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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY


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)

Philip A. Taylor 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

Item 1. Schedule of Investments.


Invesco Balanced-Risk Retirement Now Fund Invesco Balanced-Risk Retirement 2020 Fund Invesco Balanced-Risk Retirement 2030 Fund Invesco Balanced-Risk Retirement 2040 Fund Invesco Balanced-Risk Retirement 2050 Fund Quarterly Schedule of Portfolio Holdings March 31, 2015




invesco.com/us	IBRR-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)

Invesco Balanced-Risk Retirement Now Fund

Schedule of Investments in Affiliated Issuers–100.93%^(a)


	% of Net Assets 03/31/15		Value 12/31/14		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Dividend Income		Shares 03/31/15		Value 03/31/15
Asset Allocation Funds–60.77%
Invesco Balanced-Risk Allocation Fund-Class R6		60.77%	$	28,271,689	$	2,209,872	$	(7,140,195)	$	911,465	$	(52,936)	$	—		2,009,958	$	24,199,895
Money Market Funds–40.16%
Liquid Assets Portfolio-Institutional Class		20.08%		9,405,316		5,588,041		(6,998,949)		—		—		1,507		7,994,408		7,994,408
Premier Portfolio-Institutional Class		20.08%		9,405,317		5,588,041		(6,998,949)		—		—		630		7,994,409		7,994,409
Total Money Market Funds				18,810,633		11,176,082		(13,997,898)		—		—		2,137		15,988,817		15,988,817
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $37,732,698)		100.93%	$	47,082,322	$	13,385,954	$	(21,138,093)	$	911,465	$	(52,936)	$	2,137			$	40,188,712
OTHER ASSETS LESS LIABILITIES		(0.93)%																(369,588)
NET ASSETS		100.00%															$	39,819,124

Invesco Balanced-Risk Retirement 2020 Fund

Schedule of Investments in Affiliated Issuers–100.33%^(a)


	% of Net Assets 03/31/15		Value 12/31/14		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Dividend Income		Shares 03/31/15		Value 03/31/15
Asset Allocation Funds–81.73%
Invesco Balanced-Risk Allocation Fund-Class R6		81.73%	$	102,084,679	$	5,794,549	$	(14,116,737)	$	3,957,339	$	(691,572)	$	—		8,058,826	$	97,028,258
Money Market Funds–18.60%
Liquid Assets Portfolio-Institutional Class		9.30%		11,118,164		11,933,622		(12,011,700)		—		—		1,898		11,040,086		11,040,086
Premier Portfolio-Institutional Class		9.30%		11,118,163		11,933,623		(12,011,700)		—		—		793		11,040,086		11,040,086
Total Money Market Funds				22,236,327		23,867,245		(24,023,400)		—		—		2,691		22,080,172		22,080,172
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $113,529,964)		100.33%	$	124,321,006	$	29,661,794	$	(38,140,137)	$	3,957,339	$	(691,572)	$	2,691			$	119,108,430
OTHER ASSETS LESS LIABILITIES		(0.33)%																(388,414)
NET ASSETS		100.00%															$	118,720,016

Invesco Balanced-Risk Retirement 2030 Fund

Schedule of Investments in Affiliated Issuers–100.67%^(a)


	% of Net Assets 03/31/15		Value 12/31/14		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Dividend Income		Shares 03/31/15		Value 03/31/15
Asset Allocation Funds–100.01%
Invesco Balanced-Risk Allocation Fund-Class R6		83.42%	$	110,854,332	$	7,913,672	$	(17,665,328)	$	4,323,458	$	(766,454)	$	—		8,692,664	$	104,659,680
Invesco Balanced-Risk Aggressive Allocation Fund		16.59%		23,529,861		1,122,251		(4,931,096)		1,291,918		(198,705)		—		2,130,423		20,814,229
Total Asset Allocation Funds				134,384,193		9,035,923		(22,596,424)		5,615,376		(965,159)		—		10,823,087		125,473,909
Money Market Funds–0.66%
Liquid Assets Portfolio-Institutional Class		0.33%		492,685		5,396,094		(5,475,728)		—		—		77		413,051		413,051
Premier Portfolio-Institutional Class		0.33%		492,684		5,396,094		(5,475,728)		—		—		32		413,050		413,050
Total Money Market Funds				985,369		10,792,188		(10,951,456)		—		—		109		826,101		826,101
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $121,660,518)		100.67%	$	135,369,562	$	19,828,111	$	(33,547,880)	$	5,615,376	$	(965,159)	$	109			$	126,300,010
OTHER ASSETS LESS LIABILITIES		(0.67)%																(836,154)
NET ASSETS		100.00%															$	125,463,856

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 which are an integral part of this schedule.

Invesco Balanced-Risk Retirement Funds

Schedule of Investments-(continued)

March 31, 2015

(Unaudited)

Invesco Balanced-Risk Retirement 2040 Fund

Schedule of Investments in Affiliated Issuers–101.13%^(a)


	% of Net Assets 03/31/15		Value 12/31/14		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Dividend Income		Shares 03/31/15		Value 03/31/15
Asset Allocation Funds–100.71%
Invesco Balanced-Risk Allocation Fund-Class R6		50.01%	$	41,547,718	$	7,461,759	$	(7,426,083)	$	1,602,764	$	(256,941)	$	—		3,565,550	$	42,929,217
Invesco Balanced-Risk Aggressive Allocation Fund		50.70%		43,773,366		6,705,275		(9,030,249)		2,329,653		(256,943)		—		4,454,565		43,521,102
Total Asset Allocation Funds				85,321,084		14,167,034		(16,456,332)		3,932,417		(513,884)		—		8,020,115		86,450,319
Money Market Funds–0.42%
Liquid Assets Portfolio-Institutional Class		0.21%		273,954		7,915,001		(8,006,900)		—		—		46		182,055		182,055
Premier Portfolio-Institutional Class		0.21%		273,954		7,915,001		(8,006,901)		—		—		19		182,054		182,054
Total Money Market Funds				547,908		15,830,002		(16,013,801)		—		—		65		364,109		364,109
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $87,064,400)		101.13%	$	85,868,992	$	29,997,036	$	(32,470,133)	$	3,932,417	$	(513,884)	$	65			$	86,814,428
OTHER ASSETS LESS LIABILITIES		(1.13)%																(973,790)
NET ASSETS		100.00%															$	85,840,638

Invesco Balanced-Risk Retirement 2050 Fund

Schedule of Investments in Affiliated Issuers–104.24%^(a)


	% of Net Assets 03/31/15		Value 12/31/14		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain (Loss)		Dividend Income		Shares 03/31/15		Value 03/31/15
Asset Allocation Funds–103.20%
Invesco Balanced-Risk Allocation Fund-Class R6		17.01%	$	7,466,097	$	907,977	$	(1,972,142)	$	336,539	$	(97,480)	$	—		551,577	$	6,640,991
Invesco Balanced-Risk Aggressive Allocation Fund		86.19%		40,474,603		1,918,369		(10,617,789)		2,395,536		(522,785)		—		3,444,006		33,647,934
Total Asset Allocation Funds				47,940,700		2,826,346		(12,589,931)		2,732,075		(620,265)		—		3,995,583		40,288,925
Money Market Funds–1.04%
Liquid Assets Portfolio-Institutional Class		0.52%		256,012		2,299,401		(2,353,093)		—		—		23		202,320		202,320
Premier Portfolio-Institutional Class		0.52%		256,012		2,299,401		(2,353,093)		—		—		10		202,320		202,320
Total Money Market Funds				512,024		4,598,802		(4,706,186)		—		—		33		404,640		404,640
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $40,792,791)		104.24%	$	48,452,724	$	7,425,148	$	(17,296,117)	$	2,732,075	$	(620,265)	$	33			$	40,693,565
OTHER ASSETS LESS LIABILITIES		(4.24)%																(1,656,708)
NET ASSETS		100.00%															$	39,036,857

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 which are an integral part of this schedule.

Invesco Balanced-Risk Retirement Funds

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

Security Valuations – Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Funds as a result of having the same investment adviser are set forth below.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Senior secured floating rate loans and senior secured floating rate debt securities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. 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.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation,

Invesco Balanced-Risk Retirement Funds

A.	Security Valuations – (continued)

political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The following policies are followed by the underlying funds: Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

NOTE 2 — Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of March 31, 2015, all of the securities in each Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Invesco Balanced-Risk Retirement Funds

NOTE 3 — Investment Securities

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


	For the three months ended		At March 31, 2015
	March 31, 2015*
	Purchases	Sales	Federal Tax Cost**		Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
Invesco Balanced-Risk Retirement Now Fund	$ 2,209,872	$ 7,140,195	$	37,774,317	$	2,414,395	$	—	$	2,414,395
Invesco Balanced-Risk Retirement 2020 Fund	5,794,549	14,116,737		113,959,298		5,149,132		—		5,149,132
Invesco Balanced-Risk Retirement 2030 Fund	9,035,923	22,596,424		122,018,632		4,365,909		(84,531)		4,281,378
Invesco Balanced-Risk Retirement 2040 Fund	14,167,034	16,456,332		87,263,366		56,279		(505,217)		(448,938)
Invesco Balanced-Risk Retirement 2050 Fund	2,826,346	12,589,931		40,939,305		—		(245,740)		(245,740)

* Excludes money market funds, if any.

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

Invesco Balanced-Risk Retirement Funds


Invesco Alternative Strategies Fund Quarterly Schedule of Portfolio Holdings March 31, 2015




invesco.com/us	ALST-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)

Invesco Alternative Strategies Fund

Schedule of Investments in Affiliated Issuers–100.10%^(a)


	% of Net Assets 03/31/15			Value 12/31/14		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 03/31/15		Value 03/31/15
Alternative Funds–4.19%
Powershares DB Base Metals Fund- ETF^(b)		2.36	%	$	12,648	$	2,301	$	(3,682	)	$	(90	)	$	(368	)	$	—		713	$	10,809
Powershares DB Silver Fund- ETF^(b)		1.83	%		9,375		1,218		(2,743	)		727			(222	)		—		313		8,355
Total Alternative Funds					22,023		3,519		(6,425	)		637			(590	)		—		1,026		19,164
Asset Allocation Funds–34.10%
Invesco Balanced-Risk Allocation Fund		16.49	%		72,352		23,038		(21,782	)		3,638			(1,798	)		—		6,266		75,448
Invesco Balanced-Risk Commodity Strategy Fund^(b)		2.32	%		12,175		2,307		(3,582	)		27			(322	)		—		1,459		10,605
Invesco Global Markets Strategy Fund		15.29	%		76,889		20,614		(28,346	)		991			(233	)		—		6,768		69,915
Total Asset Allocation Funds					161,416		45,959		(53,710	)		4,656			(2,353	)		—		14,493		155,968
Domestic Equity Funds–20.87%
Invesco All Cap Market Neutral Fund^(b)		17.07	%		94,560		19,286		(34,347	)		(589	)		(832	)		—		7,387		78,078
Invesco Long/Short Equity Fund		3.80	%		20,465		3,946		(6,369	)		(645	)		9			—		1,597		17,406
Total Domestic Equity Funds					115,025		23,232		(40,716	)		(1,234	)		(823	)		—		8,984		95,484
Fixed-Income Funds–1.83%
Invesco Floating Rate Fund		1.83	%		9,393		1,263		(2,341	)		104			(43	)		100		1,077		8,376
Foreign Equity Funds–33.31%
Invesco Global Infrastructure Fund		3.78	%		18,503		4,173		(5,059	)		(112	)		(220	)		70		1,676		17,285
Invesco Global Market Neutral Fund		16.05	%		89,189		18,376		(33,491	)		(19	)		(650	)		—		7,289		73,405
Invesco Macro Long/Short Fund		13.48	%		74,542		13,166		(26,823	)		1,695			(922	)		—		6,135		61,658
Total Foreign Equity Funds					182,234		35,715		(65,373	)		1,564			(1,792	)		70		15,100		152,348
Real Estate Funds–3.78%
Invesco Global Real Estate Fund		3.78	%		19,969		2,483		(5,756	)		645			(63	)		71		1,283		17,278
Money Market Funds–2.02%
Liquid Assets Portfolio- Institutional Class		1.01	%		18,709		52,501		(66,581	)		—			—			1		4,629		4,629
Premier Portfolio- Institutional Class		1.01	%		18,709		52,501		(66,581	)		—			—			0		4,629		4,629
Total Money Market Funds					37,418		105,002		(133,162	)		—			—			1		9,258		9,258
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $458,801)		100.10	%	$	547,478	$	217,173	$	(307,483	)	$	6,372		$	(5,664	)	$	242			$	457,876
OTHER ASSETS LESS LIABILITIES		(0.10	)%																			(458	)
NET ASSETS		100.00	%																		$	457,418

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. The Fund invests in Class R6 shares of the mutual funds listed and the Fund shares of the exchange-traded funds.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

See accompanying notes which are an integral part of this schedule.

Invesco Alternative Strategies Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 -- Significant Accounting Policies

The Fund is a “fund of funds,” in that it invests in mutual funds advised by Invesco Advisers, Inc. (“Invesco”) and exchange traded funds advised by Invesco Powershares Capital Management LLC (“PowerShares Capital”), an affiliate of Invesco.

Security Valuations – Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund as a result of having the same investment adviser are set forth below.

Invesco Alternative Strategies Fund

A.	Security Valuations (continued)

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.

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

NOTE 2 -- Additional Valuation Information


Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of March 31, 2015, 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.

Invesco Alternative Strategies Fund

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $112,171 and $174,321, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	4,056
Aggregate unrealized (depreciation) of investment securities		(5,629	)
Net unrealized appreciation (depreciation) of investment securities	$	(1,573	)
Cost of investments for tax purposes is $459,449.

Invesco Alternative Strategies Fund


Invesco Convertible Securities Fund Quarterly Schedule of Portfolio Holdings March 31, 2015




invesco.com/us	MS-CSEC-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Principal Amount		Value

U.S. Dollar Denominated Bonds and Notes–79.67%

Aerospace & Defense–0.81%

United Technologies Corp., Jr. Unsec. Sub. Conv. Investment Units, 7.50%, 08/01/15	$	305,900	$	18,825,086

Air Freight & Logistics–1.03%

UTi Worldwide Inc., Sr. Unsec. Conv. Bonds, 4.50%, 03/01/19		21,465,000		24,174,956

Airlines–0.85%

Horizon Pharma Investment Ltd, Sr. Unsec. Gtd. Conv. Notes, 2.50%, 03/15/22^(b)		17,000,000		19,921,875

Airport Services–0.66%

Macquarie Infrastructure Co. LLC, Sr. Unsec. Conv. Notes, 2.88%, 07/15/19		13,055,000		15,527,291

Alternative Carriers–0.13%

inContact, Inc., Sr. Unsec. Conv. Notes, 2.50%, 04/01/22^(b)		3,000,000		3,133,125

Apparel, Accessories & Luxury Goods–0.68%

Iconix Brand Group Inc., Sr. Unsec. Sub. Conv. Bonds, 1.50%, 03/15/18		3,530,000		4,209,525
Sr. Unsec. Sub. Conv. Notes, 2.50%, 06/01/16		10,000,000		11,693,750
				15,903,275

Application Software–3.80%

Bottomline Technologies de Inc., Sr. Unsec. Conv. Notes, 1.50%, 12/01/17		5,000,000		5,546,875
Citrix Systems Inc., Sr. Unsec. Conv. Notes, 0.50%, 04/15/19^(b)		19,865,000		20,932,744
Mentor Graphics Corp., Unsec. Sub. Conv. Bonds, 4.00%, 04/01/18^(c)		4,950,000		6,199,875
salesforce.com, inc., Sr. Unsec. Conv. Notes, 0.25%, 04/01/18		28,330,000		33,996,000
Synchronoss Technologies, Inc., Sr. Unsec. Conv. Notes, 0.75%, 08/15/19		7,140,000		8,277,938
Workday Inc., Sr. Unsec. Conv. Bonds, 0.75%, 07/15/18		11,500,000		13,835,937
				88,789,369

Asset Management & Custody Banks–0.17%

Walter Investment Management Corp., Sr. Unsec. Sub. Conv. Notes, 4.50%, 11/01/19		5,000,000		3,906,250

Automobile Manufacturers–0.80%

Tesla Motors, Inc., Sr. Unsec. Conv. Notes, 0.25%, 03/01/19		20,129,000		17,738,681
1.25%, 03/01/21		1,260,000		1,061,550
				18,800,231


	Principal Amount		Value

Biotechnology–5.97%

BioMarin Pharmaceutical Inc., Sr. Unsec. Sub. Conv. Notes, 0.75%, 10/15/18	$	12,517,000	$	18,689,446
1.50%, 10/15/20		14,497,000		22,026,379
Cepheid, Sr. Unsec. Conv. Bonds, 1.25%, 02/01/21		20,500,000		22,844,688
Clovis Oncology, Inc., Sr. Unsec. Conv. Notes, 2.50%, 09/15/21^(b)		3,000,000		4,166,250
Emergent BioSolutions Inc., Sr. Unsec. Conv. Bonds, 2.88%, 01/15/21		6,587,000		7,628,569
Gilead Sciences, Inc., Series D, Sr. Unsec. Conv. Notes, 1.63%, 05/01/16		9,882,000		42,591,470
Incyte Corp. Ltd., Sr. Unsec. Conv. Bonds, 0.38%, 11/15/18		1,775,000		3,239,375
1.25%, 11/15/20		1,775,000		3,302,609
Medivation Inc., Sr. Unsec. Conv. Notes, 2.63%, 04/01/17		6,000,000		15,093,750
				139,582,536

Broadcasting–0.94%

Liberty Media Corp., Sr. Unsec. Conv. Bonds, 1.38%, 10/15/23		21,825,000		21,893,203

Catalog Retail–1.04%

Liberty Interactive LLC, Sr. Unsec. Conv. Global Bonds, 0.75%, 03/30/23^(c)		8,300,000		11,625,188
Sr. Unsec. Conv. Notes, 1.00%, 10/05/16^(b)(c)		12,835,000		12,610,387
				24,235,575

Communications Equipment–3.55%

Brocade Communications Systems, Inc., Sr. Unsec. Gtd. Conv. Notes, 1.38%, 01/01/20^(b)		18,500,000		19,505,937
Ciena Corp., Sr. Unsec. Conv. Notes, 3.75%, 10/15/18^(b)		5,000,000		6,153,125
InterDigital, Inc., Sr. Unsec. Conv. Notes, 1.50%, 03/01/20^(b)		3,500,000		3,484,687
JDS Uniphase Corp., Sr. Unsec. Conv. Bonds, 0.63%, 08/15/18^(c)		10,730,000		11,152,494
Palo Alto Networks, Inc., Sr. Unsec. Conv. Notes, 0.00%, 07/01/19^(b)(d)		29,695,000		42,742,241
				83,038,484

Construction Machinery & Heavy Trucks–1.36%

Greenbrier Cos., Inc. (The), Sr. Unsec. Conv. Notes, 3.50%, 04/01/18		3,720,000		5,649,750

See accompanying notes which are an integral part of this schedule.

Invesco Convertible Securities Fund


	Principal Amount		Value

Construction Machinery & Heavy Trucks–(continued)

Meritor Inc., Sr. Unsec. Gtd. Conv. Bonds, 7.88%, 12/01/20^(c)	$	9,414,000	$	14,115,116
Navistar International Corp., Sr. Unsec. Sub. Conv. Notes, 4.75%, 04/15/19^(b)		13,236,000		12,019,943
				31,784,809

Consumer Finance–0.65%

PRA Group, Inc., Sr. Unsec. Conv. Bonds, 3.00%, 08/01/20		14,060,000		15,219,950

Data Processing & Outsourced Services–1.62%

Cardtronics, Inc., Sr. Unsec. Conv. Bonds, 1.00%, 12/01/20		15,897,000		15,807,579
Euronet Worldwide, Inc., Sr. Unsec. Conv. Notes, 1.50%, 10/01/20^(b)(c)		20,400,000		22,146,750
				37,954,329

Diversified Metals & Mining–0.90%

RTI International Metals Inc., Sr. Unsec. Gtd. Conv. Notes, 1.63%,10/15/19		18,245,000		21,072,975

Diversified REIT’s–0.42%

Spirit Realty Capital Inc., Sr. Unsec. Conv. Notes, 3.75%, 05/15/21		9,865,000		9,877,381

Electric Utilities–1.67%

Exelon Corp., Jr. Unsec. Sub. Conv. Investment Units, 6.50%, 06/01/17		404,001		19,654,649
NextEra Energy, Inc., Conv. Investment Units, 5.80%, 09/01/16		348,200		19,412,150
				39,066,799

Electronic Components–0.14%

InvenSense, Inc., Sr. Unsec. Conv. Bonds, 1.75%, 11/01/18		3,295,000		3,212,625

Gold–0.44%

Royal Gold Inc., Sr. Unsec. Conv. Notes, 2.88%, 06/15/19		9,926,000		10,254,799

Health Care Equipment–4.03%

HeartWare International Inc., Sr. Unsec. Conv. Notes, 3.50%, 12/15/17		7,804,000		8,891,683
Hologic Inc., Series 2010, Sr. Unsec. Conv. Notes, 2.00%, 12/15/16^(c)(e)		8,000,000		11,795,000
Series 2012, Sr. Unsec. Conv. Notes, 2.00%, 03/01/18^(c)(e)		6,400,000		7,940,000
Insulet Corp., Sr. Unsec. Conv. Notes, 2.00%, 06/15/19		11,133,000		11,251,288
NuVasive Inc., Sr. Unsec. Conv. Notes, 2.75%, 07/01/17		15,000,000		18,806,250
Teleflex Inc., Sr. Unsec. Sub. Conv. Notes, 3.88%, 08/01/17		6,300,000		12,411,000
Wright Medical Group, Inc., Sr. Unsec. Conv. Notes, 2.00%, 02/15/20^(b)		21,800,000		23,094,375
				94,189,596


	Principal Amount		Value

Health Care Facilities–2.00%

Brookdale Senior Living Inc., Sr. Unsec. Conv. Notes, 2.75%, 06/15/18	$	17,750,000	$	24,716,875
HealthSouth Corp., Sr. Unsec. Sub. Conv. Notes, 2.00%, 12/01/20^(c)		17,868,000		22,111,650
				46,828,525

Health Care REIT’s–0.11%

Health Care REIT, Inc., Sr. Unsec. Conv. Notes, 3.00%, 12/05/19^(c)		1,690,000		2,523,381

Health Care Services–1.27%

Omnicare, Inc., Sr. Unsec. Gtd. Sub. Conv. Notes, 3.50%, 02/15/44		24,286,000		29,674,456

Health Care Supplies–0.54%

Spectranetics Corp. (The), Sr. Unsec. Conv. Notes, 2.63%, 06/05/21^(c)		9,773,000		12,686,576

Health Care Technology–0.92%

Allscripts Healthcare Solutions, Inc., Sr. Unsec. Conv. Bonds, 1.25%, 07/01/20		15,580,000		15,375,512
Medidata Solutions, Inc., Sr. Unsec. Conv. Notes, 1.00%, 08/01/18		5,337,000		6,044,153
				21,419,665

Home Entertainment Software–1.02%

Electronic Arts Inc., Sr. Unsec. Conv. Notes, 0.75%, 07/15/16		6,675,000		12,382,125
Take-Two Interactive Software, Inc., Sr. Unsec. Conv. Notes, 1.00%, 07/01/18		8,700,000		11,489,437
				23,871,562

Homebuilding–0.49%

Toll Brothers Finance Corp., Sr. Unsec. Gtd. Conv. Notes, 0.50%, 12/15/17^(c)		10,862,000		11,540,875

Homefurnishing Retail–0.58%

Restoration Hardware Holdings Inc., Sr. Unsec. Conv. Notes, 0.00%, 06/15/19^(b)(d)		12,755,000		13,600,019

Housewares & Specialties–1.40%

Jarden Corp., Sr. Unsec. Gtd. Sub. Conv. Bonds, 1.13%, 03/15/24^(c)		4,000,000		4,770,000
1.88%, 09/15/18		16,300,000		28,005,437
				32,775,437

Industrial Machinery–1.01%

Stanley Black & Decker, Inc., Conv. Investment Units, 6.25%, 11/17/16		201,433		23,618,019

Internet Retail–0.68%

Priceline Group Inc. (The), Sr. Unsec. Conv. Bonds, 0.35%, 06/15/20		13,800,000		15,818,250

See accompanying notes which are an integral part of this schedule.

Invesco Convertible Securities Fund


	Principal Amount		Value

Internet Software & Services–5.78%

Akamai Technologies, Inc., Sr. Unsec. Conv. Bonds, 0.00%, 02/15/19^(d)	$	14,130,000	$	15,251,639
AOL, Inc., Sr. Unsec. Conv. Notes, 0.75%, 09/01/19^(b)		16,796,000		16,733,015
Cornerstone OnDemand, Inc., Sr. Unsec. Conv. Bonds, 1.50%, 07/01/18		15,206,000		14,835,354
HomeAway, Inc., Sr. Unsec. Conv. Bonds, 0.13%, 04/01/19		14,200,000		13,516,625
LinkedIn Corp., Sr. Unsec. Conv. Notes, 0.50%, 11/01/19^(b)		20,775,000		22,839,619
Twitter, Inc., Sr. Unsec. Conv. Notes, 1.00%, 09/15/21^(b)		20,305,000		19,848,138
Web.com Group Inc., Sr. Unsec. Conv. Notes, 1.00%, 08/15/18		7,095,000		6,571,744
Yahoo! Inc., Sr. Unsec. Conv. Bonds, 0.00%, 12/01/18^(d)		23,530,000		25,500,637
				135,096,771

Investment Banking & Brokerage–0.89%

Cowen Group, Inc., Sr. Unsec. Conv. Notes, 3.00%, 03/15/19		11,300,000		12,903,187
FXCM, Inc., Sr. Unsec. Conv. Bonds, 2.25%, 06/15/18		10,081,000		7,951,389
				20,854,576

Life Sciences Tools & Services–1.95%

Fluidigm Corp., Sr. Unsec. Conv. Notes, 2.75%, 02/06/21^(c)		12,000,000		12,772,500
Illumina Inc., Sr. Unsec. Conv. Notes, 0.00, 06/15/19^(b)(d)		9,120,000		10,111,800
0.50%, 06/15/21^(b)		19,580,000		22,651,612
				45,535,912

Managed Health Care–2.01%

Anthem, Inc., Sr. Unsec. Conv. Bonds, 2.75%, 10/15/42		10,410,000		21,555,206
Molina Healthcare, Inc., Sr. Unsec. Conv. Notes, 1.13%, 01/15/20		3,353,000		5,658,188
1.63%, 08/19/18^(c)		15,300,000		19,861,312
				47,074,706

Mortgage REIT’s–1.84%

Blackstone Mortgage Trust, Inc., Sr. Unsec. Conv. Notes, 5.25%, 12/01/18		8,711,000		9,086,662
Colony Financial, Inc., Sr. Unsec. Conv. Notes, 3.88%, 01/15/21		16,567,000		17,913,069
iStar Financial Inc., Sr. Unsec. Conv. Notes, 1.50%, 11/15/16^(b)		9,770,000		9,653,981
Starwood Property Trust, Inc., Sr. Unsec. Conv. Notes, 4.55%, 03/01/18		5,800,000		6,398,125
				43,051,837


	Principal Amount		Value

Movies & Entertainment–0.86%

Live Nation Entertainment, Inc., Sr. Unsec. Conv. Notes, 2.50%, 05/15/19^(b)	$	19,081,000	$	20,070,827

Multi-Utilities–1.26%

Dominion Resources, Inc., Series A, Jr. Unsec. Sub. Conv. Investment Units, 6.38%, 07/01/17^(f)		332,932		16,113,909
Series B, Jr. Unsec. Sub. Conv. Investment Units, 6.00%, 07/01/16		237,900		13,417,560
				29,531,469

Office REIT’s–0.81%

SL Green Operating Partnership L.P., Sr. Unsec. Gtd. Conv. Notes, 3.00%, 10/15/17^(b)		11,958,000		18,803,955

Oil & Gas Equipment & Services–0.25%

Hornbeck Offshore Services, Inc., Sr. Unsec. Gtd. Conv. Notes, 1.50%, 09/01/19		7,290,000		5,877,563

Oil & Gas Exploration & Production–1.13%

Cobalt International Energy Inc., Sr. Unsec. Conv. Notes, 3.13%, 05/15/24		13,000,000		9,644,375
Stone Energy Corp., Sr. Unsec. Gtd. Conv. Notes, 1.75%, 03/01/17		9,778,000		8,861,312
Whiting Petroleum Corp., Sr. Unsec. Gtd. Conv. Notes, 1.25%, 04/01/20^(b)		7,500,000		7,954,688
				26,460,375

Oil & Gas Storage & Transportation–0.70%

Cheniere Energy, Inc., Sr. Unsec. Conv. Notes, 4.25%, 03/15/45		5,000,000		4,159,375
Scorpio Tankers Inc. (Monaco), Sr. Unsec. Conv. Notes, 2.38%, 07/01/19^(b)		11,649,000		12,093,118
				16,252,493

Packaged Foods & Meats–1.04%

Tyson Foods, Inc., Conv. Amortizing Notes, 4.75%, 07/15/17		502,857		24,378,507

Pharmaceuticals–1.83%

Jazz Investments I Ltd., Sr. Unsec. Gtd. Conv. Notes, 1.88%, 08/15/21^(b)		19,920,000		23,281,500
Medicines Co. (The), Sr. Unsec. Conv. Notes, 2.50%, 01/15/22^(b)		14,000,000		15,146,250
Pacira Pharmaceuticals Inc., Sr. Unsec. Conv. Bonds, 3.25%, 02/01/19		1,233,000		4,407,975
				42,835,725

See accompanying notes which are an integral part of this schedule.

Invesco Convertible Securities Fund


	Principal Amount		Value

Precious Metals & Minerals–0.32%

Stillwater Mining Co., Sr. Unsec. Conv. Notes, 1.75%, 10/15/19^(c)	$	6,434,000	$	7,366,930

Railroads–0.44%

Genesee & Wyoming Inc., Conv. Amortizing Notes, 5.00%, 10/01/15		84,800		10,293,024

Real Estate Development–0.11%

Forestar Group, Inc., Conv. Amortizing Notes, 6.00%, 12/15/16		115,359		2,454,840

Research & Consulting Services–0.34%

Huron Consulting Group, Inc., Sr. Unsec. Conv. Notes, 1.25%, 10/01/19^(b)		7,150,000		7,900,750

Semiconductor Equipment–1.94%

Lam Research Corp., Series A, Sr. Unsec. Conv. Notes, 0.50%, 05/15/16		9,200,000		11,103,250
Novellus Systems Inc., Sr. Unsec. Gtd. Conv. Notes,2.63%, 05/15/41		3,000,000		6,140,625
Photronics Inc., Sr. Unsec. Conv. Notes, 3.25%, 04/01/16		4,525,000		4,706,000
SunEdison Inc., Sr. Unsec. Conv. Notes, 0.25%, 01/15/20^(b)		7,772,000		8,359,758
2.38%, 04/15/22^(b)		5,000,000		5,887,500
Sr. Unsec. Conv. Bonds, 2.00%, 10/01/18		5,350,000		9,225,406
				45,422,539

Semiconductors–6.13%

Intel Corp., Jr. Unsec. Sub. Conv. Deb., 2.95%, 12/15/35		8,676,000		10,812,465
Jr. Unsec. Sub. Conv. Notes, 3.25%, 08/01/39		11,440,000		18,082,407
Microchip Technology Inc., Sr. Unsec. Sub. Conv. Notes, 1.63%, 02/15/25^(b)		22,482,000		23,451,536
Micron Technology, Inc., Series G, Sr. Unsec. Conv. Global Bonds, 3.00%, 11/15/28^(c)		30,500,000		33,874,063
NVIDIA Corp., Sr. Unsec. Conv. Bonds, 1.00%, 12/01/18		14,852,000		17,581,055
NXP Semiconductors N.V. (Netherlands), Sr. Unsec. Conv. Notes, 1.00%, 12/01/19^(b)		23,700,000		28,351,125
ON Semiconductor Corp., Series B, Sr. Unsec. Gtd. Sub. Conv. Notes, 2.63%, 12/15/16^(c)		4,720,000		6,059,300
SunPower Corp., Sr. Unsec. Conv. Notes, 0.88%, 06/01/21^(b)		5,300,000		5,147,625
				143,359,576


	Principal Amount		Value

Specialty Chemicals–0.53%

RPM International Inc., Sr. Unsec. Conv. Notes, 2.25%, 12/15/20	$	10,526,000	$	12,460,153

Steel–0.26%

United States Steel Corp., Sr. Unsec. Conv. Notes, 2.75%, 04/01/19		5,000,000		6,068,750

Systems Software–3.24%

NetSuite Inc., Sr. Unsec. Conv. Notes, 0.25%, 06/01/18		16,510,000		17,232,313
Proofpoint, Inc., Sr. Unsec. Conv. Bonds, 1.25%, 12/15/18		9,405,000		15,030,366
Red Hat, Inc., Sr. Unsec. Conv. Notes, 0.25%, 10/01/19^(b)		16,075,000		19,983,234
ServiceNow, Inc., Sr. Unsec. Conv. Bonds, 0.00%, 11/01/18^(d)		19,062,000		23,529,656
				75,775,569

Technology Hardware, Storage & Peripherals–1.62%

Electronics For Imaging, Inc., Sr. Unsec. Conv. Notes, 0.75%, 09/01/19^(b)		16,900,000		17,301,375
SanDisk Corp., Sr. Unsec. Conv. Bonds, 0.50%, 10/15/20		20,362,000		20,540,167
				37,841,542

Thrifts & Mortgage Finance–1.12%

MGIC Investment Corp., Sr. Unsec. Conv. Notes, 2.00%, 04/01/20		8,000,000		11,785,000
5.00%, 05/01/17		12,864,000		14,311,200
				26,096,200

Tobacco–0.82%

Vector Group Ltd., Sr. Unsec. Conv. Notes, 1.75%, 04/15/20		17,685,000		19,033,481

Trading Companies & Distributors–0.77%

Air Lease Corp., Sr. Unsec. Conv. Notes, 3.88%, 12/01/18		12,379,000		17,879,918
Total U.S. Dollar Denominated Bonds and Notes(Cost $1,656,352,388)				1,862,499,272

	Shares

Preferred Stocks–14.71%

Aluminum–0.36%

Alcoa Inc., Series 1, $2.69 Conv. Pfd.		192,972		8,459,892

Asset Management & Custody Banks–0.82%

AMG Capital Trust II, $2.58 Jr. Unsec. Gtd. Sub. Conv. Pfd.		315,200		19,286,300

Automobile Manufacturers–1.45%

Fiat Chrysler Automobiles N.V. (United Kingdom), $7.88 Unsec. Sub. Conv. Euro Pfd.		24,580,000		33,920,400

See accompanying notes which are an integral part of this schedule.

Invesco Convertible Securities Fund


	Shares		Value

Diversified Banks–2.52%

Bank of America Corp., Series L, $72.50 Conv. Pfd.		22,000	$	25,454,000
Wells Fargo & Co., Class A, Series L, $75.00 Conv. Pfd.		27,300		33,387,900
				58,841,900

Gas Utilities–0.19%

Laclede Group, Inc. (The), $3.38 Jr. Unsec. Sub. Conv. Pfd.		82,500		4,498,725

Health Care Facilities–0.79%

Amsurg Corp., Series A-1, $5.25 Conv. Pfd.		148,596		18,498,716

Independent Power Producers & Energy Traders–0.66%

Dynegy Inc., Series A, $5.38 Conv. Pfd.		142,328		15,535,101

Oil & Gas Exploration & Production–1.58%

Chesapeake Energy Corp., $57.50 Conv Pfd.^(b)		19,120		16,670,250
Southwestern Energy Co., $3.13 Conv Pfd.		400,500		20,181,195
				36,851,445

Pharmaceuticals–1.30%

Actavis PLC, $55.00 Conv. Pfd.		30,000		30,360,000

Regional Banks–0.55%

KeyCorp, Series A, $7.75 Conv. Pfd.		18,000		2,358,000
Wintrust Financial Corp., Series C, $50.00 Conv. Pfd.		8,173		10,483,916
				12,841,916

Reinsurance–0.35%

Maiden Holdings Ltd., Series B, $3.63 Conv. Pfd.		155,348		8,130,914

Specialized REIT’s–3.15%

American Tower Corp., Series A, $5.25 Conv. Pfd.		110,744		11,450,930
$5.5 Conv. Pfd.		114,300		11,341,989
Crown Castle International Corp., Series A, $4.5 Conv. Pfd.		269,770		28,279,989
Weyerhaeuser Co., Series A, $3.19 Conv. Pfd.		411,000		22,489,920
				73,562,828

Wireless Telecommunication Services–0.99%

T-Mobile US, Inc., Series A, $2.75 Conv. Pfd.		393,400		23,076,844
Total Preferred Stocks (Cost $325,279,949)				343,864,981


	Shares		Value

Money Market Funds–5.43%

Liquid Assets Portfolio –Institutional Class ^(g)		63,502,546	$	63,502,546
Premier Portfolio –Institutional Class ^(g)		63,502,545		63,502,545
Total Money Market Funds (Cost $127,005,091)				127,005,091
TOTAL INVESTMENTS–99.81% (Cost $2,108,637,428)				2,333,369,344
OTHER ASSETS LESS LIABILITIES–0.19%				4,394,155
NET ASSETS–100.00%			$	2,337,763,499

Investment Abbreviations:


Conv.		—Convertible
Deb.		—Debentures
Gtd.		—Guaranteed
Jr.		—Junior
Pfd.		—Preferred
REIT		—Real Estate Investment Trust
Sr.		—Senior
Sub.		—Subordinated
Unsec.		—Unsecured

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at March 31, 2015 was $535,753,114, which represented 22.92% of the Fund’s Net Assets.

^(c)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(d)	Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.

^(e)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(f)	Each corporate unit consists of a purchase contract for the issuer’s common stock & a 1/20th undivided beneficial ownership interest in the issuer’s Series A, 1.50% subordinated notes due 2020.

^(g)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco Convertible Securities Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Convertible Securities Fund

A.	Security Valuations – (continued)

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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 Statement of Changes in Net Assets, or the net investment income per share and 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.

Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

NOTE 2 — Additional Valuation Information


Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Invesco Convertible Securities Fund

The following is a summary of the tiered valuation input levels, as of March 31, 2015. 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
Equity Securities	$	386,010,481	$	84,859,591	$	—	$	470,870,072
Corporate Debt Securities		145,712,904		1,716,786,368		—		1,862,499,272
Total Investments	$	531,723,385	$	1,801,645,959	$	—	$	2,333,369,344

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $368,820,732 and $397,093,242, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	239,905,681
Aggregate unrealized (depreciation) of investment securities		(33,678,218)
Net unrealized appreciation of investment securities	$	206,227,463
Cost of investments for tax purposes is $2,127,141,881.

Invesco Convertible Securities Fund


Invesco Allocation Funds Invesco Conservative Allocation Fund Invesco Growth Allocation Fund Invesco Moderate Allocation Fund Quarterly Schedule of Portfolio Holdings March 31, 2015




invesco.com/us	AAS-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)

Invesco Conservative Allocation Fund

Schedule of Investments in Affiliated Issuers–99.98%^(a)


	% of Net Assets 03/31/15	Value 12/31/14		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 03/31/15		Value 03/31/15
Asset Allocation Funds–13.10%
Invesco Balanced-Risk Allocation Fund	6.00%	$	22,066,459	$	59,403	$	(411,540	)	$	750,711		$	(14,307	)	$	—		1,864,678	$	22,450,726
Invesco Balanced-Risk Commodity Strategy Fund^(b)	3.87%		14,124,713		895,450		(147,616	)		(376,360	)		(32,549	)		—		1,989,496		14,463,638
Invesco Global Markets Strategy Fund	3.23%		11,849,390		507,281		(430,060	)		165,756			(8,867	)		—		1,169,748		12,083,500
Total Asset Allocation Funds			48,040,562		1,462,134		(989,216	)		540,107			(55,723	)		—		5,023,922		48,997,864
Domestic Equity Funds–19.10%
Invesco American Franchise Fund^(b)	1.95%		7,211,352		197,975		(388,231	)		246,237			38,350			—		418,185		7,305,683
Invesco Charter Fund	2.95%		10,881,479		418,171		(325,795	)		74,001			(24,146	)		—		504,980		11,023,710
Invesco Comstock Fund	1.98%		7,381,114		446,076		(419,616	)		(68,438	)		55,806			31,178		291,254		7,394,942
Invesco Diversified Dividend Fund	3.92%		14,457,406		430,502		(465,971	)		176,095			76,175			66,403		788,512		14,674,207
Invesco Endeavor Fund^(b)	2.06%		7,611,283		421,424		(389,342	)		78,880			(12,729	)		—		356,922		7,709,516
Invesco Growth and Income Fund	2.60%		9,775,188		546,049		(524,995	)		(47,257	)		(14,602	)		36,657		369,426		9,734,383
Invesco Small Cap Equity Fund^(b)	1.81%		6,563,433		238,123		(386,146	)		346,253			(13,032	)		—		395,119		6,748,631
PowerShares Fundamental Pure Large Growth Portfolio - ETF	1.83%		6,852,216		315,255		(402,580	)		(28,090	)		114,719			20,170		208,000		6,851,520
Total Domestic Equity Funds			70,733,471		3,013,575		(3,302,676	)		777,681			220,541			154,408		3,332,398		71,442,592
Fixed-Income Funds–54.79%
Invesco Core Plus Bond Fund	24.63%		90,222,076		2,429,938		(1,955,043	)		1,507,141			(91,269	)		904,271		8,358,697		92,112,843
Invesco Emerging Market Local Currency Debt Fund	3.17%		11,336,650		1,060,699		(49,801	)		(484,235	)		(5,197	)		150,451		1,576,877		11,858,116
Invesco Floating Rate Fund	5.47%		19,773,285		619,384		(84,924	)		160,913			(2,259	)		250,137		2,630,643		20,466,399
Invesco High Yield Fund	4.91%		17,902,826		425,534		(182,066	)		220,550			(7,457	)		272,923		4,230,274		18,359,387
Invesco Premium Income Fund	3.99%		14,616,653		276,949		(255,000	)		293,030			(6,539	)		178,828		1,425,510		14,925,093
PowerShares 1-30 Laddered Treasury Portfolio-ETF	12.62%		46,351,360		2,559,165		(2,735,199	)		850,524			161,382			248,584		1,404,800		47,187,232
Total Fixed-Income Funds			200,202,850		7,371,669		(5,262,033	)		2,547,923			48,661			2,005,194		19,626,801		204,909,070
Foreign Equity Funds–10.69%
Invesco Developing Markets Fund	3.12%		11,071,648		1,047,312		(57,563	)		(368,679	)		(5,816	)		—		397,920		11,686,902
Invesco International Growth Fund	3.66%		13,172,043		477,306		(482,523	)		506,581			(476	)		—		403,927		13,672,931
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio - ETF	3.91%		14,022,500		1,027,797		(1,024,970	)		656,173			(73,583	)		28,852		356,900		14,607,917
Total Foreign Equity Funds			38,266,191		2,552,415		(1,565,056	)		794,075			(79,875	)		28,852		1,158,747		39,967,750
Real Estate Funds–1.92%
Invesco Global Real Estate Fund	1.92%		7,007,687		97,829		(203,391	)		238,740			27,902			30,998		532,202		7,168,767
Money Market Funds–0.38%
Liquid Assets Portfolio-Institutional Class	0.19%		1,617,548		3,443,815		(4,366,993	)		—			—			147		694,370		694,370
Premier Portfolio-Institutional Class	0.19%		1,617,547		3,443,816		(4,366,993	)		—			—			62		694,370		694,370
Total Money Market Funds			3,235,095		6,887,631		(8,733,986	)		—			—			209		1,388,740		1,388,740
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $335,203,756)	99.98%	$	367,485,856	$	21,385,253	$	(20,056,358	)	$	4,898,526		$	161,506		$	2,219,661			$	373,874,783
OTHER ASSETS LESS LIABILITIES	0.02%																			81,163
NET ASSETS	100.00%																		$	373,955,946

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. The Fund invests in Class R6 shares of the mutual funds listed and Fund shares of the exchange-traded funds.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

See accompanying notes which are an integral part of this schedule.

Invesco Allocation Funds

Schedule of Investments-(continued)

March 31, 2015

(Unaudited)

Invesco Growth Allocation Fund

Schedule of Investments in Affiliated Issuers–99.96%^(a)


	% of Net Assets 03/31/15	Value 12/31/14			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Dividend Income			Shares 03/31/15		Value 03/31/15
Asset Allocation Funds–19.36%
Invesco Balanced-Risk Allocation Fund	8.06%		$	94,798,026		$	1,616,934		$	(5,446,070	)		$	3,079,446			$	9,088			$	—		7,812,078		$	94,057,424
Invesco Balanced-Risk Commodity Strategy Fund^(b)	5.83%			68,358,284			2,641,531			(980,513	)			(1,735,141	)			(222,005	)			—		9,362,057			68,062,156
Invesco Global Markets Strategy Fund	5.47%			64,627,406			3,318,482			(5,023,299	)			1,029,400				(191,378	)			—		6,172,373			63,760,611
Total Asset Allocation Funds				227,783,716			7,576,947			(11,449,882	)			2,373,705				(404,295	)			—		23,346,508			225,880,191
Domestic Equity Funds–42.71%
Invesco American Franchise Fund^(b)	4.38%			51,576,489			63,699			(2,517,526	)			1,741,586				186,284				—		2,922,183			51,050,532
Invesco Charter Fund	6.59%			77,881,594			1,639,420			(3,001,245	)			346,312				(58,012	)			—		3,518,464			76,808,069
Invesco Comstock Fund	4.41%			52,965,046			2,547,517			(3,886,564	)			(977,497	)			832,711				219,116		2,027,618			51,481,213
Invesco Diversified Dividend Fund	8.75%			103,618,075			1,425,345			(4,633,361	)			1,187,420				509,635				466,516		5,486,680			102,107,114
Invesco Endeavor Fund^(b)	4.64%			54,897,070			1,643,763			(2,836,813	)			487,478				(90,123	)			—		2,504,693			54,101,375
Invesco Growth and Income Fund	5.80%			69,889,285			3,042,732			(4,722,694	)			(470,891	)			(36,280	)			257,251		2,569,342			67,702,152
Invesco Small Cap Equity Fund^(b)	4.03%			47,131,546			1,134,167			(3,517,030	)			2,429,488				(152,955	)			—		2,753,233			47,025,216
PowerShares Fundamental Pure Large Growth Portfolio - ETF	4.11%			49,583,940			566,130			(2,727,514	)			(74,775	)			616,153				141,916		1,456,100			47,963,934
Total Domestic Equity Funds				507,543,045			12,062,773			(27,842,747	)			4,669,121				1,807,413				1,084,799		23,238,313			498,239,605
Fixed-Income Funds–9.17%
Invesco Core Plus Bond Fund	3.04%			35,817,031			1,667,179			(2,545,001	)			510,907				46,463				350,326		3,221,105			35,496,579
PowerShares 1-30 Laddered Treasury Portfolio - ETF	6.13%			72,075,048			4,846,501			(7,071,905	)			834,531				761,755				377,771		2,127,000			71,445,930
Total Fixed-Income Funds				107,892,079			6,513,680			(9,616,906	)			1,345,438				808,218				728,097		5,348,105			106,942,509
Foreign Equity Funds–23.96%
Invesco Developing Markets Fund	7.00%			79,563,179			6,084,939			(1,238,095	)			(2,548,918	)			(127,235	)			—		2,782,903			81,733,870
Invesco International Growth Fund	8.19%			94,728,184			1,701,357			(4,352,430	)			3,329,726				142,592				—		2,822,731			95,549,429
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio - ETF	8.77%			101,092,350			5,468,802			(8,223,198	)			4,535,340				(560,573	)			203,102		2,499,700			102,312,721
Total Foreign Equity Funds				275,383,713			13,255,098			(13,813,723	)			5,316,148				(545,216	)			203,102		8,105,334			279,596,020
Real Estate Funds–4.30%
Invesco Global Real Estate Fund	4.30%			50,495,320			1,854,917			(4,039,905	)			1,624,264				273,146				219,117		3,727,375			50,207,742
Money Market Funds–0.46%
Liquid Assets Portfolio-Institutional Class	0.23%			1,651,536			14,500,066			(13,482,103	)			—				—				226		2,669,499			2,669,499
Premier Portfolio-Institutional Class	0.23%			1,651,536			14,500,067			(13,482,103	)			—				—				96		2,669,500			2,669,500
Total Money Market Funds				3,303,072			29,000,133			(26,964,206	)			—				—				322		5,338,999			5,338,999
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $969,199,720)	99.96%		$	1,172,400,945		$	70,263,548		$	(93,727,369	)		$	15,328,676			$	1,939,266			$	2,235,437				$	1,166,205,066
OTHER ASSETS LESS LIABILITIES	0.04%																										448,570
NET ASSETS	100.00%																									$	1,166,653,636

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. The Fund invests in Class R6 shares of the mutual funds listed and Fund shares of the exchange-traded funds.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

See accompanying notes which are an integral part of this schedule.

Invesco Allocation Funds

Schedule of Investments-(continued)

March 31, 2015

(Unaudited)

Invesco Moderate Allocation Fund

Schedule of Investments in Affiliated Issuers–100.02%^(a)


	% of Net Assets 03/31/15	Value 12/31/14			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Dividend Income			Shares 03/31/15		Value 03/31/15
Asset Allocation Funds–16.19%
Invesco Balanced-Risk Allocation Fund	7.05%		$	65,064,029		$	524,991		$	(2,711,032	)		$	2,157,894			$	(18,368	)		$	—		5,400,126		$	65,017,514
Invesco Balanced-Risk Commodity Strategy Fund^(b)	4.86%			44,760,903			1,855,420			(480,463	)			(1,174,180	)			(108,008	)			—		6,169,694			44,853,672
Invesco Global Markets Strategy Fund	4.28%			39,675,305			1,816,908			(2,547,891	)			568,322				(54,819	)			—		3,819,731			39,457,825
Total Asset Allocation Funds				149,500,237			4,197,319			(5,739,386	)			1,552,036				(181,195	)			—		15,389,551			149,329,011
Domestic Equity Funds–32.03%
Invesco American Franchise Fund^(b)	3.26%			30,138,352			329,653			(1,568,678	)			1,005,468				158,289				—		1,720,841			30,063,084
Invesco Charter Fund	4.95%			45,889,394			1,089,138			(1,535,865	)			279,245				(94,112	)			—		2,090,142			45,627,800
Invesco Comstock Fund	3.32%			31,118,847			1,492,582			(1,937,475	)			(503,917	)			432,744				129,026		1,205,308			30,602,781
Invesco Diversified Dividend Fund	6.59%			61,023,238			870,395			(2,156,770	)			529,958				493,743				274,951		3,264,942			60,760,564
Invesco Endeavor Fund^(b)	3.46%			32,050,014			1,051,659			(1,383,036	)			292,271				(44,617	)			—		1,479,921			31,966,291
Invesco Growth and Income Fund	4.36%			41,175,613			1,965,228			(2,651,237	)			(219,736	)			(58,708	)			151,427		1,526,040			40,211,160
Invesco Small Cap Equity Fund^(b)	3.02%			27,731,781			657,318			(1,894,006	)			1,448,363				(93,032	)			—		1,630,587			27,850,424
PowerShares Fundamental Pure Large Growth Portfolio - ETF	3.07%			29,040,344			611,197			(1,663,817	)			(150,587	)			491,263				83,394		860,000			28,328,400
Total Domestic Equity Funds				298,167,583			8,067,170			(14,790,884	)			2,681,065				1,285,570				638,798		13,777,781			295,410,504
Fixed-Income Funds–30.45%
Invesco Core Plus Bond Fund	11.19%			103,000,290			4,022,691			(5,467,393	)			1,990,433				(379,732	)			1,014,659		9,361,732			103,166,289
Invesco Emerging Market Local Currency Debt Fund	2.95%			26,531,464			2,589,644			(804,930	)			(1,047,921	)			(70,602	)			345,916		3,616,709			27,197,655
Invesco Floating Rate Fund	3.08%			28,024,623			653,447			(505,076	)			231,716				(14,686	)			347,888		3,649,103			28,390,024
Invesco High Yield Fund	4.04%			37,062,382			639,966			(880,939	)			473,515				(46,102	)			555,390		8,582,678			37,248,822
PowerShares 1-30 Laddered Treasury Portfolio - ETF	9.19%			84,930,308			5,446,512			(7,442,233	)			1,402,613				474,191				447,587		2,524,900			84,811,391
Total Fixed-Income Funds				279,549,067			13,352,260			(15,100,571	)			3,050,356				(36,931	)			2,711,440		27,735,122			280,814,181
Foreign Equity Funds–17.95%
Invesco Developing Markets Fund	5.25%			46,871,057			3,523,852			(360,374	)			(1,542,304	)			(30,269	)			—		1,650,050			48,461,962
Invesco International Growth Fund	6.13%			55,716,338			1,211,890			(2,474,866	)			2,019,453				54,872				—		1,669,946			56,527,687
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio - ETF	6.57%			59,447,500			3,547,435			(4,804,546	)			2,732,627				(346,616	)			119,643		1,480,000			60,576,400
Total Foreign Equity Funds				162,034,895			8,283,177			(7,639,786	)			3,209,776				(322,013	)			119,643		4,799,996			165,566,049
Real Estate Funds–3.22%
Invesco Global Real Estate Fund	3.22%			29,749,746			906,583			(2,013,841	)			922,586				194,236				128,682		2,209,303			29,759,310
Money Market Funds–0.18%
Liquid Assets Portfolio-Institutional Class	0.09%			2,023,995			7,713,970			(8,938,226	)			—				—				233		799,739			799,739
Premier Portfolio-Institutional Class	0.09%			2,023,995			7,713,970			(8,938,226	)			—				—				99		799,739			799,739
Total Money Market Funds				4,047,990			15,427,940			(17,876,452	)			—				—				332		1,599,478			1,599,478
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $794,095,340)	100.02%		$	923,049,518		$	50,234,449		$	(63,160,920	)		$	11,415,819			$	939,667			$	3,598,895				$	922,478,533
OTHER ASSETS LESS LIABILITIES	(0.02)%																										(170,375)
NET ASSETS	100.00%																									$	922,308,158

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. The Fund invests in Class R6 shares of the mutual funds listed and the Fund shares of the exchange-traded funds.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

See accompanying notes which are an integral part of this schedule.

Invesco Allocation Funds

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

Each Fund is a “fund of funds,” in that it invests in mutual funds advised by Invesco Advisers, Inc. (“Invesco”) or exchange traded funds advised by Invesco Powershares Capital Management LLC (“PowerShares Capital”), an affiliate of Invesco.

Invesco Allocation Funds

A.	Security Valuations – (continued)

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.

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

NOTE 2 — Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Invesco Allocation Funds

NOTE 3 — Investment Securities

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


	For the three months ended March 31, 2015*				At March 31, 2015
	For the three months ended March 31, 2015*				Federal Tax		Unrealized		Unrealized			Net Unrealized
	Purchases		Sales		Cost**		Appreciation		(Depreciation)			Appreciation
Invesco Conservative Allocation Fund	$	14,497,622	$	11,322,372	$	342,918,857	$	38,092,045	$	(7,136,119	)	$	30,955,926
Invesco Growth Allocation Fund		41,263,415		66,763,163		979,311,112		210,775,263		(23,881,309	)		186,893,954
Invesco Moderate Allocation Fund		34,806,509		45,284,468		804,796,998		138,339,668		(20,658,133	)		117,681,535

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

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

Invesco Allocation Funds


Invesco Global Low Volatility Equity Yield Fund Quarterly Schedule of Portfolio Holdings March 31, 2015




invesco.com/us	GLVEY-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–97.36%

Australia–13.80%

Bank of Queensland Ltd.		331,881	$	3,477,767
Caltex Australia Ltd.		125,105		3,328,723
Cochlear Ltd. ^(a)		42,531		2,924,249
Commonwealth Bank of Australia		30,952		2,195,311
DUET Group ^(a)		1,748,945		3,388,218
Lend Lease Group		277,102		3,499,013
Macquarie Group Ltd.		40,042		2,325,520
Telstra Corp. Ltd.		645,406		3,095,936
				24,234,737

Austria–0.58%

Oesterreichische Post AG		20,669		1,017,827

Belgium–3.67%

Belgacom S.A.		90,909		3,184,055
Delhaize Group S.A.		36,265		3,264,421
				6,448,476

Canada–10.72%

Baytex Energy Corp. ^(a)		96,600		1,527,631
Capital Power Corp. ^(a)		72,200		1,397,144
Crescent Point Energy Corp. ^(a)		135,500		3,021,096
Enerplus Corp. ^(a)		309,500		3,137,518
Metro Inc.		97,900		2,652,714
Pengrowth Energy Corp. ^(a)		482,400		1,447,276
Russel Metals, Inc.		63,600		1,207,125
Shaw Communications, Inc. -Class B ^(a)		139,700		3,134,592
Superior Plus Corp. ^(a)		115,800		1,297,333
				18,822,429

Denmark–0.37%

Pandora AS ^(a)		7,234		659,358

France–4.25%

GDF Suez		150,924		2,986,643
Metropole Television S.A.		53,473		1,071,327
Neopost S.A.		62,008		3,404,745
				7,462,715

Germany–1.90%

ProSiebenSat.1 Media AG		68,096		3,346,375

Hong Kong–3.06%

Power Assets Holdings Ltd.		255,500		2,613,465
SJM Holdings Ltd.		2,118,000		2,760,245
				5,373,710

Israel–2.21%

Bezeq The Israeli Telecommunication Corp. Ltd.		2,078,480		3,874,955


	Shares		Value

Japan–4.03%

Nippon Telegraph & Telephone Corp.		58,200	$	3,589,340
Tokyo Gas Co., Ltd.		555,000		3,495,210
				7,084,550

New Zealand–4.23%

SKY Network Television Ltd.		489,227		2,159,728
SKYCITY Entertainment Group Ltd.		683,492		2,095,293
Spark New Zealand Ltd.		1,433,160		3,182,218
				7,437,239

Singapore–1.91%

ComfortDelGro Corp. Ltd.		229,000		482,228
Singapore Post Ltd.		821,000		1,171,492
Venture Corp. Ltd.		273,400		1,703,272
				3,356,992

Spain–0.52%

Endesa, S.A.		47,111		908,432

Sweden–7.27%

Hennes & Mauritz AB -Class B		79,744		3,232,148
Intrum Justitia AB		74,356		2,089,331
Loomis AB -Class B		24,425		748,427
Skandinaviska Enskilda Banken AB -Class A ^(a)		265,267		3,102,981
Tele2 AB -Class B		301,204		3,601,485
				12,774,372

United Kingdom–10.38%

Berendsen PLC		79,969		1,323,536
Ladbrokes PLC		613,833		950,034
Micro Focus International PLC		78,153		1,366,628
National Grid PLC		259,893		3,323,856
Phoenix Group Holdings		223,441		2,693,838
Royal Dutch Shell PLC -Class A		106,322		3,160,832
SSE PLC		134,549		2,990,866
WH Smith PLC		125,302		2,415,304
				18,224,894

United States–28.46%

Archer-Daniels-Midland Co.		75,500		3,578,700
AT&T Inc.		101,500		3,313,975
CenturyLink Inc.		93,900		3,244,245
Edison International		12,900		805,863
Entergy Corp.		41,500		3,215,835
Frontier Communications Corp.		424,100		2,989,905
Garmin Ltd. ^(a)		14,200		674,784
Hewlett-Packard Co.		92,400		2,879,184
Lexmark International, Inc. -Class A		81,600		3,454,944
Noble Corp. PLC ^(a)		235,200		3,358,656
Northrop Grumman Corp.		21,300		3,428,448
PDL BioPharma Inc. ^(a)		396,000		2,785,860

See accompanying notes which are an integral part of this schedule.

Invesco Global Low Volatility Equity Yield Fund


	Shares		Value

United States–(continued)

Pfizer Inc.		95,000		$ 3,305,050
R. R. Donnelley & Sons Co.		129,400		2,483,186
Transocean Ltd. ^(a)		229,800		3,371,166
Western Union Co. (The)		185,000		3,849,850
Windstream Holdings Inc. ^(a)		437,900		3,240,460
				49,980,111
Total Common Stocks & Other Equity Interests (Cost $170,521,461)				171,007,172

Money Market Funds–1.76%

Liquid Assets Portfolio –Institutional Class ^(b)		1,543,056		1,543,057
Premier Portfolio –Institutional Class ^(b)		1,543,056		1,543,056
Total Money Market Funds (Cost $3,086,113)				3,086,113
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.12% (Cost $173,607,574)				174,093,285

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds –12.80%

Liquid Assets Portfolio - Institutional Class (Cost $22,475,105)^(b)(c)		22,475,105		22,475,105
TOTAL INVESTMENTS–111.92% (Cost $196,082,679)				196,568,390
OTHER ASSETS LESS LIABILITIES–(11.92)%				(20,931,132)
NET ASSETS–100.00%				$ 175,637,258

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at March 31, 2015.

^(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

^(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 1D. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of March 31, 2015.


Counterparty	Gross Amount of Securities on Loan at Value	Cash Collateral Received for Securities Loaned*	Net Amount
State Street Bank and Trust Co.	$21,347,205	$(21,347,205)	$ —
*Amount does not include excess collateral received.

See accompanying notes which are an integral part of this schedule.

Invesco Global Low Volatility Equity Yield Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Global Low Volatility Equity Yield Fund

A.	Security Valuations – (continued)

changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. 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. 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. 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. 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, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.

Invesco Global Low Volatility Equity Yield Fund

E.	Foreign Currency Translations – (continued)

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.

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

H.	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.

Invesco Global Low Volatility Equity Yield Fund

NOTE 2 — Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

During the three months ended March 31, 2015, there were transfers from Level 1 to Level 2 of $2,159,728 and from
Level 2 to Level 1 of $34,591,810, due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total
Australia	$	3,328,723	$	20,906,014	$	-	$	24,234,737
Austria		1,017,827		—		—		1,017,827
Belgium		6,448,476		—		—		6,448,476
Canada		18,822,429		—		—		18,822,429
Denmark		659,358		—		—		659,358
France		2,986,643		4,476,072		—		7,462,715
Germany		3,346,375		—		—		3,346,375
Hong Kong		2,613,465		2,760,245		—		5,373,710
Israel		3,874,955		—		—		3,874,955
Japan		3,589,340		3,495,210		—		7,084,550
New Zealand		2,095,293		5,341,946		—		7,437,239
Singapore		2,185,500		1,171,492		—		3,356,992
Spain		—		908,432		—		908,432
Sweden		2,837,758		9,936,614		—		12,774,372
United Kingdom		6,356,204		11,868,690		—		18,224,894
United States		75,541,329		—		—		75,541,329
		135,703,675		60,864,715		—		196,568,390
Futures Contracts*		6,154		—		—		6,154
Total Investments	$	135,709,829	$	60,864,715	$	—	$	196,574,544
* Unrealized appreciation.

Invesco Global Low Volatility Equity Yield Fund

NOTE 3 — Derivative Investments


Open Futures Contracts^(a)
Futures Contracts	Type of Contract	Number of Contracts	Expiration Month	Notional Value		Unrealized Appreciation (Depreciation)
CME E-Mini S&P 500 Index	Long	19	June-2015	$	1,957,760	$	(7,443	)
Dow Jones EURO STOXX 50 Index	Long	18	June-2015		702,729		6,768
FTSE 100 Index	Long	3	June-2015		299,466		(1,869	)
SGX NIKKEI 225 Index	Long	5	June-2015		401,555		8,698
Total Futures Contracts—Market Risk						$	6,154
^(a) Futures collateralized by $177,324 cash held with Merrill Lynch & Co., Inc.

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $44,171,120 and $54,717,382, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	14,466,618
Aggregate unrealized (depreciation) of investment securities		(14,124,673)
Net unrealized appreciation of investment securities	$	341,945
Cost of investments for tax purposes is $196,226,445.

Invesco Global Low Volatility Equity Yield Fund


Invesco Income Allocation Fund Quarterly Schedule of Portfolio Holdings March 31, 2015




invesco.com/us	INCAL-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)

Invesco Income Allocation Fund

Schedule of Investments in Affiliated Issuers–97.86%^(a)


	% of Net Assets 03/31/15		Value 12/31/14		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 03/31/15		Value 03/31/15
Domestic Equity Funds–22.78%
Invesco Diversified Dividend Fund		7.91%	$	23,040,914	$	3,243,873	$	(481,050	)	$	431,239		$	8,731		$	118,376		1,410,194	$	26,243,707
Invesco Dividend Income Fund		14.87%		43,106,716		6,432,221		(712,014	)		430,154			76,501			271,779		2,329,253		49,333,578
Total Domestic Equity Funds				66,147,630		9,676,094		(1,193,064	)		861,393			85,232			390,155				75,577,285
Fixed-Income Funds–63.32%
Invesco Core Plus Bond Fund		14.69%		43,531,891		4,642,500		(144,363	)		713,212			(12,612	)		459,512		4,422,017		48,730,628
Invesco Corporate Bond Fund		8.34%		24,663,103		2,636,647		(36,171	)		419,663			(98	)		281,428		3,740,965		27,683,144
Invesco Floating Rate Fund		6.86%		20,297,208		2,368,834		(86,109	)		171,817			(3,436	)		266,049		2,923,948		22,748,314
Invesco High Yield Fund		10.08%		29,746,971		3,532,999		(198,022	)		373,850			(13,386	)		470,917		7,705,625		33,442,412
Invesco International Total Return Fund		4.92%		14,492,819		2,226,273		—			(403,726	)		—			56,898		1,626,657		16,315,366
Invesco Premium Income Fund		13.54%		39,700,447		4,425,351		(11,128	)		806,403			(182	)		515,189		4,290,438		44,920,891
Invesco Short Term Bond Fund		4.89%		14,493,704		1,704,404		(61,579	)		70,318			(498	)		75,519		1,871,403		16,206,349
Total Fixed-Income Funds				186,926,143		21,537,008		(537,372	)		2,151,537			(30,212	)		2,125,512				210,047,104
Foreign Equity Funds–4.83%
PowerShares International Dividend Achievers Portfolio - ETF		4.83%		14,330,149		2,161,605		(428,024	)		(10,532	)		(40,191	)		76,576		918,177		16,013,007
Real Estate Funds–6.93%
PowerShares Active U.S. Real Estate Fund - ETF		6.93%		20,244,313		3,207,375		(687,712	)		100,949			125,785			60,029		305,865		22,990,710
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $308,520,380)		97.86%	$	287,648,235	$	36,582,082	$	(2,846,172	)	$	3,103,347		$	140,614		$	2,652,272			$	324,628,106
OTHER ASSETS LESS LIABILITIES		2.14%																			7,096,303
NET ASSETS		100.00%																		$	331,724,409

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. The Fund invests in Class R6 shares of the mutual funds listed and the Fund shares of the exchange-traded funds.

See accompanying notes which are an integral part of this schedule.

Invesco Income Allocation Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

The Fund is a “fund of funds,” in that it invests in mutual funds advised by Invesco Advisers, Inc. (“Invesco”) or exchange traded funds advised by Invesco Powershares Capital management LLC (“PowerShares Capital”), an affiliate of Invesco.

Security Valuations – Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund as a result of having the same investment adviser are set forth below.

Invesco Income Allocation Fund

A.	Security Valuations – (continued)

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

NOTE 2 — Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Invesco Income Allocation Fund

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $36,582,082 and $2,846,172, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	11,304,469
Aggregate unrealized (depreciation) of investment securities		(1,660,281)
Net unrealized appreciation of investment securities	$	9,644,188
Cost of investments for tax purposes is $314,983,918.

Invesco Income Allocation Fund


		Invesco International Allocation Fund
		Quarterly Schedule of Portfolio Holdings
		March 31, 2015

LOGO

invesco.com/us

INTAL-QTR-1

03/15

Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)

Invesco International Allocation Fund

Schedule of Investments in Affiliated Issuers–100.05%^(a)


	% of Net Assets 03/31/15		Value 12/31/14		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 03/31/15		Value 03/31/15
Foreign Equity Funds–99.75%
Invesco Developing Markets Fund		4.41%	$	7,858,474	$	596,500	$	(109,845)	$	(271,795	)	$	(4,672	)	$	—		274,725	$	8,068,662
Invesco Emerging Market Equity Fund		4.56%		7,891,179		405,836		(249,892)		357,067			(63,573	)		—		1,144,117		8,340,617
Invesco International Core Equity Fund		31.41%		54,209,074		1,776,096		(1,065,341)		3,039,048			(458,706	)		—		5,194,234		57,500,171
Invesco International Growth Fund		22.76%		39,478,585		1,182,132		(374,928)		1,411,706			(21,103	)		—		1,231,208		41,676,392
Invesco International Small Company Fund		9.87%		17,457,494		1,065,608		—		(454,004	)		—			—		1,013,410		18,069,098
PowerShares International Dividend Achievers Portfolio - ETF		26.74%		48,038,405		2,192,757		(997,354)		(297,748	)		32,931			234,175		2,807,855		48,968,991
Total Foreign Equity Funds				174,933,211		7,218,929		(2,797,360)		3,784,274			(515,123	)		234,175				182,623,931
Money Market Funds–0.30%
Liquid Assets Portfolio – Institutional Class		0.15%		257,749		5,741,528		(5,728,034)		—			—			63		271,243		271,243
Premier Portfolio – Institutional Class		0.15%		257,748		5,741,529		(5,728,033)		—			—			26		271,244		271,244
Total Money Market Funds				515,497		11,483,057		(11,456,067)		—			—			89				542,487
TOTAL INVESTMENTS IN AFFILIATED ISSUERS (Cost $171,784,230)		100.05%	$	175,448,708	$	18,701,986	$	(14,253,427)	$	3,784,274		$	(515,123	)	$	234,264			$	183,166,418
OTHER ASSETS LESS LIABILITIES		(0.05)%																		(96,390)
NET ASSETS		100.00%																	$	183,070,028

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.

The Fund invests in Class R6 shares of the mutual funds listed and the Fund shares of the exchange-traded fund.

See accompanying notes which are an integral part of this schedule.

Invesco International Allocation Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

The Fund is a “fund of funds,” in that it invests in mutual funds advised by Invesco Advisers, Inc. (“Invesco”) or exchange traded funds advised by Invesco Powershares Capital Management LLC (“PowerShares Capital”), an affiliate of Invesco.

A. Security Valuations – Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund as a result of having the same investment adviser are set forth below.

Invesco International Allocation Fund

A.	Security Valuations – (continued)

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

NOTE 2 — Additional Valuation Information


Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

Invesco International Allocation Fund

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $7,218,929 and $2,797,360, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	12,253,167
Aggregate unrealized (depreciation) of investment securities		(26,732,935)
Net unrealized appreciation (depreciation) of investment securities	$	(14,479,768)
Cost of investments for tax purposes is $197,646,186.

Invesco International Allocation Fund

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks–81.96%

Apparel, Accessories & Luxury Goods–1.39%

PVH Corp.		311,910	$	33,237,130

Asset Management & Custody Banks–1.99%

Northern Trust Corp.		680,721		47,412,218

Auto Parts & Equipment–1.73%

Dana Holding Corp.		1,949,067		41,242,258

Brewers–1.29%

Molson Coors Brewing Co. -Class B		414,621		30,868,533

Communications Equipment–3.82%

F5 Networks, Inc. ^(b)		317,471		36,490,117
Juniper Networks, Inc.		1,272,425		28,731,356
Polycom, Inc. ^(b)		1,933,257		25,905,644
				91,127,117

Computer & Electronics Retail–1.01%

GameStop Corp. -Class A		633,533		24,048,913

Data Processing & Outsourced Services–1.38%

Jack Henry & Associates, Inc.		470,534		32,885,621

Department Stores–0.57%

Macy’s, Inc.		209,480		13,597,347

Drug Retail–1.32%

Rite Aid Corp. ^(b)		3,619,136		31,450,292

Electronic Components–2.68%

Amphenol Corp. -Class A		1,081,936		63,758,488

Environmental & Facilities Services–1.17%

Republic Services, Inc.		684,652		27,769,485

Health Care Distributors–1.33%

Cardinal Health, Inc.		350,470		31,636,927

Health Care Equipment–1.58%

ResMed Inc.		425,994		30,577,849
Wright Medical Group, Inc. ^(b)		273,868		7,065,795
				37,643,644

Health Care Facilities–2.14%

Community Health Systems Inc. ^(b)		583,611		30,511,183
Tenet Healthcare Corp. ^(b)		416,022		20,597,249
				51,108,432

Health Care Services–1.56%

Omnicare, Inc.		482,134		37,153,246

Homebuilding–1.37%

D.R. Horton, Inc.		1,143,292		32,560,956


	Shares		Value

Homefurnishing Retail–0.73%

Aaron’s Inc.		610,881	$	17,294,041

Hotels, Resorts & Cruise Lines–1.65%

Norwegian Cruise Line Holdings Ltd. ^(b)		727,758		39,306,210

Human Resource & Employment Services–0.86%

ManpowerGroup Inc.		238,082		20,510,764

Industrial Machinery–6.92%

Kennametal Inc.		938,541		31,619,446
Lincoln Electric Holdings, Inc.		336,495		22,003,408
Stanley Black & Decker Inc.		532,627		50,791,311
Timken Co. (The)		735,196		30,981,160
Xylem, Inc.		845,910		29,623,768
				165,019,093

Insurance Brokers–2.12%

Brown & Brown, Inc.		1,524,458		50,474,804

Life & Health Insurance–3.68%

St. James’s Place PLC (United Kingdom)		3,150,426		43,607,022
Torchmark Corp.		801,572		44,022,334
				87,629,356

Life Sciences Tools & Services–1.23%

Agilent Technologies, Inc.		706,207		29,342,901

Marine–0.74%

Kirby Corp. ^(b)		235,872		17,702,194

Multi-Utilities–1.71%

CMS Energy Corp.		1,165,294		40,680,414

Oil & Gas Equipment & Services–1.13%

Dril-Quip, Inc. ^(b)		394,167		26,957,081

Oil & Gas Exploration & Production–4.10%

Cabot Oil & Gas Corp.		1,107,590		32,707,133
Concho Resources Inc. ^(b)		333,049		38,607,040
Vermilion Energy, Inc. (Canada)		628,248		26,412,605
				97,726,778

Packaged Foods & Meats–2.14%

Hain Celestial Group, Inc. (The) ^(b)		331,563		21,236,610
JM Smucker Co. (The)		256,880		29,728,723
				50,965,333

Paper Packaging–0.76%

Packaging Corp. of America		232,596		18,186,681

Pharmaceuticals–3.24%

Endo International PLC ^(b)		516,519		46,331,754
Perrigo Co. PLC		186,670		30,903,219
				77,234,973

See accompanying notes which are an integral part of this schedule.

Invesco Mid Cap Core Equity Fund


	Shares		Value

Property & Casualty Insurance–4.99%

Arch Capital Group Ltd. ^(b)		852,771	$	52,530,694
Progressive Corp. (The)		2,441,855		66,418,456
				118,949,150

Regional Banks–2.72%

First Republic Bank		1,135,236		64,810,623

Semiconductor Equipment–3.67%

Lam Research Corp.		534,965		37,573,267
Teradyne, Inc.		2,643,478		49,829,560
				87,402,827

Semiconductors–3.63%

Linear Technology Corp.		1,166,027		54,570,064
Xilinx, Inc.		756,711		32,008,875
				86,578,939

Specialized Finance–2.38%

Moody’s Corp.		546,201		56,695,664

Specialty Chemicals–2.96%

Cytec Industries Inc.		587,963		31,773,520
International Flavors & Fragrances Inc.		330,162		38,761,019
				70,534,539


	Shares		Value

Specialty Stores–1.44%

Dick’s Sporting Goods, Inc.		602,186	$	34,318,580

Technology Hardware, Storage & Peripherals–1.57%

NetApp, Inc.		1,056,562		37,465,688

Trading Companies & Distributors–1.26%

WESCO International, Inc. ^(b)		429,359		30,007,900
Total Common Stocks (Cost $1,464,344,990)				1,953,295,140

Money Market Funds–18.77%

Liquid Assets Portfolio –Institutional Class ^(c)		223,607,356		223,607,356
Premier Portfolio –Institutional Class ^(c)		223,607,356		223,607,356
Total Money Market Funds (Cost $447,214,712)				447,214,712
TOTAL INVESTMENTS–100.73% (Cost $1,911,559,702)				2,400,509,852
OTHER ASSETS LESS LIABILITIES–(0.73)%				(17,400,483)
NET ASSETS–100.00%			$	2,383,109,369

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco Mid Cap Core Equity Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE

1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Mid Cap Core Equity Fund

A.	Security Valuations – (continued)

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

E.	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.

Invesco Mid Cap Core Equity Fund

E.	Forward Foreign Currency Contracts – (continued)

upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

NOTE 2 — Additional Valuation Information


Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total
Equity Securities	$	2,356,902,830	$	43,607,022	$	—	$	2,400,509,852

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $376,045,151 and $479,202,595, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	520,112,976
Aggregate unrealized (depreciation) of investment securities		(29,972,446)
Net unrealized appreciation of investment securities	$	490,140,530
Cost of investments for tax purposes is $1,910,369,322.

Invesco Mid Cap Core Equity Fund


Invesco Multi-Asset Inflation Fund Quarterly Schedule of Portfolio Holdings March 31, 2015




invesco.com/us	MAI-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)

Schedule of Investments in Affiliated and Unaffiliated Issuers–100.11%^(a)


	% of Net Assets 03/31/15			Value 12/31/14		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income		Shares 03/31/15		Value 03/31/15
Alternative Funds–7.36%
PowerShares DB Oil Fund-ETF^(b)		7.36	%	$	18,322	$	15,030	$	—		$	(3,094	)	$	—		$	—		2,243	$ 30,258
Asset Allocation Funds–8.73%
Invesco Balanced-Risk Commodity Strategy Fund-Class R6^(b)		8.73	%		25,301		12,297		(1,064	)		(543	)		(110	)		—		4,935	35,881
Domestic Equity Funds–17.72%
Incesco Energy Fund-Class R5		10.97	%		35,724		13,270		(2,586	)		(594	)		(753	)		—		1,410	45,061
iShares U.S. Consumer Goods ETF^(c)		6.75	%		19,904		7,553		—			276			—			119		263	27,733
Total Domestic Equity Funds					55,628		20,823		(2,586	)		(318	)		(753	)		119		1,673	72,794
Fixed-Income Funds–35.94%
Invesco Emerging Market Local Currency Debt Fund-Class R6		1.96	%		5,372		2,847		—			(169	)		—			79		1,071	8,050
Invesco Floating Rate Fund-Class R6		4.81	%		13,702		5,951		—			100			—			187		2,539	19,753
Invesco High Yield Fund-Class R6		4.17	%		12,707		4,255		—			148			—			206		3,943	17,110
Invesco U.S. Government Fund-Class R5		6.38	%		17,182		8,800		—			238			—			86		2,888	26,220
Invesco U.S. Mortgage Fund-Class R5		2.10	%		5,436		3,195		—			3			—			70		686	8,634
iShares TIPS Bond ETF^(c)		14.60	%		40,660		19,634		(1,155	)		821			16			—		528	59,976
Powershares Fundamental Investment Grade Corporate Bond Portfolio-ETF		1.92	%		—		7,936		—			(35	)		—			28		307	7,901
Total Fixed-Income Funds					95,059		52,618		(1,155	)		1,106			16			656		11,962	147,644
Foreign Equity Funds–21.98%
Invesco Global Health Care Fund-Class Y		7.62	%		21,927		7,352		—			2,018			—			—		665	31,297
Invesco Global Infrastructure Fund-Class R6		6.24	%		19,087		7,776		(1,312	)		79			(3	)		111		2,486	25,627
Invesco Gold & Precious Metals Fund-Class Y^(b)		6.14	%		17,993		10,383		(2,700	)		(377	)		(87	)		—		6,888	25,212
Invesco International Growth Fund-Class R6		1.98	%		5,803		2,070		—			270			—			—		241	8,143
Total Foreign Equity Funds					64,810		27,581		(4,012	)		1,990			(90	)		111		10,280	90,279
Real Estate Funds–6.44%
Invesco Global Real Estate Fund-Class R6		6.44	%		18,987		8,176		(1,772	)		1,023			46			115		1,964	26,460
Money Market Funds–1.94%
Liquid Assets Portfolio-Institutional Class		0.97	%		3,966		65,018		(65,004	)		—			—			1		3,980	3,980
Premier Portfolio-Institutional Class		0.97	%		3,966		65,019		(65,005	)		—			—			0		3,980	3,980
Total Money Market Funds					7,932		130,037		(130,009	)		—			—			1		7,960	7,960
TOTAL INVESTMENTS IN AFFILIATED AND UNAFFILIATED ISSUERS (Cost $428,617)		100.11	%	$	286,039	$	266,562	$	(140,598	)	$	164		$	(891	)	$	1,002			$ 411,276
OTHER ASSETS LESS LIABILITIES		(0.11	)%																		(461)
NET ASSETS		100.00	%																		$ 410,815

Investment Abbreviations:

ETF – Exchange Traded Fund

TIPS – Treasury Inflation Protected Securities

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. The Fund invests in the Fund shares of the exchange-traded funds listed.

^(b)	Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date.

^(c)	Not affiliated with Invesco Advisors, Inc.

See accompanying notes which are an integral part of this schedule.

Invesco Multi-Asset Inflation Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 -- Significant Accounting Policies

The Fund is a “fund of funds,” in that it invests in mutual funds advised by Invesco Advisers, Inc. (the “Advisor” or “Invesco”) and exchange traded funds advised by Invesco Powershares Capital Management LLC (“PowerShares Capital”), an affiliate of Invesco or other unaffiliated advisors (“underlying funds”).

Security Valuations – Securities of investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in shares of funds that are not traded on an exchange are valued at the end-of-day net asset value per share of such fund. Securities in the underlying funds, including restricted securities, are valued in accordance with the valuation policy of such fund. The policies of the underlying funds affiliated with the Fund as a result of having the same investment adviser are set forth below.

Invesco Multi-Asset Inflation Fund

A.	Security Valuations – (continued)

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.

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

Treasury Inflation-Protected Securities – The Fund may invest in treasury inflation-protected securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these securities is generally fixed at issuance at a rate lower than typical bonds. Over the life of TIPS, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of TIPS will be included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed.

Invesco Multi-Asset Inflation Fund

NOTE 2 -- Additional Valuation Information


Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $136,525 and $10,589, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis

Aggregate unrealized appreciation of investment securities	$	6,601

Aggregate unrealized (depreciation) of investment securities		(24,319	)

Net unrealized appreciation (depreciation) of investment securities	$	(17,718	)

Cost of investments for tax purposes is $428,994.

Invesco Multi-Asset Inflation Fund

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–97.87%

Aerospace & Defense–1.66%

Hexcel Corp.		401,014	$	20,620,140
TransDigm Group, Inc.		94,889		20,754,122
				41,374,262

Air Freight & Logistics–0.88%

Forward Air Corp.		401,997		21,828,437

Apparel Retail–1.42%

ANN Inc. ^(b)		420,811		17,265,875
DSW Inc. -Class A		490,617		18,093,955
				35,359,830

Apparel, Accessories & Luxury Goods–1.10%

G-III Apparel Group, Ltd. ^(b)		243,246		27,401,662

Application Software–9.96%

Aspen Technology, Inc. ^(b)		484,654		18,654,332
Cadence Design Systems, Inc. ^(b)		1,021,278		18,832,366
Guidewire Software Inc. ^(b)		391,267		20,584,557
Interactive Intelligence Group, Inc. ^(b)		315,229		12,981,130
Manhattan Associates, Inc. ^(b)		1,108,041		56,077,955
Mentor Graphics Corp.		771,968		18,550,391
MicroStrategy Inc. -Class A ^(b)		125,688		21,265,153
Qlik Technologies Inc. ^(b)		626,012		19,487,754
SolarWinds, Inc. ^(b)		395,129		20,246,410
Ultimate Software Group, Inc. (The) ^(b)		129,958		22,087,012
Verint Systems Inc. ^(b)		302,569		18,738,098
				247,505,158

Asset Management & Custody Banks–1.67%

Affiliated Managers Group, Inc. ^(b)		85,734		18,413,949
Janus Capital Group Inc.		1,336,443		22,973,455
				41,387,404

Automotive Retail–0.80%

Group 1 Automotive, Inc.		231,158		19,955,870

Biotechnology–5.26%

Alnylam Pharmaceuticals Inc. ^(b)		206,277		21,539,444
Enanta Pharmaceuticals, Inc. ^(b)(c)		232,424		7,116,823
Exact Sciences Corp. ^(b)(c)		1,086,633		23,927,659
Incyte Corp. ^(b)		311,552		28,556,856
KYTHERA Biopharmaceuticals, Inc. ^(b)(c)		75,310		3,776,796
Neurocrine Biosciences, Inc. ^(b)		441,046		17,513,937
Repligen Corp. ^(b)		471,694		14,320,630
Seattle Genetics, Inc. ^(b)(c)		394,397		13,941,934
				130,694,079


	Shares		Value

Building Products–0.83%

A.O. Smith Corp.		315,994	$	20,748,166

Communications Equipment–2.16%

ARRIS Group Inc. ^(b)		804,482		23,245,507
Finisar Corp. ^(b)		634,278		13,535,493
Infinera Corp. ^(b)		858,818		16,892,950
				53,673,950

Construction & Engineering–0.39%

MasTec, Inc. ^(b)		503,576		9,719,017

Construction Machinery & Heavy Trucks–2.43%

WABCO Holdings Inc. ^(b)		209,276		25,715,835
Wabtec Corp.		364,001		34,583,735
				60,299,570

Construction Materials–0.81%

Martin Marietta Materials, Inc.		143,972		20,127,286

Distributors–0.86%

Pool Corp.		307,039		21,419,041

Electric Utilities–0.80%

ITC Holdings Corp.		533,905		19,984,064

Electrical Components & Equipment–1.19%

Acuity Brands, Inc.		175,290		29,476,766

Electronic Equipment & Instruments–1.48%

Cognex Corp. ^(b)		435,445		21,593,718
National Instruments Corp.		470,700		15,081,228
				36,674,946

Electronic Manufacturing Services–0.62%

IPG Photonics Corp. ^(b)(c)		165,186		15,312,742

Environmental & Facilities Services–0.40%

Tetra Tech, Inc.		412,597		9,910,580

Footwear–0.82%

Steven Madden, Ltd. ^(b)		533,491		20,272,658

Health Care Equipment–5.23%

DexCom Inc. ^(b)		417,288		26,013,734
Hill-Rom Holdings, Inc.		388,810		19,051,690
NuVasive, Inc. ^(b)		489,750		22,523,602
Sirona Dental Systems, Inc. ^(b)		222,812		20,050,852
STERIS Corp. ^(c)		384,443		27,014,810
Thoratec Corp. ^(b)		365,222		15,299,149
				129,953,837

See accompanying notes which are an integral part of this schedule.

Invesco Small Cap Growth Fund


	Shares		Value

Health Care Facilities–3.88%

Community Health Systems Inc. ^(b)		430,322	$	22,497,234
HealthSouth Corp.		500,308		22,193,663
Select Medical Holdings Corp.		1,249,212		18,525,814
VCA, Inc. ^(b)		606,298		33,237,256
				96,453,967

Health Care Services–1.84%

Chemed Corp.		226,528		27,047,443
Envision Healthcare Holdings, Inc. ^(b)		490,358		18,805,229
				45,852,672

Health Care Technology–0.22%

HMS Holdings Corp. ^(b)		354,521		5,477,349

Homebuilding–0.75%

Standard Pacific Corp.^(b)		2,074,270		18,668,430

Hotels, Resorts & Cruise Lines–0.84%

Choice Hotels International, Inc.		326,916		20,945,508

Industrial Machinery–2.24%

Crane Co.		266,102		16,607,426
ITT Corp.		513,557		20,496,060
Lincoln Electric Holdings, Inc.		283,931		18,566,248
				55,669,734

Internet Software & Services–3.59%

CoStar Group Inc. ^(b)		193,579		38,295,733
Dealertrack Technologies Inc. ^(b)		431,956		16,638,945
Envestnet, Inc. ^(b)		349,858		19,620,037
HomeAway Inc. ^(b)		489,751		14,775,788
				89,330,503

Investment Banking & Brokerage–1.13%

Stifel Financial Corp. ^(b)		502,184		27,996,758

IT Consulting & Other Services–1.83%

Booz Allen Hamilton Holding Corp.		673,919		19,503,216
EPAM Systems, Inc. ^(b)		425,913		26,104,208
				45,607,424

Leisure Products–0.77%

Brunswick Corp.		372,699		19,175,364

Life & Health Insurance–0.89%

American Equity Investment Life Holding Co.		756,095		22,025,047

Life Sciences Tools & Services–3.12%

Affymetrix, Inc. ^(b)(c)		739,188		9,284,201
Bio-Techne Corp.		193,891		19,445,328
PAREXEL International Corp. ^(b)		361,967		24,972,103
PerkinElmer, Inc.		382,433		19,557,624
VWR Corp. ^(b)		167,128		4,343,657
				77,602,913

Marine–0.60%

Kirby Corp. ^(b)		199,575		14,978,104


	Shares		Value

Metal & Glass Containers–0.76%

Berry Plastics Group Inc. ^(b)		521,347	$	18,867,548

Office Services & Supplies–1.65%

Pitney Bowes Inc.		907,897		21,172,158
Steelcase Inc. -Class A		1,052,103		19,926,831
				41,098,989

Oil & Gas Drilling–0.60%

Atwood Oceanics, Inc.		264,592		7,437,681
Patterson-UTI Energy, Inc.		391,716		7,354,468
				14,792,149

Oil & Gas Equipment & Services–0.52%

Dril-Quip, Inc. ^(b)		190,590		13,034,450

Oil & Gas Exploration & Production–1.70%

Energen Corp.		255,080		16,835,280
Laredo Petroleum Inc. ^(b)(c)		599,674		7,819,749
Oasis Petroleum Inc. ^(b)(c)		451,940		6,426,587
Ultra Petroleum Corp. ^(b)(c)		722,836		11,297,926
				42,379,542

Oil & Gas Storage & Transportation–0.67%

SemGroup Corp. -Class A		205,829		16,742,131

Packaged Foods & Meats–1.39%

B&G Foods Inc.		477,106		14,041,229
Lancaster Colony Corp.		216,086		20,564,905
				34,606,134

Pharmaceuticals–3.61%

Catalent, Inc. ^(b)		640,083		19,938,586
Jazz Pharmaceuticals PLC ^(b)		109,080		18,847,933
Nektar Therapeutics ^(b)		1,351,842		14,870,262
Pacira Pharmaceuticals, Inc. ^(b)		160,813		14,288,235
Salix Pharmaceuticals, Ltd. ^(b)(c)		125,799		21,739,325
				89,684,341

Regional Banks–2.86%

Hancock Holding Co.		490,897		14,658,184
Home BancShares Inc.		502,474		17,028,844
SVB Financial Group ^(b)		187,747		23,851,379
UMB Financial Corp.		293,678		15,532,630
				71,071,037

Research & Consulting Services–0.01%

Corporate Executive Board Co. (The)		3,751		299,555

Restaurants–4.77%

BJ’s Restaurants Inc. ^(b)		369,906		18,661,758
Brinker International, Inc.		306,096		18,843,270
Cheesecake Factory Inc. (The)		342,927		16,916,589
Domino’s Pizza, Inc.		186,967		18,799,532
Jack in the Box Inc.		472,794		45,350,400
				118,571,549

See accompanying notes which are an integral part of this schedule.

Invesco Small Cap Growth Fund


	Shares		Value

Semiconductor Equipment–1.24%

MKS Instruments, Inc.		401,229	$	13,565,552
Teradyne, Inc.		912,816		17,206,582
				30,772,134

Semiconductors–4.04%

Atmel Corp.		2,357,802		19,404,710
Cavium Inc. ^(b)		344,029		24,364,134
Monolithic Power Systems Inc.		380,130		20,013,845
Power Integrations, Inc.		357,417		18,614,277
Silicon Laboratories Inc. ^(b)		357,694		18,160,124
				100,557,090

Specialized REIT’s–0.90%

Corrections Corp. of America		556,175		22,391,606

Specialty Chemicals–0.87%

PolyOne Corp.		580,216		21,671,068

Specialty Stores–0.93%

Five Below, Inc. ^(b)		390,407		13,886,777
Vitamin Shoppe, Inc. ^(b)		220,999		9,102,949
				22,989,726

Steel–0.40%

Carpenter Technology Corp.		256,131		9,958,373

Systems Software–1.26%

CommVault Systems, Inc. ^(b)		215,683		9,425,347
Qualys, Inc. ^(b)		472,792		21,975,372
				31,400,719

Technology Distributors–1.05%

SYNNEX Corp.		337,919		26,104,243

Technology Hardware, Storage & Peripherals–0.74%

Cray, Inc. ^(b)		658,354		18,486,580

Trading Companies & Distributors–1.57%

Watsco, Inc.		186,262		23,413,133
WESCO International, Inc. ^(b)		221,729		15,496,640
				38,909,773

Trucking–2.40%

Knight Transportation, Inc.		811,457		26,169,488
Old Dominion Freight Line, Inc. ^(b)		145,002		11,208,655
Swift Transportation Co. ^(b)		853,857		22,217,359
				59,595,502

Wireless Telecommunication Services–1.46%

SBA Communications Corp. -Class A ^(b)		309,077		36,192,917
Total Common Stocks & Other Equity Interests (Cost $1,531,591,645)				2,433,040,254


	Shares		Value

Money Market Funds–2.15%

Liquid Assets Portfolio –Institutional Class ^(d)		26,727,420	$	26,727,420
Premier Portfolio –Institutional Class ^(d)		26,727,419		26,727,419
Total Money Market Funds (Cost $53,454,839)				53,454,839
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.02% (Cost $1,585,046,484)				2,486,495,093

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–3.09%

Liquid Assets Portfolio – Institutional Class (Cost $76,928,780)^(d)(e)		76,928,780		76,928,780
TOTAL INVESTMENTS–103.11% (Cost $1,661,975,264)				2,563,423,873
OTHER ASSETS LESS LIABILITIES–(3.11)%				(77,236,098)
NET ASSETS–100.00%			$	2,486,187,775

Investment Abbreviations:

REIT —Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)	Non-income producing security.

^(c)	All or a portion of this security was out on loan at March 31, 2015.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

^(e)


Counterparty	Gross Amount of Securities on loan at Value	Cash Collateral Received for Securities Loaned*	Net Amount
Brown Brothers Harriman	$74,081,416	$(74,081,416)	$—
* Amount does not include excess collateral received.

See accompanying notes which are an integral part of this schedule.

Invesco Small Cap Growth Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco Small Cap Growth Fund

A.	Security Valuations – (continued)

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. 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. 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. 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. 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, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.

Invesco Small Cap Growth Fund

NOTE 2 — Additional Valuation Information


Level 1 –		Prices are determined using quoted prices in an active market for identical assets.
Level 2 –		Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –		Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $121,134,236 and $103,966,406, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	955,786,559
Aggregate unrealized (depreciation) of investment securities		(54,678,471)
Net unrealized appreciation of investment securities	$	901,108,088
Cost of investments for tax purposes is $1,662,315,785.

Invesco Small Cap Growth Fund


Invesco U.S. Mortgage Fund Quarterly Schedule of Portfolio Holdings March 31, 2015




invesco.com/us	VK-USM-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)


	Principal Amount		Value

U.S. Government Sponsored Agency Mortgage-Backed Securities–105.40%

Collateralized Mortgage Obligations–12.02%

Fannie Mae ACES, 0.44%, 12/25/17^(a)	$	4,320,718	$	4,326,824
0.70%, 08/25/19^(a)		1,514,318		1,525,313
Fannie Mae Grantor Trust 7.50%, 01/19/39		487,234		539,446
Fannie Mae Interest STRIPS, 6.50%, 10/25/24, IO		308,168		50,239
8.00%, 05/25/30, IO		1,189,256		322,518
7.50%, 01/25/32, IO		392,828		80,239
Fannie Mae REMICs, 2.00%, 06/25/19		640,973		648,477
4.50%, 11/25/23, IO		8,587,318		463,385
3.00%, 10/25/26 to 02/25/28, IO		48,362,904		5,009,573
8.00%, 08/18/27 to 09/18/27, IO		1,351,066		227,623
7.00%, 09/25/32		411,705		477,056
6.00%, 05/25/33, IO		51,826		10,667
7.00%, 05/25/33, IO		1,232,710		250,874
6.57%, 06/25/39, IO^(a)		1,515,914		1,773,900
3.50%, 08/25/42, IO		2,350,350		331,619
1.78%, 03/25/43, IO^(a)		23,542,030		1,759,993
3.50%, 09/25/44		5,570,964		5,816,067
Freddie Mac REMICs, 4.50%, 06/15/18		203,269		213,050
3.00%, 10/15/18 to 04/15/26		2,132,233		2,192,351
3.75%, 10/15/18		338,553		340,793
1.24%, 01/15/24, PO		1,251,755		1,251,932
3.00%, 09/15/25, IO		7,979,516		501,993
2.50%, 09/15/27, IO		4,936,679		464,749
1.68%, 04/15/38, IO^(a)		16,045,246		1,110,883
1.81%, 02/15/39, IO^(a)		13,509,123		1,135,835
1.85%, 12/15/39, IO^(a)		29,939,981		2,353,022
4.00%, 12/15/41, IO		3,595,741		408,604
Freddie Mac STRIPS, 8.00%, 06/15/31, IO		1,765,385		475,218
Freddie Mac Structured Pass Through Securities 6.50%, 02/25/43		2,522,761		3,016,229
Ginnie Mae REMICs, 4.00%, 04/16/33		382,330		384,036
4.50%, 10/20/33		3,210		3,210
5.86%, 01/20/39^(a)		2,971,939		3,392,387
4.51%, 07/20/41^(a)		4,856,286		5,201,379
1.73%, 09/20/41^(a)		3,755,183		3,916,627
2.50%, 10/20/43		1,033,859		908,377
1.60%, 09/20/64, IO^(a)		7,854,056		881,127
1.65%, 11/20/64, IO^(a)		5,183,134		612,258
1.69%, 12/20/64, IO^(a)		13,045,580		1,524,702
				53,902,575


	Principal Amount		Value

Federal Home Loan Mortgage Corp. (FHLMC)–32.89%

Pass Through Ctfs., 8.50%, 01/01/17 to 08/01/31	$	517,242	$	623,210
5.00%, 10/01/18 to 06/01/40		13,332,377		14,840,704
7.50%, 01/01/20 to 05/01/35		591,182		722,195
3.50%, 08/01/26		1,066,855		1,144,963
6.50%, 05/01/28 to 08/01/33		722,115		827,923
6.00%, 03/01/29		7,345		8,444
8.00%, 08/01/32		368,848		473,438
5.50%, 12/01/36		555,496		623,770
4.50%, 05/01/38 to 02/01/42		34,274,016		37,653,071
5.35%, 07/01/38 to 10/17/38		3,963,513		4,459,789
5.80%, 10/01/38 to 01/20/39		2,166,320		2,482,571
5.45%, 11/25/38		3,987,708		4,518,995
4.00%, 06/01/42		7,238,023		7,828,680
Pass Through Ctfs., ARM, 2.39%, 07/01/36^(a)		3,233,900		3,459,068
2.67%, 02/01/37^(a)		334,654		360,856
2.79%, 03/01/37^(a)		1,232,826		1,324,812
2.38%, 05/01/37^(a)		1,335,714		1,437,461
2.52%, 11/01/37^(a)		3,030,000		3,263,993
2.66%, 01/01/38^(a)		470,562		506,836
3.45%, 03/01/41^(a)		439,709		466,336
Pass Through Ctfs., TBA, 3.00%, 05/01/45^(b)		23,200,000		23,614,610
3.50%, 05/01/45^(b)		21,700,000		22,690,062
4.00%, 05/01/45^(b)		13,200,000		14,077,591
				147,409,378

Federal National Mortgage Association (FNMA)–50.26%

Pass Through Ctfs., 7.50%, 04/01/15 to 08/01/37		954,248		1,205,109
7.00%, 02/01/18 to 12/01/33		494,409		536,268
4.50%, 05/01/19 to 10/01/41		18,384,903		19,891,702
8.00%, 07/01/20 to 04/01/33		823,516		1,052,050
6.50%, 06/01/22 to 11/01/38		5,107,370		5,912,604
5.50%, 11/01/22 to 04/01/38		16,108,526		18,270,485
4.00%, 06/01/24 to 06/01/44		15,742,048		16,992,727
5.00%, 06/01/27 to 01/01/41		10,713,832		11,941,907
9.50%, 04/01/30		119,661		144,769
5.63%, 08/01/32		640,436		759,604
8.50%, 10/01/32		689,720		890,167
6.00%, 12/01/35 to 05/01/40		5,309,869		6,079,756
5.45%, 01/01/38		830,384		947,063
3.50%, 11/01/42		2,514,949		2,661,944
3.00%, 04/01/43		3,635,139		3,727,065
Pass Through Ctfs., ARM, 2.31%, 03/01/38^(a)		478,622		511,204
1.84%, 02/01/39^(a)		4,878,153		5,155,410
3.02%, 08/01/42^(a)		1,573,736		1,639,480
2.27%, 07/01/43^(a)		4,445,145		4,517,008
2.68%, 09/01/43^(a)		2,258,790		2,331,415

See accompanying notes which are an integral part of this schedule.

Invesco U.S. Mortgage Fund


	Principal Amount		Value

Federal National Mortgage Association (FNMA)–(continued)

Pass Through Ctfs., TBA, 2.50%, 05/01/30^(b)	$	19,000,000	$	19,472,001
3.00%, 05/01/30 to 05/01/45^(b)		40,900,000		42,084,429
3.50%, 05/01/45^(b)		27,950,000		29,287,452
4.00%, 05/01/45^(b)		27,420,000		29,272,989
				225,284,608

Government National Mortgage Association (GNMA)–10.23%

Pass Through Ctfs., 9.50%, 02/15/16 to 08/15/22		300,927		307,028
8.00%, 06/15/16 to 12/15/21		268,780		275,463
8.50%, 02/20/17		566		590
9.00%, 09/15/17 to 08/15/24		587,546		604,515
7.00%, 08/15/22 to 01/15/29		454,705		499,285
6.50%, 04/15/26 to 11/15/28		231,673		265,589
6.00%, 01/15/28 to 04/20/29		627,276		717,143
5.50%, 05/15/33 to 10/15/34		1,406,216		1,600,140
5.00%, 11/20/37		2,282,336		2,516,008
Pass Through Ctfs., TBA, 3.50%, 05/01/45^(b)		22,500,000		23,617,970
4.00%, 05/01/45^(b)		14,500,000		15,435,986
				45,839,717
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $465,252,505)				472,436,278

Asset-Backed Securities–40.25%

American Home Mortgage Investment Trust, Series 2005-1, Class 7A1, Floating Rate Pass Through Ctfs., 2.38%, 06/25/45^(a)		1,461,134		1,453,004
Americredit Automobile Receivables Trust, Series 2014-4, Class A2A, Pass Through Ctfs., 0.72%, 04/09/18		5,000,000		5,000,198
BAMLL-DB Trust, Series 2012-OSI, Class A2FX, Pass Through Ctfs., 3.35%, 04/13/29^(c)		4,997,674		5,139,775
Banc of America Funding Trust, Series 2006-3, Class 5A5, Pass Through Ctfs., 5.50%, 03/25/36		207,340		198,593
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR7, Class AJ, Pass Through Ctfs., 5.17%, 02/11/41		1,362,819		1,362,211
Series 2005-PWR8, Class AJ, Pass Through Ctfs., 4.75%, 06/11/41		5,000,000		5,024,888
Series 2005-PWR9, Class AJ, Pass Through Ctfs., 4.99%, 09/11/42		500,000		507,466
Series 2006-PW11, Class A4, Variable Rate Pass Through Ctfs., 5.60%, 03/11/39^(a)		4,070,116		4,168,188
Series 2006-T22, Class AJ, Variable Rate Pass Through Ctfs., 5.76%, 04/12/38^(a)		4,055,000		4,214,836
Series 2006-T22, Class B, Variable Rate Pass Through Ctfs., 5.76%, 04/12/38^(a)(c)		1,750,000		1,847,636


	Principal Amount		Value
BMW Vehicle Lease Trust, Series 2015-1, Class A2B, Floating Rate Pass Through Ctfs., 0.50%, 02/21/17^(a)	$	5,000,000	$	5,001,783
Cerberus Onshore II CLO-2 LLC, Series 2014-1A, Class A, Floating Rate Pass Through Ctfs., 2.18%, 10/15/23^(a)(c)		3,000,000		3,003,600
CGBAM Commercial Mortgage Trust, Series 2014-HD, Class B, Floating Rate Pass Through Ctfs., 1.37%, 02/15/31^(a)(c)		3,000,000		2,994,618
Chase Mortgage Finance Trust, Series 2005-A1, Class 3A1, Floating Rate Pass Through Ctfs., 2.45%, 12/25/35^(a)		90,281		82,547
CHL Mortgage Pass Through Trust, Series 2004-29, Class 1A1, Floating Rate Pass Through Ctfs., 0.71%, 02/25/35^(a)		751,150		714,669
Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB3, Class 2A, Floating Rate Pass Through Ctfs., 2.60%, 09/25/34^(a)		3,876,747		3,845,179
Series 2004-UST1, Class A4, Floating Rate Pass Through Ctfs., 2.18%, 08/25/34^(a)		699,059		694,452
Series 2006-AR2, Class 1A2, Floating Rate Pass Through Ctfs., 2.60%, 03/25/36^(a)		162,893		155,967
Series 2009-12, Class 5A1, Pass Through Ctfs., 5.50%, 07/25/37^(c)		2,019,388		2,092,086
Series 2012-6, Class 2A1, Floating Rate Pass Through Ctfs., 2.36%, 08/25/36^(a)(c)		2,624,264		2,648,457
Commercial Mortgage Trust, Series 2005-GG3, Class B, Pass Through Ctfs., 4.89%, 08/10/42		375,438		375,371
Series 2013-FL3, Class B, Floating Rate Pass Through Ctfs., 2.15%, 10/13/28^(a)(c)		5,000,000		5,071,970
Series 2013-LC13, Class XA, Variable Rate Pass Through Ctfs., 1.60%, 08/10/46^(a)		47,288,917		3,337,226
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C5, Class AJ, Pass Through Ctfs., 5.10%, 08/15/38		930,000		941,986
Credit Suisse Mortgage Capital, Series 2015 TOWN, Class B, Floating Rate Pass Through Ctfs., 2.08%, 03/15/17^(a)(c)		2,500,000		2,500,000
Fifth Third Auto Trust, Series 2014-3, Class A2A, Pass Through Ctfs., 0.57%, 05/15/17		4,000,000		3,999,106
GSAA Home Equity Trust, Series 2007-7, Class A4, Floating Rate Pass Through Ctfs., 0.44%, 07/25/37^(a)		99,686		84,920

See accompanying notes which are an integral part of this schedule.

Invesco U.S. Mortgage Fund


	Principal Amount		Value
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2005-LDP3, Class AJ, Variable Rate Pass Through Ctfs., 5.17%, 08/15/42^(a)	$	5,000,000	$	5,054,663
Series 2006-LDP6, Class AJ, Pass Through Ctfs., 5.57%, 04/15/43		8,372,000		8,618,957
Series 2006-LDP8, Class AJ, Pass Through Ctfs., 5.48%, 05/15/45		4,000,000		4,183,968
JP Morgan Mortgage Trust, Series 2005-A3, Class 6A5, Floating Rate Pass Through Ctfs., 2.58%, 06/25/35^(a)		2,069,512		2,070,724
Series 2005-A6, Class 7A1, Floating Rate Pass Through Ctfs., 2.53%, 08/25/35^(a)		1,638,666		1,557,989
Series 2014-1, Class 1A17, Variable Rate Pass Through Ctfs., 4.00%, 01/25/44^(a)(c)		6,514,696		6,883,568
JP Morgan Resecuritization Trust, Series 2009-5, Class 1A1, Floating Rate Pass Through Ctfs., 2.63%, 07/26/36^(a)(c)		5,093,902		5,128,866
Series 2009-7, Class 5A1, Pass Through Ctfs., 6.00%, 02/27/37^(c)		845,125		871,296
La Hipotecaria El Salvadorian Mortgage Trust (El Salvador), Series 2013-1A, Class A, Pass Through Ctfs, 3.50%, 10/25/41 (Acquired 04/22/13; Cost $5,774,875)^(c)		5,579,589		5,914,365
La Hipotecaria Panamanian Mortgage Trust (El Salvador), Series 2010-1GA, Class A, Floating Rate Pass Through Ctfs., 2.50%, 09/08/39 (Acquired 11/05/10-06/25/12; Cost $9,086,539)^(a)(c)		8,782,657		9,112,007
LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class AJ, Pass Through Ctfs., 5.32%, 11/15/40		5,420,000		5,544,674
LSTAR Commercial Mortgage Trust, Series 2014-2, Class A2, Pass Through Ctfs., 2.77%, 01/20/41^(c)		3,350,000		3,422,811
Luminent Mortgage Trust, Series 2005-1, Class A1, Floating Rate Pass Through Ctfs., 0.43%, 11/25/35^(a)		3,708,646		3,338,204
Series 2006-1, Class A1, Floating Rate Pass Through Ctfs., 0.41%, 04/25/36^(a)		111,752		73,361
Merrill Lynch Mortgage Investors Trust, Series 2004-A, Class A2, Floating Rate Pass Through Ctfs., 0.89%, 04/25/29^(a)		255,210		243,385
Series 2005-A, Class A1, Floating Rate Pass Through Ctfs., 0.63%, 03/25/30^(a)		1,770,122		1,726,100


	Principal Amount		Value
Morgan Stanley Capital I Trust, Series 2006-HQ9, Class AJ, Pass Through Ctfs., 5.79%, 07/12/44	$	7,945,000	$	8,336,605
Newstar Commercial Loan Funding LLC, Series 2015-1A, Class A1, Floating Rate Pass Through Ctfs., 2.07%, 01/20/27^(a)(c)		5,000,000		4,997,100
RALI Trust, Series 2006-QO2, Class A2, Floating Rate Pass Through Ctfs., 0.44%, 02/25/46^(a)		69,495		34,318
RBSSP Resecuritization Trust, Series 2009-13, Class 10A3, Floating Rate Pass Through Ctfs., 2.47%, 01/26/36^(a)(c)		1,451,234		1,462,311
Series 2010-1, Class 2A1, Floating Rate Pass Through Ctfs., 2.31%, 07/26/45 (Acquired 01/31/11; Cost $3,012,938)^(a)(c)		3,024,279		3,019,525
Sequoia Mortgage Trust, Series 2013-4, Class A3, Pass Through Ctfs., 1.55%, 04/25/43		2,527,601		2,455,779
Series 2013-7, Class A2, Pass Through Ctfs., 3.00%, 06/25/43		4,410,517		4,376,836
Shellpoint Asset Funding Trust, Series 2013-1, Class A3, Pass Through Ctfs., 3.75%, 07/25/43^(c)		3,928,243		4,079,944
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-13, Class A2, Floating Rate Pass Through Ctfs., 0.47%, 09/25/34^(a)		818,776		732,263
Series 2004-20, Class 3A1, Floating Rate Pass Through Ctfs., 2.50%, 01/25/35^(a)		732,657		705,852
Series 2004-6, Class 3A2, Floating Rate Pass Through Ctfs., 2.42%, 06/25/34^(a)		4,082,409		4,094,178
Structured Asset Mortgage Investments, II Trust., Series 2005-AR2, Class 2A1, Floating Rate Pass Through Ctfs., 0.40%, 05/25/45^(a)		1,839,238		1,628,512
Structured Asset Securities Corp., Series 2002-21A, Class B1II, Floating Rate Pass Through Ctfs., 2.48%, 11/25/32^(a)		239,024		217,374
Wachovia Bank Commercial Mortgage Trust, Series 2005-C20, Class AJ, Variable Rate Pass Through Ctfs., 5.15%, 07/15/42^(a)		500,000		505,719
Series 2005-C21, Class AJ, Variable Rate Pass Through Ctfs., 5.27%, 10/15/44^(a)		1,254,000		1,272,180

See accompanying notes which are an integral part of this schedule.

Invesco U.S. Mortgage Fund


	Principal Amount		Value
WaMu Mortgage Pass Through Certificates, Series 2005-AR12, Class 1A8, Floating Rate Pass Through Ctfs., 2.33%, 10/25/35^(a)	$	6,740,732	$	6,560,747
Series 2007-HY2, Class 2A1, Floating Rate Pass Through Ctfs., 2.34%, 11/25/36^(a)		337,537		297,146
Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 1A2, Floating Rate Pass Through Ctfs., 2.62%, 07/25/34^(a)		2,932,060		2,944,890
Series 2005-AR2, Class 2A2, Floating Rate Pass Through Ctfs., 2.62%, 03/25/35^(a)		376,243		383,857
Series 2006-AR8, Class 2A3, Floating Rate Pass Through Ctfs., 2.60%, 04/25/36^(a)		2,134,646		2,095,461
Total Asset-Backed Securities (Cost $179,402,339)				180,406,267

Structured Agency Credit Risk Notes (STACR)–0.97%

Freddie Mac, Series 2014-DN1, Class M2, Floating Rate STACR^® Debt Notes, 2.37%, 02/25/24^(a)(d) (Cost $4,314,342)		4,300,000		4,356,102


	Principal Amount		Value

U.S. Treasury Securities–0.51%

U.S. Treasury Bills–0.28%

0.00%, 08/20/15^(e)	$	355,000	$	354,909
0.07%, 08/20/15^(e)		580,000		579,853
0.09%, 08/20/15^(e)		305,000		304,922
				1,239,684

U.S. Treasury Notes–0.23%

3.25%, 12/31/16^(f)		1,000,000		1,047,902
Total U.S. Treasury Securities (Cost $2,244,725)				2,287,586

	Shares

Money Market Funds–1.73%

Liquid Assets Portfolio –Institutional Class ^(g)		3,870,870		3,870,870
Premier Portfolio –Institutional Class ^(g)		3,870,871		3,870,871
Total Money Market Funds (Cost $7,741,741)				7,741,741
TOTAL INVESTMENTS–148.86% (Cost $658,955,652)				667,227,974
OTHER ASSETS LESS LIABILITIES–(48.86)%				(219,005,662)
NET ASSETS–100.00%			$	448,222,312


Investment Abbreviations:

ACES	—Automatically Convertible Extendable Security	PO	— Principal only
ARM	—Adjustable Rate Mortgage	REMICs	— Real Estate Mortgage Investment Conduits
CLO	—Collateralized Loan Obligation	STRIPS	— Separately Traded Registered Interest and Principal Security
Ctfs.	—Certificates	TBA	— To Be Announced
IO	—Interest only

Notes to Schedule of Investments:

^(a)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on March 31, 2015.

^(b)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1C.

^(c)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at March 31, 2015 was $70,189,935, which represented 15.66% of the Fund’s Net Assets.

^(d)	Principal payments are determined by the delinquency and principal payment experience on the STACR^® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR^® debt notes.

^(e)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(f)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1D and Note 3.

^(g)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco U.S. Mortgage Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Invesco U.S. Mortgage Fund

A.	Security Valuations – (continued)

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. 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. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

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

Dollar Rolls and Forward Commitment Transactions – The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date.

The Fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions increase the Fund’s portfolio turnover rate. The Fund will segregate liquid assets in an amount equal to its dollar roll commitments. Dollar roll transactions are considered borrowings under the 1940 Act.

Dollar roll transactions involve the risk that a Counterparty to the transaction may fail to complete the transaction. If this occurs, the Fund may lose the opportunity to purchase or sell the security at the agreed upon price. Dollar rolls 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.

Invesco U.S. Mortgage Fund

Other Risks – The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government.

F.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2 — Additional Valuation Information


Level 1	–	Prices are determined using quoted prices in an active market for identical assets.
Level 2	–	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3	–	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.


	Level 1		Level 2		Level 3		Total
Equity Securities	$	7,741,741	$	—	$	—	$	7,741,741
U.S. Treasury Securities		—		2,287,586		—		2,287,586
U.S. Government Sponsored Securities		—		472,436,278		—		472,436,278
Asset-Backed Securities		—		180,406,267		—		180,406,267
Structured Agency Credit Risk Notes		—		4,356,102		—		4,356,102
		7,741,741		659,486,233		—		667,227,974
Futures Contracts*		(321,143)		—		—		(321,143)
Total Investments	$	7,420,598	$	659,486,233	$	—	$	666,906,831

* Unrealized appreciation (depreciation).

NOTE 3 — Derivative Investments

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 March 31, 2015:


	Value
Risk Exposure/ Derivative Type		Assets		Liabilities
Interest rate risk:
Futures contracts ^(a)		$	53,752	$	(374,895)

^(a)	Includes cumulative appreciation (depreciation) of futures contracts.

Invesco U.S. Mortgage Fund

Effect of Derivative Investments for the three months ended March 31, 2015

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)
		Futures
Realized Gain (Loss):
Interest rate risk		$(900,667)
Change in Unrealized Appreciation (Depreciation):
Interest rate risk		(74,901)
Total		$(975,568)

The table below summarizes the three months average notional value of futures contracts outstanding during the period.


		Futures Contracts
Average notional value		$86,764,959

Open Futures Contracts

Futures Contracts

Type of
Contract

Number of
Contracts

Expiration
Month

Notional
Value

Unrealized

Appreciation

(Depreciation)

U.S. Treasury 2 Year Notes

Short

180

June-2015

$ (39,448,125)

$ (93,198)

U.S. Treasury 5 Year Notes

Short

260

June-2015

(31,254,844)

(189,473)

U.S. Treasury 30 Year Bonds

Short

June-2015

(8,685,375)

(92,224)

Ultra U.S. Treasury Bonds

Long

June-2015

2,887,875

53,752

Total Futures Contracts - Interest Rate Risk

$ (321,143)

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $ 1,061,002,646 and $ 1,045,901,915 respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	12,264,719
Aggregate unrealized (depreciation) of investment securities		(4,017,796)
Net unrealized appreciation of investment securities	$	8,246,923
Cost of investments for tax purposes is $658,981,051.

Invesco U.S. Mortgage Fund

Item 2.

Controls and Procedures.

(a)

As of May 15, 2015, 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 Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of May 15, 2015, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q 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 Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3.

Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date:		May 29, 2015

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


By:		/s/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date:		May 29, 2015

By:		/s/ Sheri Morris
		Sheri Morris
		Principal Financial Officer

Date:		May 29, 2015

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.