap agreements — Centrally Cleared(a)
(217,480
)
—
—
(217,480
)
Unrealized depreciation on forward foreign currency contracts outstanding
—
(713,677
)
—
(713,677
)
Total Derivative Liabilities
(217,480
)
(713,677
)
(400,484
)
(1,331,641
)
Derivatives not subject to master netting agreements
217,480
—
400,484
617,964
Total Derivative Liabilities subject to master netting agreements
$—
$(713,677
)
$—
$(713,677
)
 
(a)
The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.
Offsetting Assets and Liabilities
The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of June 30, 2026. 
 
Financial
Derivative
Assets
Financial
Derivative
Liabilities
 
Collateral
(Received)/Pledged
 
Counterparty
Forward Foreign
Currency Contracts
Forward Foreign
Currency Contracts
Net Value of
Derivatives
Non-Cash
Cash
Net
Amount
Deutsche Bank AG
$39,805
$−
$39,805
$—
$—
$39,805
Goldman Sachs International
411,481
(162,450
)
249,031
—
—
249,031
J.P. Morgan Chase Bank, N.A.
630,020
(124,050
)
505,970
—
—
505,970
Merrill Lynch International
70,636
(41,582
)
29,054
—
—
29,054
Morgan Stanley and Co. International PLC
26,970
(358,707
)
(331,737
)
—
—
(331,737
)
Standard Chartered Bank PLC
84,735
(3,857
)
80,878
—
—
80,878
UBS AG
−
(23,031
)
(23,031
)
—
—
(23,031
)
Total
$1,263,647
$(713,677
)
$549,970
$—
$—
$549,970
Effect of Derivative Investments for the six months ended June 30, 2026
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain (Loss) on
Statement of Operations
 
Credit
Risk
Currency
Risk
Equity
Risk
Interest
Rate Risk
Total
Realized Gain (Loss):
Forward foreign currency contracts
$-
$(311,734
)
$-
$-
$(311,734
)
Futures contracts
-
-
(699,407
)
288,559
(410,848
)
Swap agreements
(441,290
)
-
-
-
(441,290
)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts
-
772,482
-
-
772,482
Futures contracts
-
-
336,061
(13,527
)
322,534
Swap agreements
9,498
-
-
-
9,498
Total
$(431,792
)
$460,748
$(363,346
)
$275,032
$(59,358
)
16
Invesco Active Allocation Fund
The table below summarizes the average notional value of derivatives held during the period. 
 
Forward
Foreign Currency
Contracts
Futures
Contracts
Swap
Agreements
Average notional value
$220,833,439
$73,128,758
$107,209,990
 
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. The Fund may have certain former Trustees who participated 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, 2025.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2026 was $554,210,214 and $624,731,663, respectively. As of June 30, 2026, 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
Aggregate unrealized appreciation of investments
$502,810,129
Aggregate unrealized (depreciation) of investments
(9,534,863
)
Net unrealized appreciation of investments
$493,275,266
Cost of investments for tax purposes is $1,633,443,735.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
2,804,932
$43,779,395
6,249,198
$89,896,849
Class C
553,129
8,354,893
1,239,576
17,255,205
Class R
582,332
9,043,008
1,344,255
18,992,055
Class Y
166,886
2,669,193
498,924
7,390,862
Class R5
-
-
1,955
27,451
Class R6
13,295
215,089
102,767
1,477,262
Issued as reinvestment of dividends:
Class A
-
-
5,433,281
80,412,522
Class C
-
-
387,137
5,559,305
Class R
-
-
506,445
7,434,649
Class Y
-
-
72,142
1,090,790
Class R5
-
-
108
1,592
Class R6
-
-
3,840
56,682
17
Invesco Active Allocation Fund
 
Summary of Share Activity
 
Six months ended
June 30, 2026
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Automatic conversion of Class C shares to Class A shares:
Class A
545,479
$8,524,744
1,280,490
$18,407,181
Class C
(563,407
)
(8,524,744
)
(1,321,813
)
(18,407,181
)
Reacquired:
Class A
(7,776,018
)
(121,417,494
)
(18,059,825
)
(260,119,630
)
Class C
(689,002
)
(10,432,227
)
(1,949,394
)
(27,123,242
)
Class R
(826,967
)
(12,907,579
)
(2,516,035
)
(35,461,090
)
Class Y
(316,094
)
(5,026,228
)
(721,109
)
(10,657,150
)
Class R6
(4,887
)
(75,338
)
(73,769
)
(1,084,058
)
Net increase (decrease) in share activity
(5,510,322
)
$(85,797,288
)
(7,521,827
)
$(104,849,946
)
18
Invesco Active Allocation Fund
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. 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, 2026. 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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year. Additionally, 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  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 April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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 including emerging technologies such as those driven by artificial intelligence 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, 2025 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 fourth quintile of its performance universe for the one and three year periods and the fifth 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 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
19
Invesco Active Allocation Fund
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 domestic equity market, as well as allocations within certain segments of the fixed income asset class and the international equity markets, 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 reasonably comparable to and the same as 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)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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
 
SEC file number(s): 811-02699 and 002-57526
Invesco Distributors, Inc.
O-OPSAA-NCSRS


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco Convertible Securities Fund
Nasdaq:
A: CNSAX ■ C: CNSCX ■ Y: CNSDX ■ R5: CNSIX ■ R6: CNSFX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
  
Schedule of Investments(a)  
June 30, 2026
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes–78.97%
Aerospace & Defense–1.62%
AeroVironment, Inc., Conv., 0.00%,
07/15/2030(b)
 
$3,500,000
$3,345,562
BWX Technologies, Inc., Conv., 0.00%,
11/01/2030(b)(c)
 
3,250,000
3,336,125
Intuitive Machines, Inc., Conv.,
2.50%, 10/01/2030(c)
 
1,000,000
1,923,531
TransDigm, Inc., 6.38%,
03/01/2029(c)
 
3,000,000
3,049,593
Voyager Technologies, Inc., Conv.,
0.75%, 11/15/2030(c)
 
1,750,000
2,296,350
 
 
13,951,161
Alternative Carriers–0.72%
AST SpaceMobile, Inc.,
Conv.,
2.00%, 01/15/2036(c)
 
3,000,000
3,506,250
2.25%, 04/15/2036(c)
 
2,500,000
2,695,000
 
 
6,201,250
Application Software–3.45%
Cipher Digital, Inc., Conv., 0.00%,
10/01/2029(b)(c)(d)
 
3,000,000
5,266,869
Datadog, Inc., Conv., 0.00%,
12/01/2029(b)
 
3,000,000
4,272,000
IREN Ltd. (Australia), Conv., 1.00%,
12/01/2033(c)
 
6,000,000
5,223,000
TeraWulf, Inc., Conv., 0.00%,
05/01/2032(b)(c)
 
8,050,000
11,943,839
Tyler Technologies, Inc., Conv.,
0.50%, 07/15/2031(c)
 
3,000,000
2,975,250
 
 
29,680,958
Asset Management & Custody Banks–0.55%
WisdomTree, Inc., Conv., 4.63%,
08/15/2030(c)
 
4,000,000
4,782,201
Automobile Manufacturers–1.79%
Ford Motor Credit Co. LLC, 7.35%,
11/04/2027
 
4,000,000
4,111,190
Rivian Automotive, Inc., Conv.,
4.63%, 03/15/2029
 
9,500,000
11,282,131
 
 
15,393,321
Automotive Parts & Equipment–0.59%
LCI Industries, Conv., 3.00%,
03/01/2030
 
4,500,000
5,045,625
Biotechnology–5.69%
Alnylam Pharmaceuticals, Inc., Conv.,
1.00%, 09/15/2027
 
1,500,000
1,807,271
Arrowhead Pharmaceuticals, Inc.,
Conv., 0.00%, 01/15/2032(b)
 
2,000,000
2,394,888
BridgeBio Pharma, Inc., Conv., 1.75%,
03/01/2031
 
4,507,000
7,592,041
Celcuity, Inc., Conv., 0.25%,
08/01/2032
 
1,000,000
1,141,400
CRISPR Therapeutics AG (Switzerland),
Conv., 1.73%, 03/01/2031(c)
 
3,000,000
3,181,875
 
Principal
Amount
Value
Biotechnology–(continued)
Cytokinetics, Inc., Conv., 1.75%,
10/01/2031(c)
 
$3,250,000
$4,875,000
Halozyme Therapeutics, Inc., Conv.,
0.88%, 11/15/2032(c)
 
7,500,000
8,259,734
Ionis Pharmaceuticals, Inc., Conv.,
0.00%, 12/01/2030(b)(c)
 
6,200,000
6,618,500
Jazz Investments I Ltd., Conv.,
3.13%, 09/15/2030
 
2,725,000
4,648,169
Mirum Pharmaceuticals, Inc., Conv.,
0.00%, 06/01/2032(b)(c)
 
2,500,000
2,707,500
PTC Therapeutics, Inc., Conv., 0.00%,
06/15/2031(b)(c)
 
1,500,000
1,580,700
Revolution Medicines, Inc., Conv.,
0.50%, 05/01/2033
 
1,000,000
1,254,585
Travere Therapeutics, Inc., Conv.,
0.50%, 05/15/2032
 
2,500,000
2,943,750
 
 
49,005,413
Broadline Retail–1.23%
Alibaba Group Holding Ltd. (China),
Conv., 0.50%, 06/01/2029(d)
 
6,000,000
7,086,000
Etsy, Inc., Conv., 1.00%,
06/15/2030
 
3,000,000
3,485,100
 
 
10,571,100
Cargo Ground Transportation–0.68%
Knight-Swift Transportation Holdings,
Inc., Conv., 1.00%, 11/15/2031(c)
 
5,000,000
5,826,250
Coal & Consumable Fuels–0.97%
Centrus Energy Corp., Conv., 0.00%,
08/15/2032(b)(c)
 
5,500,000
5,688,925
Energy Fuels, Inc., Conv., 0.75%,
11/01/2031(c)
 
2,375,000
2,475,938
Peabody Energy Corp., Conv., 0.50%,
06/01/2031(c)
 
250,000
231,125
 
 
8,395,988
Commodity Chemicals–0.24%
PureCycle Technologies, Inc., Conv.,
4.75%, 07/08/2030(d)
 
2,000,000
2,036,341
Communications Equipment–2.40%
Ciena Corp., Conv., 0.00%,
09/15/2031(b)(c)
 
9,750,000
10,286,250
Lumentum Holdings, Inc., Conv.,
0.38%, 03/15/2032(c)
 
2,250,000
10,389,375
 
 
20,675,625
Computer & Electronics Retail–0.47%
GameStop Corp., Conv., 0.00%,
12/15/2028(b)(d)
 
4,000,000
4,072,000
Construction & Engineering–1.03%
Fluor Corp., Conv., 1.13%,
08/15/2029
 
2,750,000
3,648,562
Granite Construction, Inc., Conv.,
3.25%, 06/15/2030
 
2,500,000
5,239,375
 
 
8,887,937
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Convertible Securities Fund
 
Principal
Amount
Value
Consumer Finance–0.94%
SoFi Technologies, Inc., Conv., 1.25%,
03/15/2029(c)
 
$2,600,000
$5,252,520
Upstart Holdings, Inc., Conv., 2.00%,
10/01/2029
 
2,500,000
2,861,472
 
 
8,113,992
Diversified Financial Services–0.46%
Aircastle Ltd./Aircastle Ireland DAC,
5.00%, 05/15/2031(c)
 
4,000,000
3,964,786
Diversified Metals & Mining–1.08%
Almonty Industries, Inc. (Canada),
Conv., 2.25%, 07/01/2031(c)
 
3,000,000
3,210,000
MP Materials Corp., Conv., 3.00%,
03/01/2030(c)
 
2,250,000
6,080,397
 
 
9,290,397
Diversified REITs–0.61%
Digital Realty Trust L.P., Conv., 1.88%,
11/15/2029(c)
 
3,500,000
3,759,000
HAT Holdings I LLC/HAT Holdings II LLC,
Conv., 3.75%, 08/15/2028(c)
 
1,000,000
1,489,750
 
 
5,248,750
Electric Utilities–2.91%
FirstEnergy Corp., Conv., 3.88%,
01/15/2031
 
6,000,000
6,668,700
PPL Capital Funding, Inc., Conv.,
3.00%, 12/01/2030(c)
 
10,500,000
10,689,525
Southern Co. (The), Conv., 4.50%,
06/15/2027
 
7,000,000
7,719,250
 
 
25,077,475
Electrical Components & Equipment–0.29%
Array Technologies, Inc., Conv.,
2.88%, 07/01/2031
 
1,000,000
1,250,899
Fluence Energy, Inc., Conv., 2.25%,
06/15/2030
 
1,000,000
1,284,526
 
 
2,535,425
Electronic Components–0.40%
Vishay Intertechnology, Inc., Conv.,
2.25%, 09/15/2030
 
1,750,000
3,476,375
Electronic Equipment & Instruments–1.95%
Advanced Energy Industries, Inc.,
Conv., 0.00%, 05/15/2031(b)(c)
 
5,000,000
5,476,694
Itron, Inc., Conv., 0.00%,
03/15/2032(b)(c)
 
4,000,000
3,797,715
Mirion Technologies, Inc., Conv.,
0.25%, 06/01/2030(c)
 
4,500,000
4,807,125
OSI Systems, Inc., Conv., 2.25%,
08/01/2029
 
2,000,000
2,674,018
 
 
16,755,552
Environmental & Facilities Services–0.12%
Tetra Tech, Inc., Conv., 2.25%,
08/15/2028
 
1,000,000
1,054,250
Financial Exchanges & Data–0.89%
Coinbase Global, Inc., Conv., 0.25%,
04/01/2030
 
8,500,000
7,633,000
 
Principal
Amount
Value
Food Distributors–0.26%
Chefs’ Warehouse, Inc. (The), Conv.,
2.38%, 12/15/2028
 
$1,000,000
$2,238,100
Gas Utilities–0.40%
UGI Corp., Conv., 5.00%,
06/01/2028
 
2,600,000
3,483,610
Health Care Equipment–0.59%
Alphatec Holdings, Inc., Conv., 0.75%,
03/15/2030
 
1,000,000
957,500
IRhythm Holdings, Inc., Conv., 1.50%,
09/01/2029
 
2,475,000
2,726,213
LivaNova PLC, Conv., 2.50%,
03/15/2029
 
1,000,000
1,362,600
 
 
5,046,313
Health Care REITs–1.94%
Healthcare Realty Holdings L.P., Conv.,
3.00%, 01/15/2032(c)
 
2,000,000
2,057,000
Welltower OP LLC, Conv., 3.13%,
07/15/2029(c)
 
8,175,000
14,674,125
 
 
16,731,125
Health Care Services–1.79%
Guardant Health, Inc., Conv., 0.00%,
05/15/2033(b)(c)
 
5,625,000
8,384,766
HCA, Inc., 4.70%, 05/15/2031
 
5,000,000
4,954,951
Hims & Hers Health, Inc., Conv.,
0.00%, 06/01/2032(b)(c)
 
1,500,000
2,098,200
 
 
15,437,917
Health Care Supplies–0.59%
Lantheus Holdings, Inc., Conv.,
2.63%, 12/15/2027
 
1,250,000
1,819,375
Merit Medical Systems, Inc., Conv.,
3.00%, 02/01/2029
 
3,000,000
3,237,000
 
 
5,056,375
Heavy Electrical Equipment–1.60%
Bloom Energy Corp., Conv., 0.00%,
11/15/2030(b)(c)
 
7,500,000
13,741,875
Hotels, Resorts & Cruise Lines–0.48%
Carnival Corp. Ltd., 7.00%,
08/15/2029(c)
 
4,000,000
4,146,972
Housewares & Specialties–0.47%
Newell Brands, Inc., 6.38%,
05/15/2030
 
4,000,000
4,057,088
Industrial Machinery & Supplies & Components–0.50%
Enpro, Inc., 6.13%, 06/01/2033(c)
 
2,000,000
2,031,198
JBT Marel Corp., Conv., 0.38%,
09/15/2030(c)
 
2,250,000
2,281,958
 
 
4,313,156
Interactive Media & Services–1.02%
Match Group Holdings II LLC, 5.00%,
12/15/2027(c)
 
3,500,000
3,490,002
Snap, Inc., 6.88%, 03/01/2033(c)
 
5,400,000
5,266,739
 
 
8,756,741
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Convertible Securities Fund
 
Principal
Amount
Value
Internet Services & Infrastructure–7.30%
Akamai Technologies, Inc.,
Conv.,
0.25%, 05/15/2031(d)
 
$6,050,000
$8,837,538
0.00%, 05/15/2032(b)(c)
 
11,250,000
10,371,144
Cloudflare, Inc., Conv., 0.00%,
06/15/2030(b)
 
10,000,000
12,670,000
CoreWeave, Inc.,
Conv.,
1.75%, 12/01/2031(c)
 
5,850,000
6,991,042
1.75%, 10/01/2032(c)
 
7,500,000
8,278,500
DigitalOcean Holdings, Inc., Conv.,
0.00%, 08/15/2030(b)(c)
 
1,350,000
5,506,650
Snowflake, Inc., Conv., 0.00%,
10/01/2029(b)
 
5,750,000
10,180,950
 
 
62,835,824
Investment Banking & Brokerage–1.18%
Galaxy Digital Holdings L.P., Conv.,
2.50%, 12/01/2029(c)
 
4,250,000
6,115,610
Robinhood Markets, Inc., Conv.,
0.00%, 10/01/2029(b)(c)
 
4,000,000
4,009,788
 
 
10,125,398
Leisure Products–0.38%
Viking Cruises Ltd., 5.88%,
10/15/2033(c)
 
3,289,000
3,295,762
Life & Health Insurance–0.17%
Oscar Health, Inc., Conv., 2.25%,
09/01/2030(c)
 
1,000,000
1,476,800
Life Sciences Tools & Services–0.59%
Adaptive Biotechnologies Corp., Conv.,
0.00%, 07/01/2031(b)(c)
 
1,500,000
1,749,750
Tempus AI, Inc., Conv., 0.00%,
05/15/2032(b)(c)
 
3,000,000
3,373,067
 
 
5,122,817
Marine Transportation–0.64%
NCL Corp. Ltd.,
Conv., 0.88%, 04/15/2030
 
3,000,000
3,348,750
6.75%, 02/01/2032(c)
 
2,204,000
2,200,598
 
 
5,549,348
Movies & Entertainment–2.51%
IMAX Corp., Conv., 0.75%,
11/15/2030(c)
 
5,000,000
5,716,250
Liberty Media Corp.-Liberty Formula
One, Conv., 2.25%, 08/15/2027
 
2,000,000
2,482,000
Live Nation Entertainment, Inc., Conv.,
3.13%, 01/15/2029
 
7,500,000
13,380,000
 
 
21,578,250
Multi-Utilities–1.82%
CenterPoint Energy, Inc., Conv.,
3.00%, 08/01/2028(c)
 
6,000,000
6,382,500
CMS Energy Corp., Conv., 3.38%,
05/01/2028
 
3,900,000
4,355,325
WEC Energy Group, Inc., Conv.,
4.38%, 06/01/2029
 
4,000,000
4,961,000
 
 
15,698,825
 
Principal
Amount
Value
Oil & Gas Equipment & Services–1.62%
Atlas Energy Solutions, Inc., Conv.,
0.50%, 04/15/2031(c)
 
$1,000,000
$1,346,250
Liberty Energy, Inc., Conv., 0.00%,
03/01/2031(b)(c)
 
5,000,000
5,161,250
ProPetro Holding Corp., Conv., 0.00%,
11/15/2031(b)(c)
 
2,000,000
1,893,700
Solaris Energy Infrastructure, Inc.,
Conv., 0.25%, 10/01/2031
 
3,400,000
5,537,750
 
 
13,938,950
Oil & Gas Exploration & Production–0.23%
Crescent Energy Co., Conv., 2.75%,
03/15/2031(c)
 
2,000,000
1,972,000
Oil & Gas Refining & Marketing–0.45%
Sunoco L.P., 7.00%, 05/01/2029(c)
 
3,750,000
3,855,169
Oil & Gas Storage & Transportation–0.76%
Energy Transfer L.P., 5.25%,
04/15/2029
 
3,000,000
3,040,611
Scorpio Tankers, Inc. (Monaco), Conv.,
1.75%, 04/15/2031(c)
 
3,500,000
3,484,950
 
 
6,525,561
Packaged Foods & Meats–0.63%
Freshpet, Inc., Conv., 3.00%,
04/01/2028
 
2,000,000
2,325,000
Post Holdings, Inc., Conv., 2.50%,
08/15/2027
 
3,000,000
3,112,500
 
 
5,437,500
Passenger Airlines–0.76%
American Airlines, Inc./AAdvantage
Loyalty IP Ltd., 5.75%,
04/20/2029(c)
 
4,700,000
4,711,900
Joby Aviation, Inc., Conv., 0.75%,
02/15/2032
 
2,000,000
1,824,000
 
 
6,535,900
Passenger Ground Transportation–1.60%
Lyft, Inc., Conv., 0.00%,
09/15/2030(b)(c)
 
2,000,000
1,961,000
Uber Technologies, Inc.,
Conv., 0.00%, 05/15/2028(b)
 
3,500,000
4,048,451
Series 2028, Conv., 0.88%,
12/01/2028
 
6,475,000
7,757,050
 
 
13,766,501
Pharmaceuticals–1.11%
Indivior Pharmaceuticals, Inc., Conv.,
0.63%, 03/15/2031(c)
 
1,000,000
1,217,900
Ligand Pharmaceuticals, Inc., Conv.,
0.00%, 09/15/2031(b)(c)
 
5,750,000
6,497,500
Zoetis, Inc., Conv., 0.25%,
06/15/2029(c)
 
2,000,000
1,820,068
 
 
9,535,468
Real Estate Services–0.38%
Compass, Inc., Conv., 0.25%,
04/15/2031(c)
 
3,000,000
3,263,700
Renewable Electricity–0.38%
Ormat Technologies, Inc., Series A,
Conv., 1.50%, 03/15/2031(c)
 
3,000,000
3,266,400
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Convertible Securities Fund
 
Principal
Amount
Value
Research & Consulting Services–0.41%
Planet Labs PBC, Conv., 0.50%,
10/15/2030(c)
 
$1,200,000
$3,546,000
Restaurants–0.84%
Cheesecake Factory, Inc. (The), Conv.,
2.00%, 03/15/2030
 
3,000,000
3,825,000
DoorDash, Inc., Conv., 0.00%,
05/15/2030(b)
 
3,500,000
3,451,875
 
 
7,276,875
Retail REITs–0.23%
Kite Realty Group L.P., Conv., 3.25%,
04/15/2032(c)
 
2,000,000
1,986,840
Semiconductor Materials & Equipment–3.24%
Amkor Technology, Inc., Conv.,
0.00%, 07/15/2031(b)(c)
 
4,000,000
4,780,192
MKS, Inc., Conv., 1.25%,
06/01/2030
 
3,500,000
10,315,601
Nova Ltd. (Israel), Conv., 0.00%,
09/15/2030(b)(c)
 
1,750,000
3,236,551
Onto Innovation, Inc., Conv., 0.00%,
06/01/2031(b)(c)
 
4,750,000
6,274,275
Ultra Clean Holdings, Inc., Conv.,
0.00%, 03/15/2031(b)(c)
 
1,750,000
3,289,725
 
 
27,896,344
Semiconductors–3.75%
MACOM Technology Solutions Holdings,
Inc., Conv., 0.00%, 12/15/2029(b)
 
1,000,000
2,307,000
Microchip Technology, Inc., Conv.,
0.00%, 02/15/2029(b)(c)(d)
 
5,000,000
5,767,614
ON Semiconductor Corp.,
Conv.,
0.50%, 03/01/2029
 
3,500,000
4,226,250
0.00%, 05/01/2031(b)(c)
 
10,250,000
10,214,125
Semtech Corp., Conv., 0.00%,
10/15/2030(b)(c)
 
2,000,000
3,681,000
SiTime Corp., Conv., 0.00%,
06/15/2031(b)
 
3,500,000
3,883,286
Synaptics, Inc., Conv., 0.75%,
12/01/2031
 
1,500,000
2,230,210
 
 
32,309,485
Steel–0.96%
ArcelorMittal S.A. (Luxembourg),
6.55%, 11/29/2027
 
4,500,000
4,608,639
Cleveland-Cliffs, Inc., 7.63%,
01/15/2034(c)
 
3,646,000
3,643,832
 
 
8,252,471
Systems Software–2.59%
Nebius Group N.V. (Netherlands),
Conv., 2.75%, 09/15/2032(c)
 
9,250,000
19,789,666
Rubrik, Inc., Conv., 0.00%,
06/15/2030(b)
 
2,500,000
2,558,750
 
 
22,348,416
Technology Distributors–0.33%
Avnet, Inc., Conv., 1.75%,
09/01/2028(c)(d)
 
2,000,000
2,803,000
Technology Hardware, Storage & Peripherals–2.54%
Western Digital Corp., Conv., 3.00%,
11/15/2028
 
1,300,000
21,904,250
 
Principal
Amount
Value
Trading Companies & Distributors–0.37%
Sumisho Air Lease Corp., Series D,
6.00%(e)(f)
 
$3,318,000
$3,209,535
Transaction & Payment Processing Services–0.48%
Affirm Holdings, Inc., Conv., 0.75%,
12/15/2029
 
3,500,000
4,094,125
Total U.S. Dollar Denominated Bonds & Notes
(Cost $566,767,906)
680,091,958
 

Shares
 
Preferred Stocks–17.40%
Aerospace & Defense–2.62%
Boeing Co. (The), 6.00%, Conv. Pfd.
314,000
21,132,200
VSE Corp., 5.75%, Conv. Pfd.
25,000
1,441,750
 
 
22,573,950
Asset Management & Custody Banks–0.92%
Ares Management Corp., 6.75%, Series B,
Conv. Pfd.
80,000
2,932,000
KKR & Co., Inc., 6.25%, Series D, Conv.
Pfd.
125,000
4,981,250
 
 
7,913,250
Diversified Banks–1.24%
Bank of America Corp., 7.25%, Series L,
Conv. Pfd.
8,500
10,663,250
Diversified Financial Services–0.43%
Apollo Global Management, Inc., 6.75%,
Conv. Pfd.
60,800
3,703,936
Electric Utilities–3.11%
NextEra Energy, Inc., 7.30%, Conv. Pfd.
217,000
11,531,380
NextEra Energy, Inc., 7.38%, Conv. Pfd.
195,000
9,348,300
PG&E Corp., 6.00%, Series A, Conv. Pfd.
142,300
5,886,951
 
 
26,766,631
Electronic Equipment & Instruments–0.12%
Novanta, Inc., 6.50%, Conv. Pfd.
15,000
1,011,000
Health Care Services–0.48%
BrightSpring Health Services, Inc., 6.75%,
Conv. Pfd.(g)
18,000
4,121,100
Household Appliances–0.20%
Whirlpool Corp., 8.50%, Series A, Conv.
Pfd.
48,000
1,685,760
Interactive Media & Services–3.40%
Alphabet, Inc., 6.25%, Series A, Conv.
Pfd.
120,000
6,106,800
Alphabet, Inc., 6.25%, Series B, Conv.
Pfd.
461,000
23,188,300
 
 
29,295,100
Life Sciences Tools & Services–0.39%
Bruker Corp., 6.38%, Conv. Pfd.
7,500
3,359,325
Semiconductors–0.53%
Microchip Technology, Inc., 7.50%, Conv.
Pfd.
60,000
4,602,600
Specialty Chemicals–0.73%
Albemarle Corp., 7.25%, Conv. Pfd.
113,800
6,298,830
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Convertible Securities Fund
 
 
Shares
Value
Systems Software–1.31%
Oracle Corp., 6.50%, Class D, Conv. Pfd.
250,500
$11,259,975
Technology Hardware, Storage & Peripherals–1.52%
Hewlett Packard Enterprise Co., 7.63%,
Conv. Pfd.
64,000
7,402,240
Super Micro Computer, Inc., 7.00%, Conv.
Pfd.
110,000
5,715,600
 
 
13,117,840
Trading Companies & Distributors–0.32%
QXO, Inc., 5.50%, Conv. Pfd.
57,500
2,802,550
Transaction & Payment Processing Services–0.08%
Shift4 Payments, Inc., 6.00%, Conv. Pfd.
11,400
709,878
Total Preferred Stocks (Cost $136,171,616)
149,884,975
 
Exchange-Traded Funds–0.22%
Invesco High Yield Systematic Bond ETF
(Cost $1,873,310)(h)
83,000
1,854,352
 
 
Shares
Value
Money Market Funds–1.66%
Invesco Government & Agency Portfolio,
Institutional Class, 3.57%(h)(i)
5,003,626
$5,003,626
Invesco Treasury Portfolio, Institutional
Class, 3.56%(h)(i)
9,288,921
9,288,921
Total Money Market Funds (Cost $14,292,547)
14,292,547
 
 
 
Options Purchased–1.74%
(Cost $19,536,012)(j)
15,001,605
TOTAL INVESTMENTS IN SECURITIES–99.99%
(Cost $738,641,391)
861,125,437
OTHER ASSETS LESS LIABILITIES—0.01%
58,925
NET ASSETS–100.00%
$861,184,362
Investment Abbreviations: 
Conv.
– Convertible
ETF
– Exchange-Traded Fund
Pfd.
– Preferred
Notes to Schedule of Investments: 
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the
exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Zero coupon bond issued at a discount.
(c)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
June 30, 2026 was $390,751,595, which represented 45.37% of the Fund’s Net Assets.
(d)
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(e)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(f)
Perpetual bond with no specified maturity date.
(g)
Non-income producing security.
(h)
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, 2026.
 
 
Value
December 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
Value
June 30, 2026
Dividend Income
Invesco High Yield Systematic Bond ETF
$1,880,365
$-
$-
$(26,013)
$-
$1,854,352
$62,009
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class
6,186,987
69,247,360
(70,430,721)
-
-
5,003,626
152,429
Invesco Treasury Portfolio, Institutional Class
11,486,592
128,602,240
(130,799,911)
-
-
9,288,921
281,141
Total
$19,553,944
$197,849,600
$(201,230,632)
$(26,013)
$-
$16,146,899
$495,579
 
(i)
The rate shown is the 7-day SEC standardized yield as of June 30, 2026.
(j)
The table below details options purchased.
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco Convertible Securities Fund
Open Exchange-Traded Equity Options Purchased
Description
Type of
Contract
Expiration
Date
Number of
Contracts
Exercise
Price
Notional
Value(a)
Value
Equity Risk
 
 
Alphabet, Inc.
Call
01/15/2027
305
USD
375.00
USD
11,437,500
$953,888
Applied Digital Corp.
Call
01/15/2027
850
USD
39.00
USD
3,315,000
920,125
Lumentum Holdings, Inc.
Call
01/15/2027
128
USD
750.00
USD
9,600,000
3,707,520
Palo Alto Networks, Inc.
Call
01/15/2027
175
USD
310.00
USD
5,425,000
1,291,937
Seagate Technology Holdings PLC
Call
01/15/2027
94
USD
860.00
USD
8,084,000
2,898,020
Viavi Solutions, Inc.
Call
01/15/2027
590
USD
40.00
USD
2,360,000
1,026,600
Western Digital Corp.
Call
01/15/2027
200
USD
640.00
USD
12,800,000
3,674,500
Total Exchange-Traded Equity Options Purchased
 
 
$14,472,590
 
(a)   Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
 
Open Exchange-Traded Index Options Purchased
Description
Type of
Contract
Expiration
Date
Number of
Contracts
Exercise
Price
Notional
Value(a)
Value
Equity Risk
 
 
S&P 500® Index
Call
10/16/2026
31
USD
7,700.00
USD
23,870,000
$529,015
 
(a)   Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
 
Abbreviations:
USD
—U.S. Dollar
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Convertible Securities Fund
Statement of Assets and Liabilities
June 30, 2026
(Unaudited)
 
Assets:
Investments in unaffiliated securities, at value
(Cost $722,475,534)
$844,978,538
Investments in affiliates, at value
(Cost $16,165,857)
16,146,899
Cash
2,471,836
Receivable for:
Investments sold
1,462,904
Fund shares sold
218,564
Dividends
117,937
Interest
2,330,586
Investment for trustee deferred compensation and
retirement plans
131,009
Other assets
52,082
Total assets
867,910,355
Liabilities:
Payable for:
Investments purchased
5,914,430
Fund shares reacquired
274,536
Accrued fees to affiliates
304,600
Accrued trustees’ and officers’ fees and benefits
319
Accrued other operating expenses
64,093
Trustee deferred compensation and retirement plans
168,015
Total liabilities
6,725,993
Net assets applicable to shares outstanding
$861,184,362
Net assets consist of:
Shares of beneficial interest
$612,134,983
Distributable earnings
249,049,379
 
$861,184,362
Net Assets:
Class A
$519,275,407
Class C
$11,610,129
Class Y
$270,063,159
Class R5
$817,939
Class R6
$59,417,728
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
17,371,773
Class C
392,093
Class Y
9,015,443
Class R5
27,361
Class R6
1,987,165
Class A:
Net asset value per share
$29.89
Maximum offering price per share
(Net asset value of $29.89 ÷ 94.50%)
$31.63
Class C:
Net asset value and offering price per share
$29.61
Class Y:
Net asset value and offering price per share
$29.96
Class R5:
Net asset value and offering price per share
$29.89
Class R6:
Net asset value and offering price per share
$29.90
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco Convertible Securities Fund
Statement of Operations
For the six months ended June 30, 2026
(Unaudited) 
Investment income:
Interest
$4,357,858
Dividends
1,755,565
Dividends from affiliated money market funds
495,579
Total investment income
6,609,002
Expenses:
Advisory fees
2,012,240
Administrative services fees
56,477
Custodian fees
4,202
Distribution fees:
Class A
594,161
Class C
55,364
Transfer agent fees — A, C and Y
469,096
Transfer agent fees — R5
329
Transfer agent fees — R6
5,891
Trustees’ and officers’ fees and benefits
13,590
Registration and filing fees
41,673
Reports to shareholders
33,062
Professional services fees
26,583
Other
7,126
Total expenses
3,319,794
Less: Fees waived and/or expenses reimbursed
(17,389
)
Net expenses
3,302,405
Net investment income
3,306,597
Realized and unrealized gain (loss) from:
Net realized gain from unaffiliated investment securities
103,737,903
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
47,549,572
Affiliated investment securities
(26,013
)
 
47,523,559
Net realized and unrealized gain
151,261,462
Net increase in net assets resulting from operations
$154,568,059
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Invesco Convertible Securities Fund
Statement of Changes in Net Assets
For the six months ended June 30, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30,
2026
December 31,
2025
Operations:
 
 
Net investment income
$3,306,597
$13,874,593
Net realized gain
103,737,903
56,197,796
Change in net unrealized appreciation
47,523,559
36,577,746
Net increase in net assets resulting from operations
154,568,059
106,650,135
Distributions to shareholders from distributable earnings:
Class A
(4,707,898
)
(48,045,924
)
Class C
(67,516
)
(1,062,845
)
Class Y
(2,770,890
)
(25,606,252
)
Class R5
(8,517
)
(70,157
)
Class R6
(497,929
)
(4,212,418
)
Total distributions from distributable earnings
(8,052,750
)
(78,997,596
)
Share transactions–net:
Class A
(14,385,812
)
(10,603,773
)
Class C
(803,484
)
(2,211,921
)
Class Y
(4,469,607
)
(33,177,053
)
Class R5
(5,802
)
384,890
Class R6
13,346,708
(340,301
)
Net increase (decrease) in net assets resulting from share transactions
(6,317,997
)
(45,948,158
)
Net increase (decrease) in net assets
140,197,312
(18,295,619
)
Net assets:
Beginning of period
720,987,050
739,282,669
End of period
$861,184,362
$720,987,050
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
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
value,
beginning
of period
Net
investment
income
(loss)(a)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
from net
investment
income
Distributions
from net
realized
gains
Total
distributions
Net asset
value, end
of period
Total
return(b)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
(loss)
to average
net assets
Portfolio
turnover (c)
Class A
Six months ended 06/30/26
$24.80
$0.10
$5.26
$5.36
$(0.27
)
$—
$(0.27
)
$29.89
21.72
%
$519,275
0.94
%(d)
0.94
%(d)
0.76
%(d)
69
%
Year ended 12/31/25
23.87
0.46
3.33
3.79
(0.62
)
(2.24
)
(2.86
)
24.80
15.84
443,856
0.95
0.95
1.82
114
Year ended 12/31/24
22.46
0.42
1.76
2.18
(0.49
)
(0.28
)
(0.77
)
23.87
9.74
438,011
0.96
0.97
1.82
87
Year ended 12/31/23
21.09
0.26
1.38
1.64
(0.27
)
—
(0.27
)
22.46
7.87
460,621
0.93
0.94
1.21
65
Year ended 12/31/22
25.93
0.20
(4.26
)
(4.06
)
(0.19
)
(0.59
)
(0.78
)
21.09
(15.72
)
492,448
0.93
0.93
0.86
45
Year ended 12/31/21
31.91
0.14
1.17
1.31
(0.23
)
(7.06
)
(7.29
)
25.93
4.68
666,916
0.88
0.88
0.43
61
Class C
Six months ended 06/30/26
24.57
0.00
5.20
5.20
(0.16
)
—
(0.16
)
29.61
21.25
11,610
1.69
(d)
1.69
(d)
0.01
(d)
69
Year ended 12/31/25
23.66
0.27
3.30
3.57
(0.42
)
(2.24
)
(2.66
)
24.57
15.01
(e)
10,340
1.69
(e)
1.69
(e)
1.08
(e)
114
Year ended 12/31/24
22.28
0.24
1.73
1.97
(0.31
)
(0.28
)
(0.59
)
23.66
8.86
(e)
12,111
1.70
(e)
1.71
(e)
1.08
(e)
87
Year ended 12/31/23
20.91
0.10
1.38
1.48
(0.11
)
—
(0.11
)
22.28
7.12
(f)
16,263
1.66
(f)
1.67
(f)
0.48
(f)
65
Year ended 12/31/22
25.72
0.03
(4.22
)
(4.19
)
(0.03
)
(0.59
)
(0.62
)
20.91
(16.35
)(f)
21,915
1.66
(f)
1.66
(f)
0.13
(f)
45
Year ended 12/31/21
31.73
(0.09
)
1.16
1.07
(0.02
)
(7.06
)
(7.08
)
25.72
3.94
(g)
44,798
1.60
(g)
1.60
(g)
(0.29
)(g)
61
Class Y
Six months ended 06/30/26
24.85
0.14
5.28
5.42
(0.31
)
—
(0.31
)
29.96
21.91
270,063
0.69
(d)
0.69
(d)
1.01
(d)
69
Year ended 12/31/25
23.91
0.52
3.34
3.86
(0.68
)
(2.24
)
(2.92
)
24.85
16.14
228,002
0.70
0.70
2.07
114
Year ended 12/31/24
22.51
0.48
1.74
2.22
(0.54
)
(0.28
)
(0.82
)
23.91
9.95
251,811
0.71
0.72
2.07
87
Year ended 12/31/23
21.13
0.31
1.40
1.71
(0.33
)
—
(0.33
)
22.51
8.17
307,044
0.68
0.69
1.46
65
Year ended 12/31/22
25.98
0.26
(4.27
)
(4.01
)
(0.25
)
(0.59
)
(0.84
)
21.13
(15.51
)
345,453
0.68
0.68
1.11
45
Year ended 12/31/21
31.96
0.22
1.17
1.39
(0.31
)
(7.06
)
(7.37
)
25.98
4.93
562,488
0.63
0.63
0.68
61
Class R5
Six months ended 06/30/26
24.80
0.14
5.26
5.40
(0.31
)
—
(0.31
)
29.89
21.90
818
0.65
(d)
0.65
(d)
1.05
(d)
69
Year ended 12/31/25
23.86
0.55
3.32
3.87
(0.69
)
(2.24
)
(2.93
)
24.80
16.22
682
0.60
0.60
2.17
114
Year ended 12/31/24
22.46
0.48
1.75
2.23
(0.55
)
(0.28
)
(0.83
)
23.86
10.01
319
0.67
0.68
2.11
87
Year ended 12/31/23
21.08
0.32
1.39
1.71
(0.33
)
—
(0.33
)
22.46
8.22
724
0.65
0.66
1.49
65
Year ended 12/31/22
25.93
0.26
(4.26
)
(4.00
)
(0.26
)
(0.59
)
(0.85
)
21.08
(15.51
)
556
0.64
0.64
1.15
45
Year ended 12/31/21
31.91
0.23
1.17
1.40
(0.32
)
(7.06
)
(7.38
)
25.93
4.96
688
0.60
0.60
0.71
61
Class R6
Six months ended 06/30/26
24.81
0.15
5.26
5.41
(0.32
)
—
(0.32
)
29.90
21.92
59,418
0.59
(d)
0.59
(d)
1.11
(d)
69
Year ended 12/31/25
23.87
0.55
3.33
3.88
(0.70
)
(2.24
)
(2.94
)
24.81
16.28
38,107
0.60
0.60
2.17
114
Year ended 12/31/24
22.47
0.50
1.75
2.25
(0.57
)
(0.28
)
(0.85
)
23.87
10.08
37,030
0.60
0.61
2.18
87
Year ended 12/31/23
21.09
0.33
1.40
1.73
(0.35
)
—
(0.35
)
22.47
8.29
47,385
0.58
0.59
1.56
65
Year ended 12/31/22
25.94
0.27
(4.26
)
(3.99
)
(0.27
)
(0.59
)
(0.86
)
21.09
(15.45
)
158,063
0.57
0.57
1.22
45
Year ended 12/31/21
31.92
0.25
1.17
1.42
(0.34
)
(7.06
)
(7.40
)
25.94
5.06
51,316
0.52
0.52
0.79
61
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)
Annualized.
(e)
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, 2025 and 2024, respectively.
(f)
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.
(g)
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.
11
Invesco Convertible Securities Fund
Notes to Financial Statements
June 30, 2026
(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, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
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
12
Invesco Convertible Securities 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. 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 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.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions - Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6.  Sub-accounting fees attributable to Class R5 are charged to the operations of the class.  Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
J.
Call Options Purchased and Written – The Fund may write call options to seek to manage risk exposures in the Fund’s investment portfolio or to earn premiums and/or buy call options for the purpose of acquiring the underlying reference asset for its portfolio, or on underlying reference assets against which it has written other call options. A 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.  An uncovered call option exists without the ownership of the underlying security.  Options written by the Fund normally will have expiration dates between three and nine months from the date written.  The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written. 
When the Fund writes a call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities.  The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written.  If a written call 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
13
Invesco Convertible Securities Fund
transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished.  If a written call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received.  Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Options written. Cash held as collateral, if any, is recorded as deposits with brokers on the Statement of Assets and Liabilities. 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. The risk in writing an uncovered call option is that the Fund may incur significant losses if the value of the written security exceeds the exercise price of the option.
When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities.  The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased.  Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities.  A risk in buying an option is that the Fund pays a premium whether or not the option is exercised.  In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.
K.
Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts.  By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price.  In return for this right, the Fund pays an option premium.  The option’s underlying instrument may be a security, securities index, or a futures contract. 
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. Cash held as collateral, if any, is recorded as deposits with brokers on the Statement of Assets and Liabilities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised.  In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.
L.
Other Risks - Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.
The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.
Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.
Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Rate
First $750 million
0.520%
Next $250 million
0.470%
Next $500 million
0.420%
Next $500 million
0.395%
Next $1 billion
0.370%
Over $3 billion
0.345%
For the six months ended June 30, 2026, the effective advisory fee rate incurred by the Fund was 0.52%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. 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%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.
Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.
14
Invesco Convertible Securities Fund
For the six months ended June 30, 2026, the Adviser waived advisory fees of $17,389.
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, 2026, 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, 2026, 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, 2026, 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, 2026, IDI advised the Fund that IDI retained $16,971 in front-end sales commissions from the sale of Class A shares and $49 and $14 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, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$—
$680,091,958
$—
$680,091,958
Preferred Stocks
149,884,975
—
—
149,884,975
Exchange-Traded Funds
1,854,352
—
—
1,854,352
Money Market Funds
14,292,547
—
—
14,292,547
Options Purchased
15,001,605
—
—
15,001,605
Total Investments
$181,033,479
$680,091,958
$—
$861,125,437
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 Convertible Securities Fund
Value of Derivative Investments at Period-End
The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2026: 
 
Value
Derivative Assets
Equity
Risk
Options purchased, at value — Exchange-Traded(a)
$15,001,605
Derivatives not subject to master netting agreements
(15,001,605
)
Total Derivative Assets subject to master netting agreements
$—
 
(a)
Options purchased, at value as reported in the Schedule of Investments.
Effect of Derivative Investments for the six months ended June 30, 2026
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain on
Statement of Operations
 
Equity
Risk
Realized Gain:
Options purchased(a)
$27,236,885
Change in Net Unrealized Appreciation:
Options purchased(a)
999,045
Total
$28,235,930
 
(a)
Options purchased are included in the net realized gain (loss) from unaffiliated investment securities and the change in net unrealized appreciation (depreciation)
on unaffiliated investment securities.
The table below summarizes the average notional value of derivatives held during the period. 
 
Equity
Options
Purchased
Index
Options
Purchased
Average notional value
$36,682,500
$25,904,167
Average contracts
2,568
36
 
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. The Fund may have certain former Trustees who participated 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, 2025.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2026 was $532,598,873 and $517,521,605, respectively. As of June 30, 2026, the aggregate cost of
16
Invesco Convertible Securities Fund
investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments
$142,239,425
Aggregate unrealized (depreciation) of investments
(21,120,798
)
Net unrealized appreciation of investments
$121,118,627
Cost of investments for tax purposes is $740,006,810.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
433,007
$11,711,155
718,063
$18,084,683
Class C
28,602
757,616
42,618
1,054,377
Class Y
659,594
17,845,148
1,132,213
28,437,871
Class R5
126
3,425
14,167
385,264
Class R6
511,794
14,975,205
78,677
1,939,800
Issued as reinvestment of dividends:
Class A
146,201
3,997,401
1,627,897
41,219,711
Class C
2,214
59,659
39,106
981,824
Class Y
71,931
1,971,378
745,245
18,900,170
Class R5
265
7,244
2,507
63,609
Class R6
17,206
471,429
158,846
4,023,621
Automatic conversion of Class C shares to Class A shares:
Class A
24,859
694,758
72,244
1,793,799
Class C
(25,105
)
(694,758
)
(72,932
)
(1,793,799
)
Reacquired:
Class A
(1,131,589
)
(30,789,126
)
(2,872,140
)
(71,701,966
)
Class C
(34,520
)
(926,001
)
(99,750
)
(2,454,323
)
Class Y
(890,726
)
(24,286,133
)
(3,233,102
)
(80,515,094
)
Class R5
(547
)
(16,471
)
(2,530
)
(63,983
)
Class R6
(78,010
)
(2,099,926
)
(252,483
)
(6,303,722
)
Net increase (decrease) in share activity
(264,698
)
$(6,317,997
)
(1,901,354
)
$(45,948,158
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
17
Invesco Convertible Securities Fund
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. 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, 2026.  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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year.  Additionally, 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 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  April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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, including emerging technologies such as those driven by artificial intelligence.  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, 2025 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 and three year periods 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 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
18
Invesco Convertible Securities Fund
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 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.
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.  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.
19
Invesco Convertible Securities Fund
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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.
20
Invesco Convertible Securities Fund
 
SEC file number(s): 811-02699 and 002-57526
Invesco Distributors, Inc.
MS-CSEC-NCSRS


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco Income Allocation Fund
Nasdaq:
A: ALAAX ■ C: CLIAX ■ R: RLIAX ■ Y: ALAYX ■ R5: ILAAX ■ R6: IIASX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
  
Schedule of Investments  
June 30, 2026
(Unaudited) 
Invesco Income Allocation Fund
Schedule of Investments in Affiliated Issuers–100.06%(a)
 
% of
Net
Assets
06/30/26
Value
12/31/25
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/26
Value
06/30/26
Domestic Equity Funds–31.05%
Invesco Dividend Income Fund, Class R6
3.99
%
$13,120,834
$108,712
$(1,298,668
)
$805,468
$47,864
$108,712
454,954
$12,784,210
Invesco Main Street Small Cap Fund, Class R6
1.77
%
5,622,722
—
(967,551
)
916,696
120,309
—
211,134
5,692,176
Invesco MSCI USA ETF(b)
6.73
%
21,677,157
—
(2,063,540
)
1,371,974
616,676
121,277
288,646
21,602,267
Invesco QQQ Income Advantage ETF
5.04
%
15,769,739
859,084
(1,915,171
)
1,187,145
260,623
822,161
280,422
16,161,420
Invesco Russell 1000® Dynamic Multifactor ETF
2.82
%
8,956,890
—
(959,190
)
853,522
185,366
40,541
131,844
9,036,588
Invesco S&P 500 Equal Weight Income Advantage ETF
5.03
%
16,099,231
—
(709,201
)
717,332
28,292
752,142
302,449
16,135,654
Invesco S&P 500® Pure Value ETF
4.18
%
13,894,788
—
(1,869,097
)
736,977
637,474
164,216
117,731
13,400,142
Invesco Value Opportunities Fund, Class R6
1.49
%
4,882,104
—
(1,202,469
)
845,524
263,781
—
160,865
4,788,940
Total Domestic Equity Funds
100,023,465
967,796
(10,984,887
)
7,434,638
2,160,385
2,009,049
99,601,397
Fixed Income Funds–61.74%
Invesco Core Bond Fund, Class R6
24.90
%
80,306,876
1,747,434
(919,215
)
(1,260,789
)
(19,554
)
1,747,398
14,156,932
79,854,752
Invesco Core Plus Bond Fund, Class R6
23.95
%
77,306,219
1,780,930
(1,241,766
)
(837,236
)
(171,788
)
1,780,892
8,301,319
76,836,359
Invesco Floating Rate ESG Fund, Class R6
2.05
%
6,505,065
250,273
—
(183,296
)
—
250,264
1,041,413
6,572,042
Invesco High Yield Fund, Class R6
2.01
%
6,462,106
217,259
(149,163
)
(71,665
)
(1,039
)
217,253
1,819,161
6,457,498
Invesco International Bond Fund, Class R6
2.95
%
9,814,398
236,724
(183,161
)
(406,436
)
4,052
236,718
2,044,489
9,465,577
Invesco Variable Rate Investment Grade ETF
5.88
%
18,878,789
—
—
(22,564
)
—
422,787
752,143
18,856,225
Total Fixed Income Funds
199,273,453
4,232,620
(2,493,305
)
(2,781,986
)
(188,329
)
4,655,312
198,042,453
International and Global Equity Funds–6.85%
Invesco RAFI Developed Markets ex-U.S. ETF
5.41
%
18,198,045
—
(3,489,834
)
1,209,482
1,419,978
276,258
229,213
17,337,671
Invesco S&P Emerging Markets Low Volatility ETF
1.44
%
4,936,248
—
(385,554
)
10,732
65,495
116,911
166,436
4,626,921
Total International and Global Equity Funds
23,134,293
—
(3,875,388
)
1,220,214
1,485,473
393,169
21,964,592
Money Market Funds–0.42%
Invesco Government & Agency Portfolio, Institutional
Class, 3.57%(c)
0.15
%
555,904
5,858,879
(5,942,164
)
—
—
7,580
472,619
472,619
Invesco Treasury Portfolio, Institutional Class, 3.56%(c)
0.27
%
1,025,234
10,880,775
(11,035,447
)
—
—
13,856
870,562
870,562
Total Money Market Funds
1,581,138
16,739,654
(16,977,611
)
—
—
21,436
1,343,181
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(excluding investments purchased with cash
collateral from securities on loan)
(Cost $284,631,718)
100.06
%
324,012,349
21,940,070
(34,331,191
)
5,872,866
3,457,529
7,078,966
320,951,623
 
Investments Purchased with Cash
Collateral from Securities on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–0.72%
Invesco Private Government Fund, 3.62%(c)(d)
0.72
%
739,657
28,164,317
(26,605,023
)
—
—
16,651
(e)
2,298,951
2,298,951
Invesco Private Prime Fund, 3.77%(c)(d)
0.00
%
1,921,208
63,798,535
(65,713,255
)
—
(854
)
45,702
(e)
5,633
5,634
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $2,304,585)
0.72
%
2,660,865
91,962,852
(92,318,278
)
—
(854
)
62,353
2,304,585
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $286,936,303) 
100.78
%
$326,673,214
$113,902,922
$(126,649,469
)
$5,872,866
$3,456,675
$7,141,319
$323,256,208
OTHER ASSETS LESS LIABILITIES
(0.78
)%
(2,503,454
)
NET ASSETS
100.00
%
$320,752,754
Investment Abbreviations: 
ETF -
Exchange-Traded Fund
Notes to Schedule of Investments: 
(a)
Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s
investment adviser.
(b)
All or a portion of this security was out on loan at June 30, 2026.
(c)
The rate shown is the 7-day SEC standardized yield as of June 30, 2026.
(d)
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.
(e)
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
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, 2026
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $286,936,303)*
$323,256,208
Receivable for:
Fund shares sold
77,979
Dividends - affiliated underlying funds
716,501
Investment for trustee deferred compensation and
retirement plans
52,570
Other assets
53,029
Total assets
324,156,287
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds
709,719
Fund shares reacquired
167,542
Collateral upon return of securities loaned
2,304,585
Accrued fees to affiliates
139,613
Accrued trustees’ and officers’ fees and benefits
412
Accrued other operating expenses
26,600
Trustee deferred compensation and retirement plans
55,062
Total liabilities
3,403,533
Net assets applicable to shares outstanding
$320,752,754
Net assets consist of:
Shares of beneficial interest
$323,687,304
Distributable earnings (loss)
(2,934,550
)
 
$320,752,754
Net Assets:
Class A
$293,028,015
Class C
$6,527,650
Class R
$5,158,539
Class Y
$15,647,083
Class R5
$298,460
Class R6
$93,007
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
25,301,915
Class C
562,950
Class R
445,166
Class Y
1,351,226
Class R5
25,776
Class R6
8,044
Class A:
Net asset value per share
$11.58
Maximum offering price per share
(Net asset value of $11.58 ÷ 94.50%)
$12.25
Class C:
Net asset value and offering price per share
$11.60
Class R:
Net asset value and offering price per share
$11.59
Class Y:
Net asset value and offering price per share
$11.58
Class R5:
Net asset value and offering price per share
$11.58
Class R6:
Net asset value and offering price per share
$11.56
 
*
At June 30, 2026, security with a value of $2,263,280 was 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, 2026
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $31,475)
$7,110,441
Expenses:
Administrative services fees
24,062
Custodian fees
270
Distribution fees:
Class A
365,266
Class C
34,772
Class R
12,459
Transfer agent fees — A, C, R and Y
185,686
Transfer agent fees — R5
145
Transfer agent fees — R6
9
Trustees’ and officers’ fees and benefits
11,989
Registration and filing fees
46,382
Reports to shareholders
19,495
Professional services fees
17,394
Other
6,294
Total expenses
724,223
Net investment income
6,386,218
Realized and unrealized gain from
Net realized gain from affiliated underlying fund shares
3,456,675
Change in net unrealized appreciation of affiliated underlying fund shares
5,872,866
Net realized and unrealized gain
9,329,541
Net increase in net assets resulting from operations
$15,715,759
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, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30,
2026
December 31,
2025
Operations:
 
 
Net investment income
$6,386,218
$13,587,151
Net realized gain
3,456,675
3,691,522
Change in net unrealized appreciation
5,872,866
18,136,761
Net increase in net assets resulting from operations
15,715,759
35,415,434
Distributions to shareholders from distributable earnings:
Class A
(6,099,158
)
(12,915,064
)
Class C
(119,067
)
(347,538
)
Class R
(97,551
)
(195,209
)
Class Y
(361,046
)
(694,786
)
Class R5
(6,474
)
(6,546
)
Class R6
(1,913
)
(2,838
)
Total distributions from distributable earnings
(6,685,209
)
(14,161,981
)
Share transactions–net:
Class A
(11,282,985
)
(23,828,021
)
Class C
(1,073,521
)
(4,955,295
)
Class R
186,492
(55,317
)
Class Y
31,671
(1,821,507
)
Class R5
5,724
208,518
Class R6
9,469
28,761
Net increase (decrease) in net assets resulting from share transactions
(12,123,150
)
(30,422,861
)
Net increase (decrease) in net assets
(3,092,600
)
(9,169,408
)
Net assets:
Beginning of period
323,845,354
333,014,762
End of period
$320,752,754
$323,845,354
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Income Allocation Fund
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated. 
 
Net asset
value,
beginning
of period
Net
investment
income(a)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
from net
investment
income
Net asset
value, end
of period
Total
return(b)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed(c)
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
to average
net assets
Portfolio
turnover (d)
Class A
Six months ended 06/30/26
$11.26
$0.23
$0.33
$0.56
$(0.24
)
$11.58
5.00
%
$293,028
0.45
%(e)
0.45
%(e)
3.98
%(e)
2
%
Year ended 12/31/25
10.54
0.46
0.74
1.20
(0.48
)
11.26
11.63
296,064
0.44
0.44
4.20
5
Year ended 12/31/24
10.38
0.43
0.17
0.60
(0.44
)
10.54
5.84
300,472
0.47
0.47
4.13
86
Year ended 12/31/23
10.10
0.45
0.25
0.70
(0.42
)
10.38
7.14
336,482
0.43
0.43
4.41
41
Year ended 12/31/22
11.84
0.35
(1.73
)
(1.38
)
(0.36
)
10.10
(11.78
)
366,254
0.37
0.43
3.25
30
Year ended 12/31/21
11.37
0.34
0.51
0.85
(0.38
)
11.84
7.56
458,085
0.25
0.42
2.90
16
Class C
Six months ended 06/30/26
11.27
0.18
0.34
0.52
(0.19
)
11.60
4.70
6,528
1.20
(e)
1.20
(e)
3.23
(e)
2
Year ended 12/31/25
10.56
0.37
0.73
1.10
(0.39
)
11.27
10.68
7,410
1.19
1.19
3.45
5
Year ended 12/31/24
10.40
0.36
0.16
0.52
(0.36
)
10.56
5.04
11,754
1.22
1.22
3.38
86
Year ended 12/31/23
10.11
0.37
0.27
0.64
(0.35
)
10.40
6.43
20,704
1.18
1.18
3.66
41
Year ended 12/31/22
11.85
0.27
(1.73
)
(1.46
)
(0.28
)
10.11
(12.43
)
29,588
1.12
1.18
2.50
30
Year ended 12/31/21
11.38
0.25
0.51
0.76
(0.29
)
11.85
6.76
46,368
1.00
1.17
2.15
16
Class R
Six months ended 06/30/26
11.27
0.21
0.33
0.54
(0.22
)
11.59
4.87
5,159
0.70
(e)
0.70
(e)
3.73
(e)
2
Year ended 12/31/25
10.55
0.43
0.74
1.17
(0.45
)
11.27
11.34
4,831
0.69
0.69
3.95
5
Year ended 12/31/24
10.39
0.41
0.16
0.57
(0.41
)
10.55
5.57
4,577
0.72
0.72
3.88
86
Year ended 12/31/23
10.11
0.42
0.26
0.68
(0.40
)
10.39
6.86
3,693
0.68
0.68
4.16
41
Year ended 12/31/22
11.84
0.32
(1.72
)
(1.40
)
(0.33
)
10.11
(11.91
)
3,470
0.62
0.68
3.00
30
Year ended 12/31/21
11.38
0.31
0.50
0.81
(0.35
)
11.84
7.20
5,115
0.50
0.67
2.65
16
Class Y
Six months ended 06/30/26
11.26
0.24
0.33
0.57
(0.25
)
11.58
5.13
15,647
0.20
(e)
0.20
(e)
4.23
(e)
2
Year ended 12/31/25
10.54
0.48
0.74
1.22
(0.50
)
11.26
11.91
15,175
0.19
0.19
4.45
5
Year ended 12/31/24
10.38
0.46
0.16
0.62
(0.46
)
10.54
6.11
16,094
0.22
0.22
4.38
86
Year ended 12/31/23
10.10
0.47
0.26
0.73
(0.45
)
10.38
7.41
20,642
0.18
0.18
4.66
41
Year ended 12/31/22
11.83
0.38
(1.73
)
(1.35
)
(0.38
)
10.10
(11.48
)
28,227
0.12
0.18
3.50
30
Year ended 12/31/21
11.37
0.37
0.50
0.87
(0.41
)
11.83
7.74
48,311
0.00
0.17
3.15
16
Class R5
Six months ended 06/30/26
11.26
0.24
0.33
0.57
(0.25
)
11.58
5.16
298
0.18
(e)
0.18
(e)
4.25
(e)
2
Year ended 12/31/25
10.54
0.49
0.74
1.23
(0.51
)
11.26
11.95
285
0.14
0.14
4.50
5
Year ended 12/31/24
10.38
0.46
0.16
0.62
(0.46
)
10.54
6.14
69
0.18
0.18
4.42
86
Year ended 12/31/23
10.09
0.48
0.26
0.74
(0.45
)
10.38
7.53
65
0.16
0.16
4.68
41
Year ended 12/31/22
11.83
0.38
(1.73
)
(1.35
)
(0.39
)
10.09
(11.55
)
93
0.11
0.16
3.51
30
Year ended 12/31/21
11.37
0.37
0.50
0.87
(0.41
)
11.83
7.74
136
0.00
0.16
3.15
16
Class R6
Six months ended 06/30/26
11.24
0.24
0.34
0.58
(0.26
)
11.56
5.18
93
0.10
(e)
0.10
(e)
4.33
(e)
2
Year ended 12/31/25
10.53
0.49
0.73
1.22
(0.51
)
11.24
11.92
81
0.10
0.10
4.54
5
Year ended 12/31/24
10.38
0.47
0.15
0.62
(0.47
)
10.53
6.14
48
0.09
0.09
4.51
86
Year ended 12/31/23
10.09
0.49
0.26
0.75
(0.46
)
10.38
7.60
9
0.10
0.10
4.74
41
Year ended 12/31/22
11.83
0.38
(1.73
)
(1.35
)
(0.39
)
10.09
(11.51
)
337
0.06
0.09
3.56
30
Year ended 12/31/21
11.36
0.37
0.51
0.88
(0.41
)
11.83
7.83
139
0.00
0.12
3.15
16
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests.
Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by
the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and
are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund’s total return.
Estimated acquired fund fees from underlying funds were 0.38%, 0.38%, 0.45%, 0.46%, 0.45% and 0.45% for the six months ended June 30, 2026 and the years ended
December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(d)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(e)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco Income Allocation Fund
Notes to Financial Statements
June 30, 2026
(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, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
7
Invesco Income Allocation Fund
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Distributions – Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt 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
8
Invesco Income Allocation Fund
(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, 2026, the Fund paid the Adviser $1,916 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. (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, 2026, 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, 2026, 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, 2026, 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, 2026, IDI advised the Fund that IDI retained $11,848 in front-end sales commissions from the sale of Class A shares and $4,570 and $30 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
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, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Affiliated Issuers
$319,608,442
$—
$—
$319,608,442
Money Market Funds
1,343,181
2,304,585
—
3,647,766
Total Investments
$320,951,623
$2,304,585
$—
$323,256,208
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated 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 5—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 6—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, 2025, as follows: 
Capital Loss Carryforward*
Expiration
Short-Term
Long-Term
Total
Not subject to expiration
$4,854,182
$35,091,926
$39,946,108
*
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 7—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, 2026 was $5,200,416 and $17,353,580, respectively. As of June 30, 2026, 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
Aggregate unrealized appreciation of investments
$33,496,823
Aggregate unrealized (depreciation) of investments
(544,155
)
Net unrealized appreciation of investments
$32,952,668
Cost of investments for tax purposes is $290,303,540.
10
Invesco Income Allocation Fund
NOTE 8—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
1,037,199
$11,875,480
2,345,023
$25,434,431
Class C
39,698
452,982
55,677
602,763
Class R
51,104
584,536
87,354
939,364
Class Y
289,418
3,327,362
460,398
4,982,229
Class R5
22
257
19,066
212,750
Class R6
832
9,499
2,445
26,664
Issued as reinvestment of dividends:
Class A
442,600
5,042,347
991,001
10,700,873
Class C
8,768
100,016
27,316
294,641
Class R
8,558
97,577
18,052
195,149
Class Y
25,643
291,934
50,286
543,047
Class R5
543
6,184
544
5,967
Class R6
148
1,688
221
2,389
Automatic conversion of Class C shares to Class A shares:
Class A
87,834
1,002,473
312,953
3,391,340
Class C
(87,748
)
(1,002,473
)
(312,560
)
(3,391,340
)
Reacquired:
Class A
(2,556,012
)
(29,203,285
)
(5,855,907
)
(63,354,665
)
Class C
(54,959
)
(624,046
)
(226,730
)
(2,461,359
)
Class R
(43,219
)
(495,621
)
(110,479
)
(1,189,830
)
Class Y
(311,593
)
(3,587,625
)
(689,478
)
(7,346,783
)
Class R5
(63
)
(717
)
(918
)
(10,199
)
Class R6
(149
)
(1,718
)
(27
)
(292
)
Net increase (decrease) in share activity
(1,061,376
)
$(12,123,150
)
(2,825,763
)
$(30,422,861
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
11
Invesco Income Allocation Fund
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2026. 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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year. Additionally, 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  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 April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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 including emerging technologies such as those driven by artificial intelligence. 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, 2025 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 third 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 reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board considered that the Fund underwent a change in portfolio management and
12
Invesco Income Allocation Fund
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 segments of the fixed income asset class, as well as cash drag, 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 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)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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
 
SEC file number(s): 811-02699 and 002-57526
Invesco Distributors, Inc.
INCAL-NCSRS


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco International Diversified Fund
Nasdaq:
A: OIDAX ■ C: OIDCX ■ R: OIDNX ■ Y: OIDYX ■ R5: INDFX ■ R6: OIDIX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
  
Schedule of Investments  
June 30, 2026
(Unaudited) 
Invesco International Diversified Fund
Schedule of Investments in Affiliated Issuers–99.69%(a)
 
% of
Net
Assets
06/30/26
Value
12/31/25
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/26
Value
06/30/26
International and Global Equity Funds–99.69%
Invesco Developing Markets Fund, Class R6
19.53
%
$273,576,845
$—
$(39,877,459
)
$38,679,198
$4,128,142
$—
6,986,021
$276,506,726
Invesco EQV International Equity Fund, Class R6
10.02
%
133,771,797
8,063,108
(15,256,627
)
14,355,228
947,747
—
5,901,883
141,881,253
Invesco International Growth Focus ETF
10.18
%
141,228,401
3,140,867
(7,642,051
)
7,163,025
169,975
—
5,229,046
144,060,217
Invesco International Growth Fund, Class R6
10.17
%
133,695,119
14,084,502
(14,306,476
)
10,358,857
220,956
—
5,347,177
144,052,958
Invesco International Small-Mid Company Fund,
Class R6
14.92
%
200,081,115
20,212,725
(10,936,796
)
1,877,158
28,832
—
5,966,197
211,263,034
Invesco International Value Fund, Class R6
34.87
%
519,593,236
1,954,074
(104,054,938
)
80,083,008
(3,817,779
)
—
12,828,205
493,757,601
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $1,068,531,256) 
99.69
%
$1,401,946,513
$47,455,276
$(192,074,347
)
$152,516,474
$1,677,873
$—
$1,411,521,789
OTHER ASSETS LESS LIABILITIES
0.31
%
4,404,127
NET ASSETS
100.00
%
$1,415,925,916
Investment Abbreviations: 
ETF -
Exchange-Traded Fund
Notes to Schedule of Investments: 
(a)
Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s
investment adviser.
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, 2026
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $1,068,531,256)
$1,411,521,789
Cash
7,942,010
Receivable for:
Fund shares sold
697,495
Investment for trustee deferred compensation and
retirement plans
183,274
Other assets
117,569
Total assets
1,420,462,137
Liabilities:
Payable for:
Fund shares reacquired
3,698,052
Accrued fees to affiliates
573,264
Accrued trustees’ and officers’ fees and benefits
13,242
Accrued other operating expenses
61,132
Trustee deferred compensation and retirement plans
190,531
Total liabilities
4,536,221
Net assets applicable to shares outstanding
$1,415,925,916
Net assets consist of:
Shares of beneficial interest
$893,110,837
Distributable earnings
522,815,079
 
$1,415,925,916
Net Assets:
Class A
$764,551,332
Class C
$36,018,904
Class R
$104,078,374
Class Y
$354,393,853
Class R5
$7,289
Class R6
$156,876,164
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
51,656,295
Class C
2,726,333
Class R
7,325,933
Class Y
23,317,561
Class R5
488
Class R6
10,228,509
Class A:
Net asset value per share
$14.80
Maximum offering price per share
(Net asset value of $14.80 ÷ 94.50%)
$15.66
Class C:
Net asset value and offering price per share
$13.21
Class R:
Net asset value and offering price per share
$14.21
Class Y:
Net asset value and offering price per share
$15.20
Class R5:
Net asset value and offering price per share
$14.94
Class R6:
Net asset value and offering price per share
$15.34
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, 2026
(Unaudited) 
Expenses:
Custodian fees
$97
Distribution fees:
Class A
911,521
Class C
184,689
Class R
284,111
Transfer agent fees — A, C, R and Y
939,759
Transfer agent fees — R5
2
Transfer agent fees — R6
23,177
Trustees’ and officers’ fees and benefits
16,182
Registration and filing fees
63,912
Reports to shareholders
59,706
Professional services fees
22,864
Other
11,165
Total expenses
2,517,185
Net investment income (loss)
(2,517,185
)
Realized and unrealized gain from
Net realized gain from affiliated underlying fund shares
1,677,873
Change in net unrealized appreciation of affiliated underlying fund shares
152,516,474
Net realized and unrealized gain
154,194,347
Net increase (decrease) in net assets resulting from operations
$151,677,162
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, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30,
2026
December 31,
2025
Operations:
 
 
Net investment income (loss)
$(2,517,185
)
$19,128,253
Net realized gain
1,677,873
547,060,641
Change in net unrealized appreciation (depreciation)
152,516,474
(278,430,018
)
Net increase in net assets resulting from operations
151,677,162
287,758,876
Distributions to shareholders from distributable earnings:
Class A
—
(196,322,050
)
Class C
—
(11,476,978
)
Class R
—
(30,430,563
)
Class Y
—
(108,331,617
)
Class R5
—
(2,325
)
Class R6
—
(40,038,445
)
Total distributions from distributable earnings
—
(386,601,978
)
Share transactions–net:
Class A
(41,573,936
)
80,457,338
Class C
(6,506,628
)
(5,384,107
)
Class R
(20,105,174
)
18,242,952
Class Y
(60,019,655
)
(118,043,143
)
Class R5
—
(27,250
)
Class R6
(12,576,249
)
(37,622,081
)
Net increase (decrease) in net assets resulting from share transactions
(140,781,642
)
(62,376,291
)
Net increase (decrease) in net assets
10,895,520
(161,219,393
)
Net assets:
Beginning of period
1,405,030,396
1,566,249,789
End of period
$1,415,925,916
$1,405,030,396
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
value,
beginning
of period
Net
investment
income
(loss)(a)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
from net
investment
income
Distributions
from net
realized
gains
Total
distributions
Net asset
value, end
of period
Total
return(b)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed(c)
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
(loss)
to average
net assets
Portfolio
turnover (d)
Class A
Six months ended 06/30/26
$13.30
$(0.03
)
$1.53
$1.50
$—
$—
$—
$14.80
11.28
%
$764,551
0.42
%(e)
0.42
%(e)
(0.42
)%(e)
3
%
Year ended 12/31/25
14.98
0.20
2.89
3.09
(0.25
)
(4.52
)
(4.77
)
13.30
21.06
726,599
0.42
0.42
1.18
64
Year ended 12/31/24
16.12
0.14
(0.55
)
(0.41
)
(0.21
)
(0.52
)
(0.73
)
14.98
(2.53
)
704,088
0.45
0.45
0.85
8
Year ended 12/31/23
14.02
0.13
2.03
2.16
(0.06
)
—
(0.06
)
16.12
15.43
846,831
0.42
0.42
0.84
7
Year ended 12/31/22
21.53
0.05
(5.49
)
(5.44
)
(0.06
)
(2.01
)
(2.07
)
14.02
(25.32
)
838,141
0.44
0.44
0.26
15
Year ended 12/31/21
22.41
0.06
0.77
0.83
(0.11
)
(1.60
)
(1.71
)
21.53
3.89
1,337,605
0.42
0.42
0.26
20
Class C
Six months ended 06/30/26
11.92
(0.07
)
1.36
1.29
—
—
—
13.21
10.82
36,019
1.17
(e)
1.17
(e)
(1.17
)(e)
3
Year ended 12/31/25
13.94
0.07
2.68
2.75
(0.25
)
(4.52
)
(4.77
)
11.92
20.19
38,651
1.17
1.17
0.43
64
Year ended 12/31/24
14.98
0.02
(0.51
)
(0.49
)
(0.03
)
(0.52
)
(0.55
)
13.94
(3.27
)
47,509
1.20
1.20
0.10
8
Year ended 12/31/23
13.13
0.01
1.90
1.91
(0.06
)
—
(0.06
)
14.98
14.57
70,156
1.17
1.17
0.09
7
Year ended 12/31/22
20.49
(0.08
)
(5.21
)
(5.29
)
(0.06
)
(2.01
)
(2.07
)
13.13
(25.88
)
82,628
1.19
1.19
(0.49
)
15
Year ended 12/31/21
21.46
(0.11
)
0.74
0.63
—
(1.60
)
(1.60
)
20.49
3.11
164,886
1.17
1.17
(0.49
)
20
Class R
Six months ended 06/30/26
12.79
(0.05
)
1.47
1.42
—
—
—
14.21
11.10
104,078
0.67
(e)
0.67
(e)
(0.67
)(e)
3
Year ended 12/31/25
14.58
0.15
2.83
2.98
(0.25
)
(4.52
)
(4.77
)
12.79
20.90
112,069
0.67
0.67
0.93
64
Year ended 12/31/24
15.69
0.10
(0.54
)
(0.44
)
(0.15
)
(0.52
)
(0.67
)
14.58
(2.83
)
103,960
0.70
0.70
0.60
8
Year ended 12/31/23
13.68
0.09
1.98
2.07
(0.06
)
—
(0.06
)
15.69
15.15
126,234
0.67
0.67
0.59
7
Year ended 12/31/22
21.13
0.00
(5.38
)
(5.38
)
(0.06
)
(2.01
)
(2.07
)
13.68
(25.52
)
123,943
0.69
0.69
0.01
15
Year ended 12/31/21
22.02
0.00
0.76
0.76
(0.05
)
(1.60
)
(1.65
)
21.13
3.62
179,362
0.67
0.67
0.01
20
Class Y
Six months ended 06/30/26
13.64
(0.01
)
1.57
1.56
—
—
—
15.20
11.44
354,394
0.17
(e)
0.17
(e)
(0.17
)(e)
3
Year ended 12/31/25
15.22
0.24
2.95
3.19
(0.25
)
(4.52
)
(4.77
)
13.64
21.37
374,982
0.17
0.17
1.43
64
Year ended 12/31/24
16.43
0.18
(0.56
)
(0.38
)
(0.31
)
(0.52
)
(0.83
)
15.22
(2.35
)
513,958
0.20
0.20
1.10
8
Year ended 12/31/23
14.25
0.17
2.07
2.24
(0.06
)
—
(0.06
)
16.43
15.74
795,604
0.17
0.17
1.09
7
Year ended 12/31/22
21.83
0.09
(5.57
)
(5.48
)
(0.09
)
(2.01
)
(2.10
)
14.25
(25.15
)
871,554
0.19
0.19
0.51
15
Year ended 12/31/21
22.71
0.12
0.78
0.90
(0.18
)
(1.60
)
(1.78
)
21.83
4.17
1,823,128
0.17
0.17
0.51
20
Class R5
Six months ended 06/30/26
13.40
(0.00
)
1.54
1.54
—
—
—
14.94
11.49
7
0.05
(e)
0.05
(e)
(0.05
)(e)
3
Year ended 12/31/25
15.03
0.24
2.90
3.14
(0.25
)
(4.52
)
(4.77
)
13.40
21.27
7
0.13
0.13
1.47
64
Year ended 12/31/24
16.25
0.19
(0.56
)
(0.37
)
(0.33
)
(0.52
)
(0.85
)
15.03
(2.31
)
31
0.13
0.13
1.17
8
Year ended 12/31/23
14.08
0.17
2.06
2.23
(0.06
)
—
(0.06
)
16.25
15.86
32
0.12
0.12
1.14
7
Year ended 12/31/22
21.61
0.10
(5.51
)
(5.41
)
(0.11
)
(2.01
)
(2.12
)
14.08
(25.09
)
28
0.10
0.10
0.60
15
Year ended 12/31/21
22.50
0.15
0.78
0.93
(0.22
)
(1.60
)
(1.82
)
21.61
4.32
73
0.07
0.07
0.61
20
Class R6
Six months ended 06/30/26
13.76
(0.00
)
1.58
1.58
—
—
—
15.34
11.48
156,876
0.05
(e)
0.05
(e)
(0.05
)(e)
3
Year ended 12/31/25
15.30
0.26
2.97
3.23
(0.25
)
(4.52
)
(4.77
)
13.76
21.54
152,723
0.06
0.06
1.54
64
Year ended 12/31/24
16.54
0.21
(0.57
)
(0.36
)
(0.36
)
(0.52
)
(0.88
)
15.30
(2.21
)
196,705
0.06
0.06
1.24
8
Year ended 12/31/23
14.33
0.19
2.08
2.27
(0.06
)
—
(0.06
)
16.54
15.86
284,047
0.05
0.05
1.21
7
Year ended 12/31/22
21.94
0.11
(5.58
)
(5.47
)
(0.13
)
(2.01
)
(2.14
)
14.33
(25.02
)
428,285
0.04
0.04
0.66
15
Year ended 12/31/21
22.82
0.16
0.78
0.94
(0.22
)
(1.60
)
(1.82
)
21.94
4.31
812,719
0.03
0.03
0.65
20
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests.
Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by
the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and
are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return.
Estimated acquired fund fees from underlying funds were 0.87%, 0.87%, 0.87%, 0.87%, 0.83% and 0.82% for the six months ended June 30, 2026 and the years ended
December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(d)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(e)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco International Diversified Fund
Notes to Financial Statements
June 30, 2026
(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, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
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Invesco International Diversified Fund
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
J.
Other Risks - Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or
8
Invesco International Diversified Fund
social instability, changes in economic or taxation policies or other adverse political or economic developments (in which an underlying Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent an underlying Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact an underlying Fund’s returns, unless an underlying Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which an underlying Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.
To the extent an underlying Fund invests in emerging markets, emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets.
An underlying Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on an underlying Fund’s investment performance.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser.  Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. 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, 2026, 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, 2026, 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, 2026, 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, 2026, IDI advised the Fund that IDI retained $32,627 in front-end sales commissions from the sale of Class A shares and $3 and $353 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
9
Invesco International Diversified Fund
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of June 30, 2026, 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—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. The Fund may have certain former Trustees who participated 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 5—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 6—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, 2025, as follows: 
Capital Loss Carryforward*
Expiration
Short-Term
Long-Term
Total
Not subject to expiration
$383,695
$28,304,809
$28,688,504
*
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 7—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, 2026 was $47,455,276 and $192,074,347, respectively. As of June 30, 2026, 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
Aggregate unrealized appreciation of investments
$290,799,816
Aggregate unrealized (depreciation) of investments
—
Net unrealized appreciation of investments
$290,799,816
Cost of investments for tax purposes is $1,120,721,973.
NOTE 8—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
1,875,027
$26,227,861
2,594,986
$42,163,325
Class C
276,285
3,449,819
288,306
4,357,968
Class R
574,773
7,736,573
923,450
14,563,836
Class Y
1,493,495
21,461,362
3,421,316
54,692,171
Class R6
1,079,099
15,520,701
2,020,882
33,244,438
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Invesco International Diversified Fund
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Issued as reinvestment of dividends:
Class A
-
$-
13,868,037
$181,809,944
Class C
-
-
951,607
11,181,379
Class R
-
-
2,406,578
30,322,886
Class Y
-
-
6,005,434
80,773,090
Class R6
-
-
2,775,530
37,636,183
Automatic conversion of Class C shares to Class A shares:
Class A
428,049
6,015,202
650,884
10,479,130
Class C
(478,737
)
(6,015,202
)
(704,723
)
(10,479,130
)
Reacquired:
Class A
(5,262,014
)
(73,816,999
)
(9,516,187
)
(153,995,061
)
Class C
(313,748
)
(3,941,245
)
(701,519
)
(10,444,324
)
Class R
(2,013,425
)
(27,841,747
)
(1,693,494
)
(26,643,770
)
Class Y
(5,657,413
)
(81,481,017
)
(15,718,707
)
(253,508,404
)
Class R5
-
-
(1,574
)
(27,250
)
Class R6
(1,948,700
)
(28,096,950
)
(6,556,039
)
(108,502,702
)
Net increase (decrease) in share activity
(9,947,309
)
$(140,781,642
)
1,014,767
$(62,376,291
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 19% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
11
Invesco International Diversified Fund
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. 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, 2026.  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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year. Additionally, 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 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 April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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 including emerging technologies such as those driven by artificial intelligence.  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, 2025 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, 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 noted that the Fund is a fund of funds that invests primarily in certain underlying affiliated funds and discussed how
12
Invesco International Diversified Fund
the performance of the underlying funds contributed to or detracted from the Fund’s performance.  The Board considered that stock selection in and an underweight exposure to certain regions and sectors and an overweight exposure to certain factors (each of the foregoing achieved by the Fund’s exposure to underlying funds) detracted from Fund performance. The Board also noted that the Fund recently underwent an investment process change which involved changes to the underlying funds in which the Fund may invest.   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 by 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
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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
 
SEC file number(s): 811-02699 and 002-57526
Invesco Distributors, Inc.
O-IDIV-NCSRS


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco Main Street Mid Cap Fund®
Nasdaq:
A: OPMSX ■ C: OPMCX ■ R: OPMNX ■ Y: OPMYX ■ R5: MSMJX ■ R6: OPMIX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
  
Schedule of Investments(a)  
June 30, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–99.09%
Aerospace & Defense–5.40%
ATI, Inc.(b)
207,622
$40,922,296
Curtiss-Wright Corp.
55,690
42,199,654
Howmet Aerospace, Inc.
82,639
22,218,322
Rocket Lab Corp.(b)
116,092
11,800,752
StandardAero, Inc.(b)(c)
804,450
24,061,099
 
 
141,202,123
Agricultural & Farm Machinery–1.03%
AGCO Corp.
225,564
27,000,011
Apparel Retail–0.92%
Ross Stores, Inc.
112,349
23,913,485
Application Software–2.65%
Datadog, Inc., Class A(b)
153,703
40,018,113
Manhattan Associates, Inc.(b)
104,898
14,607,046
Samsara, Inc., Class A(b)(c)
447,511
14,512,782
 
 
69,137,941
Automotive Parts & Equipment–0.61%
Visteon Corp.
160,314
15,904,752
Automotive Retail–0.97%
AutoNation, Inc.(b)
136,122
25,290,106
Biotechnology–2.81%
Argenx SE, ADR (Netherlands)(b)
26,184
24,292,730
BridgeBio Pharma, Inc.(b)(c)
254,022
18,919,559
Ionis Pharmaceuticals, Inc.(b)(c)
213,725
16,946,255
Praxis Precision Medicines, Inc.(b)(c)
39,718
13,297,189
 
 
73,455,733
Building Products–1.91%
A.O. Smith Corp.(c)
335,824
21,062,881
Johnson Controls International PLC
198,179
28,955,934
 
 
50,018,815
Cargo Ground Transportation–0.77%
J.B. Hunt Transport Services, Inc.
69,842
20,214,370
Communications Equipment–1.85%
Lumentum Holdings, Inc.(b)
35,841
30,753,729
Motorola Solutions, Inc.
42,194
17,522,746
 
 
48,276,475
Construction Machinery & Heavy Transportation Equipment–
1.17%
Allison Transmission Holdings, Inc.
270,152
30,456,937
Construction Materials–1.08%
Vulcan Materials Co.
95,522
28,179,945
Consumer Staples Merchandise Retail–0.93%
BJ’s Wholesale Club Holdings, Inc.(b)
277,369
24,192,124
Data Center REITs–1.30%
Digital Realty Trust, Inc.
188,788
33,902,549
 
Shares
Value
Diversified Banks–1.23%
Fifth Third Bancorp
567,925
$32,013,932
Diversified Financial Services–0.95%
Equitable Holdings, Inc.
566,714
24,867,410
Electric Utilities–1.53%
PPL Corp.
1,097,826
39,905,975
Electrical Components & Equipment–3.86%
Hubbell, Inc.
70,601
36,938,443
Rockwell Automation, Inc.
89,482
44,300,749
Vertiv Holdings Co., Class A
58,594
19,618,443
 
 
100,857,635
Electronic Components–1.22%
Coherent Corp.(b)
81,134
32,004,929
Electronic Equipment & Instruments–1.64%
Keysight Technologies, Inc.(b)
122,255
42,797,808
Electronic Manufacturing Services–0.99%
Flex Ltd.(b)
159,844
25,905,917
Environmental & Facilities Services–1.13%
Casella Waste Systems, Inc., Class A(b)(c)
304,767
29,553,256
Fertilizers & Agricultural Chemicals–1.41%
Corteva, Inc.
434,724
36,816,776
Financial Exchanges & Data–1.76%
Cboe Global Markets, Inc.
115,314
27,983,248
Intercontinental Exchange, Inc.
145,295
17,887,268
 
 
45,870,516
Health Care Distributors–1.32%
Cardinal Health, Inc.
145,363
34,532,434
Health Care Facilities–1.56%
Encompass Health Corp.
195,157
19,726,470
Tenet Healthcare Corp.(b)
112,229
20,995,801
 
 
40,722,271
Health Care REITs–1.32%
American Healthcare REIT, Inc.(c)
661,924
34,519,337
Health Care Services–2.19%
BrightSpring Health Services, Inc.(b)
264,420
18,440,651
Guardant Health, Inc.(b)
258,922
38,846,068
 
 
57,286,719
Homebuilding–2.16%
D.R. Horton, Inc.
218,149
35,532,109
TopBuild Corp.(b)
58,836
20,859,127
 
 
56,391,236
Hotels, Resorts & Cruise Lines–3.13%
Hyatt Hotels Corp., Class A(c)
161,151
31,237,510
Royal Caribbean Cruises Ltd.(c)
159,570
50,668,262
 
 
81,905,772
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Main Street Mid Cap Fund®
 
Shares
Value
Human Resource & Employment Services–0.81%
Korn Ferry
319,522
$21,273,775
Independent Power Producers & Energy Traders–1.17%
Vistra Corp.
192,679
30,564,670
Industrial Machinery & Supplies & Components–3.56%
ITT, Inc.
139,842
27,655,154
Lincoln Electric Holdings, Inc.
123,197
32,710,036
Xylem, Inc.
275,159
32,526,545
 
 
92,891,735
Industrial REITs–1.20%
First Industrial Realty Trust, Inc.
510,774
31,315,554
Insurance Brokers–1.10%
Arthur J. Gallagher & Co.
125,004
28,697,168
Interactive Home Entertainment–1.83%
Roblox Corp., Class A(b)
398,730
21,682,937
Take-Two Interactive Software, Inc.(b)
104,448
26,109,911
 
 
47,792,848
Interactive Media & Services–0.52%
Snap, Inc., Class A(b)
3,066,824
13,616,699
Internet Services & Infrastructure–2.14%
Cloudflare, Inc., Class A(b)
114,161
28,001,410
MongoDB, Inc.(b)
83,294
27,978,455
 
 
55,979,865
Investment Banking & Brokerage–2.61%
Evercore, Inc., Class A
74,515
25,442,402
Raymond James Financial, Inc.
280,982
42,717,693
 
 
68,160,095
Life Sciences Tools & Services–1.62%
Repligen Corp.(b)(c)
144,774
19,752,964
Waters Corp.(b)
60,019
22,509,526
 
 
42,262,490
Metal, Glass & Plastic Containers–0.58%
Silgan Holdings, Inc.(c)
328,152
15,222,971
Multi-Utilities–2.62%
Ameren Corp.
347,194
39,246,810
CMS Energy Corp.
383,157
29,311,510
 
 
68,558,320
Oil & Gas Equipment & Services–0.88%
SLB Ltd.
492,078
22,876,706
Oil & Gas Exploration & Production–2.30%
Devon Energy Corp.
599,528
24,772,497
Permian Resources Corp.
1,923,501
35,411,653
 
 
60,184,150
Oil & Gas Refining & Marketing–0.55%
Valero Energy Corp.
55,653
14,494,267
Oil & Gas Storage & Transportation–2.85%
Cheniere Energy, Inc.
151,569
36,226,507
Williams Cos., Inc. (The)
514,207
38,226,148
 
 
74,452,655
 
Shares
Value
Other Specialized REITs–0.84%
Lamar Advertising Co., Class A(c)
140,733
$21,951,533
Other Specialty Retail–0.59%
Tractor Supply Co.
483,592
15,286,343
Packaged Foods & Meats–1.01%
Hershey Co. (The)
150,883
26,472,422
Pharmaceuticals–0.65%
Axsome Therapeutics, Inc.(b)
68,938
16,873,954
Property & Casualty Insurance–1.30%
Hartford Insurance Group, Inc. (The)
256,659
34,012,451
Regional Banks–4.02%
Citizens Financial Group, Inc.
438,465
30,723,242
M&T Bank Corp.
144,366
34,360,552
Wintrust Financial Corp.
249,412
40,085,497
 
 
105,169,291
Reinsurance–0.95%
Reinsurance Group of America, Inc.
116,969
24,873,458
Restaurants–2.33%
Darden Restaurants, Inc.
91,503
18,850,533
Yum! Brands, Inc.
262,689
41,993,464
 
 
60,843,997
Retail REITs–1.15%
Brixmor Property Group, Inc.
956,326
30,152,959
Semiconductor Materials & Equipment–0.82%
MKS, Inc.
48,388
21,522,982
Semiconductors–4.21%
Cerebras Systems, Inc., Class A(b)(c)
74,626
16,492,346
Credo Technology Group Holding Ltd.(b)
138,886
37,770,048
Microchip Technology, Inc.
287,149
26,187,989
Monolithic Power Systems, Inc.
21,417
29,606,004
 
 
110,056,387
Single-Family Residential REITs–1.27%
American Homes 4 Rent, Class A
989,056
33,153,157
Specialty Chemicals–2.06%
DuPont de Nemours, Inc.
125,459
17,017,259
International Flavors & Fragrances, Inc.
465,342
36,864,393
 
 
53,881,652
Trading Companies & Distributors–0.75%
Sunbelt Rentals Holdings, Inc.
260,411
19,481,347
Total Common Stocks & Other Equity Interests
(Cost $1,821,079,799)
2,589,173,190
Money Market Funds–0.80%
Invesco Government & Agency Portfolio,
Institutional Class, 3.57%(d)(e)
7,325,878
7,325,878
Invesco Treasury Portfolio, Institutional
Class, 3.56%(d)(e)
13,605,201
13,605,201
Total Money Market Funds (Cost $20,931,079)
20,931,079
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from
securities on loan)-99.89%
(Cost $1,842,010,878)
 
2,610,104,269
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Main Street Mid Cap Fund®
 
Shares
Value
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–7.03%
Invesco Private Government Fund,
3.62%(d)(e)(f)
48,200,816
$48,200,816
Invesco Private Prime Fund,
3.77%(d)(e)(f)
135,511,413
135,524,965
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $183,727,297)
183,725,781
TOTAL INVESTMENTS IN SECURITIES–106.92%
(Cost $2,025,738,175)
2,793,830,050
OTHER ASSETS LESS LIABILITIES—(6.92)%
(180,836,736
)
NET ASSETS–100.00%
$2,612,993,314
Investment Abbreviations: 
ADR
– American Depositary Receipt
REIT
– Real Estate Investment Trust
Notes to Schedule of Investments: 
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the
exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at June 30, 2026.
(d)
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, 2026.
 
 
Value
December 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
June 30, 2026
Dividend Income
Investments in Affiliated Money Market
Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$4,324,575
$94,377,616
$(91,376,313)
$-
$-
$7,325,878
$85,633
Invesco Treasury Portfolio, Institutional
Class
8,031,354
175,272,715
(169,698,868)
-
-
13,605,201
157,911
Investments Purchased with Cash
Collateral from Securities on Loan:
Invesco Private Government Fund
26,079,688
302,086,667
(279,965,539)
-
-
48,200,816
625,176*
Invesco Private Prime Fund
67,760,513
659,866,173
(592,081,366)
(1,516)
(18,839)
135,524,965
1,713,064*
Total
$106,196,130
$1,231,603,171
$(1,133,122,086)
$(1,516)
$(18,839)
$204,656,860
$2,581,784
 
*
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.
 
(e)
The rate shown is the 7-day SEC standardized yield as of June 30, 2026.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of
the securities loaned. See Note 1J.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Main Street Mid Cap Fund®
Statement of Assets and Liabilities
June 30, 2026
(Unaudited)
 
Assets:
Investments in unaffiliated securities, at value
(Cost $1,821,079,799)*
$2,589,173,190
Investments in affiliated money market funds, at value
(Cost $204,658,376)
204,656,860
Cash
5,360,515
Receivable for:
Fund shares sold
363,497
Dividends
2,103,149
Investment for trustee deferred compensation and
retirement plans
688,789
Other assets
104,334
Total assets
2,802,450,334
Liabilities:
Payable for:
Investments purchased
360,515
Fund shares reacquired
3,383,948
Collateral upon return of securities loaned
183,727,297
Accrued fees to affiliates
1,166,987
Accrued trustees’ and officers’ fees and benefits
527
Accrued other operating expenses
116,057
Trustee deferred compensation and retirement plans
701,689
Total liabilities
189,457,020
Net assets applicable to shares outstanding
$2,612,993,314
Net assets consist of:
Shares of beneficial interest
$1,615,539,024
Distributable earnings
997,454,290
 
$2,612,993,314
Net Assets:
Class A
$1,916,721,370
Class C
$51,940,481
Class R
$155,388,439
Class Y
$359,343,702
Class R5
$14,729,033
Class R6
$114,870,289
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
59,712,375
Class C
2,563,056
Class R
5,440,928
Class Y
9,644,336
Class R5
452,172
Class R6
3,080,070
Class A:
Net asset value per share
$32.10
Maximum offering price per share
(Net asset value of $32.10 ÷ 94.50%)
$33.97
Class C:
Net asset value and offering price per share
$20.27
Class R:
Net asset value and offering price per share
$28.56
Class Y:
Net asset value and offering price per share
$37.26
Class R5:
Net asset value and offering price per share
$32.57
Class R6:
Net asset value and offering price per share
$37.29
 
*
At June 30, 2026, securities with an aggregate value of $181,286,510
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®
Statement of Operations
For the six months ended June 30, 2026
(Unaudited) 
Investment income:
Dividends (net of foreign withholding taxes of $(23,228))
$15,647,815
Dividends from affiliated money market funds (includes net securities lending income of $133,685)
377,229
Total investment income
16,025,044
Expenses:
Advisory fees
7,695,653
Administrative services fees
177,277
Custodian fees
6,336
Distribution fees:
Class A
2,233,705
Class C
258,652
Class R
368,917
Transfer agent fees — A, C, R and Y
1,744,778
Transfer agent fees — R5
7,084
Transfer agent fees — R6
16,147
Trustees’ and officers’ fees and benefits
20,084
Registration and filing fees
60,375
Reports to shareholders
81,383
Professional services fees
26,243
Other
19,725
Total expenses
12,716,359
Less: Fees waived and/or expenses reimbursed
(7,993
)
Net expenses
12,708,366
Net investment income
3,316,678
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
158,976,991
Affiliated investment securities
(18,839
)
Foreign currencies
(32,371
)
Forward foreign currency contracts
10,744
 
158,936,525
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
117,646,746
Affiliated investment securities
(1,516
)
Foreign currencies
(975
)
 
117,644,255
Net realized and unrealized gain
276,580,780
Net increase in net assets resulting from operations
$279,897,458
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco Main Street Mid Cap Fund®
Statement of Changes in Net Assets
For the six months ended June 30, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30,
2026
December 31,
2025
Operations:
 
 
Net investment income
$3,316,678
$8,087,428
Net realized gain
158,936,525
218,468,584
Change in net unrealized appreciation (depreciation)
117,644,255
(15,061,742
)
Net increase in net assets resulting from operations
279,897,458
211,494,270
Distributions to shareholders from distributable earnings:
Class A
—
(151,688,369
)
Class C
—
(6,522,803
)
Class R
—
(13,269,970
)
Class Y
—
(25,550,463
)
Class R5
—
(1,287,901
)
Class R6
—
(7,966,818
)
Total distributions from distributable earnings
—
(206,286,324
)
Share transactions–net:
Class A
(109,285,658
)
(56,672,315
)
Class C
(6,679,884
)
(5,143,854
)
Class R
(7,735,812
)
(2,173,830
)
Class Y
(20,114,229
)
1,155,868
Class R5
(1,931,543
)
(456,156
)
Class R6
(3,385,874
)
5,555,625
Net increase (decrease) in net assets resulting from share transactions
(149,133,000
)
(57,734,662
)
Net increase (decrease) in net assets
130,764,458
(52,526,716
)
Net assets:
Beginning of period
2,482,228,856
2,534,755,572
End of period
$2,612,993,314
$2,482,228,856
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Main Street Mid Cap Fund®
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated. 
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(a)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
from net
investment
income
Distributions
from net
realized
gains
Total
distributions
Net asset
value, end
of period
Total
return(b)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
(loss)
to average
net assets
Portfolio
turnover (c)
Class A
Six months ended 06/30/26
$28.74
$0.04
$3.32
$3.36
$—
$—
$—
$32.10
11.69
%(d)
$1,916,721
1.04
%(d)(e)
1.04
%(d)(e)
0.25
%(d)(e)
29
%
Year ended 12/31/25
28.77
0.09
2.47
2.56
(0.06
)
(2.53
)
(2.59
)
28.74
8.92
(d)
1,820,979
1.04
(d)
1.04
(d)
0.31
(d)
44
Year ended 12/31/24
26.72
0.05
4.62
4.67
(0.08
)
(2.54
)
(2.62
)
28.77
17.07
(d)
1,874,012
1.05
(d)
1.06
(d)
0.19
(d)
40
Year ended 12/31/23
23.34
0.05
3.33
3.38
—
—
—
26.72
14.48
(d)
1,790,676
1.06
(d)
1.06
(d)
0.21
(d)
34
Year ended 12/31/22
28.30
0.09
(4.16
)
(4.07
)
(0.03
)
(0.86
)
(0.89
)
23.34
(14.35
)(d)
1,723,024
1.06
(d)
1.06
(d)
0.35
(d)
54
Year ended 12/31/21
27.52
(0.04
)
6.20
6.16
(0.07
)
(5.31
)
(5.38
)
28.30
23.02
2,217,085
1.06
1.06
(0.13
)
65
Class C
Six months ended 06/30/26
18.21
(0.05
)
2.11
2.06
—
—
—
20.27
11.31
51,940
1.80
(e)
1.80
(e)
(0.51
)(e)
29
Year ended 12/31/25
19.20
(0.09
)
1.63
1.54
—
(2.53
)
(2.53
)
18.21
8.06
53,092
1.80
1.80
(0.45
)
44
Year ended 12/31/24
18.62
(0.11
)
3.23
3.12
—
(2.54
)
(2.54
)
19.20
16.21
60,528
1.81
1.82
(0.57
)
40
Year ended 12/31/23
16.39
(0.09
)
2.32
2.23
—
—
—
18.62
13.61
62,801
1.82
1.82
(0.55
)
34
Year ended 12/31/22
20.29
(0.07
)
(2.97
)
(3.04
)
—
(0.86
)
(0.86
)
16.39
(14.95
)
67,259
1.82
1.82
(0.41
)
54
Year ended 12/31/21
21.11
(0.21
)
4.70
4.49
—
(5.31
)
(5.31
)
20.29
22.08
97,388
1.81
1.81
(0.88
)
65
Class R
Six months ended 06/30/26
25.60
(0.00
)
2.96
2.96
—
—
—
28.56
11.56
155,388
1.30
(e)
1.30
(e)
(0.01
)(e)
29
Year ended 12/31/25
25.90
0.01
2.22
2.23
—
(2.53
)
(2.53
)
25.60
8.64
146,724
1.30
1.30
0.05
44
Year ended 12/31/24
24.28
(0.02
)
4.19
4.17
(0.01
)
(2.54
)
(2.55
)
25.90
16.74
149,900
1.31
1.32
(0.07
)
40
Year ended 12/31/23
21.27
(0.01
)
3.02
3.01
—
—
—
24.28
14.15
142,753
1.32
1.32
(0.05
)
34
Year ended 12/31/22
25.90
0.02
(3.79
)
(3.77
)
—
(0.86
)
(0.86
)
21.27
(14.53
)
140,983
1.32
1.32
0.09
54
Year ended 12/31/21
25.58
(0.11
)
5.75
5.64
(0.01
)
(5.31
)
(5.32
)
25.90
22.73
184,312
1.31
1.31
(0.38
)
65
Class Y
Six months ended 06/30/26
33.32
0.08
3.86
3.94
—
—
—
37.26
11.82
359,344
0.80
(e)
0.80
(e)
0.49
(e)
29
Year ended 12/31/25
32.96
0.19
2.83
3.02
(0.13
)
(2.53
)
(2.66
)
33.32
9.20
340,469
0.80
0.80
0.55
44
Year ended 12/31/24
30.29
0.14
5.22
5.36
(0.15
)
(2.54
)
(2.69
)
32.96
17.32
335,492
0.81
0.82
0.43
40
Year ended 12/31/23
26.40
0.13
3.76
3.89
—
—
—
30.29
14.74
326,888
0.82
0.82
0.45
34
Year ended 12/31/22
31.87
0.17
(4.67
)
(4.50
)
(0.11
)
(0.86
)
(0.97
)
26.40
(14.10
)
310,823
0.82
0.82
0.59
54
Year ended 12/31/21
30.40
0.04
6.87
6.91
(0.13
)
(5.31
)
(5.44
)
31.87
23.31
436,518
0.81
0.81
0.12
65
Class R5
Six months ended 06/30/26
29.12
0.08
3.37
3.45
—
—
—
32.57
11.85
14,729
0.75
(e)
0.75
(e)
0.54
(e)
29
Year ended 12/31/25
29.12
0.18
2.50
2.68
(0.15
)
(2.53
)
(2.68
)
29.12
9.23
15,024
0.75
0.75
0.60
44
Year ended 12/31/24
27.02
0.14
4.66
4.80
(0.16
)
(2.54
)
(2.70
)
29.12
17.37
15,537
0.76
0.76
0.48
40
Year ended 12/31/23
23.53
0.13
3.37
3.50
(0.01
)
—
(0.01
)
27.02
14.86
14,377
0.76
0.76
0.51
34
Year ended 12/31/22
28.54
0.17
(4.19
)
(4.02
)
(0.13
)
(0.86
)
(0.99
)
23.53
(14.06
)
13,795
0.75
0.75
0.66
54
Year ended 12/31/21
27.70
0.06
6.25
6.31
(0.16
)
(5.31
)
(5.47
)
28.54
23.41
17,284
0.74
0.74
0.19
65
Class R6
Six months ended 06/30/26
33.33
0.10
3.86
3.96
—
—
—
37.29
11.88
114,870
0.68
(e)
0.68
(e)
0.61
(e)
29
Year ended 12/31/25
32.97
0.23
2.83
3.06
(0.17
)
(2.53
)
(2.70
)
33.33
9.32
105,941
0.68
0.68
0.67
44
Year ended 12/31/24
30.29
0.18
5.22
5.40
(0.18
)
(2.54
)
(2.72
)
32.97
17.48
99,287
0.69
0.69
0.55
40
Year ended 12/31/23
26.38
0.16
3.77
3.93
(0.02
)
—
(0.02
)
30.29
14.92
87,300
0.69
0.69
0.58
34
Year ended 12/31/22
31.86
0.21
(4.68
)
(4.47
)
(0.15
)
(0.86
)
(1.01
)
26.38
(14.00
)
80,394
0.68
0.68
0.73
54
Year ended 12/31/21
30.38
0.09
6.87
6.96
(0.17
)
(5.31
)
(5.48
)
31.86
23.50
93,221
0.67
0.68
0.26
65
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. 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.
(d)
The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended
June 30, 2026 and the years ended December 31, 2025, 2024, 2023 and 2022, respectively.
(e)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco Main Street Mid Cap Fund®
Notes to Financial Statements
June 30, 2026
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Main Street Mid Cap Fund® (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek capital appreciation.
The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities, including restricted securities, are valued according to the following policy.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
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 Main Street Mid Cap 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 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. 
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.
C.
Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6.  Sub-accounting fees attributable to Class R5 are charged to the operations of the class.  Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
J.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment
10
Invesco Main Street Mid Cap Fund®
of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.
The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2026, the Fund paid the Adviser $8,122 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
0.735%
Next $200 million
0.730%
Next $200 million
0.690%
Next $200 million
0.660%
Next $4.2 billion
0.600%
Over $5 billion
0.580%
 
*
The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.
For the six months ended June 30, 2026, the effective advisory fee rate incurred by the Fund was 0.62%.
11
Invesco Main Street Mid Cap Fund®
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.
The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.
Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any 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, 2026, the Adviser waived advisory fees of $7,993.
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, 2026, 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, 2026, 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, 2026, 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, 2026, IDI advised the Fund that IDI retained $50,398 in front-end sales commissions from the sale of Class A shares and $3,974 and $229 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
For the six months ended June 30, 2026, the Fund incurred $102,454 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Common Stocks & Other Equity Interests
$2,589,173,190
$—
$—
$2,589,173,190
Money Market Funds
20,931,079
183,725,781
—
204,656,860
Total Investments
$2,610,104,269
$183,725,781
$—
$2,793,830,050
12
Invesco Main Street Mid Cap Fund®
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.
Effect of Derivative Investments for the six months ended June 30, 2026
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain on
Statement of Operations
 
Currency
Risk
Realized Gain:
Forward foreign currency contracts
$10,744
The table below summarizes the average notional value of derivatives held during the period. 
 
Forward
Foreign Currency
Contracts
Average notional value
$17,544,903
 
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated 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, 2025.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2026 was $729,326,477 and $881,612,642, respectively. As of June 30, 2026, 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
Aggregate unrealized appreciation of investments
$808,041,659
Aggregate unrealized (depreciation) of investments
(40,073,207
)
Net unrealized appreciation of investments
$767,968,452
Cost of investments for tax purposes is $2,025,861,598.
13
Invesco Main Street Mid Cap Fund®
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
1,209,044
$36,102,934
2,516,051
$73,788,361
Class C
143,564
2,691,985
342,584
6,677,857
Class R
297,702
7,907,989
633,404
16,697,482
Class Y
570,182
19,647,883
1,330,142
45,039,191
Class R5
28,559
856,329
90,329
2,704,268
Class R6
265,580
9,237,087
715,753
24,235,914
Issued as reinvestment of dividends:
Class A
-
-
5,002,984
143,435,546
Class C
-
-
355,418
6,457,934
Class R
-
-
518,792
13,249,943
Class Y
-
-
659,286
21,908,056
Class R5
-
-
44,308
1,287,155
Class R6
-
-
230,991
7,678,154
Automatic conversion of Class C shares to Class A shares:
Class A
108,031
3,253,763
246,995
7,230,085
Class C
(170,823
)
(3,253,763
)
(372,194
)
(7,230,085
)
Reacquired:
Class A
(4,966,603
)
(148,642,355
)
(9,543,008
)
(281,126,307
)
Class C
(324,887
)
(6,118,106
)
(563,698
)
(11,049,560
)
Class R
(587,509
)
(15,643,801
)
(1,208,305
)
(32,121,255
)
Class Y
(1,144,269
)
(39,762,112
)
(1,948,467
)
(65,791,379
)
Class R5
(92,274
)
(2,787,872
)
(152,303
)
(4,447,579
)
Class R6
(363,940
)
(12,622,961
)
(779,479
)
(26,358,443
)
Net increase (decrease) in share activity
(5,027,643
)
$(149,133,000
)
(1,880,417
)
$(57,734,662
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 18% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The 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®
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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® (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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. 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, 2026. 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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year. Additionally, 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 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 April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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 including emerging technologies such as those driven by artificial intelligence. 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, 2025 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 third  quintile of its performance universe for the one year period and the second 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 year period and reasonably comparable to the performance of the Index for the three and five year periods. The Board
15
Invesco Main Street Mid Cap Fund®
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 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 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.
16
Invesco Main Street Mid Cap Fund®
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 Mid Cap Fund®
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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®
 
SEC file number(s): 811-02699 and 002-57526
Invesco Distributors, Inc.
O-MSM-NCSRS


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco Main Street Small Cap Fund®
Nasdaq:
A: OSCAX ■ C: OSCCX ■ R: OSCNX ■ Y: OSCYX ■ R5: MNSQX ■ R6: OSSIX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
  
Schedule of Investments(a)  
June 30, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–98.90%
Aerospace & Defense–2.37%
AAR Corp.(b)
338,947
$48,445,695
Loar Holdings, Inc.(b)(c)
181,962
14,667,957
 
 
63,113,652
Agricultural & Farm Machinery–0.83%
AGCO Corp.
185,029
22,147,971
Apparel, Accessories & Luxury Goods–1.21%
Kontoor Brands, Inc.
387,111
32,261,831
Application Software–2.97%
Elastic N.V.(b)
219,514
12,516,688
Manhattan Associates, Inc.(b)(c)
146,410
20,387,593
Procore Technologies, Inc.(b)(c)
332,570
13,508,993
ServiceTitan, Inc.(b)(c)
262,206
18,540,586
Unity Software, Inc.(b)(c)
489,796
13,998,370
 
 
78,952,230
Asset Management & Custody Banks–0.68%
Federated Hermes, Inc., Class B(c)
325,970
18,000,063
Automotive Parts & Equipment–2.60%
Dorman Products, Inc.(b)(c)
253,636
34,608,632
Visteon Corp.(c)
348,544
34,579,050
 
 
69,187,682
Automotive Retail–1.67%
AutoNation, Inc.(b)(c)
238,485
44,308,128
Biotechnology–4.10%
Arrowhead Pharmaceuticals, Inc.(b)
189,798
15,470,435
Mineralys Therapeutics, Inc.(b)(c)
396,869
10,707,526
Mirum Pharmaceuticals, Inc.(b)(c)
199,819
23,392,810
Praxis Precision Medicines, Inc.(b)
61,571
20,613,355
Twist Bioscience Corp.(b)(c)
293,669
30,212,667
uniQure N.V. (Netherlands)(b)
187,691
8,645,047
 
 
109,041,840
Building Products–2.55%
Hayward Holdings, Inc.(b)(c)
1,334,982
23,108,539
Zurn Elkay Water Solutions Corp.(c)
884,534
44,695,503
 
 
67,804,042
Cargo Ground Transportation–0.58%
ArcBest Corp.
108,372
15,555,717
Commercial & Residential Mortgage Finance–1.30%
PennyMac Financial Services, Inc.
395,649
34,461,028
Construction & Engineering–1.17%
Argan, Inc.(c)
10,931
8,728,950
Fluor Corp.(b)
426,995
22,370,268
 
 
31,099,218
Construction Machinery & Heavy Transportation Equipment–
3.58%
Allison Transmission Holdings, Inc.
120,810
13,620,119
Atmus Filtration Technologies, Inc.
640,895
32,679,236
 
Shares
Value
Construction Machinery & Heavy Transportation Equipment–
(continued)
Federal Signal Corp.(c)
226,487
$29,101,315
Terex Corp.
276,093
19,986,372
 
 
95,387,042
Construction Materials–0.83%
Eagle Materials, Inc.(c)
98,516
22,166,100
Distributors–0.80%
Pool Corp.(c)
99,673
21,419,728
Diversified Banks–0.74%
Bank of N.T. Butterfield & Son Ltd. (The)
(Bermuda)
332,308
19,772,326
Diversified REITs–1.51%
Essential Properties Realty Trust, Inc.
1,345,455
40,161,832
Education Services–0.81%
Stride, Inc.(b)(c)
249,347
21,503,685
Electric Utilities–1.79%
IDACORP, Inc.
115,973
17,546,715
Portland General Electric Co.(c)
579,540
30,037,558
 
 
47,584,273
Electrical Components & Equipment–0.77%
EnerSys
87,235
20,397,288
Electronic Components–1.35%
Belden, Inc.(c)
299,357
35,895,898
Electronic Equipment & Instruments–2.40%
Itron, Inc.(b)(c)
297,918
25,778,845
Ralliant Corp.
516,059
37,997,424
 
 
63,776,269
Electronic Manufacturing Services–0.72%
Sanmina Corp.(b)
75,948
19,220,920
Environmental & Facilities Services–1.44%
Casella Waste Systems, Inc., Class A(b)(c)
394,615
38,265,817
Financial Exchanges & Data–0.77%
Miami International Holdings, Inc.(b)(c)
549,458
20,417,859
Food Distributors–0.89%
Chefs’ Warehouse, Inc. (The)(b)(c)
246,222
23,661,934
Footwear–0.69%
Steven Madden Ltd.(c)
435,496
18,334,382
Gas Utilities–0.82%
Chesapeake Utilities Corp.
178,811
21,900,771
Health Care Facilities–0.60%
Acadia Healthcare Co., Inc.(b)(c)
544,072
16,066,446
Health Care Services–3.23%
Addus HomeCare Corp.(b)(c)
107,262
10,776,613
BrightSpring Health Services, Inc.(b)
593,835
41,414,053
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Main Street Small Cap Fund®
 
Shares
Value
Health Care Services–(continued)
Guardant Health, Inc.(b)
225,358
$33,810,461
 
 
86,001,127
Homebuilding–2.29%
Champion Homes, Inc.(b)
346,418
30,526,354
KB Home(c)
484,592
30,330,613
 
 
60,856,967
Hotels, Resorts & Cruise Lines–1.33%
Wyndham Hotels & Resorts, Inc.
419,855
35,355,990
Human Resource & Employment Services–1.28%
Korn Ferry
511,260
34,039,691
Industrial Machinery & Supplies & Components–4.61%
Enpro, Inc.
136,377
51,404,583
ESAB Corp.
327,960
32,346,695
Gates Industrial Corp. PLC(b)
1,394,793
39,012,360
 
 
122,763,638
Industrial REITs–1.38%
Terreno Realty Corp.
565,466
36,625,233
Interactive Media & Services–0.81%
Snap, Inc., Class A(b)
4,876,522
21,651,758
Investment Banking & Brokerage–1.46%
BGC Group, Inc., Class A(c)
2,142,999
22,908,659
Piper Sandler Cos.
218,894
15,834,792
 
 
38,743,451
Leisure Facilities–1.15%
Life Time Group Holdings, Inc.(b)(c)
747,147
30,513,483
Life Sciences Tools & Services–2.70%
Adaptive Biotechnologies Corp.(b)(c)
1,124,109
24,112,138
BioLife Solutions, Inc.(b)(c)
783,892
22,137,110
Repligen Corp.(b)(c)
187,953
25,644,307
 
 
71,893,555
Managed Health Care–0.67%
Alignment Healthcare, Inc.(b)(c)
751,306
17,888,596
Metal, Glass & Plastic Containers–1.22%
Silgan Holdings, Inc.(c)
697,638
32,363,427
Oil & Gas Drilling–1.51%
Helmerich & Payne, Inc.(c)
1,229,682
40,259,789
Oil & Gas Equipment & Services–2.73%
Kodiak Gas Services, Inc.
656,977
49,358,682
Weatherford International PLC
284,667
23,200,360
 
 
72,559,042
Oil & Gas Exploration & Production–1.00%
Northern Oil and Gas, Inc.
1,470,566
26,690,772
Other Specialized REITs–1.92%
Outfront Media, Inc.
1,559,206
51,079,589
Personal Care Products–0.68%
Interparfums, Inc.(c)
160,715
17,977,580
Pharmaceuticals–2.96%
Alumis, Inc.(b)(c)
417,469
11,747,578
 
Shares
Value
Pharmaceuticals–(continued)
Axsome Therapeutics, Inc.(b)
82,798
$20,266,466
Collegium Pharmaceutical, Inc.(b)(c)
419,581
15,188,832
Ligand Pharmaceuticals, Inc.(b)
57,967
18,322,789
Tarsus Pharmaceuticals, Inc.(b)
211,457
13,309,104
 
 
78,834,769
Property & Casualty Insurance–2.07%
Definity Financial Corp. (Canada)
356,284
18,901,328
Skyward Specialty Insurance Group,
Inc.(b)
621,925
36,289,324
 
 
55,190,652
Real Estate Services–0.65%
Cushman & Wakefield Ltd.(b)(c)
1,286,225
17,222,553
Regional Banks–10.43%
Ameris Bancorp
386,353
34,872,222
Banc of California, Inc.
1,680,806
34,338,867
Cathay General Bancorp(c)
694,943
43,079,516
Columbia Banking System, Inc.
1,610,815
51,626,621
OceanFirst Financial Corp.
899,712
17,571,375
Texas Capital Bancshares, Inc.
136,197
14,063,702
United Community Banks, Inc.
704,343
24,715,396
Wintrust Financial Corp.
199,046
31,990,673
WSFS Financial Corp.
327,881
25,158,309
 
 
277,416,681
Restaurants–1.22%
Cheesecake Factory, Inc. (The)(c)
407,134
32,383,438
Semiconductor Materials & Equipment–1.76%
Axcelis Technologies, Inc.(b)(c)
115,124
21,810,242
Ultra Clean Holdings, Inc.(b)
176,212
25,126,069
 
 
46,936,311
Semiconductors–4.55%
Allegro MicroSystems, Inc.(b)
535,811
37,303,162
MaxLinear, Inc.(b)(c)
370,927
47,489,784
Silicon Laboratories, Inc.(b)
166,161
36,316,148
 
 
121,109,094
Steel–1.25%
Commercial Metals Co.
529,826
33,246,581
Trading Companies & Distributors–0.50%
GATX Corp.(c)
74,808
13,255,229
Transaction & Payment Processing Services–1.00%
Marqeta, Inc., Class A(b)
3,740,875
15,187,952
Paymentus Holdings, Inc., Class A(b)(c)
476,705
11,517,193
 
 
26,705,145
Total Common Stocks & Other Equity Interests
(Cost $1,978,952,204)
2,631,430,113
Money Market Funds–4.01%
Invesco Government & Agency Portfolio,
Institutional Class, 3.57%(d)(e)
36,595,912
36,595,912
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Main Street Small Cap Fund®
 
Shares
Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional
Class, 3.56%(d)(e)
70,042,523
$70,042,523
Total Money Market Funds (Cost $106,638,435)
106,638,435
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from
securities on loan)-102.91%
(Cost $2,085,590,639)
 
2,738,068,548
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–13.59%
Invesco Private Government Fund,
3.62%(d)(e)(f)
98,730,334
98,730,334
 
Shares
Value
Money Market Funds–(continued)
Invesco Private Prime Fund,
3.77%(d)(e)(f)
262,811,099
$262,837,380
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $361,580,647)
361,567,714
TOTAL INVESTMENTS IN SECURITIES–116.50%
(Cost $2,447,171,286)
3,099,636,262
OTHER ASSETS LESS LIABILITIES—(16.50)%
(439,019,461
)
NET ASSETS–100.00%
$2,660,616,801
Investment Abbreviations: 
REIT
– Real Estate Investment Trust
Notes to Schedule of Investments: 
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the
exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at June 30, 2026.
(d)
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, 2026.
 
 
Value
December 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
June 30, 2026
Dividend Income
Investments in Affiliated Money Market
Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$8,808,628
$200,435,619
$(172,648,335)
$-
$-
$36,595,912
$223,427
Invesco Treasury Portfolio, Institutional
Class
18,437,566
372,237,579
(320,632,622)
-
-
70,042,523
448,888
Investments Purchased with Cash
Collateral from Securities on Loan:
Invesco Private Government Fund
49,826,686
424,099,248
(375,195,600)
-
-
98,730,334
1,300,311*
Invesco Private Prime Fund
129,538,157
888,966,707
(755,623,686)
(12,933)
(30,865)
262,837,380
3,497,433*
Total
$206,611,037
$1,885,739,153
$(1,624,100,243)
$(12,933)
$(30,865)
$468,206,149
$5,470,059
 
*
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.
 
(e)
The rate shown is the 7-day SEC standardized yield as of June 30, 2026.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of
the securities loaned. See Note 1J.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Main Street Small Cap Fund®
Statement of Assets and Liabilities
June 30, 2026
(Unaudited)
 
Assets:
Investments in unaffiliated securities, at value
(Cost $1,978,952,204)*
$2,631,430,113
Investments in affiliated money market funds, at value
(Cost $468,219,082)
468,206,149
Cash
3,936,322
Receivable for:
Investments sold
13,362,762
Fund shares sold
1,159,303
Dividends
2,294,395
Investment for trustee deferred compensation and
retirement plans
182,197
Other assets
112,174
Total assets
3,120,683,415
Liabilities:
Payable for:
Investments purchased
94,526,282
Fund shares reacquired
3,111,311
Collateral upon return of securities loaned
361,580,647
Accrued fees to affiliates
559,391
Accrued other operating expenses
103,988
Trustee deferred compensation and retirement plans
184,995
Total liabilities
460,066,614
Net assets applicable to shares outstanding
$2,660,616,801
Net assets consist of:
Shares of beneficial interest
$1,674,789,712
Distributable earnings
985,827,089
 
$2,660,616,801
Net Assets:
Class A
$482,057,469
Class C
$28,302,700
Class R
$102,660,675
Class Y
$1,269,871,370
Class R5
$13,667,104
Class R6
$764,057,483
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
18,302,637
Class C
1,206,956
Class R
4,046,906
Class Y
47,346,950
Class R5
512,051
Class R6
28,333,617
Class A:
Net asset value per share
$26.34
Maximum offering price per share
(Net asset value of $26.34 ÷ 94.50%)
$27.87
Class C:
Net asset value and offering price per share
$23.45
Class R:
Net asset value and offering price per share
$25.37
Class Y:
Net asset value and offering price per share
$26.82
Class R5:
Net asset value and offering price per share
$26.69
Class R6:
Net asset value and offering price per share
$26.97
 
*
At June 30, 2026, securities with an aggregate value of $359,034,411
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®
Statement of Operations
For the six months ended June 30, 2026
(Unaudited) 
Investment income:
Dividends (net of foreign withholding taxes of $14,280)
$11,964,836
Dividends from affiliated money market funds (includes net securities lending income of $260,951)
933,266
Total investment income
12,898,102
Expenses:
Advisory fees
7,464,942
Administrative services fees
172,029
Custodian fees
6,193
Distribution fees:
Class A
542,173
Class C
132,498
Class R
231,143
Transfer agent fees — A, C, R and Y
1,351,267
Transfer agent fees — R5
6,141
Transfer agent fees — R6
113,689
Trustees’ and officers’ fees and benefits
19,206
Registration and filing fees
62,866
Reports to shareholders
82,390
Professional services fees
25,790
Other
14,501
Total expenses
10,224,828
Less: Fees waived and/or expenses reimbursed
(20,743
)
Net expenses
10,204,085
Net investment income
2,694,017
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
313,666,028
Affiliated investment securities
(30,865
)
Foreign currencies
283
 
313,635,446
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
117,899,281
Affiliated investment securities
(12,933
)
Foreign currencies
333
 
117,886,681
Net realized and unrealized gain
431,522,127
Net increase in net assets resulting from operations
$434,216,144
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco Main Street Small Cap Fund®
Statement of Changes in Net Assets
For the six months ended June 30, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30,
2026
December 31,
2025
Operations:
 
 
Net investment income
$2,694,017
$10,825,413
Net realized gain
313,635,446
153,263,982
Change in net unrealized appreciation
117,886,681
22,971,664
Net increase in net assets resulting from operations
434,216,144
187,061,059
Distributions to shareholders from distributable earnings:
Class A
—
(31,776,599
)
Class C
—
(2,212,789
)
Class R
—
(6,658,376
)
Class Y
—
(78,720,058
)
Class R5
—
(889,238
)
Class R6
—
(56,409,310
)
Total distributions from distributable earnings
—
(176,666,370
)
Share transactions–net:
Class A
(19,584,860
)
12,572,106
Class C
(2,343,248
)
(3,169,842
)
Class R
(688,529
)
7,769,546
Class Y
20,506,627
137,176,950
Class R5
(427,430
)
(255,271
)
Class R6
(111,878,966
)
149,826,169
Net increase (decrease) in net assets resulting from share transactions
(114,416,406
)
303,919,658
Net increase in net assets
319,799,738
314,314,347
Net assets:
Beginning of period
2,340,817,063
2,026,502,716
End of period
$2,660,616,801
$2,340,817,063
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Main Street Small Cap Fund®
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated. 
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(a)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
from net
investment
income
Distributions
from net
realized
gains
Return of
capital
Total
distributions
Net asset
value, end
of period
Total
return(b)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
(loss)
to average
net assets
Portfolio
turnover (c)
Class A
Six months ended 06/30/26
$22.07
$0.00
$4.27
$4.27
$—
$—
$—
$—
$26.34
19.35
%
$482,057
1.06
%(d)
1.06
%(d)
0.01
%(d)
45
%
Year ended 12/31/25
21.93
0.07
1.85
1.92
(0.07
)
(1.71
)
—
(1.78
)
22.07
8.45
422,237
1.05
1.05
0.31
53
Year ended 12/31/24
20.63
0.07
2.57
2.64
—
(1.34
)
—
(1.34
)
21.93
12.43
407,900
1.09
1.09
0.30
41
Year ended 12/31/23
17.67
0.04
3.05
3.09
(0.13
)
—
—
(0.13
)
20.63
17.54
376,241
1.08
1.08
0.22
42
Year ended 12/31/22
21.07
0.02
(3.41
)
(3.39
)
(0.01
)
—
(0.00
)
(0.01
)
17.67
(16.09
)
320,730
1.11
1.11
0.12
36
Year ended 12/31/21
18.71
(0.06
)
4.06
4.00
(0.01
)
(1.63
)
—
(1.64
)
21.07
21.73
408,430
1.11
1.11
(0.28
)
58
Class C
Six months ended 06/30/26
19.73
(0.08
)
3.80
3.72
—
—
—
—
23.45
18.85
28,303
1.81
(d)
1.81
(d)
(0.74
)(d)
45
Year ended 12/31/25
19.92
(0.09
)
1.68
1.59
(0.07
)
(1.71
)
—
(1.78
)
19.73
7.64
25,945
1.80
1.80
(0.44
)
53
Year ended 12/31/24
18.98
(0.09
)
2.37
2.28
—
(1.34
)
—
(1.34
)
19.92
11.61
29,282
1.84
1.84
(0.45
)
41
Year ended 12/31/23
16.39
(0.09
)
2.81
2.72
(0.13
)
—
—
(0.13
)
18.98
16.65
31,527
1.83
1.83
(0.53
)
42
Year ended 12/31/22
19.68
(0.11
)
(3.18
)
(3.29
)
—
—
—
—
16.39
(16.72
)
31,022
1.86
1.86
(0.63
)
36
Year ended 12/31/21
17.70
(0.21
)
3.83
3.62
(0.01
)
(1.63
)
—
(1.64
)
19.68
20.81
42,392
1.86
1.86
(1.03
)
58
Class R
Six months ended 06/30/26
21.29
(0.03
)
4.11
4.08
—
—
—
—
25.37
19.16
102,661
1.31
(d)
1.31
(d)
(0.24
)(d)
45
Year ended 12/31/25
21.26
0.01
1.80
1.81
(0.07
)
(1.71
)
—
(1.78
)
21.29
8.20
86,679
1.30
1.30
0.06
53
Year ended 12/31/24
20.08
0.01
2.51
2.52
—
(1.34
)
—
(1.34
)
21.26
12.18
79,173
1.34
1.34
0.05
41
Year ended 12/31/23
17.25
(0.01
)
2.97
2.96
(0.13
)
—
—
(0.13
)
20.08
17.21
67,413
1.33
1.33
(0.03
)
42
Year ended 12/31/22
20.60
(0.02
)
(3.33
)
(3.35
)
—
—
—
—
17.25
(16.26
)
48,875
1.36
1.36
(0.13
)
36
Year ended 12/31/21
18.37
(0.11
)
3.98
3.87
(0.01
)
(1.63
)
—
(1.64
)
20.60
21.42
57,441
1.36
1.36
(0.53
)
58
Class Y
Six months ended 06/30/26
22.45
0.03
4.34
4.37
—
—
—
—
26.82
19.46
1,269,871
0.81
(d)
0.81
(d)
0.26
(d)
45
Year ended 12/31/25
22.25
0.13
1.88
2.01
(0.10
)
(1.71
)
—
(1.81
)
22.45
8.70
1,049,125
0.80
0.80
0.56
53
Year ended 12/31/24
20.88
0.12
2.62
2.74
(0.03
)
(1.34
)
—
(1.37
)
22.25
12.75
911,926
0.84
0.84
0.55
41
Year ended 12/31/23
17.84
0.09
3.08
3.17
(0.13
)
—
—
(0.13
)
20.88
17.82
681,306
0.83
0.83
0.47
42
Year ended 12/31/22
21.27
0.07
(3.44
)
(3.37
)
(0.05
)
—
(0.01
)
(0.06
)
17.84
(15.87
)
533,098
0.86
0.86
0.37
36
Year ended 12/31/21
18.83
(0.01
)
4.09
4.08
(0.01
)
(1.63
)
—
(1.64
)
21.27
22.03
566,299
0.86
0.86
(0.03
)
58
Class R5
Six months ended 06/30/26
22.33
0.04
4.32
4.36
—
—
—
—
26.69
19.53
13,667
0.75
(d)
0.75
(d)
0.32
(d)
45
Year ended 12/31/25
22.14
0.13
1.88
2.01
(0.11
)
(1.71
)
—
(1.82
)
22.33
8.74
11,832
0.76
0.76
0.60
53
Year ended 12/31/24
20.79
0.14
2.59
2.73
(0.04
)
(1.34
)
—
(1.38
)
22.14
12.77
12,054
0.77
0.77
0.62
41
Year ended 12/31/23
17.74
0.10
3.08
3.18
(0.13
)
—
—
(0.13
)
20.79
17.98
9,426
0.75
0.75
0.55
42
Year ended 12/31/22
21.16
0.09
(3.43
)
(3.34
)
(0.07
)
—
(0.01
)
(0.08
)
17.74
(15.78
)
7,887
0.74
0.74
0.49
36
Year ended 12/31/21
18.74
0.01
4.06
4.07
(0.02
)
(1.63
)
—
(1.65
)
21.16
22.08
9,028
0.77
0.77
0.06
58
Class R6
Six months ended 06/30/26
22.56
0.05
4.36
4.41
—
—
—
—
26.97
19.55
764,057
0.68
(d)
0.68
(d)
0.39
(d)
45
Year ended 12/31/25
22.34
0.15
1.90
2.05
(0.12
)
(1.71
)
—
(1.83
)
22.56
8.86
745,001
0.69
0.69
0.67
53
Year ended 12/31/24
20.96
0.15
2.63
2.78
(0.06
)
(1.34
)
—
(1.40
)
22.34
12.88
586,167
0.70
0.70
0.69
41
Year ended 12/31/23
17.88
0.11
3.10
3.21
(0.13
)
—
—
(0.13
)
20.96
18.00
557,225
0.71
0.71
0.59
42
Year ended 12/31/22
21.36
0.10
(3.47
)
(3.37
)
(0.09
)
—
(0.02
)
(0.11
)
17.88
(15.79
)
483,088
0.71
0.71
0.52
36
Year ended 12/31/21
18.88
0.03
4.10
4.13
(0.02
)
(1.63
)
—
(1.65
)
21.36
22.23
745,149
0.68
0.68
0.15
58
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. 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.
(d)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco Main Street Small Cap Fund®
Notes to Financial Statements
June 30, 2026
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Main Street Small Cap Fund® (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek capital appreciation.
The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities, including restricted securities, are valued according to the following policy.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
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 Main Street Small Cap 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 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. 
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.
C.
Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6.  Sub-accounting fees attributable to Class R5 are charged to the operations of the class.  Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
J.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment
10
Invesco Main Street Small Cap Fund®
of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.
The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2026, the Fund paid the Adviser $15,306 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
0.750%
Next $200 million
0.720%
Next $200 million
0.690%
Next $200 million
0.660%
Next $4.2 billion
0.600%
Over $5 billion
0.580%
 
*
The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser.
For the six months ended June 30, 2026, the effective advisory fee rate incurred by the Fund was 0.62%.
11
Invesco Main Street Small Cap Fund®
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.
The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.
Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any 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, 2026, the Adviser waived advisory fees of $20,743.
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, 2026, 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, 2026, 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, 2026, 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, 2026, IDI advised the Fund that IDI retained $37,202 in front-end sales commissions from the sale of Class A shares and $3,300 and $147 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
For the six months ended June 30, 2026, the Fund incurred $366,423 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Common Stocks & Other Equity Interests
$2,631,430,113
$—
$—
$2,631,430,113
Money Market Funds
106,638,435
361,567,714
—
468,206,149
Total Investments
$2,738,068,548
$361,567,714
$—
$3,099,636,262
12
Invesco Main Street Small Cap Fund®
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated 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 5—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 6—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, 2025.
NOTE 7—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, 2026 was $1,067,692,908 and $1,156,361,639, respectively. As of June 30, 2026, 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
Aggregate unrealized appreciation of investments
$678,079,729
Aggregate unrealized (depreciation) of investments
(37,454,062
)
Net unrealized appreciation of investments
$640,625,667
Cost of investments for tax purposes is $2,459,010,595.
NOTE 8—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
896,143
$21,169,026
2,165,610
$47,796,006
Class C
107,080
2,260,031
333,999
6,563,144
Class R
423,481
9,600,087
937,311
19,965,161
Class Y
12,294,678
301,672,710
21,889,049
492,225,336
Class R5
33,238
788,479
77,480
1,719,744
Class R6
5,997,959
145,878,560
8,381,979
185,254,575
Issued as reinvestment of dividends:
Class A
-
-
1,332,590
30,609,607
Class C
-
-
104,020
2,136,578
Class R
-
-
300,390
6,653,624
Class Y
-
-
3,045,255
71,137,148
Class R5
-
-
38,110
885,674
Class R6
-
-
2,261,618
53,080,182
Automatic conversion of Class C shares to Class A shares:
Class A
84,599
2,038,568
228,714
5,090,968
Class C
(94,835
)
(2,038,568
)
(253,043
)
(5,090,968
)
13
Invesco Main Street Small Cap Fund®
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Reacquired:
Class A
(1,807,423
)
$(42,792,454
)
(3,195,962
)
$(70,924,475
)
Class C
(120,404
)
(2,564,711
)
(339,977
)
(6,778,596
)
Class R
(448,530
)
(10,288,616
)
(889,932
)
(18,849,239
)
Class Y
(11,680,470
)
(281,166,083
)
(19,192,516
)
(426,185,534
)
Class R5
(50,954
)
(1,215,909
)
(130,269
)
(2,860,689
)
Class R6
(10,692,213
)
(257,757,526
)
(3,851,972
)
(88,508,588
)
Net increase (decrease) in share activity
(5,057,651
)
$(114,416,406
)
13,242,454
$303,919,658
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 48% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
 
  In addition, 3% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
14
Invesco Main Street Small Cap Fund®
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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® (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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. 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, 2026. 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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year. Additionally, 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 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 April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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 including emerging technologies such as those driven by artificial intelligence. 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, 2025 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 third  quintile of its performance universe for the one year period and the second 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 year period, reasonably comparable to the performance of the Index for the three year period, and above the
15
Invesco Main Street Small Cap Fund®
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 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 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, 2025.
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 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
16
Invesco Main Street Small Cap Fund®
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 Main Street Small Cap Fund®
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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®
 
SEC file number(s): 811-02699 and 002-57526
Invesco Distributors, Inc.
O-MSS-NCSRS


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco Quality Income Fund
Nasdaq:
A: VKMGX ■ C: VUSCX ■ R: VUSRX ■ Y: VUSIX ■ R5: VUSJX ■ R6: VUSSX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
  
Schedule of Investments  
June 30, 2026
(Unaudited)
 
 
Principal
Amount
Value
U.S. Government Sponsored Agency Mortgage-Backed
Securities–106.42%
Collateralized Mortgage Obligations–3.72%
Fannie Mae Grantor Trust,
Series 1999-T2, Class A1,
7.50%, 01/19/2039(a)
 
$73,574
$75,097
Fannie Mae Interest STRIPS,
IO,
7.00%, 02/25/2028(b)
 
34,560
1,201
6.50%, 04/25/2029 to
02/25/2033(b)
 
496,108
51,762
8.00%, 05/25/2030(b)
 
112,292
11,637
7.50%, 01/25/2032(b)
 
31,552
3,437
6.00%, 02/25/2033 to
09/25/2035(b)(d)
 
703,148
79,844
5.50%, 11/25/2033 to
06/25/2035(b)
 
348,277
43,535
PO,
0.00%, 09/25/2032(c)
 
18,996
17,387
Fannie Mae REMICs,
IO,
2.50%, 10/25/2026 to
08/25/2049(b)
 
17,287,639
2,257,664
8.00%, 08/18/2027 to
09/18/2027(b)
 
10,837
246
3.00%, 11/25/2027 to
02/25/2028(b)
 
207,776
2,464
6.50%, 10/25/2028 to
05/25/2033(b)
 
10,920
3,627
0.75%, 10/25/2031(b)
 
1,421
16
2.96% (6.70% - (30 Day Average
SOFR + 0.11%)), 10/25/2031 to
05/25/2035(b)(e)
 
280,554
18,981
4.16% (7.90% - (30 Day Average
SOFR + 0.11%)),
11/25/2031(b)(e)
 
35,175
2,992
4.18% (7.90% - (30 Day Average
SOFR + 0.11%)),
12/18/2031(b)(e)
 
16,542
681
4.21% (7.95% - (30 Day Average
SOFR + 0.11%)),
01/25/2032(b)(e)
 
24,408
1,763
4.28% (8.00% - (30 Day Average
SOFR + 0.11%)),
03/18/2032(b)(e)
 
53,680
4,591
4.36% (8.10% - (30 Day Average
SOFR + 0.11%)), 03/25/2032 to
04/25/2032(b)(e)
 
73,917
6,415
3.26% (7.00% - (30 Day Average
SOFR + 0.11%)), 04/25/2032 to
08/25/2032(b)(e)
 
120,125
8,528
4.06% (7.80% - (30 Day Average
SOFR + 0.11%)),
04/25/2032(b)(e)
 
25,553
2,284
4.26% (8.00% - (30 Day Average
SOFR + 0.11%)), 07/25/2032 to
09/25/2032(b)(e)
 
153,972
13,409
4.38% (8.10% - (30 Day Average
SOFR + 0.11%)),
12/18/2032(b)(e)
 
89,224
6,691
 
Principal
Amount
Value
Collateralized Mortgage Obligations–(continued)
4.51% (8.25% - (30 Day Average
SOFR + 0.11%)), 02/25/2033 to
05/25/2033(b)(e)
 
$140,624
$14,660
6.00%, 05/25/2033(b)
 
7,179
975
7.00%, 05/25/2033(b)
 
78,894
8,212
2.31% (6.05% - (30 Day Average
SOFR + 0.11%)), 03/25/2035 to
07/25/2038(b)(e)
 
413,968
28,543
3.01% (6.75% - (30 Day Average
SOFR + 0.11%)),
03/25/2035(b)(e)
 
19,056
821
2.86% (6.60% - (30 Day Average
SOFR + 0.11%)),
05/25/2035(b)(e)
 
77,367
2,860
3.50%, 08/25/2035 to
08/25/2042(b)
 
871,133
87,016
4.00%, 04/25/2041 to
08/25/2047(b)
 
205,641
37,533
2.81% (6.55% - (30 Day Average
SOFR + 0.11%)),
10/25/2041(b)(e)
 
66,637
4,244
2.41% (6.15% - (30 Day Average
SOFR + 0.11%)),
12/25/2042(b)(e)
 
276,407
26,101
4.50%, 02/25/2043(b)
 
156,724
16,951
5.50%, 07/25/2046(b)
 
160,788
19,614
2.16% (5.90% - (30 Day Average
SOFR + 0.11%)),
09/25/2047(b)(e)
 
1,239,743
108,304
2.00%, 03/25/2051(b)
 
5,404,849
738,424
1.82%, 02/25/2056(d)
 
2,734,701
183,261
6.50%, 11/25/2029
 
22,892
23,119
4.74% (30 Day Average SOFR +
1.11%), 12/25/2031 to
12/25/2032(e)
 
155,586
157,365
4.72% (30 Day Average SOFR +
1.11%), 03/18/2032 to
12/18/2032(e)
 
136,613
138,108
4.24% (30 Day Average SOFR +
0.61%), 08/25/2032 to
06/25/2046(e)
 
550,727
548,721
7.00%, 09/25/2032
 
42,158
44,108
4.22% (30 Day Average SOFR +
0.61%), 10/18/2032(e)
 
15,115
15,130
4.14% (30 Day Average SOFR +
0.51%), 03/25/2033 to
03/25/2042(e)
 
117,302
116,453
4.08% (30 Day Average SOFR +
0.45%), 06/25/2035(e)
 
385,735
383,698
4.09% (30 Day Average SOFR +
0.46%), 08/25/2035 to
10/25/2035(e)
 
178,150
177,632
10.85% (24.57% - (3.67 x
(30 Day Average SOFR +
0.11%))), 03/25/2036(e)
 
78,059
88,149
10.48% (24.20% - (3.67 x
(30 Day Average SOFR +
0.11%))), 06/25/2036(e)
 
84,485
93,501
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Quality Income Fund
 
Principal
Amount
Value
Collateralized Mortgage Obligations–(continued)
4.68% (30 Day Average SOFR +
1.05%), 06/25/2037(e)
 
$436,661
$442,491
4.19% (30 Day Average SOFR +
0.56%), 08/25/2037(e)
 
267,395
265,983
6.59%, 06/25/2039(a)
 
163,258
169,495
4.00%, 03/25/2041
 
230,094
217,923
3.00%, 07/25/2045
 
2,067,118
2,035,111
Freddie Mac Multifamily Structured
Pass-Through Ctfs.,
Series K093, Class X1, IO,
1.08%, 05/25/2029(d)
 
12,051,117
277,526
Series Q004, Class AFL,
4.48%(12 mo. MTA Rate +
0.74%), 05/25/2044(e)
 
186,101
186,049
Freddie Mac REMICs,
IO,
3.00%, 07/15/2026 to
12/15/2027(b)
 
471,468
5,628
2.50%, 09/15/2027 to
09/25/2048(b)
 
7,135,605
924,902
4.39% (8.10% - (30 Day Average
SOFR + 0.11%)), 06/15/2029 to
09/15/2029(b)(e)
 
48,556
2,186
2.99% (6.70% - (30 Day Average
SOFR + 0.11%)),
01/15/2035(b)(e)
 
326,012
17,257
3.04% (6.75% - (30 Day Average
SOFR + 0.11%)),
02/15/2035(b)(e)
 
49,097
2,492
3.01% (6.72% - (30 Day Average
SOFR + 0.11%)),
05/15/2035(b)(e)
 
50,917
2,405
3.29% (7.00% - (30 Day Average
SOFR + 0.11%)),
12/15/2037(b)(e)
 
7,761
654
2.29% (6.00% - (30 Day Average
SOFR + 0.11%)),
04/15/2038(b)(e)
 
22,130
1,537
2.36% (6.07% - (30 Day Average
SOFR + 0.11%)),
05/15/2038(b)(e)
 
462,700
31,168
1.96%, 02/15/2039(d)
 
962,913
51,103
2.54% (6.25% - (30 Day Average
SOFR + 0.11%)),
12/15/2039(b)(e)
 
95,084
5,328
2.39% (6.10% - (30 Day Average
SOFR + 0.11%)),
01/15/2044(b)(e)
 
192,225
15,968
1.50%, 08/15/2027
 
1,631,137
1,611,512
6.95%, 03/15/2028
 
17,153
17,244
6.50%, 08/15/2028 to
03/15/2032
 
333,990
337,631
4.31% (30 Day Average SOFR +
0.71%), 01/15/2029 to
12/15/2032(e)
 
34,362
34,455
6.00%, 01/15/2029 to
04/15/2029
 
42,196
42,661
4.06% (30 Day Average SOFR +
0.46%), 02/15/2029(e)
 
26,256
26,230
4.61% (30 Day Average SOFR +
1.01%), 03/15/2029(e)
 
26,955
27,024
4.11% (30 Day Average SOFR +
0.51%), 06/15/2029 to
01/15/2033(e)
 
57,550
57,492
 
Principal
Amount
Value
Collateralized Mortgage Obligations–(continued)
4.36% (30 Day Average SOFR +
0.76%), 07/15/2029(e)
 
$6,676
$6,691
8.00%, 03/15/2030
 
15,826
16,198
4.66% (30 Day Average SOFR +
1.06%), 08/15/2031(e)
 
35,895
36,241
4.21% (30 Day Average SOFR +
0.61%), 02/15/2032 to
03/15/2032(e)
 
108,142
108,236
4.71% (30 Day Average SOFR +
1.11%), 02/15/2032 to
03/15/2032(e)
 
73,868
74,698
4.26% (30 Day Average SOFR +
0.66%), 03/15/2032 to
10/15/2036(e)
 
338,138
337,617
3.50%, 05/15/2032
 
188,005
184,280
11.16% (24.75% - (3.67 x
(30 Day Average SOFR +
0.11%))), 08/15/2035(e)
 
12,468
14,092
4.01% (30 Day Average SOFR +
0.41%), 03/15/2036(e)
 
707,520
701,881
4.16% (30 Day Average SOFR +
0.56%), 07/15/2037(e)
 
47,846
47,633
4.00%, 06/15/2038
 
77,739
73,788
2.50%, 07/15/2038
 
530,006
498,516
4.26% (30 Day Average SOFR +
0.61%), 03/15/2042(e)
 
54,002
52,879
Freddie Mac Seasoned Loans
Structured Transaction,
Series 2019-1, Class A2,
3.50%, 05/25/2029
 
2,000,000
1,941,843
Freddie Mac STRIPS,
IO,
3.00%, 12/15/2027(b)
 
28,230
370
3.15%, 12/15/2027(d)
 
9,236
142
6.50%, 02/01/2028(b)
 
3,617
121
7.00%, 09/01/2029(b)
 
64,625
4,713
7.50%, 12/15/2029(b)
 
5,519
454
8.00%, 06/15/2031(b)
 
142,158
16,480
6.00%, 12/15/2032(b)
 
32,441
3,570
0.00%, 12/01/2031 to
03/01/2032(c)
 
94,643
86,330

4.21%(30 Day Average SOFR +
0.61%), 05/15/2036(e)
 
329,339
328,594
Freddie Mac Structured Pass-Through
Ctfs., Series T-54, Class 2A,
6.50%, 02/25/2043
 
1,025,067
1,076,712
Freddie Mac Whole Loan Securities
Trust, Series 2015-SC02,
Class 1A,
3.00%, 09/25/2045
 
164,029
143,211
 
 
18,242,500
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Quality Income Fund
 
Principal
Amount
Value
Federal Home Loan Mortgage Corp. (FHLMC)–28.87%
6.50%, 07/01/2028 to
04/01/2034
 
$147,314
$152,738
6.00%, 03/01/2029 to
10/01/2029
 
53,739
55,059
2.50%, 02/01/2031 to
04/01/2052
 
35,280,074
30,044,418
8.50%, 03/01/2031 to
08/01/2031
 
31,254
32,571
7.00%, 10/01/2031 to
10/01/2037
 
66,918
70,791
7.50%, 01/01/2032 to
08/01/2037
 
1,647,419
1,714,280
3.00%, 02/01/2032 to
05/01/2050
 
21,978,054
19,828,126
8.00%, 08/01/2032
 
20,422
21,269
5.50%, 12/01/2036 to
05/01/2053
 
23,397,787
23,784,097
5.00%, 01/01/2037 to
11/01/2054
 
8,690,482
8,622,071
4.50%, 05/01/2038 to
07/01/2052
 
12,632,164
12,308,317
5.35%, 07/01/2038 to
10/17/2038
 
714,384
718,661
5.45%, 11/25/2038
 
737,963
743,044
5.80%, 01/20/2039
 
287,450
286,781
4.00%, 06/01/2042 to
07/01/2049
 
12,443,011
11,873,011
3.50%, 09/01/2045 to
05/01/2050
 
13,163,735
12,177,442
2.00%, 05/01/2051 to
01/01/2052
 
20,851,545
16,883,591
ARM,
5.82% (1 yr. U.S. Treasury Yield
Curve Rate + 2.16%),
11/01/2048(e)
 
2,360,339
2,457,847
 
 
141,774,114
Federal National Mortgage Association (FNMA)–41.50%
7.50%, 02/01/2027 to
08/01/2037
 
517,728
529,806
6.50%, 05/01/2027 to
11/01/2038
 
690,893
719,493
5.00%, 06/01/2027 to
01/01/2053
 
6,746,325
6,711,086
5.50%, 12/01/2027 to
04/01/2038
 
1,599,859
1,622,223
6.00%, 05/01/2028 to
11/01/2055
 
12,949,056
13,378,233
3.00%, 02/01/2029 to
01/01/2052
 
35,970,594
32,541,353
7.00%, 04/01/2029 to
01/01/2036
 
493,564
521,560
5.63%, 08/01/2032
 
26,884
26,762
8.50%, 10/01/2032
 
58,906
60,844
8.00%, 04/01/2033
 
58,084
60,344
3.50%, 11/01/2034 to
05/01/2050
 
29,335,361
27,561,069
2.00%, 09/01/2035 to
03/01/2052
 
64,248,958
53,568,431
5.45%, 01/01/2038
 
202,157
201,853
4.50%, 01/01/2040 to
04/01/2049
 
7,598,925
7,443,112
 
Principal
Amount
Value
Federal National Mortgage Association (FNMA)–(continued)
4.00%, 02/01/2042 to
03/01/2050
 
$25,316,457
$24,156,048
2.50%, 10/01/2050 to
02/01/2052
 
38,282,036
32,630,563
ARM,
6.06% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks +
1.58%), 04/01/2045(e)
 
1,965,401
2,044,945
 
 
203,777,725
Government National Mortgage Association (GNMA)–24.20%
7.00%, 12/15/2027 to
01/20/2030
 
43,628
44,231
6.50%, 03/15/2028 to
10/15/2028
 
4,202
4,330
6.00%, 06/15/2028 to
04/20/2029
 
16,842
17,200
7.50%, 06/15/2028 to
08/15/2028
 
19,837
20,110
5.50%, 05/15/2033 to
10/15/2034
 
140,309
141,291
6.85%, 11/20/2033(a)
 
206,600
211,867
5.00%, 11/20/2037
 
136,413
133,955
5.88%, 01/20/2039(a)
 
382,687
391,326
4.53%, 07/20/2041(a)
 
572,592
569,505
5.30%, 09/20/2041
 
330,684
335,100
4.18% (1 mo. Term SOFR +
0.56%), 07/20/2044(e)
 
280,879
286,669
3.50%, 05/20/2046 to
06/20/2050
 
7,671,182
6,956,453
4.00%, 02/20/2048 to
03/20/2050
 
2,937,752
2,740,072
3.00%, 02/20/2050 to
06/20/2052
 
3,430,778
3,047,827
2.50%, 04/20/2051
 
1,540,229
1,291,764
IO,
2.90% (6.65% - (1 mo. Term
SOFR + 0.11%)),
04/16/2041(b)(e)
 
463,025
23,808
4.50%, 09/16/2047(b)
 
481,246
84,686
2.45% (6.20% - (1 mo. Term
SOFR + 0.11%)),
10/16/2047(b)(e)
 
484,167
51,892
TBA,
2.00%, 07/01/2056(f)
 
23,444,000
19,209,315
2.50%, 07/01/2056(f)
 
20,125,000
17,186,435
3.00%, 07/01/2056(f)
 
11,830,813
10,501,695
4.50%, 07/01/2056(f)
 
4,300,000
4,130,848
5.00%, 07/01/2056(f)
 
21,527,000
21,226,411
5.50%, 07/01/2056(f)
 
15,162,000
15,238,875
6.00%, 07/01/2056(f)
 
9,322,000
9,518,582
Series 2020-137, Class A,
1.50%, 04/16/2062
 
7,319,248
5,478,252
 
 
118,842,499
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Quality Income Fund
 
Principal
Amount
Value
Uniform Mortgage-Backed Securities–8.13%
TBA,
4.50%, 07/01/2041(f)
 
$2,621,000
$2,590,153
5.00%, 07/01/2041(f)
 
12,973,000
13,027,125
6.00%, 08/01/2056(f)
 
15,740,000
16,040,394
6.50%, 08/01/2056(f)
 
8,000,000
8,266,501
 
 
39,924,173
Total U.S. Government Sponsored Agency
Mortgage-Backed Securities
(Cost $572,209,720)
522,561,011
 
Asset-Backed Securities–8.42%
Adjustable Rate Mortgage Trust,
Series 2005-7, Class 2A21,
0.77%, 10/25/2035(a)
 
111,575
98,857
Agate Bay Mortgage Trust,
Series 2015-2, Class B1, 3.61%,
03/25/2045(a)(g)
 
824,612
765,960
Banc of America Funding Trust,
Series 2006-A, Class 1A1,
5.49%, 02/20/2036(a)
 
118,584
113,570
Bank, Series 2017-BNK5, Class AS,
3.62%, 06/15/2060
 
3,200,000
3,144,375
Bear Stearns Adjustable Rate
Mortgage Trust, Series 2005-1,
Class 2A1, 2.16%,
03/25/2035(a)
 
417,120
389,680
Benchmark Mortgage Trust,
Series 2018-B1, Class XA, IO,
0.64%, 01/15/2051(d)
 
10,197,475
70,456
BRAVO Residential Funding Trust,
Series 2026-NQM1, Class A3,
5.21%, 12/25/2065(g)
 
740,855
735,526
CD Mortgage Trust, Series 2017-
CD6, Class XA, IO, 1.01%,
11/13/2050(d)
 
5,227,434
41,197
Chase Mortgage Finance Corp.,
Series 2016-2, Class M4, 3.75%,
12/25/2045(a)(g)
 
1,026,476
959,608
Series 2016-SH1, Class M3,
3.75%, 04/25/2045(a)(g)
 
720,153
666,690
Chase Mortgage Finance Trust,
Series 2005-A1, Class 3A1,
3.93%, 12/25/2035(a)
 
8,808
7,645
Series 2007-A2, Class 2A1,
6.14%, 06/25/2035(a)
 
100,835
101,247
Series 2007-A2, Class 2A4,
6.14%, 06/25/2035(a)
 
93,150
93,155
Citigroup Commercial Mortgage Trust,
Series 2017-C4, Class XA, IO,
1.12%, 10/12/2050(d)
 
14,499,536
127,261
Citigroup Mortgage Loan Trust,
Series 2004-UST1, Class A4,
6.31%, 08/25/2034(a)
 
19,670
18,782
Series 2005-11, Class A2A,
6.48% (1 yr. U.S. Treasury Yield
Curve Rate + 2.40%),
10/25/2035(e)
 
291,748
298,888
Series 2006-AR2, Class 1A2,
2.56%, 03/25/2036(a)
 
4,601
4,572
Commonbond Student Loan Trust,
Series 2018-CGS, Class A1,
3.87%, 02/25/2046(g)
 
364,054
353,017
 
Principal
Amount
Value
 
Countrywide Home Loans Mortgage
Pass-Through Trust,
Series 2004-29, Class 1A1,
4.30% (1 mo. Term SOFR +
0.65%), 02/25/2035(e)
 
$60,380
$58,918
Credit Suisse Mortgage Capital Trust,
Series 2013-7, Class B1, 3.56%,
08/25/2043(a)(g)
 
575,650
563,909
Credit Suisse Mortgage Loan Trust,
Series 2015-1, Class A9, 3.50%,
05/25/2045(a)(g)
 
237,815
219,577
CSFB Mortgage-Backed Pass-Through
Ctfs., Series 2004-AR5,
Class 5A1, 5.50%,
06/25/2034(a)
 
123,265
121,090
Deutsche Mortgage Securities, Inc.
Re-REMIC Trust Ctfs.,
Series 2007-WM1, Class A1,
4.50%, 06/27/2037(a)(g)
 
1,072,376
957,513
Galton Funding Mortgage Trust,
Series 2018-1, Class A33,
3.50%, 11/25/2057(a)(g)
 
190,874
172,959
GCAT Trust, Series 2025-INV2,
Class A1, 6.00%,
05/25/2055(a)(g)
 
2,398,994
2,442,141
GS Mortgage-Backed Securities Trust,
Series 2025-HE1, Class A1,
5.18% (30 Day Average SOFR +
1.55%), 10/25/2055(e)(g)
 
1,516,404
1,523,296
Series 2025-HE2, Class M1,
5.53% (30 Day Average SOFR +
1.90%), 12/25/2065(e)(g)
 
1,350,000
1,362,877
Series 2026-CES1, Class A1,
4.90%, 05/25/2056(g)
 
1,245,488
1,234,208
GSAA Home Equity Trust,
Series 2007-7, Class A4, 4.30%
(1 mo. Term SOFR + 0.65%),
07/25/2037(e)
 
3,514
3,459
GSR Mortgage Loan Trust,
Series 2004-12, Class 3A6,
1.46%, 12/25/2034(a)
 
118,990
112,205
Series 2005-AR4, Class 6A1,
4.81%, 07/25/2035(a)
 
38,351
36,984
J.P. Morgan Mortgage Trust,
Series 2005-A1, Class 3A1,
5.11%, 02/25/2035(a)
 
156,156
150,577
Series 2014-1, Class 1A17,
0.79%, 01/25/2044(a)(g)
 
484,658
460,485
Series 2017-5, Class A1, 4.73%,
10/26/2048(a)(g)
 
66,713
67,202
Series 2019-INV2, Class A15,
3.50%, 02/25/2050(a)(g)
 
99,392
89,652
J.P. Morgan Trust, Series 2015-3,
Class A3, 3.50%,
05/25/2045(a)(g)
 
447,484
417,482
Luminent Mortgage Trust,
Series 2006-1, Class A1, 4.48%
(1 mo. Term SOFR + 0.83%),
04/25/2036(e)
 
22,452
20,226
MASTR Adjustable Rate Mortgages
Trust, Series 2004-13,
Class 2A2, 6.04%,
04/21/2034(a)
 
55,901
55,732
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Quality Income Fund
 
Principal
Amount
Value
 
Merrill Lynch Mortgage Investors Trust,
Series 2005-3, Class 3A, 2.39%,
11/25/2035(a)
 
$75,345
$71,988
Series 2005-A, Class A1, 4.22%
(1 mo. Term SOFR + 0.57%),
03/25/2030(e)
 
141,669
140,110
Morgan Stanley Capital I Trust,
Series 2017-HR2, Class XA, IO,
0.99%, 12/15/2050(d)
 
5,260,989
48,095
Morgan Stanley Residential Mortgage
Loan Trust,
Series 2025-DSC1, Class A3,
5.97%, 03/25/2070(g)
 
2,396,602
2,401,380
Series 2026-1, Class A3, 5.50%,
04/25/2056(a)(g)
 
9,031,257
9,032,187
OBX Trust, Series 2026-R1, Class A3,
5.29%, 01/25/2063(g)
 
4,515,814
4,455,801
Residential Accredit Loans, Inc. Trust,
Series 2006-QS13, Class 1A8,
6.00%, 09/25/2036
 
21,093
16,940
Shellpoint Asset Funding Trust,
Series 2013-1, Class A3, 3.75%,
07/25/2043(a)(g)
 
254,965
243,682
Structured Adjustable Rate Mortgage
Loan Trust,
Series 2004-13, Class A2, 4.06%
(1 mo. Term SOFR + 0.41%),
09/25/2034(e)
 
168,189
158,993
Series 2004-20, Class 3A1,
3.85%, 01/25/2035(a)
 
17,353
17,240
UBS Commercial Mortgage Trust,
Series 2017-C5, Class XA, IO,
1.23%, 11/15/2050(d)
 
6,658,673
56,611
Vendee Mortgage Trust,
Series 1999-3, Class IO, 0.00%,
10/15/2029(a)(c)
 
1,330,996
13
Series 2001-3, Class IO, 0.00%,
10/15/2031(a)(c)
 
981,865
10
Series 2002-2, Class IO, 0.00%,
01/15/2032(a)(c)
 
2,802,684
20
Series 2002-3, Class IO, 0.07%,
08/15/2032(a)
 
3,051,646
941
Series 2003-1, Class IO, 0.00%,
11/15/2032(a)(c)
 
5,207,398
5
Verus Securitization Trust,
Series 2023-INV3, Class A3,
7.73%, 11/25/2068(a)(g)
 
3,827,339
3,851,672
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7,
5.64%, 10/25/2033(a)
 
74,826
72,370
Series 2007-HY2, Class 2A1,
4.61%, 11/25/2036(a)
 
18,955
18,371
Wells Fargo Commercial Mortgage
Trust, Series 2017-C42, Class XA,
IO, 0.96%, 12/15/2050(d)
 
7,425,615
71,402
Zaxby’s Funding LLC, Series 2021-
1A, Class A2, 3.24%,
07/30/2051(g)
 
2,762,250
2,635,902
Total Asset-Backed Securities (Cost $43,559,666)
41,354,711
Certificates of Deposit–6.32%
Diversified Banks–6.32%
Bank of Nova Scotia (Canada), 3.97%
(SOFR + 0.33%), 07/22/2026(e)
 
3,000,000
3,000,423
BNP Paribas S.A. (France), 3.95%
(SOFR + 0.31%), 02/05/2027(e)
 
8,000,000
8,003,132
 
Principal
Amount
Value
Diversified Banks–(continued)
Credit Agricole Corporate and
Investment Bank (France), 3.98%
(SOFR + 0.34%), 08/28/2026(e)
 
$6,000,000
$6,001,917
Standard Chartered Bank (United
Kingdom), 3.97% (SOFR +
0.33%), 07/24/2026(e)
 
7,000,000
7,000,686
Swedbank AB/New York (Sweden),
3.96% (SOFR + 0.30%),
10/16/2026(e)
 
7,000,000
7,003,587
Total Certificates of Deposit (Cost $30,999,789)
31,009,745
Commercial Paper–4.48%(h)
Diversified Banks–3.06%
Australia & New Zealand Banking
Group Ltd. (Australia), 3.94%
(SOFR + 0.30%),
09/25/2026(e)(g)
 
6,000,000
6,001,772
HSBC Bank PLC (United Kingdom),
4.00% (SOFR + 0.34%),
10/14/2026(e)(g)
 
2,000,000
2,000,917
Lloyds Bank PLC (United Kingdom),
3.96% (SOFR + 0.30%),
10/14/2026(e)(g)
 
7,000,000
7,001,925
 
 
15,004,614
Health Care REITs–1.42%
Alexandria Real Estate Equities, Inc.,
0.00%, 07/13/2026(g)
 
5,000,000
4,992,984
0.00%, 07/20/2026(g)
 
2,000,000
1,995,648
 
 
6,988,632
Total Commercial Paper (Cost $21,988,589)
21,993,246
 
Agency Credit Risk Transfer Notes–1.17%
Fannie Mae Connecticut Avenue
Securities, Series 2023-R02,
Class 1M2, 6.98% (30 Day
Average SOFR + 3.35%),
01/25/2043
(Cost $5,567,344)(e)(g)
 
5,550,000
5,726,291
U.S. Treasury Securities–0.11%
U.S. Treasury Bills–0.11%
3.62% - 3.66%, 09/17/2026
(Cost $561,540)(h)(i)
 
566,000
561,536
 

Shares
 
Money Market Funds–0.63%
Invesco Government & Agency Portfolio,
Institutional Class, 3.57%(j)(k)
(Cost $3,093,636)
3,093,636
3,093,636
TOTAL INVESTMENTS IN SECURITIES–127.55%
(Cost $677,980,284)
626,300,176
OTHER ASSETS LESS LIABILITIES—(27.55)%
(135,276,392
)
NET ASSETS–100.00%
$491,023,784
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco Quality Income Fund
 
Securities Sold Short
 
 
Principal
Amount
Value
U.S. Government Sponsored Agency Mortgage-Backed
Securities Short–(8.42)%
Uniform Mortgage-Backed Securities–(8.42)%
TBA, 2.50%, 07/01/2041(f)
$(10,666,000
)
$(9,975,609
)
TBA, 2.00%, 07/01/2056(f)
(6,400,000
)
(5,111,969
)
TBA, 2.50%, 07/01/2056(f)
(1,783,000
)
(1,490,059
)
TBA, 4.00%, 07/01/2056(f)
(21,210,000
)
(19,826,328
)
TBA, 4.50%, 07/01/2056(f)
(5,160,000
)
(4,943,925
)
Total Securities Sold Short (Proceeds
$(41,279,435))
(41,347,890
)
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
STRIPS
– Separately Traded Registered Interest and Principal Security
TBA
– To Be Announced
USD
– U.S. Dollar
Notes to Schedule of Investments: 
(a)
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is
the rate in effect on June 30, 2026.
(b)
Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.
(c)
Zero coupon bond issued at a discount.
(d)
Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined
periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30,
2026.
(e)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2026.
(f)
Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1K.
(g)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
June 30, 2026 was $63,332,263, which represented 12.90% of the Fund’s Net Assets.
(h)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(i)
All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.
(j)
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, 2026.
 
 
Value
December 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
June 30, 2026
Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional
Class
$12,385,434
$71,122,076
$(80,413,874)
$-
$-
$3,093,636
$78,888
 
(k)
The rate shown is the 7-day SEC standardized yield as of June 30, 2026.
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Quality Income Fund
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
U.S. Treasury 5 Year Notes
66
September-2026
$7,065,094
$2,747
$2,747
U.S. Treasury 10 Year Notes
20
September-2026
2,197,812
6,337
6,337
U.S. Treasury 10 Year Ultra Notes
2
September-2026
224,938
653
653
U.S. Treasury Long Bonds
53
September-2026
6,015,500
120,412
120,412
U.S. Treasury Ultra Bonds
19
September-2026
2,206,969
(1,217
)
(1,217
)
Subtotal—Long Futures Contracts
128,932
128,932
Short Futures Contracts
 
 
 
 
 
Interest Rate Risk
U.S. Treasury 2 Year Notes
59
September-2026
(12,161,836
)
3,372
3,372
Total Futures Contracts
$132,304
$132,304
 
Open Centrally Cleared Interest Rate Swap Agreements
Pay/
Receive
Floating
Rate
Floating Rate Index
Payment
Frequency
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional Value
Upfront
Payments
Paid
(Received)
Value
Unrealized
Appreciation
Interest Rate Risk
Receive
SOFR
Annually
(3.57)%
Annually
01/30/2031
USD
11,111,000
$—
$150,076
$150,076
 
Abbreviations:
SOFR
—Secured Overnight Financing Rate
USD
—U.S. Dollar
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco Quality Income Fund
Statement of Assets and Liabilities
June 30, 2026
(Unaudited)
 
Assets:
Investments in unaffiliated securities, at value
(Cost $674,886,648)
$623,206,540
Investments in affiliated money market funds, at value
(Cost $3,093,636)
3,093,636
Other investments:
Variation margin receivable—centrally cleared swap
agreements
39,660
Deposits with brokers:
Cash collateral — centrally cleared swap agreements
306,585
Cash collateral — TBA commitments
188,334
Cash
57,664
Receivable for:
TBA sales commitment
91,632,193
Fund shares sold
269,675
Dividends
7,830
Interest
1,827,301
Principal paydowns
92,034
Investment for trustee deferred compensation and
retirement plans
215,580
Other assets
79,831
Total assets
721,016,863
Liabilities:
Other investments:
Securities sold short, at value (proceeds
$41,279,435)
41,347,890
Variation margin payable — futures contracts
45,575
Payable for:
TBA purchased commitment
187,541,255
Interest on short sales
52,883
Dividends
222,945
Fund shares reacquired
262,875
Accrued fees to affiliates
213,650
Accrued trustees’ and officers’ fees and benefits
470
Accrued other operating expenses
86,785
Trustee deferred compensation and retirement plans
218,751
Total liabilities
229,993,079
Net assets applicable to shares outstanding
$491,023,784
Net assets consist of:
Shares of beneficial interest
$708,540,415
Distributable earnings (loss)
(217,516,631
)
 
$491,023,784
Net Assets:
Class A
$388,129,827
Class C
$8,722,616
Class R
$13,245,876
Class Y
$64,506,219
Class R5
$136,922
Class R6
$16,282,324
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
39,348,446
Class C
889,206
Class R
1,343,674
Class Y
6,516,550
Class R5
13,865
Class R6
1,645,043
Class A:
Net asset value per share
$9.86
Maximum offering price per share
(Net asset value of $9.86 ÷ 95.75%)
$10.30
Class C:
Net asset value and offering price per share
$9.81
Class R:
Net asset value and offering price per share
$9.86
Class Y:
Net asset value and offering price per share
$9.90
Class R5:
Net asset value and offering price per share
$9.88
Class R6:
Net asset value and offering price per share
$9.90
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Invesco Quality Income Fund
Statement of Operations
For the six months ended June 30, 2026
(Unaudited) 
Investment income:
Interest
$9,728,647
Dividends from affiliated money market funds
78,888
Total investment income
9,807,535
Expenses:
Advisory fees
1,075,747
Administrative services fees
37,608
Custodian fees
22,979
Distribution fees:
Class A
482,576
Class C
47,584
Class R
34,507
Transfer agent fees — A, C, R and Y
347,066
Transfer agent fees — R5
109
Transfer agent fees — R6
2,484
Trustees’ and officers’ fees and benefits
12,631
Registration and filing fees
48,069
Reports to shareholders
30,105
Professional services fees
29,783
Other
7,277
Total expenses
2,178,525
Less: Fees waived and/or expenses reimbursed
(2,202
)
Net expenses
2,176,323
Net investment income
7,631,212
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
(614,512
)
Futures contracts
523
Swap agreements
2,416
Securities sold short
310
 
(611,263
)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
(3,506,251
)
Futures contracts
118,277
Securities sold short
(73,417
)
Swap agreements
150,076
 
(3,311,315
)
Net realized and unrealized gain (loss)
(3,922,578
)
Net increase in net assets resulting from operations
$3,708,634
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Invesco Quality Income Fund
Statement of Changes in Net Assets
For the six months ended June 30, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30,
2026
December 31,
2025
Operations:
 
 
Net investment income
$7,631,212
$15,867,663
Net realized gain (loss)
(611,263
)
(443,439
)
Change in net unrealized appreciation (depreciation)
(3,311,315
)
25,353,959
Net increase in net assets resulting from operations
3,708,634
40,778,183
Distributions to shareholders from distributable earnings:
Class A
(7,062,294
)
(14,144,075
)
Class C
(133,571
)
(294,275
)
Class R
(228,400
)
(467,382
)
Class Y
(1,179,735
)
(2,125,198
)
Class R5
(4,178
)
(8,638
)
Class R6
(338,655
)
(574,373
)
Total distributions from distributable earnings
(8,946,833
)
(17,613,941
)
Share transactions–net:
Class A
(14,702,876
)
(34,323,047
)
Class C
(1,648,276
)
(2,118,776
)
Class R
(957,200
)
(1,253,422
)
Class Y
4,140,977
(7,374,601
)
Class R5
(136,732
)
72,573
Class R6
(777,164
)
1,474,251
Net increase (decrease) in net assets resulting from share transactions
(14,081,271
)
(43,523,022
)
Net increase (decrease) in net assets
(19,319,470
)
(20,358,780
)
Net assets:
Beginning of period
510,343,254
530,702,034
End of period
$491,023,784
$510,343,254
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
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
value,
beginning
of period
Net
investment
income
(loss)(a)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
from net
investment
income
Net asset
value, end
of period
Total
return(b)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
(loss)
to average
net assets
Portfolio
turnover (c)
Class A
Six months ended 06/30/26
$9.97
$0.15
$(0.08
)
$0.07
$(0.18
)
$9.86
0.66
%(d)
$388,130
0.89
%(d)(e)
0.89
%(d)(e)
3.05
%(d)(e)
211
%
Year ended 12/31/25
9.53
0.30
0.47
0.77
(0.33
)
9.97
8.23
(d)
406,999
0.88
(d)
0.89
(d)
3.08
(d)
349
Year ended 12/31/24
9.81
0.31
(0.22
)
0.09
(0.37
)
9.53
0.98
(d)
422,688
0.90
(d)
0.91
(d)
3.20
(d)
331
Year ended 12/31/23
9.66
0.27
0.22
0.49
(0.34
)
9.81
5.25
(d)
474,643
0.86
(d)
0.87
(d)
2.83
(d)
427
Year ended 12/31/22
11.36
0.16
(1.57
)
(1.41
)
(0.29
)
9.66
(12.52
)(d)
511,108
0.85
(d)
0.85
(d)
1.53
(d)
520
Year ended 12/31/21
11.90
0.07
(0.25
)
(0.18
)
(0.36
)
11.36
(1.55
)(d)
697,347
0.84
(d)
0.86
(d)
0.57
(d)
401
Class C
Six months ended 06/30/26
9.91
0.11
(0.07
)
0.04
(0.14
)
9.81
0.38
8,723
1.65
(e)
1.65
(e)
2.29
(e)
211
Year ended 12/31/25
9.47
0.22
0.48
0.70
(0.26
)
9.91
7.46
10,466
1.64
1.65
2.32
349
Year ended 12/31/24
9.75
0.23
(0.21
)
0.02
(0.30
)
9.47
0.20
12,087
1.66
1.67
2.44
331
Year ended 12/31/23
9.60
0.20
0.22
0.42
(0.27
)
9.75
4.46
16,154
1.62
1.63
2.07
427
Year ended 12/31/22
11.28
0.08
(1.55
)
(1.47
)
(0.21
)
9.60
(13.12
)
19,025
1.61
1.61
0.77
520
Year ended 12/31/21
11.82
(0.02
)
(0.25
)
(0.27
)
(0.27
)
11.28
(2.35
)(f)
32,752
1.62
(f)
1.62
(f)
(0.21
)(f)
401
Class R
Six months ended 06/30/26
9.96
0.14
(0.08
)
0.06
(0.16
)
9.86
0.63
13,246
1.15
(e)
1.15
(e)
2.79
(e)
211
Year ended 12/31/25
9.52
0.27
0.48
0.75
(0.31
)
9.96
7.96
14,352
1.14
1.15
2.82
349
Year ended 12/31/24
9.80
0.28
(0.21
)
0.07
(0.35
)
9.52
0.72
14,933
1.16
1.17
2.94
331
Year ended 12/31/23
9.65
0.25
0.22
0.47
(0.32
)
9.80
4.97
17,136
1.12
1.13
2.57
427
Year ended 12/31/22
11.35
0.13
(1.57
)
(1.44
)
(0.26
)
9.65
(12.76
)
19,497
1.11
1.11
1.27
520
Year ended 12/31/21
11.89
0.03
(0.25
)
(0.22
)
(0.32
)
11.35
(1.84
)
24,551
1.12
1.12
0.29
401
Class Y
Six months ended 06/30/26
10.00
0.16
(0.07
)
0.09
(0.19
)
9.90
0.89
64,506
0.65
(e)
0.65
(e)
3.29
(e)
211
Year ended 12/31/25
9.56
0.33
0.47
0.80
(0.36
)
10.00
8.48
61,002
0.64
0.65
3.32
349
Year ended 12/31/24
9.84
0.33
(0.21
)
0.12
(0.40
)
9.56
1.23
65,707
0.66
0.67
3.44
331
Year ended 12/31/23
9.70
0.30
0.21
0.51
(0.37
)
9.84
5.38
83,005
0.62
0.63
3.07
427
Year ended 12/31/22
11.40
0.18
(1.57
)
(1.39
)
(0.31
)
9.70
(12.26
)
82,042
0.61
0.61
1.77
520
Year ended 12/31/21
11.95
0.10
(0.26
)
(0.16
)
(0.39
)
11.40
(1.35
)
106,019
0.57
0.62
0.84
401
Class R5
Six months ended 06/30/26
9.98
0.17
(0.08
)
0.09
(0.19
)
9.88
0.91
137
0.61
(e)
0.61
(e)
3.33
(e)
211
Year ended 12/31/25
9.55
0.33
0.46
0.79
(0.36
)
9.98
8.43
275
0.60
0.60
3.36
349
Year ended 12/31/24
9.82
0.34
(0.21
)
0.13
(0.40
)
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
)
9.82
5.54
377
0.58
0.58
3.11
427
Year ended 12/31/22
11.37
0.19
(1.57
)
(1.38
)
(0.32
)
9.67
(12.26
)
139
0.57
0.57
1.81
520
Year ended 12/31/21
11.91
0.10
(0.25
)
(0.15
)
(0.39
)
11.37
(1.29
)
489
0.56
0.57
0.85
401
Class R6
Six months ended 06/30/26
10.00
0.17
(0.08
)
0.09
(0.19
)
9.90
0.95
16,282
0.54
(e)
0.54
(e)
3.40
(e)
211
Year ended 12/31/25
9.56
0.33
0.48
0.81
(0.37
)
10.00
8.60
17,250
0.54
0.54
3.42
349
Year ended 12/31/24
9.84
0.35
(0.22
)
0.13
(0.41
)
9.56
1.35
15,095
0.54
0.54
3.56
331
Year ended 12/31/23
9.70
0.31
0.21
0.52
(0.38
)
9.84
5.50
19,575
0.51
0.51
3.18
427
Year ended 12/31/22
11.40
0.20
(1.57
)
(1.37
)
(0.33
)
9.70
(12.16
)
21,040
0.50
0.50
1.88
520
Year ended 12/31/21
11.95
0.11
(0.26
)
(0.15
)
(0.40
)
11.40
(1.30
)
33,442
0.51
0.51
0.90
401
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)
The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended
June 30, 2026 and for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(e)
Annualized.
(f)
The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.99% for Class C shares for the year
ended December 31, 2021. 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Invesco Quality Income Fund
Notes to Financial Statements
June 30, 2026
(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, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
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
13
Invesco Quality Income 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. 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 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.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C.
Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Sold Short - The Fund may enter into short sales of securities which it concurrently holds (against the box) or for which it holds no corresponding position (naked). Securities sold short represent a liability of the Fund to acquire specific securities at prevailing market prices at a future date in order to satisfy the obligation to deliver the securities sold. The liability is recorded on the books of the Fund at the market value of the common stock determined each day in accordance with the procedures for security valuations. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates.
The Fund is required to segregate cash or securities as collateral in margin accounts at a level that is equal to the obligation to the broker who delivered such securities to the buyer on behalf of the Fund. The Short stock rebate, if any, presented in the Statement of Operations represents the net income earned on short sale proceeds held on deposit with the broker and margin interest earned or incurred on short sale transactions. Margin interest is the income earned (or expense incurred) as a result of the market value of securities sold short being less than (or greater than) the proceeds received from the short sales.
J.
Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables
14
Invesco Quality Income Fund
on the Statement of Assets and Liabilities. Cash held as collateral, if any, is recorded as deposits with brokers on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.
K.
Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.
The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate.
Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.
L.
Collateral —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.
M.
Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.
N.
Other Risks - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.
Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.
Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.
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
0.4700%
Next $150 million
0.4400%
Next $250 million
0.4125%
Next $2 billion
0.3825%
Next $2.5 billion
0.3800%
Next $2.5 billion
0.3650%
Next $2.5 billion
0.3400%
Next $2.5 billion
0.2950%
Over $12.5 billion
0.2700%
For the six months ended June 30, 2026, the effective advisory fee rate incurred by the Fund was 0.43%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.
15
Invesco Quality Income Fund
Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.
For the six months ended June 30, 2026, the Adviser waived advisory fees of $2,202.
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, 2026, 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, 2026, 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, 2026, 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, 2026, IDI advised the Fund that IDI retained $8,175 in front-end sales commissions from the sale of Class A shares and $0 and $81 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, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
U.S. Government Sponsored Agency Mortgage-Backed Securities
$—
$522,561,011
$—
$522,561,011
Asset-Backed Securities
—
41,354,711
—
41,354,711
Certificates of Deposit
—
31,009,745
—
31,009,745
Commercial Paper
—
21,993,246
—
21,993,246
Agency Credit Risk Transfer Notes
—
5,726,291
—
5,726,291
U.S. Treasury Securities
—
561,536
—
561,536
Money Market Funds
3,093,636
—
—
3,093,636
Total Investments in Securities
3,093,636
623,206,540
—
626,300,176
Other Investments - Assets*
Futures Contracts
133,521
—
—
133,521
Swap Agreements
—
150,076
—
150,076
 
133,521
150,076
—
283,597
16
Invesco Quality Income Fund
 
Level 1
Level 2
Level 3
Total
Other Investments - Liabilities*
Securities Sold Short
$—
$(41,347,890
)
$—
$(41,347,890
)
Futures Contracts
(1,217
)
—
—
(1,217
)
 
(1,217
)
(41,347,890
)
—
(41,349,107
)
Total Other Investments
132,304
(41,197,814
)
—
(41,065,510
)
Total Investments
$3,225,940
$582,008,726
$—
$585,234,666
 
*
Futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Securities sold short are shown at value.
NOTE 4—Derivative Investments
The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.
Value of Derivative Investments at Period-End
The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2026: 
 
Value
Derivative Assets
Interest
Rate Risk
Unrealized appreciation on futures contracts —Exchange-Traded(a)
$133,521
Unrealized appreciation on swap agreements — Centrally Cleared(a)
150,076
Total Derivative Assets
283,597
Derivatives not subject to master netting agreements
(283,597
)
Total Derivative Assets subject to master netting agreements
$—
 
Value
Derivative Liabilities
Interest
Rate Risk
Unrealized depreciation on futures contracts —Exchange-Traded(a)
$(1,217
)
Derivatives not subject to master netting agreements
1,217
Total Derivative Liabilities subject to master netting agreements
$—
 
(a)
The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.
Effect of Derivative Investments for the six months ended June 30, 2026
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain on
Statement of Operations
 
Interest
Rate Risk
Realized Gain:
Futures contracts
$523
Swap agreements
2,416
Change in Net Unrealized Appreciation:
Futures contracts
118,277
Swap agreements
150,076
Total
$271,292
The table below summarizes the average notional value of derivatives held during the period. 
 
Futures
Contracts
Swap
Agreements
Average notional value
$35,543,484
$11,111,000
 
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
17
Invesco Quality Income Fund
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. The Fund may have certain former Trustees who participated 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, 2025, as follows: 
Capital Loss Carryforward*
Expiration
Short-Term
Long-Term
Total
Not subject to expiration
$81,134,157
$84,027,626
$165,161,783
*
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, 2026 was $24,120,231 and $8,154,357, respectively. As of June 30, 2026, 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
Aggregate unrealized appreciation of investments
$3,253,818
Aggregate unrealized (depreciation) of investments
(54,761,952
)
Net unrealized appreciation (depreciation) of investments
$(51,508,134
)
Cost of investments for tax purposes is $636,742,800.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
1,159,795
$11,532,204
2,679,850
$26,130,581
Class C
79,953
790,527
241,508
2,334,282
Class R
108,298
1,077,241
851,938
8,272,197
Class Y
1,407,055
14,024,621
2,677,332
26,166,234
Class R5
562
5,535
28,835
276,860
Class R6
431,525
4,311,385
834,783
8,235,482
Issued as reinvestment of dividends:
Class A
611,367
6,076,364
1,247,077
12,208,649
Class C
12,401
122,590
28,083
273,159
Class R
22,592
224,451
47,046
460,244
Class Y
93,864
936,397
163,264
1,604,855
Class R5
397
3,959
841
8,264
Class R6
27,025
269,643
47,229
464,396
Automatic conversion of Class C shares to Class A shares:
Class A
64,847
646,400
150,128
1,462,215
Class C
(65,230
)
(646,400
)
(151,015
)
(1,462,215
)
18
Invesco Quality Income Fund
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Reacquired:
Class A
(3,319,326
)
$(32,957,844
)
(7,601,556
)
$(74,124,492
)
Class C
(193,810
)
(1,914,993
)
(338,462
)
(3,264,002
)
Class R
(227,905
)
(2,258,892
)
(1,026,315
)
(9,985,863
)
Class Y
(1,082,177
)
(10,820,041
)
(3,612,528
)
(35,145,690
)
Class R5
(14,639
)
(146,226
)
(22,166
)
(212,551
)
Class R6
(538,068
)
(5,358,192
)
(735,647
)
(7,225,627
)
Net increase (decrease) in share activity
(1,421,474
)
$(14,081,271
)
(4,489,775
)
$(43,523,022
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 22% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
19
Invesco Quality Income Fund
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. 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, 2026.  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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year.  Additionally, 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 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 April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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 including emerging technologies such as those driven by artificial intelligence.  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, 2025 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 and three year periods 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 reasonably comparable to the performance of the Index for the one and three year periods and below the performance of the Index for
20
Invesco Quality Income Fund
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 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 noted that the Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.
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.   
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.
21
Invesco Quality Income Fund
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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.
22
Invesco Quality Income Fund
 
SEC file number(s): 811-02699 and 002-57526
Invesco Distributors, Inc.
VK-QINC-NCSRS


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco Select Risk: Conservative Investor Fund
Nasdaq:
A: OACIX ■ C: OCCIX ■ R: ONCIX ■ Y: OYCIX ■ R5: PXCIX ■ R6: PXCCX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
  
Schedule of Investments  
June 30, 2026
(Unaudited) 
Invesco Select Risk: Conservative Investor Fund
Schedule of Investments in Affiliated Issuers–99.76%(a)
 
% of
Net
Assets
06/30/26
Value
12/31/25
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/26
Value
06/30/26
Alternative Funds–0.53%
Invesco Dynamic Credit Opportunity Fund, Class R6
0.53
%
$1,993,353
$100,667
$—
$(149,348
)
$—
$100,677
200,604
$1,944,672
Invesco Global Real Estate Income Fund, Class R6
—
7,176,533
—
(7,797,089
)
(484,985
)
1,105,541
—
—
—
Total Alternative Funds
9,169,886
100,667
(7,797,089
)
(634,333
)
1,105,541
100,677
1,944,672
Domestic Equity Funds–12.96%
Invesco Discovery Mid Cap Growth Fund, Class R6
0.43
%
6,282,809
—
(5,598,658
)
(1,067,036
)
1,932,788
—
35,778
1,549,903
Invesco Main Street Small Cap Fund, Class R6
1.14
%
6,065,753
166,687
(2,946,407
)
592,007
293,590
—
154,734
4,171,630
Invesco NASDAQ 100 ETF
2.93
%
13,386,550
1,452,211
(6,014,433
)
738,023
1,112,191
24,454
35,233
10,674,542
Invesco Russell 1000® Dynamic Multifactor ETF
3.33
%
11,071,743
898,525
(1,194,549
)
1,275,853
102,558
54,591
177,329
12,154,130
Invesco S&P 500 Revenue ETF
4.71
%
12,284,591
4,928,230
(1,754,216
)
1,667,475
73,354
106,982
134,623
17,199,434
Invesco Value Opportunities Fund, Class R6
0.42
%
5,016,245
29,945
(4,233,887
)
(384,057
)
1,114,678
—
51,828
1,542,924
Total Domestic Equity Funds
54,107,691
7,475,598
(21,742,150
)
2,822,265
4,629,159
186,027
47,292,563
Exchange-Traded Funds–4.13%
Invesco Managed Futures Strategy ETF
4.13
%
14,406,215
109,096
(1,109,817
)
1,511,208
132,691
—
293,704
15,049,393
Fixed Income Funds–70.88%
Invesco Core Bond Fund, Class R6
19.34
%
121,839,958
2,183,852
(52,725,429
)
(2,050,891
)
1,293,731
1,832,636
12,505,978
70,541,221
Invesco Core Plus Bond Fund, Class R6
10.27
%
64,960,255
1,091,962
(28,368,307
)
6,293,305
(6,535,387
)
1,029,679
4,045,272
37,441,828
Invesco Emerging Markets Sovereign Debt ETF
1.90
%
4,962,306
8,647,694
(6,427,310
)
(31,964
)
(207,354
)
254,262
320,710
6,943,372
Invesco Equal Weight 0-30 Year Treasury ETF
14.12
%
14,463,392
41,471,368
(2,905,867
)
(980,302
)
(530,326
)
850,651
1,897,542
51,518,265
Invesco Floating Rate ESG Fund, Class R6
4.33
%
13,233,580
3,229,006
(248,982
)
(392,148
)
(17,192
)
578,941
2,504,360
15,804,264
Invesco High Yield Fund, Class R6
6.18
%
19,634,049
3,776,210
(612,060
)
(240,451
)
(2,429
)
723,113
6,354,506
22,555,319
Invesco Short Term Treasury ETF
8.63
%
—
32,099,925
(573,200
)
(64,991
)
(1,452
)
453,144
298,004
31,460,282
Invesco Variable Rate Investment Grade ETF
6.11
%
20,873,863
3,372,081
(1,922,429
)
(51,894
)
30,852
471,123
889,608
22,302,473
Total Fixed Income Funds
259,967,403
95,872,098
(93,783,584
)
2,480,664
(5,969,557
)
6,193,549
258,567,024
International and Global Equity Funds–10.67%
Invesco Developing Markets Fund, Class R6
1.33
%
2,513,427
2,825,794
(1,035,999
)
774,222
(233,342
)
—
122,388
4,844,102
Invesco Global Fund, Class R6
3.28
%
7,826,800
4,855,341
(2,055,106
)
1,522,928
(195,987
)
—
121,434
11,953,976
Invesco International Developed Dynamic Multifactor
ETF
2.38
%
3,223,338
5,889,181
(1,072,297
)
536,075
86,380
115,846
252,262
8,662,677
Invesco International Growth Fund, Class R6
0.00
%
1,498,157
—
(1,508,228
)
344,286
(334,202
)
—
1
13
Invesco International Small-Mid Company Fund,
Class R6
1.93
%
4,346,003
3,268,100
(555,352
)
100,434
(106,616
)
—
199,169
7,052,569
Invesco RAFI Developed Markets ex-U.S. ETF
1.75
%
3,537,922
3,997,708
(1,773,365
)
122,857
511,753
102,318
84,570
6,396,875
Total International and Global Equity Funds
22,945,647
20,836,124
(8,000,347
)
3,400,802
(272,014
)
218,164
38,910,212
Money Market Funds–0.59%
Invesco Government & Agency Portfolio, Institutional
Class, 3.57%(b)
0.21
%
756,454
9,225,995
(9,223,628
)
—
—
7,190
758,821
758,821
Invesco Treasury Portfolio, Institutional Class,
3.56%(b)
0.38
%
1,402,813
17,133,991
(17,127,565
)
—
—
13,419
1,409,239
1,409,239
Total Money Market Funds
2,159,267
26,359,986
(26,351,193
)
—
—
20,609
2,168,060
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(excluding investments purchased with cash
collateral from securities on loan)
(Cost $346,304,078)
99.76
%
362,756,109
150,753,569
(158,784,180
)
9,580,606
(374,180
)
6,719,026
363,931,924
 
Investments Purchased with Cash
Collateral from Securities on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–0.00%
Invesco Private Government Fund, 3.62%(b)(c)
—
65,782
15,528,960
(15,594,742
)
—
—
5,603
(d)
—
—
Invesco Private Prime Fund, 3.77%(b)(c)
—
168,878
39,887,819
(40,054,516
)
—
(2,181
)
16,724
(d)
—
—
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $0)
0.00
%
234,660
55,416,779
(55,649,258
)
—
(2,181
)
22,327
—
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $346,304,078) 
99.76
%
$362,990,769
$206,170,348
$(214,433,438
)
$9,580,606
$(376,361
)
$6,741,353
$363,931,924
OTHER ASSETS LESS LIABILITIES
0.24
%
869,176
NET ASSETS
100.00
%
$364,801,100
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Select Risk: Conservative Investor Fund
Investment Abbreviations: 
ETF -
Exchange-Traded Fund
Notes to Schedule of Investments: 
(a)
Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s
investment adviser.
(b)
The rate shown is the 7-day SEC standardized yield as of June 30, 2026.
(c)
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.
(d)
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
Interest Rate Risk
U.S. Treasury 10 Year Notes
364
September-2026
$40,000,188
$283,949
$283,949
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, 2026
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $346,304,078)
$363,931,924
Deposits with brokers:
Cash collateral — exchange-traded futures contracts
750,750
Cash
10,000
Receivable for:
Fund shares sold
557,427
Dividends - affiliated underlying funds
647,250
Investment for trustee deferred compensation and
retirement plans
51,505
Other assets
83,586
Total assets
366,032,442
Liabilities:
Other investments:
Variation margin payable - futures contracts
108,016
Payable for:
Investments purchased - affiliated underlying funds
644,751
Fund shares reacquired
257,865
Accrued fees to affiliates
142,840
Accrued trustees’ and officers’ fees and benefits
3,253
Accrued other operating expenses
23,112
Trustee deferred compensation and retirement plans
51,505
Total liabilities
1,231,342
Net assets applicable to shares outstanding
$364,801,100
Net assets consist of:
Shares of beneficial interest
$367,432,052
Distributable earnings (loss)
(2,630,952
)
 
$364,801,100
Net Assets:
Class A
$301,255,655
Class C
$24,226,114
Class R
$34,374,408
Class Y
$4,793,499
Class R5
$9,809
Class R6
$141,615
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
32,322,255
Class C
2,634,497
Class R
3,699,782
Class Y
511,235
Class R5
1,053
Class R6
15,190
Class A:
Net asset value per share
$9.32
Maximum offering price per share
(Net asset value of $9.32 ÷ 94.50%)
$9.86
Class C:
Net asset value and offering price per share
$9.20
Class R:
Net asset value and offering price per share
$9.29
Class Y:
Net asset value and offering price per share
$9.38
Class R5:
Net asset value and offering price per share
$9.32
Class R6:
Net asset value and offering price per share
$9.32
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, 2026
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $2,317)
$6,721,343
Interest
2,779
Total investment income
6,724,122
Expenses:
Custodian fees
87
Distribution fees:
Class A
359,307
Class C
122,555
Class R
86,760
Transfer agent fees — A, C, R and Y
181,456
Transfer agent fees — R5
2
Transfer agent fees — R6
33
Trustees’ and officers’ fees and benefits
12,117
Registration and filing fees
48,461
Reports to shareholders
14,961
Professional services fees
17,728
Other
6,572
Total expenses
850,039
Net investment income
5,874,083
Realized and unrealized gain (loss) from
Net realized gain (loss) from:
Affiliated underlying fund shares
(376,361
)
Futures contracts
(726,704
)
 
(1,103,065
)
Change in net unrealized appreciation of:
Affiliated underlying fund shares
9,580,606
Futures contracts
283,949
 
9,864,555
Net realized and unrealized gain
8,761,490
Net increase in net assets resulting from operations
$14,635,573
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, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30,
2026
December 31,
2025
Operations:
 
 
Net investment income
$5,874,083
$12,716,357
Net realized gain (loss)
(1,103,065
)
2,862,222
Change in net unrealized appreciation
9,864,555
16,364,403
Net increase in net assets resulting from operations
14,635,573
31,942,982
Distributions to shareholders from distributable earnings:
Class A
—
(10,415,667
)
Class C
—
(704,732
)
Class R
—
(1,189,793
)
Class Y
—
(186,635
)
Class R5
—
(371
)
Class R6
—
(10,317
)
Total distributions from distributable earnings
—
(12,507,515
)
Share transactions–net:
Class A
(8,003,405
)
(5,989,217
)
Class C
(1,882,951
)
(3,470,903
)
Class R
(2,322,315
)
(8,281,642
)
Class Y
(471,770
)
(1,755,154
)
Class R6
(125,454
)
169,931
Net increase (decrease) in net assets resulting from share transactions
(12,805,895
)
(19,326,985
)
Net increase in net assets
1,829,678
108,482
Net assets:
Beginning of period
362,971,422
362,862,940
End of period
$364,801,100
$362,971,422
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
value,
beginning
of period
Net
investment
income(a)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
from net
investment
income
Distributions
from net
realized
gains
Total
distributions
Net asset
value, end
of period
Total
return(b)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed(c)
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
to average
net assets
Portfolio
turnover (d)
Class A
Six months ended 06/30/26
$8.95
$0.15
$0.22
$0.37
$—
$—
$—
$9.32
4.13
%(e)
$301,256
0.40
%(e)(f)
0.40
%(e)(f)
3.33
%(e)(f)
34
%
Year ended 12/31/25
8.48
0.32
0.47
0.79
(0.32
)
—
(0.32
)
8.95
9.37
(e)
297,111
0.40
(e)
0.40
(e)
3.62
(e)
21
Year ended 12/31/24
8.48
0.35
0.02
0.37
(0.37
)
—
(0.37
)
8.48
4.41
(e)
287,491
0.42
(e)
0.43
(e)
4.09
(e)
51
Year ended 12/31/23
8.11
0.32
0.32
0.64
(0.27
)
—
(0.27
)
8.48
7.85
(e)
292,078
0.42
(e)
0.42
(e)
3.81
(e)
33
Year ended 12/31/22
9.88
0.20
(1.74
)
(1.54
)
(0.16
)
(0.07
)
(0.23
)
8.11
(15.62
)(e)
287,368
0.41
(e)
0.41
(e)
2.32
(e)
21
Year ended 12/31/21
10.03
0.17
0.14
0.31
(0.35
)
(0.11
)
(0.46
)
9.88
3.11
(e)
357,004
0.37
(e)
0.42
(e)
1.68
(e)
27
Class C
Six months ended 06/30/26
8.86
0.12
0.22
0.34
—
—
—
9.20
3.84
24,226
1.16
(f)
1.16
(f)
2.57
(f)
34
Year ended 12/31/25
8.40
0.25
0.46
0.71
(0.25
)
—
(0.25
)
8.86
8.49
25,199
1.16
1.16
2.86
21
Year ended 12/31/24
8.40
0.29
0.01
0.30
(0.30
)
—
(0.30
)
8.40
3.57
27,208
1.18
1.19
3.33
51
Year ended 12/31/23
8.02
0.25
0.33
0.58
(0.20
)
—
(0.20
)
8.40
7.19
33,124
1.18
1.18
3.05
33
Year ended 12/31/22
9.77
0.14
(1.73
)
(1.59
)
(0.09
)
(0.07
)
(0.16
)
8.02
(16.34
)
38,359
1.17
1.17
1.56
21
Year ended 12/31/21
9.92
0.09
0.14
0.23
(0.27
)
(0.11
)
(0.38
)
9.77
2.31
59,281
1.13
1.18
0.92
27
Class R
Six months ended 06/30/26
8.93
0.14
0.22
0.36
—
—
—
9.29
4.03
34,374
0.66
(f)
0.66
(f)
3.07
(f)
34
Year ended 12/31/25
8.46
0.30
0.47
0.77
(0.30
)
—
(0.30
)
8.93
9.11
35,332
0.66
0.66
3.36
21
Year ended 12/31/24
8.47
0.33
0.01
0.34
(0.35
)
—
(0.35
)
8.46
4.00
41,595
0.68
0.69
3.83
51
Year ended 12/31/23
8.09
0.30
0.32
0.62
(0.24
)
—
(0.24
)
8.47
7.70
41,782
0.68
0.68
3.55
33
Year ended 12/31/22
9.86
0.17
(1.74
)
(1.57
)
(0.13
)
(0.07
)
(0.20
)
8.09
(15.90
)
40,864
0.67
0.67
2.06
21
Year ended 12/31/21
10.01
0.14
0.14
0.28
(0.32
)
(0.11
)
(0.43
)
9.86
2.84
49,057
0.63
0.68
1.42
27
Class Y
Six months ended 06/30/26
8.99
0.16
0.23
0.39
—
—
—
9.38
4.34
4,793
0.16
(f)
0.16
(f)
3.57
(f)
34
Year ended 12/31/25
8.52
0.34
0.48
0.82
(0.35
)
—
(0.35
)
8.99
9.59
5,060
0.16
0.16
3.86
21
Year ended 12/31/24
8.52
0.38
0.01
0.39
(0.39
)
—
(0.39
)
8.52
4.64
6,483
0.18
0.19
4.33
51
Year ended 12/31/23
8.14
0.34
0.33
0.67
(0.29
)
—
(0.29
)
8.52
8.20
7,080
0.18
0.18
4.05
33
Year ended 12/31/22
9.93
0.22
(1.76
)
(1.54
)
(0.18
)
(0.07
)
(0.25
)
8.14
(15.53
)
6,967
0.17
0.17
2.56
21
Year ended 12/31/21
10.08
0.20
0.14
0.34
(0.38
)
(0.11
)
(0.49
)
9.93
3.38
7,785
0.13
0.18
1.92
27
Class R5
Six months ended 06/30/26
8.93
0.16
0.23
0.39
—
—
—
9.32
4.37
10
0.10
(f)
0.10
(f)
3.63
(f)
34
Year ended 12/31/25
8.46
0.35
0.47
0.82
(0.35
)
—
(0.35
)
8.93
9.73
9
0.09
0.09
3.93
21
Year ended 12/31/24
8.47
0.38
0.01
0.39
(0.40
)
—
(0.40
)
8.46
4.62
9
0.10
0.10
4.41
51
Year ended 12/31/23
8.09
0.34
0.33
0.67
(0.29
)
—
(0.29
)
8.47
8.34
55
0.08
0.08
4.15
33
Year ended 12/31/22
9.87
0.23
(1.75
)
(1.52
)
(0.19
)
(0.07
)
(0.26
)
8.09
(15.42
)
9
0.07
0.07
2.66
21
Year ended 12/31/21
10.03
0.20
0.14
0.34
(0.39
)
(0.11
)
(0.50
)
9.87
3.38
10
0.10
0.15
1.95
27
Class R6
Six months ended 06/30/26
8.93
0.17
0.22
0.39
—
—
—
9.32
4.37
142
0.10
(f)
0.10
(f)
3.63
(f)
34
Year ended 12/31/25
8.46
0.35
0.47
0.82
(0.35
)
—
(0.35
)
8.93
9.73
259
0.09
0.09
3.93
21
Year ended 12/31/24
8.47
0.39
—
0.39
(0.40
)
—
(0.40
)
8.46
4.65
78
0.07
0.07
4.44
51
Year ended 12/31/23
8.09
0.35
0.32
0.67
(0.29
)
—
(0.29
)
8.47
8.34
41
0.08
0.08
4.15
33
Year ended 12/31/22
9.87
0.23
(1.75
)
(1.52
)
(0.19
)
(0.07
)
(0.26
)
8.09
(15.41
)
9
0.07
0.07
2.66
21
Year ended 12/31/21
10.03
0.20
0.14
0.34
(0.39
)
(0.11
)
(0.50
)
9.87
3.37
18
0.10
0.15
1.95
27
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. 
Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by
the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and
are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return.
Estimated acquired fund fees from underlying funds was 0.46%,0.46%, 0.47%, 0.47%, 0.45% and 0.47% for the six months ended June 30, 2026 and the years ended
December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(d)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(e)
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, 2026 and the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(f)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Select Risk: Conservative Investor Fund
Notes to Financial Statements
June 30, 2026
(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,” and may invest its assets in underlying open-end and closed-end funds (including unlisted interval funds) advised by Invesco Advisers, Inc. ("Invesco" or the "Adviser"), including exchange-traded funds ("ETFs"), and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital"), or underlying open-end and closed-end funds, including ETFs, and other pooled investment vehicles advised by unaffiliated advisers (the "underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
8
Invesco Select Risk: Conservative Investor Fund
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt 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: Conservative Investor Fund
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, 2026, 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.
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. Cash held as collateral, if any, is recorded as deposits with brokers on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.
K.
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.
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.
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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. 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.
Effective May 1, 2026, the Adviser has contractually 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”). Prior to May 1, 2026, the Adviser had agreed to 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. 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. 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, 2026, 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
10
Invesco Select Risk: Conservative Investor Fund
(“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, 2026, 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, 2026, 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, 2026, IDI advised the Fund that IDI retained $4,620 in front-end sales commissions from the sale of Class A shares and $5,769 and $260 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of June 30, 2026, 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—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, 2026: 
 
Value
Derivative Assets
Interest
Rate Risk
Unrealized appreciation on futures contracts —Exchange-Traded(a)
$283,949
Derivatives not subject to master netting agreements
(283,949
)
Total Derivative Assets subject to master netting agreements
$—
 
(a)
The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.
11
Invesco Select Risk: Conservative Investor Fund
Effect of Derivative Investments for the six months ended June 30, 2026
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain (Loss) on
Statement of Operations
 
Interest
Rate Risk
Realized Gain (Loss):
Futures contracts
$(726,704
)
Change in Net Unrealized Appreciation:
Futures contracts
283,949
Total
$(442,755
)
The table below summarizes the average notional value of derivatives held during the period. 
 
Futures
Contracts
Average notional value
$40,077,917
 
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. The Fund may have certain former Trustees who participated 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, 2025, as follows: 
Capital Loss Carryforward*
Expiration
Short-Term
Long-Term
Total
Not subject to expiration
$391,811
$26,761,511
$27,153,322
*
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, 2026 was $124,393,583 and $132,432,987, respectively. As of June 30, 2026, 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
Aggregate unrealized appreciation of investments
$20,595,051
Aggregate unrealized (depreciation) of investments
(6,783,419
)
Net unrealized appreciation of investments
$13,811,632
Cost of investments for tax purposes is $350,404,241.
12
Invesco Select Risk: Conservative Investor Fund
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
4,076,561
$37,120,487
7,633,797
$67,535,957
Class C
226,538
2,045,943
663,023
5,742,364
Class R
315,811
2,884,476
537,997
4,743,555
Class Y
96,889
884,371
89,826
801,644
Class R6
2,089
19,241
27,968
241,043
Issued as reinvestment of dividends:
Class A
-
-
1,110,086
9,913,067
Class C
-
-
78,867
697,183
Class R
-
-
133,505
1,189,528
Class Y
-
-
18,920
169,711
Class R6
-
-
1,116
9,946
Automatic conversion of Class C shares to Class A shares:
Class A
158,676
1,447,093
380,156
3,353,342
Class C
(160,506
)
(1,447,093
)
(384,971
)
(3,353,342
)
Reacquired:
Class A
(5,110,023
)
(46,570,985
)
(9,836,658
)
(86,791,583
)
Class C
(274,595
)
(2,481,801
)
(754,023
)
(6,557,108
)
Class R
(571,321
)
(5,206,791
)
(1,631,782
)
(14,214,725
)
Class Y
(148,297
)
(1,356,141
)
(307,203
)
(2,726,509
)
Class R6
(15,923
)
(144,695
)
(9,230
)
(81,058
)
Net increase (decrease) in share activity
(1,404,101
)
$(12,805,895
)
(2,248,606
)
$(19,326,985
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 20% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
13
Invesco Select Risk: Conservative Investor Fund
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. 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, 2026. 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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year. Additionally, 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  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 April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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 including emerging technologies such as those driven by artificial intelligence. 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, 2025 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 third quintile of its performance universe for the one year period, the fourth quintile for the three year period and the fifth 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 year period
14
Invesco Select Risk: Conservative Investor Fund
and below the performance of the Index for the 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 relative exposure to certain equity markets and investing styles as well as 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 voluntarily 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: Conservative Investor Fund
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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: Conservative Investor Fund
 
SEC file number(s): 811-02699 and 002-57526
Invesco Distributors, Inc.
O-OPSCI-NCSRS


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco Select Risk: Growth Investor Fund
Nasdaq:
A: AADAX ■ C: AADCX ■ R: AADRX ■ S: AADSX ■ Y: AADYX ■ R5: AADIX ■ R6: AAESX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
Schedule of Investments  
June 30, 2026
(Unaudited) 
Invesco Select Risk: Growth Investor Fund
Schedule of Investments in Affiliated Issuers–99.98%(a)
 
% of
Net
Assets
06/30/26
Value
12/31/25
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/26
Value
06/30/26
Alternative Funds–0.12%
Invesco Dynamic Credit Opportunity Fund, Class R6
0.12
%
$1,422,379
$71,832
$—
$(106,569
)
$—
$71,840
144,395
$1,387,642
Invesco Global Real Estate Income Fund, Class R6
—
20,119,006
—
(21,858,181
)
(21,580
)
1,760,755
—
—
—
Total Alternative Funds
21,541,385
71,832
(21,858,181
)
(128,149
)
1,760,755
71,840
1,387,642
Domestic Equity Funds–45.65%
Invesco Discovery Mid Cap Growth Fund, Class R6
1.60
%
66,320,279
—
(57,301,671
)
(1,483,543
)
10,537,359
—
417,184
18,072,424
Invesco Main Street Small Cap Fund, Class R6
4.30
%
65,158,551
625,276
(26,938,640
)
2,341,485
7,311,986
—
1,798,912
48,498,658
Invesco NASDAQ 100 ETF
10.38
%
132,041,439
4,898,814
(38,526,462
)
9,173,174
9,363,394
259,860
386,013
116,950,359
Invesco Russell 1000® Dynamic Multifactor ETF
12.15
%
146,375,968
—
(24,474,282
)
10,618,368
4,468,102
593,887
1,998,660
136,988,156
Invesco S&P 500 Revenue ETF(b)
15.65
%
120,408,773
41,691,162
(2,331,339
)
16,568,159
60,583
1,104,592
1,380,693
176,397,338
Invesco Value Opportunities Fund, Class R6
1.57
%
55,444,535
—
(45,600,835
)
(5,312,014
)
13,185,057
—
595,121
17,716,743
Total Domestic Equity Funds
585,749,545
47,215,252
(195,173,229
)
31,905,629
44,926,481
1,958,339
514,623,678
Fixed Income Funds–16.49%
Invesco Core Bond Fund, Class R6
4.82
%
96,953,921
1,437,723
(43,402,421
)
(1,635,479
)
1,034,871
1,437,697
9,677,690
54,388,615
Invesco Core Plus Bond Fund, Class R6
2.56
%
51,314,308
807,203
(23,055,622
)
2,627,841
(2,819,201
)
807,188
3,131,728
28,874,529
Invesco Emerging Markets Sovereign Debt ETF
0.47
%
3,595,343
7,012,696
(5,161,902
)
(34,410
)
(169,115
)
193,976
242,153
5,242,612
Invesco Equal Weight 0-30 Year Treasury ETF
2.90
%
—
44,133,191
(10,144,221
)
(1,076,212
)
(233,117
)
537,235
1,203,670
32,679,641
Invesco Floating Rate ESG Fund, Class R6
1.09
%
9,608,803
3,548,308
(524,061
)
(274,374
)
(36,446
)
448,503
1,965,268
12,322,230
Invesco High Yield Fund, Class R6
1.56
%
14,601,290
3,732,179
(613,920
)
(184,564
)
(6,361
)
560,127
4,965,616
17,528,624
Invesco Short Term Treasury ETF
1.79
%
—
25,099,101
(4,855,469
)
(42,085
)
(6,534
)
319,220
191,295
20,195,013
Invesco Variable Rate Investment Grade ETF
1.30
%
15,205,505
71,432
(564,038
)
(15,982
)
(2,713
)
335,705
586,127
14,694,204
Total Fixed Income Funds
191,279,170
85,841,833
(88,321,654
)
(635,265
)
(2,238,616
)
4,639,651
185,925,468
International and Global Equity Funds–37.50%
Invesco Developing Markets Fund, Class R6
4.95
%
25,336,866
29,570,160
(4,791,054
)
6,878,387
(1,167,915
)
—
1,410,471
55,826,444
Invesco Global Fund, Class R6
12.32
%
84,036,075
44,407,816
(3,850,663
)
14,549,314
(230,043
)
—
1,411,139
138,912,499
Invesco International Developed Dynamic
Multifactor ETF
7.38
%
33,500,493
46,520,093
(3,155,918
)
5,764,965
564,752
1,139,474
2,422,667
83,194,385
Invesco International Growth Fund, Class R6
0.00
%
14,620,042
—
(14,718,425
)
3,705,683
(3,607,291
)
—
1
9
Invesco International Small-Mid Company Fund,
Class R6
6.57
%
43,615,004
30,792,788
—
(385,380
)
—
—
2,090,438
74,022,412
Invesco RAFI Developed Markets ex-U.S. ETF
6.28
%
38,638,778
26,785,159
(1,365,873
)
6,272,023
462,296
1,093,652
935,912
70,792,383
Total International and Global Equity Funds
239,747,258
178,076,016
(27,881,933
)
36,784,992
(3,978,201
)
2,233,126
422,748,132
Money Market Funds–0.22%
Invesco Government & Agency Portfolio,
Institutional Class, 3.57%(c)
0.08
%
1,977,694
14,905,651
(16,010,620
)
—
—
22,892
872,725
872,725
Invesco Treasury Portfolio, Institutional Class,
3.56%(c)
0.14
%
3,703,922
27,681,923
(29,734,007
)
—
—
42,770
1,651,838
1,651,838
Total Money Market Funds
5,681,616
42,587,574
(45,744,627
)
—
—
65,662
2,524,563
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(excluding investments purchased with cash
collateral from securities on loan)
(Cost $892,827,195)
99.98
%
1,043,998,974
353,792,507
(378,979,624
)
67,927,207
40,470,419
8,968,618
1,127,209,483
 
Investments Purchased with Cash
Collateral from Securities on
Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–0.03%
Invesco Private Government Fund, 3.62%(c)(d)
0.01
%
4,630,163
72,504,697
(77,040,817
)
—
—
55,817
(e)
94,043
94,043
Invesco Private Prime Fund, 3.77%(c)(d)
0.02
%
12,038,563
187,569,079
(199,361,318
)
—
(1,883
)
150,947
(e)
244,416
244,441
Total Investments Purchased with Cash Collateral
from Securities on Loan
(Cost $338,484)
0.03
%
16,668,726
260,073,776
(276,402,135
)
—
(1,883
)
206,764
338,484
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $893,165,679) 
100.01
%
$1,060,667,700
$613,866,283
$(655,381,759
)
$67,927,207
$40,468,536
$9,175,382
$1,127,547,967
OTHER ASSETS LESS LIABILITIES
(0.01
)%
(141,059
)
NET ASSETS
100.00
%
$1,127,406,908
Investment Abbreviations: 
ETF -
Exchange-Traded Fund
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Select Risk: Growth Investor Fund
Notes to Schedule of Investments: 
(a)
Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s
investment adviser.
(b)
All or a portion of this security was out on loan at June 30, 2026.
(c)
The rate shown is the 7-day SEC standardized yield as of June 30, 2026.
(d)
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.
(e)
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
Interest Rate Risk
U.S. Treasury 10 Year Notes
250
September-2026
$27,472,656
$195,020
$195,020
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, 2026
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $893,165,679)*
$1,127,547,967
Deposits with brokers:
Cash collateral — exchange-traded futures contracts
515,625
Receivable for:
Dividends - affiliated underlying funds
511,695
Fund shares sold
557,518
Investment for trustee deferred compensation and
retirement plans
185,765
Other assets
95,488
Total assets
1,129,414,058
Liabilities:
Other investments:
Variation margin payable - futures contracts
74,142
Payable for:
Investments purchased - affiliated underlying funds
497,810
Fund shares reacquired
383,274
Collateral upon return of securities loaned
338,484
Accrued fees to affiliates
478,793
Accrued trustees’ and officers’ fees and benefits
291
Accrued other operating expenses
44,110
Trustee deferred compensation and retirement plans
190,246
Total liabilities
2,007,150
Net assets applicable to shares outstanding
$1,127,406,908
Net assets consist of:
Shares of beneficial interest
$788,431,968
Distributable earnings
338,974,940
 
$1,127,406,908
Net Assets:
Class A
$987,120,524
Class C
$42,194,225
Class R
$59,676,388
Class S
$17,673,266
Class Y
$17,298,824
Class R5
$74,608
Class R6
$3,369,073
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
53,160,861
Class C
2,340,577
Class R
3,240,050
Class S
951,858
Class Y
931,579
Class R5
3,978
Class R6
179,440
Class A:
Net asset value per share
$18.57
Maximum offering price per share
(Net asset value of $18.57 ÷ 94.50%)
$19.65
Class C:
Net asset value and offering price per share
$18.03
Class R:
Net asset value and offering price per share
$18.42
Class S:
Net asset value and offering price per share
$18.57
Class Y:
Net asset value and offering price per share
$18.57
Class R5:
Net asset value and offering price per share
$18.76
Class R6:
Net asset value and offering price per share
$18.78
 
*
At June 30, 2026, security with a value of $332,176 was 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, 2026
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $17,084)
$8,985,702
Interest
1,871
Total investment income
8,987,573
Expenses:
Administrative services fees
78,507
Custodian fees
921
Distribution fees:
Class A
1,169,119
Class C
199,536
Class R
135,681
Class S
12,906
Transfer agent fees — A, C, R, S and Y
610,893
Transfer agent fees — R5
35
Transfer agent fees — R6
404
Trustees’ and officers’ fees and benefits
14,616
Registration and filing fees
58,609
Reports to shareholders
51,324
Professional services fees
18,580
Other
10,003
Total expenses
2,361,134
Net investment income
6,626,439
Realized and unrealized gain (loss) from
Net realized gain (loss) from:
Affiliated underlying fund shares
40,468,536
Futures contracts
(499,110
)
 
39,969,426
Change in net unrealized appreciation of:
Affiliated underlying fund shares
67,927,207
Futures contracts
195,020
 
68,122,227
Net realized and unrealized gain
108,091,653
Net increase in net assets resulting from operations
$114,718,092
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, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30,
2026
December 31,
2025
Operations:
 
 
Net investment income
$6,626,439
$14,462,443
Net realized gain
39,969,426
57,681,244
Change in net unrealized appreciation
68,122,227
71,052,972
Net increase in net assets resulting from operations
114,718,092
143,196,659
Distributions to shareholders from distributable earnings:
Class A
—
(35,207,692
)
Class C
—
(1,560,217
)
Class R
—
(1,978,260
)
Class S
—
(649,127
)
Class Y
—
(575,982
)
Class R5
—
(2,573
)
Class R6
—
(116,211
)
Total distributions from distributable earnings
—
(40,090,062
)
Share transactions–net:
Class A
(30,711,624
)
(35,507,272
)
Class C
(1,334,690
)
(2,830,775
)
Class R
2,535,544
6,908,950
Class S
(1,135,528
)
(2,148,268
)
Class Y
522,377
(6,700
)
Class R5
(18
)
1,817
Class R6
(31,845
)
2,509,499
Net increase (decrease) in net assets resulting from share transactions
(30,155,784
)
(31,072,749
)
Net increase in net assets
84,562,308
72,033,848
Net assets:
Beginning of period
1,042,844,600
970,810,752
End of period
$1,127,406,908
$1,042,844,600
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
value,
beginning
of period
Net
investment
income(a)(b)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
from net
investment
income
Distributions
from net
realized
gains
Total
distributions
Net asset
value, end
of period
Total
return(c)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed(d)
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
to average
net assets(b)
Portfolio
turnover (e)
Class A
Six months ended 06/30/26
$16.70
$0.11
$1.76
$1.87
$—
$—
$—
$18.57
11.20
%
$987,121
0.40
%(f)
0.40
%(f)
1.29
%(f)
29
%
Year ended 12/31/25
15.04
0.24
2.09
2.33
(0.21
)
(0.46
)
(0.67
)
16.70
15.49
917,028
0.41
0.41
1.48
32
Year ended 12/31/24
14.36
0.29
1.09
1.38
(0.38
)
(0.32
)
(0.70
)
15.04
9.63
860,912
0.45
0.45
1.93
42
Year ended 12/31/23
12.93
0.25
1.48
1.73
(0.09
)
(0.21
)
(0.30
)
14.36
13.41
849,133
0.43
0.43
1.84
24
Year ended 12/31/22
16.85
0.17
(3.33
)
(3.16
)
(0.19
)
(0.57
)
(0.76
)
12.93
(18.79
)
787,335
0.43
0.43
1.22
29
Year ended 12/31/21
15.80
0.14
1.98
2.12
(0.25
)
(0.82
)
(1.07
)
16.85
13.55
1,017,511
0.45
0.45
0.83
19
Class C
Six months ended 06/30/26
16.27
0.04
1.72
1.76
—
—
—
18.03
10.82
42,194
1.15
(f)
1.15
(f)
0.54
(f)
29
Year ended 12/31/25
14.78
0.12
2.04
2.16
(0.21
)
(0.46
)
(0.67
)
16.27
14.61
39,358
1.16
1.16
0.73
32
Year ended 12/31/24
14.02
0.17
1.07
1.24
(0.16
)
(0.32
)
(0.48
)
14.78
8.81
38,578
1.20
1.20
1.18
42
Year ended 12/31/23
12.72
0.15
1.45
1.60
(0.09
)
(0.21
)
(0.30
)
14.02
12.61
41,815
1.18
1.18
1.09
24
Year ended 12/31/22
16.62
0.06
(3.28
)
(3.22
)
(0.11
)
(0.57
)
(0.68
)
12.72
(19.42
)
40,058
1.18
1.18
0.47
29
Year ended 12/31/21
15.60
0.01
1.95
1.96
(0.12
)
(0.82
)
(0.94
)
16.62
12.64
54,151
1.20
1.20
0.08
19
Class R
Six months ended 06/30/26
16.58
0.09
1.75
1.84
—
—
—
18.42
11.10
59,676
0.65
(f)
0.65
(f)
1.04
(f)
29
Year ended 12/31/25
14.98
0.20
2.07
2.27
(0.21
)
(0.46
)
(0.67
)
16.58
15.15
51,311
0.66
0.66
1.23
32
Year ended 12/31/24
14.28
0.25
1.08
1.33
(0.31
)
(0.32
)
(0.63
)
14.98
9.32
39,837
0.70
0.70
1.68
42
Year ended 12/31/23
12.88
0.22
1.48
1.70
(0.09
)
(0.21
)
(0.30
)
14.28
13.23
33,327
0.68
0.68
1.59
24
Year ended 12/31/22
16.80
0.14
(3.33
)
(3.19
)
(0.16
)
(0.57
)
(0.73
)
12.88
(19.04
)
25,192
0.68
0.68
0.97
29
Year ended 12/31/21
15.76
0.10
1.97
2.07
(0.21
)
(0.82
)
(1.03
)
16.80
13.24
26,032
0.70
0.70
0.58
19
Class S
Six months ended 06/30/26
16.69
0.12
1.76
1.88
—
—
—
18.57
11.26
17,673
0.30
(f)
0.30
(f)
1.39
(f)
29
Year ended 12/31/25
15.02
0.25
2.09
2.34
(0.21
)
(0.46
)
(0.67
)
16.69
15.57
16,944
0.31
0.31
1.58
32
Year ended 12/31/24
14.35
0.31
1.09
1.40
(0.41
)
(0.32
)
(0.73
)
15.02
9.78
17,329
0.35
0.35
2.03
42
Year ended 12/31/23
12.91
0.26
1.48
1.74
(0.09
)
(0.21
)
(0.30
)
14.35
13.51
18,291
0.33
0.33
1.94
24
Year ended 12/31/22
16.82
0.19
(3.33
)
(3.14
)
(0.20
)
(0.57
)
(0.77
)
12.91
(18.68
)
17,951
0.33
0.33
1.32
29
Year ended 12/31/21
15.78
0.16
1.97
2.13
(0.27
)
(0.82
)
(1.09
)
16.82
13.62
24,254
0.35
0.35
0.93
19
Class Y
Six months ended 06/30/26
16.68
0.13
1.76
1.89
—
—
—
18.57
11.33
17,299
0.15
(f)
0.15
(f)
1.54
(f)
29
Year ended 12/31/25
14.98
0.28
2.09
2.37
(0.21
)
(0.46
)
(0.67
)
16.68
15.82
15,079
0.16
0.16
1.73
32
Year ended 12/31/24
14.35
0.33
1.08
1.41
(0.46
)
(0.32
)
(0.78
)
14.98
9.81
13,608
0.20
0.20
2.18
42
Year ended 12/31/23
12.88
0.28
1.49
1.77
(0.09
)
(0.21
)
(0.30
)
14.35
13.77
12,767
0.18
0.18
2.09
24
Year ended 12/31/22
16.79
0.21
(3.32
)
(3.11
)
(0.23
)
(0.57
)
(0.80
)
12.88
(18.59
)
11,673
0.18
0.18
1.47
29
Year ended 12/31/21
15.75
0.19
1.97
2.16
(0.30
)
(0.82
)
(1.12
)
16.79
13.82
14,854
0.20
0.20
1.08
19
Class R5
Six months ended 06/30/26
16.84
0.13
1.79
1.92
—
—
—
18.76
11.40
75
0.14
(f)
0.14
(f)
1.55
(f)
29
Year ended 12/31/25
15.12
0.28
2.11
2.39
(0.21
)
(0.46
)
(0.67
)
16.84
15.80
67
0.14
0.14
1.75
32
Year ended 12/31/24
14.48
0.34
1.09
1.43
(0.47
)
(0.32
)
(0.79
)
15.12
9.87
59
0.16
0.16
2.22
42
Year ended 12/31/23
12.99
0.29
1.50
1.79
(0.09
)
(0.21
)
(0.30
)
14.48
13.81
54
0.14
0.14
2.13
24
Year ended 12/31/22
16.93
0.22
(3.36
)
(3.14
)
(0.23
)
(0.57
)
(0.80
)
12.99
(18.57
)
45
0.13
0.13
1.52
29
Year ended 12/31/21
15.88
0.19
1.99
2.18
(0.31
)
(0.82
)
(1.13
)
16.93
13.84
49
0.14
0.14
1.14
19
Class R6
Six months ended 06/30/26
16.85
0.14
1.79
1.93
—
—
—
18.78
11.45
3,369
0.07
(f)
0.07
(f)
1.62
(f)
29
Year ended 12/31/25
15.13
0.30
2.09
2.39
(0.21
)
(0.46
)
(0.67
)
16.85
15.79
3,057
0.06
0.06
1.83
32
Year ended 12/31/24
14.49
0.35
1.10
1.45
(0.49
)
(0.32
)
(0.81
)
15.13
10.02
487
0.09
0.09
2.29
42
Year ended 12/31/23
12.99
0.30
1.50
1.80
(0.09
)
(0.21
)
(0.30
)
14.49
13.89
804
0.07
0.07
2.20
24
Year ended 12/31/22
16.93
0.22
(3.36
)
(3.14
)
(0.23
)
(0.57
)
(0.80
)
12.99
(18.57
)
118
0.13
0.13
1.52
29
Year ended 12/31/21
15.88
0.22
1.97
2.19
(0.32
)
(0.82
)
(1.14
)
16.93
13.95
594
0.05
0.05
1.23
19
 
(a)
Calculated using average shares outstanding.
(b)
Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not
include net investment income of the underlying funds in which the Fund invests.
(c)
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.
(d)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests.
Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by
the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and
are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return.
Estimated acquired fund fees from underlying funds 0.49%, 0.49%, 0.52%, 0.52%, 0.54% and 0.54% for the six months ended June 30, 2026 and for the years ended
December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(e)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(f)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Select Risk: Growth Investor Fund
Notes to Financial Statements
June 30, 2026
(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,” and may invest its assets in underlying open-end and closed-end funds (including unlisted interval funds) advised by Invesco Advisers, Inc. ("Invesco" or the "Adviser"), including exchange-traded funds ("ETFs"), and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital"), or underlying open-end and closed-end funds, including ETFs, and other pooled investment vehicles advised by unaffiliated advisers (the "underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class S, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors. 
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
8
Invesco Select Risk: Growth Investor Fund
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt 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: Growth Investor Fund
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, 2026, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.
J.
Other Risks - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.
Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which an underlying Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent an underlying Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact an underlying Fund’s returns, unless an underlying Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which an underlying Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.
To the extent an underlying Fund invests in emerging markets, emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets.
An underlying Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on an underlying Fund’s investment performance.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser.  Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.90%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total 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.
10
Invesco Select Risk: Growth Investor Fund
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, 2026, 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, 2026, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2026, 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, 2026, IDI advised the Fund that IDI retained $61,151 in front-end sales commissions from the sale of Class A shares and $6,691 and $408 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, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Affiliated Issuers
$1,124,684,920
$—
$—
$1,124,684,920
Money Market Funds
2,524,563
338,484
—
2,863,047
Total Investments in Securities
1,127,209,483
338,484
—
1,127,547,967
Other Investments - Assets*
Futures Contracts
195,020
—
—
195,020
Total Investments
$1,127,404,503
$338,484
$—
$1,127,742,987
 
*
Unrealized appreciation.
NOTE 4—Derivative Investments
The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.
11
Invesco Select Risk: Growth Investor Fund
Value of Derivative Investments at Period-End
The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2026: 
 
Value
Derivative Assets
Interest
Rate Risk
Unrealized appreciation on futures contracts —Exchange-Traded(a)
$195,020
Derivatives not subject to master netting agreements
(195,020
)
Total Derivative Assets subject to master netting agreements
$—
 
(a)
The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.
Effect of Derivative Investments for the six months ended June 30, 2026
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain (Loss) on
Statement of Operations
 
Interest
Rate Risk
Realized Gain (Loss):
Futures contracts
$(499,110
)
Change in Net Unrealized Appreciation:
Futures contracts
195,020
Total
$(304,090
)
The table below summarizes the average notional value of derivatives held during the period. 
 
Futures
Contracts
Average notional value
$27,526,042
 
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. The Fund may have certain former Trustees who participated 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, 2025.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2026 was $311,204,933 and $333,234,997, respectively. As of June 30, 2026, 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
Aggregate unrealized appreciation of investments
$238,209,211
Aggregate unrealized (depreciation) of investments
(10,021,862
)
Net unrealized appreciation of investments
$228,187,349
Cost of investments for tax purposes is $899,555,638.
12
Invesco Select Risk: Growth Investor Fund
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
3,229,798
$56,387,178
5,365,479
$85,240,341
Class C
259,339
4,406,281
441,445
6,859,612
Class R
371,689
6,457,156
822,399
13,016,678
Class S
3,466
60,197
12,895
204,298
Class Y
228,249
3,948,574
313,789
5,050,527
Class R5
1,479
24,917
-
-
Class R6
3,960
69,414
156,349
2,623,272
Issued as reinvestment of dividends:
Class A
-
-
2,051,426
34,033,165
Class C
-
-
94,863
1,533,936
Class R
-
-
119,973
1,977,150
Class S
-
-
39,146
649,042
Class Y
-
-
30,051
497,942
Class R5
-
-
119
1,996
Class R6
-
-
6,815
114,086
Automatic conversion of Class C shares to Class A shares:
Class A
130,242
2,271,192
282,040
4,499,165
Class C
(133,923
)
(2,271,192
)
(288,107
)
(4,499,165
)
Reacquired:
Class A
(5,124,414
)
(89,369,994
)
(10,017,170
)
(159,279,943
)
Class C
(203,994
)
(3,469,779
)
(439,327
)
(6,725,158
)
Class R
(225,520
)
(3,921,612
)
(507,816
)
(8,084,878
)
Class S
(67,044
)
(1,195,725
)
(190,691
)
(3,001,608
)
Class Y
(200,941
)
(3,426,197
)
(347,688
)
(5,555,169
)
Class R5
(1,491
)
(24,935
)
(11
)
(179
)
Class R6
(5,898
)
(101,259
)
(13,961
)
(227,859
)
Net increase (decrease) in share activity
(1,735,003
)
$(30,155,784
)
(2,067,982
)
$(31,072,749
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 34% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
13
Invesco Select Risk: Growth Investor Fund
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2026. 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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year. Additionally, 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  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 April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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 including emerging technologies such as those driven by artificial intelligence. 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, 2025 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 fourth quintile of its performance universe for the one and three year periods and in the fifth 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 below the performance of the Index for the one, three and five year periods. The Board considered that the Fund’s asset allocation achieved through investing in underlying affiliated funds,
14
Invesco Select Risk: Growth Investor Fund
including its relative exposure to certain equity markets and investing styles as well as to certain segments of the fixed income asset class, negatively impacted Fund performance. The Board considered that the Fund underwent a change in investment process in 2024. 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.
15
Invesco Select Risk: Growth Investor Fund
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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: Growth Investor Fund
 
SEC file number(s): 811-02699 and 002-57526
Invesco Distributors, Inc.
GAL-NCSRS


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco Select Risk: High Growth Investor Fund
Nasdaq:
A: OAAIX ■ C: OCAIX ■ R: ONAIX ■ Y: OYAIX ■ R5: PXQIX ■ R6: PXGGX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
  
Schedule of Investments  
June 30, 2026
(Unaudited) 
Invesco Select Risk: High Growth Investor Fund
Schedule of Investments in Affiliated Issuers–100.04%(a)
 
% of
Net
Assets
06/30/26
Value
12/31/25
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/26
Value
06/30/26
Alternative Funds–0.06%
Invesco Dynamic Credit Opportunity Fund, Class R6
0.06
%
$557,594
$28,159
$—
$(41,776
)
$—
$28,162
56,605
$543,977
Invesco Global Real Estate Income Fund, Class R6
—
11,999,587
—
(13,036,718
)
(694,205
)
1,731,336
—
—
—
Total Alternative Funds
12,557,181
28,159
(13,036,718
)
(735,981
)
1,731,336
28,162
543,977
Domestic Equity Funds–49.51%
Invesco Discovery Mid Cap Growth Fund, Class R6
1.80
%
64,130,621
—
(55,466,073
)
(5,474,744
)
14,220,351
—
401,896
17,410,155
Invesco Main Street Small Cap Fund, Class R6
4.82
%
64,709,730
570,357
(28,123,311
)
1,410,153
8,085,331
—
1,730,425
46,652,260
Invesco NASDAQ 100 ETF
10.47
%
124,248,468
8,240,772
(47,995,445
)
5,693,886
11,233,344
237,193
334,756
101,421,025
Invesco Russell 1000® Dynamic Multifactor ETF
13.60
%
144,374,572
—
(27,254,693
)
9,634,387
5,012,171
567,408
1,922,475
131,766,437
Invesco S&P 500 Revenue ETF
17.06
%
115,021,548
39,907,457
(5,254,320
)
15,088,880
534,367
1,049,663
1,293,816
165,297,932
Invesco Value Opportunities Fund, Class R6
1.76
%
52,007,760
—
(42,518,325
)
(4,765,848
)
12,343,902
—
573,312
17,067,489
Total Domestic Equity Funds
564,492,699
48,718,586
(206,612,167
)
21,586,714
51,429,466
1,854,264
479,615,298
Fixed Income Funds–8.22%
Invesco Core Bond Fund, Class R6
2.40
%
40,648,368
611,032
(17,749,629
)
(636,194
)
379,504
611,021
4,137,559
23,253,081
Invesco Core Plus Bond Fund, Class R6
1.27
%
21,432,201
341,990
(9,343,468
)
(21,532
)
(64,631
)
341,984
1,338,889
12,344,560
Invesco Emerging Markets Sovereign Debt ETF
0.46
%
1,510,114
3,026,130
—
(59,630
)
—
115,410
206,772
4,476,614
Invesco Equal Weight 0-30 Year Treasury ETF
1.43
%
—
18,877,868
(4,526,573
)
(449,480
)
(104,022
)
222,838
508,206
13,797,793
Invesco Floating Rate ESG Fund, Class R6
0.55
%
3,917,702
1,751,167
(225,687
)
(115,013
)
(15,846
)
191,072
847,260
5,312,323
Invesco High Yield Fund, Class R6
0.77
%
5,968,749
1,868,438
(262,414
)
(77,396
)
(3,465
)
236,982
2,122,921
7,493,912
Invesco Short Term Treasury ETF
0.83
%
—
10,731,655
(2,687,998
)
(16,721
)
(3,617
)
131,271
76,000
8,023,319
Invesco Variable Rate Investment Grade ETF
0.51
%
6,197,667
335,214
(1,637,362
)
(1,552
)
(7,874
)
127,153
194,898
4,886,093
Total Fixed Income Funds
79,674,801
37,543,494
(36,433,131
)
(1,377,518
)
180,049
1,977,731
79,587,695
International and Global Equity Funds–41.91%
Invesco Developing Markets Fund, Class R6
5.54
%
24,282,817
28,021,099
(4,105,728
)
6,478,821
(1,000,227
)
—
1,356,159
53,676,782
Invesco Global Fund, Class R6
13.65
%
80,633,142
42,765,055
(4,854,490
)
13,382,075
344,913
—
1,343,668
132,270,695
Invesco International Developed Dynamic Multifactor
ETF(b)
7.91
%
31,876,313
41,999,414
(3,125,991
)
5,251,276
584,434
1,076,448
2,230,211
76,585,446
Invesco International Growth Fund, Class R6
0.00
%
13,972,433
—
(14,066,453
)
3,561,070
(3,467,034
)
—
1
16
Invesco International Small-Mid Company Fund,
Class R6
7.77
%
42,289,029
33,291,538
—
(346,683
)
—
—
2,124,651
75,233,884
Invesco RAFI Developed Markets ex-U.S. ETF
7.04
%
37,397,682
26,649,283
(2,304,299
)
5,561,804
862,676
1,053,436
901,205
68,167,146
Total International and Global Equity Funds
230,451,416
172,726,389
(28,456,961
)
33,888,363
(2,675,238
)
2,129,884
405,933,969
Money Market Funds–0.34%
Invesco Government & Agency Portfolio, Institutional
Class, 3.57%(c)
0.12
%
2,317,034
12,290,743
(13,437,930
)
—
—
19,121
1,169,847
1,169,847
Invesco Treasury Portfolio, Institutional Class, 3.56%(c)
0.22
%
4,313,669
22,825,665
(24,965,461
)
—
—
35,308
2,173,873
2,173,873
Total Money Market Funds
6,630,703
35,116,408
(38,403,391
)
—
—
54,429
3,343,720
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(excluding investments purchased with cash
collateral from securities on loan)
(Cost $716,610,521)
100.04
%
893,806,800
294,133,036
(322,942,368
)
53,361,578
50,665,613
6,044,470
969,024,659
 
Investments Purchased with Cash
Collateral from Securities on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–0.09%
Invesco Private Government Fund, 3.62%(c)(d)
0.02
%
513,250
86,495,282
(86,764,251
)
—
—
30,842
(e)
244,281
244,281
Invesco Private Prime Fund, 3.77%(c)(d)
0.07
%
1,334,529
221,436,937
(222,138,424
)
(60
)
1,008
84,193
(e)
633,926
633,990
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $878,331)
0.09
%
1,847,779
307,932,219
(308,902,675
)
(60
)
1,008
115,035
878,271
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $717,488,852) 
100.13
%
$895,654,579
$602,065,255
$(631,845,043
)
$53,361,518
$50,666,621
$6,159,505
$969,902,930
OTHER ASSETS LESS LIABILITIES
(0.13
)%
(1,256,988
)
NET ASSETS
100.00
%
$968,645,942
Investment Abbreviations: 
ETF -
Exchange-Traded Fund
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Select Risk: High Growth Investor Fund
Notes to Schedule of Investments: 
(a)
Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s
investment adviser.
(b)
All or a portion of this security was out on loan at June 30, 2026.
(c)
The rate shown is the 7-day SEC standardized yield as of June 30, 2026.
(d)
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.
(e)
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
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, 2026
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $717,488,852)*
$969,902,930
Cash
10,000
Receivable for:
Dividends - affiliated underlying funds
227,878
Fund shares sold
316,560
Investment for trustee deferred compensation and
retirement plans
62,917
Other assets
91,361
Total assets
970,611,646
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds
212,686
Fund shares reacquired
444,568
Collateral upon return of securities loaned
878,331
Accrued fees to affiliates
335,463
Accrued trustees’ and officers’ fees and benefits
4,543
Accrued other operating expenses
27,196
Trustee deferred compensation and retirement plans
62,917
Total liabilities
1,965,704
Net assets applicable to shares outstanding
$968,645,942
Net assets consist of:
Shares of beneficial interest
$618,370,253
Distributable earnings
350,275,689
 
$968,645,942
Net Assets:
Class A
$760,715,835
Class C
$69,143,197
Class R
$124,411,228
Class Y
$13,839,321
Class R5
$10,616
Class R6
$525,745
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
43,187,043
Class C
4,142,550
Class R
7,084,856
Class Y
776,643
Class R5
602
Class R6
29,829
Class A:
Net asset value per share
$17.61
Maximum offering price per share
(Net asset value of $17.61 ÷ 94.50%)
$18.63
Class C:
Net asset value and offering price per share
$16.69
Class R:
Net asset value and offering price per share
$17.56
Class Y:
Net asset value and offering price per share
$17.82
Class R5:
Net asset value and offering price per share
$17.63
Class R6:
Net asset value and offering price per share
$17.63
 
*
At June 30, 2026, security with a value of $862,938 was on loan to
brokers.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Select Risk: High Growth Investor Fund
Statement of Operations
For the six months ended June 30, 2026
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $31,821)
$6,076,291
Expenses:
Custodian fees
667
Distribution fees:
Class A
869,529
Class C
332,705
Class R
290,903
Transfer agent fees— A, C, R and Y
394,841
Transfer agent fees — R5
1
Transfer agent fees — R6
62
Trustees’ and officers’ fees and benefits
14,049
Registration and filing fees
52,139
Reports to shareholders
22,786
Professional services fees
18,536
Other
8,398
Total expenses
2,004,616
Net investment income
4,071,675
Realized and unrealized gain from
Net realized gain from affiliated underlying fund shares
50,666,621
Change in net unrealized appreciation of affiliated underlying fund shares
53,361,518
Net realized and unrealized gain
104,028,139
Net increase in net assets resulting from operations
$108,099,814
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, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30,
2026
December 31,
2025
Operations:
 
 
Net investment income
$4,071,675
$8,755,851
Net realized gain
50,666,621
60,125,322
Change in net unrealized appreciation
53,361,518
59,299,065
Net increase in net assets resulting from operations
108,099,814
128,180,238
Distributions to shareholders from distributable earnings:
Class A
—
(35,330,024
)
Class C
—
(3,038,904
)
Class R
—
(5,443,150
)
Class Y
—
(688,261
)
Class R5
—
(529
)
Class R6
—
(28,185
)
Total distributions from distributable earnings
—
(44,529,053
)
Share transactions–net:
Class A
(25,373,570
)
(7,893,137
)
Class C
(4,184,096
)
(6,612,969
)
Class R
(2,869,519
)
7,732,678
Class Y
(836,095
)
(3,413,668
)
Class R6
(66,922
)
65,200
Net increase (decrease) in net assets resulting from share transactions
(33,330,202
)
(10,121,896
)
Net increase in net assets
74,769,612
73,529,289
Net assets:
Beginning of period
893,876,330
820,347,041
End of period
$968,645,942
$893,876,330
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. 
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(a)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
from net
investment
income
Distributions
from net
realized
gains
Total
distributions
Net asset
value, end
of period
Total
return(b)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed(c)
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
(loss)
to average
net assets
Portfolio
turnover (d)
Class A
Six months ended 06/30/26
$15.67
$0.08
$1.86
$1.94
$—
$—
$—
$17.61
12.38
%(e)
$760,716
0.36
%(e)(f)
0.36
%(e)(f)
0.97
%(e)(f)
28
%
Year ended 12/31/25
14.19
0.17
2.14
2.31
(0.21
)
(0.62
)
(0.83
)
15.67
16.34
(e)
700,934
0.34
(e)
0.35
(e)
1.14
(e)
33
Year ended 12/31/24
13.56
0.22
1.23
1.45
(0.30
)
(0.52
)
(0.82
)
14.19
10.68
(e)
643,128
0.38
(e)
0.39
(e)
1.56
(e)
41
Year ended 12/31/23
12.14
0.19
1.57
1.76
(0.14
)
(0.20
)
(0.34
)
13.56
14.60
(e)
625,248
0.37
(e)
0.37
(e)
1.51
(e)
25
Year ended 12/31/22
16.11
0.14
(3.29
)
(3.15
)
(0.15
)
(0.67
)
(0.82
)
12.14
(19.59
)(e)
570,009
0.38
(e)
0.38
(e)
1.02
(e)
27
Year ended 12/31/21
15.01
0.10
2.14
2.24
(0.28
)
(0.86
)
(1.14
)
16.11
15.06
(e)
736,134
0.39
(e)
0.39
(e)
0.62
(e)
17
Class C
Six months ended 06/30/26
14.91
0.02
1.76
1.78
—
—
—
16.69
11.94
69,143
1.12
(f)
1.12
(f)
0.21
(f)
28
Year ended 12/31/25
13.53
0.05
2.04
2.09
(0.09
)
(0.62
)
(0.71
)
14.91
15.53
65,710
1.10
1.11
0.38
33
Year ended 12/31/24
12.96
0.11
1.17
1.28
(0.19
)
(0.52
)
(0.71
)
13.53
9.85
65,904
1.14
1.15
0.80
41
Year ended 12/31/23
11.62
0.09
1.49
1.58
(0.04
)
(0.20
)
(0.24
)
12.96
13.69
71,198
1.13
1.13
0.75
25
Year ended 12/31/22
15.45
0.03
(3.15
)
(3.12
)
(0.04
)
(0.67
)
(0.71
)
11.62
(20.19
)
73,397
1.14
1.14
0.26
27
Year ended 12/31/21
14.43
(0.02
)
2.05
2.03
(0.15
)
(0.86
)
(1.01
)
15.45
14.22
104,723
1.15
1.15
(0.14
)
17
Class R
Six months ended 06/30/26
15.65
0.06
1.85
1.91
—
—
—
17.56
12.20
124,411
0.62
(f)
0.62
(f)
0.71
(f)
28
Year ended 12/31/25
14.16
0.13
2.15
2.28
(0.17
)
(0.62
)
(0.79
)
15.65
16.16
113,590
0.60
0.61
0.88
33
Year ended 12/31/24
13.54
0.19
1.21
1.40
(0.26
)
(0.52
)
(0.78
)
14.16
10.34
95,723
0.64
0.65
1.30
41
Year ended 12/31/23
12.12
0.16
1.57
1.73
(0.11
)
(0.20
)
(0.31
)
13.54
14.34
85,557
0.63
0.63
1.25
25
Year ended 12/31/22
16.09
0.10
(3.29
)
(3.19
)
(0.11
)
(0.67
)
(0.78
)
12.12
(19.83
)
72,465
0.64
0.64
0.76
27
Year ended 12/31/21
14.99
0.06
2.13
2.19
(0.23
)
(0.86
)
(1.09
)
16.09
14.79
87,346
0.65
0.65
0.36
17
Class Y
Six months ended 06/30/26
15.83
0.10
1.89
1.99
—
—
—
17.82
12.57
13,839
0.12
(f)
0.12
(f)
1.21
(f)
28
Year ended 12/31/25
14.32
0.21
2.17
2.38
(0.25
)
(0.62
)
(0.87
)
15.83
16.66
13,102
0.10
0.11
1.38
33
Year ended 12/31/24
13.68
0.26
1.24
1.50
(0.34
)
(0.52
)
(0.86
)
14.32
10.92
15,150
0.14
0.15
1.80
41
Year ended 12/31/23
12.24
0.23
1.59
1.82
(0.18
)
(0.20
)
(0.38
)
13.68
14.91
14,276
0.13
0.13
1.75
25
Year ended 12/31/22
16.24
0.17
(3.32
)
(3.15
)
(0.18
)
(0.67
)
(0.85
)
12.24
(19.42
)
12,716
0.14
0.14
1.26
27
Year ended 12/31/21
15.12
0.14
2.16
2.30
(0.32
)
(0.86
)
(1.18
)
16.24
15.37
12,553
0.15
0.15
0.86
17
Class R5
Six months ended 06/30/26
15.67
0.10
1.86
1.96
—
—
—
17.63
12.51
11
0.05
(f)
0.05
(f)
1.28
(f)
28
Year ended 12/31/25
14.18
0.22
2.14
2.36
(0.25
)
(0.62
)
(0.87
)
15.67
16.75
9
0.05
0.05
1.43
33
Year ended 12/31/24
13.55
0.27
1.23
1.50
(0.35
)
(0.52
)
(0.87
)
14.18
11.03
9
0.07
0.07
1.87
41
Year ended 12/31/23
12.12
0.23
1.59
1.82
(0.19
)
(0.20
)
(0.39
)
13.55
15.07
29
0.05
0.05
1.83
25
Year ended 12/31/22
16.09
0.17
(3.28
)
(3.11
)
(0.19
)
(0.67
)
(0.86
)
12.12
(19.38
)
7
0.11
0.11
1.29
27
Year ended 12/31/21
14.99
0.16
2.13
2.29
(0.33
)
(0.86
)
(1.19
)
16.09
15.48
10
0.06
0.06
0.95
17
Class R6
Six months ended 06/30/26
15.66
0.10
1.87
1.97
—
—
—
17.63
12.58
526
0.05
(f)
0.05
(f)
1.28
(f)
28
Year ended 12/31/25
14.17
0.22
2.14
2.36
(0.25
)
(0.62
)
(0.87
)
15.66
16.76
531
0.05
0.05
1.43
33
Year ended 12/31/24
13.54
0.27
1.23
1.50
(0.35
)
(0.52
)
(0.87
)
14.17
11.05
433
0.06
0.06
1.88
41
Year ended 12/31/23
12.12
0.24
1.57
1.81
(0.19
)
(0.20
)
(0.39
)
13.54
14.99
209
0.05
0.05
1.83
25
Year ended 12/31/22
16.09
0.19
(3.30
)
(3.11
)
(0.19
)
(0.67
)
(0.86
)
12.12
(19.38
)
15
0.10
0.11
1.30
27
Year ended 12/31/21
14.99
0.16
2.13
2.29
(0.33
)
(0.86
)
(1.19
)
16.09
15.48
359
0.06
0.06
0.95
17
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. 
Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by
the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and
are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return.
Estimated acquired fund fees from underlying funds was 0.50%, 0.50%, 0.53%, 0.53%, 0.55% and 0.55% for the six months ended June 30, 2026 and the years ended
December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(d)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(e)
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, 2026 and the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(f)
Annualized.
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, 2026
(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,” and may invest its assets in underlying open-end and closed-end funds (including unlisted interval funds) advised by Invesco Advisers, Inc. ("Invesco" or the "Adviser"), including exchange-traded funds ("ETFs"), and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital"), or underlying open-end and closed-end funds, including ETFs, and other pooled investment vehicles advised by unaffiliated advisers (the "underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
8
Invesco Select Risk: High Growth Investor Fund
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt 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: High Growth Investor Fund
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, 2026, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.
J.
Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
K.
Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.
The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).
A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
L.
Other Risks - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.
Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which an underlying Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer
10
Invesco Select Risk: High Growth Investor Fund
restrictions and higher transactional costs. To the extent an underlying Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact an underlying Fund’s returns, unless an underlying Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which an underlying Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.
To the extent an underlying Fund invests in emerging markets, emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets.
An underlying Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on an underlying Fund’s investment performance.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser.  Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. 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.
Effective May 1, 2026, the Adviser has contractually 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”). Prior to May 1, 2026, the Adviser had agreed to 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. 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. 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, 2026, 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, 2026, 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, 2026, 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, 2026, IDI advised the Fund that IDI retained $57,363 in front-end sales commissions from the sale of Class A shares and $0 and $713 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
11
Invesco Select Risk: High Growth Investor Fund
market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 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, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Affiliated Issuers
$965,680,939
$—
$—
$965,680,939
Money Market Funds
3,343,720
878,271
—
4,221,991
Total Investments
$969,024,659
$878,271
$—
$969,902,930
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated 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 5—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 6—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, 2025.
NOTE 7—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, 2026 was $259,016,628 and $284,538,977, respectively. As of June 30, 2026, 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
Aggregate unrealized appreciation of investments
$251,643,691
Aggregate unrealized (depreciation) of investments
(830,789
)
Net unrealized appreciation of investments
$250,812,902
Cost of investments for tax purposes is $719,090,028.
12
Invesco Select Risk: High Growth Investor Fund
NOTE 8—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
1,861,520
$30,657,013
3,834,915
$57,649,853
Class C
322,464
5,060,025
818,167
11,635,825
Class R
504,082
8,280,880
1,182,526
17,717,121
Class Y
164,219
2,731,662
255,492
3,935,256
Class R6
2,833
46,626
30,342
447,187
Issued as reinvestment of dividends:
Class A
-
-
2,233,608
34,754,935
Class C
-
-
204,724
3,031,959
Class R
-
-
349,286
5,427,903
Class Y
-
-
37,801
594,236
Class R6
-
-
1,773
27,571
Automatic conversion of Class C shares to Class A shares:
Class A
220,187
3,641,235
439,278
6,608,170
Class C
(231,972
)
(3,641,235
)
(462,045
)
(6,608,170
)
Reacquired:
Class A
(3,612,930
)
(59,671,818
)
(7,126,917
)
(106,906,095
)
Class C
(355,550
)
(5,602,886
)
(1,024,619
)
(14,672,583
)
Class R
(678,020
)
(11,150,399
)
(1,030,846
)
(15,412,346
)
Class Y
(215,047
)
(3,567,757
)
(523,854
)
(7,943,160
)
Class R6
(6,896
)
(113,548
)
(28,786
)
(409,558
)
Net increase (decrease) in share activity
(2,025,110
)
$(33,330,202
)
(809,155
)
$(10,121,896
)
13
Invesco Select Risk: High Growth Investor Fund
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. 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, 2026. 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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year. Additionally, 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  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 April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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 including emerging technologies such as those driven by artificial intelligence. 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, 2025 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 fourth quintile 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’s
14
Invesco Select Risk: High Growth Investor Fund
asset allocation achieved through investing in underlying affiliated funds, including its relative exposure to certain equity markets and investing styles as well as to certain segments of the fixed income asset class, negatively impacted Fund performance. The Board considered that the Fund underwent a change in investment process in 2024. 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 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
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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
 
SEC file number(s): 811-02699 and 002-57526
Invesco Distributors, Inc.
O-OPSGI-NCSRS


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco Select Risk: Moderate Investor Fund
Nasdaq:
A: OAMIX ■ C: OCMIX ■ R: ONMIX ■ S: PXMSX ■ Y: OYMIX ■ R5: PXMQX ■ R6: PXMMX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
  
Schedule of Investments  
June 30, 2026
(Unaudited) 
Invesco Select Risk: Moderate Investor Fund
Schedule of Investments in Affiliated Issuers–100.03%(a)
 
% of
Net
Assets
06/30/26
Value
12/31/25
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/26
Value
06/30/26
Alternative Funds–0.22%
Invesco Dynamic Credit Opportunity Fund,
Class R6
0.22
%
$4,412,718
$222,848
$—
$(330,615
)
$—
$222,871
447,966
$4,304,951
Invesco Global Real Estate Income Fund,
Class R6
—
46,812,188
—
(50,860,704
)
(1,032,236
)
5,080,752
—
—
—
Total Alternative Funds
51,224,906
222,848
(50,860,704
)
(1,362,851
)
5,080,752
222,871
4,304,951
Domestic Equity Funds–35.03%
Invesco Discovery Mid Cap Growth Fund,
Class R6
1.27
%
89,271,494
—
(76,927,331
)
(10,211,574
)
22,431,754
—
567,044
24,564,343
Invesco Main Street Small Cap Fund,
Class R6
3.41
%
89,975,289
1,194,526
(38,489,196
)
831,107
12,480,001
—
2,447,764
65,991,727
Invesco NASDAQ 100 ETF
7.59
%
176,543,471
11,236,389
(66,228,270
)
9,356,962
15,921,920
337,363
484,637
146,830,472
Invesco Russell 1000® Dynamic
Multifactor ETF
9.28
%
202,422,031
—
(43,462,594
)
10,829,919
9,799,700
790,053
2,620,208
179,589,056
Invesco S&P 500 Revenue ETF
12.23
%
158,910,199
66,575,990
(11,768,935
)
21,943,994
948,483
1,492,950
1,851,986
236,609,731
Invesco Value Opportunities Fund,
Class R6
1.25
%
74,346,084
317,371
(61,217,731
)
(7,090,118
)
17,725,230
—
808,896
24,080,836
Total Domestic Equity Funds
791,468,568
79,324,276
(298,094,057
)
25,660,290
79,307,088
2,620,366
677,666,165
Exchange-Traded Funds–4.47%
Invesco Managed Futures Strategy ETF
4.47
%
80,183,629
5,665,458
(8,686,805
)
8,806,303
531,247
—
1,688,131
86,499,832
Fixed Income Funds–30.77%
Invesco Core Bond Fund, Class R6
8.98
%
284,326,371
14,495,675
(123,429,979
)
(4,683,802
)
2,964,303
4,326,956
30,902,592
173,672,568
Invesco Core Plus Bond Fund, Class R6
4.62
%
149,952,696
4,977,123
(64,897,997
)
11,186,650
(11,785,548
)
2,408,249
9,699,883
89,432,924
Invesco Emerging Markets Sovereign Debt
ETF
0.63
%
11,154,120
20,590,814
(18,831,736
)
(27,391
)
(616,968
)
532,633
566,690
12,268,839
Invesco Equal Weight 0-30 Year Treasury
ETF
5.84
%
22,305,665
113,744,158
(19,503,688
)
(1,476,134
)
(2,039,555
)
1,805,791
4,163,184
113,030,446
Invesco Floating Rate ESG Fund, Class R6
1.91
%
29,574,841
9,801,671
(1,535,407
)
(840,615
)
(101,113
)
1,350,834
5,885,068
36,899,377
Invesco High Yield Fund, Class R6
2.73
%
44,625,992
10,465,006
(1,796,563
)
(557,029
)
(18,762
)
1,690,623
14,934,460
52,718,644
Invesco Short Term Treasury ETF
3.55
%
—
77,471,024
(8,649,851
)
(137,866
)
(14,244
)
1,011,091
650,460
68,669,063
Invesco Variable Rate Investment Grade
ETF
2.51
%
46,558,794
4,543,217
(2,559,923
)
(87,603
)
29,742
1,058,823
1,933,954
48,484,227
Total Fixed Income Funds
588,498,479
256,088,688
(241,205,144
)
3,376,210
(11,582,145
)
14,185,000
595,176,088
International and Global Equity Funds–28.98%
Invesco Developing Markets Fund,
Class R6
3.68
%
34,736,694
37,954,515
(9,450,842
)
9,746,339
(1,834,582
)
—
1,797,679
71,152,124
Invesco Global Fund, Class R6
9.08
%
113,600,782
62,478,535
(19,349,196
)
18,142,722
687,919
—
1,783,429
175,560,762
Invesco International Developed Dynamic
Multifactor ETF
6.06
%
44,376,882
68,214,135
(3,910,319
)
7,971,638
641,737
1,570,560
3,415,669
117,294,073
Invesco International Growth Fund,
Class R6
0.00
%
20,706,324
—
(20,845,657
)
5,321,395
(5,182,040
)
—
1
22
Invesco International Small-Mid Company
Fund, Class R6
5.19
%
59,440,691
41,561,842
—
(515,194
)
—
—
2,837,824
100,487,339
Invesco RAFI Developed Markets ex-U.S.
ETF(b)
4.97
%
53,931,804
38,101,129
(4,859,278
)
7,475,143
1,508,930
1,479,284
1,271,255
96,157,728
Total International and Global Equity
Funds
326,793,177
248,310,156
(58,415,292
)
48,142,043
(4,178,036
)
3,049,844
560,652,048
Money Market Funds–0.56%
Invesco Government & Agency Portfolio,
Institutional Class, 3.57%(c)
0.20
%
3,764,196
25,959,600
(25,948,406
)
—
—
34,063
3,775,390
3,775,390
Invesco Treasury Portfolio, Institutional
Class, 3.56%(c)
0.36
%
6,756,927
48,210,685
(47,961,055
)
—
—
59,869
7,006,557
7,006,557
Total Money Market Funds
10,521,123
74,170,285
(73,909,461
)
—
—
93,932
10,781,947
TOTAL INVESTMENTS IN AFFILIATED
ISSUERS (excluding investments
purchased with cash collateral from
securities on loan)
(Cost $1,572,455,503)
100.03
%
1,848,689,882
663,781,711
(731,171,463
)
84,621,995
69,158,906
20,172,013
1,935,081,031
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Select Risk: Moderate Investor Fund
Invesco Select Risk: Moderate Investor Fund (continued)
Schedule of Investments in Affiliated Issuers–100.03%(a)
 
% of
Net
Assets
06/30/26
Value
12/31/25
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/26
Value
06/30/26
 
Investments Purchased with
Cash Collateral from
Securities on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–0.00%
Invesco Private Government Fund,
3.62%(c)(d)
0.00
%
$3,168,981
$145,210,968
$(148,377,418
)
$—
$—
$51,275
(e)
2,531
$2,531
Invesco Private Prime Fund, 3.77%(c)(d)
0.00
%
8,896,890
360,874,301
(369,773,597
)
—
7,834
144,877
(e)
5,428
5,428
Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $7,959)
0.00
%
12,065,871
506,085,269
(518,151,015
)
—
7,834
196,152
7,959
TOTAL INVESTMENTS IN AFFILIATED
ISSUERS (Cost $1,572,463,462) 
100.03
%
$1,860,755,753
$1,169,866,980
$(1,249,322,478
)
$84,621,995
$69,166,740
$20,368,165
$1,935,088,990
OTHER ASSETS LESS LIABILITIES
(0.03
)%
(500,543
)
NET ASSETS
100.00
%
$1,934,588,447
Investment Abbreviations: 
ETF -
Exchange-Traded Fund
Notes to Schedule of Investments: 
(a)
Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s
investment adviser.
(b)
All or a portion of this security was out on loan at June 30, 2026.
(c)
The rate shown is the 7-day SEC standardized yield as of June 30, 2026.
(d)
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.
(e)
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
Interest Rate Risk
U.S. Treasury 10 Year Notes
917
September-2026
$100,769,703
$715,333
$715,333
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, 2026
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $1,572,463,462)*
$1,935,088,990
Deposits with brokers:
Cash collateral — exchange-traded futures contracts
1,891,313
Cash
10,000
Receivable for:
Fund shares sold
758,410
Dividends - affiliated underlying funds
1,568,831
Investment for trustee deferred compensation and
retirement plans
204,807
Other assets
115,307
Total assets
1,939,637,658
Liabilities:
Other investments:
Variation margin payable - futures contracts
276,779
Payable for:
Investments purchased - affiliated underlying funds
1,544,165
Dividends
832
Fund shares reacquired
2,257,235
Collateral upon return of securities loaned
7,959
Accrued fees to affiliates
702,186
Accrued trustees’ and officers’ fees and benefits
7,925
Accrued other operating expenses
41,712
Trustee deferred compensation and retirement plans
210,418
Total liabilities
5,049,211
Net assets applicable to shares outstanding
$1,934,588,447
Net assets consist of:
Shares of beneficial interest
$1,428,171,822
Distributable earnings
506,416,625
 
$1,934,588,447
Net Assets:
Class A
$1,579,388,941
Class C
$124,634,971
Class R
$180,121,230
Class S
$19,177,867
Class Y
$26,758,033
Class R5
$286,687
Class R6
$4,220,718
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
119,868,282
Class C
9,762,413
Class R
13,822,723
Class S
1,453,774
Class Y
2,009,630
Class R5
21,739
Class R6
319,947
Class A:
Net asset value per share
$13.18
Maximum offering price per share
(Net asset value of $13.18 ÷ 94.50%)
$13.95
Class C:
Net asset value and offering price per share
$12.77
Class R:
Net asset value and offering price per share
$13.03
Class S:
Net asset value and offering price per share
$13.19
Class Y:
Net asset value and offering price per share
$13.31
Class R5:
Net asset value and offering price per share
$13.19
Class R6:
Net asset value and offering price per share
$13.19
 
*
At June 30, 2026, security with a value of $7,564 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, 2026
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $30,666)
$20,202,679
Expenses:
Custodian fees
1,631
Distribution fees:
Class A
1,834,937
Class C
623,218
Class R
428,105
Class S
13,852
Transfer agent fees— A, C, R, S and Y
850,630
Transfer agent fees — R5
152
Transfer agent fees — R6
571
Trustees’ and officers’ fees and benefits
17,505
Registration and filing fees
65,677
Reports to shareholders
44,926
Professional services fees
20,039
Other
14,079
Total expenses
3,915,322
Net investment income
16,287,357
Realized and unrealized gain (loss) from
Net realized gain (loss) from:
Affiliated underlying fund shares
69,166,740
Futures contracts
(1,829,819
)
 
67,336,921
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares
84,621,995
Foreign currencies
(2
)
Futures contracts
715,333
 
85,337,326
Net realized and unrealized gain
152,674,247
Net increase in net assets resulting from operations
$168,961,604
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, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30,
2026
December 31,
2025
Operations:
 
 
Net investment income
$16,287,357
$36,590,402
Net realized gain
67,336,921
80,646,825
Change in net unrealized appreciation
85,337,326
106,171,648
Net increase in net assets resulting from operations
168,961,604
223,408,875
Distributions to shareholders from distributable earnings:
Class A
—
(64,867,101
)
Class C
—
(4,691,341
)
Class R
—
(6,821,669
)
Class S
—
(803,451
)
Class Y
—
(1,117,016
)
Class R5
—
(18,541
)
Class R6
—
(175,740
)
Total distributions from distributable earnings
—
(78,494,859
)
Share transactions–net:
Class A
(65,607,881
)
(65,842,838
)
Class C
(12,566,089
)
(16,957,770
)
Class R
(2,588,490
)
(814,620
)
Class S
(810,325
)
(1,472,057
)
Class Y
(1,095,040
)
(2,754,191
)
Class R5
(155,877
)
49,963
Class R6
9,573
878,768
Net increase (decrease) in net assets resulting from share transactions
(82,814,129
)
(86,912,745
)
Net increase in net assets
86,147,475
58,001,271
Net assets:
Beginning of period
1,848,440,972
1,790,439,701
End of period
$1,934,588,447
$1,848,440,972
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
value,
beginning
of period
Net
investment
income(a)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
from net
investment
income
Distributions
from net
realized
gains
Total
distributions
Net asset
value, end
of period
Total
return(b)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed(c)
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
to average
net assets
Portfolio
turnover (d)
Class A
Six months ended 06/30/26
$12.04
$0.11
$1.03
$1.14
$—
$—
$—
$13.18
9.47
%(e)
$1,579,389
0.35
%(e)(f)
0.35
%(e)(f)
1.81
%(e)(f)
31
%
Year ended 12/31/25
11.11
0.25
1.22
1.47
(0.33
)
(0.21
)
(0.54
)
12.04
13.27
(e)
1,506,654
0.35
(e)
0.35
(e)
2.10
(e)
29
Year ended 12/31/24
10.63
0.28
0.59
0.87
(0.39
)
—
(0.39
)
11.11
8.21
(e)
1,454,389
0.36
(e)
0.37
(e)
2.56
(e)
42
Year ended 12/31/23
9.58
0.24
0.93
1.17
(0.12
)
—
(0.12
)
10.63
12.24
(e)
1,457,946
0.37
(e)
0.37
(e)
2.42
(e)
28
Year ended 12/31/22
12.15
0.17
(2.32
)
(2.15
)
(0.16
)
(0.26
)
(0.42
)
9.58
(17.73
)(e)
1,393,169
0.37
(e)
0.37
(e)
1.58
(e)
22
Year ended 12/31/21
11.95
0.13
1.06
1.19
(0.26
)
(0.73
)
(0.99
)
12.15
10.11
(e)
1,801,506
0.35
(e)
0.38
(e)
1.01
(e)
32
Class C
Six months ended 06/30/26
11.71
0.06
1.00
1.06
—
—
—
12.77
9.05
124,635
1.11
(f)
1.11
(f)
1.05
(f)
31
Year ended 12/31/25
10.82
0.15
1.19
1.34
(0.24
)
(0.21
)
(0.45
)
11.71
12.39
126,385
1.11
1.11
1.34
29
Year ended 12/31/24
10.35
0.19
0.58
0.77
(0.30
)
—
(0.30
)
10.82
7.46
132,972
1.12
1.13
1.80
42
Year ended 12/31/23
9.33
0.16
0.90
1.06
(0.04
)
—
(0.04
)
10.35
11.37
152,483
1.13
1.13
1.66
28
Year ended 12/31/22
11.84
0.08
(2.25
)
(2.17
)
(0.08
)
(0.26
)
(0.34
)
9.33
(18.38
)
162,701
1.13
1.13
0.82
22
Year ended 12/31/21
11.66
0.03
1.04
1.07
(0.16
)
(0.73
)
(0.89
)
11.84
9.33
233,536
1.11
1.14
0.25
32
Class R
Six months ended 06/30/26
11.93
0.10
1.00
1.10
—
—
—
13.03
9.22
180,121
0.61
(f)
0.61
(f)
1.55
(f)
31
Year ended 12/31/25
11.01
0.21
1.22
1.43
(0.30
)
(0.21
)
(0.51
)
11.93
13.01
167,345
0.61
0.61
1.84
29
Year ended 12/31/24
10.53
0.25
0.59
0.84
(0.36
)
—
(0.36
)
11.01
8.01
155,538
0.62
0.63
2.30
42
Year ended 12/31/23
9.50
0.22
0.90
1.12
(0.09
)
—
(0.09
)
10.53
11.84
147,026
0.63
0.63
2.16
28
Year ended 12/31/22
12.05
0.14
(2.30
)
(2.16
)
(0.13
)
(0.26
)
(0.39
)
9.50
(17.94
)
135,035
0.63
0.63
1.32
22
Year ended 12/31/21
11.85
0.09
1.07
1.16
(0.23
)
(0.73
)
(0.96
)
12.05
9.92
161,076
0.61
0.64
0.75
32
Class S
Six months ended 06/30/26
12.05
0.12
1.02
1.14
—
—
—
13.19
9.46
19,178
0.26
(f)
0.26
(f)
1.90
(f)
31
Year ended 12/31/25
11.12
0.26
1.22
1.48
(0.34
)
(0.21
)
(0.55
)
12.05
13.36
18,296
0.26
0.26
2.19
29
Year ended 12/31/24
10.63
0.29
0.60
0.89
(0.40
)
—
(0.40
)
11.12
8.41
18,276
0.27
0.28
2.65
42
Year ended 12/31/23
9.59
0.25
0.92
1.17
(0.13
)
—
(0.13
)
10.63
12.22
19,864
0.28
0.28
2.51
28
Year ended 12/31/22
12.16
0.18
(2.32
)
(2.14
)
(0.17
)
(0.26
)
(0.43
)
9.59
(17.64
)
19,994
0.28
0.28
1.67
22
Year ended 12/31/21
11.96
0.14
1.07
1.21
(0.28
)
(0.73
)
(1.01
)
12.16
10.22
26,025
0.26
0.29
1.10
32
Class Y
Six months ended 06/30/26
12.16
0.13
1.02
1.15
—
—
—
13.31
9.46
26,758
0.11
(f)
0.11
(f)
2.05
(f)
31
Year ended 12/31/25
11.21
0.28
1.24
1.52
(0.36
)
(0.21
)
(0.57
)
12.16
13.59
25,504
0.11
0.11
2.34
29
Year ended 12/31/24
10.72
0.31
0.60
0.91
(0.42
)
—
(0.42
)
11.21
8.50
26,230
0.12
0.13
2.80
42
Year ended 12/31/23
9.66
0.27
0.94
1.21
(0.15
)
—
(0.15
)
10.72
12.51
25,052
0.13
0.13
2.66
28
Year ended 12/31/22
12.25
0.19
(2.34
)
(2.15
)
(0.18
)
(0.26
)
(0.44
)
9.66
(17.54
)
25,613
0.13
0.13
1.82
22
Year ended 12/31/21
12.04
0.16
1.08
1.24
(0.30
)
(0.73
)
(1.03
)
12.25
10.40
33,378
0.11
0.14
1.25
32
Class R5
Six months ended 06/30/26
12.04
0.13
1.02
1.15
—
—
—
13.19
9.55
287
0.12
(f)
0.12
(f)
2.04
(f)
31
Year ended 12/31/25
11.11
0.28
1.22
1.50
(0.36
)
(0.21
)
(0.57
)
12.04
13.53
412
0.10
0.10
2.35
29
Year ended 12/31/24
10.62
0.31
0.60
0.91
(0.42
)
—
(0.42
)
11.11
8.58
333
0.12
0.12
2.80
42
Year ended 12/31/23
9.58
0.28
0.92
1.20
(0.16
)
—
(0.16
)
10.62
12.49
1,340
0.05
0.05
2.74
28
Year ended 12/31/22
12.15
0.20
(2.32
)
(2.12
)
(0.19
)
(0.26
)
(0.45
)
9.58
(17.45
)
9
0.05
0.05
1.90
22
Year ended 12/31/21
11.95
0.17
1.07
1.24
(0.31
)
(0.73
)
(1.04
)
12.15
10.53
11
0.00
0.03
1.36
32
Class R6
Six months ended 06/30/26
12.04
0.13
1.02
1.15
—
—
—
13.19
9.55
4,221
0.05
(f)
0.05
(f)
2.11
(f)
31
Year ended 12/31/25
11.11
0.28
1.23
1.51
(0.37
)
(0.21
)
(0.58
)
12.04
13.60
3,845
0.05
0.05
2.40
29
Year ended 12/31/24
10.62
0.32
0.60
0.92
(0.43
)
—
(0.43
)
11.11
8.66
2,701
0.05
0.05
2.87
42
Year ended 12/31/23
9.58
0.28
0.92
1.20
(0.16
)
—
(0.16
)
10.62
12.49
2,597
0.05
0.05
2.74
28
Year ended 12/31/22
12.15
0.20
(2.32
)
(2.12
)
(0.19
)
(0.26
)
(0.45
)
9.58
(17.45
)
2,061
0.05
0.05
1.90
22
Year ended 12/31/21
11.95
0.17
1.07
1.24
(0.31
)
(0.73
)
(1.04
)
12.15
10.53
2,767
0.00
0.03
1.36
32
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests.
Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by
the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and
are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return.
Estimated acquired fund fees from underlying funds were 0.48%, 0.48%, 0.50%, 0.51%, 0.52% and 0.52% for the six months ended June 30, 2026 and the years ended
December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(d)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(e)
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, 2026 and the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(f)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Select Risk: Moderate Investor Fund
Notes to Financial Statements
June 30, 2026
(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,” and may invest its assets in underlying open-end and closed-end funds (including unlisted interval funds) advised by Invesco Advisers, Inc. ("Invesco" or the "Adviser"), including exchange-traded funds ("ETFs"), and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital"), or underlying open-end and closed-end funds, including ETFs, and other pooled investment vehicles advised by unaffiliated advisers (the "underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class S, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors. 
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
8
Invesco Select Risk: Moderate Investor Fund
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt 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: Moderate Investor Fund
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, 2026, 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.
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. Cash held as collateral, if any, is recorded as deposits with brokers on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.
10
Invesco Select Risk: Moderate Investor Fund
M.
Collateral —To the extent the Trust has designated or segregated a security as collateral and that security is subsequently sold, it is the Trust’s practice to replace such collateral no later than the next business day.
N.
Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.
O.
Other Risks - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.
Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which an underlying Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent an underlying Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact an underlying Fund’s returns, unless an underlying Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which an underlying Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.
To the extent an underlying Fund invests in emerging markets, emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets.
An underlying Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on an underlying Fund’s investment performance.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser.  Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. 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.
Effective May 1, 2026, the Adviser has contractually 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 and 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”). Prior to May 1, 2026, the Adviser had agreed to 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. 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. 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, 2026, 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, 2026, 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,
11
Invesco Select Risk: Moderate Investor Fund
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, 2026, 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, 2026, IDI advised the Fund that IDI retained $77,976 in front-end sales commissions from the sale of Class A shares and $15,494 and $881 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, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Affiliated Issuers
$1,924,299,084
$—
$—
$1,924,299,084
Money Market Funds
10,781,947
7,959
—
10,789,906
Total Investments in Securities
1,935,081,031
7,959
—
1,935,088,990
Other Investments - Assets*
Futures Contracts
715,333
—
—
715,333
Total Investments
$1,935,796,364
$7,959
$—
$1,935,804,323
 
*
Unrealized appreciation.
NOTE 4—Derivative Investments
The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.
Value of Derivative Investments at Period-End
The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2026: 
 
Value
Derivative Assets
Interest
Rate Risk
Unrealized appreciation on futures contracts —Exchange-Traded(a)
$715,333
Derivatives not subject to master netting agreements
(715,333
)
Total Derivative Assets subject to master netting agreements
$—
 
(a)
The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.
12
Invesco Select Risk: Moderate Investor Fund
Effect of Derivative Investments for the six months ended June 30, 2026
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain (Loss) on
Statement of Operations
 
Equity
Risk
Interest
Rate Risk
Total
Realized Gain (Loss):
Futures contracts
$(1,829,819
)
$-
$(1,829,819
)
Change in Net Unrealized Appreciation:
Futures contracts
-
715,333
715,333
Total
$(1,829,819
)
$715,333
$(1,114,486
)
The table below summarizes the average notional value of derivatives held during the period. 
 
Futures
Contracts
Average notional value
$100,965,521
 
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. The Fund may have certain former Trustees who participated 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, 2025.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2026 was $589,611,426 and $657,262,002, respectively. As of June 30, 2026, 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
Aggregate unrealized appreciation of investments
$363,284,186
Aggregate unrealized (depreciation) of investments
(9,288,223
)
Net unrealized appreciation of investments
$353,995,963
Cost of investments for tax purposes is $1,581,808,360.
13
Invesco Select Risk: Moderate Investor Fund
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
5,367,589
$67,355,488
10,774,201
$126,068,402
Class C
675,674
8,198,408
1,851,473
20,966,483
Class R
955,011
11,886,581
2,264,717
26,186,315
Class S
6,963
86,863
15,985
185,623
Class Y
373,939
4,726,763
783,946
9,427,847
Class R5
877
11,048
2,913
34,219
Class R6
13,931
177,111
75,804
876,292
Issued as reinvestment of dividends:
Class A
-
-
5,244,446
62,775,941
Class C
-
-
400,464
4,665,406
Class R
-
-
573,205
6,798,431
Class S
-
-
66,999
802,648
Class Y
-
-
78,049
943,438
Class R5
-
-
1,506
18,027
Class R6
-
-
14,484
173,375
Automatic conversion of Class C shares to Class A shares:
Class A
677,937
8,543,675
1,404,202
16,400,980
Class C
(698,626
)
(8,543,675
)
(1,446,847
)
(16,400,980
)
Reacquired:
Class A
(11,273,861
)
(141,507,044
)
(23,200,742
)
(271,088,161
)
Class C
(1,003,757
)
(12,220,822
)
(2,304,595
)
(26,188,679
)
Class R
(1,162,974
)
(14,475,071
)
(2,933,305
)
(33,799,366
)
Class S
(71,170
)
(897,188
)
(208,481
)
(2,460,328
)
Class Y
(462,219
)
(5,821,803
)
(1,103,894
)
(13,125,476
)
Class R5
(13,375
)
(166,925
)
(194
)
(2,283
)
Class R6
(13,357
)
(167,538
)
(14,089
)
(170,899
)
Net increase (decrease) in share activity
(6,627,418
)
$(82,814,129
)
(7,659,753
)
$(86,912,745
)
 
(a)
There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 10% of the outstanding shares of the Fund. IDI has an
agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to
the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third
party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also
owned beneficially.
14
Invesco Select Risk: Moderate Investor Fund
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. 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, 2026. 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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year. Additionally, 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  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 April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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 including emerging technologies such as those driven by artificial intelligence. 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, 2025 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 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 considered that the Fund’s
15
Invesco Select Risk: Moderate Investor Fund
asset allocation achieved through investing in underlying affiliated funds, including its relative exposure to certain equity markets and investing styles as well as 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 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 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.
16
Invesco Select Risk: Moderate Investor Fund
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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 Select Risk: Moderate Investor Fund
 
SEC file number(s): 811-02699 and 002-57526
Invesco Distributors, Inc.
O-OPSMI-NCSRS


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco Select Risk: Moderately Conservative Investor Fund
Nasdaq:
A: CAAMX ■ C: CACMX ■ R: CMARX ■ S: CMASX ■ Y: CAAYX ■ R5: CMAIX ■ R6: CNSSX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
  
Schedule of Investments  
June 30, 2026
(Unaudited) 
Invesco Select Risk: Moderately Conservative Investor Fund
Schedule of Investments in Affiliated Issuers–99.91%(a)
 
% of
Net
Assets
06/30/26
Value
12/31/25
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/26
Value
06/30/26
Alternative Funds–0.38%
Invesco Dynamic Credit Opportunity Fund, Class R6
0.38
%
$1,069,737
$54,023
$—
$(80,148
)
$—
$54,029
107,654
$1,043,612
Invesco Global Real Estate Income Fund, Class R6
—
6,873,391
—
(7,467,826
)
(598,591
)
1,193,026
—
—
—
Total Alternative Funds
7,943,128
54,023
(7,467,826
)
(678,739
)
1,193,026
54,029
1,043,612
Domestic Equity Funds–24.61%
Invesco Discovery Mid Cap Growth Fund, Class R6
0.87
%
8,976,521
—
(7,762,107
)
(311,209
)
1,533,997
—
56,261
2,437,202
Invesco Main Street Small Cap Fund, Class R6
2.34
%
8,640,679
154,935
(3,579,421
)
557,804
731,796
—
241,313
6,505,793
Invesco NASDAQ 100 ETF
5.63
%
17,901,172
1,618,327
(6,434,364
)
1,206,109
1,365,034
34,575
51,676
15,656,278
Invesco Russell 1000® Dynamic Multifactor ETF
6.32
%
18,465,600
—
(2,911,360
)
989,040
1,031,198
78,750
256,412
17,574,478
Invesco S&P 500 Revenue ETF
8.60
%
16,249,497
7,045,239
(1,718,175
)
2,195,733
146,805
152,298
187,219
23,919,099
Invesco Value Opportunities Fund, Class R6
0.85
%
7,236,259
42,922
(5,942,334
)
(404,486
)
1,444,213
—
79,831
2,376,574
Total Domestic Equity Funds
77,469,728
8,861,423
(28,347,761
)
4,232,991
6,253,043
265,623
68,469,424
Exchange-Traded Funds–4.33%
Invesco Managed Futures Strategy ETF
4.33
%
11,642,684
226,720
(1,138,287
)
1,206,792
123,987
—
235,400
12,061,896
Fixed Income Funds–49.45%
Invesco Core Bond Fund, Class R6
13.89
%
66,081,322
1,984,733
(29,001,422
)
(1,135,209
)
723,693
994,459
6,852,660
38,653,117
Invesco Core Plus Bond Fund, Class R6
7.20
%
35,351,228
556,223
(15,747,692
)
903,662
(1,032,214
)
556,213
2,164,202
20,031,207
Invesco Emerging Markets Sovereign Debt ETF
1.24
%
2,675,833
4,651,969
(3,754,849
)
(16,341
)
(121,450
)
132,020
158,668
3,435,162
Invesco Equal Weight 0-30 Year Treasury ETF
9.75
%
6,479,732
24,386,901
(2,913,469
)
(306,219
)
(516,656
)
441,836
999,274
27,130,289
Invesco Floating Rate ESG Fund, Class R6
3.04
%
7,163,308
1,852,697
(327,111
)
(199,695
)
(21,510
)
313,546
1,341,799
8,467,689
Invesco High Yield Fund, Class R6
4.37
%
10,545,078
2,130,518
(376,215
)
(129,887
)
(4,056
)
391,068
3,427,367
12,165,438
Invesco Short Term Treasury ETF
5.81
%
—
17,350,935
(1,160,625
)
(33,666
)
(1,478
)
237,787
153,028
16,155,166
Invesco Variable Rate Investment Grade ETF
4.15
%
11,266,587
1,239,403
(938,675
)
(27,038
)
15,915
249,362
460,957
11,556,192
Total Fixed Income Funds
139,563,088
54,153,379
(54,220,058
)
(944,393
)
(957,756
)
3,316,291
137,594,260
International and Global Equity Funds–20.44%
Invesco Developing Markets Fund, Class R6
2.70
%
3,416,510
4,062,485
(743,347
)
954,344
(195,347
)
—
189,354
7,494,645
Invesco Global Fund, Class R6
6.37
%
11,125,906
6,288,615
(1,538,120
)
1,871,108
(27,768
)
—
180,006
17,719,741
Invesco International Developed Dynamic Multifactor ETF
4.39
%
4,382,436
7,771,374
(823,453
)
739,707
149,070
157,825
355,828
12,219,134
Invesco International Growth Fund, Class R6
0.00
%
2,121,394
—
(2,135,662
)
532,127
(517,850
)
—
1
9
Invesco International Small-Mid Company Fund, Class R6
3.57
%
5,943,264
4,116,664
(84,951
)
(15,074
)
(30,293
)
—
280,418
9,929,610
Invesco RAFI Developed Markets ex-U.S. ETF
3.41
%
5,036,150
4,045,873
(469,120
)
696,774
186,622
145,928
125,546
9,496,299
Total International and Global Equity Funds
32,025,660
26,285,011
(5,794,653
)
4,778,986
(435,566
)
303,753
56,859,438
Money Market Funds–0.70%
Invesco Government & Agency Portfolio, Institutional
Class, 3.57%(b)
0.24
%
686,605
5,001,569
(5,002,398
)
—
—
5,854
685,776
685,776
Invesco Treasury Portfolio, Institutional Class, 3.56%(b)
0.46
%
1,270,247
9,288,628
(9,285,529
)
—
—
10,736
1,273,346
1,273,346
Total Money Market Funds
1,956,852
14,290,197
(14,287,927
)
—
—
16,590
1,959,122
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding
investments purchased with cash collateral from
securities on loan)
(Cost $245,376,995)
99.91
%
270,601,140
103,870,753
(111,256,512
)
8,595,637
6,176,734
3,956,286
277,987,752
 
Investments Purchased with Cash
Collateral from Securities on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–0.00%
Invesco Private Government Fund, 3.62%(b)(c)
—
—
32,703,494
(32,703,494
)
—
—
9,616
(d)
—
—
Invesco Private Prime Fund, 3.77%(b)(c)
—
—
81,997,260
(81,994,564
)
—
(2,696
)
28,974
(d)
—
—
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $0)
0.00
%
—
114,700,754
(114,698,058
)
—
(2,696
)
38,590
—
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $245,376,995) 
99.91
%
$270,601,140
$218,571,507
$(225,954,570
)
$8,595,637
$6,174,038
$3,994,876
$277,987,752
OTHER ASSETS LESS LIABILITIES
0.09
%
256,780
NET ASSETS
100.00
%
$278,244,532
Investment Abbreviations: 
ETF -
Exchange-Traded Fund
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Select Risk: Moderately Conservative Investor Fund
Notes to Schedule of Investments: 
(a)
Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s
investment adviser.
(b)
The rate shown is the 7-day SEC standardized yield as of June 30, 2026.
(c)
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.
(d)
Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not
include rebates and fees paid to lending agent or premiums received from borrowers, if any.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
Interest Rate Risk
U.S. Treasury 10 Year Notes
202
September-2026
$22,197,906
$157,576
$157,576
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, 2026
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $245,376,995)
$277,987,752
Deposits with brokers:
Cash collateral — exchange-traded futures contracts
416,625
Receivable for:
Fund shares sold
114,359
Dividends - affiliated underlying funds
350,740
Investment for trustee deferred compensation and
retirement plans
71,172
Other assets
79,946
Total assets
279,020,594
Liabilities:
Other investments:
Variation margin payable - futures contracts
59,893
Payable for:
Investments purchased - affiliated underlying funds
348,925
Fund shares reacquired
157,250
Accrued fees to affiliates
112,794
Accrued trustees’ and officers’ fees and benefits
387
Accrued other operating expenses
23,237
Trustee deferred compensation and retirement plans
73,576
Total liabilities
776,062
Net assets applicable to shares outstanding
$278,244,532
Net assets consist of:
Shares of beneficial interest
$248,041,172
Distributable earnings
30,203,360
 
$278,244,532
Net Assets:
Class A
$244,369,297
Class C
$15,495,927
Class R
$9,883,105
Class S
$1,654,092
Class Y
$6,319,928
Class R5
$111,396
Class R6
$410,787
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
20,255,668
Class C
1,299,939
Class R
822,802
Class S
136,939
Class Y
524,855
Class R5
9,193
Class R6
33,896
Class A:
Net asset value per share
$12.06
Maximum offering price per share
(Net asset value of $12.06 ÷ 94.50%)
$12.76
Class C:
Net asset value and offering price per share
$11.92
Class R:
Net asset value and offering price per share
$12.01
Class S:
Net asset value and offering price per share
$12.08
Class Y:
Net asset value and offering price per share
$12.04
Class R5:
Net asset value and offering price per share
$12.12
Class R6:
Net asset value and offering price per share
$12.12
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Select Risk: Moderately Conservative Investor Fund
Statement of Operations
For the six months ended June 30, 2026
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $7,376)
$3,963,662
Interest
1,512
Total investment income
3,965,174
Expenses:
Administrative services fees
20,146
Custodian fees
103
Distribution fees:
Class A
297,160
Class C
74,132
Class R
24,143
Class S
1,193
Transfer agent fees — A, C, R, S and Y
136,836
Transfer agent fees — R5
53
Transfer agent fees — R6
46
Trustees’ and officers’ fees and benefits
11,800
Registration and filing fees
51,608
Reports to shareholders
15,635
Professional services fees
17,399
Other
6,861
Total expenses
657,115
Net investment income
3,308,059
Realized and unrealized gain (loss) from
Net realized gain (loss) from:
Affiliated underlying fund shares
6,174,038
Futures contracts
(403,281
)
 
5,770,757
Change in net unrealized appreciation of:
Affiliated underlying fund shares
8,595,637
Futures contracts
157,576
 
8,753,213
Net realized and unrealized gain
14,523,970
Net increase in net assets resulting from operations
$17,832,029
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, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30,
2026
December 31,
2025
Operations:
 
 
Net investment income
$3,308,059
$7,387,831
Net realized gain
5,770,757
8,976,456
Change in net unrealized appreciation
8,753,213
11,959,587
Net increase in net assets resulting from operations
17,832,029
28,323,874
Distributions to shareholders from distributable earnings:
Class A
(3,445,591
)
(6,996,755
)
Class C
(158,224
)
(338,557
)
Class R
(128,870
)
(257,648
)
Class S
(24,068
)
(47,664
)
Class Y
(95,073
)
(196,147
)
Class R5
(1,701
)
(3,209
)
Class R6
(6,141
)
(10,915
)
Total distributions from distributable earnings
(3,859,668
)
(7,850,895
)
Share transactions–net:
Class A
(5,897,832
)
(14,408,843
)
Class C
(350,452
)
(741,898
)
Class R
(72,880
)
(4,085,269
)
Class S
2,802
(48,715
)
Class Y
142,769
(1,278,582
)
Class R5
1,391
7,631
Class R6
12,425
(212,395
)
Net increase (decrease) in net assets resulting from share transactions
(6,161,777
)
(20,768,071
)
Net increase (decrease) in net assets
7,810,584
(295,092
)
Net assets:
Beginning of period
270,433,948
270,729,040
End of period
$278,244,532
$270,433,948
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
value,
beginning
of period
Net
investment
income(a)(b)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Dividends
from net
investment
income
Distributions
from net
realized
gains
Return of
capital
Total
distributions
Net asset
value, end
of period
Total
return(c)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed(d)
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
to average
net assets
Portfolio
turnover (e)
Class A
Six months ended 06/30/26
$11.47
$0.15
$0.61
$0.76
$(0.17
)
$—
$—
$(0.17
)
$12.06
6.69
%
$244,369
0.44
%(f)
0.44
%(f)
2.49
%(f)
33
%
Year ended 12/31/25
10.63
0.31
0.86
1.17
(0.33
)
—
—
(0.33
)
11.47
11.19
237,983
0.45
0.45
2.80
27
Year ended 12/31/24
10.26
0.34
0.29
0.63
(0.26
)
—
—
(0.26
)
10.63
6.17
234,440
0.47
0.47
3.25
49
Year ended 12/31/23
9.51
0.29
0.64
0.93
(0.18
)
—
—
(0.18
)
10.26
9.84
247,519
0.45
0.45
2.99
31
Year ended 12/31/22
11.93
0.19
(2.18
)
(1.99
)
(0.18
)
(0.24
)
(0.01
)
(0.43
)
9.51
(16.69
)
248,677
0.44
0.44
1.83
29
Year ended 12/31/21
11.69
0.15
0.69
0.84
(0.23
)
(0.37
)
—
(0.60
)
11.93
7.26
331,992
0.44
0.44
1.25
28
Class C
Six months ended 06/30/26
11.33
0.10
0.61
0.71
(0.12
)
—
—
(0.12
)
11.92
6.35
15,496
1.19
(f)
1.19
(f)
1.74
(f)
33
Year ended 12/31/25
10.50
0.22
0.86
1.08
(0.25
)
—
—
(0.25
)
11.33
10.35
15,073
1.20
1.20
2.05
27
Year ended 12/31/24
10.13
0.26
0.29
0.55
(0.18
)
—
—
(0.18
)
10.50
5.42
14,660
1.22
1.22
2.50
49
Year ended 12/31/23
9.40
0.22
0.61
0.83
(0.10
)
—
—
(0.10
)
10.13
8.89
14,878
1.20
1.20
2.24
31
Year ended 12/31/22
11.79
0.11
(2.15
)
(2.04
)
(0.11
)
(0.24
)
—
(0.35
)
9.40
(17.29
)
16,084
1.19
1.19
1.08
29
Year ended 12/31/21
11.55
0.06
0.68
0.74
(0.13
)
(0.37
)
—
(0.50
)
11.79
6.53
24,758
1.19
1.19
0.50
28
Class R
Six months ended 06/30/26
11.42
0.13
0.62
0.75
(0.16
)
—
—
(0.16
)
12.01
6.58
9,883
0.69
(f)
0.69
(f)
2.24
(f)
33
Year ended 12/31/25
10.58
0.28
0.86
1.14
(0.30
)
—
—
(0.30
)
11.42
10.94
9,455
0.70
0.70
2.55
27
Year ended 12/31/24
10.21
0.32
0.28
0.60
(0.23
)
—
—
(0.23
)
10.58
5.92
12,793
0.72
0.72
3.00
49
Year ended 12/31/23
9.47
0.27
0.62
0.89
(0.15
)
—
—
(0.15
)
10.21
9.49
10,302
0.70
0.70
2.74
31
Year ended 12/31/22
11.88
0.16
(2.16
)
(2.00
)
(0.16
)
(0.24
)
(0.01
)
(0.41
)
9.47
(16.90
)
8,955
0.69
0.69
1.58
29
Year ended 12/31/21
11.64
0.12
0.69
0.81
(0.20
)
(0.37
)
—
(0.57
)
11.88
7.02
10,020
0.69
0.69
1.00
28
Class S
Six months ended 06/30/26
11.48
0.15
0.63
0.78
(0.18
)
—
—
(0.18
)
12.08
6.83
1,654
0.34
(f)
0.34
(f)
2.59
(f)
33
Year ended 12/31/25
10.64
0.32
0.86
1.18
(0.34
)
—
—
(0.34
)
11.48
11.29
1,569
0.35
0.35
2.90
27
Year ended 12/31/24
10.27
0.35
0.29
0.64
(0.27
)
—
—
(0.27
)
10.64
6.27
1,500
0.37
0.37
3.35
49
Year ended 12/31/23
9.52
0.30
0.64
0.94
(0.19
)
—
—
(0.19
)
10.27
9.94
1,574
0.35
0.35
3.09
31
Year ended 12/31/22
11.95
0.20
(2.19
)
(1.99
)
(0.19
)
(0.24
)
(0.01
)
(0.44
)
9.52
(16.66
)
1,567
0.34
0.34
1.93
29
Year ended 12/31/21
11.70
0.16
0.70
0.86
(0.24
)
(0.37
)
—
(0.61
)
11.95
7.46
2,009
0.34
0.34
1.35
28
Class Y
Six months ended 06/30/26
11.45
0.16
0.62
0.78
(0.19
)
—
—
(0.19
)
12.04
6.84
6,320
0.19
(f)
0.19
(f)
2.74
(f)
33
Year ended 12/31/25
10.61
0.34
0.86
1.20
(0.36
)
—
—
(0.36
)
11.45
11.48
5,869
0.20
0.20
3.05
27
Year ended 12/31/24
10.24
0.37
0.29
0.66
(0.29
)
—
—
(0.29
)
10.61
6.44
6,669
0.22
0.22
3.50
49
Year ended 12/31/23
9.50
0.32
0.62
0.94
(0.20
)
—
—
(0.20
)
10.24
10.01
6,879
0.20
0.20
3.24
31
Year ended 12/31/22
11.92
0.21
(2.17
)
(1.96
)
(0.21
)
(0.24
)
(0.01
)
(0.46
)
9.50
(16.49
)
17,526
0.19
0.19
2.08
29
Year ended 12/31/21
11.67
0.18
0.70
0.88
(0.26
)
(0.37
)
—
(0.63
)
11.92
7.63
12,372
0.19
0.19
1.50
28
Class R5
Six months ended 06/30/26
11.52
0.16
0.63
0.79
(0.19
)
—
—
(0.19
)
12.12
6.90
111
0.19
(f)
0.19
(f)
2.74
(f)
33
Year ended 12/31/25
10.67
0.34
0.87
1.21
(0.36
)
—
—
(0.36
)
11.52
11.53
105
0.20
0.20
3.05
27
Year ended 12/31/24
10.31
0.37
0.28
0.65
(0.29
)
—
—
(0.29
)
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
)
—
—
(0.21
)
10.31
10.16
77
0.12
0.12
3.32
31
Year ended 12/31/22
11.99
0.22
(2.18
)
(1.96
)
(0.22
)
(0.24
)
(0.01
)
(0.47
)
9.56
(16.40
)
96
0.12
0.12
2.15
29
Year ended 12/31/21
11.74
0.19
0.69
0.88
(0.26
)
(0.37
)
—
(0.63
)
11.99
7.65
109
0.15
0.15
1.54
28
Class R6
Six months ended 06/30/26
11.52
0.17
0.62
0.79
(0.19
)
—
—
(0.19
)
12.12
6.94
411
0.11
(f)
0.11
(f)
2.82
(f)
33
Year ended 12/31/25
10.67
0.35
0.87
1.22
(0.37
)
—
—
(0.37
)
11.52
11.61
379
0.13
0.13
3.12
27
Year ended 12/31/24
10.31
0.38
0.28
0.66
(0.30
)
—
—
(0.30
)
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
)
—
—
(0.21
)
10.31
10.16
237
0.12
0.12
3.32
31
Year ended 12/31/22
11.98
0.22
(2.17
)
(1.95
)
(0.22
)
(0.24
)
(0.01
)
(0.47
)
9.56
(16.33
)
46
0.12
0.12
2.15
29
Year ended 12/31/21
11.74
0.19
0.68
0.87
(0.26
)
(0.37
)
—
(0.63
)
11.98
7.56
41
0.15
0.15
1.54
28
 
(a)
Calculated using average shares outstanding.
(b)
Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not
include net investment income of the underlying funds in which the Fund invests.
(c)
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.
(d)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests.
Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by
the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and
are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return.
Estimated acquired fund fees from underlying funds 0.47%, 0.47%, 0.48%, 0.49%, 0.49% and 0.49% for the six months ended June 30, 2026 and the years ended December 31,
2025, 2024, 2023, 2022 and 2021, respectively.
(e)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(f)
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, 2026
(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,” and may invest its assets in underlying open-end and closed-end funds (including unlisted interval funds) advised by Invesco Advisers, Inc. ("Invesco" or the "Adviser"), including exchange-traded funds ("ETFs"), and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital"), or underlying open-end and closed-end funds, including ETFs, and other pooled investment vehicles advised by unaffiliated advisers (the "underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class S, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors. 
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
8
Invesco Select Risk: Moderately Conservative Investor Fund
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Distributions - Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt
9
Invesco Select Risk: Moderately Conservative Investor Fund
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, 2026, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.
J.
Other Risks - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.
Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which an underlying Fund could lose its entire investments in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent an underlying Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact an underlying Fund’s returns, unless an underlying Fund has hedged its foreign currency exposure. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, may not always be successful. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. From time to time, certain companies in which an underlying Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or is subject to sanctions.
To the extent an underlying Fund invests in emerging markets, emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets.
An underlying Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on an underlying Fund’s investment performance.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser.  Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. (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, 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.
10
Invesco Select Risk: Moderately Conservative Investor Fund
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, 2026, 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, 2026, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2026, 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, 2026, IDI advised the Fund that IDI retained $10,258 in front-end sales commissions from the sale of Class A shares and $5,726 and $73 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of June 30, 2026, 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—Derivative Investments
The Fund may enter into an 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 Consolidated 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, 2026: 
 
Value
Derivative Assets
Interest
Rate Risk
Unrealized appreciation on futures contracts —Exchange-Traded(a)
$157,576
Derivatives not subject to master netting agreements
(157,576
)
Total Derivative Assets subject to master netting agreements
$—
 
(a)
The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities.
11
Invesco Select Risk: Moderately Conservative Investor Fund
Effect of Derivative Investments for the six months ended June 30, 2026
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain (Loss) on
Statement of Operations
 
Interest
Rate Risk
Realized Gain (Loss):
Futures contracts
$(403,281
)
Change in Net Unrealized Appreciation:
Futures contracts
157,576
Total
$(245,705
)
The table below summarizes the average notional value of derivatives held during the period. 
 
Futures
Contracts
Average notional value
$22,241,042
 
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. The Fund may have certain former Trustees who participated 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, 2025, as follows: 
Capital Loss Carryforward*
Expiration
Short-Term
Long-Term
Total
Not subject to expiration
$—
$6,963,111
$6,963,111
*
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, 2026 was $89,580,556 and $96,968,585, respectively. As of June 30, 2026, 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
Aggregate unrealized appreciation of investments
$29,088,362
Aggregate unrealized (depreciation) of investments
(2,757,107
)
Net unrealized appreciation of investments
$26,331,255
Cost of investments for tax purposes is $251,814,073.
12
Invesco Select Risk: Moderately Conservative Investor Fund
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
1,113,532
$13,113,761
2,480,959
$27,288,327
Class C
162,920
1,897,476
360,362
3,896,030
Class R
90,117
1,052,719
254,259
2,785,751
Class S
77
900
293
3,200
Class Y
46,821
549,493
129,335
1,433,315
Class R5
2
11
469
5,061
Class R6
3,469
41,918
21,770
241,685
Issued as reinvestment of dividends:
Class A
272,117
3,167,078
581,830
6,439,654
Class C
13,518
155,597
30,131
329,738
Class R
11,126
128,870
23,373
257,648
Class S
2,064
24,068
4,300
47,664
Class Y
7,321
85,128
15,663
172,785
Class R5
130
1,524
257
2,865
Class R6
378
4,426
684
7,599
Automatic conversion of Class C shares to Class A shares:
Class A
65,857
770,810
136,542
1,493,267
Class C
(66,711
)
(770,810
)
(138,343
)
(1,493,267
)
Reacquired:
Class A
(1,949,743
)
(22,949,481
)
(4,506,578
)
(49,630,091
)
Class C
(140,356
)
(1,632,715
)
(318,072
)
(3,474,399
)
Class R
(106,684
)
(1,254,469
)
(658,617
)
(7,128,668
)
Class S
(1,901
)
(22,166
)
(8,904
)
(99,579
)
Class Y
(42,040
)
(491,852
)
(261,004
)
(2,884,682
)
Class R5
(12
)
(144
)
(27
)
(295
)
Class R6
(2,881
)
(33,919
)
(43,676
)
(461,679
)
Net increase (decrease) in share activity
(520,879
)
$(6,161,777
)
(1,894,994
)
$(20,768,071
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 35% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
13
Invesco Select Risk: Moderately Conservative Investor Fund
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2026. 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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year. Additionally, 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  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 April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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 including emerging technologies such as those driven by artificial intelligence. 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, 2025 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 and three year periods and the fifth 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 year period and below the performance of the Index for the three and five year periods. The Board considered that the
14
Invesco Select Risk: Moderately Conservative Investor Fund
Fund’s asset allocation achieved through investing in underlying affiliated funds, including its relative exposure to certain equity markets and investing styles as well as 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 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.
15
Invesco Select Risk: Moderately Conservative Investor Fund
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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: Moderately Conservative Investor Fund
 
SEC file number(s): 811-02699 and 002-57526
Invesco Distributors, Inc.
CAL-NCSRS


 
Semi-Annual Financial Statements and Other Information
June 30, 2026
Invesco Small Cap Growth Fund
Nasdaq:
A: GTSAX ■ C: GTSDX ■ R: GTSRX ■ Y: GTSYX ■ Investor: GTSIX ■ R5: GTSVX ■ R6: GTSFX
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Approval of Investment Advisory and Sub-Advisory Contracts
Other Information Required in Form N-CSR (Items 8-11)
Schedule of Investments(a)  
June 30, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–98.07%
Aerospace & Defense–1.88%
Carpenter Technology Corp.
47,902
$29,547,870
Embraer S.A., ADR (Brazil)
76,572
4,885,293
 
 
34,433,163
Apparel Retail–0.63%
Boot Barn Holdings, Inc.(b)
70,392
11,563,294
Apparel, Accessories & Luxury Goods–0.50%
Gildan Activewear, Inc. (Canada)(c)
177,199
9,143,468
Asset Management & Custody Banks–1.30%
Acadian Asset Management, Inc.(c)
97,489
6,972,413
Galaxy Digital, Inc.(b)
312,864
8,553,702
WisdomTree, Inc.
483,945
8,198,028
 
 
23,724,143
Automotive Parts & Equipment–0.74%
Phinia, Inc.(c)
164,173
13,522,930
Biotechnology–10.70%
Arrowhead Pharmaceuticals, Inc.(b)
121,392
9,894,662
Ascendis Pharma A/S (Denmark)(b)
54,823
14,622,391
BridgeBio Pharma, Inc.(b)
261,318
19,462,965
Cogent Biosciences, Inc.(b)(c)
525,006
20,317,732
Cytokinetics, Inc.(b)(c)
236,987
20,188,923
Halozyme Therapeutics, Inc.(b)(c)
175,550
13,740,299
Ionis Pharmaceuticals, Inc.(b)(c)
144,967
11,494,433
Kiniksa Pharmaceuticals International
PLC(b)
254,396
16,268,624
Madrigal Pharmaceuticals, Inc.(b)(c)
35,492
19,057,429
Mirum Pharmaceuticals, Inc.(b)(c)
84,761
9,922,970
Praxis Precision Medicines, Inc.(b)(c)
58,005
19,419,494
Protagonist Therapeutics, Inc.(b)
176,733
21,663,931
 
 
196,053,853
Broadline Retail–0.52%
Pattern Group, Inc., Class A(b)
376,192
9,476,276
Building Products–0.90%
Zurn Elkay Water Solutions Corp.
327,544
16,550,798
Cargo Ground Transportation–2.45%
Knight-Swift Transportation Holdings,
Inc.
204,912
15,956,497
Saia, Inc.(b)
68,660
28,916,846
 
 
44,873,343
Casinos & Gaming–0.88%
Rush Street Interactive, Inc.(b)(c)
542,867
16,144,865
Communications Equipment–1.92%
Applied Optoelectronics, Inc.(b)
124,385
18,428,882
Viavi Solutions, Inc.(b)
349,840
16,704,860
 
 
35,133,742
Construction & Engineering–5.08%
API Group Corp.(b)(c)
726,501
30,767,317
Everus Construction Group, Inc.(b)
89,479
14,849,040
 
Shares
Value
Construction & Engineering–(continued)
Legence Corp., Class A(b)(c)
102,864
$8,767,099
Sterling Infrastructure, Inc.(b)
46,167
38,750,733
 
 
93,134,189
Construction Machinery & Heavy Transportation Equipment–
1.20%
Atmus Filtration Technologies, Inc.
430,675
21,960,118
Copper–0.60%
ERO Copper Corp. (Brazil)(b)
408,323
10,922,640
Diversified Metals & Mining–0.84%
MP Materials Corp.(b)(c)
275,374
15,423,698
Electrical Components & Equipment–0.98%
Regal Rexnord Corp.
75,493
17,981,678
Electronic Components–1.51%
Vishay Intertechnology, Inc.
512,874
27,582,364
Electronic Equipment & Instruments–3.51%
Advanced Energy Industries, Inc.
28,025
10,449,682
Cognex Corp.
474,915
34,393,344
nLight, Inc.(b)
133,470
9,292,181
Novanta, Inc.(b)
62,994
10,220,147
 
 
64,355,354
Electronic Manufacturing Services–5.16%
Benchmark Electronics, Inc.
97,113
9,582,140
IPG Photonics Corp.(b)(c)
108,789
12,763,125
Sanmina Corp.(b)
146,311
37,028,388
TTM Technologies, Inc.(b)(c)
187,696
35,102,906
 
 
94,476,559
Environmental & Facilities Services–1.52%
Clean Harbors, Inc.(b)
93,110
27,816,612
Financial Exchanges & Data–0.26%
Bullish (Cayman Islands)(b)(c)
207,273
4,856,406
Food Distributors–0.85%
Andersons, Inc. (The)
227,449
15,557,512
Gold–0.58%
Equinox Gold Corp. (Canada)
464,328
4,513,268
Triple Flag Precious Metals Corp.
(Canada)
206,993
6,203,580
 
 
10,716,848
Health Care Equipment–0.52%
Glaukos Corp.(b)(c)
68,255
9,539,319
Health Care Facilities–0.44%
Encompass Health Corp.
80,297
8,116,421
Health Care Services–6.25%
BillionToOne, Inc.(b)(c)
84,707
10,163,146
BrightSpring Health Services, Inc.(b)
704,850
49,156,239
Guardant Health, Inc.(b)
233,222
34,990,296
Hinge Health, Inc., Class A(b)(c)
129,341
10,735,303
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Small Cap Growth Fund
 
Shares
Value
Health Care Services–(continued)
RadNet, Inc.(b)(c)
152,710
$9,417,626
 
 
114,462,610
Health Care Technology–0.43%
Heartflow, Inc.(b)
270,919
7,948,763
Heavy Electrical Equipment–1.74%
Forgent Power Solutions, Inc.(b)(c)
569,923
31,835,899
Homebuilding–1.13%
Cavco Industries, Inc.(b)
16,454
10,109,008
M/I Homes, Inc.(b)(c)
66,048
10,619,858
 
 
20,728,866
Hotels, Resorts & Cruise Lines–1.60%
Lindblad Expeditions Holdings, Inc.(b)
270,589
7,641,433
Travel + Leisure Co.
211,301
16,149,736
Wyndham Hotels & Resorts, Inc.
64,549
5,435,671
 
 
29,226,840
Independent Power Producers & Energy Traders–0.79%
Talen Energy Corp.(b)
37,695
14,484,681
Industrial Machinery & Supplies & Components–7.25%
Enpro, Inc.
85,904
32,379,795
ESCO Technologies, Inc.
117,781
41,228,061
Flowserve Corp.
151,731
11,252,371
RBC Bearings, Inc.(b)
32,989
21,246,895
SPX Technologies, Inc.(b)
108,716
26,653,902
 
 
132,761,024
Interactive Media & Services–0.57%
CarGurus, Inc.(b)(c)
303,699
10,353,099
Investment Banking & Brokerage–3.24%
Evercore, Inc., Class A
93,887
32,056,777
Piper Sandler Cos.
376,075
27,205,266
 
 
59,262,043
Life Sciences Tools & Services–1.45%
Charles River Laboratories International,
Inc.(b)
117,410
26,627,414
Managed Health Care–1.05%
Alignment Healthcare, Inc.(b)(c)
810,858
19,306,529
Oil & Gas Equipment & Services–1.84%
Kodiak Gas Services, Inc.
266,412
20,015,534
TechnipFMC PLC (United Kingdom)
206,838
13,713,359
 
 
33,728,893
Oil & Gas Exploration & Production–1.76%
Chord Energy Corp.
82,870
9,472,041
Matador Resources Co.(c)
186,348
9,276,404
Permian Resources Corp.
728,947
13,419,914
 
 
32,168,359
Oil & Gas Refining & Marketing–1.03%
Par Pacific Holdings, Inc.(b)
182,728
10,247,386
Sunococorp LLC
126,582
8,565,804
 
 
18,813,190
Pharmaceuticals–2.05%
Axsome Therapeutics, Inc.(b)
153,527
37,578,804
 
Shares
Value
Regional Banks–0.68%
Bancorp, Inc. (The)(b)
198,129
$12,410,801
Renewable Electricity–0.61%
Fervo Energy Co., Class A(b)(c)
383,522
11,210,348
Research & Consulting Services–0.26%
Planet Labs PBC(b)(c)
142,015
4,704,957
Restaurants–0.22%
Cava Group, Inc.(b)(c)
50,403
3,955,627
Semiconductor Materials & Equipment–6.05%
MKS, Inc.
127,879
56,880,579
Nova Ltd. (Israel)(b)
30,742
16,691,062
Onto Innovation, Inc.(b)(c)
98,543
37,293,598
 
 
110,865,239
Semiconductors–7.46%
Allegro MicroSystems, Inc.(b)
727,610
50,656,208
Lattice Semiconductor Corp.(b)
248,440
38,001,383
Silicon Motion Technology Corp., ADR
(Taiwan)(c)
88,601
29,533,371
Tower Semiconductor Ltd. (Israel)(b)
70,889
18,476,509
 
 
136,667,471
Soft Drinks & Non-alcoholic Beverages–0.50%
Vita Coco Co., Inc. (The)(b)(c)
139,114
9,201,000
Specialty Chemicals–1.21%
Element Solutions, Inc.
462,725
22,095,119
Systems Software–2.34%
A10 Networks, Inc.(c)
301,378
11,259,482
JFrog Ltd.(b)
348,443
31,666,500
 
 
42,925,982
Trading Companies & Distributors–1.09%
Applied Industrial Technologies, Inc.
58,899
19,916,697
Total Common Stocks & Other Equity Interests
(Cost $1,218,354,387)
1,796,299,848
Money Market Funds–2.76%
Invesco Government & Agency Portfolio,
Institutional Class, 3.57%(d)(e)
17,721,464
17,721,464
Invesco Treasury Portfolio, Institutional
Class, 3.56%(d)(e)
32,911,287
32,911,287
Total Money Market Funds (Cost $50,632,751)
50,632,751
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from
securities on loan)-100.83%
(Cost $1,268,987,138)
 
1,846,932,599
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–13.85%
Invesco Private Government Fund,
3.62%(d)(e)(f)
68,368,246
68,368,246
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Small Cap Growth Fund
 
Shares
Value
Money Market Funds–(continued)
Invesco Private Prime Fund,
3.77%(d)(e)(f)
185,187,633
$185,206,151
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $253,582,161)
253,574,397
TOTAL INVESTMENTS IN SECURITIES–114.68%
(Cost $1,522,569,299)
2,100,506,996
OTHER ASSETS LESS LIABILITIES—(14.68)%
(268,915,787
)
NET ASSETS–100.00%
$1,831,591,209
Investment Abbreviations: 
ADR
– American Depositary Receipt
Notes to Schedule of Investments: 
(a)
Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the
exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)
Non-income producing security.
(c)
All or a portion of this security was out on loan at June 30, 2026.
(d)
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, 2026.
 
 
Value
December 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
June 30, 2026
Dividend Income
Investments in Affiliated Money Market
Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$127,363
$122,380,694
$(104,786,593)
$-
$-
$17,721,464
$161,360
Invesco Treasury Portfolio, Institutional
Class
236,527
227,278,431
(194,603,671)
-
-
32,911,287
297,690
Investments Purchased with Cash
Collateral from Securities on Loan:
Invesco Private Government Fund
64,917,107
320,473,297
(317,022,158)
-
-
68,368,246
1,077,835*
Invesco Private Prime Fund
170,464,924
640,894,468
(626,128,604)
(7,764)
(16,873)
185,206,151
2,932,010*
Total
$235,745,921
$1,311,026,890
$(1,242,541,026)
$(7,764)
$(16,873)
$304,207,148
$4,468,895
 
*
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.
 
(e)
The rate shown is the 7-day SEC standardized yield as of June 30, 2026.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of
the securities loaned. See Note 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, 2026
(Unaudited)
 
Assets:
Investments in unaffiliated securities, at value
(Cost $1,218,354,387)*
$1,796,299,848
Investments in affiliated money market funds, at value
(Cost $304,214,912)
304,207,148
Cash
1,221,682
Receivable for:
Investments sold
18,442,795
Fund shares sold
935,118
Dividends
215,646
Investment for trustee deferred compensation and
retirement plans
444,593
Other assets
76,824
Total assets
2,121,843,654
Liabilities:
Payable for:
Investments purchased
32,513,619
Fund shares reacquired
2,858,585
Collateral upon return of securities loaned
253,582,161
Accrued fees to affiliates
693,330
Accrued trustees’ and officers’ fees and benefits
525
Accrued other operating expenses
146,219
Trustee deferred compensation and retirement plans
458,006
Total liabilities
290,252,445
Net assets applicable to shares outstanding
$1,831,591,209
Net assets consist of:
Shares of beneficial interest
$987,256,991
Distributable earnings
844,334,218
 
$1,831,591,209
Net Assets:
Class A
$550,687,297
Class C
$4,253,193
Class R
$51,771,631
Class Y
$107,915,208
Investor Class
$164,425,497
Class R5
$469,886,544
Class R6
$482,651,839
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
15,168,970
Class C
501,487
Class R
1,764,853
Class Y
2,700,057
Investor Class
4,040,535
Class R5
9,680,194
Class R6
9,766,525
Class A:
Net asset value per share
$36.30
Maximum offering price per share
(Net asset value of $36.30 ÷ 94.50%)
$38.41
Class C:
Net asset value and offering price per share
$8.48
Class R:
Net asset value and offering price per share
$29.33
Class Y:
Net asset value and offering price per share
$39.97
Investor Class:
Net asset value and offering price per share
$40.69
Class R5:
Net asset value and offering price per share
$48.54
Class R6:
Net asset value and offering price per share
$49.42
 
*
At June 30, 2026, securities with an aggregate value of $248,922,997
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, 2026
(Unaudited) 
Investment income:
Dividends (net of foreign withholding taxes of $31,603)
$3,189,368
Dividends from affiliated money market funds (includes net securities lending income of $481,303)
940,353
Total investment income
4,129,721
Expenses:
Advisory fees
5,840,542
Administrative services fees
123,663
Custodian fees
6,011
Distribution fees:
Class A
609,890
Class C
18,007
Class R
117,236
Investor Class
145,636
Transfer agent fees — A, C, R, Y and Investor
706,235
Transfer agent fees — R5
221,181
Transfer agent fees — R6
69,227
Trustees’ and officers’ fees and benefits
17,087
Registration and filing fees
54,179
Reports to shareholders
63,019
Professional services fees
28,176
Other
12,739
Total expenses
8,032,828
Less: Fees waived and/or expenses reimbursed
(14,692
)
Net expenses
8,018,136
Net investment income (loss)
(3,888,415
)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
258,845,399
Affiliated investment securities
(16,873
)
Foreign currencies
(896
)
 
258,827,630
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
176,767,896
Affiliated investment securities
(7,764
)
Foreign currencies
(36
)
 
176,760,096
Net realized and unrealized gain
435,587,726
Net increase in net assets resulting from operations
$431,699,311
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, 2026 and the year ended December 31, 2025
(Unaudited) 
 
June 30, 2026
December 31, 2025
Operations:
 
 
Net investment income (loss)
$(3,888,415
)
$(8,957,194
)
Net realized gain
258,827,630
188,334,195
Change in net unrealized appreciation (depreciation)
176,760,096
(88,550,196
)
Net increase in net assets resulting from operations
431,699,311
90,826,805
Distributions to shareholders from distributable earnings:
Class A
—
(43,796,244
)
Class C
—
(1,173,844
)
Class R
—
(5,182,454
)
Class Y
—
(7,691,030
)
Investor Class
—
(11,559,696
)
Class R5
—
(31,733,099
)
Class R6
—
(31,813,504
)
Total distributions from distributable earnings
—
(132,949,871
)
Share transactions–net:
Class A
(33,626,282
)
(28,232,225
)
Class C
(491,290
)
(314,345
)
Class R
(5,109,809
)
(4,602,154
)
Class Y
(3,588,629
)
(20,102,207
)
Investor Class
(6,172,441
)
(16,152,720
)
Class R5
(75,067,609
)
(158,176,798
)
Class R6
(81,293,620
)
(114,985,316
)
Net increase (decrease) in net assets resulting from share transactions
(205,349,680
)
(342,565,765
)
Net increase (decrease) in net assets
226,349,631
(384,688,831
)
Net assets:
Beginning of period
1,605,241,578
1,989,930,409
End of period
$1,831,591,209
$1,605,241,578
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
value,
beginning
of period
Net
investment
income
(loss)(a)
Net gains
(losses)
on securities
(both
realized and
unrealized)
Total from
investment
operations
Distributions
from net
realized
gains
Net asset
value, end
of period
Total
return(b)
Net assets,
end of period
(000’s omitted)
Ratio of
expenses
to average
net assets
with fee waivers

and/or
expenses
absorbed
Ratio of
expenses
to average net
assets without
fee waivers

and/or
expenses

absorbed
Ratio of net
investment
income
(loss)
to average
net assets
Portfolio
turnover (c)
Class A
Six months ended 06/30/26
$28.27
$(0.10
)
$8.13
$8.03
$—
$36.30
28.40
%
$550,687
1.16
%(d)
1.16
%(d)
(0.67
)%(d)
55
%
Year ended 12/31/25
29.57
(0.21
)
1.86
1.65
(2.95
)
28.27
5.69
459,127
1.17
1.17
(0.75
)
85
Year ended 12/31/24
25.45
(0.19
)
4.31
4.12
—
29.57
16.19
507,532
1.17
1.17
(0.68
)
55
Year ended 12/31/23
22.59
(0.14
)
3.00
2.86
—
25.45
12.66
510,293
1.17
1.17
(0.58
)
55
Year ended 12/31/22
36.33
(0.14
)
(12.79
)
(12.93
)
(0.81
)
22.59
(35.60
)
541,922
1.16
1.16
(0.54
)
44
Year ended 12/31/21
47.78
(0.43
)
3.12
2.69
(14.14
)
36.33
7.33
988,307
1.14
1.14
(0.86
)
35
Class C
Six months ended 06/30/26
6.63
(0.05
)
1.90
1.85
—
8.48
27.90
(e)
4,253
1.83
(d)(e)
1.83
(d)(e)
(1.34
)(d)(e)
55
Year ended 12/31/25
9.16
(0.13
)
0.55
0.42
(2.95
)
6.63
4.96
(e)
3,760
1.88
(e)
1.88
(e)
(1.46
)(e)
85
Year ended 12/31/24
7.94
(0.12
)
1.34
1.22
—
9.16
15.37
(e)
5,141
1.84
(e)
1.84
(e)
(1.35
)(e)
55
Year ended 12/31/23
7.09
(0.09
)
0.94
0.85
—
7.94
11.99
(e)
5,930
1.87
(e)
1.87
(e)
(1.28
)(e)
55
Year ended 12/31/22
12.36
(0.11
)
(4.35
)
(4.46
)
(0.81
)
7.09
(36.10
)
7,123
1.91
1.91
(1.29
)
44
Year ended 12/31/21
25.63
(0.41
)
1.28
0.87
(14.14
)
12.36
6.55
(e)
15,850
1.86
(e)
1.86
(e)
(1.58
)(e)
35
Class R
Six months ended 06/30/26
22.87
(0.12
)
6.58
6.46
—
29.33
28.25
51,772
1.41
(d)
1.41
(d)
(0.92
)(d)
55
Year ended 12/31/25
24.52
(0.24
)
1.54
1.30
(2.95
)
22.87
5.43
44,963
1.42
1.42
(1.00
)
85
Year ended 12/31/24
21.16
(0.21
)
3.57
3.36
—
24.52
15.88
52,481
1.42
1.42
(0.93
)
55
Year ended 12/31/23
18.82
(0.16
)
2.50
2.34
—
21.16
12.43
56,945
1.42
1.42
(0.83
)
55
Year ended 12/31/22
30.57
(0.17
)
(10.77
)
(10.94
)
(0.81
)
18.82
(35.79
)
63,161
1.41
1.41
(0.79
)
44
Year ended 12/31/21
42.52
(0.50
)
2.69
2.19
(14.14
)
30.57
7.07
112,217
1.39
1.39
(1.11
)
35
Class Y
Six months ended 06/30/26
31.08
(0.07
)
8.96
8.89
—
39.97
28.60
107,915
0.91
(d)
0.91
(d)
(0.42
)(d)
55
Year ended 12/31/25
32.15
(0.15
)
2.03
1.88
(2.95
)
31.08
5.95
87,143
0.92
0.92
(0.50
)
85
Year ended 12/31/24
27.60
(0.13
)
4.68
4.55
—
32.15
16.49
111,480
0.92
0.92
(0.43
)
55
Year ended 12/31/23
24.44
(0.08
)
3.24
3.16
—
27.60
12.93
122,467
0.92
0.92
(0.33
)
55
Year ended 12/31/22
39.11
(0.08
)
(13.78
)
(13.86
)
(0.81
)
24.44
(35.44
)
129,518
0.91
0.91
(0.29
)
44
Year ended 12/31/21
50.24
(0.32
)
3.33
3.01
(14.14
)
39.11
7.61
274,782
0.89
0.89
(0.61
)
35
Investor Class
Six months ended 06/30/26
31.68
(0.11
)
9.12
9.01
—
40.69
28.44
(f)
164,425
1.11
(d)(f)
1.11
(d)(f)
(0.62
)(d)(f)
55
Year ended 12/31/25
32.78
(0.22
)
2.07
1.85
(2.95
)
31.68
5.74
(f)
133,650
1.11
(f)
1.11
(f)
(0.69
)(f)
85
Year ended 12/31/24
28.20
(0.20
)
4.78
4.58
—
32.78
16.24
(f)
154,280
1.14
(f)
1.14
(f)
(0.65
)(f)
55
Year ended 12/31/23
25.01
(0.13
)
3.32
3.19
—
28.20
12.75
(f)
150,258
1.10
(f)
1.10
(f)
(0.51
)(f)
55
Year ended 12/31/22
40.08
(0.14
)
(14.12
)
(14.26
)
(0.81
)
25.01
(35.58
)(f)
144,075
1.13
(f)
1.13
(f)
(0.51
)(f)
44
Year ended 12/31/21
51.24
(0.42
)
3.40
2.98
(14.14
)
40.08
7.41
(f)
246,961
1.05
(f)
1.05
(f)
(0.77
)(f)
35
Class R5
Six months ended 06/30/26
37.73
(0.07
)
10.88
10.81
—
48.54
28.65
469,887
0.83
(d)
0.83
(d)
(0.34
)(d)
55
Year ended 12/31/25
38.40
(0.15
)
2.43
2.28
(2.95
)
37.73
6.02
432,169
0.83
0.83
(0.41
)
85
Year ended 12/31/24
32.93
(0.12
)
5.59
5.47
—
38.40
16.61
599,328
0.82
0.82
(0.33
)
55
Year ended 12/31/23
29.12
(0.07
)
3.88
3.81
—
32.93
13.08
648,606
0.82
0.82
(0.23
)
55
Year ended 12/31/22
46.32
(0.06
)
(16.33
)
(16.39
)
(0.81
)
29.12
(35.39
)
737,830
0.81
0.81
(0.19
)
44
Year ended 12/31/21
56.89
(0.31
)
3.88
3.57
(14.14
)
46.32
7.71
1,445,168
0.79
0.79
(0.51
)
35
Class R6
Six months ended 06/30/26
38.40
(0.06
)
11.08
11.02
—
49.42
28.70
482,652
0.76
(d)
0.76
(d)
(0.27
)(d)
55
Year ended 12/31/25
39.00
(0.13
)
2.48
2.35
(2.95
)
38.40
6.11
444,429
0.76
0.76
(0.34
)
85
Year ended 12/31/24
33.43
(0.10
)
5.67
5.57
—
39.00
16.66
559,689
0.76
0.76
(0.27
)
55
Year ended 12/31/23
29.54
(0.05
)
3.94
3.89
—
33.43
13.17
603,038
0.75
0.75
(0.16
)
55
Year ended 12/31/22
46.94
(0.04
)
(16.55
)
(16.59
)
(0.81
)
29.54
(35.35
)
653,838
0.74
0.74
(0.12
)
44
Year ended 12/31/21
57.42
(0.26
)
3.92
3.66
(14.14
)
46.94
7.80
948,527
0.70
0.70
(0.42
)
35
 
(a)
Based on average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(d)
Annualized.
(e)
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 0.92%, 0.96%, 0.92%, 0.95% and
0.97% for the six months ended June 30, 2026 and the years ended December 31, 2025, 2024, 2023 and 2021, respectively.
(f)
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 0.20%, 0.19%, 0.22%, 0.18%,
0.22% and 0.16% for the six months ended June 30, 2026 and the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco Small Cap Growth Fund
Notes to Financial Statements
June 30, 2026
(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 shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
The Fund’s shares are offered on a limited basis to certain investors.
Investor Class shares and Class R5 shares are closed to new investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities, including restricted securities, are valued according to the following policy.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Private securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans, and unlisted equity securities.
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
9
Invesco Small Cap Growth Fund
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. 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 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.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6.  Sub-accounting fees attributable to Class R5 are charged to the operations of the class.  Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
J.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. 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
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, 2026, the Fund paid the Adviser $32,671 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Rate
First $500 million
0.725%
Next $500 million
0.700%
Next $500 million
0.675%
Over $1.5 billion
0.650%
For the six months ended June 30, 2026, the effective advisory fee rate incurred by the Fund was 0.69%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.
Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from any 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, 2026, the Adviser waived advisory fees of $14,692.
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, 2026, 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, 2026, 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, 2026, 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, 2026, IDI advised the Fund that IDI retained $7,494 in front-end sales commissions from the sale of Class A shares and $22 and $716 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
For the six months ended June 30, 2026, the Fund incurred $152,301 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.
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Invesco Small Cap Growth Fund
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. 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, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Common Stocks & Other Equity Interests
$1,796,299,848
$—
$—
$1,796,299,848
Money Market Funds
50,632,751
253,574,397
—
304,207,148
Total Investments
$1,846,932,599
$253,574,397
$—
$2,100,506,996
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Fund may have certain former Trustees who participated 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 5—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 6—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, 2025.
NOTE 7—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, 2026 was $921,223,118 and $1,167,060,470, respectively. As of June 30, 2026, 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
Aggregate unrealized appreciation of investments
$605,964,862
Aggregate unrealized (depreciation) of investments
(32,129,678
)
Net unrealized appreciation of investments
$573,835,184
Cost of investments for tax purposes is $1,526,671,812.
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Invesco Small Cap Growth Fund
NOTE 8—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2026(a)
Year ended
December 31, 2025
 
Shares
Amount
Shares
Amount
Sold:
Class A
438,353
$13,875,422
1,117,834
$32,347,216
Class C
30,123
217,390
50,123
437,973
Class R
135,410
3,419,949
364,030
8,655,760
Class Y
174,829
6,100,438
537,978
16,994,218
Investor Class
78,386
2,817,140
283,871
8,755,107
Class R5
538,492
23,145,702
889,478
33,266,595
Class R6
822,821
34,905,942
2,860,709
109,392,994
Issued as reinvestment of dividends:
Class A
-
-
1,521,444
42,585,215
Class C
-
-
175,092
1,148,604
Class R
-
-
228,794
5,182,173
Class Y
-
-
232,887
7,168,253
Investor Class
-
-
343,845
10,786,413
Class R5
-
-
848,753
31,709,408
Class R6
-
-
821,986
31,251,922
Automatic conversion of Class C shares to Class A shares:
Class A
11,450
362,645
20,429
585,454
Class C
(48,935
)
(362,645
)
(66,967
)
(585,454
)
Reacquired:
Class A
(1,523,590
)
(47,864,349
)
(3,579,686
)
(103,750,110
)
Class C
(47,266
)
(346,035
)
(152,125
)
(1,315,468
)
Class R
(336,651
)
(8,529,758
)
(766,675
)
(18,440,087
)
Class Y
(278,515
)
(9,689,067
)
(1,434,179
)
(44,264,678
)
Investor Class
(256,885
)
(8,989,581
)
(1,115,424
)
(35,694,240
)
Class R5
(2,311,664
)
(98,213,311
)
(5,891,965
)
(223,152,801
)
Class R6
(2,629,498
)
(116,199,562
)
(6,458,797
)
(255,630,232
)
Net increase (decrease) in share activity
(5,203,140
)
$(205,349,680
)
(9,168,565
)
$(342,565,765
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 26% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
13
Invesco Small Cap Growth Fund
Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 10, 2026, 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 Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. 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, 2026.  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 considered the broad range of information relevant to the annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process) that is provided to the Board throughout the year. Additionally, 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 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 April 28-29, 2026 and June 9-11, 2026, 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 and other resources 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 including emerging technologies such as those driven by artificial intelligence.  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, 2025 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 fourth quintile of its performance universe for the one and three year periods, and the fifth 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 below the performance of the Index for the one, three and five year periods.  The Board considered that stock selection in certain sectors negatively impacted the
14
Invesco Small Cap Growth Fund
Fund’s relative 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 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, 2025.  
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.  
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 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
15
Invesco Small Cap Growth Fund
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)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
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
 
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 of Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.


Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

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 Activities for Closed-End Management Investment Companies.

Not applicable.


Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.



  

SIGNATURES 

  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

  

(Registrant) AIM Growth Series (Invesco Growth Series) 

  

By:    /s/ Glenn Brightman                                          . 

Name: Glenn Brightman 

Title: Principal Executive Officer 

  

Date: August 21, 2026  

  

  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. 

  

  

By:    /s/ Glenn Brightman                                         . 

Name: Glenn Brightman 

Title: Principal Executive Officer 

Date: August 21, 2026 

  

  

  

By:      /s/ Adrien Deberghes                                              

  

Name: Adrien Deberghes 

Title: Principal Financial Officer 

  

Date: August 21, 2026 



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