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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM
N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-02699
AIM Growth Series (Invesco Growth Series)
(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000
 
Houston, Texas 77046
(Address of principal executive offices) (Zip code)
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, 2025
Item 1. Reports to Stockholders.
(a) The Registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") is as follows:
TSR_logo
Invesco Active Allocation Fund
Class A: OAAAX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
24
0.46
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,943,269,971
Total number of portfolio holdings75
Portfolio turnover rate24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Asset allocation

(% of net assets)
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's p
ros
pectus, fin
anc
ial inf
orm
ation, 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, 2025
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
1.22
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,943,269,971
Total number of portfolio holdings 75
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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 pro
spect
us, 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, 2025
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.72
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,943,269,971
Total number of portfolio holdings 75
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Asset allocation

(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find
Mo
re Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at
invesco.com/reports
. Additionally, the Fund's proxy voting information can be found at
invesco.com/proxy-voting
.
What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
TSR_QRcode
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, 2025
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
11
0.22
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,943,269,971
Total number of portfolio holdings 75
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Asset allocation

(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find
Mo
re Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at
invesco.com/reports
. Additionally, the Fund's proxy voting information can be found at
invesco.com/proxy-voting
.
What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
TSR_QRcode
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, 2025
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
7
0.14
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,943,269,971
Total number of portfolio holdings 75
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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 pro
spe
ctus, 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, 2025
This semi-annual shareholder report contains important information about Invesco Active Allocation Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.13
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,943,269,971
Total number of portfolio holdings 75
Portfolio turnover rate 24
%
What Comprised Th
e Fu
nd's Holdings?
(as of June 30, 2025)
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 inf
orma
tion, 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, 2025
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
49
0.96
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
721,319,799
Total number of portfolio holdings 127
Portfolio turnover rate 48
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

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

(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Infor
m
ation?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at
invesco.com/reports
. Additionally, the Fund's proxy voting information can be found at
invesco.com/proxy-voting
.
What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
TSR_QRcode
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, 2025
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
88
1.71
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
721,319,799
Total number of portfolio holdings 127
Portfolio turnover rate 48
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Bank of America Corp., Series L, Conv. Pfd., 7.25% 3.25
%
Boeing Co. (The), Conv. Pfd., 6.00% 3.08
%
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% 2.73
%
MicroStrategy, Inc., Conv., 0.63%, 09/15/2027 2.24
%
Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028 2.23
%
Welltower OP LLC, Conv., 3.13%, 07/15/2029 2.06
%
Carnival Corp., Conv., 5.75%, 12/01/2027 1.88
%
Southern Co. (The), Conv., 4.50%, 06/15/2027 1.70
%
Seagate HDD Cayman, Conv., 3.50%, 06/01/2028 1.62
%
Apollo Global Management, Inc., Conv. Pfd., 6.75%, 07/31/2026 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
.
MS-CSEC-SAR-C
Invesco Convertible Securities Fund
TSR_logo
Invesco Convertible Securities Fund
Class Y: CNSDX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
36
0.71
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
721,319,799
Total number of portfolio holdings 127
Portfolio turnover rate 48
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Bank of America Corp., Series L, Conv. Pfd., 7.25% 3.25
%
Boeing Co. (The), Conv. Pfd., 6.00
%
3.08
%
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50% 2.73
%
MicroStrategy, Inc., Conv., 0.63%, 09/15/2027 2.24
%
Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/2028 2.23
%
Welltower OP LLC, Conv., 3.13%, 07/15/2029 2.06
%
Carnival Corp., Conv., 5.75%, 12/01/2027 1.88
%
Southern Co. (The), Conv., 4.50%, 06/15/2027 1.70
%
Seagate HDD Cayman, Conv., 3.50%, 06/01/2028 1.62
%
Apollo Global Management, Inc., Conv. Pfd., 6.75%, 07/31/2026 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 pr
ospe
ctus, 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, 2025
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
34
0.67
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
721,319,799
Total number of portfolio holdings127
Portfolio turnover rate48
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Bank of America Corp., Series L, Conv. Pfd., 7.25%3.25
%
Boeing Co. (The), Conv. Pfd., 6.00%3.08
%
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%2.73
%
MicroStrategy, Inc., Conv., 0.63%, 09/15/20272.24
%
Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/20282.23
%
Welltower OP LLC, Conv., 3.13%, 07/15/20292.06
%
Carnival Corp., Conv., 5.75%, 12/01/20271.88
%
Southern Co. (The), Conv., 4.50%, 06/15/20271.70
%
Seagate HDD Cayman, Conv., 3.50%, 06/01/20281.62
%
Apollo Global Management, Inc., Conv. Pfd., 6.75%, 07/31/20261.53
%
* 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
, includ
ing the Fund's pr
ospectu
s, 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, 2025
This semi-annual shareholder report contains important information about Invesco Convertible Securities Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
31
0.60
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
721,319,799
Total number of portfolio holdings127
Portfolio turnover rate48
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Bank of America Corp., Series L, Conv. Pfd., 7.25%3.25
%
Boeing Co. (The), Conv. Pfd., 6.00%3.08
%
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%2.73
%
MicroStrategy, Inc., Conv., 0.63%, 09/15/20272.24
%
Uber Technologies, Inc., Series 2028, Conv., 0.88%, 12/01/20282.23
%
Welltower OP LLC, Conv., 3.13%, 07/15/20292.06
%
Carnival Corp., Conv., 5.75%, 12/01/20271.88
%
Southern Co. (The), Conv., 4.50%, 06/15/20271.70
%
Seagate HDD Cayman, Conv., 3.50%, 06/01/20281.62
%
Apollo Global Management, Inc., Conv. Pfd., 6.75%, 07/31/20261.53
%
* 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
prospect
us, 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, 2025
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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, 2025)
Fund net assets
$
323,070,237
Total number of portfolio holdings 20
Portfolio turnover rate 3
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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 p
rosp
ectus, 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, 2025
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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, 2025)
Fund net assets
$
323,070,237
Total number of
portfolio holdings
20
Portfolio turnover rate 3
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Asset allocation

(% of net assets)
Graphical Representation - Allocation 1 Chart
Where Can I Find More Information?
You can find more information about the Fund, in
cludin
g 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-C
Invesco Income Allocation Fund
TSR_logo
Invesco Income Allocation Fund
Class R: RLIAX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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, 2025)
Fund net assets
$
323,070,237
Total number of portfolio holdings 20
Portfolio turnover rate 3
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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 p
rosp
ectus, 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, 2025
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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, 2025)
Fund net assets
$
323,070,237
Total number of portfolio holdings 20
Portfolio turnover rate 3
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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
mail
ed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 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, 2025
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
8
0.16
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
323,070,237
Total number of portfolio holdings 20
Portfolio turnover rate 3
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, fin
anc
ial 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, 2025
This semi-annual shareholder report contains important information about Invesco Income Allocation Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.09
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
323,070,237
Total number of portfolio holdings 20
Portfolio turnover rate 3
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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 i
nfor
mation, 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, 2025
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
23
0.44
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,527,406,554
Total number of portfolio holdings 5
Portfolio turnover rate 1
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Portfolio composition

(% of total investments)
Invesco International Small-Mid Company Fund, Class R6 30.23
%
Invesco EQV International Equity Fund, Class R6 24.99
Invesco Oppenheimer International Growth Fund, Class R6 24.88
Invesco Developing Markets Fund, Class R6 19.90
Invesco International Growth Focus ETF 0.00
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at
invesco.com/reports
. Additionally, the Fund's proxy voting information can be found at
invesco.com/proxy-voting
.
What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
TSR_QRcode
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, 2025
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
63
1.19
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,527,406,554
Total number of portfolio holdings 5
Portfolio turnover rate 1
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Portfolio composition

(% of total investments)
Invesco International Small-Mid Company Fund, Class R6 30.23
%
Invesco EQV International Equity Fund, Class R6 24.99
Invesco Oppenheimer International Growth Fund, Class R6 24.88
Invesco Developing Markets Fund, Class R6 19.90
Invesco International Growth Focus ETF 0.00
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at
invesco.com/reports
. Additionally, the Fund's proxy voting information can be found at
invesco.com/proxy-voting
.
What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
TSR_QRcode
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, 2025
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
37
0.69
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,527,406,554
Total number of portfolio holdings 5
Portfolio turnover rate 1
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Portfolio composition

(% of total investments)
Invesco International Small-Mid Company Fund, Class R6 30.23
%
Invesco EQV International Equity Fund, Class R6 24.99
Invesco Oppenheimer International Growth Fund, Class R6 24.88
Invesco Developing Markets Fund, Class R6 19.90
Invesco International Growth Focus ETF 0.00
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at
invesco.com/reports
. Additionally, the Fund's proxy voting information can be found at
invesco.com/proxy-voting
.
What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
TSR_QRcode
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, 2025
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
10
0.19
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,527,406,554
Total number of portfolio holdings 5
Portfolio turnover rate 1
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Portfolio composition

(% of total investments)
Invesco International Small-Mid Company Fund, Class R6 30.23
%
Invesco EQV International Equity Fund, Class R6 24.99
Invesco Oppenheimer International Growth Fund, Class R6 24.88
Invesco Developing Markets Fund, Class R6 19.90
Invesco International Growth Focus ETF 0.00
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at
invesco.com/reports
. Additionally, the Fund's proxy voting information can be found at
invesco.com/proxy-voting
.
What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
TSR_QRcode
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, 2025
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
7
0.13
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,527,406,554
Total number of portfolio holdings 5
Portfolio turnover rate 1
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Portfolio composition

(% of total investments)
Invesco International Small-Mid Company Fund, Class R6 30.23
%
Invesco EQV International Equity Fund, Class R6 24.99
Invesco Oppenheimer International Growth Fund, Class R6 24.88
Invesco Developing Markets Fund, Class R6 19.90
Invesco International Growth Focus ETF 0.00
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at
invesco.com/reports
. Additionally, the Fund's proxy voting information can be found at
invesco.com/proxy-voting
.
What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
TSR_QRcode
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, 2025
This semi-annual shareholder report contains important information about Invesco International Diversified Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.06
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,527,406,554
Total number of portfolio holdings 5
Portfolio turnover rate 1
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Portfolio composition

(% of total investments)
Invesco International Small-Mid Company Fund, Class R6 30.23
%
Invesco EQV International Equity Fund, Class R6 24.99
Invesco Oppenheimer International Growth Fund, Class R6 24.88
Invesco Developing Markets Fund, Class R6 19.90
Invesco International Growth Focus ETF 0.00
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at
invesco.com/reports
. Additionally, the Fund's proxy voting information can be found at
invesco.com/proxy-voting
.
What Should I Know About Delivery Of Important Regulatory Documents?
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
TSR_QRcode
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, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund
®
(the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
53
1.05
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
2,504,129,039
Total number of portfolio holdings 95
Portfolio turnover rate 20
%
What Comp
rise
d The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Royal Caribbean Cruises Ltd. 2.20
%
Howmet Aerospace, Inc. 1.98
%
M&T Bank Corp. 1.69
%
Raymond James Financial, Inc. 1.69
%
Electronic Arts, Inc. 1.57
%
Curtiss-Wright Corp. 1.54
%
Hartford Insurance Group, Inc. (The) 1.51
%
Equitable Holdings, Inc. 1.49
%
Cheniere Energy, Inc. 1.47
%
PPL Corp. 1.45
%
* 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, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund
®
(the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
91
1.81
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
2,504,129,039
Total number of portfolio holdings 95
Portfolio turnover rate 20
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Royal Caribbean Cruises Ltd. 2.20
%
Howmet Aerospace, Inc. 1.98
%
M&T Bank Corp. 1.69
%
Raymond James Financial, Inc. 1.69
%
Electronic Arts, Inc. 1.57
%
Curtiss-Wright Corp. 1.54
%
Hartford Insurance Group, Inc. (The) 1.51
%
Equitable Holdings, Inc. 1.49
%
Cheniere Energy, Inc. 1.47
%
PPL Corp. 1.45
%
* 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 pr
osp
ectus, 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, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund
®
(the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
66
1.31
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
2,504,129,039
Total number of portfolio holdings 95
Portfolio turnover rate 20
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten ho
ldi
ngs*

(% of net assets)
Royal Caribbean Cruises Ltd. 2.20
%
Howmet Aerospace, Inc. 1.98
%
M&T Bank Corp. 1.69
%
Raymond James Financial, Inc. 1.69
%
Electronic Arts, Inc. 1.57
%
Curtiss-Wright Corp. 1.54
%
Hartford Insurance Group, Inc. (The) 1.51
%
Equitable Holdings, Inc. 1.49
%
Cheniere Energy, Inc. 1.47
%
PPL Corp. 1.45
%
* 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, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund
®
(the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
41
0.81
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
2,504,129,039
Total number of portfolio holdings 95
Portfolio turnover rate 20
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Royal Caribbean Cruises Ltd. 2.20
%
Howmet Aerospace, Inc. 1.98
%
M&T Bank Corp. 1.69
%
Raymond James Financial, Inc. 1.69
%
Electronic Arts, Inc. 1.57
%
Curtiss-Wright Corp. 1.54
%
Hartford Insurance Group, Inc. (The) 1.51
%
Equitable Holdings, Inc. 1.49
%
Cheniere Energy, Inc. 1.47
%
PPL Corp. 1.45
%
* 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, incl
uding
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-Y
Invesco Main Street Mid Cap Fund
®
TSR_logo
Invesco Main Street Mid Cap Fund
®
Class R5: MSMJX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund
®
(the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
38
0.75
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
2,504,129,039
Total number of portfolio holdings 95
Portfolio turnover rate 20
%
What Com
p
rised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Royal Caribbean Cruises Ltd. 2.20
%
Howmet Aerospace, Inc. 1.98
%
M&T Bank Corp. 1.69
%
Raymond James Financial, Inc. 1.69
%
Electronic Arts, Inc. 1.57
%
Curtiss-Wright Corp. 1.54
%
Hartford Insurance Group, Inc. (The) 1.51
%
Equitable Holdings, Inc. 1.49
%
Cheniere Energy, Inc. 1.47
%
PPL Corp. 1.45
%
* 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-R5
Invesco Main Street Mid Cap Fund
®
TSR_logo
Invesco Main Street Mid Cap Fund
®
Class R6: OPMIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Mid Cap Fund
®
(the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
34
0.68
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
2,504,129,039
Total number of portfolio holdings 95
Portfolio turnover rate 20
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Royal Caribbean Cruises Ltd. 2.20
%
Howmet Aerospace, Inc. 1.98
%
M&T Bank Corp. 1.69
%
Raymond James Financial, Inc. 1.69
%
Electronic Arts, Inc. 1.57
%
Curtiss-Wright Corp. 1.54
%
Hartford Insurance Group, Inc. (The) 1.51
%
Equitable Holdings, Inc. 1.49
%
Cheniere Energy, Inc. 1.47
%
PPL Corp. 1.45
%
* 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 info
rma
tion, 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, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund
®
(the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
53
1.07
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
2,043,115,233
Total number of portfolio holdings 100
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
AutoNation, Inc. 2.20
%
Itron, Inc. 2.04
%
Wintrust Financial Corp. 1.93
%
Casella Waste Systems, Inc., Class A 1.77
%
Zurn Elkay Water Solutions Corp. 1.68
%
Belden, Inc. 1.64
%
Enpro, Inc. 1.58
%
ESAB Corp. 1.53
%
PennyMac Financial Services, Inc. 1.53
%
American Healthcare REIT, Inc. 1.52
%
* 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, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund
®
(the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
91
1.82
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
2,043,115,233
Total number of portfolio holdings 100
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
AutoNation, Inc. 2.20
%
Itron, Inc. 2.04
%
Wintrust Financial Corp. 1.93
%
Casella Waste Systems, Inc., Class A 1.77
%
Zurn Elkay Water Solutions Corp. 1.68
%
Belden, Inc. 1.64
%
Enpro, Inc. 1.58
%
ESAB Corp. 1.53
%
PennyMac Financial Services, Inc. 1.53
%
American Healthcare REIT, Inc. 1.52
%
* 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-C
Invesco Main Street Small Cap Fund
®
TSR_logo
Invesco Main Street Small Cap Fund
®
Class R: OSCNX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund
®
(the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
66
1.32
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
2,043,115,233
Total number of portfolio holdings 100
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
AutoNation, Inc. 2.20
%
Itron, Inc. 2.04
%
Wintrust Financial Corp. 1.93
%
Casella Waste Systems, Inc., Class A 1.77
%
Zurn Elkay Water Solutions Corp. 1.68
%
Belden, Inc. 1.64
%
Enpro, Inc. 1.58
%
ESAB Corp. 1.53
%
PennyMac Financial Services, Inc. 1.53
%
American Healthcare REIT, Inc. 1.52
%
* 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, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund
®
(the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
41
0.82
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
2,043,115,233
Total number of portfolio holdings 100
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
AutoNation, Inc. 2.20
%
Itron, Inc. 2.04
%
Wintrust Financial Corp. 1.93
%
Casella Waste Systems, Inc., Class A 1.77
%
Zurn Elkay Water Solutions Corp. 1.68
%
Belden, Inc. 1.64
%
Enpro, Inc. 1.58
%
ESAB Corp. 1.53
%
PennyMac Financial Services, Inc. 1.53
%
American Healthcare REIT, Inc. 1.52
%
* 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, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund
®
(the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
38
0.76
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
2,043,115,233
Total number of portfolio holdings 100
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
AutoNation, Inc. 2.20
%
Itron, Inc. 2.04
%
Wintrust Financial Corp. 1.93
%
Casella Waste Systems, Inc., Class A 1.77
%
Zurn Elkay Water Solutions Corp. 1.68
%
Belden, Inc. 1.64
%
Enpro, Inc. 1.58
%
ESAB Corp. 1.53
%
PennyMac Financial Services, Inc. 1.53
%
American Healthcare REIT, Inc. 1.52
%
* 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, 2025
This semi-annual shareholder report contains important information about Invesco Main Street Small Cap Fund
®
(the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
34
0.69
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
2,043,115,233
Total number of portfolio holdings 100
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top t
en
holdings*

(% of net assets)
AutoNation, Inc. 2.20
%
Itron, Inc. 2.04
%
Wintrust Financial Corp. 1.93
%
Casella Waste Systems, Inc., Class A 1.77
%
Zurn Elkay Water Solutions Corp. 1.68
%
Belden, Inc. 1.64
%
Enpro, Inc. 1.58
%
ESAB Corp. 1.53
%
PennyMac Financial Services, Inc. 1.53
%
American Healthcare REIT, Inc. 1.52
%
* 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, 2025
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
45
0.89
%
*
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
510,961,063
Total number of portfolio holdings 674
Portfolio turnover rate 172
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/2055 4.45
%
Government National Mortgage Association, TBA, 5.50%, 07/01/2055 3.89
%
Government National Mortgage Association, TBA, 2.00%, 07/01/2055 3.74
%
Government National Mortgage Association, TBA, 2.50%, 07/01/2055 3.68
%
Government National Mortgage Association, TBA, 3.00%, 07/01/2055 2.85
%
Government National Mortgage Association, TBA, 5.00%, 07/01/2055 2.78
%
Federal Home Loan Mortgage Corp., 2.50%, 10/01/2051 2.77
%
Federal Home Loan Mortgage Corp., 5.50%, 11/01/2052 2.11
%
Federal Home Loan Mortgage Corp., 2.00%, 05/01/2051 2.07
%
Federal Home Loan Mortgage Corp., 2.50%, 04/01/2052 2.01
%
* Excluding money market fund holdings, if any.
Security type allocation

(% of total investments)

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, 2025
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
83
1.65
%
*
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
510,961,063
Total number of portfolio holdings674
Portfolio turnover rate172
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/20554.45
%
Government National Mortgage Association, TBA, 5.50%, 07/01/20553.89
%
Government National Mortgage Association, TBA, 2.00%, 07/01/20553.74
%
Government National Mortgage Association, TBA, 2.50%, 07/01/20553.68
%
Government National Mortgage Association, TBA, 3.00%, 07/01/20552.85
%
Government National Mortgage Association, TBA, 5.00%, 07/01/20552.78
%
Federal Home Loan Mortgage Corp., 2.50%, 10/01/20512.77
%
Federal Home Loan Mortgage Corp., 5.50%, 11/01/20522.11
%
Federal Home Loan Mortgage Corp., 2.00%, 05/01/20512.07
%
Federal Home Loan Mortgage Corp., 2.50%, 04/01/20522.01
%
* Excluding money market fund holdings, if any.
Security type allocation

(% of total investments)

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, 2025
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
58
1.15
%
*
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
510,961,063
Total number of portfolio holdings674
Portfolio turnover rate172
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/20554.45
%
Government National Mortgage Association, TBA, 5.50%, 07/01/20553.89
%
Government National Mortgage Association, TBA, 2.00%, 07/01/20553.74
%
Government National Mortgage Association, TBA, 2.50%, 07/01/20553.68
%
Government National Mortgage Association, TBA, 3.00%, 07/01/20552.85
%
Government National Mortgage Association, TBA, 5.00%, 07/01/20552.78
%
Federal Home Loan Mortgage Corp., 2.50%, 10/01/20512.77
%
Federal Home Loan Mortgage Corp., 5.50%, 11/01/20522.11
%
Federal Home Loan Mortgage Corp., 2.00%, 05/01/20512.07
%
Federal Home Loan Mortgage Corp., 2.50%, 04/01/20522.01
%
* Excluding money market fund holdings, if any.
Security type allocation

(% of total investments)

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, 2025
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
33
0.65
%
*
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
510,961,063
Total number of portfolio holdings674
Portfolio turnover rate172
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/20554.45
%
Government National Mortgage Association, TBA, 5.50%, 07/01/20553.89
%
Government National Mortgage Association, TBA, 2.00%, 07/01/20553.74
%
Government National Mortgage Association, TBA, 2.50%, 07/01/20553.68
%
Government National Mortgage Association, TBA, 3.00%, 07/01/20552.85
%
Government National Mortgage Association, TBA, 5.00%, 07/01/20552.78
%
Federal Home Loan Mortgage Corp., 2.50%, 10/01/20512.77
%
Federal Home Loan Mortgage Corp., 5.50%, 11/01/20522.11
%
Federal Home Loan Mortgage Corp., 2.00%, 05/01/20512.07
%
Federal Home Loan Mortgage Corp., 2.50%, 04/01/20522.01
%
* Excluding money market fund holdings, if any.
Security type allocation

(% of total investments)

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, 2025
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
31
0.61
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
510,961,063
Total number of portfolio holdings674
Portfolio turnover rate172
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/20554.45
%
Government National Mortgage Association, TBA, 5.50%, 07/01/20553.89
%
Government National Mortgage Association, TBA, 2.00%, 07/01/20553.74
%
Government National Mortgage Association, TBA, 2.50%, 07/01/20553.68
%
Government National Mortgage Association, TBA, 3.00%, 07/01/20552.85
%
Government National Mortgage Association, TBA, 5.00%, 07/01/20552.78
%
Federal Home Loan Mortgage Corp., 2.50%, 10/01/20512.77
%
Federal Home Loan Mortgage Corp., 5.50%, 11/01/20522.11
%
Federal Home Loan Mortgage Corp., 2.00%, 05/01/20512.07
%
Federal Home Loan Mortgage Corp., 2.50%, 04/01/20522.01
%
* Excluding money market fund holdings, if any.
Security type allocation

(% of total investments)

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, 2025
This semi-annual shareholder report contains important information about Invesco Quality Income Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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, 2025)
Fund net assets
$
510,961,063
Total number of portfolio holdings674
Portfolio turnover rate172
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/20554.45
%
Government National Mortgage Association, TBA, 5.50%, 07/01/20553.89
%
Government National Mortgage Association, TBA, 2.00%, 07/01/20553.74
%
Government National Mortgage Association, TBA, 2.50%, 07/01/20553.68
%
Government National Mortgage Association, TBA, 3.00%, 07/01/20552.85
%
Government National Mortgage Association, TBA, 5.00%, 07/01/20552.78
%
Federal Home Loan Mortgage Corp., 2.50%, 10/01/20512.77
%
Federal Home Loan Mortgage Corp., 5.50%, 11/01/20522.11
%
Federal Home Loan Mortgage Corp., 2.00%, 05/01/20512.07
%
Federal Home Loan Mortgage Corp., 2.50%, 04/01/20522.01
%
* Excluding money market fund holdings, if any.
Security type allocation

(% of total investments)

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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
21
0.41
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
360,026,538
Total number of portfolio holdings 25
Portfolio turnover rate 17
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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-A
Invesco Select Risk:
Conservative
Investor Fund
TSR_logo
Invesco Select Risk: Conservative Investor Fund
Class C: OCCIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
1.17
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
360,026,538
Total number of portfolio holdings 25
Portfolio turnover rate 17
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
34
0.67
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
360,026,538
Total number of portfolio holdings 25
Portfolio turnover rate 17
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
9
0.17
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
360,026,538
Total number of portfolio holdings 25
Portfolio turnover rate 17
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
4
0.07
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
360,026,538
Total number of portfolio holdings 25
Portfolio turnover rate 17
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
4
0.07
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
360,026,538
Total number of portfolio holdings 25
Portfolio turnover rate 17
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
22
0.42
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,008,822,183
Total number of portfolio holdings 25
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
1.17
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,008,822,183
Total number of portfolio holdings 25
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.67
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,008,822,183
Total number of portfolio holdings 25
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.32
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,008,822,183
Total number of portfolio holdings 25
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
9
0.17
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,008,822,183
Total number of portfolio holdings 25
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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, 2025)
Fund net assets
$
1,008,822,183
Total number of portfolio holdings 25
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
3
0.06
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,008,822,183
Total number of portfolio holdings 25
Portfolio turnover rate 24
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
18
0.35
%
*
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
852,504,683
Total number of portfolio holdings 25
Portfolio turnover rate 25
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
57
1.11
%
*
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
852,504,683
Total number of portfolio holdings 25
Portfolio turnover rate 25
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
31
0.61
%
*
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
852,504,683
Total number of portfolio holdings 25
Portfolio turnover rate 25
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.11
%
*
Annualized.
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
852,504,683
Total number of portfolio holdings 25
Portfolio turnover rate 25
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.06
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
852,504,683
Total number of portfolio holdings 25
Portfolio turnover rate 25
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: High Growth Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.06
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
852,504,683
Total number of portfolio holdings 25
Portfolio turnover rate 25
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.36
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,818,400,645
Total number of portfolio holdings 27
Portfolio turnover rate 23
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This
semi-annual shareholder report
contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025.
You can find additional information about the Fund at
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)
$
57
1.12
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,818,400,645
Total number of portfolio holdings 27
Portfolio turnover rate 23
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.62
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,818,400,645
Total number of portfolio holdings 27
Portfolio turnover rate 23
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.27
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,818,400,645
Total number of portfolio holdings 27
Portfolio turnover rate 23
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.12
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,818,400,645
Total number of portfolio holdings 27
Portfolio turnover rate 23
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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, 2025)
Fund net assets
$
1,818,400,645
Total number of portfolio holdings 27
Portfolio turnover rate 23
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderate Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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, 2025)
Fund net assets
$
1,818,400,645
Total number of portfolio holdings 27
Portfolio turnover rate 23
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.45
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
268,289,135
Total number of portfolio holdings 27
Portfolio turnover rate 22
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
1.20
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
268,289,135
Total number of portfolio holdings 27
Portfolio turnover rate 22
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
36
0.70
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
268,289,135
Total number of portfolio holdings 27
Portfolio turnover rate 22
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
18
0.35
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
268,289,135
Total number of portfolio holdings 27
Portfolio turnover rate 22
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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 p
roxy v
oting 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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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
0.20
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
268,289,135
Total number of portfolio holdings 27
Portfolio turnover rate 22
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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 votin
g info
rmation 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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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, 2025)
Fund net assets
$
268,289,135
Total number of portfolio holdings27
Portfolio turnover rate22
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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 Fun
d's pro
xy 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, 2025
This semi-annual shareholder report contains important information about Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
7
0.13
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
268,289,135
Total number of portfolio holdings 27
Portfolio turnover rate 22
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
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
. Add
itio
nally, 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, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
58
1.19
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,758,222,104
Total number of portfolio holdings 120
Portfolio turnover rate 46
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Carpenter Technology Corp. 1.72
%
Encompass Health Corp. 1.58
%
MACOM Technology Solutions Holdings, Inc. 1.51
%
Clean Harbors, Inc. 1.48
%
CyberArk Software Ltd. 1.47
%
Ollie's Bargain Outlet Holdings, Inc. 1.43
%
Q2 Holdings, Inc. 1.43
%
RBC Bearings, Inc. 1.38
%
Shake Shack, Inc., Class A 1.35
%
Insmed, Inc. 1.35
%
* 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
ca
n 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, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
93
1.92
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,758,222,104
Total number of portfolio holdings 120
Portfolio turnover rate 46
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Carpenter Technology Corp. 1.72
%
Encompass Health Corp. 1.58
%
MACOM Technology Solutions Holdings, Inc. 1.51
%
Clean Harbors, Inc. 1.48
%
CyberArk Software Ltd. 1.47
%
Ollie's Bargain Outlet Holdings, Inc. 1.43
%
Q2 Holdings, Inc. 1.43
%
RBC Bearings, Inc. 1.38
%
Shake Shack, Inc., Class A 1.35
%
Insmed, Inc. 1.35
%
* 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, incl
udin
g 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, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
70
1.44
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,758,222,104
Total number of portfolio holdings 120
Portfolio turnover rate 46
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Carpenter Technology Corp. 1.72
%
Encompass Health Corp. 1.58
%
MACOM Technology Solutions Holdings, Inc. 1.51
%
Clean Harbors, Inc. 1.48
%
CyberArk Software Ltd. 1.47
%
Ollie's Bargain Outlet Holdings, Inc. 1.43
%
Q2 Holdings, Inc. 1.43
%
RBC Bearings, Inc. 1.38
%
Shake Shack, Inc., Class A 1.35
%
Insmed, Inc. 1.35
%
* 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
info
rmation 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, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
46
0.94
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,758,222,104
Total number of portfolio holdings 120
Portfolio turnover rate 46
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Carpenter Technology Corp. 1.72
%
Encompass Health Corp. 1.58
%
MACOM Technology Solutions Holdings, Inc. 1.51
%
Clean Harbors, Inc. 1.48
%
CyberArk Software Ltd. 1.47
%
Ollie's Bargain Outlet Holdings, Inc. 1.43
%
Q2 Holdings, Inc. 1.43
%
RBC Bearings, Inc. 1.38
%
Shake Shack, Inc., Class A 1.35
%
Insmed, Inc. 1.35
%
* 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-Y
Invesco Small Cap Growth Fund
TSR_logo
Invesco Small Cap Growth Fund
Investor Class: GTSIX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
55
1.13
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,758,222,104
Total number of portfolio holdings 120
Portfolio turnover rate 46
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Carpenter Technology Corp. 1.72
%
Encompass Health Corp. 1.58
%
MACOM Technology Solutions Holdings, Inc. 1.51
%
Clean Harbors, Inc. 1.48
%
CyberArk Software Ltd. 1.47
%
Ollie's Bargain Outlet Holdings, Inc. 1.43
%
Q2 Holdings, Inc. 1.43
%
RBC Bearings, Inc. 1.38
%
Shake Shack, Inc., Class A 1.35
%
Insmed, Inc. 1.35
%
* 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, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
41
0.83
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,758,222,104
Total number of portfolio holdings 120
Portfolio turnover rate 46
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Carpenter Technology Corp. 1.72
%
Encompass Health Corp. 1.58
%
MACOM Technology Solutions Holdings, Inc. 1.51
%
Clean Harbors, Inc. 1.48
%
CyberArk Software Ltd. 1.47
%
Ollie's Bargain Outlet Holdings, Inc. 1.43
%
Q2 Holdings, Inc. 1.43
%
RBC Bearings, Inc. 1.38
%
Shake Shack, Inc., Class A 1.35
%
Insmed, Inc. 1.35
%
* 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, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Growth Fund (the “Fund”) for the period January 1, 2025 to June 30, 2025. You can find additional information about the Fund at
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)
$
37
0.76
%
*
Annualized.
What Are Key Statistics About The Fund?
(as of June 30, 2025)
Fund net assets
$
1,758,222,104
Total number of portfolio holdings 120
Portfolio turnover rate 46
%
What Comprised The Fund's Holdings?
(as of June 30, 2025)
Top ten holdings*

(% of net assets)
Carpenter Technology Corp. 1.72
%
Encompass Health Corp. 1.58
%
MACOM Technology Solutions Holdings, Inc. 1.51
%
Clean Harbors, Inc. 1.48
%
CyberArk Software Ltd. 1.47
%
Ollie's Bargain Outlet Holdings, Inc. 1.43
%
Q2 Holdings, Inc. 1.43
%
RBC Bearings, Inc. 1.38
%
Shake Shack, Inc., Class A 1.35
%
Insmed, Inc. 1.35
%
* 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, 2025
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, 2025
(Unaudited) 
Invesco Active Allocation Fund
Schedule of Investments in Affiliated Issuers–99.84%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/25
Value
06/30/25
Alternative Funds–1.95%
Invesco Global Real Estate Income Fund,
Class R6
1.95
%
$45,278,775
$725,454
$(8,662,155
)
$1,351,394
$(844,520
)
$725,454
4,661,200
$37,848,948
Invesco Macro Allocation Strategy Fund,
Class R6
46,153,483
414,063
(46,995,150
)
7,973,637
(7,546,033
)
414,063
Total Alternative Funds
91,432,258
1,139,517
(55,657,305
)
9,325,031
(8,390,553
)
1,139,517
37,848,948
Domestic Equity Funds–56.46%
Invesco Discovery Mid Cap Growth Fund,
Class R6
6.72
%
109,714,684
19,216,370
(6,383,692
)
8,188,601
(238,264
)
3,639,088
130,497,699
Invesco Main Street Small Cap Fund,
Class R6
6.28
%
110,878,231
13,589,453
(6,117,699
)
3,914,211
(166,119
)
5,404,961
122,098,077
Invesco NASDAQ 100 ETF(b)
13.02
%
195,290,865
58,785,829
(24,883,927
)
21,632,414
2,161,948
641,857
1,113,990
252,987,129
Invesco Russell 1000® Dynamic
Multifactor ETF
13.82
%
265,360,134
32,673,856
(49,576,830
)
14,809,107
5,234,100
962,419
4,646,943
268,500,367
Invesco S&P 500 Revenue ETF
11.33
%
218,341,987
(3,927,603
)
5,857,909
(30,272
)
1,424,547
2,111,823
220,242,021
Invesco S&P 500® Pure Value ETF
165,907,737
(171,107,896
)
(11,292,246
)
16,492,405
Invesco S&P 500® Top 50 ETF
40,512,262
(34,151,967
)
(6,360,295
)
72,096
Invesco Value Opportunities Fund,
Class R6
5.29
%
91,850,678
11,976,159
(6,790,570
)
5,904,455
(113,299
)
4,525,855
102,827,423
Total Domestic Equity Funds
939,002,329
395,095,916
(302,940,184
)
49,014,451
16,980,204
3,100,919
1,097,152,716
Fixed Income Funds–17.89%
Invesco Core Bond Fund, Class R6
8.85
%
196,713,917
10,350,101
(37,159,881
)
2,394,535
(215,986
)
4,188,476
30,403,301
172,082,686
Invesco Core Plus Bond Fund, Class R6
4.73
%
94,717,141
5,362,595
(9,274,777
)
3,517,060
(2,484,796
)
2,261,104
9,971,468
91,837,223
Invesco Dynamic Credit Opportunity Fund,
Class R6
0.14
%
2,672,680
22,027
110,279
251,138
2,694,707
Invesco Emerging Markets Sovereign Debt
ETF
0.34
%
11,506,025
(4,956,537
)
338,527
(338,034
)
294,801
320,606
6,549,981
Invesco Equal Weight 0-30 Year Treasury
ETF
48,867,402
(48,884,121
)
7,451,144
(7,434,425
)
454,613
Invesco Floating Rate ESG Fund, Class R6
0.93
%
24,480,143
927,821
(6,695,964
)
(221,719
)
(374,130
)
927,766
2,765,825
18,116,151
Invesco High Yield Fund, Class R6
1.39
%
23,923,978
3,016,149
91,949
869,344
7,636,180
27,032,076
Invesco Variable Rate Investment Grade
ETF
1.51
%
41,952,925
(12,473,678
)
(69,747
)
(99,221
)
899,927
1,170,071
29,310,279
Total Fixed Income Funds
442,161,531
22,329,346
(119,444,958
)
13,523,776
(10,946,592
)
10,006,310
347,623,103
International and Global Equity Funds–22.98%
Invesco EQV Emerging Markets All Cap
Fund, Class R6
1.71
%
26,953,420
2,610,347
3,689,889
912,559
33,253,656
Invesco Developing Markets Fund,
Class R6
0.60
%
22,274,183
(11,104,522
)
(5,962,108
)
6,437,430
275,425
11,644,983
Invesco Global Fund, Class R6
8.15
%
135,280,248
14,728,062
(5,478,692
)
13,931,060
(17,391
)
1,518,820
158,443,287
Invesco Global Infrastructure Fund,
Class R6
19,345,651
2,109,009
(19,770,572
)
(2,214,341
)
2,587,293
51,969
Invesco International Developed Dynamic
Multifactor ETF(b)
3.17
%
52,046,073
5,040,119
(5,205,416
)
9,703,930
15,805
793,834
2,225,452
61,600,511
Invesco International Small-Mid Company
Fund, Class R6
4.35
%
73,180,712
5,467,778
(8,168,233
)
14,726,374
(767,442
)
1,960,055
84,439,189
Invesco Oppenheimer International
Growth Fund, Class R6
1.41
%
22,400,524
1,820,327
3,197,632
770,399
27,418,483
Invesco RAFI Developed Markets ex-U.S.
ETF
3.59
%
61,610,150
8,059,382
(12,563,299
)
11,811,345
890,040
1,394,099
1,215,737
69,807,618
Total International and Global Equity
Funds
413,090,961
39,835,024
(62,290,734
)
48,883,781
9,145,735
2,239,902
446,607,727
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–99.84%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/25
Value
06/30/25
Money Market Funds–0.56%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(c)
0.20
%
$2,201,254
$52,037,389
$(50,403,488
)
$
$
$74,130
3,835,156
$3,835,155
Invesco Treasury Portfolio, Institutional
Class, 4.23%(c)
0.36
%
4,087,929
96,640,866
(93,606,479
)
136,660
7,122,316
7,122,316
Total Money Market Funds
6,289,183
148,678,255
(144,009,967
)
210,790
10,957,471
TOTAL INVESTMENTS IN AFFILIATED
ISSUERS (excluding investments
purchased with cash collateral from
securities on loan)
(Cost $1,547,148,692)
99.84
%
1,891,976,262
607,078,058
(684,343,148
)
120,747,039
6,788,794
16,697,438
1,940,189,965
 
Investments Purchased with
Cash Collateral from
Securities on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–0.07%
Invesco Private Government Fund,
4.34%(c)(d)
0.02
%
2,899,632
146,750,142
(149,281,624
)
61,636
(e)
368,150
368,150
Invesco Private Prime Fund, 4.49%(c)(d)
0.05
%
7,484,757
295,428,304
(301,979,386
)
66
(127
)
150,473
(e)
933,334
933,614
Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $1,301,698)
0.07
%
10,384,389
442,178,446
(451,261,010
)
66
(127
)
212,109
1,301,764
TOTAL INVESTMENTS IN AFFILIATED
ISSUERS (Cost $1,548,450,390) 
99.91
%
$1,902,360,651
$1,049,256,504
$(1,135,604,158
)
$120,747,105
$6,788,667
(f)
$16,909,547
$1,941,491,729
OTHER ASSETS LESS LIABILITIES
0.09
%
1,778,242
NET ASSETS
100.00
%
$1,943,269,971
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, 2025.
(c)
The rate shown is the 7-day SEC standardized yield as of June 30, 2025.
(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.
(f)
Includes capital gains distributions from affiliated underlying funds as follows:
 
Fund Name
Capital Gain
Invesco Global Infrastructure Fund
$2,057,040
 
Open Futures Contracts(a)
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes
445
September-2025
$49,895,625
$997,030
$997,030
Short Futures Contracts
 
 
 
 
 
Equity Risk
E-Mini S&P 500 Index
10
September-2025
(3,126,875
)
(110,843
)
(110,843
)
MSCI Emerging Markets Index
160
September-2025
(9,868,000
)
(203,451
)
(203,451
)
Nikkei 225 Index
1
September-2025
(281,310
)
(17,142
)
(17,142
)
S&P/TSX 60 Index
1
September-2025
(234,992
)
(3,071
)
(3,071
)
SPI 200 Index
1
September-2025
(140,466
)
279
279
STOXX Europe 600 Index
27
September-2025
(862,860
)
8,373
8,373
Subtotal—Short Futures Contracts
(325,855
)
(325,855
)
Total Futures Contracts
$671,175
$671,175
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Active Allocation Fund

(a)
Futures contracts collateralized by $1,688,389 cash held with Merrill Lynch International, the futures commission merchant.
 
Open Forward Foreign Currency Contracts
Settlement
Date
Counterparty
Contract to
Unrealized
Appreciation
(Depreciation)
Deliver
Receive
Currency Risk
 
 
 
09/17/2025
Barclays Bank PLC
USD
1,159,050
CHF
930,000
$24,352
09/17/2025
Barclays Bank PLC
USD
52,513
DKK
340,000
1,476
09/17/2025
Deutsche Bank AG
PHP
277,080,000
USD
4,953,961
42,001
09/17/2025
Deutsche Bank AG
USD
11,281,070
AUD
17,250,000
90,011
09/17/2025
Deutsche Bank AG
USD
768,738
CNY
5,475,000
924
09/17/2025
Deutsche Bank AG
USD
5,641,440
IDR
92,367,300,000
62,358
09/17/2025
Deutsche Bank AG
USD
10,343,488
INR
890,565,000
10,657
09/17/2025
Deutsche Bank AG
USD
576,179
KRW
776,510,000
445
09/17/2025
Deutsche Bank AG
USD
5,332,614
PLN
19,710,000
125,859
09/17/2025
Deutsche Bank AG
USD
5,120,844
TWD
150,455,000
143,686
09/17/2025
Goldman Sachs International
HKD
700,000
USD
89,881
125
09/17/2025
Goldman Sachs International
NOK
7,590,000
USD
763,329
9,955
09/17/2025
Goldman Sachs International
SEK
108,100,000
USD
11,508,050
24,511
09/17/2025
Goldman Sachs International
USD
573,704
CZK
12,250,000
11,275
09/17/2025
Goldman Sachs International
USD
768,509
EUR
660,000
12,892
09/03/2025
J.P. Morgan Chase Bank, N.A.
USD
6,492,954
BRL
38,165,000
424,239
09/17/2025
J.P. Morgan Chase Bank, N.A.
USD
8,795,298
EUR
7,635,000
244,100
09/17/2025
J.P. Morgan Chase Bank, N.A.
USD
6,559,967
SEK
62,370,000
65,641
09/17/2025
Merrill Lynch International
USD
352,603
CNY
2,510,000
246
09/17/2025
Merrill Lynch International
USD
7,054,134
GBP
5,190,000
73,408
09/17/2025
Merrill Lynch International
USD
6,434,378
MXN
124,735,000
159,356
09/17/2025
Merrill Lynch International
USD
5,471,598
SGD
6,995,000
60,520
09/17/2025
Merrill Lynch International
USD
554,988
ZAR
9,935,000
3,068
09/17/2025
Morgan Stanley and Co. International PLC
USD
5,422,000
COP
22,703,000,000
76,745
09/17/2025
Morgan Stanley and Co. International PLC
USD
1,281,777
MYR
5,395,000
1,983
09/17/2025
Morgan Stanley and Co. International PLC
USD
95,289
PLN
360,000
4,409
09/17/2025
UBS AG
JPY
562,730,000
USD
3,956,835
15,336
Subtotal—Appreciation
1,689,578
Currency Risk
 
 
 
09/17/2025
Barclays Bank PLC
CAD
6,495,000
USD
4,778,972
(9,011
)
09/17/2025
Barclays Bank PLC
USD
6,123,479
NOK
61,660,000
(3,184
)
09/17/2025
BNP Paribas S.A.
AUD
7,660,000
USD
5,000,024
(49,395
)
09/17/2025
BNP Paribas S.A.
MXN
111,870,000
USD
5,851,303
(62,363
)
09/17/2025
Deutsche Bank AG
CLP
240,300,000
USD
257,543
(354
)
09/17/2025
Deutsche Bank AG
HUF
6,610,000
USD
18,593
(812
)
09/17/2025
Deutsche Bank AG
KRW
3,718,360,000
USD
2,750,734
(10,458
)
09/17/2025
Deutsche Bank AG
TWD
163,280,000
USD
5,672,399
(40,887
)
09/17/2025
Deutsche Bank AG
USD
960,237
CAD
1,300,000
(1,903
)
09/17/2025
Deutsche Bank AG
USD
4,964,311
PHP
276,810,000
(57,137
)
09/17/2025
J.P. Morgan Chase Bank, N.A.
CHF
4,315,000
USD
5,323,396
(167,334
)
09/17/2025
J.P. Morgan Chase Bank, N.A.
CZK
126,580,000
USD
5,846,368
(198,256
)
09/17/2025
Morgan Stanley and Co. International PLC
THB
181,855,000
USD
5,599,415
(27,069
)
09/17/2025
UBS AG
NZD
8,885,000
USD
5,390,476
(39,300
)
Subtotal—Depreciation
(667,463
)
Total Forward Foreign Currency Contracts
$1,022,115
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Active Allocation Fund

Open Centrally Cleared Credit Default Swap Agreements(a)
Reference Entity
Buy/Sell
Protection
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity Date
Implied
Credit
Spread(b)
Notional Value
Upfront
Payments Paid
(Received)
Value
Unrealized
Appreciation
(Depreciation)
Credit Risk
Markit CDX North America High Yield
Index, Series 42, Version 1
Sell
5.00%
Quarterly
06/20/2029
2.785%
USD
13,500,000
$747,197
$1,036,598
$289,401
Credit Risk
Markit CDX North America Investment
Grade Index, Series 42, Version 1
Buy
(1.00)
Quarterly
06/20/2029
0.400
USD
187,000,000
(3,376,680
)
(4,170,474
)
(793,794
)
Total Centrally Cleared Credit Default Swap Agreements
 
$(2,629,483
)
$(3,133,876
)
$(504,393
)
 
(a)
Centrally cleared swap agreements collateralized by $1,578,582 cash held with J.P. Morgan Chase Bank, N.A.
(b)
Implied credit spreads represent the current level, as of June 30, 2025, at which protection could be bought or sold given the terms of the existing credit default
swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread
that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference
entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads
may increase or decrease reflecting the general tolerance for risk in the credit markets generally.
 
Abbreviations:
AUD
—Australian Dollar
BRL
—Brazilian Real
CAD
—Canadian Dollar
CHF
—Swiss Franc
CLP
—Chile Peso
CNY
—Chinese Yuan Renminbi
COP
—Colombia Peso
CZK
—Czech Koruna
DKK
—Danish Krone
EUR
—Euro
GBP
—British Pound Sterling
HKD
—Hong Kong Dollar
HUF
—Hungarian Forint
IDR
—Indonesian Rupiah
INR
—Indian Rupee
JPY
—Japanese Yen
KRW
—South Korean Won
MXN
—Mexican Peso
MYR
—Malaysian Ringgit
NOK
—Norwegian Krone
NZD
—New Zealand Dollar
PHP
—Philippines Peso
PLN
—Polish Zloty
SEK
—Swedish Krona
SGD
—Singapore Dollar
THB
—Thai Baht
TWD
—New Taiwan Dollar
USD
—U.S. Dollar
ZAR
—South African Rand
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Active Allocation Fund

Statement of Assets and Liabilities
June 30, 2025
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $1,548,450,390)*
$1,941,491,729
Other investments:
Variation margin receivable — futures contracts
105,130
Unrealized appreciation on forward foreign currency
contracts outstanding
1,689,578
Deposits with brokers:
Cash collateral — exchange-traded futures contracts
1,688,389
Cash collateral — centrally cleared swap agreements
1,578,582
Receivable for:
Fund shares sold
820,773
Dividends - affiliated underlying funds
1,457,270
Investment for trustee deferred compensation and
retirement plans
120,674
Other assets
106,255
Total assets
1,949,058,380
Liabilities:
Other investments:
Variation margin payable — centrally cleared swap
agreements
31,028
Unrealized depreciation on forward foreign currency
contracts outstanding
667,463
Payable for:
Investments purchased - affiliated underlying funds
1,371,563
Dividends
53
Fund shares reacquired
1,312,141
Amount due custodian
808
Collateral upon return of securities loaned
1,301,698
Accrued fees to affiliates
801,538
Accrued trustees’ and officers’ fees and benefits
28,224
Accrued other operating expenses
153,219
Trustee deferred compensation and retirement plans
120,674
Total liabilities
5,788,409
Net assets applicable to shares outstanding
$1,943,269,971
Net assets consist of:
Shares of beneficial interest
$1,489,503,382
Distributable earnings
453,766,589
 
$1,943,269,971
Net Assets:
Class A
$1,630,081,234
Class C
$132,114,982
Class R
$153,508,965
Class Y
$26,203,463
Class R5
$40,438
Class R6
$1,320,889
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
111,356,018
Class C
9,323,172
Class R
10,580,539
Class Y
1,751,808
Class R5
2,765
Class R6
90,317
Class A:
Net asset value per share
$14.64
Maximum offering price per share
(Net asset value of $14.64 ÷ 94.50%)
$15.49
Class C:
Net asset value and offering price per share
$14.17
Class R:
Net asset value and offering price per share
$14.51
Class Y:
Net asset value and offering price per share
$14.96
Class R5:
Net asset value and offering price per share
$14.62
Class R6:
Net asset value and offering price per share
$14.63
 
*
At June 30, 2025, securities with an aggregate value of $1,277,685
were on loan to brokers.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco Active Allocation Fund

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $29,564)
$16,727,002
Interest
197,128
Total investment income
16,924,130
Expenses:
Advisory fees
793,703
Administrative services fees
132,760
Distribution fees:
Class A
1,842,697
Class C
653,295
Class R
370,730
Transfer agent fees — A, C, R and Y
889,523
Transfer agent fees — R5
3
Transfer agent fees — R6
65
Trustees’ and officers’ fees and benefits
7,679
Registration and filing fees
59,102
Reports to shareholders
42,905
Professional services fees
27,286
Other
2,743
Total expenses
4,822,491
Less: Fees waived and/or expense offset arrangement(s)
(50,843
)
Net expenses
4,771,648
Net investment income
12,152,482
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares
4,731,627
Capital gain distributions from affiliated underlying fund shares
2,057,040
Foreign currencies
2,194
Forward foreign currency contracts
2,984,378
Futures contracts
(1,435,688
)
Swap agreements
(274,694
)
 
8,064,857
Change in net unrealized appreciation (depreciation) of:
Affiliated underlying fund shares
120,747,105
Foreign currencies
(2,837
)
Forward foreign currency contracts
641,491
Futures contracts
991,003
Swap agreements
(340,179
)
 
122,036,583
Net realized and unrealized gain
130,101,440
Net increase in net assets resulting from operations
$142,253,922
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Active Allocation Fund

Statement of Changes in Net Assets
For the six months ended June 30, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30,
2025
December 31,
2024
Operations:
 
 
Net investment income
$12,152,482
$35,662,954
Net realized gain
8,064,857
93,208,303
Change in net unrealized appreciation
122,036,583
50,204,393
Net increase in net assets resulting from operations
142,253,922
179,075,650
Distributions to shareholders from distributable earnings:
Class A
(86,863,640
)
Class C
(6,798,070
)
Class R
(8,051,100
)
Class Y
(1,489,956
)
Class R5
(673
)
Class R6
(32,314
)
Total distributions from distributable earnings
(103,235,753
)
Share transactions–net:
Class A
(70,699,140
)
(70,882,563
)
Class C
(15,518,813
)
(27,547,796
)
Class R
(10,697,102
)
1,349,418
Class Y
(2,085,617
)
(758,211
)
Class R5
27,452
(274,718
)
Class R6
693,261
501,543
Net increase (decrease) in net assets resulting from share transactions
(98,279,959
)
(97,612,327
)
Net increase (decrease) in net assets
43,973,963
(21,772,430
)
Net assets:
Beginning of period
1,899,296,008
1,921,068,438
End of period
$1,943,269,971
$1,899,296,008
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 06/30/25
$13.57
$0.09
$0.98
$1.07
$
$
$
$14.64
7.89
%(e)
$1,630,081
0.46
%(e)(f)
0.46
%(e)(f)
1.37
%(e)(f)
24
%
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
Year ended 12/31/20
14.66
0.13
1.76
1.89
(0.14
)
(1.71
)
(1.85
)
14.70
13.04
(e)
1,973,119
0.44
(e)
0.48
(e)
0.94
(e)
70
Class C
Six months ended 06/30/25
13.19
0.04
0.94
0.98
14.17
7.43
132,115
1.22
(f)
1.22
(f)
0.61
(f)
24
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
Year ended 12/31/20
14.35
0.02
1.70
1.72
(0.02
)
(1.71
)
(1.73
)
14.34
12.18
263,343
1.20
1.24
0.18
70
Class R
Six months ended 06/30/25
13.47
0.08
0.96
1.04
14.51
7.72
153,509
0.72
(f)
0.72
(f)
1.11
(f)
24
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
Year ended 12/31/20
14.58
0.09
1.74
1.83
(0.10
)
(1.71
)
(1.81
)
14.60
12.70
147,675
0.70
0.74
0.68
70
Class Y
Six months ended 06/30/25
13.85
0.11
1.00
1.11
14.96
8.01
26,203
0.22
(f)
0.22
(f)
1.61
(f)
24
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
Year ended 12/31/20
14.88
0.17
1.77
1.94
(0.17
)
(1.71
)
(1.88
)
14.94
13.22
28,284
0.20
0.24
1.18
70
Class R5
Six months ended 06/30/25
13.54
0.11
0.97
1.08
14.62
7.98
40
0.14
(f)
0.14
(f)
1.69
(f)
24
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
Year ended 12/31/20
14.65
0.17
1.75
1.92
(0.18
)
(1.71
)
(1.89
)
14.68
13.29
10
0.18
0.22
1.20
70
Class R6
Six months ended 06/30/25
13.53
0.12
0.98
1.10
14.63
8.13
1,321
0.13
(f)
0.13
(f)
1.70
(f)
24
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
Year ended 12/31/20
14.65
0.17
1.75
1.92
(0.19
)
(1.71
)
(1.90
)
14.67
13.25
10
0.17
0.22
1.21
70
 
(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 0.52%, 0.52%, 0.52%, 0.53%, 0.53% and 0.63% for the six months ended June 30, 2025 and the years ended
December 31, 2024, 2023, 2022, 2021 and 2020, respectively.
(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, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, 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, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Active Allocation Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek total return.
The Fund is a “fund of funds”, in that it invests in other mutual funds advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds ("ETFs") and other pooled investment vehicles advised by Invesco Capital Management LLC (“Invesco Capital”) or mutual funds, ETFs and other pooled investment vehicles advised by unaffiliated advisers (“underlying funds”). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
10
Invesco Active Allocation Fund

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
H.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making
11
Invesco Active Allocation Fund

decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
J.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.
The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $762 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.
K.
Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
L.
Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.
The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).
A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
M.
Futures ContractsThe Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would
12
Invesco Active Allocation Fund

continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.
N.
Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s net asset value ("NAV") per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.
Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index.
In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.” Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.
A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.
Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.
An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.
Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. Cash held as collateral is recorded as deposits with brokers on the Statement of Assets and Liabilities. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations, which could result in the Fund accruing additional expenses. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Additionally, an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) includes credit related contingent features which allow Counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event that, for example, the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the Counterparty. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund’s exposure is unlimited.
Notional amounts of each individual credit default swap agreement outstanding as of June 30, 2025, if any, for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.
O.
Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.
P.
Other Risks - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small
13
Invesco Active Allocation Fund

number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.
Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede an underlying Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows: 
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, 2025, the effective advisory fee rate incurred by the Fund was 0.09%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.
The Adviser has agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary limits.
Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.
For the six months ended June 30, 2025, the Adviser waived advisory fees of $5,716.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the
14
Invesco Active Allocation Fund

shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $75,949 in front-end sales commissions from the sale of Class A shares and $4,408 and $3,649 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Affiliated Issuers
$1,929,232,494
$
$
$1,929,232,494
Money Market Funds
10,957,471
1,301,764
12,259,235
Total Investments in Securities
1,940,189,965
1,301,764
1,941,491,729
Other Investments - Assets*
Futures Contracts
1,005,682
1,005,682
Forward Foreign Currency Contracts
1,689,578
1,689,578
Swap Agreements
289,401
289,401
 
1,005,682
1,978,979
2,984,661
Other Investments - Liabilities*
Futures Contracts
(334,507
)
(334,507
)
Forward Foreign Currency Contracts
(667,463
)
(667,463
)
Swap Agreements
(793,794
)
(793,794
)
 
(334,507
)
(1,461,257
)
(1,795,764
)
Total Other Investments
671,175
517,722
1,188,897
Total Investments
$1,940,861,140
$1,819,486
$
$1,942,680,626
 
*
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, 2025: 
 
Value
Derivative Assets
Credit
Risk
Currency
Risk
Equity
Risk
Interest
Rate Risk
Total
Unrealized appreciation on futures contracts —Exchange-Traded(a)
$
$
$8,652
$997,030
$1,005,682
Unrealized appreciation on swap agreements — Centrally Cleared(a)
289,401
289,401
Unrealized appreciation on forward foreign currency contracts outstanding
1,689,578
1,689,578
Total Derivative Assets
289,401
1,689,578
8,652
997,030
2,984,661
Derivatives not subject to master netting agreements
(289,401
)
(8,652
)
(997,030
)
(1,295,083
)
Total Derivative Assets subject to master netting agreements
$
$1,689,578
$
$
$1,689,578
 
 
Value
Derivative Liabilities
Credit
Risk
Currency
Risk
Equity
Risk
Total
Unrealized depreciation on futures contracts —Exchange-Traded(a)
$
$
$(334,507
)
$(334,507
)
Unrealized depreciation on swap agreements — Centrally Cleared(a)
(793,794
)
(793,794
)
Unrealized depreciation on forward foreign currency contracts outstanding
(667,463
)
(667,463
)
Total Derivative Liabilities
(793,794
)
(667,463
)
(334,507
)
(1,795,764
)
Derivatives not subject to master netting agreements
793,794
334,507
1,128,301
Total Derivative Liabilities subject to master netting agreements
$
$(667,463
)
$
$(667,463
)
 
(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, 2025. 
 
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
Barclays Bank PLC
$25,828
$(12,195
)
$13,633
$
$
$13,633
BNP Paribas S.A.
(111,758
)
(111,758
)
(111,758
)
Deutsche Bank AG
475,941
(111,551
)
364,390
364,390
Goldman Sachs International
58,758
58,758
58,758
J.P. Morgan Chase Bank, N.A.
733,980
(365,590
)
368,390
368,390
Merrill Lynch International
296,598
296,598
296,598
Morgan Stanley and Co. International PLC
83,137
(27,069
)
56,068
56,068
UBS AG
15,336
(39,300
)
(23,964
)
(23,964
)
Total
$1,689,578
$(667,463
)
$1,022,115
$
$
$1,022,115
Effect of Derivative Investments for the six months ended June 30, 2025
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain (Loss) on
Statement of Operations
 
Credit
Risk
Currency
Risk
Equity
Risk
Interest
Rate Risk
Total
Realized Gain (Loss):
Forward foreign currency contracts
$-
$2,984,378
$-
$-
$2,984,378
Futures contracts
-
-
(1,317,057
)
(118,631
)
(1,435,688
)
Swap agreements
(274,694
)
-
-
-
(274,694
)
Change in Net Unrealized Appreciation (Depreciation):
Forward foreign currency contracts
-
641,491
-
-
641,491
Futures contracts
-
-
(634,725
)
1,625,728
991,003
Swap agreements
(340,179
)
-
-
-
(340,179
)
Total
$(614,873
)
$3,625,869
$(1,951,782
)
$1,507,097
$2,566,311
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
$134,704,902
$73,314,057
$200,500,000
 
NOTE 5—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $45,127.
NOTE 6—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 7—Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank.  Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 8—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund did not have a capital loss carryforward as of December 31, 2024.
NOTE 9—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $458,399,803 and $540,315,485, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments
$405,738,367
Aggregate unrealized (depreciation) of investments
(17,834,884
)
Net unrealized appreciation of investments
$387,903,483
Cost of investments for tax purposes is $1,554,777,143.
NOTE 10—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
3,357,981
$46,113,574
6,949,657
$96,090,726
Class C
689,702
9,196,743
1,530,311
20,538,427
Class R
797,277
10,831,307
1,357,793
18,535,996
Class Y
226,675
3,163,881
743,875
10,437,707
Class R5
1,955
27,452
-
-
Class R6
73,591
1,026,566
35,045
474,932
17
Invesco Active Allocation Fund

 
Summary of Share Activity
 
Six months ended
June 30, 2025
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Issued as reinvestment of dividends:
Class A
-
$-
6,291,608
$85,251,366
Class C
-
-
512,724
6,752,537
Class R
-
-
595,777
8,007,245
Class Y
-
-
96,432
1,332,685
Class R6
-
-
2,349
31,731
Automatic conversion of Class C shares to Class A shares:
Class A
738,516
10,191,689
1,621,525
22,319,755
Class C
(761,429
)
(10,191,689
)
(1,672,251
)
(22,319,755
)
Reacquired:
Class A
(9,258,054
)
(127,004,403
)
(19,825,100
)
(274,544,410
)
Class C
(1,088,999
)
(14,523,867
)
(2,420,586
)
(32,519,005
)
Class R
(1,589,629
)
(21,528,409
)
(1,835,617
)
(25,193,823
)
Class Y
(370,842
)
(5,249,498
)
(881,137
)
(12,528,603
)
Class R5
-
-
(21,205
)
(274,718
)
Class R6
(24,484
)
(333,305
)
(355
)
(5,120
)
Net increase (decrease) in share activity
(7,207,740
)
$(98,279,959
)
(6,919,155
)
$(97,612,327
)
18
Invesco Active Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Active Allocation Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as
part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,
internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Active Allocation Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management and investment process in 2024. The Board considered that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain investment factors within the equity market as well as to certain
19
Invesco Active Allocation Fund

segments of the fixed income asset class, negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.
C.
Advisory and Sub-Advisory Fees and Fund Expenses
The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were below and reasonably comparable to, respectively, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term “contractual management fee” and “actual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board considered that the implementation of the unique tactical allocation strategy employed by Invesco in managing the Fund represents services that are in addition to, rather than duplicative of, services provided by Invesco to the underlying affiliated funds in which the Fund invests.
The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.
D.
Economies of Scale and Breakpoints
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally
operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.
E.
Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.
F.
Collateral Benefits to Invesco Advisers and its Affiliates
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.
The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with
Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.
The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.
The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.
20
Invesco Active Allocation Fund

Other Information Required in Form N-CSR (Items 8-11)
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, 2025
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, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes–75.26%
Aerospace & Defense–0.67%
Rocket Lab USA, Inc., Conv., 4.25%,
02/01/2029(b)
 
$250,000
$1,756,875
TransDigm, Inc., 6.38%,
03/01/2029(b)
 
3,000,000
3,081,575
 
 
4,838,450
Alternative Carriers–0.83%
AST SpaceMobile, Inc., Conv., 4.25%,
03/01/2032(b)
 
3,000,000
5,957,531
Apparel Retail–0.72%
Burlington Stores, Inc., Conv., 1.25%,
12/15/2027
 
4,005,000
5,184,473
Application Software–7.08%
Core Scientific, Inc., Conv., 3.00%,
09/01/2029(b)
 
1,700,000
2,934,200
Guidewire Software, Inc., Conv.,
1.25%, 11/01/2029(b)
 
9,075,000
10,722,113
Life360, Inc., Conv., 0.00%,
06/01/2030(b)(c)
 
2,500,000
2,651,563
MARA Holdings, Inc., Conv., 2.13%,
03/01/2029(b)(d)
 
2,300,000
2,453,832
MicroStrategy, Inc., Conv., 0.63%,
09/15/2027(b)(d)
 
6,925,000
16,180,262
Nutanix, Inc., Conv., 0.25%,
10/01/2027
 
5,125,000
7,236,500
Tyler Technologies, Inc., Conv.,
0.25%, 03/15/2026
 
5,525,000
6,817,850
Vertex, Inc., Conv., 0.75%,
05/01/2029
 
1,750,000
2,100,906
 
 
51,097,226
Automobile Manufacturers–2.06%
Ford Motor Credit Co. LLC, 7.35%,
11/04/2027
 
4,000,000
4,155,415
Rivian Automotive, Inc., Conv.,
4.63%, 03/15/2029
 
10,500,000
10,703,438
 
 
14,858,853
Biotechnology–5.33%
Alnylam Pharmaceuticals, Inc., Conv.,
1.00%, 09/15/2027
 
4,270,000
5,557,405
Ascendis Pharma A/S (Denmark),
Conv., 2.25%, 04/01/2028
 
2,000,000
2,507,952
BridgeBio Pharma, Inc., Conv., 1.75%,
03/01/2031(b)
 
4,257,000
4,974,304
Exact Sciences Corp., Conv., 2.00%,
03/01/2030(b)
 
3,000,000
3,045,000
Halozyme Therapeutics, Inc., Conv.,
1.00%, 08/15/2028
 
6,500,000
7,416,500
Jazz Investments I Ltd., Conv.,
3.13%, 09/15/2030(b)
 
7,075,000
7,534,875
Mirum Pharmaceuticals, Inc., Conv.,
4.00%, 05/01/2029
 
2,500,000
4,439,375
Tempus AI, Inc., 0.75%, 07/15/2030
 
3,000,000
3,000,000
 
 
38,475,411
 
Principal
Amount
Value
Broadline Retail–1.18%
Alibaba Group Holding Ltd. (China),
Conv., 0.50%, 06/01/2029(d)
 
$6,675,000
$8,536,152
Coal & Consumable Fuels–0.32%
Centrus Energy Corp., Conv., 2.25%,
11/01/2030(b)
 
1,100,000
2,283,050
Communications Equipment–1.15%
Lumentum Holdings, Inc., Conv.,
1.50%, 12/15/2029
 
5,400,000
8,294,400
Computer & Electronics Retail–0.45%
GameStop Corp., Conv., 0.00%,
04/03/2028(b)(c)(d)
 
3,000,000
3,247,500
Construction & Engineering–1.68%
Fluor Corp., Conv., 1.13%,
08/15/2029
 
5,500,000
7,222,875
Granite Construction, Inc., Conv.,
3.25%, 06/15/2030
 
3,550,000
4,861,725
 
 
12,084,600
Consumer Finance–1.50%
SoFi Technologies, Inc., Conv., 1.25%,
03/15/2029(b)
 
3,000,000
6,116,700
Upstart Holdings, Inc., Conv., 2.00%,
10/01/2029(b)
 
2,850,000
4,674,000
 
 
10,790,700
Diversified Financial Services–0.69%
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland),
6.50%, 07/15/2025
 
5,000,000
5,003,241
Diversified Metals & Mining–0.96%
MP Materials Corp., Conv., 3.00%,
03/01/2030(b)
 
4,000,000
6,942,000
Diversified REITs–0.50%
Digital Realty Trust L.P., Conv., 1.88%,
11/15/2029(b)
 
3,400,000
3,583,260
Electric Utilities–6.21%
Duke Energy Corp., Conv., 4.13%,
04/15/2026
 
3,000,000
3,177,750
Evergy, Inc., Conv., 4.50%,
12/15/2027
 
5,000,000
5,856,875
NextEra Energy Capital Holdings, Inc.,
Conv., 3.00%, 03/01/2027
 
8,700,000
9,913,650
PPL Capital Funding, Inc., Conv.,
2.88%, 03/15/2028
 
4,250,000
4,600,849
Southern Co. (The), Conv., 4.50%,
06/15/2027
 
11,100,000
12,265,622
TXNM Energy, Inc., Conv., 5.75%,
06/01/2054
 
3,800,000
4,942,364
Vistra Operations Co. LLC, 5.63%,
02/15/2027(b)
 
4,000,000
4,005,236
 
 
44,762,346
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Convertible Securities Fund

 
Principal
Amount
Value
Electronic Equipment & Instruments–2.40%
Advanced Energy Industries, Inc.,
Conv., 2.50%, 09/15/2028
 
$2,000,000
$2,405,800
Itron, Inc., Conv., 1.38%,
07/15/2030
 
3,600,000
4,298,400
Mirion Technologies, Inc., Conv.,
0.25%, 06/01/2030(b)
 
4,500,000
5,199,750
OSI Systems, Inc., Conv., 2.25%,
08/01/2029(b)
 
4,000,000
5,436,000
 
 
17,339,950
Environmental & Facilities Services–0.43%
Tetra Tech, Inc., Conv., 2.25%,
08/15/2028
 
2,750,000
3,104,063
Financial Exchanges & Data–1.24%
Coinbase Global, Inc., Conv., 0.25%,
04/01/2030
 
6,800,000
8,911,400
Food Distributors–0.22%
Chefs’ Warehouse, Inc. (The), Conv.,
2.38%, 12/15/2028
 
1,000,000
1,561,000
Gas Utilities–0.50%
UGI Corp., Conv., 5.00%,
06/01/2028
 
2,600,000
3,595,731
Health Care Equipment–2.35%
Insulet Corp., Conv., 0.38%,
09/01/2026
 
4,500,000
6,336,829
Integer Holdings Corp., Conv., 2.13%,
02/15/2028
 
3,000,000
4,504,500
iRhythm Technologies, Inc., Conv.,
1.50%, 09/01/2029
 
2,225,000
2,860,238
TransMedics Group, Inc., Conv.,
1.50%, 06/01/2028
 
2,000,000
3,211,676
 
 
16,913,243
Health Care REITs–2.68%
Ventas Realty L.P., Conv., 3.75%,
06/01/2026
 
3,750,000
4,492,500
Welltower OP LLC, Conv., 3.13%,
07/15/2029(b)
 
11,175,000
14,840,400
 
 
19,332,900
Health Care Services–0.45%
Hims & Hers Health, Inc., Conv.,
0.00%, 05/15/2030(b)(c)
 
3,100,000
3,258,100
Health Care Supplies–1.10%
Lantheus Holdings, Inc., Conv.,
2.63%, 12/15/2027
 
2,770,000
3,525,517
Merit Medical Systems, Inc., Conv.,
3.00%, 02/01/2029(b)
 
3,500,000
4,382,953
 
 
7,908,470
Heavy Electrical Equipment–0.60%
Bloom Energy Corp.,
Conv.,
3.00%, 06/01/2028
 
1,750,000
2,592,625
3.00%, 06/01/2029
 
1,250,000
1,765,899
 
 
4,358,524
Homefurnishing Retail–1.07%
Wayfair, Inc., Conv., 3.50%,
11/15/2028
 
5,700,000
7,714,251
 
Principal
Amount
Value
Hotels, Resorts & Cruise Lines–3.22%
Carnival Corp.,
Conv., 5.75%, 12/01/2027
 
$6,150,000
$13,542,300
7.00%, 08/15/2029(b)
 
4,000,000
4,216,324
MakeMyTrip Ltd. (India), Conv.,
0.00%, 07/06/2028(b)(c)(d)
 
2,000,000
2,136,491
Trip.com Group Ltd. (China), Conv.,
0.75%, 06/15/2027(d)
 
3,000,000
3,343,500
 
 
23,238,615
Housewares & Specialties–0.54%
Newell Brands, Inc., 6.38%,
05/15/2030
 
4,000,000
3,901,296
Interactive Media & Services–2.09%
Match Group Holdings II LLC, 5.00%,
12/15/2027(b)
 
3,500,000
3,483,320
Snap, Inc.,
Conv., 0.50%, 05/01/2030
 
2,300,000
1,961,900
6.88%, 03/01/2033(b)
 
9,400,000
9,651,459
 
 
15,096,679
Internet Services & Infrastructure–2.86%
Akamai Technologies, Inc., Conv.,
0.25%, 05/15/2031(b)(d)
 
3,300,000
3,423,750
Cloudflare, Inc., Conv., 0.00%,
06/15/2030(b)(c)
 
3,000,000
3,244,500
Snowflake, Inc.,
Conv.,
0.00%, 10/01/2027(b)(c)
 
2,250,000
3,424,500
0.00%, 10/01/2029(b)(c)
 
6,750,000
10,515,656
 
 
20,608,406
Investment Banking & Brokerage–0.34%
Galaxy Digital Holdings L.P., Conv.,
2.50%, 12/01/2029(b)
 
2,000,000
2,460,005
Leisure Products–0.38%
Peloton Interactive, Inc., Conv.,
5.50%, 12/01/2029
 
1,500,000
2,759,765
Marine Transportation–0.31%
NCL Corp. Ltd., 6.75%,
02/01/2032(b)
 
2,204,000
2,253,047
Mortgage REITs–0.59%
Starwood Property Trust, Inc., Conv.,
6.75%, 07/15/2027
 
4,000,000
4,287,000
Movies & Entertainment–2.31%
Liberty Media Corp.-Liberty Formula
One, Conv., 2.25%, 08/15/2027
 
5,000,000
6,657,500
Live Nation Entertainment, Inc., Conv.,
3.13%, 01/15/2029
 
6,500,000
10,000,250
 
 
16,657,750
Multi-Utilities–2.08%
CenterPoint Energy, Inc., Conv.,
4.25%, 08/15/2026
 
5,500,000
5,964,750
CMS Energy Corp., Conv., 3.38%,
05/01/2028
 
2,500,000
2,663,750
WEC Energy Group, Inc., Conv.,
4.38%, 06/01/2029
 
5,500,000
6,360,750
 
 
14,989,250
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Convertible Securities Fund

 
Principal
Amount
Value
Oil & Gas Exploration & Production–0.99%
Northern Oil and Gas, Inc.,
Conv.,
3.63%, 04/15/2029
 
$3,857,000
$4,035,386
3.63%, 04/15/2029(b)
 
3,000,000
3,138,750
 
 
7,174,136
Oil & Gas Refining & Marketing–0.54%
Sunoco L.P., 7.00%, 05/01/2029(b)
 
3,750,000
3,907,849
Packaged Foods & Meats–1.15%
Freshpet, Inc., Conv., 3.00%,
04/01/2028
 
1,000,000
1,244,500
Post Holdings, Inc., Conv., 2.50%,
08/15/2027
 
6,150,000
7,035,600
 
 
8,280,100
Passenger Airlines–0.76%
American Airlines, Inc./AAdvantage
Loyalty IP Ltd., 5.75%,
04/20/2029(b)
 
2,700,000
2,699,319
JetBlue Airways Corp., Conv., 2.50%,
09/01/2029(b)
 
3,000,000
2,766,000
 
 
5,465,319
Passenger Ground Transportation–3.15%
Uber Technologies, Inc.,
6.25%, 01/15/2028(b)
 
4,500,000
4,524,296
Conv., 0.00%, 05/15/2028(b)(c)
 
2,000,000
2,129,000
Series 2028, Conv., 0.88%,
12/01/2028
 
11,225,000
16,068,587
 
 
22,721,883
Personal Care Products–0.08%
Oddity Finance LLC, Conv., 0.00%,
06/15/2030(b)(c)
 
500,000
543,532
Restaurants–1.13%
Cheesecake Factory, Inc. (The), Conv.,
2.00%, 03/15/2030(b)
 
1,500,000
1,629,375
DoorDash, Inc., Conv., 0.00%,
05/15/2030(b)(c)
 
6,000,000
6,515,132
 
 
8,144,507
Semiconductors–1.12%
MACOM Technology Solutions Holdings,
Inc., Conv., 0.00%,
12/15/2029(b)(c)
 
2,200,000
2,352,900
ON Semiconductor Corp., Conv.,
0.00%, 05/01/2027(c)
 
4,050,000
4,809,982
Synaptics, Inc., Conv., 0.75%,
12/01/2031(b)
 
1,000,000
947,425
 
 
8,110,307
Steel–0.58%
ArcelorMittal S.A. (Luxembourg),
6.55%, 11/29/2027
 
4,000,000
4,171,075
Systems Software–1.49%
CyberArk Software Ltd., Conv.,
0.00%, 06/15/2030(b)(c)
 
3,000,000
3,090,000
Progress Software Corp., Conv.,
3.50%, 03/01/2030
 
3,000,000
3,484,500
 
Principal
Amount
Value
Systems Software–(continued)
Rubrik, Inc., Conv., 0.00%,
06/15/2030(b)(c)
 
$4,000,000
$4,197,500
 
 
10,772,000
Technology Hardware, Storage & Peripherals–3.24%
Seagate HDD Cayman, Conv., 3.50%,
06/01/2028
 
6,500,000
11,702,437
Super Micro Computer, Inc., Conv.,
0.00%, 06/15/2030(b)(c)
 
4,000,000
4,496,000
Western Digital Corp., Conv., 3.00%,
11/15/2028
 
4,000,000
7,190,000
 
 
23,388,437
Trading Companies & Distributors–0.45%
Air Lease Corp., Series D, 6.00%(e)(f)
 
3,318,000
3,252,865
Transaction & Payment Processing Services–1.49%
Affirm Holdings, Inc., Conv., 0.75%,
12/15/2029(b)
 
4,000,000
4,238,000
Block, Inc., 6.50%, 05/15/2032
 
6,300,000
6,503,981
 
 
10,741,981
Total U.S. Dollar Denominated Bonds & Notes
(Cost $470,633,803)
542,862,629
 

Shares
 
Preferred Stocks–21.26%
Aerospace & Defense–3.08%
Boeing Co. (The), 6.00%, Conv. Pfd.
327,000
22,236,000
Application Software–1.19%
MicroStrategy, Inc., 8.00%, Conv. Pfd.
71,000
8,591,710
Asset Management & Custody Banks–2.37%
Ares Management Corp., 6.75%, Series B,
Conv. Pfd.
191,000
10,123,000
KKR & Co., Inc., 6.25%, Series D, Conv.
Pfd.
130,000
6,968,000
 
 
17,091,000
Diversified Banks–5.98%
Bank of America Corp., 7.25%, Series L,
Conv. Pfd.
19,300
23,410,900
Wells Fargo & Co., 7.50%, Class A,
Series L, Conv. Pfd.
16,800
19,725,384
 
 
43,136,284
Diversified Financial Services–1.53%
Apollo Global Management, Inc., 6.75%,
Conv. Pfd.
147,800
11,062,830
Electric Utilities–2.24%
NextEra Energy, Inc., 7.30%, Conv. Pfd.
197,000
9,276,730
PG&E Corp., 6.00%, Series A, Conv. Pfd.
182,300
6,854,480
 
 
16,131,210
Health Care Services–0.21%
BrightSpring Health Services, Inc., 6.75%,
Conv. Pfd.
18,000
1,485,900
Industrial Machinery & Supplies & Components–0.53%
Chart Industries, Inc., 6.75%, Series B,
Conv. Pfd.
63,000
3,805,200
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Convertible Securities Fund

 
 
Shares
Value
Semiconductors–1.31%
Microchip Technology, Inc., 7.50%, Conv.
Pfd.
142,000
$9,462,880
Specialty Chemicals–0.57%
Albemarle Corp., 7.25%, Conv. Pfd.
127,800
4,102,380
Technology Hardware, Storage & Peripherals–1.06%
Hewlett Packard Enterprise Co., 7.63%,
Conv. Pfd.
130,000
7,654,400
Trading Companies & Distributors–0.21%
QXO, Inc., 5.50%, Conv. Pfd.
25,000
1,549,750
Transaction & Payment Processing Services–0.98%
Shift4 Payments, Inc., 6.00%, Conv. Pfd.
61,400
7,073,280
Total Preferred Stocks (Cost $138,737,879)
153,382,824
 
 
Shares
Value
Money Market Funds–1.75%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(g)(h)
4,411,207
$4,411,207
Invesco Treasury Portfolio, Institutional
Class, 4.23%(g)(h)
8,186,813
8,186,813
Total Money Market Funds (Cost $12,598,020)
12,598,020
 
 
 
Options Purchased–0.59%
(Cost $3,931,157)(i)
4,271,420
TOTAL INVESTMENTS IN SECURITIES–98.86%
(Cost $625,900,859)
713,114,893
OTHER ASSETS LESS LIABILITIES—1.14%
8,204,906
NET ASSETS–100.00%
$721,319,799
Investment Abbreviations: 
Conv.
– Convertible
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)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
June 30, 2025 was $217,245,209, which represented 30.12% of the Fund’s Net Assets.
(c)
Zero coupon bond issued at a discount.
(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)
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in
which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in
affiliates for the six months ended June 30, 2025.
 
 
Value
December 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
June 30, 2025
Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional
Class
$5,028,319
$56,498,794
$(57,115,906)
$-
$-
$4,411,207
$202,543
Invesco Treasury Portfolio, Institutional Class
9,332,880
104,926,333
(106,072,400)
-
-
8,186,813
373,458
Total
$14,361,199
$161,425,127
$(163,188,306)
$-
$-
$12,598,020
$576,001
 
(h)
The rate shown is the 7-day SEC standardized yield as of June 30, 2025.
(i)
The table below details options purchased.
 
Open Exchange-Traded Equity Options Purchased
Description
Type of
Contract
Expiration
Date
Number of
Contracts
Exercise
Price
Notional
Value(a)
Value
Equity Risk
 
 
Axon Enterprise, Inc.
Call
01/16/2026
255
USD
840.00
USD
21,420,000
$2,841,975
 
(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
10/17/2025
67
USD
6,240.00
USD
41,808,000
$1,429,445
 
(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.
5
Invesco Convertible Securities Fund

Statement of Assets and Liabilities
June 30, 2025
(Unaudited)
 
Assets:
Investments in unaffiliated securities, at value
(Cost $613,302,839)
$700,516,873
Investments in affiliated money market funds, at value
(Cost $12,598,020)
12,598,020
Receivable for:
Investments sold
8,523,413
Fund shares sold
248,581
Dividends
256,559
Interest
2,967,124
Investment for trustee deferred compensation and
retirement plans
115,380
Other assets
421,283
Total assets
725,647,233
Liabilities:
Payable for:
Investments purchased
3,000,000
Fund shares reacquired
727,285
Accrued fees to affiliates
376,365
Accrued other operating expenses
64,841
Trustee deferred compensation and retirement plans
158,943
Total liabilities
4,327,434
Net assets applicable to shares outstanding
$721,319,799
Net assets consist of:
Shares of beneficial interest
$609,931,135
Distributable earnings
111,388,664
 
$721,319,799
Net Assets:
Class A
$437,649,498
Class C
$10,878,844
Class Y
$235,609,875
Class R5
$334,329
Class R6
$36,847,253
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
17,396,363
Class C
436,165
Class Y
9,346,915
Class R5
13,292
Class R6
1,464,223
Class A:
Net asset value per share
$25.16
Maximum offering price per share
(Net asset value of $25.16 ÷ 94.50%)
$26.62
Class C:
Net asset value and offering price per share
$24.94
Class Y:
Net asset value and offering price per share
$25.21
Class R5:
Net asset value and offering price per share
$25.15
Class R6:
Net asset value and offering price per share
$25.17
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco Convertible Securities Fund

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Investment income:
Interest
$6,030,059
Dividends
3,261,972
Dividends from affiliated money market funds
576,001
Total investment income
9,868,032
Expenses:
Advisory fees
1,826,776
Administrative services fees
56,074
Custodian fees
5,809
Distribution fees:
Class A
524,467
Class C
55,195
Transfer agent fees — A, C and Y
474,125
Transfer agent fees — R5
156
Transfer agent fees — R6
5,436
Trustees’ and officers’ fees and benefits
13,872
Registration and filing fees
41,345
Reports to shareholders
35,650
Professional services fees
28,183
Other
9,539
Total expenses
3,076,627
Less: Fees waived and/or expense offset arrangement(s)
(20,531
)
Net expenses
3,056,096
Net investment income
6,811,936
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
(9,567,493
)
Option contracts written
(114,831
)
 
(9,682,324
)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
48,984,370
Option contracts written
(153,077
)
 
48,831,293
Net realized and unrealized gain
39,148,969
Net increase in net assets resulting from operations
$45,960,905
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Convertible Securities Fund

Statement of Changes in Net Assets
For the six months ended June 30, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30,
2025
December 31,
2024
Operations:
 
 
Net investment income
$6,811,936
$14,833,866
Net realized gain (loss)
(9,682,324
)
66,516,708
Change in net unrealized appreciation (depreciation)
48,831,293
(9,526,366
)
Net increase in net assets resulting from operations
45,960,905
71,824,208
Distributions to shareholders from distributable earnings:
Class A
(5,512,109
)
(14,305,064
)
Class C
(100,558
)
(329,670
)
Class Y
(3,301,782
)
(9,807,758
)
Class R5
(4,609
)
(18,128
)
Class R6
(534,714
)
(1,361,892
)
Total distributions from distributable earnings
(9,453,772
)
(25,822,512
)
Share transactions–net:
Class A
(22,673,364
)
(48,668,672
)
Class C
(1,774,057
)
(4,939,925
)
Class Y
(27,917,587
)
(72,093,740
)
Class R5
(1,820
)
(464,222
)
Class R6
(2,103,175
)
(12,590,071
)
Net increase (decrease) in net assets resulting from share transactions
(54,470,003
)
(138,756,630
)
Net increase (decrease) in net assets
(17,962,870
)
(92,754,934
)
Net assets:
Beginning of period
739,282,669
832,037,603
End of period
$721,319,799
$739,282,669
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco Convertible Securities Fund

Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated. 
 
Net asset
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 06/30/25
$23.87
$0.22
$1.38
$1.60
$(0.31
)
$
$(0.31
)
$25.16
6.78
%
$437,649
0.96
%(d)
0.96
%(d)
1.85
%(d)
48
%
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
Year ended 12/31/20
24.64
0.23
10.47
10.70
(0.37
)
(3.06
)
(3.43
)
31.91
44.35
675,347
0.91
0.91
0.84
65
Class C
Six months ended 06/30/25
23.66
0.13
1.37
1.50
(0.22
)
(0.22
)
24.94
6.39
10,879
1.71
(d)
1.71
(d)
1.10
(d)
48
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
Year ended 12/31/20
24.51
0.03
10.41
10.44
(0.16
)
(3.06
)
(3.22
)
31.73
43.25
61,221
1.66
1.66
0.09
65
Class Y
Six months ended 06/30/25
23.91
0.25
1.40
1.65
(0.35
)
(0.35
)
25.21
6.95
235,610
0.71
(d)
0.71
(d)
2.10
(d)
48
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
Year ended 12/31/20
24.68
0.30
10.48
10.78
(0.44
)
(3.06
)
(3.50
)
31.96
44.69
647,484
0.66
0.66
1.09
65
Class R5
Six months ended 06/30/25
23.86
0.25
1.39
1.64
(0.35
)
(0.35
)
25.15
6.94
334
0.67
(d)
0.67
(d)
2.14
(d)
48
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
Year ended 12/31/20
24.65
0.31
10.46
10.77
(0.45
)
(3.06
)
(3.51
)
31.91
44.70
1,773
0.64
0.64
1.11
65
Class R6
Six months ended 06/30/25
23.87
0.26
1.40
1.66
(0.36
)
(0.36
)
25.17
7.02
36,847
0.60
(d)
0.60
(d)
2.21
(d)
48
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
Year ended 12/31/20
24.65
0.33
10.47
10.80
(0.47
)
(3.06
)
(3.53
)
31.92
44.86
55,585
0.56
0.56
1.19
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.
(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 Class C shares.
(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.
9
Invesco Convertible Securities Fund

Notes to Financial Statements
June 30, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Convertible Securities Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is total return through growth of capital and current income.
The Fund currently consists of five different classes of shares: Class A, Class C, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors. 
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations – Securities, including restricted securities, are valued according to the following policy. 
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
10
Invesco Convertible Securities Fund

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions - Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6.  Sub-accounting fees attributable to Class R5 are charged to the operations of the class.  Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
H.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
J.
Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.
Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.
When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a
11
Invesco Convertible Securities Fund

written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.
When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.
K.
Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.
Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.
Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.
L.
Other Risks - Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities, when rates increase. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.
The market values of convertible securities are affected by market interest rates, the risk of actual issuer default on interest or principal payments and the value of the underlying common stock into which the convertible security may be converted. Additionally, a convertible security is subject to the same types of market and issuer risks as apply to the underlying common stock. In addition, certain convertible securities are subject to involuntary conversions and may undergo principal write-downs upon the occurrence of certain triggering events, and, as a result, are subject to an increased risk of loss. Convertible securities may be rated below investment grade.
Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. Preferred securities also may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non-payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Rate
First $750 million
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, 2025, the effective advisory fee rate incurred by the Fund was 0.52%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.25%, 1.25% and 1.25%, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.
12
Invesco Convertible Securities Fund

Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.
For the six months ended June 30, 2025, the Adviser waived advisory fees of $15,546.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted distribution and service plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Class C shares (collectively, the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to 1.00% of the average daily net assets of Class C shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $17,899 in front-end sales commissions from the sale of Class A shares and $911 and $9 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
U.S. Dollar Denominated Bonds & Notes
$
$542,862,629
$
$542,862,629
Preferred Stocks
153,382,824
153,382,824
Money Market Funds
12,598,020
12,598,020
Options Purchased
4,271,420
4,271,420
Total Investments
$170,252,264
$542,862,629
$
$713,114,893
NOTE 4—Derivative Investments
The Fund may enter into an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”) under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.
For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.
13
Invesco Convertible Securities Fund

Value of Derivative Investments at Period-End
The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2025: 
 
Value
Derivative Assets
Equity
Risk
Options purchased, at value — Exchange-Traded(a)
$4,271,420
Derivatives not subject to master netting agreements
(4,271,420
)
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, 2025
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain (Loss) on
Statement of Operations
 
Equity
Risk
Realized Gain (Loss):
Options purchased(a)
$(5,912,842
)
Options written
(114,831
)
Change in Net Unrealized Appreciation (Depreciation):
Options purchased(a)
5,434,078
Options written
(153,077
)
Total
$(746,672
)
 
(a)
Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on
investment securities.
The table below summarizes the average notional value of derivatives held during the period. 
 
Equity
Options
Purchased
Index
Options
Purchased
Equity
Options
Written
Index
Options
Written
Average notional value
$46,880,750
$55,547,000
$6,492,333
$14,694,000
Average contracts
2,877
91
400
25
 
NOTE 5—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,985.
NOTE 6—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 7—Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank.  Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 8—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund did not have a capital loss carryforward as of December 31, 2024.
14
Invesco Convertible Securities Fund

NOTE 9—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $328,145,502 and $385,496,897, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments
$93,807,404
Aggregate unrealized (depreciation) of investments
(6,455,204
)
Net unrealized appreciation of investments
$87,352,200
Cost of investments for tax purposes is $625,762,693.
NOTE 10—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
312,366
$7,420,336
633,991
$14,678,032
Class C
21,330
504,204
37,484
860,913
Class Y
616,694
14,788,110
2,090,348
48,404,616
Class R5
226
5,453
3,821
85,662
Class R6
45,058
1,064,020
122,097
2,801,553
Issued as reinvestment of dividends:
Class A
191,921
4,627,674
512,846
12,243,962
Class C
3,677
87,891
12,482
296,558
Class Y
94,996
2,293,907
316,587
7,577,218
Class R5
114
2,732
693
16,333
Class R6
20,580
496,312
53,515
1,274,152
Automatic conversion of Class C shares to Class A shares:
Class A
48,281
1,153,808
130,677
2,997,346
Class C
(48,747
)
(1,153,808
)
(131,883
)
(2,997,346
)
Reacquired:
Class A
(1,509,436
)
(35,875,182
)
(3,428,281
)
(78,588,012
)
Class C
(51,955
)
(1,212,344
)
(136,193
)
(3,100,050
)
Class Y
(1,895,063
)
(44,999,604
)
(5,517,951
)
(128,075,574
)
Class R5
(421
)
(10,005
)
(23,384
)
(566,217
)
Class R6
(152,550
)
(3,663,507
)
(733,158
)
(16,665,776
)
Net increase (decrease) in share activity
(2,302,929
)
$(54,470,003
)
(6,056,309
)
$(138,756,630
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
15
Invesco Convertible Securities Fund

Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Convertible Securities Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC(collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025.  After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.  
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them.  The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups.  The Board also receives an independent written evaluation from the Senior Officer.  The Senior Officer’s evaluation is prepared as
part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements.  In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. 
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts.  The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor.  Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s).  The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities.  The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks.  The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology.  The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing.  The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,
internal audit, valuation, portfolio trading and legal and compliance.  The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments.  The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business.  The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services.  The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.  As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading.  The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.  The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement.  The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against ICE BofA U.S. Convertible Index (Index).  The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis).  The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results.  The Board also reviewed more recent Fund
16
Invesco Convertible Securities Fund

performance as well as other performance metrics, which did not change its conclusions.
C.
Advisory and Sub-Advisory Fees and Fund Expenses
The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group.  The Bo­ard noted that the term “contractual management fee” and “actual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included.  The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.  The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. 
The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.
D.
Economies of Scale and Breakpoints
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds.  The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty.  The Board considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size.  The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers.  The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity. 
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.
The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund.  Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.
17
Invesco Convertible Securities Fund

Other Information Required in Form N-CSR (Items 8-11)
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 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, 2025
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, 2025
(Unaudited) 
Invesco Income Allocation Fund
Schedule of Investments in Affiliated Issuers–100.09%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/25
Value
06/30/25
Domestic Equity Funds–31.16%
Invesco Dividend Income Fund, Class R6
4.02
%
$13,137,603
$428,514
$(1,423,720
)
$758,331
$86,194
$107,730
476,934
$12,986,922
Invesco Main Street Small Cap Fund, Class R6
1.79
%
5,593,393
242,955
(155,511
)
117,944
(11,908
)
256,170
5,786,873
Invesco MSCI USA ETF(b)
6.76
%
22,442,626
1,989,285
(3,868,791
)
956,341
333,451
132,396
351,446
21,852,912
Invesco QQQ Income Advantage ETF
5.01
%
16,517,003
1,655,398
(2,045,015
)
47,549
24,102
835,415
322,690
16,199,037
Invesco Russell 1000® Dynamic Multifactor ETF
2.76
%
9,226,204
(905,865
)
522,995
62,240
35,166
154,129
8,905,574
Invesco S&P 500 Equal Weight Income Advantage ETF(b)
4.99
%
16,323,456
505,540
(587,061
)
(90,022
)
(22,875
)
751,603
323,292
16,129,038
Invesco S&P 500® Pure Value ETF(b)
4.28
%
13,907,495
(627,051
)
481,789
57,241
182,681
147,392
13,819,474
Invesco Value Opportunities Fund, Class R6
1.55
%
4,897,996
346,186
(511,964
)
246,306
16,486
219,851
4,995,010
Total Domestic Equity Funds
102,045,776
5,167,878
(10,124,978
)
3,041,233
544,931
2,044,991
100,674,840
Fixed Income Funds–61.62%
Invesco Core Bond Fund, Class R6
24.88
%
83,915,857
1,874,718
(6,452,435
)
911,352
119,448
1,874,642
14,199,459
80,368,940
Invesco Core Plus Bond Fund, Class R6
23.86
%
80,513,728
1,920,211
(6,208,575
)
1,753,747
(894,383
)
1,920,125
8,369,677
77,084,728
Invesco Floating Rate ESG Fund, Class R6
2.01
%
6,882,139
280,533
(528,265
)
(116,121
)
(15,318
)
280,513
992,819
6,502,968
Invesco High Yield Fund, Class R6
2.03
%
6,863,710
227,814
(520,270
)
(12,220
)
7,198
227,800
1,854,868
6,566,232
Invesco International Bond Fund, Class R6
3.01
%
10,260,796
249,097
(1,504,051
)
814,019
(112,691
)
249,086
2,096,581
9,707,170
Invesco Variable Rate Investment Grade ETF
5.83
%
20,194,796
(1,294,846
)
(45,513
)
(13,255
)
486,843
752,143
18,841,182
Total Fixed Income Funds
208,631,026
4,552,373
(16,508,442
)
3,305,264
(909,001
)
5,039,009
199,071,220
International and Global Equity Funds–6.95%
Invesco RAFI Developed Markets ex-U.S. ETF
5.47
%
17,673,326
(3,279,821
)
3,004,538
268,541
379,377
307,673
17,666,584
Invesco S&P Emerging Markets Low Volatility ETF(b)
1.48
%
4,815,812
(556,634
)
503,748
37,538
118,833
183,785
4,800,464
Total International and Global Equity Funds
22,489,138
(3,836,455
)
3,508,286
306,079
498,210
22,467,048
Money Market Funds–0.36%
Invesco Government & Agency Portfolio, Institutional
Class, 4.26%(c)
0.13
%
9,123
8,886,564
(8,491,083
)
7,872
404,604
404,604
Invesco Treasury Portfolio, Institutional Class, 4.23%(c)
0.23
%
16,503,620
(15,759,370
)
14,292
744,250
744,250
Total Money Market Funds
9,123
25,390,184
(24,250,453
)
22,164
1,148,854
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding
investments purchased with cash collateral from
securities on loan)
(Cost $301,196,901)
100.09
%
333,175,063
35,110,435
(54,720,328
)
9,854,783
(57,991
)
7,604,374
323,361,962
 
Investments Purchased with Cash
Collateral from Securities on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–4.53%
Invesco Private Government Fund, 4.34%(c)(d)
1.26
%
573,775
66,329,032
(62,841,789
)
36,347
(e)
4,061,018
4,061,018
Invesco Private Prime Fund, 4.49%(c)(d)
3.27
%
1,495,465
154,124,824
(145,052,036
)
1,039
(420
)
91,713
(e)
10,565,702
10,568,872
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $14,628,851)
4.53
%
2,069,240
220,453,856
(207,893,825
)
1,039
(420
)
128,060
14,629,890
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $315,825,752) 
104.62
%
$335,244,303
$255,564,291
$(262,614,153
)
$9,855,822
$(58,411
)
$7,732,434
$337,991,852
OTHER ASSETS LESS LIABILITIES
(4.62
)%
(14,921,615
)
NET ASSETS
100.00
%
$323,070,237
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, 2025.
(c)
The rate shown is the 7-day SEC standardized yield as of June 30, 2025.
(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, 2025
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $315,825,752)*
$337,991,852
Receivable for:
Fund shares sold
26,475
Dividends - affiliated underlying funds
753,686
Investment for trustee deferred compensation and
retirement plans
43,051
Other assets
55,068
Total assets
338,870,132
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds
739,661
Fund shares reacquired
184,743
Collateral upon return of securities loaned
14,628,851
Accrued fees to affiliates
167,713
Accrued other operating expenses
31,922
Trustee deferred compensation and retirement plans
47,005
Total liabilities
15,799,895
Net assets applicable to shares outstanding
$323,070,237
Net assets consist of:
Shares of beneficial interest
$346,814,416
Distributable earnings (loss)
(23,744,179
)
 
$323,070,237
Net Assets:
Class A
$295,030,522
Class C
$9,320,275
Class R
$4,737,130
Class Y
$13,850,001
Class R5
$71,902
Class R6
$60,407
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
27,166,405
Class C
857,154
Class R
435,893
Class Y
1,275,500
Class R5
6,622
Class R6
5,571
Class A:
Net asset value per share
$10.86
Maximum offering price per share
(Net asset value of $10.86 ÷ 94.50%)
$11.49
Class C:
Net asset value and offering price per share
$10.87
Class R:
Net asset value and offering price per share
$10.87
Class Y:
Net asset value and offering price per share
$10.86
Class R5:
Net asset value and offering price per share
$10.86
Class R6:
Net asset value and offering price per share
$10.84
 
*
At June 30, 2025, securities with an aggregate value of $14,398,776
were on loan to brokers.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Income Allocation Fund

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $57,664)
$7,662,038
Interest
5,759
Total investment income
7,667,797
Expenses:
Administrative services fees
24,961
Custodian fees
1,038
Distribution fees:
Class A
365,701
Class C
52,448
Class R
11,625
Transfer agent fees — A, C, R and Y
191,058
Transfer agent fees — R5
28
Transfer agent fees — R6
4
Trustees’ and officers’ fees and benefits
10,679
Registration and filing fees
47,201
Reports to shareholders
18,309
Professional services fees
17,830
Other
7,696
Total expenses
748,578
Less: Fees waived
(2,080
)
Net expenses
746,498
Net investment income
6,921,299
Realized and unrealized gain (loss) from:
Net realized gain (loss) from affiliated underlying fund shares
(58,411
)
Change in net unrealized appreciation of affiliated underlying fund shares
9,855,822
Net realized and unrealized gain
9,797,411
Net increase in net assets resulting from operations
$16,718,710
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Income Allocation Fund

Statement of Changes in Net Assets
For the six months ended June 30, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30,
2025
December 31,
2024
Operations:
 
 
Net investment income
$6,921,299
$14,555,630
Net realized gain (loss)
(58,411
)
(10,860,101
)
Change in net unrealized appreciation
9,855,822
16,189,913
Net increase in net assets resulting from operations
16,718,710
19,885,442
Distributions to shareholders from distributable earnings:
Class A
(6,590,944
)
(12,896,454
)
Class C
(195,675
)
(542,158
)
Class R
(98,763
)
(161,865
)
Class Y
(356,016
)
(846,858
)
Class R5
(1,656
)
(2,981
)
Class R6
(1,282
)
(1,028
)
Total distributions from distributable earnings
(7,244,336
)
(14,451,344
)
Share transactions–net:
Class A
(14,111,183
)
(40,637,567
)
Class C
(2,727,080
)
(9,239,032
)
Class R
22,737
817,282
Class Y
(2,614,219
)
(4,997,399
)
Class R5
415
3,294
Class R6
10,431
38,950
Net increase (decrease) in net assets resulting from share transactions
(19,418,899
)
(54,014,472
)
Net increase (decrease) in net assets
(9,944,525
)
(48,580,374
)
Net assets:
Beginning of period
333,014,762
381,595,136
End of period
$323,070,237
$333,014,762
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
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 06/30/25
$10.54
$0.23
$0.33
$0.56
$(0.24
)
$
$(0.24
)
$10.86
5.37
%
$295,031
0.45
%(e)
0.45
%(e)
4.30
%(e)
3
%
Year ended 12/31/24
10.38
0.43
0.17
0.60
(0.44
)
(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
)
(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
)
(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
)
(0.38
)
11.84
7.56
458,085
0.25
0.42
2.90
16
Year ended 12/31/20
11.60
0.40
(0.17
)
0.23
(0.46
)
(0.00
)
(0.46
)
11.37
2.33
414,703
0.25
0.43
3.65
66
Class C
Six months ended 06/30/25
10.56
0.19
0.32
0.51
(0.20
)
(0.20
)
10.87
4.87
9,320
1.20
(e)
1.20
(e)
3.55
(e)
3
Year ended 12/31/24
10.40
0.36
0.16
0.52
(0.36
)
(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
)
(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
)
(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
)
(0.29
)
11.85
6.76
46,368
1.00
1.17
2.15
16
Year ended 12/31/20
11.61
0.31
(0.16
)
0.15
(0.38
)
(0.00
)
(0.38
)
11.38
1.56
57,434
1.00
1.18
2.90
66
Class R
Six months ended 06/30/25
10.55
0.21
0.33
0.54
(0.22
)
(0.22
)
10.87
5.23
4,737
0.70
(e)
0.70
(e)
4.05
(e)
3
Year ended 12/31/24
10.39
0.41
0.16
0.57
(0.41
)
(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
)
(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
)
(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
)
(0.35
)
11.84
7.20
5,115
0.50
0.67
2.65
16
Year ended 12/31/20
11.60
0.37
(0.16
)
0.21
(0.43
)
(0.00
)
(0.43
)
11.38
2.17
4,975
0.50
0.68
3.40
66
Class Y
Six months ended 06/30/25
10.54
0.24
0.33
0.57
(0.25
)
(0.25
)
10.86
5.50
13,850
0.20
(e)
0.20
(e)
4.55
(e)
3
Year ended 12/31/24
10.38
0.46
0.16
0.62
(0.46
)
(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
)
(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
)
(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
)
(0.41
)
11.83
7.74
48,311
0.00
0.17
3.15
16
Year ended 12/31/20
11.60
0.42
(0.16
)
0.26
(0.49
)
(0.00
)
(0.49
)
11.37
2.59
49,435
0.00
0.18
3.90
66
Class R5
Six months ended 06/30/25
10.54
0.24
0.33
0.57
(0.25
)
(0.25
)
10.86
5.52
72
0.16
(e)
0.16
(e)
4.59
(e)
3
Year ended 12/31/24
10.38
0.46
0.16
0.62
(0.46
)
(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
)
(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
)
(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
)
(0.41
)
11.83
7.74
136
0.00
0.16
3.15
16
Year ended 12/31/20
11.60
0.42
(0.16
)
0.26
(0.49
)
(0.00
)
(0.49
)
11.37
2.59
367
0.00
0.16
3.90
66
Class R6
Six months ended 06/30/25
10.53
0.24
0.33
0.57
(0.26
)
(0.26
)
10.84
5.46
60
0.09
(e)
0.09
(e)
4.66
(e)
3
Year ended 12/31/24
10.38
0.47
0.15
0.62
(0.47
)
(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
)
(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
)
(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
)
(0.41
)
11.83
7.83
139
0.00
0.12
3.15
16
Year ended 12/31/20
11.60
0.45
(0.20
)
0.25
(0.49
)
(0.00
)
(0.49
)
11.36
2.50
10
0.00
0.14
3.90
66
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests.
Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by
the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds
and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund’s total return.
Estimated acquired fund fees from underlying funds were 0.45%, 0.45%, 0.46%, 0.45%, 0.45% and 0.51% for the six months ended June 30, 2025 and the years ended
December 31, 2024, 2023, 2022, 2021 and 2020, respectively.
(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, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Income Allocation Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is current income and, secondarily, growth of capital.
The Fund is a "fund of funds", in that it invests in other mutual funds advised by Invesco Advisers, Inc. (the "Adviser" or "Invesco") and exchange-traded funds ("ETFs") and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital") or mutual funds, ETFs and other pooled investment vehicles advised by unaffiliated advisers ("underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
7
Invesco Income Allocation Fund

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Distributions – Distributions from net investment income, if any, are declared and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in
8
Invesco Income Allocation Fund

short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.
The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $5,000 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.
J.
Other Risks - Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser.  Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary limits.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended  June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $17,527 in front-end sales commissions from the sale of Class A shares and $2,871 and $104 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
9
Invesco Income Allocation Fund

NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Affiliated Issuers
$322,213,108
$
$
$322,213,108
Money Market Funds
1,148,854
14,629,890
15,778,744
Total Investments
$323,361,962
$14,629,890
$
$337,991,852
NOTE 4—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,080.
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6—Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank.  Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 7—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund had a capital loss carryforward as of December 31, 2024, as follows: 
Capital Loss Carryforward*
Expiration
Short-Term
Long-Term
Total
Not subject to expiration
$5,379,005
$38,266,649
$43,645,654
*
Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $9,720,251 and $30,469,875, respectively. As of June 30, 2025, the aggregate cost of investments,
10
Invesco Income Allocation Fund

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
$19,992,090
Aggregate unrealized (depreciation) of investments
(1,053,278
)
Net unrealized appreciation of investments
$18,938,812
Cost of investments for tax purposes is $319,053,040.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
1,156,904
$12,242,952
2,335,386
$24,590,572
Class C
33,593
358,310
69,540
727,251
Class R
65,186
692,367
107,515
1,123,657
Class Y
275,622
2,945,295
711,579
7,376,542
Class R5
19
202
113
1,196
Class R6
909
9,500
8,274
87,471
Issued as reinvestment of dividends:
Class A
515,939
5,463,934
1,025,283
10,741,679
Class C
15,725
166,780
44,074
461,710
Class R
9,315
98,763
15,402
161,705
Class Y
26,010
275,387
55,809
584,606
Class R5
129
1,368
234
2,449
Class R6
100
1,057
58
612
Automatic conversion of Class C shares to Class A shares:
Class A
181,628
1,928,573
534,546
5,581,918
Class C
(181,411
)
(1,928,573
)
(533,922
)
(5,581,918
)
Reacquired:
Class A
(3,185,290
)
(33,746,642
)
(7,802,301
)
(81,551,736
)
Class C
(124,241
)
(1,323,597
)
(457,647
)
(4,846,075
)
Class R
(72,404
)
(768,393
)
(44,544
)
(468,080
)
Class Y
(552,684
)
(5,834,901
)
(1,229,101
)
(12,958,547
)
Class R5
(108
)
(1,155
)
(33
)
(351
)
Class R6
(12
)
(126
)
(4,635
)
(49,133
)
Net increase (decrease) in share activity
(1,835,071
)
$(19,418,899
)
(5,164,370
)
$(54,014,472
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 54% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
11
Invesco Income Allocation Fund

Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Income Allocation Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees
are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco
Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Income Allocation Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management and investment process in 2024. The Board considered that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain investment factors within the equity market as well as to certain segments of the fixed income asset class, negatively impacted Fund performance. The Board recognized
12
Invesco Income Allocation Fund

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, 2025
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, 2025
(Unaudited) 
Invesco International Diversified Fund
Schedule of Investments in Affiliated Issuers–99.72%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Dividend
Income
Shares
06/30/25
Value
06/30/25
International and Global Equity Funds–99.72%
Invesco Developing Markets Fund, Class R6
19.85
%
$310,928,502
$5,415,179
$(45,469,987
)
$26,729,568
$5,557,194
$
7,170,304
$303,160,456
Invesco EQV International Equity Fund, Class R6
24.91
%
390,460,273
3,333,799
(54,989,045
)
39,438,407
2,304,882
15,538,927
380,548,316
Invesco International Growth Focus ETF
0.00
%
50,302
456
2,000
50,758
Invesco International Small-Mid Company Fund, Class R6
30.15
%
468,831,444
(85,362,218
)
61,176,569
15,794,268
10,688,024
460,440,063
Invesco Oppenheimer International Growth Fund,
Class R6
24.81
%
387,663,252
125,718
(54,155,606
)
42,057,718
3,251,914
10,647,457
378,942,996
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $884,835,794) 
99.72
%
$1,557,883,471
$8,924,998
$(239,976,856
)
$169,402,718
$26,908,258
$
$1,523,142,589
OTHER ASSETS LESS LIABILITIES
0.28
%
4,263,965
NET ASSETS
100.00
%
$1,527,406,554
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, 2025
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $884,835,794)
$1,523,142,589
Cash
8,010,836
Receivable for:
Fund shares sold
556,273
Investment for trustee deferred compensation and
retirement plans
167,702
Other assets
89,323
Total assets
1,531,966,723
Liabilities:
Payable for:
Fund shares reacquired
3,402,731
Accrued fees to affiliates
874,749
Accrued trustees’ and officers’ fees and benefits
16,660
Accrued other operating expenses
87,121
Trustee deferred compensation and retirement plans
178,908
Total liabilities
4,560,169
Net assets applicable to shares outstanding
$1,527,406,554
Net assets consist of:
Shares of beneficial interest
$831,248,617
Distributable earnings
696,157,937
 
$1,527,406,554
Net Assets:
Class A
$744,157,873
Class C
$43,816,755
Class R
$109,599,353
Class Y
$458,674,086
Class R5
$35,277
Class R6
$171,123,210
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
43,729,199
Class C
2,777,232
Class R
6,621,188
Class Y
26,490,971
Class R5
2,062
Class R6
9,824,885
Class A:
Net asset value per share
$17.02
Maximum offering price per share
(Net asset value of $17.02 ÷ 94.50%)
$18.01
Class C:
Net asset value and offering price per share
$15.78
Class R:
Net asset value and offering price per share
$16.55
Class Y:
Net asset value and offering price per share
$17.31
Class R5:
Net asset value and offering price per share
$17.11
Class R6:
Net asset value and offering price per share
$17.42
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco International Diversified Fund

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Expenses:
Custodian fees
$773
Distribution fees:
Class A
869,661
Class C
224,453
Class R
259,258
Transfer agent fees — A, C, R and Y
1,095,837
Transfer agent fees — R5
16
Transfer agent fees — R6
30,080
Trustees’ and officers’ fees and benefits
10,577
Registration and filing fees
50,079
Reports to shareholders
91,983
Professional services fees
20,438
Other
17,682
Total expenses
2,670,837
Less: Expense offset arrangement(s)
(30,779
)
Net expenses
2,640,058
Net investment income (loss)
(2,640,058
)
Realized and unrealized gain from:
Net realized gain from affiliated underlying fund shares
26,908,258
Change in net unrealized appreciation of affiliated underlying fund shares
169,402,718
Net realized and unrealized gain
196,310,976
Net increase (decrease) in net assets resulting from operations
$193,670,918
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco International Diversified Fund

Statement of Changes in Net Assets
For the six months ended June 30, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30,
2025
December 31,
2024
Operations:
 
 
Net investment income (loss)
$(2,640,058
)
$18,040,473
Net realized gain
26,908,258
182,518,389
Change in net unrealized appreciation (depreciation)
169,402,718
(232,714,831
)
Net increase (decrease) in net assets resulting from operations
193,670,918
(32,155,969
)
Distributions to shareholders from distributable earnings:
Class A
(33,277,647
)
Class C
(1,861,674
)
Class R
(4,575,352
)
Class Y
(26,908,504
)
Class R5
(1,683
)
Class R6
(10,741,695
)
Total distributions from distributable earnings
(77,366,555
)
Share transactions–net:
Class A
(51,432,368
)
(92,386,922
)
Class C
(9,246,470
)
(19,389,878
)
Class R
(7,735,751
)
(14,861,631
)
Class Y
(115,353,694
)
(246,778,070
)
Class R5
1,268
Class R6
(48,745,870
)
(73,717,241
)
Net increase (decrease) in net assets resulting from share transactions
(232,514,153
)
(447,132,474
)
Net increase (decrease) in net assets
(38,843,235
)
(556,654,998
)
Net assets:
Beginning of period
1,566,249,789
2,122,904,787
End of period
$1,527,406,554
$1,566,249,789
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 06/30/25
$14.98
$(0.03
)
$2.07
$2.04
$
$
$
$17.02
13.62
%
$744,158
0.44
%(e)
0.44
%(e)
(0.44
)%(e)
1
%
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
Year ended 12/31/20
18.88
(0.01
)
3.79
3.78
(0.19
)
(0.06
)
(0.25
)
22.41
20.56
1,403,095
0.44
0.44
(0.04
)
12
Class C
Six months ended 06/30/25
13.94
(0.09
)
1.93
1.84
15.78
13.20
43,817
1.19
(e)
1.19
(e)
(1.19
)(e)
1
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
Year ended 12/31/20
18.24
(0.14
)
3.61
3.47
(0.19
)
(0.06
)
(0.25
)
21.46
19.58
211,223
1.19
1.19
(0.79
)
12
Class R
Six months ended 06/30/25
14.58
(0.05
)
2.02
1.97
16.55
13.51
109,599
0.69
(e)
0.69
(e)
(0.69
)(e)
1
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
Year ended 12/31/20
18.61
(0.05
)
3.71
3.66
(0.19
)
(0.06
)
(0.25
)
22.02
20.21
196,106
0.69
0.69
(0.29
)
12
Class Y
Six months ended 06/30/25
15.22
(0.01
)
2.10
2.09
17.31
13.73
458,674
0.19
(e)
0.19
(e)
(0.19
)(e)
1
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
Year ended 12/31/20
19.10
0.04
3.84
3.88
(0.21
)
(0.06
)
(0.27
)
22.71
20.83
2,019,871
0.19
0.19
0.21
12
Class R5
Six months ended 06/30/25
15.03
(0.01
)
2.09
2.08
17.11
13.84
35
0.13
(e)
0.13
(e)
(0.13
)(e)
1
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
Year ended 12/31/20
18.93
0.07
3.80
3.87
(0.24
)
(0.06
)
(0.30
)
22.50
20.96
24
0.05
0.05
0.35
12
Class R6
Six months ended 06/30/25
15.30
(0.00
)
2.12
2.12
17.42
13.86
171,123
0.06
(e)
0.06
(e)
(0.06
)(e)
1
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
Year ended 12/31/20
19.19
0.07
3.86
3.93
(0.24
)
(0.06
)
(0.30
)
22.82
20.99
842,979
0.04
0.04
0.36
12
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and
the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for
periods less than one year, if applicable.
(c)
In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests.
Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by
the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the underlying funds and
are deducted from the value of the funds the Fund invests in. The effect of the estimated underlying fund expenses that the Fund bears indirectly is included in the Fund’s total return.
Estimated acquired fund fees from underlying funds were 0.87%, 0.87%, 0.87%, 0.83%, 0.82% and 0.81% for the six months ended June 30, 2025 and the years ended
December 31, 2024, 2023, 2022, 2021 and 2020, respectively.
(d)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended ended December 31, 2020, the portfolio turnover
calculation excludes the value of securities purchased of $103,226,025 and sold of $86,850,094 in the effort to realign the Fund’s portfolio holdings after the reorganization of
Invesco International Allocation Fund into the Fund.
(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, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco International Diversified Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek capital appreciation.
The Fund is a "fund of funds", in that it invests in other mutual funds ("underlying funds") advised by Invesco Advisers, Inc. (the "Adviser" or "Invesco"). The Adviser may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
7
Invesco International Diversified Fund

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
H.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
J.
Other Risks - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede
8
Invesco International Diversified Fund

an underlying Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.
Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; difficulty in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; lack of publicly available information; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China’s dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole.
The level of development of the economies of countries in the Asia Pacific region varies greatly. Furthermore, since the economies of the countries in the region are largely intertwined, if an economic recession is experienced by any of these countries, it will likely adversely impact the economic performance of other countries in the region. In addition, export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has recently imposed tariffs on the other country’s products. Further, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the underlying Fund.
Certain securities issued by companies located or operating in Greater China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser.  Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.
The Adviser has agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.25%, 3.00%, 2.50%, 2.00%, 2.00% and 2.00%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary limits.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $28,273 in front-end sales commissions from the sale of Class A shares and $291 and $902 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
9
Invesco International Diversified Fund

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of June 30, 2025, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $30,779.
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6—Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank.  Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 7—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund had a capital loss carryforward as of December 31, 2024, as follows: 
Capital Loss Carryforward*
Expiration
Short-Term
Long-Term
Total
Not subject to expiration
$383,695
$29,562,453
$29,946,148
*
Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $8,924,998 and $239,976,855, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments
$586,062,294
Aggregate unrealized (depreciation) of investments
Net unrealized appreciation of investments
$586,062,294
10
Invesco International Diversified Fund

Cost of investments for tax purposes is $937,080,295.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
1,238,035
$19,480,787
2,535,038
$41,189,501
Class C
146,376
2,144,876
314,679
4,749,942
Class R
493,522
7,565,725
886,405
14,016,424
Class Y
1,507,681
24,031,246
4,364,363
72,036,733
Class R6
1,186,793
18,987,301
2,675,334
44,501,278
Issued as reinvestment of dividends:
Class A
-
-
2,055,318
30,973,646
Class C
-
-
127,656
1,791,011
Class R
-
-
311,184
4,568,180
Class Y
-
-
1,424,771
21,813,237
Class R5
-
-
84
1,268
Class R6
-
-
685,801
10,554,471
Automatic conversion of Class C shares to Class A shares:
Class A
364,378
5,813,468
661,177
10,781,306
Class C
(392,367
)
(5,813,468
)
(713,855
)
(10,781,306
)
Reacquired:
Class A
(4,890,727
)
(76,726,623
)
(10,754,954
)
(175,331,375
)
Class C
(385,639
)
(5,577,878
)
(1,001,640
)
(15,149,525
)
Class R
(1,000,385
)
(15,301,476
)
(2,112,641
)
(33,446,235
)
Class Y
(8,790,146
)
(139,384,940
)
(20,448,821
)
(340,628,040
)
Class R6
(4,219,645
)
(67,733,171
)
(7,678,861
)
(128,772,990
)
Net increase (decrease) in share activity
(14,742,124
)
$(232,514,153
)
(26,668,962
)
$(447,132,474
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
11
Invesco International Diversified Fund

Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco International Diversified Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025.  After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.  
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees.  The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them.  The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups.  The Board also receives an independent written evaluation from the Senior Officer.  The Senior Officer’s evaluation is prepared as
part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements.  In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. 
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts.  The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor.  Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s).  The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities.  The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks.  The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent.  The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology.  The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing.  The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,
internal audit, valuation, portfolio trading and legal and compliance.  The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments.  The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business.  The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services.  The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.  As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading.  The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.  The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement.  The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI All Country World ex USA® Index (Index).  The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and five year periods, and the fourth quintile for the three year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis).  The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund is a fund of funds that invests primarily in certain underlying affiliated funds and discussed how the performance of the underlying funds contributed to or detracted from the Fund’s performance.  The Board considered that stock selection in certain regions and
12
Invesco International Diversified Fund

sectors and an underweight exposure to certain factors (each of the foregoing achieved by the Fund’s exposure to underlying funds) detracted from Fund performance. The Board considered information provided by management regarding the evaluation of the drivers of the Fund’s underperformance and enhancements to be made to the Fund to address such underperformance, which included changes to the underlying funds in which the Fund invests and related allocations to such underlying funds.  The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results.  The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.
C.
Advisory and Sub-Advisory Fees and Fund Expenses
The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities.  The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees.  Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates.  The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.  The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.  The Board noted that there were only three funds (including the Fund) in the expense group, therefore, Broadridge did not provide quintile rankings.  The independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management regarding the Fund’s limited peer group.
The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.  The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.
D.
Economies of Scale and Breakpoints
The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders.  The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements
with third party service providers.  The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.  
E.
Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis.  The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually.  The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund.  The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided.  The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.  The Board noted the cyclical and competitive nature of the global asset management industry.
F.
Collateral Benefits to Invesco Advisers and its Affiliates
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund.  The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources.  The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services.  The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance. 
The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange traded funds.  The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange traded funds.  The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange traded funds
to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.
The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.
The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received.  The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities.  The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief.  The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.
13
Invesco International Diversified Fund

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, 2025
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, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–98.79%
Advertising–1.44%
Trade Desk, Inc. (The), Class A(b)
500,439
$36,026,604
Aerospace & Defense–3.51%
Curtiss-Wright Corp.
78,814
38,504,580
Howmet Aerospace, Inc.
266,047
49,519,328
 
 
88,023,908
Agricultural & Farm Machinery–0.54%
AGCO Corp.
131,334
13,548,415
Apparel Retail–1.00%
Burlington Stores, Inc.(b)(c)
107,917
25,105,811
Apparel, Accessories & Luxury Goods–0.72%
Tapestry, Inc.
204,054
17,917,982
Application Software–4.38%
HubSpot, Inc.(b)
52,151
29,028,811
Informatica, Inc., Class A(b)
1,001,398
24,384,041
Tyler Technologies, Inc.(b)
48,382
28,682,785
Unity Software, Inc.(b)(c)
1,140,405
27,597,801
 
 
109,693,438
Asset Management & Custody Banks–1.10%
Blue Owl Capital, Inc.(c)
1,431,690
27,502,765
Automotive Parts & Equipment–0.70%
Visteon Corp.(b)
188,116
17,551,223
Automotive Retail–0.80%
AutoNation, Inc.(b)
100,252
19,915,060
Biotechnology–2.60%
ADMA Biologics, Inc.(b)(c)
563,156
10,255,071
Ascendis Pharma A/S, ADR (Denmark)(b)
140,356
24,225,446
Natera, Inc.(b)
181,264
30,622,740
 
 
65,103,257
Building Products–1.70%
A.O. Smith Corp.
240,615
15,777,126
Johnson Controls International PLC
253,291
26,752,595
 
 
42,529,721
Communications Equipment–0.88%
Motorola Solutions, Inc.
52,149
21,926,569
Construction & Engineering–0.78%
WillScot Holdings Corp.(c)
717,244
19,652,486
Construction Machinery & Heavy Transportation Equipment–
1.25%
Allison Transmission Holdings, Inc.
329,399
31,289,611
Consumer Finance–1.09%
Capital One Financial Corp.
127,775
27,185,409
Consumer Staples Merchandise Retail–0.99%
BJ’s Wholesale Club Holdings, Inc.,
Class C(b)
230,608
24,866,461
 
Shares
Value
Diversified Financial Services–1.49%
Equitable Holdings, Inc.
664,281
$37,266,164
Electric Utilities–1.45%
PPL Corp.
1,075,032
36,432,834
Electrical Components & Equipment–3.64%
Hubbell, Inc.
77,907
31,817,999
Rockwell Automation, Inc.
95,092
31,586,709
Vertiv Holdings Co., Class A
215,861
27,718,711
 
 
91,123,419
Electronic Equipment & Instruments–1.00%
Keysight Technologies, Inc.(b)
153,379
25,132,683
Environmental & Facilities Services–0.98%
Casella Waste Systems, Inc., Class A(b)(c)
212,862
24,560,018
Fertilizers & Agricultural Chemicals–1.16%
Corteva, Inc.
389,735
29,046,950
Financial Exchanges & Data–1.05%
Cboe Global Markets, Inc.
112,920
26,334,073
Food Distributors–1.23%
Sysco Corp.
405,801
30,735,368
Footwear–0.64%
Deckers Outdoor Corp.(b)
156,380
16,118,087
Health Care Distributors–1.37%
Cencora, Inc.
114,022
34,189,497
Health Care Equipment–0.89%
Zimmer Biomet Holdings, Inc.
244,218
22,275,124
Health Care Facilities–2.29%
Encompass Health Corp.
237,642
29,142,038
Tenet Healthcare Corp.(b)
160,765
28,294,640
 
 
57,436,678
Health Care REITs–0.99%
American Healthcare REIT, Inc.
677,810
24,902,739
Homebuilding–2.32%
D.R. Horton, Inc.
237,641
30,636,678
TopBuild Corp.(b)(c)
84,912
27,489,411
 
 
58,126,089
Hotels, Resorts & Cruise Lines–3.25%
Royal Caribbean Cruises Ltd.(c)
175,528
54,964,838
Wyndham Hotels & Resorts, Inc.
324,869
26,382,611
 
 
81,347,449
Human Resource & Employment Services–1.72%
Korn Ferry
312,887
22,944,004
Paylocity Holding Corp.(b)
110,992
20,110,640
 
 
43,054,644
Independent Power Producers & Energy Traders–1.36%
Vistra Corp.
175,702
34,052,805
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Main Street Mid Cap Fund®

 
Shares
Value
Industrial Machinery & Supplies & Components–2.39%
Lincoln Electric Holdings, Inc.
130,765
$27,110,200
Xylem, Inc.
252,611
32,677,759
 
 
59,787,959
Industrial REITs–1.31%
First Industrial Realty Trust, Inc.
679,092
32,684,698
Insurance Brokers–1.09%
Arthur J. Gallagher & Co.
85,549
27,385,946
Interactive Home Entertainment–1.57%
Electronic Arts, Inc.
245,993
39,285,082
Internet Services & Infrastructure–2.58%
MongoDB, Inc.(b)
142,090
29,837,479
Snowflake, Inc., Class A(b)
155,720
34,845,464
 
 
64,682,943
Investment Banking & Brokerage–1.68%
Raymond James Financial, Inc.
275,147
42,199,295
IT Consulting & Other Services–0.83%
Amdocs Ltd.
226,609
20,675,805
Life Sciences Tools & Services–1.70%
Lonza Group AG (Switzerland)
34,734
24,840,488
Repligen Corp.(b)(c)
141,767
17,632,979
 
 
42,473,467
Managed Health Care–0.77%
HealthEquity, Inc.(b)
184,580
19,336,601
Metal, Glass & Plastic Containers–0.70%
Silgan Holdings, Inc.(c)
321,338
17,410,093
Multi-Family Residential REITs–0.98%
AvalonBay Communities, Inc.
120,909
24,604,981
Multi-line Insurance–1.32%
American International Group, Inc.
386,460
33,077,111
Multi-Utilities–2.71%
Ameren Corp.
344,336
33,070,029
CMS Energy Corp.
502,695
34,826,710
 
 
67,896,739
Oil & Gas Exploration & Production–2.45%
Expand Energy Corp.
271,624
31,763,711
Permian Resources Corp.(c)
2,166,433
29,506,817
 
 
61,270,528
Oil & Gas Refining & Marketing–0.96%
Valero Energy Corp.
179,110
24,075,966
Oil & Gas Storage & Transportation–2.25%
Cheniere Energy, Inc.
151,012
36,774,442
Williams Cos., Inc. (The)
310,563
19,506,462
 
 
56,280,904
Other Specialized REITs–1.14%
Lamar Advertising Co., Class A(c)
235,908
28,629,795
Paper & Plastic Packaging Products & Materials–0.80%
Smurfit WestRock PLC
462,370
19,951,265
 
Shares
Value
Personal Care Products–1.53%
BellRing Brands, Inc.(b)
425,139
$24,628,302
Estee Lauder Cos., Inc. (The), Class A
168,115
13,583,692
 
 
38,211,994
Property & Casualty Insurance–1.51%
Hartford Insurance Group, Inc. (The)
297,758
37,776,557
Regional Banks–3.97%
Citizens Financial Group, Inc.
544,564
24,369,239
M&T Bank Corp.
217,784
42,247,918
Wintrust Financial Corp.
265,325
32,894,994
 
 
99,512,151
Reinsurance–0.91%
Reinsurance Group of America, Inc.
114,541
22,720,353
Research & Consulting Services–1.76%
CACI International, Inc., Class A(b)(c)
36,841
17,562,105
TransUnion
301,543
26,535,784
 
 
44,097,889
Restaurants–1.82%
Domino’s Pizza, Inc.
45,376
20,446,425
Texas Roadhouse, Inc.
134,351
25,178,721
 
 
45,625,146
Retail REITs–1.06%
Brixmor Property Group, Inc.
1,015,678
26,448,255
Semiconductors–3.23%
Astera Labs, Inc.(b)(c)
274,020
24,776,888
Marvell Technology, Inc.
296,552
22,953,125
Microchip Technology, Inc.
472,867
33,275,651
 
 
81,005,664
Single-Family Residential REITs–1.07%
American Homes 4 Rent, Class A
743,601
26,821,688
Soft Drinks & Non-alcoholic Beverages–0.73%
Keurig Dr Pepper, Inc.
552,861
18,277,585
Specialty Chemicals–2.09%
DuPont de Nemours, Inc.
355,164
24,360,699
International Flavors & Fragrances, Inc.
379,190
27,889,424
 
 
52,250,123
Steel–0.98%
ATI, Inc.(b)
285,162
24,620,887
Trading Companies & Distributors–0.59%
Air Lease Corp., Class A
252,013
14,740,240
Total Common Stocks & Other Equity Interests
(Cost $1,794,561,373)
2,473,791,051
Money Market Funds–1.01%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(d)(e)
8,887,684
8,887,684
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Main Street Mid Cap Fund®

 
Shares
Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional
Class, 4.23%(d)(e)
16,505,700
$16,505,700
Total Money Market Funds (Cost $25,393,384)
25,393,384
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from securities
on loan)-99.80%
(Cost $1,819,954,757)
 
2,499,184,435
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–4.86%
Invesco Private Government Fund,
4.34%(d)(e)(f)
33,869,116
33,869,116
 
Shares
Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 4.49%(d)(e)(f)
87,814,969
$87,841,313
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $121,703,529)
121,710,429
TOTAL INVESTMENTS IN SECURITIES–104.66%
(Cost $1,941,658,286)
2,620,894,864
OTHER ASSETS LESS LIABILITIES—(4.66)%
(116,765,825
)
NET ASSETS–100.00%
$2,504,129,039
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, 2025.
(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, 2025.
 
 
Value
December 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
June 30, 2025
Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$8,436,592
$59,644,919
$(59,193,827)
$-
$-
$8,887,684
$97,696
Invesco Treasury Portfolio, Institutional Class
15,673,297
110,769,135
(109,936,732)
-
-
16,505,700
180,122
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
22,114,219
210,892,320
(199,137,423)
-
-
33,869,116
454,607*
Invesco Private Prime Fund
63,876,671
491,674,526
(467,714,434)
6,900
(2,350)
87,841,313
1,241,689*
Total
$110,100,779
$872,980,900
$(835,982,416)
$6,900
$(2,350)
$147,103,813
$1,974,114
 
*
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, 2025.
(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, 2025
(Unaudited)
 
Assets:
Investments in unaffiliated securities, at value
(Cost $1,794,561,373)*
$2,473,791,051
Investments in affiliated money market funds, at value
(Cost $147,096,913)
147,103,813
Cash
5,000,000
Receivable for:
Fund shares sold
599,104
Dividends
2,241,866
Investment for trustee deferred compensation and
retirement plans
655,422
Other assets
148,074
Total assets
2,629,539,330
Liabilities:
Payable for:
Fund shares reacquired
1,592,237
Collateral upon return of securities loaned
121,703,529
Accrued fees to affiliates
1,324,315
Accrued other operating expenses
114,844
Trustee deferred compensation and retirement plans
675,366
Total liabilities
125,410,291
Net assets applicable to shares outstanding
$2,504,129,039
Net assets consist of:
Shares of beneficial interest
$1,688,984,355
Distributable earnings
815,144,684
 
$2,504,129,039
Net Assets:
Class A
$1,845,302,890
Class C
$54,991,148
Class R
$149,789,112
Class Y
$334,063,278
Class R5
$15,310,413
Class R6
$104,672,198
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
61,683,768
Class C
2,765,317
Class R
5,568,117
Class Y
9,734,067
Class R5
504,862
Class R6
3,047,317
Class A:
Net asset value per share
$29.92
Maximum offering price per share
(Net asset value of $29.92 ÷ 94.50%)
$31.66
Class C:
Net asset value and offering price per share
$19.89
Class R:
Net asset value and offering price per share
$26.90
Class Y:
Net asset value and offering price per share
$34.32
Class R5:
Net asset value and offering price per share
$30.33
Class R6:
Net asset value and offering price per share
$34.35
 
*
At June 30, 2025, securities with an aggregate value of $118,939,149
were on loan to brokers.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Main Street Mid Cap Fund®

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Investment income:
Dividends (net of foreign withholding taxes of $12,384)
$15,901,963
Dividends from affiliated money market funds (includes net securities lending income of $45,956)
323,774
Total investment income
16,225,737
Expenses:
Advisory fees
7,504,365
Administrative services fees
173,489
Custodian fees
7,498
Distribution fees:
Class A
2,180,887
Class C
277,453
Class R
359,806
Transfer agent fees — A, C, R and Y
1,836,642
Transfer agent fees — R5
7,472
Transfer agent fees — R6
15,453
Trustees’ and officers’ fees and benefits
18,445
Registration and filing fees
55,110
Reports to shareholders
81,122
Professional services fees
26,757
Other
20,806
Total expenses
12,565,305
Less: Fees waived and/or expense offset arrangement(s)
(57,032
)
Net expenses
12,508,273
Net investment income
3,717,464
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
76,945,985
Affiliated investment securities
(2,350
)
Foreign currencies
1,590
 
76,945,225
Change in net unrealized appreciation of:
Unaffiliated investment securities
13,718,035
Affiliated investment securities
6,900
Foreign currencies
3,175
 
13,728,110
Net realized and unrealized gain
90,673,335
Net increase in net assets resulting from operations
$94,390,799
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, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30,
2025
December 31,
2024
Operations:
 
 
Net investment income
$3,717,464
$5,112,177
Net realized gain
76,945,225
244,715,207
Change in net unrealized appreciation
13,728,110
143,683,906
Net increase in net assets resulting from operations
94,390,799
393,511,290
Distributions to shareholders from distributable earnings:
Class A
(158,390,842
)
Class C
(7,217,346
)
Class R
(13,558,577
)
Class Y
(25,777,932
)
Class R5
(1,329,243
)
Class R6
(7,647,437
)
Total distributions from distributable earnings
(213,921,377
)
Share transactions–net:
Class A
(98,041,916
)
(48,956,494
)
Class C
(7,410,580
)
(4,399,443
)
Class R
(5,603,361
)
(1,686,209
)
Class Y
(14,640,510
)
(18,895,006
)
Class R5
(729,852
)
(3,833
)
Class R6
1,408,887
4,311,637
Net increase (decrease) in net assets resulting from share transactions
(125,017,332
)
(69,629,348
)
Net increase (decrease) in net assets
(30,626,533
)
109,960,565
Net assets:
Beginning of period
2,534,755,572
2,424,795,007
End of period
$2,504,129,039
$2,534,755,572
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 06/30/25
$28.77
$0.04
$1.11
$1.15
$
$
$
$29.92
4.00
%(d)
$1,845,303
1.05
%(d)(e)
1.05
%(d)(e)
0.29
%(d)(e)
20
%
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
Year ended 12/31/20
26.13
0.06
2.06
2.12
(0.73
)
(0.73
)
27.52
9.13
(d)
1,946,102
1.10
(d)
1.11
(d)
0.27
(d)
76
Class C
Six months ended 06/30/25
19.20
(0.04
)
0.73
0.69
19.89
3.59
54,991
1.81
(e)
1.81
(e)
(0.47
)(e)
20
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
Year ended 12/31/20
20.41
(0.09
)
1.52
1.43
(0.73
)
(0.73
)
21.11
8.29
90,764
1.84
1.87
(0.47
)
76
Class R
Six months ended 06/30/25
25.90
0.00
1.00
1.00
26.90
3.86
149,789
1.31
(e)
1.31
(e)
0.03
(e)
20
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
Year ended 12/31/20
24.41
0.01
1.89
1.90
(0.73
)
(0.73
)
25.58
8.87
163,178
1.34
1.37
0.03
76
Class Y
Six months ended 06/30/25
32.96
0.09
1.27
1.36
34.32
4.13
334,063
0.81
(e)
0.81
(e)
0.53
(e)
20
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
Year ended 12/31/20
28.69
0.14
2.30
2.44
(0.73
)
(0.73
)
30.40
9.44
395,290
0.84
0.87
0.53
76
Class R5
Six months ended 06/30/25
29.12
0.08
1.13
1.21
30.33
4.16
15,310
0.75
(e)
0.75
(e)
0.59
(e)
20
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
Year ended 12/31/20
26.19
0.16
2.08
2.24
(0.73
)
(0.73
)
27.70
9.58
14,535
0.72
0.72
0.65
76
Class R6
Six months ended 06/30/25
32.97
0.11
1.27
1.38
34.35
4.19
104,672
0.68
(e)
0.68
(e)
0.66
(e)
20
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
Year ended 12/31/20
28.63
0.18
2.30
2.48
(0.73
)
(0.73
)
30.38
9.60
87,060
0.67
0.69
0.70
76
 
(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. For the year ended December 31,
2020, the portfolio turnover calculation excludes the value of securities purchased of $654,478,527 in connection with the acquisition of Invesco Mid Cap Core Equity Fund into the
Fund.
(d)
The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended
June 30, 2025 and the years ended December 31, 2024, 2023, 2022 and 2020, respectively.
(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, 2025
(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. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
9
Invesco Main Street Mid Cap Fund®

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.
C.
Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6.  Sub-accounting fees attributable to Class R5 are charged to the operations of the class.  Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
H.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
J.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following
10
Invesco Main Street Mid Cap Fund®

the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.
The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $1,984 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.
K.
Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
L.
Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.
The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).
A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows: 
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, 2025, the effective advisory fee rate incurred by the Fund was 0.62%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate
11
Invesco Main Street Mid Cap Fund®

sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.
The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.
Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.
For the six months ended June 30, 2025, the Adviser waived advisory fees of $7,417.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $49,568 in front-end sales commissions from the sale of Class A shares and $1,105 and $1,139 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Common Stocks & Other Equity Interests
$2,448,950,563
$24,840,488
$
$2,473,791,051
Money Market Funds
25,393,384
121,710,429
147,103,813
Total Investments
$2,474,343,947
$146,550,917
$
$2,620,894,864
12
Invesco Main Street Mid Cap Fund®

NOTE 4—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $49,615.
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6—Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank.  Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 7—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund did not have a capital loss carryforward as of December 31, 2024.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $499,121,584 and $620,986,402, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments
$720,939,187
Aggregate unrealized (depreciation) of investments
(41,905,056
)
Net unrealized appreciation of investments
$679,034,131
Cost of investments for tax purposes is $1,941,860,733.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
1,404,152
$39,711,990
2,492,586
$71,961,339
Class C
175,745
3,290,572
344,394
6,858,346
Class R
356,311
9,082,476
674,517
17,879,433
Class Y
692,120
22,552,871
1,011,189
33,333,374
Class R5
43,811
1,252,877
59,058
1,739,131
Class R6
456,353
15,071,444
588,055
19,246,361
Issued as reinvestment of dividends:
Class A
-
-
5,007,292
150,368,947
Class C
-
-
356,045
7,135,141
Class R
-
-
500,236
13,526,382
Class Y
-
-
644,610
22,174,581
Class R5
-
-
43,715
1,328,490
Class R6
-
-
214,062
7,365,867
Automatic conversion of Class C shares to Class A shares:
Class A
168,424
4,814,797
245,442
7,111,286
Class C
(252,942
)
(4,814,797
)
(354,871
)
(7,111,286
)
13
Invesco Main Street Mid Cap Fund®

 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Reacquired:
Class A
(5,027,689
)
$(142,568,703
)
(9,611,454
)
$(278,398,066
)
Class C
(310,578
)
(5,886,355
)
(564,891
)
(11,281,644
)
Class R
(575,038
)
(14,685,837
)
(1,266,772
)
(33,092,024
)
Class Y
(1,135,515
)
(37,193,381
)
(2,270,028
)
(74,402,961
)
Class R5
(72,502
)
(1,982,729
)
(101,416
)
(3,071,454
)
Class R6
(420,201
)
(13,662,557
)
(672,921
)
(22,300,591
)
Net increase (decrease) in share activity
(4,497,549
)
$(125,017,332
)
(2,661,152
)
$(69,629,348
)
 
(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 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Main Street Mid Cap Fund’s® (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025.  After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.  
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees.  The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them.  The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process).  In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups.  The Board also receives an independent written evaluation from the Senior Officer.  The Senior Officer’s evaluation is prepared as
part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements.  In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts.  The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor.  Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. 
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s).  The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities.  The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks.  The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology.  The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing.  The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,
internal audit, valuation, portfolio trading and legal and compliance.  The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments.  The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business.  The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services.  The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.  As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading.  The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.  The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement.  The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell Midcap® Index (Index).  The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period, and the fourth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis).  The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period.  The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results.  The Board also reviewed
15
Invesco Main Street Mid Cap Fund®

more recent Fund performance as well as other performance metrics, which did not change its conclusions.
C.
Advisory and Sub-Advisory Fees and Fund Expenses
The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group.  The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group.  The Board noted that the term “contractual management fee” and “actual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included.  The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.  The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. 
The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed.  Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.  Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.
D.
Economies of Scale and Breakpoints
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty.
The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size.  The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers.  The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity. 
E.
Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis.  The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology.  The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund.  The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided.  The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.  The Board noted the cyclical and competitive nature of the global asset management industry. 
F.
Collateral Benefits to Invesco Advisers and its Affiliates
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund.  The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources.  The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services.  The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.
The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a
result of portfolio brokerage transactions executed through “soft dollar” arrangements.  The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses.  The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements.  The Board did not deem the soft dollar arrangements to be inappropriate. 
The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers.  The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates.  In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments.  The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral.  The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.
The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received.  The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities.  The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief.  The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.
The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund.  Invesco Advisers and the Affiliated Sub-Advisers advised the
16
Invesco Main Street Mid Cap Fund®

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, 2025
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, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–97.71%
Aerospace & Defense–1.22%
AAR Corp.(b)
361,514
$24,868,548
Agricultural & Farm Machinery–0.55%
AGCO Corp.
108,448
11,187,496
Air Freight & Logistics–1.15%
Hub Group, Inc., Class A
700,068
23,403,273
Application Software–2.89%
Informatica, Inc., Class A(b)
1,074,057
26,153,288
MARA Holdings, Inc.(b)(c)
921,881
14,455,094
Unity Software, Inc.(b)(c)
759,838
18,388,080
 
 
58,996,462
Asset Management & Custody Banks–1.91%
DigitalBridge Group, Inc.
1,493,292
15,455,572
Federated Hermes, Inc., Class B
532,787
23,613,120
 
 
39,068,692
Automotive Parts & Equipment–2.65%
Dorman Products, Inc.(b)
242,531
29,751,278
Visteon Corp.(b)
260,370
24,292,521
 
 
54,043,799
Automotive Retail–2.20%
AutoNation, Inc.(b)
225,944
44,883,776
Biotechnology–5.65%
ADMA Biologics, Inc.(b)
1,669,544
30,402,396
Ascendis Pharma A/S, ADR (Denmark)(b)
111,139
19,182,591
BridgeBio Pharma, Inc.(b)(c)
397,276
17,154,378
Caris Life Sciences, Inc.(b)
85,411
2,282,182
LENZ Therapeutics, Inc.(b)(c)
112,949
3,310,535
Merus N.V. (Netherlands)(b)
130,602
6,869,666
Soleno Therapeutics, Inc.(b)
123,885
10,379,085
Twist Bioscience Corp.(b)
451,340
16,604,799
Ultragenyx Pharmaceutical, Inc.(b)
251,928
9,160,102
 
 
115,345,734
Building Products–2.40%
Hayward Holdings, Inc.(b)
1,058,329
14,604,940
Zurn Elkay Water Solutions Corp.
939,081
34,342,192
 
 
48,947,132
Commercial & Residential Mortgage Finance–1.53%
PennyMac Financial Services, Inc.
313,663
31,253,381
Construction & Engineering–0.65%
WillScot Holdings Corp.(c)
487,100
13,346,540
Construction Machinery & Heavy Transportation Equipment–
3.13%
Allison Transmission Holdings, Inc.
276,179
26,234,243
Atmus Filtration Technologies, Inc.
508,081
18,504,310
Federal Signal Corp.
179,553
19,108,031
 
 
63,846,584
 
Shares
Value
Construction Materials–1.02%
Knife River Corp.(b)
254,925
$20,812,077
Diversified Banks–0.77%
Bank of N.T. Butterfield & Son Ltd. (The)
(Bermuda)
356,545
15,787,813
Diversified REITs–1.46%
Essential Properties Realty Trust, Inc.
932,641
29,760,574
Education Services–1.43%
Stride, Inc.(b)(c)
201,651
29,277,709
Electric Utilities–1.09%
Portland General Electric Co.
548,271
22,276,251
Electronic Components–1.64%
Belden, Inc.
288,596
33,419,417
Electronic Equipment & Instruments–2.04%
Itron, Inc.(b)
317,291
41,765,014
Environmental & Facilities Services–2.87%
ABM Industries, Inc.
479,534
22,638,800
Casella Waste Systems, Inc., Class A(b)
312,839
36,095,363
 
 
58,734,163
Footwear–0.65%
Steven Madden Ltd.(c)
553,620
13,275,808
Gas Utilities–1.25%
Chesapeake Utilities Corp.
211,653
25,444,924
Health Care Equipment–1.76%
Inspire Medical Systems, Inc.(b)(c)
108,367
14,062,785
Integer Holdings Corp.(b)(c)
178,740
21,979,658
 
 
36,042,443
Health Care Facilities–1.80%
Encompass Health Corp.
180,612
22,148,450
Surgery Partners, Inc.(b)(c)
661,789
14,711,569
 
 
36,860,019
Health Care REITs–1.52%
American Healthcare REIT, Inc.
844,472
31,025,901
Health Care Services–2.89%
Addus HomeCare Corp.(b)
121,202
13,961,259
BrightSpring Health Services, Inc.(b)(c)
846,365
19,965,750
Guardant Health, Inc.(b)(c)
481,476
25,056,011
 
 
58,983,020
Homebuilding–1.95%
Champion Homes, Inc.(b)
211,321
13,230,808
KB Home
502,245
26,603,917
 
 
39,834,725
Hotels, Resorts & Cruise Lines–1.00%
Wyndham Hotels & Resorts, Inc.
251,361
20,413,027
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Main Street Small Cap Fund®

 
Shares
Value
Human Resource & Employment Services–2.14%
Korn Ferry
384,428
$28,190,105
Upwork, Inc.(b)
1,160,230
15,593,491
 
 
43,783,596
Industrial Machinery & Supplies & Components–4.28%
Enpro, Inc.
168,028
32,185,763
ESAB Corp.
260,001
31,343,121
Gates Industrial Corp. PLC(b)
1,041,926
23,995,556
 
 
87,524,440
Industrial REITs–1.41%
Terreno Realty Corp.
513,117
28,770,470
Investment Banking & Brokerage–2.00%
BGC Group, Inc., Class A
2,100,175
21,484,790
Stifel Financial Corp.
186,581
19,363,376
 
 
40,848,166
IT Consulting & Other Services–0.85%
ASGN, Inc.(b)
349,741
17,462,568
Life Sciences Tools & Services–1.46%
BioLife Solutions, Inc.(b)
658,838
14,191,371
Repligen Corp.(b)
126,404
15,722,129
 
 
29,913,500
Metal, Glass & Plastic Containers–1.38%
Silgan Holdings, Inc.
521,143
28,235,528
Oil & Gas Drilling–0.78%
Helmerich & Payne, Inc.(c)
1,052,831
15,960,918
Oil & Gas Equipment & Services–0.98%
Kodiak Gas Services, Inc.
585,371
20,060,664
Oil & Gas Exploration & Production–2.28%
Northern Oil and Gas, Inc.
1,027,833
29,139,066
SM Energy Co.
706,510
17,457,862
 
 
46,596,928
Other Specialized REITs–1.25%
Outfront Media, Inc.(c)
1,569,842
25,619,821
Personal Care Products–1.90%
BellRing Brands, Inc.(b)
382,887
22,180,644
Interparfums, Inc.
127,411
16,730,338
 
 
38,910,982
Pharmaceuticals–1.36%
Collegium Pharmaceutical, Inc.(b)
439,306
12,990,279
Structure Therapeutics, Inc., ADR(b)(c)
182,514
3,785,340
Tarsus Pharmaceuticals, Inc.(b)
272,871
11,054,004
 
 
27,829,623
Property & Casualty Insurance–2.06%
Definity Financial Corp. (Canada)(c)
476,993
27,801,678
Skyward Specialty Insurance Group,
Inc.(b)
248,457
14,358,330
 
 
42,160,008
Regional Banks–10.18%
Banc of California, Inc.
1,332,490
18,721,485
Berkshire Hills Bancorp, Inc.
468,954
11,742,608
Cathay General Bancorp
550,927
25,083,706
 
Shares
Value
Regional Banks–(continued)
Columbia Banking System, Inc.
1,036,759
$24,239,425
OceanFirst Financial Corp.
713,262
12,560,544
Pacific Premier Bancorp, Inc.
908,184
19,153,601
United Community Banks, Inc.
508,930
15,161,025
Webster Financial Corp.
445,879
24,344,993
Wintrust Financial Corp.
317,687
39,386,834
WSFS Financial Corp.
319,823
17,590,265
 
 
207,984,486
Research & Consulting Services–0.62%
CACI International, Inc., Class A(b)
26,679
12,717,879
Restaurants–1.63%
Cheesecake Factory, Inc. (The)(c)
303,261
19,002,334
Texas Roadhouse, Inc.
76,746
14,382,968
 
 
33,385,302
Semiconductor Materials & Equipment–0.55%
MKS Instruments, Inc.
112,125
11,140,740
Semiconductors–4.61%
Allegro MicroSystems, Inc. (Japan)(b)
795,350
27,193,017
Lattice Semiconductor Corp.(b)(c)
331,955
16,262,475
MACOM Technology Solutions Holdings,
Inc.(b)
189,494
27,152,595
Silicon Laboratories, Inc.(b)
159,325
23,478,132
 
 
94,086,219
Steel–2.11%
ATI, Inc.(b)
180,314
15,568,311
Commercial Metals Co.
562,692
27,521,266
 
 
43,089,577
Systems Software–0.92%
Progress Software Corp.(c)
294,634
18,809,435
Trading Companies & Distributors–1.21%
Air Lease Corp., Class A
423,976
24,798,356
Transaction & Payment Processing Services–0.68%
Marqeta, Inc., Class A(b)
2,365,803
13,792,632
Total Common Stocks & Other Equity Interests
(Cost $1,555,131,739)
1,996,386,140
Money Market Funds–2.17%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(d)(e)
14,769,429
14,769,429
Invesco Treasury Portfolio, Institutional
Class, 4.23%(d)(e)
29,507,626
29,507,626
Total Money Market Funds (Cost $44,277,055)
44,277,055
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from
securities on loan)-99.88%
(Cost $1,599,408,794)
 
2,040,663,195
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–8.99%
Invesco Private Government Fund,
4.34%(d)(e)(f)
47,786,211
47,786,211
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 Private Prime Fund,
4.49%(d)(e)(f)
135,909,900
$135,950,673
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $183,723,293)
183,736,884
TOTAL INVESTMENTS IN SECURITIES–108.87%
(Cost $1,783,132,087)
2,224,400,079
OTHER ASSETS LESS LIABILITIES—(8.87)%
(181,284,846
)
NET ASSETS–100.00%
$2,043,115,233
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, 2025.
(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, 2025.
 
 
Value
December 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
June 30, 2025
Dividend Income
Investments in Affiliated Money Market
Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$6,728,218
$109,871,722
$(101,830,511)
$-
$-
$14,769,429
$258,000
Invesco Treasury Portfolio, Institutional Class
14,573,949
204,047,484
(189,113,807)
-
-
29,507,626
519,473
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
71,355,058
229,281,599
(252,850,446)
-
-
47,786,211
1,289,445*
Invesco Private Prime Fund
185,809,900
417,576,343
(467,437,642)
13,591
(11,519)
135,950,673
3,480,718*
Total
$278,467,125
$960,777,148
$(1,011,232,406)
$13,591
$(11,519)
$228,013,939
$5,547,636
 
*
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, 2025.
(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, 2025
(Unaudited)
 
Assets:
Investments in unaffiliated securities, at value
(Cost $1,555,131,739)*
$1,996,386,140
Investments in affiliated money market funds, at value
(Cost $228,000,348)
228,013,939
Cash
915,404
Foreign currencies, at value (Cost $55,443)
55,854
Receivable for:
Fund shares sold
1,368,650
Dividends
2,302,609
Investment for trustee deferred compensation and
retirement plans
162,966
Other assets
108,443
Total assets
2,229,314,005
Liabilities:
Payable for:
Fund shares reacquired
1,427,892
Collateral upon return of securities loaned
183,723,293
Accrued fees to affiliates
820,964
Accrued other operating expenses
59,215
Trustee deferred compensation and retirement plans
167,408
Total liabilities
186,198,772
Net assets applicable to shares outstanding
$2,043,115,233
Net assets consist of:
Shares of beneficial interest
$1,464,866,773
Distributable earnings
578,248,460
 
$2,043,115,233
Net Assets:
Class A
$409,423,955
Class C
$27,124,309
Class R
$80,344,591
Class Y
$876,432,924
Class R5
$11,490,863
Class R6
$638,298,591
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
18,498,146
Class C
1,354,435
Class R
3,749,382
Class Y
38,989,143
Class R5
513,511
Class R6
28,257,302
Class A:
Net asset value per share
$22.13
Maximum offering price per share
(Net asset value of $22.13 ÷ 94.50%)
$23.42
Class C:
Net asset value and offering price per share
$20.03
Class R:
Net asset value and offering price per share
$21.43
Class Y:
Net asset value and offering price per share
$22.48
Class R5:
Net asset value and offering price per share
$22.38
Class R6:
Net asset value and offering price per share
$22.59
 
*
At June 30, 2025, securities with an aggregate value of $179,146,681
were on loan to brokers.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Main Street Small Cap Fund®

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Investment income:
Dividends (net of foreign withholding taxes of $22,157)
$12,220,299
Dividends from affiliated money market funds (includes net securities lending income of $135,600)
913,073
Total investment income
13,133,372
Expenses:
Advisory fees
6,124,383
Administrative services fees
139,658
Custodian fees
7,022
Distribution fees:
Class A
486,064
Class C
137,819
Class R
191,848
Transfer agent fees — A, C, R and Y
1,082,140
Transfer agent fees — R5
5,637
Transfer agent fees — R6
89,679
Trustees’ and officers’ fees and benefits
16,727
Registration and filing fees
61,801
Reports to shareholders
82,044
Professional services fees
26,383
Other
(38,947
)
Total expenses
8,412,258
Less: Fees waived and/or expense offset arrangement(s)
(40,067
)
Net expenses
8,372,191
Net investment income
4,761,181
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
89,755,725
Affiliated investment securities
(11,519
)
Foreign currencies
6,378
 
89,750,584
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
(70,352,421
)
Affiliated investment securities
13,591
Foreign currencies
269
 
(70,338,561
)
Net realized and unrealized gain
19,412,023
Net increase in net assets resulting from operations
$24,173,204
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, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30,
2025
December 31,
2024
Operations:
 
 
Net investment income
$4,761,181
$9,700,908
Net realized gain
89,750,584
187,807,825
Change in net unrealized appreciation (depreciation)
(70,338,561
)
31,189,684
Net increase in net assets resulting from operations
24,173,204
228,698,417
Distributions to shareholders from distributable earnings:
Class A
(23,440,638
)
Class C
(1,859,235
)
Class R
(4,665,345
)
Class Y
(53,244,379
)
Class R5
(689,594
)
Class R6
(34,207,724
)
Total distributions from distributable earnings
(118,106,915
)
Share transactions–net:
Class A
(1,911,644
)
9,353,730
Class C
(2,310,540
)
(3,586,405
)
Class R
663,632
8,057,295
Class Y
(42,018,377
)
184,804,362
Class R5
(641,528
)
2,104,252
Class R6
38,657,770
(7,960,486
)
Net increase (decrease) in net assets resulting from share transactions
(7,560,687
)
192,772,748
Net increase in net assets
16,612,517
303,364,250
Net assets:
Beginning of period
2,026,502,716
1,723,138,466
End of period
$2,043,115,233
$2,026,502,716
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 06/30/25
$21.93
$0.03
$0.17
$0.20
$
$
$
$
$22.13
0.91
%
$409,424
1.07
%(d)
1.07
%(d)
0.28
%(d)
24
%
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
Year ended 12/31/20
15.68
0.01
3.10
3.11
(0.08
)
(0.08
)
18.71
19.82
(e)
158,769
1.20
(e)
1.23
(e)
0.03
(e)
43
Class C
Six months ended 06/30/25
19.92
(0.04
)
0.15
0.11
20.03
0.55
27,124
1.82
(d)
1.82
(d)
(0.47
)(d)
24
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
Year ended 12/31/20
14.95
(0.10
)
2.93
2.83
(0.08
)
(0.08
)
17.70
18.92
34,635
1.94
1.99
(0.71
)
43
Class R
Six months ended 06/30/25
21.26
0.00
0.17
0.17
21.43
0.80
80,345
1.32
(d)
1.32
(d)
0.03
(d)
24
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
Year ended 12/31/20
15.45
(0.03
)
3.03
3.00
(0.08
)
(0.08
)
18.37
19.40
33,457
1.45
1.49
(0.22
)
43
Class Y
Six months ended 06/30/25
22.25
0.06
0.17
0.23
22.48
1.03
876,433
0.82
(d)
0.82
(d)
0.53
(d)
24
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
Year ended 12/31/20
15.79
0.05
3.13
3.18
(0.06
)
(0.08
)
(0.14
)
18.83
20.13
266,951
0.90
0.99
0.33
43
Class R5
Six months ended 06/30/25
22.14
0.06
0.18
0.24
22.38
1.08
11,491
0.76
(d)
0.76
(d)
0.59
(d)
24
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
Year ended 12/31/20
15.71
0.07
3.12
3.19
(0.08
)
(0.08
)
(0.16
)
18.74
20.30
13
0.77
0.77
0.46
43
Class R6
Six months ended 06/30/25
22.34
0.07
0.18
0.25
22.59
1.12
638,299
0.69
(d)
0.69
(d)
0.66
(d)
24
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
Year ended 12/31/20
15.83
0.07
3.15
3.22
(0.09
)
(0.08
)
(0.17
)
18.88
20.31
704,706
0.77
0.77
0.46
43
 
(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.
(e)
The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the year ended December 31,
2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco Main Street Small Cap Fund®

Notes to Financial Statements
June 30, 2025
(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. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
9
Invesco Main Street Small Cap Fund®

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.
C.
Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6.  Sub-accounting fees attributable to Class R5 are charged to the operations of the class.  Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
H.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
J.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following
10
Invesco Main Street Small Cap Fund®

the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.
The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $6,161 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.
K.
Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
L.
Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.
The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).
A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Rate*
First $200 million
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, 2025, the effective advisory fee rate incurred by the Fund was 0.63%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate
11
Invesco Main Street Small Cap Fund®

sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.
The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.
Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.
For the six months ended June 30, 2025, the Adviser waived advisory fees of $20,965.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $54,699 in front-end sales commissions from the sale of Class A shares and $2,154 and $928 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Common Stocks & Other Equity Interests
$1,996,386,140
$
$
$1,996,386,140
Money Market Funds
44,277,055
183,736,884
228,013,939
Total Investments
$2,040,663,195
$183,736,884
$
$2,224,400,079
12
Invesco Main Street Small Cap Fund®

NOTE 4—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $19,102.
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6—Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank.  Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 7—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund did not have a capital loss carryforward as of December 31, 2024.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $472,631,627 and $498,264,293, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments
$524,390,437
Aggregate unrealized (depreciation) of investments
(89,444,665
)
Net unrealized appreciation of investments
$434,945,772
Cost of investments for tax purposes is $1,789,454,307.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
1,364,488
$29,402,071
2,529,034
$55,860,609
Class C
216,491
4,124,386
267,875
5,383,092
Class R
497,407
10,254,767
869,007
18,462,176
Class Y
11,480,840
251,012,697
19,254,649
423,519,817
Class R5
48,901
1,058,836
185,812
4,167,834
Class R6
3,481,910
70,997,907
4,381,748
95,218,073
Issued as reinvestment of dividends:
Class A
-
-
976,270
22,639,698
Class C
-
-
85,636
1,804,359
Class R
-
-
207,385
4,662,028
Class Y
-
-
2,142,046
50,380,932
Class R5
-
-
29,387
687,588
Class R6
-
-
1,396,053
32,974,768
Automatic conversion of Class C shares to Class A shares:
Class A
126,932
2,741,910
211,488
4,534,359
Class C
(140,042
)
(2,741,910
)
(230,622
)
(4,534,359
)
13
Invesco Main Street Small Cap Fund®

 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Reacquired:
Class A
(1,591,640
)
$(34,055,625
)
(3,354,261
)
$(73,680,936
)
Class C
(192,130
)
(3,693,016
)
(313,611
)
(6,239,497
)
Class R
(472,211
)
(9,591,135
)
(708,700
)
(15,066,909
)
Class Y
(13,482,651
)
(293,031,074
)
(13,029,707
)
(289,096,387
)
Class R5
(79,836
)
(1,700,364
)
(124,190
)
(2,751,170
)
Class R6
(1,460,854
)
(32,340,137
)
(6,122,279
)
(136,153,327
)
Net increase (decrease) in share activity
(202,395
)
$(7,560,687
)
8,653,020
$192,772,748
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% of the outstanding shares of the
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, 13% 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 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Main Street Small Cap Fund’s® (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025.  After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.  
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees.  The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them.  The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups.  The Board also receives an independent written evaluation from the Senior Officer.  The Senior Officer’s evaluation is prepared as
part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements.  In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. 
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts.  The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor.  Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. 
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s).  The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities.  The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks.  The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology.  The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing.  The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,
internal audit, valuation, portfolio trading and legal and compliance.  The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments.  The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business.  The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services.  The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.  As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading.  The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.  The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement.  The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 2000® Index (Index).  The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis).  The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods.  The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results.  The Board also reviewed more recent Fund performance as well
15
Invesco Main Street Small Cap Fund®

as other performance metrics, which did not change its conclusions.
C.
Advisory and Sub-Advisory Fees and Fund Expenses
The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group.  The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each below the median contractual management and actual management fee rates of funds in its expense group.  The Board noted that the term “contractual management fee” and “actual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included.  The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.  The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed.  Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.  Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.
The Board also compared the Fund’s advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.   
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.
D.
Economies of Scale and Breakpoints
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the
extent to which such economies of scale are shared with the Fund and the Invesco Funds.  The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty.  The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size.  The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers.  The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity. 
E.
Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis.  The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology.  The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually.  The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided.  The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.  The Board noted the cyclical and competitive nature of the global asset management industry.
F.
Collateral Benefits to Invesco Advisers and its Affiliates
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund.  The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources.  The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services.  The Board noted that these services are provided to the
Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.
The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements.  The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses.  The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements.  The Board did not deem the soft dollar arrangements to be inappropriate.   
The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers.  The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates.  In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments.  The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral.  The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.
The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received.  The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities.  The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief.  The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the
16
Invesco Main Street Small Cap Fund®

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, 2025
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, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Government Sponsored Agency Mortgage-Backed
Securities–110.89%
Collateralized Mortgage Obligations–4.87%
Fannie Mae Grantor Trust,
Series 1999-T2, Class A1,
7.50%, 01/19/2039(a)
 
$75,925
$75,764
Fannie Mae Interest STRIPS,
IO,
7.00%, 02/25/2028(b)
 
71,393
3,702
6.50%, 04/25/2029 to
02/25/2033(b)
 
637,290
70,609
8.00%, 05/25/2030(b)
 
148,847
18,052
7.50%, 01/25/2032(b)
 
43,886
3,434
6.00%, 02/25/2033 to
09/25/2035(b)(d)
 
897,976
108,824
5.50%, 11/25/2033 to
06/25/2035(b)
 
431,990
59,371
PO,
0.00%, 09/25/2032(c)
 
23,919
21,777
Fannie Mae REMICs,
IO,
2.50%, 12/25/2025 to
08/25/2049(b)
 
18,539,534
2,613,682
3.00%, 10/25/2026 to
02/25/2028(b)
 
650,256
11,641
8.00%, 08/18/2027 to
09/18/2027(b)
 
41,677
1,918
6.50%, 10/25/2028 to
05/25/2033(b)
 
15,004
6,001
0.75%, 10/25/2031(b)
 
1,881
24
2.28% (6.70% - (30 Day Average
SOFR + 0.11%)), 10/25/2031 to
05/25/2035(b)(e)
 
365,727
30,020
3.48% (7.90% - (30 Day Average
SOFR + 0.11%)),
11/25/2031(b)(e)
 
45,934
4,605
3.48% (7.90% - (30 Day Average
SOFR + 0.11%)),
12/18/2031(b)(e)
 
27,240
1,507
3.53% (7.95% - (30 Day Average
SOFR + 0.11%)),
01/25/2032(b)(e)
 
30,501
2,722
3.58% (8.00% - (30 Day Average
SOFR + 0.11%)),
03/18/2032(b)(e)
 
71,428
7,082
3.68% (8.10% - (30 Day Average
SOFR + 0.11%)), 03/25/2032 to
04/25/2032(b)(e)
 
98,000
9,941
2.58% (7.00% - (30 Day Average
SOFR + 0.11%)), 04/25/2032 to
08/25/2032(b)(e)
 
154,566
12,812
3.38% (7.80% - (30 Day Average
SOFR + 0.11%)),
04/25/2032(b)(e)
 
31,905
3,444
3.58% (8.00% - (30 Day Average
SOFR + 0.11%)), 07/25/2032 to
09/25/2032(b)(e)
 
199,038
20,367
3.68% (8.10% - (30 Day Average
SOFR + 0.11%)),
12/18/2032(b)(e)
 
122,897
10,680
 
Principal
Amount
Value
Collateralized Mortgage Obligations–(continued)
3.83% (8.25% - (30 Day Average
SOFR + 0.11%)), 02/25/2033 to
05/25/2033(b)(e)
 
$172,604
$25,214
6.00%, 05/25/2033(b)
 
9,066
1,351
7.00%, 05/25/2033(b)
 
107,238
13,180
1.63% (6.05% - (30 Day Average
SOFR + 0.11%)), 03/25/2035 to
07/25/2038(b)(e)
 
520,374
42,901
2.33% (6.75% - (30 Day Average
SOFR + 0.11%)),
03/25/2035(b)(e)
 
26,041
1,359
2.18% (6.60% - (30 Day Average
SOFR + 0.11%)),
05/25/2035(b)(e)
 
105,956
6,530
3.50%, 08/25/2035 to
08/25/2042(b)
 
1,036,560
112,782
4.00%, 04/25/2041 to
08/25/2047(b)
 
231,082
42,029
2.13% (6.55% - (30 Day Average
SOFR + 0.11%)),
10/25/2041(b)(e)
 
88,678
7,282
1.73% (6.15% - (30 Day Average
SOFR + 0.11%)),
12/25/2042(b)(e)
 
313,432
36,542
4.50%, 02/25/2043(b)
 
200,224
24,015
5.50%, 07/25/2046(b)
 
204,710
27,186
1.48% (5.90% - (30 Day Average
SOFR + 0.11%)),
09/25/2047(b)(e)
 
1,372,181
139,206
2.00%, 03/25/2051(b)
 
5,765,219
755,763
1.81%, 02/25/2056(d)
 
3,279,678
192,970
7.00%, 03/18/2027 to
09/25/2032
 
68,172
71,661
6.50%, 11/25/2029
 
41,705
42,370
5.42% (30 Day Average SOFR +
1.11%), 12/25/2031 to
12/25/2032(e)
 
203,985
205,760
5.42% (30 Day Average SOFR +
1.11%), 03/18/2032 to
12/18/2032(e)
 
181,274
183,119
4.92% (30 Day Average SOFR +
0.61%), 08/25/2032 to
06/25/2046(e)
 
671,519
666,725
4.92% (30 Day Average SOFR +
0.61%), 10/18/2032(e)
 
19,875
19,811
4.82% (30 Day Average SOFR +
0.51%), 03/25/2033 to
03/25/2042(e)
 
130,812
129,470
4.76% (30 Day Average SOFR +
0.45%), 06/25/2035(e)
 
486,175
482,157
4.77% (30 Day Average SOFR +
0.46%), 08/25/2035 to
10/25/2035(e)
 
270,151
268,961
8.36% (24.57% - (3.67 x
(30 Day Average SOFR +
0.11%))), 03/25/2036(e)
 
89,200
105,651
7.99% (24.20% - (3.67 x (30 Day
Average SOFR + 0.11%))),
06/25/2036(e)
 
55,081
64,430
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)
7.99% (24.20% - (3.67 x (30 Day
Average SOFR + 0.11%))),
06/25/2036(e)
 
$55,611
$62,211
5.36% (30 Day Average SOFR +
1.05%), 06/25/2037(e)
 
473,449
477,413
4.87% (30 Day Average SOFR +
0.56%), 08/25/2037(e)
 
312,762
308,981
6.60%, 06/25/2039(a)
 
211,503
220,800
4.00%, 03/25/2041
 
248,537
238,048
3.00%, 07/25/2045
 
2,716,625
2,673,027
Freddie Mac Multifamily Structured
Pass-Through Ctfs.,
Series K051, Class X1, IO,
0.63%, 09/25/2025(d)
 
40,467,898
30,905
Series K734, Class X1, IO,
0.79%, 02/25/2026(d)
 
13,798,877
27,229
Series K735, Class X1, IO,
1.10%, 05/25/2026(d)
 
15,050,279
87,367
Series K093, Class X1, IO,
1.08%, 05/25/2029(d)
 
12,221,288
372,377
Series Q004, Class AFL,
4.71%(12 mo. MTA Rate +
0.74%), 05/25/2044(e)
 
271,476
271,503
Freddie Mac REMICs,
3.50%, 11/15/2025 to
05/15/2032
 
263,230
258,466
1.50%, 08/15/2027
 
5,030,975
4,902,444
6.95%, 03/15/2028
 
36,093
36,418
6.50%, 08/15/2028 to
03/15/2032
 
508,752
517,124
5.02% (30 Day Average SOFR +
0.71%), 01/15/2029 to
12/15/2032(e)
 
46,236
46,313
6.00%, 01/15/2029 to
04/15/2029
 
73,040
74,138
4.77% (30 Day Average SOFR +
0.46%), 02/15/2029(e)
 
42,572
42,497
5.33% (30 Day Average SOFR +
1.01%), 03/15/2029(e)
 
46,470
46,623
4.82% (30 Day Average SOFR +
0.51%), 06/15/2029 to
01/15/2033(e)
 
80,045
79,809
5.07% (30 Day Average SOFR +
0.76%), 07/15/2029(e)
 
10,954
10,955
8.00%, 03/15/2030
 
23,103
23,941
5.37% (30 Day Average SOFR +
1.06%), 08/15/2031(e)
 
46,503
46,953
4.92% (30 Day Average SOFR +
0.61%), 02/15/2032 to
03/15/2032(e)
 
143,757
143,312
5.42% (30 Day Average SOFR +
1.11%), 02/15/2032 to
03/15/2032(e)
 
98,393
99,268
4.97% (30 Day Average SOFR +
0.66%), 03/15/2032 to
10/15/2036(e)
 
370,261
368,406
8.55% (24.75% - (3.67 x
(30 Day Average SOFR +
0.11%))), 08/15/2035(e)
 
15,223
17,032
4.72% (30 Day Average SOFR +
0.41%), 03/15/2036(e)
 
809,516
799,902
4.87% (30 Day Average SOFR +
0.56%), 07/15/2037(e)
 
50,927
50,478
4.00%, 06/15/2038
 
83,731
80,340
 
Principal
Amount
Value
Collateralized Mortgage Obligations–(continued)
2.50%, 07/15/2038
 
$638,733
$605,148
4.96% (30 Day Average SOFR +
0.61%), 03/15/2042(e)
 
64,961
65,575
IO,
3.00%, 07/15/2026 to
12/15/2027(b)
 
1,207,956
38,601
3.23% (7.65% - (30 Day Average
SOFR + 0.11%)),
07/15/2026(b)(e)
 
1,876
21
2.50%, 09/15/2027 to
09/25/2048(b)
 
7,808,986
1,004,901
4.28% (8.70% - (30 Day Average
SOFR + 0.11%)),
07/17/2028(b)(e)
 
19
0
3.68% (8.10% - (30 Day Average
SOFR + 0.11%)), 06/15/2029 to
09/15/2029(b)(e)
 
73,373
4,328
2.28% (6.70% - (30 Day Average
SOFR + 0.11%)),
01/15/2035(b)(e)
 
425,528
26,381
2.33% (6.75% - (30 Day Average
SOFR + 0.11%)),
02/15/2035(b)(e)
 
64,429
3,877
2.30% (6.72% - (30 Day Average
SOFR + 0.11%)),
05/15/2035(b)(e)
 
76,945
4,754
2.58% (7.00% - (30 Day Average
SOFR + 0.11%)),
12/15/2037(b)(e)
 
9,690
1,027
1.58% (6.00% - (30 Day Average
SOFR + 0.11%)),
04/15/2038(b)(e)
 
23,974
2,115
1.65% (6.07% - (30 Day Average
SOFR + 0.11%)),
05/15/2038(b)(e)
 
563,102
47,759
2.06%, 02/15/2039(d)
 
1,140,503
108,159
1.83% (6.25% - (30 Day Average
SOFR + 0.11%)),
12/15/2039(b)(e)
 
125,952
11,372
1.68% (6.10% - (30 Day Average
SOFR + 0.11%)),
01/15/2044(b)(e)
 
206,336
20,585
4.00%, 03/15/2045(b)
 
5,070
7
Freddie Mac Seasoned Loans
Structured Transaction,
Series 2019-1, Class A2,
3.50%, 05/25/2029
 
2,000,000
1,934,054
Freddie Mac STRIPS,
IO,
3.00%, 12/15/2027(b)
 
92,266
2,107
3.15%, 12/15/2027(d)
 
27,217
721
6.50%, 02/01/2028(b)
 
8,643
486
7.00%, 09/01/2029(b)
 
94,764
8,964
7.50%, 12/15/2029(b)
 
8,346
871
8.00%, 06/15/2031(b)
 
193,149
27,466
6.00%, 12/15/2032(b)
 
44,140
4,933
0.00%, 12/01/2031 to
03/01/2032(c)
 
120,057
108,610

4.92%(30 Day Average SOFR +
0.61%), 05/15/2036(e)
 
398,626
396,322
Freddie Mac Structured Pass-Through
Ctfs., Series T-54, Class 2A,
6.50%, 02/25/2043
 
1,071,462
1,076,070
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Quality Income Fund

 
Principal
Amount
Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac Whole Loan Securities
Trust, Series 2015-SC02,
Class 1A,
3.00%, 09/25/2045
 
$203,242
$176,431
 
 
24,862,329
Federal Home Loan Mortgage Corp. (FHLMC)–30.40%
6.50%, 07/01/2028 to
04/01/2034
 
220,328
228,084
6.00%, 03/01/2029 to
10/01/2029
 
88,562
90,755
2.50%, 02/01/2031 to
04/01/2052
 
38,495,931
32,409,413
8.50%, 03/01/2031 to
08/01/2031
 
47,232
49,830
7.00%, 10/01/2031 to
10/01/2037
 
92,208
97,389
7.50%, 01/01/2032 to
08/01/2037
 
2,475,170
2,580,647
3.00%, 02/01/2032 to
05/01/2050
 
24,776,454
22,307,745
8.00%, 08/01/2032
 
31,185
32,739
5.50%, 12/01/2036 to
05/01/2053
 
26,016,213
26,230,857
5.00%, 01/01/2037 to
07/01/2052
 
7,397,231
7,322,934
4.50%, 05/01/2038 to
07/01/2052
 
14,275,126
13,872,884
5.35%, 07/01/2038 to
10/17/2038
 
788,143
801,747
5.45%, 11/25/2038
 
810,534
828,571
5.80%, 01/20/2039
 
317,156
321,169
4.00%, 06/01/2042 to
07/01/2049
 
13,900,802
13,226,893
3.50%, 09/01/2045 to
05/01/2050
 
14,984,096
13,776,330
2.00%, 05/01/2051 to
01/01/2052
 
22,626,555
18,092,934
ARM,
5.34% (1 yr. U.S. Treasury Yield
Curve Rate + 2.16%),
11/01/2048(e)
 
3,010,376
3,085,841
 
 
155,356,762
Federal National Mortgage Association (FNMA)–43.86%
6.50%, 01/01/2027 to
11/01/2038
 
1,012,076
1,050,900
7.50%, 02/01/2027 to
08/01/2037
 
811,495
835,293
5.00%, 06/01/2027 to
01/01/2053
 
7,583,658
7,520,981
5.50%, 12/01/2027 to
04/01/2038
 
1,918,756
1,966,870
6.00%, 05/01/2028 to
10/01/2053
 
9,538,644
9,806,310
3.00%, 02/01/2029 to
01/01/2052
 
41,596,902
37,575,426
7.00%, 04/01/2029 to
01/01/2036
 
666,420
702,999
5.63%, 08/01/2032
 
36,771
36,690
8.50%, 10/01/2032
 
78,913
82,409
8.00%, 04/01/2033
 
77,561
81,471
3.50%, 11/01/2034 to
05/01/2050
 
33,538,134
31,497,352
 
Principal
Amount
Value
Federal National Mortgage Association (FNMA)–(continued)
2.00%, 09/01/2035 to
03/01/2052
 
$70,837,847
$58,560,716
5.45%, 01/01/2038
 
214,863
217,748
4.50%, 01/01/2040 to
07/01/2044
 
2,865,510
2,850,030
4.00%, 02/01/2042 to
11/01/2053
 
29,776,290
28,274,739
2.50%, 10/01/2050 to
02/01/2052
 
48,527,336
40,716,279
ARM,
6.76% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks +
1.58%), 04/01/2045(e)
 
2,232,688
2,308,936
 
 
224,085,149
Government National Mortgage Association (GNMA)–25.11%
3.00%, 12/16/2025 to
02/20/2050
 
2,309,160
2,055,589
7.00%, 12/15/2027 to
01/20/2030
 
69,883
70,580
6.50%, 03/15/2028 to
10/15/2028
 
7,292
7,374
6.00%, 06/15/2028 to
04/20/2029
 
28,070
28,695
7.50%, 06/15/2028 to
08/15/2028
 
30,512
30,628
5.50%, 05/15/2033 to
10/15/2034
 
171,541
174,720
6.92%, 11/20/2033(a)
 
310,030
321,636
5.00%, 11/20/2037
 
199,939
199,994
5.88%, 01/20/2039(a)
 
490,107
507,929
4.53%, 07/20/2041(a)
 
618,584
624,747
4.97%, 09/20/2041
 
398,613
403,438
4.89% (1 mo. Term SOFR +
0.56%), 07/20/2044(e)
 
317,257
319,447
3.50%, 05/20/2046 to
06/20/2050
 
9,149,194
8,398,621
4.00%, 02/20/2048 to
03/20/2050
 
3,022,285
2,817,771
2.50%, 04/20/2051
 
1,759,716
1,465,994
IO,
2.22% (6.65% - (1 mo. Term
SOFR + 0.11%)),
04/16/2041(b)(e)
 
651,331
43,513
4.50%, 09/16/2047(b)
 
543,733
75,950
1.77% (6.20% - (1 mo. Term
SOFR + 0.11%)),
10/16/2047(b)(e)
 
548,420
69,824
TBA,
2.00%, 07/01/2055(f)
 
23,444,000
19,099,097
2.50%, 07/01/2055(f)
 
22,128,000
18,803,310
3.00%, 07/01/2055(f)
 
16,451,813
14,554,455
4.50%, 07/01/2055(f)
 
4,300,000
4,116,693
5.00%, 07/01/2055(f)
 
14,440,000
14,186,718
5.50%, 07/01/2055(f)
 
19,860,000
19,892,268
6.00%, 07/01/2055(f)
 
10,100,000
10,250,690
6.50%, 07/01/2055(f)
 
4,000,000
4,107,368
Series 2020-137, Class A,
1.50%, 04/16/2062
 
7,523,681
5,667,024
 
 
128,294,073
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–6.65%
TBA,
5.00%, 07/01/2040(f)
 
$700,000
$701,710
3.00%, 07/01/2055(f)
 
2,639,377
2,284,257
6.00%, 07/01/2055(f)
 
22,370,000
22,734,163
6.50%, 07/01/2055(f)
 
8,000,000
8,261,063
 
 
33,981,193
Total U.S. Government Sponsored Agency
Mortgage-Backed Securities
(Cost $621,922,413)
566,579,506
Certificates of Deposit–5.29%
Diversified Banks–3.92%
Bank of Nova Scotia (Canada), 4.67%
(SOFR + 0.35%), 10/17/2025(e)
 
7,000,000
7,003,813
Mitsubishi UFJ Trust & Banking Corp.
(Japan), 4.66% (SOFR + 0.34%),
01/30/2026(e)
 
10,000,000
10,004,838
Mizuho Bank Ltd. (Japan), 4.69%
(SOFR + 0.33%), 02/19/2026(e)
 
3,000,000
3,001,055
 
 
20,009,706
Homebuilding–1.37%
Standard Chartered Bank (United
Kingdom), 4.76% (SOFR +
0.36%), 07/24/2025(e)
 
7,000,000
7,001,750
Total Certificates of Deposit (Cost $27,000,187)
27,011,456
 
Asset-Backed Securities–4.81%
Adjustable Rate Mortgage Trust,
Series 2005-7, Class 2A21,
0.77%, 10/25/2035(a)
 
127,066
112,518
Agate Bay Mortgage Trust,
Series 2015-2, Class B1, 3.62%,
03/25/2045(a)(g)
 
905,589
842,228
Banc of America Funding Trust,
Series 2006-A, Class 1A1,
5.49%, 02/20/2036(a)
 
133,271
127,049
Bank, Series 2017-BNK5, Class AS,
3.62%, 06/15/2060
 
3,200,000
3,115,682
Bear Stearns Adjustable Rate
Mortgage Trust, Series 2005-1,
Class 2A1, 2.16%,
03/25/2035(a)
 
509,091
469,134
Benchmark Mortgage Trust,
Series 2018-B1, Class XA, IO,
0.67%, 01/15/2051(d)
 
11,231,398
121,552
CD Mortgage Trust, Series 2017-
CD6, Class XA, IO, 1.03%,
11/13/2050(d)
 
5,774,759
85,495
Chase Mortgage Finance Corp.,
Series 2016-2, Class M4, 3.75%,
12/25/2045(a)(g)
 
1,181,181
1,087,628
Series 2016-SH1, Class M3,
3.75%, 04/25/2045(a)(g)
 
857,383
780,934
Chase Mortgage Finance Trust,
Series 2005-A1, Class 3A1,
3.93%, 12/25/2035(a)
 
10,605
9,393
Series 2007-A2, Class 2A1,
6.61%, 06/25/2035(a)
 
139,109
138,728
Series 2007-A2, Class 2A4,
6.61%, 06/25/2035(a)
 
128,507
127,565
Citigroup Commercial Mortgage Trust,
Series 2017-C4, Class XA, IO,
1.12%, 10/12/2050(d)
 
15,387,731
287,963
 
Principal
Amount
Value
 
Citigroup Mortgage Loan Trust, Inc.,
Series 2004-UST1, Class A4,
6.53%, 08/25/2034(a)
 
$21,198
$20,045
Series 2005-11, Class A2A,
7.23% (1 yr. U.S. Treasury Yield
Curve Rate + 2.40%),
10/25/2035(e)
 
344,659
357,523
Series 2006-AR2, Class 1A2,
2.56%, 03/25/2036(a)
 
5,657
5,553
COMM Mortgage Trust,
Series 2015-CR24, Class XA, IO,
0.71%, 08/10/2048(d)
 
14,918,039
215
Commonbond Student Loan Trust,
Series 2018-CGS, Class A1,
3.87%, 02/25/2046(g)
 
496,463
481,473
Countrywide Home Loans Mortgage
Pass-Through Trust,
Series 2004-29, Class 1A1,
4.97% (1 mo. Term SOFR +
0.65%), 02/25/2035(e)
 
69,132
66,607
Credit Suisse Mortgage Capital Trust,
Series 2013-7, Class B1, 3.54%,
08/25/2043(a)(g)
 
811,847
789,714
Credit Suisse Mortgage Loan Trust,
Series 2015-1, Class A9, 3.50%,
05/25/2045(a)(g)
 
269,055
248,071
CSFB Mortgage-Backed Pass-Through
Ctfs., Series 2004-AR5,
Class 5A1, 5.92%,
06/25/2034(a)
 
140,266
138,256
Deutsche Mortgage Securities, Inc.
Re-REMIC Trust Ctfs.,
Series 2007-WM1, Class A1,
4.50%, 06/27/2037(a)(g)
 
1,155,058
1,026,894
Galton Funding Mortgage Trust,
Series 2018-1, Class A33,
3.50%, 11/25/2057(a)(g)
 
199,782
182,601
GSAA Home Equity Trust,
Series 2007-7, Class A4, 4.97%
(1 mo. Term SOFR + 0.65%),
07/25/2037(e)
 
9,963
9,603
GSR Mortgage Loan Trust,
Series 2004-12, Class 3A6,
1.46%, 12/25/2034(a)
 
143,144
134,958
Series 2005-AR4, Class 6A1,
5.02%, 07/25/2035(a)
 
40,428
38,105
JP Morgan Mortgage Trust,
Series 2005-A1, Class 3A1,
5.64%, 02/25/2035(a)
 
178,384
171,127
Series 2014-1, Class 1A17,
0.79%, 01/25/2044(a)(g)
 
504,914
481,521
Series 2017-5, Class A1, 4.92%,
10/26/2048(a)(g)
 
90,331
91,223
Series 2019-INV2, Class A15,
3.50%, 02/25/2050(a)(g)
 
109,892
100,569
JP Morgan Trust, Series 2015-3,
Class A3, 3.50%,
05/25/2045(a)(g)
 
470,452
438,671
Luminent Mortgage Trust,
Series 2006-1, Class A1, 5.15%
(1 mo. Term SOFR + 0.83%),
04/25/2036(e)
 
23,870
20,736
MASTR Adjustable Rate Mortgages
Trust, Series 2004-13,
Class 2A2, 6.83%,
04/21/2034(a)
 
72,879
72,734
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)
 
$118,427
$110,462
Series 2005-A, Class A1, 4.89%
(1 mo. Term SOFR + 0.57%),
03/25/2030(e)
 
173,779
166,065
Morgan Stanley Capital I Trust,
Series 2017-HR2, Class XA, IO,
0.99%, 12/15/2050(d)
 
5,320,869
92,522
Residential Accredit Loans, Inc. Trust,
Series 2006-QS13, Class 1A8,
6.00%, 09/25/2036
 
22,555
17,852
Sapphire Aviation Finance II Ltd.,
Series 2020-1A, Class B, 4.34%,
03/15/2040(g)
 
3,120,561
2,859,349
Shellpoint Asset Funding Trust,
Series 2013-1, Class A3, 3.75%,
07/25/2043(a)(g)
 
290,602
279,422
Structured Adjustable Rate Mortgage
Loan Trust,
Series 2004-13, Class A2, 4.73%
(1 mo. Term SOFR + 0.41%),
09/25/2034(e)
 
182,728
168,504
Series 2004-20, Class 3A1,
3.97%, 01/25/2035(a)
 
18,157
18,033
Structured Asset Sec Mortgage
Pass-Through Ctfs.,
Series 2002-21A, Class B1II,
6.56%, 11/25/2032(a)
 
4
4
UBS Commercial Mortgage Trust,
Series 2017-C5, Class XA, IO,
1.28%, 11/15/2050(d)
 
8,703,439
147,616
Vendee Mortgage Trust,
Series 1999-3, Class IO, 0.00%,
10/15/2029(a)(c)
 
1,961,141
20
Series 2001-3, Class IO, 0.00%,
10/15/2031(a)(c)
 
1,217,779
12
Series 2002-2, Class IO, 0.00%,
01/15/2032(a)(c)
 
3,585,709
389
Series 2002-3, Class IO, 0.15%,
08/15/2032(a)
 
3,741,313
8,123
Series 2003-1, Class IO, 0.02%,
11/15/2032(a)
 
6,487,475
908
Verus Securitization Trust,
Series 2019-INV3, Class A2,
3.95%, 11/25/2059(a)(g)
 
281,192
278,547
Series 2023-INV3, Class A3,
7.73%, 11/25/2068(a)(g)
 
5,303,139
5,414,001
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7,
6.50%, 10/25/2033(a)
 
91,271
88,229
Series 2007-HY2, Class 2A1,
4.61%, 11/25/2036(a)
 
27,697
24,367
Wells Fargo Commercial Mortgage
Trust, Series 2017-C42, Class XA,
IO, 0.98%, 12/15/2050(d)
 
8,189,966
138,874
Zaxby’s Funding LLC, Series 2021-
1A, Class A2, 3.24%,
07/30/2051(g)
 
2,791,250
2,584,071
Total Asset-Backed Securities (Cost $27,098,567)
24,579,438
 
Principal
Amount
Value
 
Agency Credit Risk Transfer Notes–2.73%
Fannie Mae Connecticut Avenue
Securities, Series 2023-R02,
Class 1M2, 7.66% (30 Day
Average SOFR + 3.35%),
01/25/2043(e)(g)
 
$5,550,000
$5,794,517
Freddie Mac,
Series 2022-DNA4, Class M1,
STACR®, 7.66% (30 Day Average
SOFR + 3.35%), 05/25/2042(e)(g)
 
4,615,000
4,799,231
Series 2022-HQA3, Class M1,
STACR®, 6.61% (30 Day Average
SOFR + 2.30%), 08/25/2042(e)(g)
 
3,267,550
3,328,895
Total Agency Credit Risk Transfer Notes
(Cost $13,555,405)
13,922,643
Commercial Paper–2.15%
Diversified Banks–0.98%
ING US Funding LLC (Netherlands),
4.74% (SOFR + 0.36%),
10/24/2025(e)(g)
 
5,000,000
5,003,086
Diversified Financial Services–1.17%
JP Morgan Securities LLC, 4.79%
(SOFR + 0.39%),
11/26/2025(e)(g)
 
6,000,000
6,003,667
Total Commercial Paper (Cost $11,000,000)
11,006,753
U.S. Treasury Securities–0.17%
U.S. Treasury Bills–0.17%
4.07% - 4.12%, 05/14/2026
(Cost $879,316)(h)(i)
 
911,000
880,276
 

Shares
 
Money Market Funds–0.79%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(j)(k)
(Cost $4,055,371)
4,055,371
4,055,371
TOTAL INVESTMENTS IN SECURITIES–126.83%
(Cost $705,511,259)
648,035,443
OTHER ASSETS LESS LIABILITIES—(26.83)%
(137,074,380
)
NET ASSETS–100.00%
$510,961,063
 
 
Securities Sold Short
 
 
Principal
Amount
Value
U.S. Government Sponsored Agency Mortgage-Backed
Securities Short–(1.13)%
Uniform Mortgage-Backed Securities–(1.13)%
TBA, 2.50%, 07/01/2055(f),
(Total Proceeds $(5,721,894))
$(6,962,000
)
$(5,773,469
)
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco Quality Income Fund

Investment Abbreviations: 
ARM
– Adjustable Rate Mortgage
Ctfs.
– Certificates
IBOR
– Interbank Offered Rate
IO
– Interest Only
MTA
– Moving Treasury Average
PO
– Principal Only
REMICs
– Real Estate Mortgage Investment Conduits
SOFR
– Secured Overnight Financing Rate
STACR®
– Structured Agency Credit Risk
STRIPS
– Separately Traded Registered Interest and Principal Security
TBA
– To Be Announced
USD
– U.S. Dollar
Notes to Schedule of Investments: 
(a)
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is
the rate in effect on June 30, 2025.
(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,
2025.
(e)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2025.
(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, 2025 was $42,896,313, which represented 8.40% of the Fund’s Net Assets.
(h)
All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J.
(i)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(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, 2025.
 
 
Value
December 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
June 30, 2025
Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional
Class
$5,675,101
$64,435,891
$(66,055,621)
$-
$-
$4,055,371
$100,754
 
(k)
The rate shown is the 7-day SEC standardized yield as of June 30, 2025.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
U.S. Treasury 10 Year Notes
58
September-2025
$6,503,250
$91,926
$91,926
Short Futures Contracts
 
 
 
 
 
Interest Rate Risk
U.S. Treasury 2 Year Notes
51
September-2025
(10,609,195
)
(43,507
)
(43,507
)
U.S. Treasury 5 Year Notes
154
September-2025
(16,786,000
)
(188,348
)
(188,348
)
U.S. Treasury 10 Year Ultra Notes
33
September-2025
(3,770,766
)
(80,756
)
(80,756
)
U.S. Treasury Long Bonds
27
September-2025
(3,117,656
)
(112,055
)
(112,055
)
U.S. Treasury Ultra Bonds
23
September-2025
(2,739,875
)
(76,479
)
(76,479
)
Subtotal—Short Futures Contracts
(501,145
)
(501,145
)
Total Futures Contracts
$(409,219
)
$(409,219
)
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Quality Income Fund

Statement of Assets and Liabilities
June 30, 2025
(Unaudited)
 
Assets:
Investments in unaffiliated securities, at value
(Cost $701,455,888)
$643,980,072
Investments in affiliated money market funds, at value
(Cost $4,055,371)
4,055,371
Receivable for:
Investments sold
1,604
TBA sales commitment
5,728,179
Fund shares sold
85,646
Dividends
13,100
Interest
1,951,048
Principal paydowns
9,562
Investment for trustee deferred compensation and
retirement plans
209,047
Other assets
74,055
Total assets
656,107,684
Liabilities:
Other investments:
Securities sold short, at value (proceeds $5,721,894)
5,773,469
Variation margin payable — futures contracts
95,906
Payable for:
TBA sales commitment
138,225,741
Interest on short sales
6,285
Dividends
211,928
Fund shares reacquired
255,689
Amount due custodian
1,721
Accrued fees to affiliates
289,513
Accrued other operating expenses
72,292
Trustee deferred compensation and retirement plans
214,077
Total liabilities
145,146,621
Net assets applicable to shares outstanding
$510,961,063
Net assets consist of:
Shares of beneficial interest
$734,407,302
Distributable earnings (loss)
(223,446,239
)
 
$510,961,063
Net Assets:
Class A
$413,380,245
Class C
$11,065,306
Class R
$14,812,582
Class Y
$56,800,022
Class R5
$228,644
Class R6
$14,674,264
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
42,368,942
Class C
1,140,587
Class R
1,519,119
Class Y
5,800,475
Class R5
23,398
Class R6
1,498,637
Class A:
Net asset value per share
$9.76
Maximum offering price per share
(Net asset value of $9.76 ÷ 95.75%)
$10.19
Class C:
Net asset value and offering price per share
$9.70
Class R:
Net asset value and offering price per share
$9.75
Class Y:
Net asset value and offering price per share
$9.79
Class R5:
Net asset value and offering price per share
$9.77
Class R6:
Net asset value and offering price per share
$9.79
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco Quality Income Fund

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Investment income:
Interest
$10,189,860
Dividends from affiliated money market funds
100,754
Total investment income
10,290,614
Expenses:
Advisory fees
1,099,096
Administrative services fees
38,910
Custodian fees
23,453
Distribution fees:
Class A
506,753
Class C
57,282
Class R
36,753
Transfer agent fees — A, C, R and Y
374,950
Transfer agent fees — R5
103
Transfer agent fees — R6
2,283
Trustees’ and officers’ fees and benefits
11,379
Registration and filing fees
49,107
Reports to shareholders
32,490
Professional services fees
31,824
Other
9,285
Total expenses
2,273,668
Less: Fees waived and/or expense offset arrangement(s)
(17,609
)
Net expenses
2,256,059
Net investment income
8,034,555
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
(2,742,095
)
Futures contracts
(106,461
)
 
(2,848,556
)
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
16,388,043
Futures contracts
(764,251
)
Securities sold short
(51,575
)
 
15,572,217
Net realized and unrealized gain
12,723,661
Net increase in net assets resulting from operations
$20,758,216
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Invesco Quality Income Fund

Statement of Changes in Net Assets
For the six months ended June 30, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30,
2025
December 31,
2024
Operations:
 
 
Net investment income
$8,034,555
$18,242,845
Net realized gain (loss)
(2,848,556
)
23,123
Change in net unrealized appreciation (depreciation)
15,572,217
(13,093,627
)
Net increase in net assets resulting from operations
20,758,216
5,172,341
Distributions to shareholders from distributable earnings:
Class A
(7,092,893
)
(17,261,544
)
Class C
(152,305
)
(429,125
)
Class R
(232,587
)
(573,106
)
Class Y
(1,002,215
)
(3,038,248
)
Class R5
(3,817
)
(8,516
)
Class R6
(277,964
)
(717,050
)
Total distributions from distributable earnings
(8,761,781
)
(22,027,589
)
Share transactions–net:
Class A
(19,104,266
)
(38,852,181
)
Class C
(1,291,782
)
(3,636,846
)
Class R
(474,654
)
(1,754,486
)
Class Y
(10,128,470
)
(14,968,213
)
Class R5
31,826
(176,954
)
Class R6
(770,060
)
(3,942,467
)
Net increase (decrease) in net assets resulting from share transactions
(31,737,406
)
(63,331,147
)
Net increase (decrease) in net assets
(19,740,971
)
(80,186,395
)
Net assets:
Beginning of period
530,702,034
610,888,429
End of period
$510,961,063
$530,702,034
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Invesco Quality Income Fund

Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated. 
 
Net asset
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 06/30/25
$9.53
$0.15
$0.24
$0.39
$(0.16
)
$9.76
4.15
%(d)
$413,380
0.89
%(d)(e)
0.90
%(d)(e)
3.14
%(d)(e)
172
%
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
Year ended 12/31/20
11.72
0.26
0.36
0.62
(0.44
)
11.90
5.33
(d)
816,715
0.83
(d)
0.85
(d)
2.15
(d)
979
Class C
Six months ended 06/30/25
9.47
0.11
0.25
0.36
(0.13
)
9.70
3.78
11,065
1.65
(e)
1.66
(e)
2.38
(e)
172
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
Year ended 12/31/20
11.64
0.16
0.37
0.53
(0.35
)
11.82
4.57
(f)
53,821
1.60
(f)
1.60
(f)
1.38
(f)
979
Class R
Six months ended 06/30/25
9.52
0.14
0.24
0.38
(0.15
)
9.75
4.02
14,813
1.15
(e)
1.16
(e)
2.88
(e)
172
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
Period ended 12/31/20(g)
11.79
0.14
0.21
0.35
(0.25
)
11.89
2.99
27,785
1.10
(e)
1.10
(e)
1.88
(e)
979
Class Y
Six months ended 06/30/25
9.56
0.16
0.25
0.41
(0.18
)
9.79
4.27
56,800
0.65
(e)
0.66
(e)
3.38
(e)
172
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
Year ended 12/31/20
11.77
0.29
0.36
0.65
(0.47
)
11.95
5.59
185,925
0.52
0.61
2.46
979
Class R5
Six months ended 06/30/25
9.55
0.16
0.24
0.40
(0.18
)
9.77
4.20
229
0.61
(e)
0.61
(e)
3.42
(e)
172
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
Year ended 12/31/20
11.76
0.30
0.33
0.63
(0.48
)
11.91
5.42
395
0.46
0.46
2.52
979
Class R6
Six months ended 06/30/25
9.56
0.17
0.24
0.41
(0.18
)
9.79
4.34
14,674
0.54
(e)
0.54
(e)
3.49
(e)
172
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
Year ended 12/31/20
11.77
0.30
0.36
0.66
(0.48
)
11.95
5.69
33,032
0.46
0.46
2.52
979
 
(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, 2020, the portfolio turnover
calculation excludes the value of securities purchased of $1,606,141,382 in connection with the acquisition of Invesco Oppenheimer Limited-Term Government Fund into the Fund.
(d)
The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended
June 30, 2025 and for the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.
(e)
Annualized.
(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 0.99% for the years ended
December 31, 2021 and 2020, respectively.
(g)
Commencement date of May 15, 2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Invesco Quality Income Fund

Notes to Financial Statements
June 30, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Quality Income Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to provide a high level of current income, with liquidity and safety of principal.
The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors. 
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations – Securities, including restricted securities, are valued according to the following policy. 
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
12
Invesco Quality Income Fund

The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C.
Distributions - Distributions from net investment income, if any, are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on the relative value of settled shares.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Sold Short - The Fund may enter into short sales of securities which it concurrently holds (against the box) or for which it holds no corresponding position (naked). Securities sold short represent a liability of the Fund to acquire specific securities at prevailing market prices at a future date in order to satisfy the obligation to deliver the securities sold. The liability is recorded on the books of the Fund at the market value of the common stock determined each day in accordance with the procedures for security valuations. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates.
The Fund is required to segregate cash or securities as collateral in margin accounts at a level that is equal to the obligation to the broker who delivered such securities to the buyer on behalf of the Fund. The Short stock rebate, if any, presented in the  Statement of Operations represents the net income earned on short sale proceeds held on deposit with the broker and margin interest earned or incurred on short sale transactions. Margin interest is the income earned (or expense incurred) as a result of the market value of securities sold short being less than (or greater than) the proceeds received from the short sales.
J.
Futures ContractsThe Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the
13
Invesco Quality Income Fund

proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.
K.
Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance.  The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.
The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions.  These transactions increase the Fund’s portfolio turnover rate. 
Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction.  If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price.  Dollar roll transactions also involve the risk that the value of the securities retained by the Fund may decline below the price of the securities that the Fund has sold but is obligated to purchase under the agreement.
L.
Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.
M.
Collateral —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.
N.
Other Risks - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.
Mortgage- and asset-backed securities, including collateralized debt obligations and collateralized mortgage obligations, are subject to prepayment or call risk, which is the risk that a borrower’s payments may be received earlier or later than expected due to changes in prepayment rates on underlying loans. This could result in the Fund reinvesting these early payments at lower interest rates, thereby reducing the Fund’s income. Mortgage- and asset-backed securities also are subject to extension risk, which is the risk that an unexpected rise in interest rates could reduce the rate of prepayments, causing the price of the mortgage- and asset-backed securities and the Fund’s share price to fall. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the value of mortgage-backed securities and could result in losses to the Fund. Privately-issued mortgage-backed securities and asset-backed securities may be less liquid than other types of securities and the Fund may be unable to sell these securities at the time or price it desires.
Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities, when rates increase. Such changes and resulting increased volatility may adversely impact the Fund, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s portfolio turnover rate and transaction costs.
Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Rate
First $100 million
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, 2025, the effective advisory fee rate incurred by the Fund was 0.43%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.
Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.
14
Invesco Quality Income Fund

For the six months ended June 30, 2025, the Adviser waived advisory fees of $2,189.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $5,062 in front-end sales commissions from the sale of Class A shares and $720 and $296 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
U.S. Government Sponsored Agency Mortgage-Backed Securities
$
$566,579,506
$
$566,579,506
Certificates of Deposit
27,011,456
27,011,456
Asset-Backed Securities
24,579,438
24,579,438
Agency Credit Risk Transfer Notes
13,922,643
13,922,643
Commercial Paper
11,006,753
11,006,753
U.S. Treasury Securities
880,276
880,276
Money Market Funds
4,055,371
4,055,371
Total Investments in Securities
4,055,371
643,980,072
648,035,443
Other Investments - Assets
Futures Contracts
91,926
91,926
Other Investments - Liabilities*
Securities Sold Short
(5,773,469
)
(5,773,469
)
Futures Contracts
(501,145
)
(501,145
)
 
(501,145
)
(5,773,469
)
(6,274,614
)
Total Other Investments
(409,219
)
(5,773,469
)
(6,182,688
)
Total Investments
$3,646,152
$638,206,603
$
$641,852,755
 
*
Futures contracts are valued at unrealized appreciation (depreciation). Securities sold short are shown at value.
15
Invesco Quality Income 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.
Value of Derivative Investments at Period-End
The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of June 30, 2025: 
 
Value
Derivative Assets
Interest
Rate Risk
Unrealized appreciation on futures contracts —Exchange-Traded(a)
$91,926
Derivatives not subject to master netting agreements
(91,926
)
Total Derivative Assets subject to master netting agreements
$
 
Value
Derivative Liabilities
Interest
Rate Risk
Unrealized depreciation on futures contracts —Exchange-Traded(a)
$(501,145
)
Derivatives not subject to master netting agreements
501,145
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, 2025
The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period: 
 
Location of Gain (Loss) on
Statement of Operations
 
Interest
Rate Risk
Realized Gain (Loss):
Futures contracts
$(106,461
)
Change in Net Unrealized Appreciation (Depreciation):
Futures contracts
(764,251
)
Total
$(870,712
)
The table below summarizes the average notional value of derivatives held during the period. 
 
Futures
Contracts
Average notional value
$39,305,375
 
NOTE 5—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $15,420.
NOTE 6—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 7—Cash Balances
The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made.  In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank.  Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian.  To compensate the custodian bank for such overdrafts, the overdrawn Fund
16
Invesco Quality Income Fund

may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.  
NOTE 8—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund had a capital loss carryforward as of December 31, 2024, as follows: 
Capital Loss Carryforward*
Expiration
Short-Term
Long-Term
Total
Not subject to expiration
$82,399,019
$78,805,638
$161,204,657
*
Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 9—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $0 and $3,082,228, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments
$4,366,021
Aggregate unrealized (depreciation) of investments
(62,854,739
)
Net unrealized appreciation (depreciation) of investments
$(58,488,718
)
Cost of investments for tax purposes is $700,341,473.
NOTE 10—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
1,281,366
$12,320,787
3,007,428
$29,164,377
Class C
151,499
1,447,781
247,738
2,375,465
Class R
454,640
4,366,812
142,770
1,375,027
Class Y
761,909
7,360,718
2,483,191
23,958,733
Class R5
24,589
235,128
8,002
77,000
Class R6
232,770
2,245,921
383,624
3,749,094
Issued as reinvestment of dividends:
Class A
627,045
6,075,381
1,525,939
14,702,224
Class C
14,680
141,364
40,592
388,740
Class R
23,582
228,286
58,688
565,058
Class Y
78,464
762,862
250,035
2,415,579
Class R5
374
3,633
788
7,603
Class R6
22,459
218,362
58,974
570,149
Automatic conversion of Class C shares to Class A shares:
Class A
91,082
879,173
223,026
2,135,516
Class C
(91,626
)
(879,173
)
(224,314
)
(2,135,516
)
17
Invesco Quality Income Fund

 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Reacquired:
Class A
(3,986,815
)
$(38,379,607
)
(8,805,438
)
$(84,854,298
)
Class C
(209,744
)
(2,001,754
)
(445,436
)
(4,265,535
)
Class R
(527,123
)
(5,069,752
)
(382,089
)
(3,694,571
)
Class Y
(1,909,638
)
(18,252,050
)
(4,296,725
)
(41,342,525
)
Class R5
(21,600
)
(206,935
)
(27,108
)
(261,557
)
Class R6
(334,788
)
(3,234,343
)
(853,115
)
(8,261,710
)
Net increase (decrease) in share activity
(3,316,875
)
$(31,737,406
)
(6,603,430
)
$(63,331,147
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
18
Invesco Quality Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Quality Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025.  After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.    
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees.  The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them.  The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process).  In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees.  The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups.  The Board also receives an independent written evaluation from the Senior Officer.  The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by
which the Invesco Funds’ proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements.  In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. 
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts.  The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year  and are not the result of any single determinative factor.  Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. 
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities.  The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks.  The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology.  The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing.  The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal
and compliance.  The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments.  The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business.  The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services.  The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.  As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading.  The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.  The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts. 
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement.  The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Bloomberg U.S. Mortgage-Backed Securities Index (Index).  The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis).  The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period.  The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as
19
Invesco Quality Income Fund

other performance metrics, which did not change its conclusions.
C.
Advisory and Sub-Advisory Fees and Fund Expenses
The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group.  The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were reasonably comparable to and the same as, respectfully, the median contractual management and actual management fee rates of funds in its expense group. The Board noted that the term “contractual management fee” and “actual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included.  The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.  The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fifth quintile of its expense group and discussed with management reasons for such relative total expenses. The independent Trustees reviewed and considered additional information provided by management, including with respect to the components of the Fund’s total expense ratio driving total expenses relative to peers. 
The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund
The Board noted that Invesco Advisers and the Affiliated Sub-Advisers do not manage other similarly managed mutual funds or client accounts.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts.
D.
Economies of Scale and Breakpoints
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level; noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size.  The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements
with third party service providers.  The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity. 
E.
Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis.  The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided.  The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.     
F.
Collateral Benefits to Invesco Advisers and its Affiliates
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund.  The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources.  The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services.  The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.
The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements.  Invesco Advisers noted that the Fund does not execute brokerage transactions through “soft dollar” arrangements to any significant degree. 
The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending
arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively, referred to as “affiliated money market funds”) advised by Invesco Advisers.  The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates.  In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral.  The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.
The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received.  The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities.  The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief.  The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.
The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund.  Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.
20
Invesco Quality Income Fund

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 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, 2025
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, 2025
(Unaudited) 
Invesco Select Risk: Conservative Investor Fund
Schedule of Investments in Affiliated Issuers–99.98%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/25
Value
06/30/25
Alternative Funds–5.88%
Invesco Global Real Estate Income Fund, Class R6
2.08
%
$7,072,238
$328,602
$(138,978
)
$232,975
$(5,072
)
$124,426
922,385
$7,489,765
Invesco Macro Allocation Strategy Fund, Class R6
11,089,939
96,215
(11,287,161
)
1,774,312
(1,673,305
)
96,215
Invesco Managed Futures Strategy ETF
3.80
%
13,744,630
(77,435
)
313,503
13,667,195
Total Alternative Funds
18,162,177
14,169,447
(11,426,139
)
1,929,852
(1,678,377
)
220,641
21,156,960
Domestic Equity Funds–15.68%
Invesco Discovery Mid Cap Growth Fund, Class R6
1.85
%
4,517,536
2,178,533
(711,505
)
620,652
49,833
185,584
6,655,049
Invesco Main Street Small Cap Fund, Class R6
1.83
%
4,388,189
1,827,226
371,726
291,596
6,587,141
Invesco NASDAQ 100 ETF
3.86
%
8,196,396
6,456,721
(2,231,765
)
1,270,175
197,228
31,451
61,157
13,888,755
Invesco Russell 1000® Dynamic Multifactor ETF
3.13
%
11,157,551
2,038,672
(2,819,761
)
446,683
464,467
39,980
195,355
11,287,612
Invesco S&P 500 Revenue ETF
3.48
%
12,639,076
(451,379
)
352,121
324
70,823
120,243
12,540,142
Invesco S&P 500® Pure Value ETF
7,039,898
(7,260,554
)
(2,033,126
)
2,253,782
Invesco S&P 500® Top 50 ETF
1,667,278
(1,405,521
)
(261,757
)
2,967
Invesco Value Opportunities Fund, Class R6
1.53
%
3,689,281
1,562,967
(228,024
)
459,987
7,788
241,725
5,491,999
Total Domestic Equity Funds
38,988,851
28,370,473
(15,108,509
)
1,488,218
2,711,665
145,221
56,450,698
Fixed Income Funds–70.90%
Invesco Core Bond Fund, Class R6
32.80
%
125,150,817
2,785,937
(11,299,432
)
1,502,772
(38,321
)
2,785,825
20,866,038
118,101,773
Invesco Core Plus Bond Fund, Class R6
17.55
%
60,897,067
3,180,041
(1,603,437
)
1,127,866
(418,217
)
1,512,397
6,860,295
63,183,320
Invesco Dynamic Credit Opportunity Fund, Class R6
0.54
%
1,939,236
15,981
49,816
182,220
1,955,217
Invesco Emerging Markets Sovereign Debt ETF
1.30
%
7,209,684
(2,567,856
)
213,812
(175,127
)
193,890
229,100
4,680,513
Invesco Equal Weight 0-30 Year Treasury ETF
4.00
%
32,654,456
(18,470,376
)
4,364,597
(4,127,284
)
440,543
524,987
14,421,393
Invesco Floating Rate ESG Fund, Class R6
3.59
%
15,432,632
597,024
(2,790,802
)
(204,725
)
(120,454
)
596,985
1,971,553
12,913,675
Invesco High Yield Fund, Class R6
5.33
%
15,164,848
4,395,647
(535,233
)
148,442
13,876
574,658
5,420,220
19,187,580
Invesco Variable Rate Investment Grade ETF
5.79
%
27,657,845
(6,726,944
)
(150,839
)
52,219
605,006
831,628
20,832,281
Total Fixed Income Funds
284,167,349
12,897,885
(43,994,080
)
7,017,906
(4,813,308
)
6,759,120
255,275,752
International and Global Equity Funds–6.77%
Invesco EQV Emerging Markets All Cap Fund, Class R6
0.49
%
1,245,596
400,466
(84,311
)
210,570
838
48,660
1,773,159
Invesco Developing Markets Fund, Class R6
0.18
%
976,811
(380,523
)
70,935
(31,563
)
15,035
635,660
Invesco Global Fund, Class R6
2.36
%
5,925,438
2,204,119
(562,945
)
943,989
(5,548
)
81,528
8,505,053
Invesco Global Infrastructure Fund, Class R6
3,593,989
376,655
(3,673,178
)
(469,833
)
539,740
9,282
Invesco International Developed Dynamic Multifactor
ETF
0.94
%
2,016,556
858,549
505,315
39,027
122,125
3,380,420
Invesco International Small-Mid Company Fund,
Class R6
1.31
%
2,962,360
1,010,221
748,030
109,578
4,720,611
Invesco Oppenheimer International Growth Fund,
Class R6
0.40
%
969,434
308,366
176,876
40,873
1,454,676
Invesco RAFI Developed Markets ex-U.S. ETF
1.09
%
2,454,458
821,567
640,938
72,851
68,216
3,916,963
Total International and Global Equity Funds
20,144,642
5,979,943
(4,700,957
)
2,826,820
503,467
121,160
24,386,542
Money Market Funds–0.75%
Invesco Government & Agency Portfolio, Institutional
Class, 4.26%(b)
0.26
%
489,387
17,619,766
(17,167,865
)
17,599
941,288
941,288
Invesco Treasury Portfolio, Institutional Class,
4.23%(b)
0.49
%
905,739
32,722,421
(31,882,085
)
32,368
1,746,075
1,746,075
Total Money Market Funds
1,395,126
50,342,187
(49,049,950
)
49,967
2,687,363
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(excluding investments purchased with cash
collateral from securities on loan)
(Cost $355,011,682)
99.98
%
362,858,145
111,759,935
(124,279,635
)
13,262,796
(3,276,553
)
7,296,109
359,957,315
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Select Risk: Conservative Investor Fund

Invesco Select Risk: Conservative Investor Fund (continued)
Schedule of Investments in Affiliated Issuers–99.98%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/25
Value
06/30/25
 
Investments Purchased with Cash
Collateral from Securities on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–0.00%
Invesco Private Government Fund, 4.34%(b)(c)
$
$12,541,910
$(12,541,910
)
$
$
$8,153
(d)
$
Invesco Private Prime Fund, 4.49%(b)(c)
32,077,729
(32,077,729
)
22,089
(d)
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $0)
0.00
%
44,619,639
(44,619,639
)
30,242
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $355,011,682) 
99.98
%
$362,858,145
$156,379,574
$(168,899,274
)
$13,262,796
$(3,276,553
)(e)
$7,326,351
$359,957,315
OTHER ASSETS LESS LIABILITIES
0.02
%
69,223
NET ASSETS
100.00
%
$360,026,538
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, 2025.
(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.
(e)
Includes capital gains distributions from affiliated underlying funds as follows:
 
Fund Name
Capital Gain
Invesco Global Infrastructure Fund
$367,373
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Select Risk: Conservative Investor Fund

Statement of Assets and Liabilities
June 30, 2025
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $355,011,682)
$359,957,315
Cash
10,000
Receivable for:
Fund shares sold
439,121
Dividends - affiliated underlying funds
957,287
Investment for trustee deferred compensation and
retirement plans
42,480
Other assets
89,748
Total assets
361,495,951
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds
951,475
Fund shares reacquired
264,076
Accrued fees to affiliates
185,364
Accrued trustees’ and officers’ fees and benefits
2,404
Accrued other operating expenses
23,613
Trustee deferred compensation and retirement plans
42,481
Total liabilities
1,469,413
Net assets applicable to shares outstanding
$360,026,538
Net assets consist of:
Shares of beneficial interest
$380,295,767
Distributable earnings (loss)
(20,269,229
)
 
$360,026,538
Net Assets:
Class A
$291,040,632
Class C
$26,990,794
Class R
$35,931,591
Class Y
$5,784,379
Class R5
$9,348
Class R6
$269,794
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
32,769,028
Class C
3,079,882
Class R
4,058,523
Class Y
647,488
Class R5
1,053
Class R6
30,376
Class A:
Net asset value per share
$8.88
Maximum offering price per share
(Net asset value of $8.88 ÷ 94.50%)
$9.40
Class C:
Net asset value and offering price per share
$8.76
Class R:
Net asset value and offering price per share
$8.85
Class Y:
Net asset value and offering price per share
$8.93
Class R5:
Net asset value and offering price per share
$8.88
Class R6:
Net asset value and offering price per share
$8.88
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Select Risk: Conservative Investor Fund

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $1,634)
$7,297,743
Interest
2,691
Total investment income
7,300,434
Expenses:
Custodian fees
929
Distribution fees:
Class A
339,261
Class C
130,663
Class R
94,689
Transfer agent fees — A, C, R and Y
192,333
Transfer agent fees — R6
6
Trustees’ and officers’ fees and benefits
9,608
Registration and filing fees
54,987
Reports to shareholders
14,819
Professional services fees
17,698
Other
7,680
Total expenses
862,673
Less: Expense offset arrangement(s)
(8,759
)
Net expenses
853,914
Net investment income
6,446,520
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares
(3,643,926
)
Capital gain distributions from affiliated underlying fund shares
367,373
 
(3,276,553
)
Change in net unrealized appreciation of affiliated underlying fund shares
13,262,796
Net realized and unrealized gain
9,986,243
Net increase in net assets resulting from operations
$16,432,763
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Select Risk: Conservative Investor Fund

Statement of Changes in Net Assets
For the six months ended June 30, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30,
2025
December 31,
2024
Operations:
 
 
Net investment income
$6,446,520
$14,728,288
Net realized gain (loss)
(3,276,553
)
(6,012,199
)
Change in net unrealized appreciation
13,262,796
6,569,217
Net increase in net assets resulting from operations
16,432,763
15,285,306
Distributions to shareholders from distributable earnings:
Class A
(12,135,441
)
Class C
(941,014
)
Class R
(1,634,751
)
Class Y
(288,126
)
Class R5
(422
)
Class R6
(3,855
)
Total distributions from distributable earnings
(15,003,609
)
Share transactions–net:
Class A
(9,780,708
)
(4,612,869
)
Class C
(1,352,099
)
(6,093,429
)
Class R
(7,335,668
)
(224,463
)
Class Y
(982,526
)
(637,665
)
Class R5
(45,545
)
Class R6
181,836
35,860
Net increase (decrease) in net assets resulting from share transactions
(19,269,165
)
(11,578,111
)
Net increase (decrease) in net assets
(2,836,402
)
(11,296,414
)
Net assets:
Beginning of period
362,862,940
374,159,354
End of period
$360,026,538
$362,862,940
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 06/30/25
$8.48
$0.16
$0.24
$0.40
$
$
$
$8.88
4.72
%(e)
$291,041
0.41
%(e)(f)
0.41
%(e)(f)
3.73
%(e)(f)
17
%
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
Year ended 12/31/20
9.46
0.18
0.60
0.78
(0.21
)
(0.21
)
10.03
8.29
(e)
451,258
0.33
(e)
0.43
(e)
1.85
(e)
80
Class C
Six months ended 06/30/25
8.40
0.13
0.23
0.36
8.76
4.29
26,991
1.17
(f)
1.17
(f)
2.97
(f)
17
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
Year ended 12/31/20
9.35
0.10
0.61
0.71
(0.14
)
(0.14
)
9.92
7.55
68,581
1.09
1.19
1.09
80
Class R
Six months ended 06/30/25
8.46
0.15
0.24
0.39
8.85
4.61
35,932
0.67
(f)
0.67
(f)
3.47
(f)
17
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
Year ended 12/31/20
9.44
0.15
0.61
0.76
(0.19
)
(0.19
)
10.01
8.03
51,481
0.59
0.69
1.59
80
Class Y
Six months ended 06/30/25
8.52
0.17
0.24
0.41
8.93
4.81
5,784
0.17
(f)
0.17
(f)
3.97
(f)
17
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
Year ended 12/31/20
9.49
0.20
0.63
0.83
(0.24
)
(0.24
)
10.08
8.71
8,821
0.09
0.19
2.09
80
Class R5
Six months ended 06/30/25
8.46
0.17
0.25
0.42
8.88
4.96
9
0.07
(f)
0.07
(f)
4.07
(f)
17
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
Year ended 12/31/20
9.45
0.20
0.62
0.82
(0.24
)
(0.24
)
10.03
8.67
11
0.04
0.14
2.14
80
Class R6
Six months ended 06/30/25
8.46
0.17
0.25
0.42
8.88
4.96
270
0.07
(f)
0.07
(f)
4.07
(f)
17
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
Year ended 12/31/20
9.45
0.20
0.62
0.82
(0.24
)
(0.24
)
10.03
8.67
11
0.04
0.14
2.14
80
 
(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 0.47%, 0.47%, 0.47%, 0.45%, 0.47% and 0.55% for the six months ended June 30, 2025 and the years ended
December 31, 2024, 2023, 2022, 2021 and 2020, respectively.
(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, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, 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, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Select Risk: Conservative Investor Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek total return.
The Fund is a “fund of funds”, in that it invests in other mutual funds advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds ("ETFs") and other pooled investment vehicles advised by Invesco Capital Management LLC (“Invesco Capital”) or mutual funds, ETFs and other pooled investment vehicles advised by unaffiliated advisers (“underlying funds”). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
8
Invesco Select Risk: Conservative Investor Fund

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds
9
Invesco Select Risk: Conservative Investor Fund

(collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.
The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.
J.
Other Risks - Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser.  Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.
The Adviser has contractually agreed, through at least April 30, 2026, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.50%, 1.25%, 0.75%, 0.25%, 0.25%, and 0.25%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2026. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under the expense limits.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $14,917 in front-end sales commissions from the sale of Class A shares and $10,607 and $590 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.
10
Invesco Select Risk: Conservative Investor Fund

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of June 30, 2025, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $8,759.
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6—Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank.  Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 7—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund had a capital loss carryforward as of December 31, 2024, as follows: 
Capital Loss Carryforward*
Expiration
Short-Term
Long-Term
Total
Not subject to expiration
$1,763,106
$27,966,615
$29,729,721
*
Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $61,417,748 and $75,229,685, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments
$12,811,705
Aggregate unrealized (depreciation) of investments
(12,005,966
)
Net unrealized appreciation of investments
$805,739
11
Invesco Select Risk: Conservative Investor Fund

Cost of investments for tax purposes is $359,151,576.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
3,737,102
$32,126,509
10,329,186
$89,915,225
Class C
434,802
3,709,986
940,856
8,045,514
Class R
249,535
2,137,415
839,935
7,238,994
Class Y
40,937
352,823
259,576
2,259,549
Class R6
26,146
224,334
6,359
53,670
Issued as reinvestment of dividends:
Class A
-
-
1,380,514
11,679,153
Class C
-
-
111,017
931,432
Class R
-
-
192,832
1,629,429
Class Y
-
-
30,976
263,297
Class R6
-
-
406
3,430
Automatic conversion of Class C shares to Class A shares:
Class A
214,666
1,854,478
449,274
3,891,958
Class C
(217,187
)
(1,854,478
)
(455,293
)
(3,891,958
)
Reacquired:
Class A
(5,092,400
)
(43,761,695
)
(12,676,446
)
(110,099,205
)
Class C
(377,897
)
(3,207,607
)
(1,300,177
)
(11,178,417
)
Class R
(1,106,584
)
(9,473,083
)
(1,052,102
)
(9,092,886
)
Class Y
(154,549
)
(1,335,349
)
(360,376
)
(3,160,511
)
Class R5
-
-
(5,415
)
(45,545
)
Class R6
(4,940
)
(42,498
)
(2,409
)
(21,240
)
Net increase (decrease) in share activity
(2,250,369
)
$(19,269,165
)
(1,311,287
)
$(11,578,111
)
 
(a)
There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 17% of the outstanding shares of the Fund. IDI has an
agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to
the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third
party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also
owned beneficially.
12
Invesco Select Risk: Conservative Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Conservative Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC  and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as
part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,
internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: Conservative Investor Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management and investment process in 2024. The Board considered that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain equity investing styles as well as
13
Invesco Select Risk: Conservative Investor Fund

to certain segments of the fixed income asset class, negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.
C.
Advisory and Sub-Advisory Fees and Fund Expenses
The Board noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.
D.
Economies of Scale and Breakpoints
The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.
E.
Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and
the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.  
F.
Collateral Benefits to Invesco Advisers and its Affiliates
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.
The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.
The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market
funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.
The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.
14
Invesco Select Risk: Conservative Investor Fund

Other Information Required in Form N-CSR (Items 8-11)
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.
15
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, 2025
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, 2025
(Unaudited) 
Invesco Select Risk: Growth Investor Fund
Schedule of Investments in Affiliated Issuers–100.00%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/25
Value
06/30/25
Alternative Funds–1.94%
Invesco Global Real Estate Income Fund,
Class R6
1.94
%
$22,361,773
$365,378
$(3,459,862
)
$1,241,461
$(912,691
)
$365,378
2,413,308
$19,596,059
Invesco Macro Allocation Strategy Fund,
Class R6
23,852,206
211,454
(24,287,275
)
3,731,036
(3,507,421
)
211,454
Total Alternative Funds
46,213,979
576,832
(27,747,137
)
4,972,497
(4,420,112
)
576,832
19,596,059
Domestic Equity Funds–56.83%
Invesco Discovery Mid Cap Growth Fund,
Class R6
6.76
%
57,517,487
10,381,685
(3,914,021
)
4,209,025
(15,924
)
1,901,234
68,178,252
Invesco Main Street Small Cap Fund, Class R6
6.36
%
55,821,272
6,590,591
1,688,324
2,837,547
64,100,187
Invesco NASDAQ 100 ETF(b)
13.35
%
100,090,651
28,328,099
(6,073,955
)
11,875,822
470,122
340,220
593,090
134,690,739
Invesco Russell 1000® Dynamic Multifactor ETF
13.78
%
137,846,369
17,137,829
(26,343,526
)
7,834,554
2,539,178
497,781
2,405,926
139,014,404
Invesco S&P 500 Revenue ETF(b)
11.30
%
112,509,002
(1,526,850
)
3,033,054
13,707
736,988
1,093,383
114,028,913
Invesco S&P 500® Pure Value ETF
85,935,219
(88,628,745
)
(5,849,044
)
8,542,570
Invesco S&P 500® Top 50 ETF
20,817,657
(17,549,352
)
(3,268,305
)
37,047
Invesco Value Opportunities Fund, Class R6
5.28
%
46,449,662
5,602,014
(1,585,083
)
2,778,618
(6,977
)
2,343,232
53,238,234
Total Domestic Equity Funds
483,660,660
201,366,877
(145,621,532
)
25,570,353
8,274,371
1,612,036
573,250,729
Fixed Income Funds–17.97%
Invesco Core Bond Fund, Class R6
8.95
%
99,108,287
6,523,020
(16,509,100
)
1,244,118
(61,457
)
2,147,838
15,954,924
90,304,868
Invesco Core Plus Bond Fund, Class R6
4.72
%
48,359,614
2,887,249
(4,114,871
)
1,209,348
(673,860
)
1,165,009
5,175,622
47,667,480
Invesco Dynamic Credit Opportunity Fund,
Class R6
0.14
%
1,383,763
11,404
35,547
130,025
1,395,167
Invesco Emerging Markets Sovereign Debt ETF
0.34
%
5,770,811
(2,386,945
)
170,099
(162,789
)
149,544
165,990
3,391,176
Invesco Equal Weight 0-30 Year Treasury ETF
25,070,514
(25,079,092
)
3,363,224
(3,354,646
)
233,231
Invesco Floating Rate ESG Fund, Class R6
0.93
%
12,487,165
469,086
(3,293,424
)
(117,933
)
(168,372
)
469,057
1,431,530
9,376,522
Invesco High Yield Fund, Class R6
1.39
%
12,491,745
2,560,661
(1,147,632
)
73,977
14,876
445,440
3,953,002
13,993,627
Invesco Variable Rate Investment Grade ETF
1.50
%
21,541,914
(6,287,404
)
(23,001
)
(56,294
)
460,290
605,797
15,175,215
Total Fixed Income Funds
224,830,050
13,823,779
(58,818,468
)
5,931,236
(4,462,542
)
5,105,956
181,304,055
International and Global Equity Funds–22.87%
Invesco EQV Emerging Markets All Cap Fund,
Class R6
1.71
%
14,710,070
630,023
1,876,755
472,471
17,216,848
Invesco Developing Markets Fund, Class R6
0.60
%
11,746,749
(5,941,614
)
716,664
(492,632
)
142,601
6,029,167
Invesco Global Fund, Class R6
8.14
%
69,385,769
7,320,320
(1,696,945
)
7,148,602
19,031
787,738
82,176,777
Invesco Global Infrastructure Fund, Class R6
9,430,462
1,028,083
(9,637,596
)
(970,857
)
1,152,657
25,334
Invesco International Developed Dynamic
Multifactor ETF(b)
3.08
%
26,090,812
2,955,067
(2,866,380
)
4,916,348
31,835
402,934
1,124,555
31,127,682
Invesco International Small-Mid Company Fund,
Class R6
4.38
%
37,407,271
3,381,057
(3,826,932
)
8,281,689
(1,097,765
)
1,024,729
44,145,320
Invesco Oppenheimer International Growth
Fund, Class R6
1.41
%
11,615,316
925,434
1,654,970
398,868
14,195,720
Invesco RAFI Developed Markets ex-U.S. ETF(b)
3.55
%
30,647,541
3,485,458
(4,638,457
)
6,024,502
315,113
724,496
624,071
35,834,157
Total International and Global Equity Funds
211,033,990
19,725,442
(28,607,924
)
29,648,673
(71,761
)
1,152,764
230,725,671
Money Market Funds–0.39%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(c)
0.14
%
1,858,787
25,583,926
(26,074,748
)
35,414
1,367,965
1,367,965
Invesco Treasury Portfolio, Institutional Class,
4.23%(c)
0.25
%
3,483,095
47,513,005
(48,424,532
)
65,930
2,571,568
2,571,568
Total Money Market Funds
5,341,882
73,096,931
(74,499,280
)
101,344
3,939,533
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(excluding investments purchased with
cash collateral from securities on loan)
(Cost $847,291,179)
100.00
%
971,080,561
308,589,861
(335,294,341
)
66,122,759
(680,044
)
8,548,932
1,008,816,047
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Select Risk: Growth Investor Fund

Invesco Select Risk: Growth Investor Fund (continued)
Schedule of Investments in Affiliated Issuers–100.00%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/25
Value
06/30/25
 
Investments Purchased with
Cash Collateral from Securities
on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–0.19%
Invesco Private Government Fund, 4.34%(c)(d)
0.05
%
$2,671,896
$234,754,571
$(236,887,130
)
$
$
$93,427
(e)
539,337
$539,337
Invesco Private Prime Fund, 4.49%(c)(d)
0.14
%
6,962,219
636,245,478
(641,804,820
)
140
(7,788
)
259,489
(e)
1,394,810
1,395,229
Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $1,934,426)
0.19
%
9,634,115
871,000,049
(878,691,950
)
140
(7,788
)
352,916
1,934,566
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $849,225,605) 
100.19
%
$980,714,676
$1,179,589,910
$(1,213,986,291
)
$66,122,899
$(687,832
)(f)
$8,901,848
$1,010,750,613
OTHER ASSETS LESS LIABILITIES
(0.19
)%
(1,928,430
)
NET ASSETS
100.00
%
$1,008,822,183
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, 2025.
(c)
The rate shown is the 7-day SEC standardized yield as of June 30, 2025.
(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.
(f)
Includes capital gains distributions from affiliated underlying funds as follows:
 
Fund Name
Capital Gain
Invesco Global Infrastructure Fund
$1,002,749
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Select Risk: Growth Investor Fund

Statement of Assets and Liabilities
June 30, 2025
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $849,225,605)*
$1,010,750,613
Receivable for:
Dividends - affiliated underlying funds
734,988
Fund shares sold
963,097
Investment for trustee deferred compensation and
retirement plans
166,072
Other assets
87,244
Total assets
1,012,702,014
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds
715,172
Fund shares reacquired
444,659
Collateral upon return of securities loaned
1,934,426
Accrued fees to affiliates
491,410
Accrued other operating expenses
121,196
Trustee deferred compensation and retirement plans
172,968
Total liabilities
3,879,831
Net assets applicable to shares outstanding
$1,008,822,183
Net assets consist of:
Shares of beneficial interest
$814,431,911
Distributable earnings
194,390,272
 
$1,008,822,183
Net Assets:
Class A
$892,335,404
Class C
$38,470,327
Class R
$45,900,008
Class S
$16,980,444
Class Y
$14,161,972
Class R5
$63,228
Class R6
$910,800
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
55,087,787
Class C
2,425,795
Class R
2,848,341
Class S
1,049,414
Class Y
876,387
Class R5
3,876
Class R6
55,807
Class A:
Net asset value per share
$16.20
Maximum offering price per share
(Net asset value of $16.20 ÷ 94.50%)
$17.14
Class C:
Net asset value and offering price per share
$15.86
Class R:
Net asset value and offering price per share
$16.11
Class S:
Net asset value and offering price per share
$16.18
Class Y:
Net asset value and offering price per share
$16.16
Class R5:
Net asset value and offering price per share
$16.31
Class R6:
Net asset value and offering price per share
$16.32
 
*
At June 30, 2025, securities with an aggregate value of $1,897,142
were on loan to brokers.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Select Risk: Growth Investor Fund

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $52,350)
$8,601,282
Interest
4,634
Total investment income
8,605,916
Expenses:
Administrative services fees
73,709
Distribution fees:
Class A
1,057,383
Class C
186,878
Class R
102,169
Class S
12,573
Transfer agent fees — A, C, R, S and Y
619,263
Transfer agent fees — R5
30
Transfer agent fees — R6
89
Trustees’ and officers’ fees and benefits
12,915
Registration and filing fees
59,852
Reports to shareholders
41,506
Professional services fees
20,067
Other
(16,311
)
Total expenses
2,170,123
Less: Expense offset arrangement(s)
(20,161
)
Net expenses
2,149,962
Net investment income
6,455,954
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares
(1,690,581
)
Capital gain distributions from affiliated underlying fund shares
1,002,749
 
(687,832
)
Change in net unrealized appreciation of affiliated underlying fund shares
66,122,899
Net realized and unrealized gain
65,435,067
Net increase in net assets resulting from operations
$71,891,021
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Select Risk: Growth Investor Fund

Statement of Changes in Net Assets
For the six months ended June 30, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30,
2025
December 31,
2024
Operations:
 
 
Net investment income
$6,455,954
$18,491,052
Net realized gain (loss)
(687,832
)
44,246,786
Change in net unrealized appreciation
66,122,899
26,200,841
Net increase in net assets resulting from operations
71,891,021
88,938,679
Distributions to shareholders from distributable earnings:
Class A
(38,439,096
)
Class C
(1,206,496
)
Class R
(1,586,587
)
Class S
(806,559
)
Class Y
(686,706
)
Class R5
(2,940
)
Class R6
(19,417
)
Total distributions from distributable earnings
(42,747,801
)
Share transactions–net:
Class A
(32,364,294
)
(28,914,338
)
Class C
(2,701,009
)
(5,484,006
)
Class R
2,861,957
4,811,841
Class S
(1,586,193
)
(1,848,977
)
Class Y
(460,283
)
259,870
Class R5
(85
)
2,085
Class R6
370,317
(398,954
)
Net increase (decrease) in net assets resulting from share transactions
(33,879,590
)
(31,572,479
)
Net increase in net assets
38,011,431
14,618,399
Net assets:
Beginning of period
970,810,752
956,192,353
End of period
$1,008,822,183
$970,810,752
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 06/30/25
$15.04
$0.10
$1.06
$1.16
$
$
$
$16.20
7.71
%
$892,335
0.42
%(f)
0.42
%(f)
1.38
%(f)
24
%
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
Year ended 12/31/20
15.79
0.14
1.71
1.85
(0.27
)
(1.57
)
(1.84
)
15.80
11.87
948,121
0.47
0.47
0.92
90
Class C
Six months ended 06/30/25
14.78
0.05
1.03
1.08
15.86
7.31
38,470
1.17
(f)
1.17
(f)
0.63
(f)
24
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
Year ended 12/31/20
15.64
0.02
1.70
1.72
(0.19
)
(1.57
)
(1.76
)
15.60
11.09
58,187
1.22
1.22
0.17
90
Class R
Six months ended 06/30/25
14.98
0.09
1.04
1.13
16.11
7.54
45,900
0.67
(f)
0.67
(f)
1.13
(f)
24
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
Year ended 12/31/20
15.75
0.10
1.71
1.81
(0.23
)
(1.57
)
(1.80
)
15.76
11.64
21,447
0.72
0.72
0.67
90
Class S
Six months ended 06/30/25
15.02
0.11
1.05
1.16
16.18
7.72
16,980
0.32
(f)
0.32
(f)
1.48
(f)
24
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
Year ended 12/31/20
15.77
0.15
1.72
1.87
(0.29
)
(1.57
)
(1.86
)
15.78
11.98
23,627
0.37
0.37
1.02
90
Class Y
Six months ended 06/30/25
14.98
0.12
1.06
1.18
16.16
7.88
14,162
0.17
(f)
0.17
(f)
1.63
(f)
24
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
Year ended 12/31/20
15.74
0.17
1.72
1.89
(0.31
)
(1.57
)
(1.88
)
15.75
12.16
10,589
0.22
0.22
1.17
90
Class R5
Six months ended 06/30/25
15.12
0.13
1.06
1.19
16.31
7.87
63
0.14
(f)
0.14
(f)
1.66
(f)
24
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
Year ended 12/31/20
15.86
0.19
1.72
1.91
(0.32
)
(1.57
)
(1.89
)
15.88
12.20
453
0.14
0.14
1.25
90
Class R6
Six months ended 06/30/25
15.13
0.13
1.06
1.19
16.32
7.87
911
0.06
(f)
0.06
(f)
1.74
(f)
24
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
Year ended 12/31/20
15.85
0.19
1.73
1.92
(0.32
)
(1.57
)
(1.89
)
15.88
12.27
584
0.14
0.14
1.25
90
 
(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 0.52%, 0.52%, 0.52%, 0.54%, 0.54% and 0.58% for the six months ended June 30, 2025 and for the years ended
December 31, 2024, 2023, 2022, 2021 and 2020, respectively.
(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, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Select Risk: Growth Investor Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is long-term growth of capital consistent with a higher level of risk relative to the broad stock market.
The Fund is a "fund of funds", in that it invests in other mutual funds advised by Invesco Advisers, Inc. (the "Adviser" or "Invesco") and exchange-traded funds ("ETFs") and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital") or mutual funds, ETFs and other pooled investment vehicles advised by unaffiliated advisers ("underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class S, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors. 
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
8
Invesco Select Risk: Growth Investor Fund

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds
9
Invesco Select Risk: Growth Investor Fund

(collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.
The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $5,285 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.
J.
Other Risks - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.
Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede an underlying Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser.  Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.90%, 1.75%, 1.75% and 1.75%, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary limits.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the
10
Invesco Select Risk: Growth Investor Fund

average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $56,094 in front-end sales commissions from the sale of Class A shares and $12,463 and $235 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Affiliated Issuers
$1,004,876,514
$
$
$1,004,876,514
Money Market Funds
3,939,533
1,934,566
5,874,099
Total Investments
$1,008,816,047
$1,934,566
$
$1,010,750,613
NOTE 4—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $20,161.
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6—Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank.  Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 7—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund did not have a capital loss carryforward as of December 31, 2024.
11
Invesco Select Risk: Growth Investor Fund

NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $235,492,930 and $260,795,061, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments
$157,390,999
Aggregate unrealized (depreciation) of investments
(4,270,956
)
Net unrealized appreciation of investments
$153,120,043
Cost of investments for tax purposes is $857,630,570.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
3,085,531
$47,024,002
5,571,508
$84,365,290
Class C
249,460
3,703,601
557,583
8,166,647
Class R
443,289
6,701,089
624,431
9,359,732
Class S
6,989
105,346
17,777
270,323
Class Y
136,291
2,069,983
261,618
3,959,658
Class R6
26,176
408,964
26,258
397,352
Issued as reinvestment of dividends:
Class A
-
-
2,482,503
37,262,393
Class C
-
-
80,885
1,193,862
Class R
-
-
105,882
1,583,988
Class S
-
-
53,795
806,391
Class Y
-
-
41,749
624,568
Class R5
-
-
149
2,254
Class R6
-
-
1,250
18,870
Automatic conversion of Class C shares to Class A shares:
Class A
160,857
2,461,621
326,305
4,946,317
Class C
(164,019
)
(2,461,621
)
(335,009
)
(4,946,317
)
Reacquired:
Class A
(5,402,061
)
(81,849,917
)
(10,261,862
)
(155,488,338
)
Class C
(269,927
)
(3,942,989
)
(675,431
)
(9,898,198
)
Class R
(254,273
)
(3,839,132
)
(405,011
)
(6,131,879
)
Class S
(111,661
)
(1,691,539
)
(191,848
)
(2,925,691
)
Class Y
(168,023
)
(2,530,266
)
(285,223
)
(4,324,356
)
Class R5
(6
)
(85
)
(11
)
(169
)
Class R6
(2,544
)
(38,647
)
(50,847
)
(815,176
)
Net increase (decrease) in share activity
(2,263,921
)
$(33,879,590
)
(2,053,549
)
$(31,572,479
)
 
(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.
12
Invesco Select Risk: Growth Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Growth Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees
are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco
Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: Growth Investor Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management and investment process in 2024. The Board considered that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain equity investing styles as well as to certain segments of the fixed income asset class, negatively impacted Fund performance. The Board recognized that the
13
Invesco Select Risk: Growth Investor Fund

performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions. 
C.
Advisory and Sub-Advisory Fees and Fund Expenses
The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has voluntarily agreed to limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.
D.
Economies of Scale and Breakpoints
The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.
E.
Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and
the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry. 
F.
Collateral Benefits to Invesco Advisers and its Affiliates
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.
The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.
The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market
funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.
 The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.
14
Invesco Select Risk: Growth Investor Fund

Other Information Required in Form N-CSR (Items 8-11)
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.
15
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, 2025
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, 2025
(Unaudited) 
Invesco Select Risk: High Growth Investor Fund
Schedule of Investments in Affiliated Issuers–100.03%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/25
Value
06/30/25
Alternative Funds–1.37%
Invesco Global Real Estate Income Fund, Class R6
1.37
%
$19,520,894
$276,389
$(7,926,218
)
$844,050
$(1,027,430
)
$276,389
1,439,370
$11,687,685
Invesco Macro Allocation Strategy Fund, Class R6
20,117,218
180,481
(20,484,077
)
3,118,574
(2,932,196
)
180,480
Total Alternative Funds
39,638,112
456,870
(28,410,295
)
3,962,624
(3,959,626
)
456,869
11,687,685
Domestic Equity Funds–63.56%
Invesco Discovery Mid Cap Growth Fund, Class R6
7.47
%
55,577,539
8,272,346
(4,002,519
)
3,767,034
22,386
1,774,590
63,636,786
Invesco Main Street Small Cap Fund, Class R6
7.16
%
53,996,368
5,475,994
1,571,111
2,702,234
61,043,473
Invesco NASDAQ 100 ETF
14.25
%
97,689,417
24,152,949
(11,538,781
)
9,997,278
1,167,206
320,846
534,866
121,468,069
Invesco Russell 1000® Dynamic Multifactor ETF
16.16
%
135,019,631
18,602,756
(26,021,697
)
7,860,769
2,318,476
485,857
2,384,561
137,779,935
Invesco S&P 500 Revenue ETF
12.58
%
106,993,665
(2,337,025
)
2,599,420
(4,641
)
700,999
1,028,396
107,251,419
Invesco S&P 500® Pure Value ETF
83,766,029
(86,391,565
)
(5,701,401
)
8,326,937
Invesco S&P 500® Top 50 ETF
20,556,854
(17,329,494
)
(3,227,360
)
36,583
Invesco Value Opportunities Fund, Class R6
5.94
%
44,448,060
3,746,136
2,433,365
2,228,326
50,627,561
Total Domestic Equity Funds
470,497,044
187,800,700
(147,621,081
)
22,527,576
8,603,004
1,544,285
541,807,243
Fixed Income Funds–8.69%
Invesco Core Bond Fund, Class R6
4.40
%
42,729,012
3,059,284
(8,775,339
)
528,041
(61,292
)
910,186
6,621,856
37,479,706
Invesco Core Plus Bond Fund, Class R6
2.21
%
20,459,261
482,596
(2,283,858
)
427,169
(230,734
)
482,574
2,047,170
18,854,434
Invesco Dynamic Credit Opportunity Fund, Class R6
0.06
%
542,456
4,470
13,935
50,972
546,926
Invesco Emerging Markets Sovereign Debt ETF
0.17
%
2,454,468
(1,032,021
)
72,295
(70,383
)
63,318
69,719
1,424,359
Invesco Equal Weight 0-30 Year Treasury ETF
10,566,811
(10,570,426
)
1,794,601
(1,790,986
)
98,303
Invesco Floating Rate ESG Fund, Class R6
0.45
%
5,344,173
200,210
(1,589,128
)
(42,540
)
(89,718
)
200,198
583,664
3,822,997
Invesco High Yield Fund, Class R6
0.67
%
5,428,639
287,001
4,707
191,007
1,615,917
5,720,347
Invesco Variable Rate Investment Grade ETF(b)
0.73
%
9,218,485
(2,994,807
)
(8,240
)
(30,116
)
194,520
246,919
6,185,322
Total Fixed Income Funds
96,200,849
4,571,547
(27,245,579
)
2,780,503
(2,273,229
)
2,154,041
74,034,091
International and Global Equity Funds–25.88%
Invesco EQV Emerging Markets All Cap Fund, Class R6
1.92
%
14,255,168
340,792
1,772,197
449,181
16,368,157
Invesco Developing Markets Fund, Class R6
0.68
%
11,632,339
(6,058,839
)
(3,104,108
)
3,293,977
136,314
5,763,369
Invesco Global Fund, Class R6
9.11
%
71,230,691
5,738,113
(6,092,726
)
6,763,360
(11,809
)
744,130
77,627,629
Invesco Global Infrastructure Fund, Class R6
8,240,462
898,352
(8,421,459
)
(1,063,007
)
1,221,868
22,136
Invesco International Developed Dynamic Multifactor ETF
3.47
%
26,110,206
1,919,955
(3,168,065
)
4,719,493
36,952
389,597
1,070,034
29,618,541
Invesco International Small-Mid Company Fund, Class R6
5.02
%
36,762,679
2,046,910
(2,926,511
)
7,255,951
(335,806
)
993,575
42,803,223
Invesco Oppenheimer International Growth Fund,
Class R6
1.59
%
11,252,103
738,134
1,576,669
381,200
13,566,906
Invesco RAFI Developed Markets ex-U.S. ETF
4.09
%
30,437,111
2,493,709
(4,236,617
)
5,876,809
329,381
707,288
607,809
34,900,393
Total International and Global Equity Funds
209,920,759
14,175,965
(30,904,217
)
23,797,364
4,534,563
1,119,021
220,648,218
Money Market Funds–0.53%
Invesco Government & Agency Portfolio, Institutional
Class, 4.26%(c)
0.18
%
1,449,842
21,489,759
(21,351,382
)
29,074
1,588,219
1,588,219
Invesco Treasury Portfolio, Institutional Class, 4.23%(c)
0.35
%
2,779,139
39,909,551
(39,728,535
)
55,338
2,960,155
2,960,155
Total Money Market Funds
4,228,981
61,399,310
(61,079,917
)
84,412
4,548,374
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (excluding
investments purchased with cash collateral from
securities on loan)
(Cost $659,904,045)
100.03
%
820,485,745
268,404,392
(295,261,089
)
53,068,067
6,904,712
5,358,628
852,725,611
 
Investments Purchased with Cash
Collateral from Securities on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–0.03%
Invesco Private Government Fund, 4.34%(c)(d)
0.01
%
341,531
58,503,636
(58,773,124
)
25,770
(e)
72,043
72,043
Invesco Private Prime Fund, 4.49%(c)(d)
0.02
%
889,956
150,353,966
(151,053,682
)
19
(2,200
)
69,322
(e)
188,003
188,059
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $260,083)
0.03
%
1,231,487
208,857,602
(209,826,806
)
19
(2,200
)
95,092
260,102
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $660,164,128) 
100.06
%
$821,717,232
$477,261,994
$(505,087,895
)
$53,068,086
$6,902,512
(f)
$5,453,720
$852,985,713
OTHER ASSETS LESS LIABILITIES
(0.06
)%
(481,030
)
NET ASSETS
100.00
%
$852,504,683
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Select Risk: High Growth Investor Fund

Investment Abbreviations: 
ETF -
Exchange-Traded Fund
Notes to Schedule of Investments: 
(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, 2025.
(c)
The rate shown is the 7-day SEC standardized yield as of June 30, 2025.
(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.
(f)
Includes capital gains distributions from affiliated underlying funds as follows:
 
Fund Name
Capital Gain
Invesco Global Infrastructure Fund
$876,216
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Select Risk: High Growth Investor Fund

Statement of Assets and Liabilities
June 30, 2025
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $660,164,128)*
$852,985,713
Cash
10,000
Receivable for:
Dividends - affiliated underlying funds
301,840
Fund shares sold
465,011
Investment for trustee deferred compensation and
retirement plans
52,496
Other assets
91,644
Total assets
853,906,704
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds
291,267
Fund shares reacquired
389,543
Collateral upon return of securities loaned
260,083
Accrued fees to affiliates
337,047
Accrued trustees’ and officers’ fees and benefits
4,271
Accrued other operating expenses
67,314
Trustee deferred compensation and retirement plans
52,496
Total liabilities
1,402,021
Net assets applicable to shares outstanding
$852,504,683
Net assets consist of:
Shares of beneficial interest
$628,767,753
Distributable earnings
223,736,930
 
$852,504,683
Net Assets:
Class A
$669,074,111
Class C
$65,598,543
Class R
$104,409,103
Class Y
$13,011,288
Class R5
$9,237
Class R6
$402,401
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
43,658,463
Class C
4,505,074
Class R
6,831,086
Class Y
840,061
Class R5
602
Class R6
26,243
Class A:
Net asset value per share
$15.33
Maximum offering price per share
(Net asset value of $15.33 ÷ 94.50%)
$16.22
Class C:
Net asset value and offering price per share
$14.56
Class R:
Net asset value and offering price per share
$15.28
Class Y:
Net asset value and offering price per share
$15.49
Class R5:
Net asset value and offering price per share
$15.34
Class R6:
Net asset value and offering price per share
$15.33
 
*
At June 30, 2025, security with a value of $253,005 was on loan to
brokers.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Select Risk: High Growth Investor Fund

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $16,124)
$5,374,752
Interest
3,901
Total investment income
5,378,653
Expenses:
Distribution fees:
Class A
766,108
Class C
319,913
Class R
240,151
Transfer agent fees— A, C, R and Y
407,617
Transfer agent fees — R5
2
Transfer agent fees — R6
60
Trustees’ and officers’ fees and benefits
10,591
Registration and filing fees
49,904
Reports to shareholders
22,295
Professional services fees
18,771
Other
(6,122
)
Total expenses
1,829,290
Less: Expense offset arrangement(s)
(24,274
)
Net expenses
1,805,016
Net investment income
3,573,637
Realized and unrealized gain from:
Net realized gain from:
Affiliated underlying fund shares
6,026,296
Capital gain distributions from affiliated underlying fund shares
876,216
 
6,902,512
Change in net unrealized appreciation of:
Affiliated underlying fund shares
53,068,086
Foreign currencies
5
 
53,068,091
Net realized and unrealized gain
59,970,603
Net increase in net assets resulting from operations
$63,544,240
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Select Risk: High Growth Investor Fund

Statement of Changes in Net Assets
For the six months ended June 30, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30,
2025
December 31,
2024
Operations:
 
 
Net investment income
$3,573,637
$12,018,387
Net realized gain
6,902,512
47,860,154
Change in net unrealized appreciation
53,068,091
21,831,340
Net increase in net assets resulting from operations
63,544,240
81,709,881
Distributions to shareholders from distributable earnings:
Class A
(35,006,589
)
Class C
(3,296,655
)
Class R
(4,958,958
)
Class Y
(855,229
)
Class R5
(520
)
Class R6
(35,929
)
Total distributions from distributable earnings
(44,153,880
)
Share transactions–net:
Class A
(24,032,530
)
(11,709,730
)
Class C
(5,099,383
)
(8,515,332
)
Class R
1,000,612
6,216,558
Class Y
(3,196,136
)
64,901
Class R5
(21,141
)
Class R6
(59,161
)
237,600
Net increase (decrease) in net assets resulting from share transactions
(31,386,598
)
(13,727,144
)
Net increase in net assets
32,157,642
23,828,857
Net assets:
Beginning of period
820,347,041
796,518,184
End of period
$852,504,683
$820,347,041
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 06/30/25
$14.19
$0.07
$1.07
$1.14
$
$
$
$15.33
8.03
%
$669,074
0.35
%(e)(f)
0.36
%(e)(f)
0.98
%(e)(f)
25
%
Year ended 12/31/24
13.56
0.22
1.23
1.45
(0.30
)
(0.52
)
(0.82
)
14.19
10.68
(f)
643,128
0.38
(f)
0.39
(f)
1.56
(f)
41
Year ended 12/31/23
12.14
0.19
1.57
1.76
(0.14
)
(0.20
)
(0.34
)
13.56
14.60
(f)
625,248
0.37
(f)
0.37
(f)
1.51
(f)
25
Year ended 12/31/22
16.11
0.14
(3.29
)
(3.15
)
(0.15
)
(0.67
)
(0.82
)
12.14
(19.59
)(f)
570,009
0.38
(f)
0.38
(f)
1.02
(f)
27
Year ended 12/31/21
15.01
0.10
2.14
2.24
(0.28
)
(0.86
)
(1.14
)
16.11
15.06
(f)
736,134
0.39
(f)
0.39
(f)
0.62
(f)
17
Year ended 12/31/20
15.84
0.09
2.01
2.10
(0.10
)
(2.83
)
(2.93
)
15.01
13.52
(f)
702,842
0.42
(f)
0.42
(f)
0.62
(f)
70
Class C
Six months ended 06/30/25
13.53
0.01
1.02
1.03
14.56
7.61
65,599
1.11
(e)
1.12
(e)
0.22
(e)
25
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
Year ended 12/31/20
15.37
(0.02
)
1.93
1.91
(0.02
)
(2.83
)
(2.85
)
14.43
12.66
104,858
1.18
1.18
(0.14
)
70
Class R
Six months ended 06/30/25
14.16
0.05
1.07
1.12
15.28
7.91
104,409
0.61
(e)
0.62
(e)
0.72
(e)
25
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
Year ended 12/31/20
15.83
0.05
2.00
2.05
(0.06
)
(2.83
)
(2.89
)
14.99
13.22
78,109
0.68
0.68
0.36
70
Class Y
Six months ended 06/30/25
14.32
0.09
1.08
1.17
15.49
8.17
13,011
0.11
(e)
0.12
(e)
1.22
(e)
25
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
Year ended 12/31/20
15.93
0.13
2.03
2.16
(0.14
)
(2.83
)
(2.97
)
15.12
13.82
12,904
0.18
0.18
0.86
70
Class R5
Six months ended 06/30/25
14.18
0.09
1.07
1.16
15.34
8.18
9
0.06
(e)
0.06
(e)
1.27
(e)
25
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
Year ended 12/31/20
15.82
0.14
2.01
2.15
(0.15
)
(2.83
)
(2.98
)
14.99
13.83
9
0.14
0.14
0.90
70
Class R6
Six months ended 06/30/25
14.17
0.09
1.07
1.16
15.33
8.19
402
0.06
(e)
0.06
(e)
1.27
(e)
25
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
Year ended 12/31/20
15.82
0.14
2.01
2.15
(0.15
)
(2.83
)
(2.98
)
14.99
13.87
9
0.10
0.14
0.94
70
 
(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 0.53%, 0.53%, 0.53%, 0.55%, 0.55% and 0.64% for the six months ended June 30, 2025 and the years ended
December 31, 2024, 2023, 2022, 2021 and 2020, respectively.
(d)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(e)
Annualized.
(f)
The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended
June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Select Risk: High Growth Investor Fund

Notes to Financial Statements
June 30, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Select Risk: High Growth Investor Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek total return.
The Fund is a “fund of funds”, in that it invests in other mutual funds advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds ("ETFs") and other pooled investment vehicles advised by Invesco Capital Management LLC (“Invesco Capital”) or mutual funds, ETFs and other pooled investment vehicles advised by unaffiliated advisers (“underlying funds”). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
8
Invesco Select Risk: High Growth Investor Fund

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds
9
Invesco Select Risk: High Growth Investor Fund

(collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.
The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $586 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.
J.
Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
K.
Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.
The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).
A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
L.
Other Risks - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.
Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede an underlying Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets,
10
Invesco Select Risk: High Growth Investor Fund

restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser.  Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.
The Adviser has contractually agreed, through at least April 30, 2026, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.45%, 1.20%, 0.70%, 0.20%, 0.20%, and 0.20%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2026. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under the expense limits.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $59,986 in front-end sales commissions from the sale of Class A shares and $1,843 and $1,322 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
11
Invesco Select Risk: High Growth Investor Fund

 
Level 1
Level 2
Level 3
Total
Investments in Securities
Affiliated Issuers
$848,177,237
$
$
$848,177,237
Money Market Funds
4,548,374
260,102
4,808,476
Total Investments
$852,725,611
$260,102
$
$852,985,713
NOTE 4—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $24,274.
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6—Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank.  Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 7—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund did not have a capital loss carryforward as of December 31, 2024.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $207,005,082 and $234,181,172, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments
$190,695,034
Aggregate unrealized (depreciation) of investments
(209,600
)
Net unrealized appreciation of investments
$190,485,434
Cost of investments for tax purposes is $662,500,279.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
2,068,934
$29,588,876
3,871,024
$55,885,182
Class C
482,282
6,576,018
824,232
11,246,820
Class R
645,131
9,185,861
1,061,837
15,203,269
Class Y
98,466
1,427,586
421,971
6,092,970
Class R6
22,006
311,531
26,959
406,389
Issued as reinvestment of dividends:
Class A
-
-
2,431,171
34,425,361
Class C
-
-
243,287
3,286,805
Class R
-
-
350,077
4,950,091
Class Y
-
-
56,074
801,295
Class R6
-
-
2,498
35,325
12
Invesco Select Risk: High Growth Investor Fund

 
Summary of Share Activity
 
Six months ended
June 30, 2025
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Automatic conversion of Class C shares to Class A shares:
Class A
255,925
$3,688,223
605,498
$8,677,540
Class C
(268,858
)
(3,688,223
)
(635,333
)
(8,677,540
)
Reacquired:
Class A
(4,003,778
)
(57,309,629
)
(7,684,026
)
(110,697,813
)
Class C
(579,731
)
(7,987,178
)
(1,053,552
)
(14,371,417
)
Class R
(571,873
)
(8,185,249
)
(972,549
)
(13,936,802
)
Class Y
(316,437
)
(4,623,722
)
(463,695
)
(6,829,364
)
Class R5
-
-
(1,573
)
(21,141
)
Class R6
(26,326
)
(370,692
)
(14,365
)
(204,114
)
Net increase (decrease) in share activity
(2,194,259
)
$(31,386,598
)
(930,465
)
$(13,727,144
)
13
Invesco Select Risk: High Growth Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: High Growth Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as
part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,
internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
 The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: High Growth Investor Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in investment process in portfolio management and investment process in 2024. The Board considered that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain equity investing styles as well as overweight
14
Invesco Select Risk: High Growth Investor Fund

allocations to alternative and fixed income asset classes, negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.
C.
Advisory and Sub-Advisory Fees and Fund Expenses
The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.
D.
Economies of Scale and Breakpoints
The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ management of significant assets and  investment in its business, including investments in business infrastructure, technology and cybersecurity.
E.
Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in
providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.  
F.
Collateral Benefits to Invesco Advisers and its Affiliates
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.
The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.
The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The
Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.
15
Invesco Select Risk: High Growth Investor Fund

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, 2025
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, 2025
(Unaudited) 
Invesco Select Risk: Moderate Investor Fund
Schedule of Investments in Affiliated Issuers–100.08%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/25
Value
06/30/25
Alternative Funds–6.69%
Invesco Global Real Estate Income Fund,
Class R6
2.51
%
$42,798,623
$1,465,285
$
$1,331,503
$
$762,861
5,615,198
$45,595,411
Invesco Macro Allocation Strategy Fund,
Class R6
44,495,890
389,398
(45,306,138
)
6,687,240
(6,266,390
)
389,398
Invesco Managed Futures Strategy ETF
4.18
%
76,501,308
(430,997
)
1,744,928
76,070,311
Total Alternative Funds
87,294,513
78,355,991
(45,306,138
)
7,587,746
(6,266,390
)
1,152,259
121,665,722
Domestic Equity Funds–43.67%
Invesco Discovery Mid Cap Growth Fund,
Class R6
5.25
%
82,860,728
14,020,478
(7,021,831
)
5,711,244
(58,065
)
2,663,485
95,512,554
Invesco Main Street Small Cap Fund, Class R6
5.00
%
79,021,557
9,726,890
2,240,024
4,027,821
90,988,471
Invesco NASDAQ 100 ETF(b)
9.78
%
143,736,508
38,070,662
(19,631,922
)
13,948,776
1,714,807
471,026
783,086
177,838,831
Invesco Russell 1000® Dynamic Multifactor
ETF
11.06
%
198,255,552
26,569,479
(38,984,605
)
11,292,573
3,920,138
719,319
3,479,632
201,053,137
Invesco S&P 500 Revenue ETF
8.64
%
153,574,641
3,493,816
1,046,283
1,506,074
157,068,457
Invesco S&P 500® Pure Value ETF
126,766,971
(130,740,314
)
(13,458,845
)
17,432,188
Invesco S&P 500® Top 50 ETF
30,109,140
(25,382,103
)
(4,727,037
)
53,584
Invesco Value Opportunities Fund, Class R6
3.94
%
66,835,368
8,239,973
(7,208,783
)
3,652,564
146,922
3,154,315
71,666,044
Total Domestic Equity Funds
697,476,684
280,311,263
(228,969,558
)
26,880,152
18,428,953
2,290,212
794,127,494
Fixed Income Funds–31.38%
Invesco Core Bond Fund, Class R6
14.90
%
303,099,659
12,591,141
(48,123,598
)
3,669,342
(273,355
)
6,548,159
47,873,355
270,963,189
Invesco Core Plus Bond Fund, Class R6
7.94
%
147,923,120
7,125,291
(12,267,643
)
4,872,865
(3,187,517
)
3,546,391
15,685,789
144,466,116
Invesco Dynamic Credit Opportunity Fund,
Class R6
0.24
%
4,292,916
35,380
68,657
403,383
4,328,296
Invesco Emerging Markets Sovereign Debt
ETF
0.58
%
17,648,144
(7,159,766
)
520,630
(488,293
)
459,715
514,964
10,520,715
Invesco Equal Weight 0-30 Year Treasury
ETF
1.22
%
78,949,224
(57,153,367
)
15,954,927
(15,509,891
)
938,399
809,643
22,240,893
Invesco Floating Rate ESG Fund, Class R6
1.59
%
37,635,319
1,417,406
(9,358,447
)
(413,717
)
(420,654
)
1,417,319
4,406,093
28,859,907
Invesco High Yield Fund, Class R6
2.35
%
38,149,540
7,336,048
(2,970,502
)
226,700
27,002
1,336,119
12,081,578
42,768,788
Invesco Variable Rate Investment Grade ETF
2.56
%
65,335,718
(18,624,733
)
(401,913
)
156,975
1,404,473
1,854,932
46,466,047
Total Fixed Income Funds
688,740,724
32,762,802
(155,658,056
)
24,464,214
(19,695,733
)
15,719,232
570,613,951
International and Global Equity Funds–17.90%
Invesco EQV Emerging Markets All Cap Fund,
Class R6
1.34
%
19,963,476
1,713,130
2,694,988
668,814
24,371,594
Invesco Developing Markets Fund, Class R6
0.47
%
17,638,097
(9,460,305
)
(1,588,711
)
1,924,689
201,366
8,513,770
Invesco Global Fund, Class R6
6.27
%
103,790,468
9,242,966
(8,941,982
)
10,039,140
(126,996
)
1,092,826
114,003,596
Invesco Global Infrastructure Fund, Class R6
18,577,657
1,940,472
(18,985,178
)
(2,524,778
)
2,884,483
47,816
Invesco International Developed Dynamic
Multifactor ETF
2.46
%
38,561,016
1,959,613
(2,732,826
)
6,990,605
27,263
591,916
1,618,702
44,805,671
Invesco International Small-Mid Company
Fund, Class R6
3.46
%
52,016,973
2,768,867
(1,915,325
)
10,230,510
(228,333
)
1,459,441
62,872,692
Invesco Oppenheimer International Growth
Fund, Class R6
1.11
%
17,061,554
720,029
2,323,775
564,916
20,105,358
Invesco RAFI Developed Markets ex-U.S. ETF
2.79
%
44,436,844
3,618,157
(6,315,291
)
8,541,160
481,396
1,039,739
884,052
50,762,266
Total International and Global Equity
Funds
312,046,085
21,963,234
(48,350,907
)
36,706,689
4,962,502
1,679,471
325,434,947
Money Market Funds–0.44%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(c)
0.16
%
1,967,632
70,278,900
(69,323,359
)
81,248
2,923,173
2,923,173
Invesco Treasury Portfolio, Institutional
Class, 4.23%(c)
0.28
%
3,294,602
130,517,956
(128,617,530
)
144,149
5,195,028
5,195,028
Total Money Market Funds
5,262,234
200,796,856
(197,940,889
)
225,397
8,118,201
TOTAL INVESTMENTS IN AFFILIATED
ISSUERS (excluding investments
purchased with cash collateral from
securities on loan)
(Cost $1,552,489,625)
100.08
%
1,790,820,240
614,190,146
(676,225,548
)
95,638,801
(2,570,668
)
21,066,571
1,819,960,315
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–100.08%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/25
Value
06/30/25
 
Investments Purchased with
Cash Collateral from
Securities on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–0.07%
Invesco Private Government Fund,
4.34%(c)(d)
0.02
%
$88,780
$123,619,838
$(123,383,832
)
$
$
$41,348
(e)
324,786
$324,786
Invesco Private Prime Fund, 4.49%(c)(d)
0.05
%
227,477
235,399,246
(234,730,526
)
(1,184
)
98,219
(e)
894,745
895,013
Total Investments Purchased with Cash
Collateral from Securities on Loan
(Cost $1,219,799)
0.07
%
316,257
359,019,084
(358,114,358
)
(1,184
)
139,567
1,219,799
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $1,553,709,424) 
100.15
%
$1,791,136,497
$973,209,230
$(1,034,339,906
)
$95,638,801
$(2,571,852
)
$21,206,138
$1,821,180,114
OTHER ASSETS LESS LIABILITIES
(0.15
)%
(2,779,469
)
NET ASSETS
100.00
%
$1,818,400,645
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, 2025.
(c)
The rate shown is the 7-day SEC standardized yield as of June 30, 2025.
(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.
 
Fund Name
Capital Gain
Invesco Global Infrastructure Fund
$1,892,656
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Select Risk: Moderate Investor Fund

Statement of Assets and Liabilities
June 30, 2025
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $1,553,709,424)*
$1,821,180,114
Cash
10,000
Receivable for:
Fund shares sold
1,082,099
Dividends - affiliated underlying funds
2,143,729
Investment for trustee deferred compensation and
retirement plans
185,055
Other assets
112,071
Total assets
1,824,713,068
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds
2,164,667
Fund shares reacquired
1,873,109
Collateral upon return of securities loaned
1,219,799
Accrued fees to affiliates
787,811
Accrued trustees’ and officers’ fees and benefits
8,688
Accrued other operating expenses
64,780
Trustee deferred compensation and retirement plans
193,569
Total liabilities
6,312,423
Net assets applicable to shares outstanding
$1,818,400,645
Net assets consist of:
Shares of beneficial interest
$1,511,761,326
Distributable earnings
306,639,319
 
$1,818,400,645
Net Assets:
Class A
$1,480,758,634
Class C
$129,345,436
Class R
$159,924,717
Class S
$18,545,593
Class Y
$25,874,080
Class R5
$373,497
Class R6
$3,578,688
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
125,160,482
Class C
11,270,540
Class R
13,661,523
Class S
1,565,810
Class Y
2,165,156
Class R5
31,546
Class R6
302,143
Class A:
Net asset value per share
$11.83
Maximum offering price per share
(Net asset value of $11.83 ÷ 94.50%)
$12.52
Class C:
Net asset value and offering price per share
$11.48
Class R:
Net asset value and offering price per share
$11.71
Class S:
Net asset value and offering price per share
$11.84
Class Y:
Net asset value and offering price per share
$11.95
Class R5:
Net asset value and offering price per share
$11.84
Class R6:
Net asset value and offering price per share
$11.84
 
*
At June 30, 2025, security with a value of $1,203,630 was on loan to
brokers.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Select Risk: Moderate Investor Fund

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $16,420)
$21,082,991
Interest
10,145
Total investment income
21,093,136
Expenses:
Custodian fees
2,088
Distribution fees:
Class A
1,685,583
Class C
641,131
Class R
383,231
Class S
13,397
Transfer agent fees— A, C, R, S and Y
873,090
Transfer agent fees — R5
171
Transfer agent fees — R6
413
Trustees’ and officers’ fees and benefits
12,806
Registration and filing fees
64,350
Reports to shareholders
46,184
Professional services fees
20,472
Other
17,906
Total expenses
3,760,822
Less: Expense offset arrangement(s)
(41,048
)
Net expenses
3,719,774
Net investment income
17,373,362
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Affiliated underlying fund shares
(4,464,508
)
Capital gain distributions from affiliated underlying fund shares
1,892,656
 
(2,571,852
)
Change in net unrealized appreciation of:
Affiliated underlying fund shares
95,638,801
Foreign currencies
4
 
95,638,805
Net realized and unrealized gain
93,066,953
Net increase in net assets resulting from operations
$110,440,315
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Select Risk: Moderate Investor Fund

Statement of Changes in Net Assets
For the six months ended June 30, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30,
2025
December 31,
2024
Operations:
 
 
Net investment income
$17,373,362
$44,925,722
Net realized gain (loss)
(2,571,852
)
54,207,699
Change in net unrealized appreciation
95,638,805
44,105,817
Net increase in net assets resulting from operations
110,440,315
143,239,238
Distributions to shareholders from distributable earnings:
Class A
(49,759,864
)
Class C
(3,627,901
)
Class R
(4,927,673
)
Class S
(639,537
)
Class Y
(947,962
)
Class R5
(12,170
)
Class R6
(103,752
)
Total distributions from distributable earnings
(60,018,859
)
Share transactions–net:
Class A
(63,934,685
)
(70,685,213
)
Class C
(11,152,940
)
(26,537,592
)
Class R
(5,198,791
)
1,732,189
Class S
(867,912
)
(2,517,772
)
Class Y
(2,013,733
)
(10,460
)
Class R5
17,442
(1,049,657
)
Class R6
671,248
(20,638
)
Net increase (decrease) in net assets resulting from share transactions
(82,479,371
)
(99,089,143
)
Net increase (decrease) in net assets
27,960,944
(15,868,764
)
Net assets:
Beginning of period
1,790,439,701
1,806,308,465
End of period
$1,818,400,645
$1,790,439,701
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 06/30/25
$11.11
$0.11
$0.61
$0.72
$
$
$
$11.83
6.48
%(e)
$1,480,759
0.36
%(e)(f)
0.36
%(e)(f)
2.05
%(e)(f)
23
%
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
Year ended 12/31/20
11.96
0.16
1.14
1.30
(0.18
)
(1.13
)
(1.31
)
11.95
11.67
(e)
1,851,149
0.31
(e)
0.38
(e)
1.42
(e)
88
Class C
Six months ended 06/30/25
10.82
0.07
0.59
0.66
11.48
6.10
129,345
1.12
(f)
1.12
(f)
1.29
(f)
23
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
Year ended 12/31/20
11.72
0.07
1.09
1.16
(0.09
)
(1.13
)
(1.22
)
11.66
10.70
250,605
1.08
1.15
0.65
88
Class R
Six months ended 06/30/25
11.01
0.10
0.60
0.70
11.71
6.36
159,925
0.62
(f)
0.62
(f)
1.79
(f)
23
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
Year ended 12/31/20
11.88
0.13
1.12
1.25
(0.15
)
(1.13
)
(1.28
)
11.85
11.32
153,448
0.58
0.65
1.15
88
Class S
Six months ended 06/30/25
11.12
0.12
0.60
0.72
11.84
6.47
18,546
0.27
(f)
0.27
(f)
2.14
(f)
23
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
Period ended 12/31/20(g)
10.46
0.11
2.38
2.49
(0.19
)
(0.80
)
(0.99
)
11.96
23.86
26,339
0.23
(f)
0.30
(f)
1.50
(f)
88
Class Y
Six months ended 06/30/25
11.21
0.13
0.61
0.74
11.95
6.60
25,874
0.12
(f)
0.12
(f)
2.29
(f)
23
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
Year ended 12/31/20
12.03
0.19
1.15
1.34
(0.20
)
(1.13
)
(1.33
)
12.04
11.97
29,097
0.08
0.15
1.65
88
Class R5
Six months ended 06/30/25
11.11
0.13
0.60
0.73
11.84
6.57
373
0.12
(f)
0.12
(f)
2.29
(f)
23
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
Year ended 12/31/20
11.95
0.20
1.14
1.34
(0.21
)
(1.13
)
(1.34
)
11.95
12.04
11
0.00
0.07
1.73
88
Class R6
Six months ended 06/30/25
11.11
0.13
0.60
0.73
11.84
6.57
3,579
0.05
(f)
0.05
(f)
2.36
(f)
23
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
Year ended 12/31/20
11.95
0.20
1.14
1.34
(0.21
)
(1.13
)
(1.34
)
11.95
12.04
2,147
(0.01
)
0.06
1.74
88
 
(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 0.50%, 0.50%, 0.51%, 0.52%, 0.52% and 0.58% for the six months ended June 30, 2025 and the years ended
December 31, 2024, 2023, 2022, 2021 and 2020, respectively.
(d)
Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2020, the portfolio turnover
calculation excludes the value of securities purchased of $597,759,006 in connection with the acquisition of Invesco Moderate Allocation Fund into the Fund.
(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%, 0.24%, 0.24%, 0.24%,
0.24% and 0.23% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.
(f)
Annualized.
(g)
Commencement date of May 15, 2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Invesco Select Risk: Moderate Investor Fund

Notes to Financial Statements
June 30, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Select Risk: Moderate Investor Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is to seek total return.
The Fund is a “fund of funds”, in that it invests in other mutual funds advised by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) and exchange-traded funds ("ETFs") and other pooled investment vehicles advised by Invesco Capital Management LLC (“Invesco Capital”) or mutual funds, ETFs and other pooled investment vehicles advised by unaffiliated advisers (“underlying funds”). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class S, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors. 
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
8
Invesco Select Risk: Moderate Investor Fund

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds
9
Invesco Select Risk: Moderate Investor Fund

(collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.
The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.
J.
Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund’s ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund’s assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
K.
Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.
The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical exchange of the two currencies on the settlement date, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards).
A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
L.
Other Risks - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.
Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede an underlying Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets,
10
Invesco Select Risk: Moderate Investor Fund

restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser.  Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.
The Adviser has contractually agreed, through at least April 30, 2026, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S and Class Y, Class R5 and Class R6 shares to 0.47%, 1.22%, 0.72%, 0.37% 0.22%, 0.22%, and 0.22%, respectively, of the Fund’s average daily net assets (the “expense limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the expense reimbursement agreement, it will terminate on April 30, 2026. During its term, the expense reimbursement agreement cannot be terminated or amended to increase the expense limits or reduce the expense reimbursement without approval of the Board of Trustees. The Adviser did not reimburse expenses during the period under the expense limits.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C, Class R and Class S Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $88,195 in front-end sales commissions from the sale of Class A shares and $7,854 and $1,263 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
11
Invesco Select Risk: Moderate Investor Fund

 
Level 1
Level 2
Level 3
Total
Investments in Securities
Affiliated Issuers
$1,811,842,114
$
$
$1,811,842,114
Money Market Funds
8,118,201
1,219,799
9,338,000
Total Investments
$1,819,960,315
$1,219,799
$
$1,821,180,114
NOTE 4—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $41,048.
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6—Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank.  Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 7—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund did not have a capital loss carryforward as of December 31, 2024.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $413,393,290 and $478,284,659, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments
$277,332,193
Aggregate unrealized (depreciation) of investments
(19,850,287
)
Net unrealized appreciation of investments
$257,481,906
Cost of investments for tax purposes is $1,563,698,208.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
5,456,996
$61,175,838
11,984,685
$133,616,073
Class C
968,779
10,580,479
2,066,888
22,310,891
Class R
1,151,578
12,765,635
2,212,025
24,311,484
Class S
8,645
96,392
29,474
327,203
Class Y
256,378
2,908,937
675,272
7,596,473
Class R5
1,624
18,441
4,471
49,226
Class R6
62,705
714,509
19,242
217,408
12
Invesco Select Risk: Moderate Investor Fund

 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Issued as reinvestment of dividends:
Class A
-
$-
4,328,961
$48,008,192
Class C
-
-
333,352
3,600,204
Class R
-
-
446,885
4,911,275
Class S
-
-
57,567
638,457
Class Y
-
-
74,435
832,931
Class R5
-
-
1,063
11,791
Class R6
-
-
9,132
101,279
Automatic conversion of Class C shares to Class A shares:
Class A
830,544
9,390,701
1,680,153
18,710,995
Class C
(854,978
)
(9,390,701
)
(1,730,808
)
(18,710,995
)
Reacquired:
Class A
(12,001,568
)
(134,501,224
)
(24,329,805
)
(271,020,473
)
Class C
(1,131,888
)
(12,342,718
)
(3,113,805
)
(33,737,692
)
Class R
(1,616,124
)
(17,964,426
)
(2,495,219
)
(27,490,570
)
Class S
(86,313
)
(964,304
)
(311,946
)
(3,483,432
)
Class Y
(431,031
)
(4,922,670
)
(747,916
)
(8,439,864
)
Class R5
(90
)
(999
)
(101,750
)
(1,110,674
)
Class R6
(3,736
)
(43,261
)
(29,687
)
(339,325
)
Net increase (decrease) in share activity
(7,388,479
)
$(82,479,371
)
(8,937,331
)
$(99,089,143
)
 
(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.
13
Invesco Select Risk: Moderate Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Moderate Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as
part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,
internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: Moderate Investor Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management and investment process in 2024. The Board considered that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain equity investing styles as well as to certain segments of the fixed income asset class,
14
Invesco Select Risk: Moderate Investor Fund

negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.
C.
Advisory and Sub-Advisory Fees and Fund Expenses
The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.
D.
Economies of Scale and Breakpoints
The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.
E.
Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an
individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry. 
F.
Collateral Benefits to Invesco Advisers and its Affiliates
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.
The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.
The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount
equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.
The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.
15
Invesco Select Risk: Moderate Investor Fund

Other Information Required in Form N-CSR (Items 8-11)
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: 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, 2025
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, 2025
(Unaudited) 
Invesco Select Risk: Moderately Conservative Investor Fund
Schedule of Investments in Affiliated Issuers–100.07%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/25
Value
06/30/25
Alternative Funds–6.61%
Invesco Global Real Estate Income Fund, Class R6
2.49
%
$6,582,713
$270,324
$(357,337
)
$225,465
$(26,432
)
$113,402
824,475
$6,694,733
Invesco Macro Allocation Strategy Fund, Class R6
6,760,190
58,130
(6,883,162
)
1,062,935
(998,093
)
58,130
Invesco Managed Futures Strategy ETF
4.12
%
11,108,010
(62,581
)
253,364
11,045,429
Total Alternative Funds
13,342,903
11,436,464
(7,240,499
)
1,225,819
(1,024,525
)
171,532
17,740,162
Domestic Equity Funds–29.05%
Invesco Discovery Mid Cap Growth Fund, Class R6
3.40
%
7,511,745
2,300,748
(1,335,440
)
641,424
14,960
254,697
9,133,437
Invesco Main Street Small Cap Fund, Class R6
3.25
%
7,307,452
1,629,173
(546,036
)
342,986
(19,489
)
385,750
8,714,086
Invesco NASDAQ 100 ETF(b)
6.81
%
13,574,656
5,943,131
(2,951,746
)
1,517,021
174,188
46,594
80,393
18,257,250
Invesco Russell 1000® Dynamic Multifactor ETF
6.86
%
18,499,263
3,074,784
(4,598,791
)
425,566
997,948
67,436
318,428
18,398,770
Invesco S&P 500 Revenue ETF
6.03
%
16,451,344
(672,803
)
409,550
(3,117
)
102,338
155,192
16,184,974
Invesco S&P 500® Pure Value ETF
11,480,305
(11,840,140
)
(3,446,583
)
3,806,418
Invesco S&P 500® Top 50 ETF
2,811,973
(2,370,502
)
(441,471
)
5,004
Invesco Value Opportunities Fund, Class R6
2.70
%
6,060,239
1,169,605
(433,955
)
467,792
(19,653
)
318,839
7,244,028
Total Domestic Equity Funds
64,433,660
33,380,758
(24,749,413
)
357,756
4,509,784
221,372
77,932,545
Fixed Income Funds–51.80%
Invesco Core Bond Fund, Class R6
24.41
%
70,561,076
3,306,154
(9,181,622
)
853,591
(38,631
)
1,545,620
11,572,538
65,500,568
Invesco Core Plus Bond Fund, Class R6
12.99
%
34,477,963
2,073,285
(2,118,177
)
676,719
(267,453
)
839,928
3,783,098
34,842,337
Invesco Dynamic Credit Opportunity Fund, Class R6
0.39
%
1,040,694
8,577
26,734
97,789
1,049,271
Invesco Emerging Markets Sovereign Debt ETF
0.94
%
4,054,497
(1,553,715
)
119,923
(96,825
)
106,594
123,538
2,523,880
Invesco Equal Weight 0-30 Year Treasury ETF
2.41
%
18,636,753
(12,308,211
)
2,659,727
(2,527,352
)
231,918
235,199
6,460,917
Invesco Floating Rate ESG Fund, Class R6
2.61
%
8,719,093
333,378
(1,874,335
)
(106,257
)
(81,735
)
333,384
1,067,198
6,990,144
Invesco High Yield Fund, Class R6
3.86
%
8,587,731
2,240,549
(563,764
)
67,675
13,636
317,358
2,922,550
10,345,827
Invesco Variable Rate Investment Grade ETF
4.19
%
15,593,075
(4,294,529
)
(93,441
)
39,038
333,213
448,868
11,244,143
Total Fixed Income Funds
160,630,188
8,994,060
(31,894,353
)
4,186,514
(2,959,322
)
3,734,749
138,957,087
International and Global Equity Funds–11.99%
Invesco EQV Emerging Markets All Cap Fund, Class R6
0.87
%
2,074,007
333,892
(356,163
)
259,054
26,571
64,143
2,337,361
Invesco Developing Markets Fund, Class R6
0.33
%
1,661,925
(831,632
)
145,266
(96,056
)
20,802
879,503
Invesco Global Fund, Class R6
4.24
%
9,649,575
1,771,300
(1,119,895
)
1,092,168
(11,043
)
109,108
11,382,105
Invesco Global Infrastructure Fund, Class R6
2,602,528
283,720
(2,659,692
)
(281,189
)
331,362
6,991
Invesco International Developed Dynamic Multifactor
ETF
1.64
%
3,491,993
543,141
(333,674
)
687,622
8,550
56,630
158,874
4,397,632
Invesco International Small-Mid Company Fund,
Class R6
2.24
%
4,910,254
859,057
(771,624
)
1,210,616
(192,774
)
139,636
6,015,529
Invesco Oppenheimer International Growth Fund,
Class R6
0.77
%
1,646,400
171,999
241,425
57,876
2,059,824
Invesco RAFI Developed Markets ex-U.S. ETF(b)
1.90
%
4,175,432
840,551
(842,903
)
855,292
74,314
100,408
88,866
5,102,686
Total International and Global Equity Funds
30,212,114
4,803,660
(6,915,583
)
4,210,254
140,924
164,029
32,174,640
Money Market Funds–0.62%
Invesco Government & Agency Portfolio, Institutional
Class, 4.26%(c)
0.22
%
788,387
12,298,613
(12,501,883
)
12,298
585,117
585,117
Invesco Treasury Portfolio, Institutional Class,
4.23%(c)
0.40
%
1,456,644
22,840,282
(23,215,156
)
22,528
1,081,770
1,081,770
Total Money Market Funds
2,245,031
35,138,895
(35,717,039
)
34,826
1,666,887
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(excluding investments purchased with cash
collateral from securities on loan)
(Cost $246,435,445)
100.07
%
270,863,896
93,753,837
(106,516,887
)
9,980,343
666,861
4,326,508
268,471,321
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Select Risk: Moderately Conservative Investor Fund

Invesco Select Risk: Moderately Conservative Investor Fund (continued)
Schedule of Investments in Affiliated Issuers–100.07%(a)
 
% of
Net
Assets
06/30/25
Value
12/31/24
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain (Loss)
Dividend
Income
Shares
06/30/25
Value
06/30/25
 
Investments Purchased with Cash
Collateral from Securities on Loan
 
 
 
 
 
 
 
 
 
Money Market Funds–5.87%
Invesco Private Government Fund, 4.34%(c)(d)
1.64
%
$
$12,717,324
$(8,308,879
)
$
$
$4,298
(e)
4,408,445
$4,408,445
Invesco Private Prime Fund, 4.49%(c)(d)
4.23
%
36,160,126
(24,824,126
)
12,804
(e)
11,332,600
11,336,000
Total Investments Purchased with Cash Collateral from
Securities on Loan
(Cost $15,744,445)
5.87
%
48,877,450
(33,133,005
)
17,102
15,744,445
TOTAL INVESTMENTS IN AFFILIATED ISSUERS
(Cost $262,179,890) 
105.94
%
$270,863,896
$142,631,287
$(139,649,892
)
$9,980,343
$666,861
(f)
$4,343,610
$284,215,766
OTHER ASSETS LESS LIABILITIES
(5.94
)%
(15,926,631
)
NET ASSETS
100.00
%
$268,289,135
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, 2025.
(c)
The rate shown is the 7-day SEC standardized yield as of June 30, 2025.
(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.
(f)
Includes capital gains distributions from affiliated underlying funds as follows:
 
Fund Name
Capital Gain
Invesco Global Infrastructure Fund
$276,729
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Assets and Liabilities
June 30, 2025
(Unaudited)
 
Assets:
Investments in affiliated underlying funds, at value
(Cost $262,179,890)*
$284,215,766
Receivable for:
Fund shares sold
47,461
Dividends - affiliated underlying funds
526,768
Investment for trustee deferred compensation and
retirement plans
60,999
Other assets
82,741
Total assets
284,933,735
Liabilities:
Payable for:
Investments purchased - affiliated underlying funds
523,155
Fund shares reacquired
163,032
Collateral upon return of securities loaned
15,744,445
Accrued fees to affiliates
126,964
Accrued other operating expenses
22,189
Trustee deferred compensation and retirement plans
64,815
Total liabilities
16,644,600
Net assets applicable to shares outstanding
$268,289,135
Net assets consist of:
Shares of beneficial interest
$262,042,955
Distributable earnings
6,246,180
 
$268,289,135
Net Assets:
Class A
$235,022,977
Class C
$15,607,624
Class R
$9,169,392
Class S
$1,572,561
Class Y
$6,518,499
Class R5
$98,704
Class R6
$299,378
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
21,265,729
Class C
1,429,487
Class R
833,420
Class S
142,115
Class Y
590,942
Class R5
8,891
Class R6
26,967
Class A:
Net asset value per share
$11.05
Maximum offering price per share
(Net asset value of $11.05 ÷ 94.50%)
$11.69
Class C:
Net asset value and offering price per share
$10.92
Class R:
Net asset value and offering price per share
$11.00
Class S:
Net asset value and offering price per share
$11.07
Class Y:
Net asset value and offering price per share
$11.03
Class R5:
Net asset value and offering price per share
$11.10
Class R6:
Net asset value and offering price per share
$11.10
 
*
At June 30, 2025, securities with an aggregate value of $15,504,594
were on loan to brokers.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Investment income:
Dividends from affiliated underlying funds (includes net securities lending income of $2,451)
$4,328,959
Interest
1,540
Total investment income
4,330,499
Expenses:
Administrative services fees
20,435
Custodian fees
885
Distribution fees:
Class A
287,079
Class C
71,684
Class R
26,460
Class S
1,128
Transfer agent fees — A, C, R, S and Y
144,280
Transfer agent fees — R5
46
Transfer agent fees — R6
57
Trustees’ and officers’ fees and benefits
10,426
Registration and filing fees
52,034
Reports to shareholders
14,024
Professional services fees
17,832
Other
7,825
Total expenses
654,195
Less: Expense offset arrangement(s)
(4,355
)
Net expenses
649,840
Net investment income
3,680,659
Realized and unrealized gain from:
Net realized gain from:
Affiliated underlying fund shares
390,132
Capital gain distributions from affiliated underlying fund shares
276,729
 
666,861
Change in net unrealized appreciation of affiliated underlying fund shares
9,980,343
Net realized and unrealized gain
10,647,204
Net increase in net assets resulting from operations
$14,327,863
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Select Risk: Moderately Conservative Investor Fund

Statement of Changes in Net Assets
For the six months ended June 30, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30,
2025
December 31,
2024
Operations:
 
 
Net investment income
$3,680,659
$8,875,418
Net realized gain
666,861
443,618
Change in net unrealized appreciation
9,980,343
7,071,307
Net increase in net assets resulting from operations
14,327,863
16,390,343
Distributions to shareholders from distributable earnings:
Class A
(3,419,831
)
(5,851,776
)
Class C
(165,169
)
(248,248
)
Class R
(123,503
)
(259,245
)
Class S
(23,443
)
(39,007
)
Class Y
(100,839
)
(183,640
)
Class R5
(1,528
)
(2,346
)
Class R6
(5,390
)
(9,264
)
Total distributions from distributable earnings
(3,839,703
)
(6,593,526
)
Share transactions–net:
Class A
(8,613,491
)
(21,642,595
)
Class C
367,989
(745,160
)
Class R
(4,014,769
)
2,093,974
Class S
11,912
(126,278
)
Class Y
(403,618
)
(461,291
)
Class R5
5,572
9,585
Class R6
(281,660
)
338,106
Net increase (decrease) in net assets resulting from share transactions
(12,928,065
)
(20,533,659
)
Net increase (decrease) in net assets
(2,439,905
)
(10,736,842
)
Net assets:
Beginning of period
270,729,040
281,465,882
End of period
$268,289,135
$270,729,040
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 06/30/25
$10.63
$0.15
$0.43
$0.58
$(0.16
)
$
$
$(0.16
)
$11.05
5.50
%
$235,023
0.45
%(f)
0.45
%(f)
2.85
%(f)
22
%
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
Year ended 12/31/20
11.47
0.20
0.94
1.14
(0.27
)
(0.65
)
(0.92
)
11.69
10.23
300,116
0.47
0.47
1.81
86
Class C
Six months ended 06/30/25
10.50
0.11
0.43
0.54
(0.12
)
(0.12
)
10.92
5.15
15,608
1.20
(f)
1.20
(f)
2.10
(f)
22
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
Year ended 12/31/20
11.34
0.12
0.92
1.04
(0.18
)
(0.65
)
(0.83
)
11.55
9.40
27,569
1.22
1.22
1.06
86
Class R
Six months ended 06/30/25
10.58
0.14
0.43
0.57
(0.15
)
(0.15
)
11.00
5.39
9,169
0.70
(f)
0.70
(f)
2.60
(f)
22
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
Year ended 12/31/20
11.42
0.18
0.93
1.11
(0.24
)
(0.65
)
(0.89
)
11.64
9.99
7,877
0.72
0.72
1.56
86
Class S
Six months ended 06/30/25
10.64
0.16
0.44
0.60
(0.17
)
(0.17
)
11.07
5.65
1,573
0.35
(f)
0.35
(f)
2.95
(f)
22
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
Year ended 12/31/20
11.48
0.22
0.93
1.15
(0.28
)
(0.65
)
(0.93
)
11.70
10.33
2,012
0.37
0.37
1.91
86
Class Y
Six months ended 06/30/25
10.61
0.16
0.43
0.59
(0.17
)
(0.17
)
11.03
5.64
6,518
0.20
(f)
0.20
(f)
3.10
(f)
22
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
Year ended 12/31/20
11.45
0.23
0.93
1.16
(0.29
)
(0.65
)
(0.94
)
11.67
10.52
10,363
0.22
0.22
2.06
86
Class R5
Six months ended 06/30/25
10.67
0.17
0.44
0.61
(0.18
)
(0.18
)
11.10
5.72
99
0.19
(f)
0.19
(f)
3.11
(f)
22
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
Year ended 12/31/20
11.52
0.24
0.93
1.17
(0.30
)
(0.65
)
(0.95
)
11.74
10.51
11
0.19
0.19
2.09
86
Class R6
Six months ended 06/30/25
10.67
0.17
0.44
0.61
(0.18
)
(0.18
)
11.10
5.75
299
0.13
(f)
0.13
(f)
3.17
(f)
22
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
Year ended 12/31/20
11.52
0.24
0.93
1.17
(0.30
)
(0.65
)
(0.95
)
11.74
10.51
12
0.19
0.19
2.09
86
 
(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 0.48%, 0.48%, 0.49%, 0.49%, 0.49% and 0.51% for the six months ended June 30, 2025 and for the years ended
December 31, 2024, 2023, 2022, 2021 and 2020, respectively.
(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, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Select Risk: Moderately Conservative Investor Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is total return consistent with a lower level of risk relative to the broad stock market.
The Fund is a "fund of funds", in that it invests in other mutual funds advised by Invesco Advisers, Inc. (the "Adviser" or "Invesco") and exchange-traded funds ("ETFs") and other pooled investment vehicles advised by Invesco Capital Management LLC ("Invesco Capital") or mutual funds, ETFs and other pooled investment vehicles advised by unaffiliated advisers ("underlying funds"). Invesco and Invesco Capital are affiliates of each other as they are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco may change the Fund’s asset class allocations, the underlying funds or the target weightings in the underlying funds without shareholder approval or notice to shareholders. The underlying funds may engage in a number of investment techniques and practices, which involve certain risks. Each underlying fund’s accounting policies are outlined in the underlying fund’s financial statements and are publicly available.
The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class S, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
Class R5 shares are closed to new investors. 
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities of investment companies listed or traded on an exchange are generally valued at the trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund, as a result of having the same investment adviser, are set forth below.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. The Adviser may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
8
Invesco Select Risk: Moderately Conservative Investor Fund

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.
The Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Distributions - Distributions from net investment income, if any, are declared and paid quarterly and are recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
D.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
E.
Expenses – Expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses of the underlying funds. The effects of the underlying funds expenses are included in the realized and unrealized gain/loss on the investments in the underlying funds. Estimated expenses of the underlying funds are discussed further within the Financial Highlights.
Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
F.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
G.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
H.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
I.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in
9
Invesco Select Risk: Moderately Conservative Investor Fund

short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated underlying funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.
The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, there were no securities lending transactions with the Adviser. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated underlying funds on the Statement of Operations.
J.
Other Risks - Certain of the underlying funds are non-diversified and can invest a greater portion of their assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers’ securities will therefore affect the value of an underlying fund more than would occur in a diversified fund.
Investments in ETFs generally present the same primary risks as an investment in a conventional mutual fund that has the same investment objective, strategy and policies. Investments in ETFs further involve the same risks associated with a direct investment in the types of securities, commodities and/or currencies included in the indices the ETFs are designed to replicate. In addition, shares of an ETF may trade at a market price that is higher or lower than their net asset value and an active trading market in such shares may not develop or continue. Moreover, trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action to be appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede an underlying Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser.  Under the terms of the investment advisory agreement, the Fund does not pay an advisory fee. However, the Fund pays advisory fees to the Adviser indirectly as a shareholder of the underlying funds.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has agreed, for an indefinite period, to reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares to 1.50%, 2.25%, 1.75%, 1.40%, 1.25%, 1.25% and 1.25%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are not operating expenses of the Fund directly, but are fees and expenses, including management fees, of the investment companies in which the Fund invests. As a result, the total annual fund operating expenses after expense reimbursement may exceed the boundary limits above. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not reimburse expenses during the period under these boundary limits.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class S, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Class S shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily
10
Invesco Select Risk: Moderately Conservative Investor Fund

net assets of Class A shares, 1.00% of the average daily net assets of Class C shares, 0.50% of the average daily net assets of Class R shares and 0.15% of the average daily net assets of Class S shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of Class A, Class C and Class R shares and 0.15% of the average daily net assets of Class S shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $10,688 in front-end sales commissions from the sale of Class A shares and $888 and $290 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
The underlying Invesco Funds pay no distribution fees for Class R6 shares and the Funds pay no sales loads or other similar compensation to IDI for acquiring underlying fund shares.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Affiliated Issuers
$266,804,434
$
$
$266,804,434
Money Market Funds
1,666,887
15,744,445
17,411,332
Total Investments
$268,471,321
$15,744,445
$
$284,215,766
NOTE 4—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $4,355.
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6—Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank.  Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 7—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
11
Invesco Select Risk: Moderately Conservative Investor Fund

The Fund had a capital loss carryforward as of December 31, 2024, as follows: 
Capital Loss Carryforward*
Expiration
Short-Term
Long-Term
Total
Not subject to expiration
$716,247
$14,884,418
$15,600,665
*
Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $58,614,942 and $70,799,848, respectively. As of June 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end: 
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments
$17,938,094
Aggregate unrealized (depreciation) of investments
(2,407,054
)
Net unrealized appreciation of investments
$15,531,040
Cost of investments for tax purposes is $268,684,726.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
1,127,924
$11,954,126
2,652,557
$27,996,926
Class C
232,202
2,476,027
443,386
4,613,532
Class R
123,142
1,316,585
511,900
5,392,703
Class S
196
2,100
787
8,200
Class Y
57,134
612,798
132,320
1,391,532
Class R5
406
4,361
744
7,854
Class R6
13,680
148,792
43,238
468,475
Issued as reinvestment of dividends:
Class A
291,524
3,147,948
507,247
5,380,465
Class C
15,024
160,502
22,792
238,960
Class R
11,489
123,522
24,490
259,009
Class S
2,167
23,443
3,673
39,007
Class Y
8,330
89,800
15,865
168,045
Class R5
125
1,362
194
2,069
Class R6
350
3,789
592
6,302
Automatic conversion of Class C shares to Class A shares:
Class A
87,758
941,158
190,243
2,013,104
Class C
(88,922
)
(941,158
)
(192,727
)
(2,013,104
)
Reacquired:
Class A
(2,302,629
)
(24,656,723
)
(5,415,677
)
(57,033,090
)
Class C
(125,307
)
(1,327,382
)
(345,073
)
(3,584,548
)
Class R
(510,439
)
(5,454,876
)
(335,819
)
(3,557,738
)
Class S
(1,258
)
(13,631
)
(16,680
)
(173,485
)
Class Y
(103,281
)
(1,106,216
)
(191,194
)
(2,020,868
)
Class R5
(14
)
(151
)
(32
)
(338
)
Class R6
(41,215
)
(434,241
)
(12,711
)
(136,671
)
Net increase (decrease) in share activity
(1,201,614
)
$(12,928,065
)
(1,959,885
)
$(20,533,659
)
 
(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.
12
Invesco Select Risk: Moderately Conservative Investor Fund

Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Select Risk: Moderately Conservative Investor Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the absence of compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees. The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees
are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco
Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Custom Invesco Select Risk: Moderately Conservative Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a change in portfolio management and investment process in 2024. The Board considered that the Fund’s asset allocation achieved through investing in underlying affiliated funds, including its exposure to certain equity investing styles as well as to certain segments of the fixed income asset class, negatively impacted
13
Invesco Select Risk: Moderately Conservative Investor Fund

Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.
C.
Advisory and Sub-Advisory Fees and Fund Expenses
The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and noted that the Fund is a fund of funds and invests its assets in underlying funds rather than directly in individual securities. The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees. Because Invesco Advisers does not charge the Fund any advisory fees, the Board did not rely upon any comparison of services and fees under advisory contracts with other funds or products advised by Invesco Advisers and its affiliates. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has voluntarily agreed to limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that because Invesco Advisers does not charge the Fund any fees pursuant to the Fund’s investment advisory agreement, no compensation is payable to any Affiliated Sub-Advisers for their services to the Fund.
D.
Economies of Scale and Breakpoints
The Board noted that Invesco Advisers does not charge the Fund any advisory fees pursuant to the Fund’s investment advisory agreement, although the underlying funds in which the Fund invests pay Invesco Advisers advisory fees that typically include breakpoints in their advisory fee schedules as a means of sharing economies of scale with shareholders. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.
E.
Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered
the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board noted that Invesco Advisers and its affiliates did not make a profit from managing the Fund because the Fund is a fund of funds and no advisory fee is charged to the Fund, although the Fund does incur its share of underlying fund fees and other allocable costs. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry. 
F.
Collateral Benefits to Invesco Advisers and its Affiliates
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.
The Board considered that the underlying holdings of the Fund generally will consist of affiliated mutual funds and affiliated and unaffiliated exchange-traded funds. The Board noted that Invesco Advisers and its affiliates receive advisory and other fees from the affiliated mutual funds and exchange-traded funds. The Board considers the receipt by Invesco Advisers and its affiliates of these fees from affiliated underlying mutual funds and exchange-traded funds to be collateral benefits resulting from Invesco Advisers’ relationships with the Fund.
The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco
Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.
The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.
14
Invesco Select Risk: Moderately Conservative Investor Fund

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.
15
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, 2025
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, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–99.58%
Aerospace & Defense–2.99%
BWX Technologies, Inc.
108,411
$15,617,689
Kratos Defense & Security Solutions,
Inc.(b)(c)
452,348
21,011,564
Loar Holdings, Inc.(b)
74,606
6,428,799
Rocket Lab Corp.(b)(c)
264,597
9,464,635
 
 
52,522,687
Apparel Retail–1.22%
Boot Barn Holdings, Inc.(b)
141,380
21,489,760
Apparel, Accessories & Luxury Goods–0.68%
Kontoor Brands, Inc.
181,996
12,006,276
Application Software–7.90%
Agilysys, Inc.(b)
172,061
19,725,073
AvePoint, Inc.(b)(c)
907,797
17,529,560
Box, Inc., Class A(b)
221,137
7,556,251
Cellebrite DI Ltd. (Israel)(b)
663,525
10,616,400
Clearwater Analytics Holdings, Inc.,
Class A(b)
603,154
13,227,167
Descartes Systems Group, Inc. (The)
(Canada)(b)
129,383
13,151,135
Intapp, Inc.(b)
188,516
9,731,196
Q2 Holdings, Inc.(b)
268,077
25,089,327
ServiceTitan, Inc.(b)
124,503
13,344,232
Vertex, Inc., Class A(b)(c)
251,946
8,902,512
 
 
138,872,853
Asset Management & Custody Banks–1.72%
Hamilton Lane, Inc., Class A
80,143
11,389,923
StepStone Group, Inc., Class A
339,323
18,832,427
 
 
30,222,350
Automotive Retail–0.44%
Murphy USA, Inc.
19,021
7,737,743
Biotechnology–6.50%
ADMA Biologics, Inc.(b)
994,565
18,111,029
Ascendis Pharma A/S, ADR (Denmark)(b)
96,236
16,610,333
BridgeBio Pharma, Inc.(b)
205,655
8,880,183
CareDx, Inc.(b)
382,281
7,469,771
Halozyme Therapeutics, Inc.(b)
216,097
11,241,366
Insmed, Inc.(b)
235,583
23,709,073
Madrigal Pharmaceuticals, Inc.(b)(c)
48,785
14,764,292
Vericel Corp.(b)
318,842
13,566,727
 
 
114,352,774
Broadline Retail–1.43%
Ollie’s Bargain Outlet Holdings, Inc.(b)(c)
190,774
25,140,198
Building Products–1.61%
Armstrong World Industries, Inc.
83,562
13,573,811
Zurn Elkay Water Solutions Corp.
403,191
14,744,695
 
 
28,318,506
 
Shares
Value
Cargo Ground Transportation–0.69%
Knight-Swift Transportation Holdings,
Inc.
274,955
$12,161,260
Casinos & Gaming–0.67%
Genius Sports Ltd. (United Kingdom)(b)(c)
1,132,362
11,776,565
Commercial & Residential Mortgage Finance–1.02%
PennyMac Financial Services, Inc.
180,306
17,965,690
Construction & Engineering–4.41%
API Group Corp.(b)
344,688
17,596,322
Construction Partners, Inc., Class A(b)(c)
161,618
17,176,761
Everus Construction Group, Inc.(b)(c)
252,813
16,061,210
Limbach Holdings, Inc.(b)(c)
95,249
13,344,385
Sterling Infrastructure, Inc.(b)
57,807
13,337,809
 
 
77,516,487
Construction Machinery & Heavy Transportation Equipment–
1.98%
Atmus Filtration Technologies, Inc.
336,526
12,256,277
Federal Signal Corp.
212,189
22,581,153
 
 
34,837,430
Consumer Finance–1.08%
Upstart Holdings, Inc.(b)(c)
293,668
18,994,446
Data Processing & Outsourced Services–0.90%
ExlService Holdings, Inc.(b)
362,728
15,883,859
Diversified Metals & Mining–0.28%
MP Materials Corp.(b)(c)
147,383
4,903,432
Education Services–1.54%
Bright Horizons Family Solutions, Inc.(b)
92,336
11,411,806
Stride, Inc.(b)(c)
107,990
15,679,068
 
 
27,090,874
Electrical Components & Equipment–2.33%
Hammond Power Solutions, Inc.
(Canada)
113,773
10,479,565
nVent Electric PLC
232,487
17,029,673
Regal Rexnord Corp.
92,935
13,471,857
 
 
40,981,095
Electronic Equipment & Instruments–3.54%
Itron, Inc.(b)
142,679
18,780,837
Mirion Technologies, Inc.(b)(c)
713,031
15,351,558
OSI Systems, Inc.(b)
38,440
8,643,618
PAR Technology Corp.(b)
279,765
19,407,298
 
 
62,183,311
Electronic Manufacturing Services–2.92%
Fabrinet (Thailand)(b)
65,734
19,370,495
Sanmina Corp.(b)
187,514
18,344,495
TTM Technologies, Inc.(b)
335,447
13,692,946
 
 
51,407,936
Environmental & Facilities Services–2.36%
Casella Waste Systems, Inc., Class A(b)
133,640
15,419,383
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Invesco Small Cap Growth Fund

 
Shares
Value
Environmental & Facilities Services–(continued)
Clean Harbors, Inc.(b)
112,407
$25,986,251
 
 
41,405,634
Food Retail–0.94%
Maplebear, Inc.(b)
363,905
16,463,062
Footwear–0.43%
Steven Madden Ltd.(c)
314,603
7,544,180
Health Care Equipment–2.46%
Glaukos Corp.(b)
83,637
8,638,866
Integer Holdings Corp.(b)
135,582
16,672,519
TransMedics Group, Inc.(b)(c)
134,275
17,994,193
 
 
43,305,578
Health Care Facilities–1.58%
Encompass Health Corp.
226,192
27,737,925
Health Care Services–1.93%
BrightSpring Health Services, Inc.(b)(c)
602,351
14,209,460
Guardant Health, Inc.(b)
379,393
19,743,612
 
 
33,953,072
Health Care Supplies–2.55%
Lantheus Holdings, Inc.(b)(c)
196,341
16,072,475
Merit Medical Systems, Inc.(b)
183,294
17,134,323
UFP Technologies, Inc.(b)(c)
47,813
11,674,022
 
 
44,880,820
Home Improvement Retail–0.72%
Floor & Decor Holdings, Inc., Class A(b)(c)
165,547
12,574,950
Homebuilding–0.50%
Cavco Industries, Inc.(b)
20,247
8,795,904
Hotels, Resorts & Cruise Lines–1.11%
Travel + Leisure Co.
182,087
9,397,510
Wyndham Hotels & Resorts, Inc.
124,174
10,084,171
 
 
19,481,681
Independent Power Producers & Energy Traders–1.18%
Talen Energy Corp.(b)
71,143
20,686,250
Industrial Machinery & Supplies & Components–5.47%
Enpro, Inc.(c)
78,167
14,972,889
ESAB Corp.
140,594
16,948,606
ESCO Technologies, Inc.
78,963
15,150,631
Mueller Industries, Inc.
166,339
13,218,960
RBC Bearings, Inc.(b)
62,966
24,229,317
SPX Technologies, Inc.(b)
69,569
11,665,330
 
 
96,185,733
Industrial REITs–1.27%
EastGroup Properties, Inc.
59,317
9,913,057
Terreno Realty Corp.
221,286
12,407,506
 
 
22,320,563
Interactive Media & Services–0.71%
CarGurus, Inc.(b)
373,840
12,512,425
Investment Banking & Brokerage–2.45%
Evercore, Inc., Class A
74,282
20,057,626
Piper Sandler Cos.
82,598
22,957,288
 
 
43,014,914
 
Shares
Value
Leisure Facilities–0.91%
Planet Fitness, Inc., Class A(b)
147,422
$16,076,369
Life Sciences Tools & Services–1.49%
BioLife Solutions, Inc.(b)
655,703
14,123,841
Repligen Corp.(b)
97,531
12,130,906
 
 
26,254,747
Managed Health Care–1.42%
Alignment Healthcare, Inc.(b)
459,643
6,435,002
HealthEquity, Inc.(b)
177,515
18,596,471
 
 
25,031,473
Oil & Gas Equipment & Services–0.89%
TechnipFMC PLC (United Kingdom)
456,555
15,723,755
Oil & Gas Exploration & Production–1.35%
Antero Resources Corp.(b)
295,589
11,906,325
Range Resources Corp.
292,989
11,915,863
 
 
23,822,188
Packaged Foods & Meats–0.68%
Post Holdings, Inc.(b)(c)
108,999
11,884,161
Personal Care Products–0.75%
BellRing Brands, Inc.(b)
227,152
13,158,915
Pharmaceuticals–1.26%
Prestige Consumer Healthcare, Inc.(b)
277,206
22,134,899
Property & Casualty Insurance–1.94%
Palomar Holdings, Inc.(b)
76,305
11,770,047
Root, Inc., Class A(b)(c)
80,132
10,254,492
Skyward Specialty Insurance Group,
Inc.(b)
210,199
12,147,400
 
 
34,171,939
Regional Banks–1.71%
Bancorp, Inc. (The)(b)
324,719
18,499,242
Western Alliance Bancorporation
147,535
11,504,779
 
 
30,004,021
Research & Consulting Services–0.80%
CBIZ, Inc.(b)(c)
197,009
14,127,515
Restaurants–2.40%
Shake Shack, Inc., Class A(b)
169,218
23,792,051
Texas Roadhouse, Inc.
66,769
12,513,178
Wingstop, Inc.
17,419
5,865,674
 
 
42,170,903
Semiconductors–4.46%
Impinj, Inc.(b)(c)
152,838
16,975,717
Lattice Semiconductor Corp.(b)(c)
281,351
13,783,385
MACOM Technology Solutions Holdings,
Inc.(b)
185,063
26,517,677
SiTime Corp.(b)
99,396
21,179,300
 
 
78,456,079
Specialty Chemicals–0.73%
Element Solutions, Inc.
569,592
12,901,259
Steel–1.72%
Carpenter Technology Corp.
109,156
30,168,535
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Invesco Small Cap Growth Fund

 
Shares
Value
Systems Software–2.63%
Commvault Systems, Inc.(b)
116,738
$20,350,935
CyberArk Software Ltd.(b)
63,437
25,811,247
 
 
46,162,182
Trading Companies & Distributors–1.60%
Applied Industrial Technologies, Inc.
72,499
16,852,392
FTAI Aviation Ltd.
97,521
11,218,816
 
 
28,071,208
Transaction & Payment Processing Services–1.33%
Payoneer Global, Inc.(b)
1,253,596
8,587,133
Shift4 Payments, Inc., Class A(b)(c)
148,599
14,727,647
 
 
23,314,780
Total Common Stocks & Other Equity Interests
(Cost $1,418,655,423)
1,750,863,151
Money Market Funds–0.67%
Invesco Government & Agency Portfolio,
Institutional Class, 4.26%(d)(e)
4,114,638
4,114,638
Invesco Treasury Portfolio, Institutional
Class, 4.23%(d)(e)
7,641,053
7,641,053
Total Money Market Funds (Cost $11,755,691)
11,755,691
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from
securities on loan)-100.25%
(Cost $1,430,411,114)
 
1,762,618,842
 
Shares
Value
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–11.62%
Invesco Private Government Fund,
4.34%(d)(e)(f)
56,744,951
$56,744,951
Invesco Private Prime Fund,
4.49%(d)(e)(f)
147,534,477
147,578,737
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $204,310,029)
204,323,688
TOTAL INVESTMENTS IN SECURITIES–111.87%
(Cost $1,634,721,143)
1,966,942,530
OTHER ASSETS LESS LIABILITIES—(11.87)%
(208,720,426
)
NET ASSETS–100.00%
$1,758,222,104
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, 2025.
(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, 2025.
 
 
Value
December 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
June 30, 2025
Dividend Income
Investments in Affiliated Money Market
Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$13,607,249
$94,931,831
$(104,424,442)
$-
$-
$4,114,638
$180,214
Invesco Treasury Portfolio, Institutional Class
25,257,479
176,301,972
(193,918,398)
-
-
7,641,053
331,803
Investments Purchased with Cash
Collateral from Securities on Loan:
Invesco Private Government Fund
50,491,549
279,784,528
(273,531,126)
-
-
56,744,951
1,228,675*
Invesco Private Prime Fund
131,156,686
601,284,989
(584,865,919)
13,659
(10,678)
147,578,737
3,350,063*
Total
$220,512,963
$1,152,303,320
$(1,156,739,885)
$13,659
$(10,678)
$216,079,379
$5,090,755
 
*
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, 2025.
(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, 2025
(Unaudited)
 
Assets:
Investments in unaffiliated securities, at value
(Cost $1,418,655,423)*
$1,750,863,151
Investments in affiliated money market funds, at value
(Cost $216,065,720)
216,079,379
Foreign currencies, at value (Cost $19,807)
19,855
Receivable for:
Investments sold
525,593
Fund shares sold
581,644
Dividends
417,982
Investment for trustee deferred compensation and
retirement plans
407,389
Other assets
74,485
Total assets
1,968,969,478
Liabilities:
Payable for:
Investments purchased
2,710,670
Fund shares reacquired
2,255,175
Collateral upon return of securities loaned
204,310,029
Accrued fees to affiliates
880,313
Accrued other operating expenses
162,875
Trustee deferred compensation and retirement plans
428,312
Total liabilities
210,747,374
Net assets applicable to shares outstanding
$1,758,222,104
Net assets consist of:
Shares of beneficial interest
$1,366,616,520
Distributable earnings
391,605,584
 
$1,758,222,104
Net Assets:
Class A
$455,219,655
Class C
$4,063,158
Class R
$46,511,876
Class Y
$91,431,278
Investor Class
$140,265,842
Class R5
$527,533,828
Class R6
$493,196,467
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Class A
15,910,662
Class C
460,278
Class R
1,962,679
Class Y
2,935,346
Investor Class
4,421,618
Class R5
14,173,056
Class R6
13,041,129
Class A:
Net asset value per share
$28.61
Maximum offering price per share
(Net asset value of $28.61 ÷ 94.50%)
$30.28
Class C:
Net asset value and offering price per share
$8.83
Class R:
Net asset value and offering price per share
$23.70
Class Y:
Net asset value and offering price per share
$31.15
Investor Class:
Net asset value and offering price per share
$31.72
Class R5:
Net asset value and offering price per share
$37.22
Class R6:
Net asset value and offering price per share
$37.82
 
*
At June 30, 2025, securities with an aggregate value of $200,927,250
were on loan to brokers.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Invesco Small Cap Growth Fund

Statement of Operations
For the six months ended June 30, 2025
(Unaudited) 
Investment income:
Dividends (net of foreign withholding taxes of $26,393)
$3,559,160
Dividends from affiliated money market funds (includes net securities lending income of $184,368)
696,385
Total investment income
4,255,545
Expenses:
Advisory fees
6,100,324
Administrative services fees
147,012
Custodian fees
2,963
Distribution fees:
Class A
567,816
Class C
21,488
Class R
116,311
Investor Class
133,641
Transfer agent fees — A, C, R, Y and Investor
794,674
Transfer agent fees — R5
263,741
Transfer agent fees — R6
85,453
Trustees’ and officers’ fees and benefits
16,533
Registration and filing fees
57,744
Reports to shareholders
46,946
Professional services fees
28,552
Other
18,301
Total expenses
8,401,499
Less: Fees waived and/or expense offset arrangement(s)
(13,911
)
Net expenses
8,387,588
Net investment income (loss)
(4,132,043
)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities
95,788,357
Affiliated investment securities
(10,678
)
Foreign currencies
16,056
 
95,793,735
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities
(157,520,036
)
Affiliated investment securities
13,659
Foreign currencies
15
 
(157,506,362
)
Net realized and unrealized gain (loss)
(61,712,627
)
Net increase (decrease) in net assets resulting from operations
$(65,844,670
)
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Invesco Small Cap Growth Fund

Statement of Changes in Net Assets
For the six months ended June 30, 2025 and the year ended December 31, 2024
(Unaudited) 
 
June 30, 2025
December 31, 2024
Operations:
 
 
Net investment income (loss)
$(4,132,043
)
$(9,107,345
)
Net realized gain
95,793,735
252,323,804
Change in net unrealized appreciation (depreciation)
(157,506,362
)
67,170,599
Net increase (decrease) in net assets resulting from operations
(65,844,670
)
310,387,058
Share transactions–net:
Class A
(34,618,893
)
(79,666,284
)
Class C
(842,836
)
(1,632,267
)
Class R
(4,147,099
)
(12,548,962
)
Class Y
(15,137,790
)
(27,606,027
)
Investor Class
(8,936,396
)
(19,144,652
)
Class R5
(52,690,897
)
(145,526,573
)
Class R6
(49,489,724
)
(131,868,797
)
Net increase (decrease) in net assets resulting from share transactions
(165,863,635
)
(417,993,562
)
Net increase (decrease) in net assets
(231,708,305
)
(107,606,504
)
Net assets:
Beginning of period
1,989,930,409
2,097,536,913
End of period
$1,758,222,104
$1,989,930,409
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 06/30/25
$29.57
$(0.10
)
$(0.86
)
$(0.96
)
$
$28.61
(3.25
)%
$455,220
1.19
%(d)
1.19
%(d)
(0.71
)%(d)
46
%
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
Year ended 12/31/20
35.35
(0.35
)
19.40
19.05
(6.62
)
47.78
57.00
1,047,921
1.15
1.15
(0.90
)
51
Class C
Six months ended 06/30/25
9.16
(0.06
)
(0.27
)
(0.33
)
8.83
(3.60
)(e)
4,063
1.92
(d)(e)
1.92
(d)(e)
(1.44
)(d)(e)
46
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
Year ended 12/31/20
21.39
(0.38
)
11.24
10.86
(6.62
)
25.63
55.86
(e)
21,567
1.87
(e)
1.87
(e)
(1.62
)(e)
51
Class R
Six months ended 06/30/25
24.52
(0.11
)
(0.71
)
(0.82
)
23.70
(3.34
)
46,512
1.44
(d)
1.44
(d)
(0.96
)(d)
46
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
Year ended 12/31/20
32.08
(0.39
)
17.45
17.06
(6.62
)
42.52
56.59
137,020
1.40
1.40
(1.15
)
51
Class Y
Six months ended 06/30/25
32.15
(0.07
)
(0.93
)
(1.00
)
31.15
(3.11
)
91,431
0.94
(d)
0.94
(d)
(0.46
)(d)
46
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
Year ended 12/31/20
36.83
(0.26
)
20.29
20.03
(6.62
)
50.24
57.38
301,301
0.90
0.90
(0.65
)
51
Investor Class
Six months ended 06/30/25
32.78
(0.10
)
(0.96
)
(1.06
)
31.72
(3.23
)(f)
140,266
1.13
(d)(f)
1.13
(d)(f)
(0.65
)(d)(f)
46
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
Year ended 12/31/20
37.52
(0.33
)
20.67
20.34
(6.62
)
51.24
57.11
(f)
249,837
1.07
(f)
1.07
(f)
(0.82
)(f)
51
Class R5
Six months ended 06/30/25
38.40
(0.06
)
(1.12
)
(1.18
)
37.22
(3.07
)
527,534
0.83
(d)
0.83
(d)
(0.35
)(d)
46
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
Year ended 12/31/20
41.01
(0.24
)
22.74
22.50
(6.62
)
56.89
57.56
1,564,134
0.80
0.80
(0.55
)
51
Class R6
Six months ended 06/30/25
39.00
(0.05
)
(1.13
)
(1.18
)
37.82
(3.03
)
493,196
0.76
(d)
0.76
(d)
(0.28
)(d)
46
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
Year ended 12/31/20
41.31
(0.20
)
22.93
22.73
(6.62
)
57.42
57.70
836,400
0.71
0.71
(0.46
)
51
 
(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 actual12b-1 fees of 0.98%, 0.92%, 0.95%, 0.97% and
0.97% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2021 and 2020.
(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 0.19%, 0.22%, 0.18%, 0.22%,
0.16%, 0.17% for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Invesco Small Cap Growth Fund

Notes to Financial Statements
June 30, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Invesco Small Cap Growth Fund (the “Fund”) is a series portfolio of AIM Growth Series (Invesco Growth Series) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.
The Fund’s investment objective is long-term growth of capital.
The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.
The Fund’s shares are offered on a limited basis to certain investors.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.
A.
Security Valuations — Securities, including restricted securities, are valued according to the following policy.
A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.
Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company’s end-of-business-day net asset value per share.
Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.
Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange (“NYSE”). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the “Adviser” or “Invesco”) may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser’s judgment (“unreliable”). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures (“Valuation Procedures”). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
Unlisted securities will be valued using prices provided by independent pricing services or by another method that the Adviser, in its judgment, believes better reflects the security’s fair value in accordance with the Valuation Procedures.
Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.
Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The mean between the last bid and ask prices may be used to value debt obligations, including corporate loans.
Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments.
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse
9
Invesco Small Cap Growth Fund

investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
The price the Fund could receive upon the sale of any investment may differ from the Adviser’s valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.
The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.
The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.
C.
Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.
Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6.  Sub-accounting fees attributable to Class R5 are charged to the operations of the class.  Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.
Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation.  Actual results could differ from those estimates by a significant amount.  In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the  financial statements are released to print.
H.
Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.
J.
Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower
10
Invesco Small Cap Growth Fund

or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.
The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended June 30, 2025, the Fund paid the Adviser $9,232 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in Dividends from affiliated money market funds on the Statement of Operations.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows: 
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, 2025, the effective advisory fee rate incurred by the Fund was 0.69%.
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory agreement with Invesco Capital Management LLC (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.
Further, the Adviser has contractually agreed, through at least August 31, 2026, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.
For the six months ended June 30, 2025, the Adviser waived advisory fees of $13,741.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended June 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares and up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended June 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.
Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended June 30, 2025, IDI advised the Fund that IDI retained $7,333 in front-end sales commissions from the sale of Class A shares and $69 and $38 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.
For the six months ended June 30, 2025, the Fund incurred $35,610 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
11
Invesco Small Cap Growth Fund

NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of June 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. 
 
Level 1
Level 2
Level 3
Total
Investments in Securities
Common Stocks & Other Equity Interests
$1,750,863,151
$
$
$1,750,863,151
Money Market Funds
11,755,691
204,323,688
216,079,379
Total Investments
$1,762,618,842
$204,323,688
$
$1,966,942,530
NOTE 4—Expense Offset Arrangement(s)
The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions.  For the six months ended June 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $170.
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 6—Cash Balances
The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
NOTE 7—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund had a capital loss carryforward as of December 31, 2024, as follows: 
Capital Loss Carryforward*
Expiration
Short-Term
Long-Term
Total
Not subject to expiration
$26,016,012
$
$26,016,012
*
Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 8—Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended June 30, 2025 was $822,147,140 and $962,793,095, respectively. As of June 30, 2025, the aggregate cost of
12
Invesco Small Cap Growth Fund

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
$364,999,797
Aggregate unrealized (depreciation) of investments
(38,785,185
)
Net unrealized appreciation of investments
$326,214,612
Cost of investments for tax purposes is $1,640,727,918.
NOTE 9—Share Information 
 
Summary of Share Activity
 
Six months ended
June 30, 2025(a)
Year ended
December 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Class A
584,872
$16,079,059
1,285,869
$35,974,233
Class C
31,964
272,922
56,077
482,603
Class R
195,812
4,433,156
331,697
7,664,175
Class Y
387,767
12,064,167
931,467
28,995,514
Investor Class
237,400
7,188,822
460,107
14,361,746
Class R5
543,375
19,337,635
1,449,705
52,474,115
Class R6
1,086,939
39,497,372
2,833,674
104,677,241
Automatic conversion of Class C shares to Class A shares:
Class A
11,339
310,663
29,792
837,407
Class C
(36,678
)
(310,663
)
(95,839
)
(837,407
)
Reacquired:
Class A
(1,848,285
)
(51,008,615
)
(4,204,748
)
(116,477,924
)
Class C
(96,450
)
(805,095
)
(146,021
)
(1,277,463
)
Class R
(373,078
)
(8,580,255
)
(883,222
)
(20,213,137
)
Class Y
(919,478
)
(27,201,957
)
(1,901,340
)
(56,601,541
)
Investor Class
(522,524
)
(16,125,218
)
(1,081,760
)
(33,506,398
)
Class R5
(1,977,419
)
(72,028,532
)
(5,539,214
)
(198,000,688
)
Class R6
(2,395,114
)
(88,987,096
)
(6,524,303
)
(236,546,038
)
Net increase (decrease) in share activity
(5,089,558
)
$(165,863,635
)
(12,998,059
)
$(417,993,562
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% of the outstanding shares of the
Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities
brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of
record by these entities are also owned beneficially.
13
Invesco Small Cap Growth Fund

Approval of Investment Advisory and Sub-Advisory Contracts 
At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Growth Series (Invesco Growth Series) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Small Cap Growth Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and a separate sub-advisory contract with Invesco Capital Management LLC (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025.  After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board has established an Investments Committee, which in turn has established Sub-Committees.  The Sub-Committees meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them.  The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the Board’s annual review process for the Invesco Funds’ investment advisory agreement and sub-advisory contracts (the annual review process). In considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts, the Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups.  The Board also receives an independent written evaluation from the Senior Officer.  The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by
which the Invesco Funds’ proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements.  In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. 
The discussion below includes summary information drawn in part from the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts.  The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor.  Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. 
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A.
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities.  The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks.  The Board received information regarding Invesco’s methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco’s ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology.  The Board received a description of, and reports related to, Invesco Advisers’ global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing.  The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal
and compliance.  The Board considered Invesco Advisers’ systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments.  The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business.  The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services.  The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world.  As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading.  The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund.  The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers supported the renewal of the sub-advisory contracts.         
B.
Fund Investment Performance
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement.  The Board did not view Fund investment performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 2000® Growth Index (Index).  The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the fifth quintile for the three year period, and the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis).  The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and five year periods and below the performance of the Index for the three year period.  The Board considered that stock selection in certain sectors and factors negatively impacted the Fund’s relative performance.  The Board noted that management indicated that additional analyst resources had been
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Invesco Small Cap Growth Fund

added to the team in 2024 to broaden research coverage.  The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results.  The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.
C.
Advisory and Sub-Advisory Fees and Fund Expenses
The Board received information regarding Invesco Advisers’ approach with respect to contractual management fee schedules and compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group.  The Board noted that the contractual management and actual management fee rates for Class A shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group.  The Board noted that the term “contractual management fee” and “actual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included.  The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group.  The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board requested and received additional information regarding the Fund’s actual and contractual management fees and the levels of the Fund’s breakpoints in light of current asset levels.
The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed.  Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations.  Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.  
The Board also compared the Fund’s advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or
sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.   
The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. 
D.
Economies of Scale and Breakpoints
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds.  The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty.  The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size.  The Board considered information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets.  The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers.  The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity. 
E.
Profitability and Financial Resources
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis.  The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology.  The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually.  The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers’ support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided.  The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.   
F.
Collateral Benefits to Invesco Advisers and its Affiliates
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund.  The Board received comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources.  The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services.  The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.
The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements.  The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses.  The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements.  The Board did not deem the soft dollar arrangements to be inappropriate.
The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers.  The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates.  In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments.  The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral.  The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.
The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received.  The Board considered Invesco Advisers’ securities lending platform and corporate governance structure for securities lending, including Invesco Advisers’ Securities Lending Governance Committee and its related
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Invesco Small Cap Growth Fund

responsibilities.  The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief.  The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.
The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund.  Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.
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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.
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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 for Open-End Management Investment Companies.

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


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

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


Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.


Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.


Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.


Item 15. Submission of Matters to a Vote of Security Holders.

None.


Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.


Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.


Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.



  

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 27, 2025  

  

  

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

  

  

By:    /s/ Glenn Brightman                                         . 

Name: Glenn Brightman 

Title: Principal Executive Officer 

Date: August 27, 2025 

  

  

  

By:      /s/ Adrien Deberghes                                              

  

Name: Adrien Deberghes 

Title: Principal Financial Officer 

  

Date: August 27, 2025