# EDGAR Filing Document

**Accession Number:** 0000725781
**File Stem:** 0001193125-23-002129
**Filing Date:** 2023-1
**Character Count:** 1105567
**Document Hash:** de96113b77ae3003d740d95ab527378b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-002129.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0001193125-23-002129

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**EFFECTIVENESS DATE**: 20230105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
- **CENTRAL INDEX KEY:** 0000725781
- **IRS NUMBER:** 840933032
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03826
- **FILM NUMBER:** 23510274

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM SECTOR FUNDS
- **DATE OF NAME CHANGE:** 20031126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIM SECTOR FUNDS INC
- **DATE OF NAME CHANGE:** 20031001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INVESCO SECTOR FUNDS INC
- **DATE OF NAME CHANGE:** 19990330

## Series and Classes Contracts Data

### INVESCO Energy Fund (Series ID: S000000155)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000337 | Class A        | IENAX           |
| C000000339 | Class C        | IEFCX           |
| C000000341 | Investor Class | FSTEX           |
| C000023157 | CLASS R5       | IENIX           |
| C000071330 | Class Y        | IENYX           |
| C000188943 | Class R6       |  |

### INVESCO Technology Fund (Series ID: S000000160)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000361 | Class A        | ITYAX           |
| C000000363 | Class C        | ITHCX           |
| C000000365 | Investor Class | FTCHX           |
| C000023158 | CLASS R5       | FTPIX           |
| C000071334 | Class Y        | ITYYX           |
| C000188945 | Class R6       |  |

### INVESCO Dividend Income Fund (Series ID: S000000161)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000000366 | Class A        | IAUTX           |
| C000000368 | Class C        | IUTCX           |
| C000000369 | Investor Class | FSTUX           |
| C000029688 | CLASS R5       | FSIUX           |
| C000071335 | Class Y        | IAUYX           |
| C000120718 | Class R6       | IFUTX           |
| C000217956 | Class R        |  |

### INVESCO AMERICAN VALUE FUND (Series ID: S000027832)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084467 | CLASS A      | MSAVX           |
| C000084469 | CLASS C      | MSVCX           |
| C000084470 | CLASS Y      | MSAIX           |
| C000084471 | CLASS R5     | MSAJX           |
| C000084472 | CLASS R      | MSARX           |
| C000120719 | Class R6     | MSAFX           |

### INVESCO COMSTOCK FUND (Series ID: S000027834)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084479 | CLASS A      | ACSTX           |
| C000084481 | CLASS C      | ACSYX           |
| C000084482 | CLASS Y      | ACSDX           |
| C000084483 | CLASS R5     | ACSHX           |
| C000084484 | CLASS R      | ACSRX           |
| C000120720 | Class R6     | ICSFX           |

### INVESCO SMALL CAP VALUE FUND (Series ID: S000027837)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084495 | CLASS A      | VSCAX           |
| C000084497 | CLASS C      | VSMCX           |
| C000084498 | CLASS Y      | VSMIX           |
| C000177891 | CLASS R6     |  |
| C000217957 | Class R      |  |

### INVESCO VALUE OPPORTUNITIES FUND (Series ID: S000027840)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000084507 | CLASS A      | VVOAX           |
| C000084509 | CLASS C      | VVOCX           |
| C000084510 | CLASS Y      | VVOIX           |
| C000095989 | Class R      | VVORX           |
| C000095990 | CLASS R5     | VVONX           |
| C000188946 | Class R6     |  |

### Invesco Gold & Special Minerals Fund (Series ID: S000064611)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209135 | Class C      |  |
| C000209136 | Class R      |  |
| C000209137 | Class Y      |  |
| C000209138 | Class R5     |  |
| C000209139 | Class R6     |  |
| C000209140 | Class A      |  |

### Invesco Comstock Select Fund (Series ID: S000064612)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000209141 | Class C      |  |
| C000209142 | Class R      |  |
| C000209143 | Class R6     |  |
| C000209144 | Class Y      |  |
| C000209145 | Class R5     |  |
| C000209146 | Class A      |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

---

| | |
|:---|:---|
| Investment Company Act file number | 811-03826 |
| AIM Sector Funds (Invesco Sector Funds) | AIM Sector Funds (Invesco Sector Funds) |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| 11 Greenway Plaza, Suite 1000 Houston, Texas 77046 | 11 Greenway Plaza, Suite 1000 Houston, Texas 77046 |
| (Address of principal executive offices) (Zip code) | (Address of principal executive offices) (Zip code) |
| Sheri Morris 11 Greenway Plaza, Suite 1000 Houston, Texas 77046 | Sheri Morris 11 Greenway Plaza, Suite 1000 Houston, Texas 77046 |
| (Name and address of agent for service) | (Name and address of agent for service) |

---

Registrant's telephone number, including area code:   <u>(713) 626-1919 </u>

---

| | |
|:---|:---|
| Date of fiscal year end: | 04/30 |
| Date of reporting period: | 10/31/22 |

---

------

ITEM 1. REPORTS TO STOCKHOLDERS.

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

(b) Not Applicable.

------

![LOGO](g345966dsp001.jpg)

---

| | |
|:---|:---|
| **Semiannual Report to Shareholders** | **October 31, 2022** |

---

**Invesco American Value Fund** 

Nasdaq:

A: MSAVX ∎ C: MSVCX ∎ R: MSARX ∎ Y: MSAIX ∎ R5: MSAJX ∎ R6: MSAFX

---

| | |
|:---|:---|
| 2 | [Fund Performance](#edg345966_1) |
| 4 | [Schedule of Investments](#edg345966_2) |
| 7 | [Financial Statements](#edg345966_3) |
| 10 | [Financial Highlights](#edg345966_4) |
| 11 | [Notes to Financial Statements](#edg345966_5) |
| 18 | [Fund Expenses](#edg345966_6) |
| 19 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg345966_7) |

---

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

**This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.** 

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

------

**Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Performance summary** | &nbsp;&nbsp; <br> **Performance summary** |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | 0.77 | % |
| &nbsp;&nbsp; Class C Shares | 0.40 |  |
| &nbsp;&nbsp; Class R Shares | 0.64 |  |
| &nbsp;&nbsp; Class Y Shares | 0.87 |  |
| &nbsp;&nbsp; Class R5 Shares | 0.93 |  |
| &nbsp;&nbsp; Class R6 Shares | 0.98 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -5.50 |  |
| &nbsp;&nbsp; Russell Midcap Value Index<sup>▼</sup> (Style-Specific Index) | -5.61 |  |
| &nbsp;&nbsp; Lipper Mid-Cap Value Funds Index<sup>∎</sup> (Peer Group Index) | -3.47 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc. |  |  |
| &nbsp;&nbsp; <br> The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;The **Russell Midcap<sup>®</sup> Value Index** is an unmanaged index considered representative of mid-cap value stocks. The Russell Midcap Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> &nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Mid-Cap Value Funds Index** is an unmanaged index considered representative of mid-cap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).<br> &nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp; <br> The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;The **Russell Midcap<sup>®</sup> Value Index** is an unmanaged index considered representative of mid-cap value stocks. The Russell Midcap Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> &nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Mid-Cap Value Funds Index** is an unmanaged index considered representative of mid-cap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).<br> &nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |  |

---

&nbsp;&nbsp;&nbsp; **For more information about your Fund**<br>Read the most recent quarterly commentary from your Fund's portfolio managers by visiting **invesco.com/us.** Click on "Products" and select "Mutual Funds." Use the "Product Finder" to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund's investment strategies, holdings and performance.<br> &nbsp;&nbsp;&nbsp;&nbsp;Also, visit **blog.invesco.us.com,** where many of Invesco's investment professionals share their insights about market and economic news and trends.<br>

---

| | |
|:---|:---|
| **2** | **Invesco American Value Fund** |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (10/18/93) | 8.67 | % |
| &nbsp;&nbsp; 10 Years | 7.87 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.30 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -9.35 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (10/18/93) | 8.65 | % |
| &nbsp;&nbsp; 10 Years | 7.85 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.73 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -5.58 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (3/20/07) | 6.41 | % |
| &nbsp;&nbsp; 10 Years | 8.21 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.23 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -4.34 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (2/7/06) | 7.63 | % |
| &nbsp;&nbsp; 10 Years | 8.75 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.75 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -3.86 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; Inception (6/1/10) | 9.84 | % |
| &nbsp;&nbsp; 10 Years | 8.86 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.85 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -3.79 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (9/24/12) | 8.80 | % |
| &nbsp;&nbsp; 10 Years | 8.94 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.92 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -3.70 |  |

---

**Effective June 1, 2010, Class A, Class C, Class I and Class R shares of the predecessor fund, Van Kampen American Value Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C, Class Y and Class R shares, respectively, of Invesco Van Kampen American Value Fund (renamed Invesco American Value Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C, Class R and Class Y shares are those for Class A, Class C, Class R and Class I of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

---

| | |
|:---|:---|
| **3** | **Invesco American Value Fund** |

---

------

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

*October 31, 2022* 

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–94.62%** | **Common Stocks & Other Equity Interests–94.62%** | **Common Stocks & Other Equity Interests–94.62%** |
|  **Aerospace & Defense–2.72%** |  |  |
|  BWX Technologies, Inc.<sup>(b)</sup>  | 412500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23504250 |
|  Huntington Ingalls Industries, Inc. | 93200 | 23958924 |
|  |  | 47463174 |
|  **Auto Parts & Equipment–1.77%** |  |  |
|  Dana, Inc. | 1942300 | 30999108 |
|  **Biotechnology–1.99%** |  |  |
|  Horizon Therapeutics PLC<sup>(c)</sup>  | 558200 | 34787024 |
|  **Construction & Engineering–5.64%** | **Construction & Engineering–5.64%** | **Construction & Engineering–5.64%** |
|  AECOM | 744900 | 56076072 |
|  HOCHTIEF AG (Germany) | 196200 | 10433939 |
|  MasTec, Inc.<sup>(b)(c)</sup>  | 414400 | 31941952 |
|  |  | 98451963 |
|  **Construction Machinery & Heavy Trucks–0.75%** | **Construction Machinery & Heavy Trucks–0.75%** | **Construction Machinery & Heavy Trucks–0.75%** |
|  Oshkosh Corp. | 148646 | 13080848 |
|  **Distributors–1.58%** |  |  |
|  LKQ Corp.<sup>(b)</sup>  | 495929 | 27593490 |
|  **Diversified Chemicals–1.77%** |  |  |
|  Huntsman Corp.<sup>(b)</sup>  | 1157000 | 30961320 |
|  **Diversified Metals & Mining–0.87%** | **Diversified Metals & Mining–0.87%** | **Diversified Metals & Mining–0.87%** |
|  Teck Resources Ltd., Class B (Canada) | 496600 | 15116504 |
|  **Electric Utilities–0.89%** |  |  |
|  NRG Energy, Inc. | 351800 | 15619920 |
|  **Electrical Components & Equipment–1.94%** | **Electrical Components & Equipment–1.94%** |  |
|  nVent Electric PLC | 700 | 25550 |
|  Vertiv Holdings Co. | 2364114 | 33830471 |
|  |  | 33856021 |
|  **Electronic Manufacturing Services–5.44%** | **Electronic Manufacturing Services–5.44%** |  |
|  Flex Ltd.<sup>(c)</sup>  | 2926723 | 57305236 |
|  Jabil, Inc.<sup>(b)</sup>  | 588700 | 37823975 |
|  |  | 95129211 |
|  **Food Distributors–2.80%** |  |  |
|  Performance Food Group Co.<sup>(c)</sup>  | 375554 | 19543830 |
|  US Foods Holding Corp.<sup>(c)</sup>  | 986842 | 29368418 |
|  |  | 48912248 |
|  **Forest Products–0.00%** |  |  |
|  Louisiana-Pacific Corp. | 900 | 50985 |
|  **Gold–1.29%** |  |  |
|  Agnico Eagle Mines Ltd. (Canada) | 199400 | 8765624 |
|  Yamana Gold, Inc. (Canada) | 3148700 | 13791306 |
|  |  | 22556930 |
|  **Health Care Distributors–0.96%** |  |  |
|  Henry Schein, Inc.<sup>(c)</sup>  | 245700 | 16820622 |
|  **Health Care Facilities–4.64%** |  |  |
|  Encompass Health Corp. | 703288 | 38286999 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Health Care Facilities–(continued)** | **Health Care Facilities–(continued)** | **Health Care Facilities–(continued)** | **Health Care Facilities–(continued)** |
|  Universal Health Services, Inc., Class B | 369410 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42803536 |
|  |  |  | 81090535 |
|  **Health Care Services–2.16%** |  |  |  |
|  Cigna Corp. | 98600 |  | 31853716 |
|  Fresenius Medical Care AG & Co. KGaA (Germany) | 210500 |  | 5822516 |
|  |  |  | 37676232 |
|  **Hotels, Resorts & Cruise Lines–0.60%** | **Hotels, Resorts & Cruise Lines–0.60%** |  |  |
|  Hilton Grand Vacations, Inc.<sup>(c)</sup>  | 4117 |  | 161551 |
|  Travel + Leisure Co. | 272533 |  | 10350803 |
|  |  |  | 10512354 |
|  **Household Products–1.11%** |  |  |  |
|  Spectrum Brands Holdings, Inc.<sup>(b)</sup>  | 418900 |  | 19328046 |
|  **Human Resource & Employment Services–1.16%** | **Human Resource & Employment Services–1.16%** | **Human Resource & Employment Services–1.16%** | **Human Resource & Employment Services–1.16%** |
|  ManpowerGroup, Inc. | 258026 |  | 20213757 |
|  **Independent Power Producers & Energy Traders–1.60%** | **Independent Power Producers & Energy Traders–1.60%** | **Independent Power Producers & Energy Traders–1.60%** | **Independent Power Producers & Energy Traders–1.60%** |
|  Vistra Corp.<sup>(b)</sup>  | 1214400 |  | 27894768 |
|  **Industrial Machinery–2.02%** |  |  |  |
|  Crane Holdings Co. | 42773 |  | 4291843 |
|  Timken Co. (The) | 435200 |  | 31025408 |
|  |  |  | 35317251 |
|  **Integrated Oil & Gas–3.67%** |  |  |  |
|  Cenovus Energy, Inc. (Canada)<sup>(b)</sup>  | 1533300 |  | 30972660 |
|  Shell PLC, ADR (Netherlands) | 594700 |  | 33083161 |
|  |  |  | 64055821 |
|  **Investment Banking & Brokerage–1.87%** | **Investment Banking & Brokerage–1.87%** |  |  |
|  Goldman Sachs Group, Inc. (The)<sup>(b)</sup>  | 94700 |  | 32625097 |
|  **Managed Health Care–3.49%** |  |  |  |
|  Centene Corp.<sup>(c)</sup>  | 542521 |  | 46184813 |
|  Molina Healthcare, Inc.<sup>(c)</sup>  | 41100 |  | 14749146 |
|  |  |  | 60933959 |
|  **Oil & Gas Exploration & Production–12.47%** | **Oil & Gas Exploration & Production–12.47%** |  |  |
|  APA Corp. | 1070600 |  | 48669476 |
|  ARC Resources Ltd. (Canada) | 2643900 |  | 37222448 |
|  Diamondback Energy, Inc. | 215387 |  | 33839451 |
|  EQT Corp. | 560800 |  | 23463872 |
|  Ovintiv, Inc. | 723400 |  | 36640210 |
|  Pioneer Natural Resources Co. | 70958 |  | 18194341 |
|  Southwestern Energy Co.<sup>(c)</sup>  | 2853900 |  | 19777527 |
|  |  |  | 217807325 |
|  **Oil & Gas Refining & Marketing–1.88%** | **Oil & Gas Refining & Marketing–1.88%** |  |  |
|  Phillips 66 | 314700 |  | 32820063 |
|  **Oil & Gas Storage & Transportation–2.18%** | **Oil & Gas Storage & Transportation–2.18%** |  |  |
|  New Fortress Energy, Inc.<sup>(b)</sup>  | 693087 |  | 38168301 |
|  **Other Diversified Financial Services–1.24%** | **Other Diversified Financial Services–1.24%** |  |  |
|  Apollo Global Management, Inc. | 392089 |  | 21706047 |

---

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

---

| | |
|:---|:---|
| **4** | **Invesco American Value Fund** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Paper Packaging–0.36%** |  |  |  |
|  Sealed Air Corp. | 132200 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6295364 |
|  **Regional Banks–7.20%** |  |  |  |
|  Huntington Bancshares, Inc. | 3029270 |  | 45984319 |
|  PacWest Bancorp | 449953 |  | 11185831 |
|  SVB Financial Group<sup>(c)</sup>  | 72400 |  | 16721504 |
|  Webster Financial Corp. | 816400 |  | 44297864 |
|  Western Alliance Bancorporation | 112500 |  | 7556625 |
|  |  |  | 125746143 |
|  **Research & Consulting Services–6.45%** | **Research & Consulting Services–6.45%** |  |  |
|  CACI International, Inc., Class A<sup>(c)</sup>  | 119762 |  | 36411241 |
|  Jacobs Solutions, Inc. | 243000 |  | 27998460 |
|  KBR, Inc. | 966900 |  | 48122613 |
|  Science Applications International Corp. | 900 |  | 97506 |
|  |  |  | 112629820 |
|  **Restaurants–1.66%** |  |  |  |
|  Restaurant Brands International, Inc. (Canada) | 488900 |  | 29030882 |
|  **Semiconductor Equipment–1.18%** | **Semiconductor Equipment–1.18%** | **Semiconductor Equipment–1.18%** | **Semiconductor Equipment–1.18%** |
|  Applied Materials, Inc. | 82600 |  | 7292754 |
|  Lam Research Corp. | 17500 |  | 7083650 |
|  MKS Instruments, Inc. | 76300 |  | 6268045 |
|  |  |  | 20644449 |
|  **Semiconductors–0.65%** |  |  |  |
|  Skyworks Solutions, Inc. | 132100 |  | 11361921 |
|  **Specialty Chemicals–1.18%** |  |  |  |
|  Axalta Coating Systems Ltd.<sup>(b)(c)</sup>  | 886300 |  | 20668516 |
|  Element Solutions, Inc. | 900 |  | 15480 |
|  |  |  | 20683996 |
|  **Thrifts & Mortgage Finance–0.00%** | **Thrifts & Mortgage Finance–0.00%** |  |  |
|  MGIC Investment Corp. | 900 |  | 12285 |
|  Radian Group, Inc. | 900 |  | 18783 |
|  |  |  | 31068 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Trading Companies & Distributors–5.44%** | **Trading Companies & Distributors–5.44%** |  |
|  AerCap Holdings N.V. (Ireland)<sup>(c)</sup>  | 2500 | $133525 |
|  Air Lease Corp. | 984900 | 34757121 |
|  Univar Solutions, Inc.<sup>(c)</sup>  | 1564100 | 39853268 |
|  WESCO International, Inc.<sup>(c)</sup>  | 147700 | 20348629 |
|  |  | 95092543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,624,054,736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,624,054,736) | 1653065110 |
|  **Money Market Funds–4.81%** | **Money Market Funds–4.81%** | **Money Market Funds–4.81%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>  | 27540149 | 27540149 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(d)(e)</sup>  | 24992290 | 24997289 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(d)(e)</sup>  | 31474455 | 31474455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $84,004,209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $84,004,209) | 84011893 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)–99.43%<br>(Cost $1,708,058,945) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)–99.43%<br>(Cost $1,708,058,945) | 1737077003 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–6.75%** | **Money Market Funds–6.75%** |  |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 32954542 | 32954542 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup>  | 84979077 | 84979077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $117,930,718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $117,930,718) | 117933619 |
|  TOTAL INVESTMENTS IN SECURITIES–106.18%<br>(Cost $1,825,989,663) | TOTAL INVESTMENTS IN SECURITIES–106.18%<br>(Cost $1,825,989,663) | 1855010622 |
|  OTHER ASSETS LESS LIABILITIES–(6.18)% | OTHER ASSETS LESS LIABILITIES–(6.18)% | (107958001) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $1747052621 |

---

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

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

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(</sup><sup>c)</sup> Non-income producing security.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **April 30, 2022** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain** | **Value**<br> **October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $27522084 | $96096834 | $(96078769) | $- | $- | $27540149 | $226849 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 24976463 | 68640596 | (68627691) | 5445 | 2476 | 24997289 | 181223 |
|  Invesco Treasury Portfolio, Institutional Class | 31453810 | 109824953 | &nbsp;&nbsp;&nbsp;&nbsp;(109804307) | - | - | 31474455 | 203652 |

---

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

---

| | |
|:---|:---|
| **5** | **Invesco American Value Fund** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **April 30, 2022** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain** | **Value**<br> **October 31, 2022** | **Dividend Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** | | | | | | | |
|  Invesco Private Government Fund | $35753915 | $212327469 | $(215126842) | $- | $- | $32954542 | $271796 \* |
|  Invesco Private Prime Fund | 81914979 | 517064527 | (514001993) | 283 | 1281 | 84979077 | 754519 \* |
|  Total | $201621251 | $1003954379 | $(1003639602) | $5728 | $3757 | $201945512 | $1638039 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1I.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement**<br> **Date** | | **Contract to** | **Contract to** | **Unrealized**<br> **Appreciation<br>(Depreciation)** |
| **Settlement**<br> **Date** | <br>**Counterparty** | **Deliver** | **Receive** | **Unrealized**<br> **Appreciation<br>(Depreciation)** |
|  **Currency Risk** | | | | |
|  11/23/2022 | J.P. Morgan Chase Bank, N.A. | EUR 1,567,685 | USD 1,582,631 | $31071 |
|  **Currency Risk** |  |  |  |  |
|  11/23/2022 | Bank of America, N.A. | USD 12,356,426 | EUR 12,419,933 | (64239) |
|  11/23/2022 | Royal Bank of Canada | EUR 27,474,809 | USD 27,154,700 | (37516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation |  |  | (101755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts |  |  | $(70684) |

---

Abbreviations:

EUR - Euro

USD - U.S. Dollar

**Portfolio Composition** 

*By sector, based on Net Assets* 

*as of October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  Industrials | 26.11 | % |
|  Energy | 20.20 |  |
|  Health Care | 13.24 |  |
|  Financials | 10.31 |  |
|  Information Technology | 7.28 |  |
|  Consumer Discretionary | 5.62 |  |
|  Materials | 5.47 |  |
|  Consumer Staples | 3.90 |  |
|  Utilities | 2.49 |  |
|  Money Market Funds Plus Other Assets Less Liabilities | 5.38 |  |

---

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

---

| | |
|:---|:---|
| **6** | **Invesco American Value Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $1,624,054,736)\* | $1653065110 |
|  Investments in affiliated money market funds, at value (Cost $201,934,927) | 201945512 |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts outstanding | 31071 |
|  Cash | 78962 |
|  Foreign currencies, at value (Cost $194,803) | 198500 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 11782208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 390070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 834773 |
|  Investment for trustee deferred compensation and retirement plans | 253304 |
|  Other assets | 81186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1868660696 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts outstanding | 101755 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 1683863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 117930718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 997245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 528639 |
|  Trustee deferred compensation and retirement plans | 365855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 121608075 |
|  Net assets applicable to shares outstanding | $1747052621 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $1378894721 |
|  Distributable earnings | 368157900 |
|  | $1747052621 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $1438100616 |
|  Class C | $48509211 |
|  Class R | $58364435 |
|  Class Y | $134382973 |
|  Class R5 | $9818402 |
|  Class R6 | $57876984 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 39221333 |
|  Class C | 1770228 |
|  Class R | 1610848 |
|  Class Y | 3621812 |
|  Class R5 | 264282 |
|  Class R6 | 1557254 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $36.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $36.67 ÷ 94.50%) | $38.80 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $27.40 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $36.23 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $37.10 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $37.15 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $37.17 |

---

\* At October 31, 2022, securities with an aggregate value of $116,124,570 were on loan to brokers. 

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

---

| | |
|:---|:---|
| **7** | **Invesco American Value Fund** |

---

------

**Statement of Operations** 

*For the six months ended October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $385,843) | $18473068 |
|  Dividends from affiliated money market funds (includes net securities lending income of $52,393) | 664117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 19137185 |
|  **Expenses:** |  |
|  Advisory fees | 5730515 |
|  Administrative services fees | 133383 |
|  Custodian fees | 5801 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1773288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 235999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 144106 |
|  Transfer agent fees – A, C, R and Y | 1429470 |
|  Transfer agent fees – R5 | 4975 |
|  Transfer agent fees – R6 | 8682 |
|  Trustees' and officers' fees and benefits | 13623 |
|  Registration and filing fees | 60091 |
|  Reports to shareholders | 81873 |
|  Professional services fees | 31360 |
|  Other | 267132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9920298 |
|  Less: Fees waived and/or expense offset arrangement(s) | (42867) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9877431 |
|  Net investment income | 9259754 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (includes net gains from securities sold to affiliates of $2,641,895) | 57447656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 3757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (71197) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (655396) |
|  | 56724820 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (55053847) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 5728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (45135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (70684) |
|  | (55163938) |
|  Net realized and unrealized gain | 1560882 |
|  Net increase in net assets resulting from operations | $10820636 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco American Value Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the six months ended October 31, 2022 and the year ended April 30, 2022* 

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,**<br> **2022** | **April 30,**<br> **2022** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $9259754 | $9045416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 56724820 | 483923069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (55163938) | (529643262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 10820636 | (36674777) |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (181193783) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | (8466121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  | (7231983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | (16738651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  | (1393261) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (7165458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings |  | (222189257) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (46379943) | 55579491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (3862527) | (2000747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1315344) | 1130268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (11395551) | 16186725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (720473) | (323638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (3165991) | 4931376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (66839829) | 75503475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (56019193) | (183360559) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1803071814 | 1986432373 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1747052621 | $1803071814 |

---

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

---

| | |
|:---|:---|
| **9** | **Invesco American Value Fund** |

---

------

**Financial Highlights** 

*(Unaudited)* 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total<br>distributions** | **Net asset<br>value, end**<br> **of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22  | $36.39 | $0.19 | $0.09 | $0.28 | $– | $– | $– | $36.67 | 0.77% | $1438101 | 1.15 %<sup>(d)</sup> | 1.15 %<sup>(d)</sup> | 1.06 %<sup>(d)</sup> | 29% |
|  Year ended 04/30/22 | 41.96 | 0.19 | (0.84) | (0.65) | (0.09) | (4.83) | (4.92) | 36.39 | (2.07) | 1475253 | 1.11 | 1.11 | 0.45 | 117 |
|  Year ended 04/30/21 | 25.84 | 0.08 | 16.14 | 16.22 | (0.10) |  | (0.10) | 41.96 | 62.87 | 1630250 | 1.16 | 1.18 | 0.24 | 58 |
|  Year ended 04/30/20 | 34.02 | 0.17 | (7.29) | (7.12) |  | (1.06) | (1.06) | 25.84 | (21.65) | 1167164 | 1.21 | 1.21 | 0.53 | 38 |
|  Year ended 04/30/19 | 38.47 | 0.13 | (0.69) | (0.56) | (0.14) | (3.75) | (3.89) | 34.02 | (0.03) | 871220 | 1.19 | 1.19 | 0.37 | 38 |
|  Year ended 04/30/18 | 38.52 | 0.07 | 4.37 | 4.44 | (0.24) | (4.25) | (4.49) | 38.47 | 12.11 | 938346 | 1.19 | 1.19 | 0.19 | 44 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 27.29 | 0.05 | 0.06 | 0.11 |  |  |  | 27.40 | 0.40 <sup>(e)</sup> | 48509 | 1.86 <sup>(d)(e)</sup> | 1.86 <sup>(d)(e)</sup> | 0.35 <sup>(d)(e)</sup> | 29 |
|  Year ended 04/30/22 | 32.81 | (0.09) | (0.60) | (0.69) |  | (4.83) | (4.83) | 27.29 | (2.77)<sup>(e)</sup> | 52304 | 1.84 <sup>(e)</sup> | 1.84 <sup>(e)</sup> | (0.28)<sup>(e)</sup> | 117 |
|  Year ended 04/30/21 | 20.31 | (0.11) | 12.65 | 12.54 | (0.04) |  | (0.04) | 32.81 | 61.76 <sup>(e)</sup> | 64246 | 1.86 <sup>(e)</sup> | 1.89 <sup>(e)</sup> | (0.46)<sup>(e)</sup> | 58 |
|  Year ended 04/30/20 | 27.15 | (0.05) | (5.73) | (5.78) |  | (1.06) | (1.06) | 20.31 | (22.20)<sup>(e)</sup> | 67089 | 1.93 <sup>(e)</sup> | 1.93 <sup>(e)</sup> | (0.19)<sup>(e)</sup> | 38 |
|  Year ended 04/30/19 | 31.66 | (0.11) | (0.65) | (0.76) |  | (3.75) | (3.75) | 27.15 | (0.77)<sup>(e)</sup> | 29562 | 1.91 <sup>(e)</sup> | 1.91 <sup>(e)</sup> | (0.35)<sup>(e)</sup> | 38 |
|  Year ended 04/30/18 | 32.44 | (0.17) | 3.64 | 3.47 | – | (4.25) | (4.25) | 31.66 | 11.30 <sup>(e)</sup> | 82217 | 1.92 <sup>(e)</sup> | 1.92 <sup>(e)</sup> | (0.54)<sup>(e)</sup> | 44 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 36.00 | 0.14 | 0.09 | 0.23 |  |  |  | 36.23 | 0.64 | 58364 | 1.40 <sup>(d)</sup> | 1.40 <sup>(d)</sup> | 0.81 <sup>(d)</sup> | 29 |
|  Year ended 04/30/22 | 41.58 | 0.09 | (0.84) | (0.75) |  | (4.83) | (4.83) | 36.00 | (2.32) | 59416 | 1.36 | 1.36 | 0.20 | 117 |
|  Year ended 04/30/21 | 25.65 | 0.00 | 16.01 | 16.01 | (0.08) |  | (0.08) | 41.58 | 62.48 | 66822 | 1.40 | 1.43 | 0.00 | 58 |
|  Year ended 04/30/20 | 33.86 | 0.09 | (7.24) | (7.15) |  | (1.06) | (1.06) | 25.65 | (21.84) | 51330 | 1.46 | 1.46 | 0.28 | 38 |
|  Year ended 04/30/19 | 38.24 | 0.04 | (0.67) | (0.63) |  | (3.75) | (3.75) | 33.86 | (0.28) | 19979 | 1.44 | 1.44 | 0.12 | 38 |
|  Year ended 04/30/18 | 38.26 | (0.02) | 4.33 | 4.31 | (0.08) | (4.25) | (4.33) | 38.24 | 11.81 | 25189 | 1.44 | 1.44 | (0.06) | 44 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 36.78 | 0.24 | 0.08 | 0.32 |  |  |  | 37.10 | 0.87 | 134383 | 0.90 <sup>(d)</sup> | 0.90 <sup>(d)</sup> | 1.31 <sup>(d)</sup> | 29 |
|  Year ended 04/30/22 | 42.34 | 0.29 | (0.84) | (0.55) | (0.18) | (4.83) | (5.01) | 36.78 | (1.81) | 145106 | 0.86 | 0.86 | 0.70 | 117 |
|  Year ended 04/30/21 | 26.04 | 0.16 | 16.29 | 16.45 | (0.15) |  | (0.15) | 42.34 | 63.28 | 148861 | 0.91 | 0.93 | 0.49 | 58 |
|  Year ended 04/30/20 | 34.28 | 0.25 | (7.34) | (7.09) | (0.09) | (1.06) | (1.15) | 26.04 | (21.46) | 154826 | 0.96 | 0.96 | 0.78 | 38 |
|  Year ended 04/30/19 | 38.76 | 0.23 | (0.71) | (0.48) | (0.25) | (3.75) | (4.00) | 34.28 | 0.21 | 155238 | 0.94 | 0.94 | 0.62 | 38 |
|  Year ended 04/30/18 | 38.80 | 0.17 | 4.40 | 4.57 | (0.36) | (4.25) | (4.61) | 38.76 | 12.38 | 208223 | 0.94 | 0.94 | 0.44 | 44 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 36.81 | 0.25 | 0.09 | 0.34 |  |  |  | 37.15 | 0.93 | 9818 | 0.83 <sup>(d)</sup> | 0.83 <sup>(d)</sup> | 1.38 <sup>(d)</sup> | 29 |
|  Year ended 04/30/22 | 42.39 | 0.32 | (0.85) | (0.53) | (0.22) | (4.83) | (5.05) | 36.81 | (1.75) | 10443 | 0.79 | 0.79 | 0.77 | 117 |
|  Year ended 04/30/21 | 26.06 | 0.20 | 16.30 | 16.50 | (0.17) |  | (0.17) | 42.39 | 63.44 | 12304 | 0.79 | 0.79 | 0.61 | 58 |
|  Year ended 04/30/20 | 34.30 | 0.28 | (7.33) | (7.05) | (0.13) | (1.06) | (1.19) | 26.06 | (21.36) | 10999 | 0.86 | 0.86 | 0.88 | 38 |
|  Year ended 04/30/19 | 38.80 | 0.26 | (0.73) | (0.47) | (0.28) | (3.75) | (4.03) | 34.30 | 0.27 | 27732 | 0.86 | 0.86 | 0.70 | 38 |
|  Year ended 04/30/18 | 38.84 | 0.20 | 4.43 | 4.63 | (0.42) | (4.25) | (4.67) | 38.80 | 12.53 | 62354 | 0.86 | 0.86 | 0.52 | 44 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 36.81 | 0.26 | 0.10 | 0.36 |  |  |  | 37.17 | 0.98 | 57877 | 0.76 <sup>(d)</sup> | 0.76 <sup>(d)</sup> | 1.45 <sup>(d)</sup> | 29 |
|  Year ended 04/30/22 | 42.38 | 0.35 | (0.85) | (0.50) | (0.24) | (4.83) | (5.07) | 36.81 | (1.69) | 60549 | 0.72 | 0.72 | 0.84 | 117 |
|  Year ended 04/30/21 | 26.05 | 0.21 | 16.30 | 16.51 | (0.18) |  | (0.18) | 42.38 | 63.53 | 63949 | 0.75 | 0.75 | 0.65 | 58 |
|  Year ended 04/30/20 | 34.31 | 0.30 | (7.34) | (7.04) | (0.16) | (1.06) | (1.22) | 26.05 | (21.32) | 51007 | 0.79 | 0.79 | 0.95 | 38 |
|  Year ended 04/30/19 | 38.82 | 0.29 | (0.73) | (0.44) | (0.32) | (3.75) | (4.07) | 34.31 | 0.37 | 68568 | 0.78 | 0.78 | 0.78 | 38 |
|  Year ended 04/30/18 | 38.88 | 0.24 | 4.42 | 4.66 | (0.47) | (4.25) | (4.72) | 38.82 | 12.59 | 140889 | 0.77 | 0.77 | 0.61 | 44 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $846,125,268 in connection with the acquisition of Invesco Oppenheimer Mid Cap Value Fund into the Fund. 

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

<sup>(e)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.96%, 0.98%, 0.96%, 0.97%, 0.97% and 0.97% for the six months ended October 31, 2022 and the years ended April 30, 2022, 2021, 2020, 2019 and 2018 respectively. 

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

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|:---|:---|
| **10** | **Invesco American Value Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

*(Unaudited)* 

**NOTE 1–Significant Accounting Policies** 

Invesco American Value Fund (the "Fund") is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is long-term capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services - Investment Companies.*

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/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 Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

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| **11** | **Invesco American Value Fund** |

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Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date
basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction of the cost of the related investment. These recharacterizations are reflected in the accompanying financial statements.

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

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally
declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of
Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and
expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic
equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the
collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and
the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays
and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any
deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are

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|:---|:---|
| **12** | **Invesco American Value Fund** |

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net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2022, the Fund paid the Adviser $3,170 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

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

**L.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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|:---|:---|
| **Average Daily Net Assets** | **Rate** |
|  First $500 million | 0.720% |
|  Next $500 million | 0.715% |
| Next $1 billion | 0.585% |
|  Next $4 billion | 0.563% |
|  Over $6 billion | 0.543% |

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For the six months ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.66%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

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| **13** | **Invesco American Value Fund** |

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For the six months ended October 31, 2022, the Adviser waived advisory fees of $33,264.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2022, IDI advised the Fund that IDI retained $70,810 in front-end sales commissions from the sale of Class A shares and $2,079 and $739 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2022, the Fund incurred $12,141 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3–Additional Valuation Information** 

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

---

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

---

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $1636808655 | $16256455 | $– | $1653065110 |
|  Money Market Funds | 84011893 | 117933619 | &nbsp;&nbsp;&nbsp;&nbsp;– | 201945512 |
|  **Total Investments in Securities** | 1720820548 | 134190074 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1855010622 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Forward Foreign Currency Contracts |  | 31071 | &nbsp;&nbsp;&nbsp;&nbsp;– | 31071 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Forward Foreign Currency Contracts |  | (101755) | &nbsp;&nbsp;&nbsp;&nbsp;– | (101755) |
|  **Total Other Investments** |  | (70684) | &nbsp;&nbsp;&nbsp;&nbsp;– | (70684) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** | $1720820548 | $134119390 | $– | $1854939938 |

---

\* Unrealized appreciation (depreciation).

---

| | |
|:---|:---|
| **14** | **Invesco American Value Fund** |

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**NOTE 4–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 October 31, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Currency** |
| **Derivative Assets** | **Risk** |
|  Unrealized appreciation on forward foreign currency contracts outstanding | $31071 |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Assets subject to master netting agreements | $31071 |

---

---

| | |
|:---|:---|
|  | **Value** |
|  | **Currency** |
| **Derivative Liabilities** | **Risk** |
|  Unrealized depreciation on forward foreign currency contracts outstanding | $(101755) |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Liabilities subject to master netting agreements | $(101755) |

---

**Offsetting Assets and Liabilities** 

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Collateral** | **Collateral** | |
|  | **Financial**<br>**Derivative**<br>**Assets** | **Financial**<br>**Derivative**<br>**Liabilities** | | **(Received)/Pledged** | **(Received)/Pledged** | |
|  | **Forward Foreign** | **Forward Foreign** | **Net Value of** |  |  | **Net** |
| **Counterparty** | **Currency Contracts** | **Currency Contracts** | **Derivatives** | **Non-Cash** | **Cash** | **Amount** |
|  Bank of America, N.A. | $– | $(64239) | $(64239) | $– | $– | $(64239) |
|  J.P. Morgan Chase Bank, N.A. | 31071 |  | 31071 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | 31071 |
|  Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | (37516) | (37516) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | (37516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $31071 | $(101755) | $(70684) | $– | $– | $(70684) |

---

**Effect of Derivative Investments for the six months ended October 31, 2022** 

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on**<br>**Statement of Operations** |
|  | **Currency** |
|  | **Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $(655396) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (70684) |
|  Total | $(726080) |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | **Forward** |
|  | **Foreign Currency** |
|  | **Contracts** |
|  Average notional value | $34682052 |

---

**NOTE 5–Security Transactions with Affiliated Funds** 

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended October 31, 2022, the Fund engaged in securities purchases of $4,552,353 and securities sales of $9,375,488, which resulted in net realized gains of $2,641,895.

**NOTE 6–Expense Offset Arrangement(s)** 

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $9,603.

---

| | |
|:---|:---|
| **15** | **Invesco American Value Fund** |

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**NOTE 7–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 8–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 9–Tax Information** 

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of April 30, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $80684491 | $24996327 | $105680818 |

---

\* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 10–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2022 was $486,930,877 and $578,711,480, respectively. Cost of investments, including any derivatives, 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 Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $156875547 |
|  Aggregate unrealized (depreciation) of investments | (139245571) |
|  Net unrealized appreciation of investments | $17629976 |

---

Cost of investments for tax purposes is $1,837,309,962.

**NOTE 11–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1059564 | $37458571 | 2506883 | $101983627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 121340 | 3178776 | 320077 | 10094048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 120108 | 4158129 | 251204 | 10133421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 189941 | 6772156 | 861822 | 34938522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 22591 | 803335 | 39231 | 1626581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 120883 | 4295506 | 386073 | 15851962 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 4489149 | 170856852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 289108 | 8271367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 191434 | 7215168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  |  | 359696 | 13823134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  |  | 36123 | 1389281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 177502 | 6824948 |

---

---

| | |
|:---|:---|
| **16** | **Invesco American Value Fund** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 80337 | $2800136 | 198914 | $8020020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (107327) | (2800136) | (259857) | (8020020) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2460491) | (86638650) | (5505513) | (225281008) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (160537) | (4241167) | (390903) | (12346142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (159637) | (5473473) | (399338) | (16218321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (513804) | (18167707) | (791393) | (32574931) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (42014) | (1523808) | (81883) | (3339500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (208452) | (7461497) | (427612) | (17745534) |
|  Net increase (decrease) in share activity | (1937498) | $(66839829) | 2250717 | $75503475 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 26% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**NOTE 12–Significant Event** 

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the "Agreement") pursuant to which the Fund would transfer all of its assets and liabilities to Invesco Value Opportunities Fund (the "Acquiring Fund").

The reorganization is expected to be consummated at the close of business on or about February 10, 2023. Upon closing of the reorganization, shareholders of the Fund will receive shares of the Acquiring Fund in exchange for their shares of the Fund, and the Fund will liquidate and cease operations.

---

| | |
|:---|:---|
| **17** | **Invesco American Value Fund** |

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------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL<br>(5% annual return before**<br> **expenses)** | **HYPOTHETICAL<br>(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $1007.70 | $5.82 | $1019.41 | $5.85 | 1.15% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1004.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;1015.83 | &nbsp;&nbsp;&nbsp;&nbsp;9.45 | 1.86 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1006.40 | &nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;&nbsp;1018.15 | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | 1.40 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;1020.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | 0.90 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;1021.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | 0.83 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;1021.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | 0.76 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

---

| | |
|:---|:---|
| **18** | **Invesco American Value Fund** |

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

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco American Value Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In

addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board

reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

*B.* *Fund Investment Performance* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Russell Midcap<sup>®</sup> Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that the Fund's stock selection in and allocation to certain sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

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| | |
|:---|:---|
| **19** | **Invesco American Value Fund** |

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the

Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

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

money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco American Value Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board's Evaluation Process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about

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|:---|:---|
| **20** | **Invesco American Value Fund** |

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investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered

information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Fund Investment Performance

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Russell Midcap<sup>®</sup> Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that the Fund's stock selection in and allocation to certain sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Advisory and Sub-Advisory Fees and Fund Expenses

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Economies of Scale and Breakpoints

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally

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|:---|:---|
| **21** | **Invesco American Value Fund** |

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Profitability and Financial Resources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Collateral Benefits to Invesco Advisers and its Affiliates

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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|:---|:---|
| **22** | **Invesco American Value Fund** |

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![LOGO](g345966dsp024.jpg)

**Go paperless with eDelivery** 

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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**Invesco mailing information** 

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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**Important notice regarding delivery of security holder documents** 

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

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**Fund holdings and proxy voting information** 

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

![LOGO](g345966dsp001.jpg)

SEC file number(s): 811-03826 and 002-85905 Invesco Distributors, Inc. VK-AMVA-SAR-1

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![LOGO](g421719dsp1.jpg)

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|:---|:---|
| **Semiannual Report to Shareholders** | **October 31, 2022** |

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**Invesco Comstock Fund** 

**Nasdaq:**

A: ACSTX ∎ C: ACSYX ∎ R: ACSRX ∎ Y: ACSDX ∎ R5: ACSHX ∎ R6: ICSFX

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| | |
|:---|:---|
| 2 | [Fund Performance](#edg421719_1) |
| 4 | [Schedule of Investments](#edg421719_2) |
| 8 | [Financial Statements](#edg421719_3) |
| 11 | [Financial Highlights](#edg421719_4) |
| 12 | [Notes to Financial Statements](#edg421719_5) |
| 19 | [Fund Expenses](#edg421719_6) |
| 20 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg421719_7) |

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For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

**This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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**Fund Performance** 

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| | |
|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |
| &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | 0.36% |
| &nbsp;&nbsp; Class C Shares | -0.01 |
| &nbsp;&nbsp; Class R Shares | 0.26 |
| &nbsp;&nbsp; Class Y Shares | 0.50 |
| &nbsp;&nbsp; Class R5 Shares | 0.53 |
| &nbsp;&nbsp; Class R6 Shares | 0.56 |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -5.50 |
| &nbsp;&nbsp; Russell 1000 Value Index<sup>▼</sup> (Style-Specific Index) | -3.19 |
| &nbsp;&nbsp; Lipper Large-Cap Value Funds Index<sup>◾</sup> (Peer Group Index) | -2.73 |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>◾</sup>Lipper Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Large-Cap Value Funds Index** is an unmanaged index considered representative of large-cap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Large-Cap Value Funds Index** is an unmanaged index considered representative of large-cap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Large-Cap Value Funds Index** is an unmanaged index considered representative of large-cap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Large-Cap Value Funds Index** is an unmanaged index considered representative of large-cap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Large-Cap Value Funds Index** is an unmanaged index considered representative of large-cap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Large-Cap Value Funds Index** is an unmanaged index considered representative of large-cap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Large-Cap Value Funds Index** is an unmanaged index considered representative of large-cap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Large-Cap Value Funds Index** is an unmanaged index considered representative of large-cap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Large-Cap Value Funds Index** is an unmanaged index considered representative of large-cap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Large-Cap Value Funds Index** is an unmanaged index considered representative of large-cap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |

---

**For more information about your Fund** 

Read the most recent quarterly commentary from your Fund's portfolio managers by visiting **invesco.com/us**. Click on "Products" and select "Mutual Funds." Use the "Product Finder" to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund's investment strategies, holdings and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, visit **blog.invesco.us.com**, where many of Invesco's investment professionals share their insights about market and economic news and trends.

---

| | |
|:---|:---|
| **2** | **Invesco Comstock Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (10/7/68) | 10.64 | % |
| &nbsp;&nbsp; 10 Years | 10.38 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 7.49 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -4.21 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (10/26/93) | 9.63 | % |
| &nbsp;&nbsp; 10 Years | 10.36 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 7.92 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -0.33 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (10/1/02) | 9.19 | % |
| &nbsp;&nbsp; 10 Years | 10.74 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.44 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.10 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (10/29/04) | 8.26 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;10 Years | 11.29 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.99 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.62 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; Inception (6/1/10) | 11.87 | % |
| &nbsp;&nbsp; 10 Years | 11.38 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 9.06 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.65 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (9/24/12) | 11.22 | % |
| &nbsp;&nbsp; 10 Years | 11.47 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 9.15 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.76 |  |

---

**Effective June 1, 2010, Class A, Class C, Class I and Class R shares of the predecessor fund, Van Kampen Comstock Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C, Class Y and Class R shares, respectively, of Invesco Van Kampen Comstock Fund (renamed Invesco Comstock Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C, Class R and Class Y shares are those of Class A, Class C, Class R and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

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| | |
|:---|:---|
| **3** | **Invesco Comstock Fund** |

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

*October 31, 2022* 

*(Unaudited)* 

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–96.22%** | **Common Stocks & Other Equity Interests–96.22%** | **Common Stocks & Other Equity Interests–96.22%** |
|  **Aerospace & Defense–0.94%** | **Aerospace & Defense–0.94%** | **Aerospace & Defense–0.94%** |
|  Textron, Inc. | 1350267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92412273 |
|  **Air Freight & Logistics–1.53%** | **Air Freight & Logistics–1.53%** | **Air Freight & Logistics–1.53%** |
|  FedEx Corp. | 936397 | 150085711 |
|  **Apparel Retail–0.60%** | **Apparel Retail–0.60%** | **Apparel Retail–0.60%** |
|  Ross Stores, Inc. | 618161 | 59151826 |
|  **Apparel, Accessories & Luxury Goods–0.77%** | **Apparel, Accessories & Luxury Goods–0.77%** | **Apparel, Accessories & Luxury Goods–0.77%** |
|  Ralph Lauren Corp.<sup>(b)</sup> | 813276 | 75382552 |
|  **Asset Management & Custody Banks–1.88%** | **Asset Management & Custody Banks–1.88%** | **Asset Management & Custody Banks–1.88%** |
|  State Street Corp. | 2486321 | 183987754 |
|  **Automobile Manufacturers–1.68%** | **Automobile Manufacturers–1.68%** | **Automobile Manufacturers–1.68%** |
|  General Motors Co. | 4186274 | 164311255 |
|  **Building Products–2.02%** | **Building Products–2.02%** | **Building Products–2.02%** |
|  Johnson Controls International PLC | 3422682 | 197967927 |
|  **Cable & Satellite–1.10%** | **Cable & Satellite–1.10%** | **Cable & Satellite–1.10%** |
|  Comcast Corp., Class A | 3408435 | 108183727 |
|  **Casinos & Gaming–1.29%** | **Casinos & Gaming–1.29%** | **Casinos & Gaming–1.29%** |
|  Las Vegas Sands Corp.<sup>(b)(c)</sup> | 3315295 | 126014363 |
|  **Communications Equipment–2.76%** | **Communications Equipment–2.76%** | **Communications Equipment–2.76%** |
|  Cisco Systems, Inc. | 4260735 | 193565191 |
|  F5, Inc.<sup>(c)</sup> | 537064 | 76751816 |
|  |  | 270317007 |
|  **Construction Machinery & Heavy Trucks–3.44%** | **Construction Machinery & Heavy Trucks–3.44%** | **Construction Machinery & Heavy Trucks–3.44%** |
|  Caterpillar, Inc. | 814432 | 176291951 |
|  Wabtec Corp. | 1728179 | 161204537 |
|  |  | 337496488 |
|  **Diversified Banks–8.13%** | **Diversified Banks–8.13%** | **Diversified Banks–8.13%** |
|  Bank of America Corp. | 7807423 | 281379525 |
|  Citigroup, Inc. | 3137991 | 143908267 |
|  JPMorgan Chase & Co. | 936083 | 117834128 |
|  Wells Fargo & Co. | 5537779 | 254682456 |
|  |  | 797804376 |
|  **Diversified Chemicals–0.40%** | **Diversified Chemicals–0.40%** | **Diversified Chemicals–0.40%** |
|  BASF SE (Germany) | 865627 | 38858414 |
|  **Electric Utilities–1.14%** | **Electric Utilities–1.14%** | **Electric Utilities–1.14%** |
|  PPL Corp. | 4237464 | 112250421 |
|  **Electrical Components & Equipment–3.24%** | **Electrical Components & Equipment–3.24%** | **Electrical Components & Equipment–3.24%** |
|  Eaton Corp. PLC | 1132567 | 169964330 |
|  Emerson Electric Co. | 1706543 | 147786624 |
|  |  | 317750954 |
|  **Fertilizers & Agricultural Chemicals–1.79%** | **Fertilizers & Agricultural Chemicals–1.79%** | **Fertilizers & Agricultural Chemicals–1.79%** |
|  CF Industries Holdings, Inc. | 995958 | 105830497 |
|  Corteva, Inc. | 1065426 | 69614935 |
|  |  | 175445432 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care Distributors–2.49%** | **Health Care Distributors–2.49%** | **Health Care Distributors–2.49%** |
|  Henry Schein, Inc.<sup>(b)(c)</sup> | 1470252 | $&nbsp;&nbsp;&nbsp;&nbsp;100653452 |
|  McKesson Corp. | 369483 | 143865596 |
|  |  | 244519048 |
|  **Health Care Equipment–2.28%** | **Health Care Equipment–2.28%** | **Health Care Equipment–2.28%** |
|  Becton, Dickinson and Co. | 460114 | 108573101 |
|  Medtronic PLC | 1321351 | 115406796 |
|  |  | 223979897 |
|  **Health Care Facilities–2.01%** | **Health Care Facilities–2.01%** | **Health Care Facilities–2.01%** |
|  HCA Healthcare, Inc. | 499430 | 108611042 |
|  Universal Health Services, Inc., Class B | 763865 | 88509038 |
|  |  | 197120080 |
|  **Health Care Services–1.96%** | **Health Care Services–1.96%** | **Health Care Services–1.96%** |
|  CVS Health Corp. | 2031147 | 192349621 |
|  **Health Care Supplies–0.37%** | **Health Care Supplies–0.37%** | **Health Care Supplies–0.37%** |
|  DENTSPLY SIRONA, Inc. | 1188135 | 36618321 |
|  **Hotel & Resort REITs–0.64%** | **Hotel & Resort REITs–0.64%** | **Hotel & Resort REITs–0.64%** |
|  Host Hotels & Resorts, Inc.<sup>(b)</sup> | 3330162 | 62873459 |
|  **Hotels, Resorts & Cruise Lines–1.70%** | **Hotels, Resorts & Cruise Lines–1.70%** | **Hotels, Resorts & Cruise Lines–1.70%** |
|  Booking Holdings, Inc.<sup>(c)</sup> | 89413 | 167155815 |
|  **Household Products–1.59%** | **Household Products–1.59%** | **Household Products–1.59%** |
|  Kimberly-Clark Corp. | 1251302 | 155737047 |
|  **Industrial Conglomerates–1.04%** | **Industrial Conglomerates–1.04%** | **Industrial Conglomerates–1.04%** |
|  General Electric Co.<sup>(b)</sup> | 1314917 | 102313692 |
|  **Integrated Oil & Gas–5.74%** | **Integrated Oil & Gas–5.74%** | **Integrated Oil & Gas–5.74%** |
|  Chevron Corp. | 1564528 | 283023115 |
|  Exxon Mobil Corp. | 798786 | 88513477 |
|  Suncor Energy, Inc. (Canada) | 5558797 | 191167029 |
|  |  | 562703621 |
|  **Interactive Media & Services–0.78%** | **Interactive Media & Services–0.78%** | **Interactive Media & Services–0.78%** |
|  Meta Platforms, Inc., Class A<sup>(c)</sup> | 823188 | 76688194 |
|  **Internet & Direct Marketing Retail–0.32%** | **Internet & Direct Marketing Retail–0.32%** | **Internet & Direct Marketing Retail–0.32%** |
|  eBay, Inc. | 783711 | 31223046 |
|  **Investment Banking & Brokerage–2.58%** | **Investment Banking & Brokerage–2.58%** | **Investment Banking & Brokerage–2.58%** |
|  Goldman Sachs Group, Inc. (The) | 432771 | 149093937 |
|  Morgan Stanley | 1263499 | 103821713 |
|  |  | 252915650 |
|  **IT Consulting & Other Services–2.83%** | **IT Consulting & Other Services–2.83%** | **IT Consulting & Other Services–2.83%** |
|  Cognizant Technology Solutions Corp., Class A | 2320246 | 144435314 |
|  DXC Technology Co.<sup>(c)</sup> | 4643271 | 133494041 |
|  |  | 277929355 |
|  **Life & Health Insurance–1.14%** | **Life & Health Insurance–1.14%** | **Life & Health Insurance–1.14%** |
|  MetLife, Inc. | 1528675 | 111914297 |
|  **Managed Health Care–3.88%** | **Managed Health Care–3.88%** | **Managed Health Care–3.88%** |
|  Elevance Health, Inc. | 508474 | 278018329 |

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

---

| | |
|:---|:---|
| **4** | **Invesco Comstock Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Managed Health Care–(continued)** | **Managed Health Care–(continued)** | **Managed Health Care–(continued)** |
|  Humana, Inc. | 184231 | &nbsp;&nbsp;&nbsp;&nbsp;102815636 |
|  |  | 380833965 |
|  **Multi-line Insurance–2.20%** | **Multi-line Insurance–2.20%** | **Multi-line Insurance–2.20%** |
|  American International Group, Inc. | 3792071 | 216148047 |
|  **Oil & Gas Exploration & Production–6.77%** | **Oil & Gas Exploration & Production–6.77%** | **Oil & Gas Exploration & Production–6.77%** |
|  ConocoPhillips | 1363989 | 171985373 |
|  Devon Energy Corp.<sup>(b)</sup> | 1283802 | 99302085 |
|  Hess Corp.<sup>(b)</sup> | 1167118 | 164657008 |
|  Marathon Oil Corp. | 4243072 | 129201542 |
|  Pioneer Natural Resources Co.<sup>(b)</sup> | 387047 | 99242721 |
|  |  | 664388729 |
|  **Packaged Foods & Meats–0.72%** | **Packaged Foods & Meats–0.72%** | **Packaged Foods & Meats–0.72%** |
|  Kraft Heinz Co. (The) | 1833480 | 70533976 |
|  **Paper Packaging–1.36%** | **Paper Packaging–1.36%** | **Paper Packaging–1.36%** |
|  International Paper Co. | 3955623 | 132948489 |
|  **Personal Products–0.76%** | **Personal Products–0.76%** | **Personal Products–0.76%** |
|  Haleon PLC (United Kingdom)<sup>(c)</sup> | 24361163 | 74821976 |
|  **Pharmaceuticals–5.76%** | **Pharmaceuticals–5.76%** | **Pharmaceuticals–5.76%** |
|  Bristol-Myers Squibb Co. | 1527921 | 118368040 |
|  Johnson & Johnson | 975451 | 169699211 |
|  Merck & Co., Inc. | 1514126 | 153229551 |
|  Sanofi, ADR (France) | 2874367 | 124258885 |
|  |  | 565555687 |
|  **Property & Casualty Insurance–0.95%** | **Property & Casualty Insurance–0.95%** | **Property & Casualty Insurance–0.95%** |
|  Allstate Corp. (The)<sup>(b)</sup> | 739081 | 93308976 |
|  **Regional Banks–4.73%** | **Regional Banks–4.73%** | **Regional Banks–4.73%** |
|  Citizens Financial Group, Inc. | 3053762 | 124898866 |
|  Fifth Third Bancorp<sup>(b)</sup> | 3269646 | 116693666 |
|  Huntington Bancshares, Inc.<sup>(b)</sup> | 7741580 | 117517184 |
|  M&T Bank Corp.<sup>(b)</sup> | 625155 | 105257347 |
|  |  | 464367063 |
|  **Semiconductors–2.89%** | **Semiconductors–2.89%** | **Semiconductors–2.89%** |
|  Intel Corp. | 1649975 | 46908789 |
|  NXP Semiconductors N.V. (China) | 941494 | 137533444 |
|  QUALCOMM, Inc. | 845478 | 99478941 |
|  |  | 283921174 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Soft Drinks–1.08%** | **Soft Drinks–1.08%** | **Soft Drinks–1.08%** |
|  Coca-Cola Co. (The) | 1772457 | $106081551 |
|  **Systems Software–1.26%** | **Systems Software–1.26%** | **Systems Software–1.26%** |
|  Microsoft Corp. | 531933 | 123477607 |
|  **Tobacco–2.45%** | **Tobacco–2.45%** | **Tobacco–2.45%** |
|  Philip Morris International, Inc. | 2619393 | 240591247 |
|  **Wireless Telecommunication Services–1.23%** | **Wireless Telecommunication Services–1.23%** | **Wireless Telecommunication Services–1.23%** |
|  T-Mobile US, Inc.<sup>(c)</sup> | 797246 | 120830604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $6,342,641,155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $6,342,641,155) | 9441270714 |
|  **Money Market Funds–4.03%** | **Money Market Funds–4.03%** | **Money Market Funds–4.03%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup> | 138682826 | 138682826 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(d)(e)</sup> | 98681163 | 98700899 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(d)(e)</sup> | 158494658 | 158494658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $395,835,822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $395,835,822) | 395878383 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.25%<br>(Cost $6,738,476,977) | TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.25%<br>(Cost $6,738,476,977) | 9837149097 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–1.98%** | **Money Market Funds–1.98%** | **Money Market Funds–1.98%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup> | 53877919 | 53877919 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup> | 139981169 | 139981169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $193,857,459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $193,857,459) | 193859088 |
|  TOTAL INVESTMENTS IN SECURITIES–102.23%<br>(Cost $6,932,334,436) | TOTAL INVESTMENTS IN SECURITIES–102.23%<br>(Cost $6,932,334,436) | 10031008185 |
|  OTHER ASSETS LESS LIABILITIES–(2.23)% | OTHER ASSETS LESS LIABILITIES–(2.23)% | (218423888) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $9812584297 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

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

---

| | |
|:---|:---|
| **5** | **Invesco Comstock Fund** |

---

------

Notes to Schedule of Investments:

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

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>April 30, 2022** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain**<br> **(Loss)** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $185898585 | $192530055 | $(239745814) | $- | $- | $138682826 | $1364909 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 132378481 | 137521468 | (171247010) | 35717 | 12243 | 98700899 | 970447 |
|  Invesco Treasury Portfolio, Institutional Class | 212455525 | 220034349 | (273995216) | - | - | 158494658 | 1480260 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 18385302 | 430696206 | (395203589) | - | - | 53877919 | 377014 \* |
|  Invesco Private Prime Fund | 42899037 | 1061869951 | (964788425) | 1209 | (603) | 139981169 | 1045840 \* |
|  Total | $592016930 | $2042652029 | $(2044980054) | $36926 | $11640 | $589737471 | $5238470 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1I.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
|  |  | **Contract to** | **Contract to** | **Contract to** | **Contract to** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Settlement**<br> **Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Currency Risk** |  |  |  |  |  |  |
|  11/18/2022 | Canadian Imperial Bank of Commerce | USD | 2817774 | CAD | 3869676 | $22876 |
|  11/18/2022 | Deutsche Bank AG | EUR | 1608677 | USD | 1604195 | 12635 |
|  11/18/2022 | Royal Bank of Canada | EUR | 2037958 | USD | 2026934 | 10661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Appreciation |  |  |  |  | 46172 |
|  **Currency Risk** |  |  |  |  |  |  |
|  11/18/2022 | Canadian Imperial Bank of Commerce | CAD | 131024264 | USD | 95154037 | (1028194) |
|  11/18/2022 | Canadian Imperial Bank of Commerce | EUR | 2656219 | USD | 2627509 | (447) |
|  11/18/2022 | Deutsche Bank AG | EUR | 9514144 | USD | 9270574 | (142337) |
|  11/18/2022 | Royal Bank of Canada | EUR | 66699893 | USD | 65018789 | (971396) |
|  11/18/2022 | Royal Bank of Canada | GBP | 33027647 | USD | 36698339 | (1194096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation |  |  |  |  | (3336470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts |  |  |  |  | $(3290298) |

---

Abbreviations:

CAD – Canadian Dollar

EUR – Euro

GBP – British Pound Sterling

USD – U.S. Dollar

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

---

| | |
|:---|:---|
| **6** | **Invesco Comstock Fund** |

---

------

**Portfolio Composition** 

*By sector, based on Net Assets* 

*as of October 31, 2022* 

---

| | |
|:---|:---|
|  Financials | 21.61% |
|  Health Care | 18.76 |
|  Energy | 12.51 |
|  Industrials | 12.21 |
|  Information Technology | 9.74 |
|  Consumer Staples | 6.60 |
|  Consumer Discretionary | 6.35 |
|  Materials | 3.54 |
|  Communication Services | 3.12 |
|  Other Sectors, Each Less than 2% of Net Assets | 1.78 |
|  Money Market Funds Plus Other Assets Less Liabilities | 3.78 |

---

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

---

| | |
|:---|:---|
| **7** | **Invesco Comstock Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated securities, at value<br>(Cost $6,342,641,155)\* | $9441270714 |
|  Investments in affiliated money market funds, at value (Cost $589,693,281) | 589737471 |
|  Other investments: |  |
|  Unrealized appreciation on forward foreign currency contracts outstanding | 46172 |
|  Foreign currencies, at value (Cost $423) | 411 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 4797899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 7919514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 4847715 |
|  Investment for trustee deferred compensation and retirement plans | 689508 |
|  Other assets | 208491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 10049517895 |
|  **Liabilities:** | **Liabilities:** |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts outstanding | 3336470 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 8847620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 25106260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount due custodian | 58640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 193857459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 4541543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 396805 |
|  Trustee deferred compensation and retirement plans | 788801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 236933598 |
|  Net assets applicable to shares outstanding | $9812584297 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Shares of beneficial interest | $5783612223 |
|  Distributable earnings | 4028972074 |
|  | $9812584297 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $&nbsp;&nbsp;&nbsp;&nbsp;6029076351 |
|  Class C | $98086322 |
|  Class R | $131131060 |
|  Class Y | $1665777225 |
|  Class R5 | $391358396 |
|  Class R6 | $1497154943 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 207942555 |
|  Class C | 3380584 |
|  Class R | 4521451 |
|  Class Y | 57457337 |
|  Class R5 | 13512588 |
|  Class R6 | 51716575 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $28.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $28.99 ÷ 94.50%) | $30.68 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $29.01 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $29.00 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $28.99 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $28.96 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $28.95 |

---

\* At October 31, 2022, securities with an aggregate value of $190,313,344 were on loan to brokers. 

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

---

| | |
|:---|:---|
| **8** | **Invesco Comstock Fund** |

---

------

**Statement of Operations** 

*For the six months ended October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $1,629,463) | $120153394 |
|  Dividends from affiliated money market funds (includes net securities lending income of $77,215) | 3892831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 124046225 |
|  **Expenses:** |  |
|  Advisory fees | 18329164 |
|  Administrative services fees | 723280 |
|  Custodian fees | 59131 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 7410784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 476472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 324471 |
|  Transfer agent fees – A, C, R and Y | 5900866 |
|  Transfer agent fees – R5 | 195090 |
|  Transfer agent fees – R6 | 215413 |
|  Trustees' and officers' fees and benefits | 36272 |
|  Registration and filing fees | 151847 |
|  Reports to shareholders | 219169 |
|  Professional services fees | 57356 |
|  Other | 37426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 34136741 |
|  Less: Fees waived and/or expense offset arrangement(s) | (247141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 33889600 |
|  Net investment income | 90156625 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 361479812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 11640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (245312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 19022293 |
|  | 380268433 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (425826535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 36926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 13217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (6481829) |
|  | (432258221) |
|  Net realized and unrealized gain (loss) | (51989788) |
|  Net increase in net assets resulting from operations | $38166837 |

---

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

---

| | |
|:---|:---|
| **9** | **Invesco Comstock Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the six months ended October 31, 2022 and the year ended April 30, 2022* 

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,**<br> **2022** | **April 30,**<br> **2022** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $90156625 | $162200853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 380268433 | 1295596714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (432258221) | (562099796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 38166837 | 895697771 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (55052600) | (503622835) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (520917) | (6744320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1030907) | (10723125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (16643106) | (125976912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (4211227) | (36975919) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (16497243) | (143157969) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (93956000) | (827201080) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (13506483) | 144326364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 4801927 | 1972852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1716597) | (6912302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 85013903 | 72326174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (14640690) | (130036799) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 67047776 | (119889944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 126999836 | (38213655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 71210673 | 30283036 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 9741373624 | 9711090588 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $9812584297 | $9741373624 |

---

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

---

| | |
|:---|:---|
| **10** | **Invesco Comstock Fund** |

---

------

**Financial Highlights** 

*(Unaudited)*

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total**<br> **distributions** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return<sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover<sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | $29.17 | $0.25 | $(0.16) | $0.09 | $(0.27) | $– | $(0.27) | $28.99 | 0.36% | $6029076 | 0.81 %<sup>(d)</sup> | 0.81 %<sup>(d)</sup> | 1.77 %<sup>(d)</sup> | 10% |
|  Year ended 04/30/22 | 29.09 | 0.46 | 2.19 | 2.65 | (0.42) | (2.15) | (2.57) | 29.17 | 9.29 | 6077682 | 0.80 | 0.80 | 1.52 | 20 |
|  Year ended 04/30/21 | 18.95 | 0.40 | 10.24 | 10.64 | (0.50) |  | (0.50) | 29.09 | 56.89 | 5900704 | 0.82 | 0.82 | 1.74 | 19 |
|  Year ended 04/30/20 | 25.18 | 0.51 | (4.88) | (4.37) | (0.52) | (1.34) | (1.86) | 18.95 | (18.76) | 4512553 | 0.82 | 0.83 | 2.16 | 30 |
|  Year ended 04/30/19 | 26.67 | 0.46 | 0.23 | 0.69 | (0.41) | (1.77) | (2.18) | 25.18 | 3.51 | 6350025 | 0.80 | 0.81 | 1.79 | 23 |
|  Year ended 04/30/18 | 24.03 | 0.36 | 3.23 | 3.59 | (0.36) | (0.59) | (0.95) | 26.67 | 15.09 | 6433646 | 0.81 | 0.81 | 1.38 | 14 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 29.18 | 0.15 | (0.17) | (0.02) | (0.15) |  | (0.15) | 29.01 | (0.01) | 98086 | 1.56 <sup>(d)</sup> | 1.56 <sup>(d)</sup> | 1.02 <sup>(d)</sup> | 10 |
|  Year ended 04/30/22 | 29.10 | 0.23 | 2.19 | 2.42 | (0.19) | (2.15) | (2.34) | 29.18 | 8.46 | 93877 | 1.55 | 1.55 | 0.77 | 20 |
|  Year ended 04/30/21 | 18.95 | 0.23 | 10.25 | 10.48 | (0.33) |  | (0.33) | 29.10 | 55.82 <sup>(e)</sup> | 91597 | 1.56 <sup>(e)</sup> | 1.56 <sup>(e)</sup> | 1.00 <sup>(e)</sup> | 19 |
|  Year ended 04/30/20 | 25.16 | 0.35 | (4.87) | (4.52) | (0.35) | (1.34) | (1.69) | 18.95 | (19.32)<sup>(e)</sup> | 96492 | 1.49 <sup>(e)</sup> | 1.50 <sup>(e)</sup> | 1.49 <sup>(e)</sup> | 30 |
|  Year ended 04/30/19 | 26.66 | 0.27 | 0.21 | 0.48 | (0.21) | (1.77) | (1.98) | 25.16 | 2.68 <sup>(e)</sup> | 158707 | 1.54 <sup>(e)</sup> | 1.55 <sup>(e)</sup> | 1.05 <sup>(e)</sup> | 23 |
|  Year ended 04/30/18 | 24.02 | 0.16 | 3.24 | 3.40 | (0.17) | (0.59) | (0.76) | 26.66 | 14.24 <sup>(e)</sup> | 468225 | 1.55 <sup>(e)</sup> | 1.55 <sup>(e)</sup> | 0.64 <sup>(e)</sup> | 14 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 29.17 | 0.22 | (0.16) | 0.06 | (0.23) |  | (0.23) | 29.00 | 0.26 | 131131 | 1.06 <sup>(d)</sup> | 1.06 <sup>(d)</sup> | 1.52 <sup>(d)</sup> | 10 |
|  Year ended 04/30/22 | 29.09 | 0.39 | 2.18 | 2.57 | (0.34) | (2.15) | (2.49) | 29.17 | 9.01 | 133669 | 1.05 | 1.05 | 1.27 | 20 |
|  Year ended 04/30/21 | 18.95 | 0.34 | 10.24 | 10.58 | (0.44) |  | (0.44) | 29.09 | 56.50 | 139451 | 1.07 | 1.07 | 1.49 | 19 |
|  Year ended 04/30/20 | 25.17 | 0.45 | (4.87) | (4.42) | (0.46) | (1.34) | (1.80) | 18.95 | (18.95) | 133186 | 1.07 | 1.08 | 1.91 | 30 |
|  Year ended 04/30/19 | 26.67 | 0.40 | 0.21 | 0.61 | (0.34) | (1.77) | (2.11) | 25.17 | 3.20 | 212843 | 1.05 | 1.06 | 1.54 | 23 |
|  Year ended 04/30/18 | 24.03 | 0.29 | 3.24 | 3.53 | (0.30) | (0.59) | (0.89) | 26.67 | 14.80 | 265368 | 1.06 | 1.06 | 1.13 | 14 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 29.17 | 0.29 | (0.17) | 0.12 | (0.30) |  | (0.30) | 28.99 | 0.50 | 1665777 | 0.56 <sup>(d)</sup> | 0.56 <sup>(d)</sup> | 2.02 <sup>(d)</sup> | 10 |
|  Year ended 04/30/22 | 29.09 | 0.54 | 2.19 | 2.73 | (0.50) | (2.15) | (2.65) | 29.17 | 9.57 | 1589325 | 0.55 | 0.55 | 1.77 | 20 |
|  Year ended 04/30/21 | 18.95 | 0.45 | 10.25 | 10.70 | (0.56) |  | (0.56) | 29.09 | 57.28 | 1511312 | 0.57 | 0.57 | 1.99 | 19 |
|  Year ended 04/30/20 | 25.18 | 0.57 | (4.88) | (4.31) | (0.58) | (1.34) | (1.92) | 18.95 | (18.54) | 1179055 | 0.57 | 0.58 | 2.41 | 30 |
|  Year ended 04/30/19 | 26.68 | 0.52 | 0.22 | 0.74 | (0.47) | (1.77) | (2.24) | 25.18 | 3.73 | 1765456 | 0.55 | 0.56 | 2.04 | 23 |
|  Year ended 04/30/18 | 24.03 | 0.41 | 3.25 | 3.66 | (0.42) | (0.59) | (1.01) | 26.68 | 15.41 | 1861752 | 0.56 | 0.56 | 1.63 | 14 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 29.14 | 0.30 | (0.17) | 0.13 | (0.31) |  | (0.31) | 28.96 | 0.53 | 391358 | 0.51 <sup>(d)</sup> | 0.51 <sup>(d)</sup> | 2.07 <sup>(d)</sup> | 10 |
|  Year ended 04/30/22 | 29.06 | 0.55 | 2.19 | 2.74 | (0.51) | (2.15) | (2.66) | 29.14 | 9.63 | 408406 | 0.50 | 0.50 | 1.82 | 20 |
|  Year ended 04/30/21 | 18.93 | 0.47 | 10.23 | 10.70 | (0.57) |  | (0.57) | 29.06 | 57.39 | 529916 | 0.50 | 0.50 | 2.06 | 19 |
|  Year ended 04/30/20 | 25.16 | 0.58 | (4.87) | (4.29) | (0.60) | (1.34) | (1.94) | 18.93 | (18.50) | 440298 | 0.50 | 0.51 | 2.48 | 30 |
|  Year ended 04/30/19 | 26.66 | 0.54 | 0.22 | 0.76 | (0.49) | (1.77) | (2.26) | 25.16 | 3.80 | 665081 | 0.48 | 0.49 | 2.11 | 23 |
|  Year ended 04/30/18 | 24.02 | 0.44 | 3.23 | 3.67 | (0.44) | (0.59) | (1.03) | 26.66 | 15.46 | 735462 | 0.50 | 0.50 | 1.69 | 14 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 29.13 | 0.31 | (0.17) | 0.14 | (0.32) |  | (0.32) | 28.95 | 0.56 | 1497155 | 0.44 <sup>(d)</sup> | 0.44 <sup>(d)</sup> | 2.14 <sup>(d)</sup> | 10 |
|  Year ended 04/30/22 | 29.05 | 0.57 | 2.19 | 2.76 | (0.53) | (2.15) | (2.68) | 29.13 | 9.72 | 1438415 | 0.43 | 0.43 | 1.89 | 20 |
|  Year ended 04/30/21 | 18.92 | 0.48 | 10.24 | 10.72 | (0.59) |  | (0.59) | 29.05 | 57.56 | 1538111 | 0.42 | 0.42 | 2.14 | 19 |
|  Year ended 04/30/20 | 25.16 | 0.60 | (4.88) | (4.28) | (0.62) | (1.34) | (1.96) | 18.92 | (18.46) | 2268887 | 0.41 | 0.42 | 2.57 | 30 |
|  Year ended 04/30/19 | 26.66 | 0.56 | 0.22 | 0.78 | (0.51) | (1.77) | (2.28) | 25.16 | 3.90 | 2962672 | 0.39 | 0.40 | 2.20 | 23 |
|  Year ended 04/30/18 | 24.01 | 0.47 | 3.24 | 3.71 | (0.47) | (0.59) | (1.06) | 26.66 | 15.61 | 2587663 | 0.41 | 0.41 | 1.78 | 14 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

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

<sup>(e)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.99%, 0.92%, 0.99% and 0.99% for the years ended April 30, 2021, 2020, 2019 and 2018, respectively. 

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

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| | |
|:---|:---|
| **11** | **Invesco Comstock Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

*(Unaudited)* 

**NOTE 1–Significant Accounting Policies** 

Invesco Comstock Fund (the "Fund") is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is total return through growth of capital and current income.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/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 Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

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|:---|:---|
| **12** | **Invesco Comstock Fund** |

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Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date
basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

**D.** **Distributions** – Distributions from net investment income, if any, are declared and paid quarterly and are
recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as
distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the
operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees
attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net
assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the
Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed
by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the
1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy
to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the
value of the securities on loan.

When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner

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|:---|:---|
| **13** | **Invesco Comstock Fund** |

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consistent with the federal securities laws. For the six months ended October 31, 2022, the Fund paid the Adviser $3,080 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

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

**L.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and
dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply
chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate
other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on
individual businesses are unpredictable and may result in significant and prolonged effects on the Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
|  First $1 billion | 0.500% |
|  Next $1 billion | 0.450% |
|  Next $1 billion | 0.400% |
|  Over $3 billion | 0.350% |

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For the six months ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.38%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75% respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2022, the Adviser waived advisory fees of $239,062.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

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| | |
|:---|:---|
| **14** | **Invesco Comstock Fund** |

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The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees.*

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2022, IDI advised the Fund that IDI retained $300,021 in front-end sales commissions from the sale of Class A shares and $8,599 and $16,464 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2022, the Fund incurred $13,521 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3–Additional Valuation Information** 

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

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| | |
|:---|:---|
| 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 Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |

---

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
|  Common Stocks & Other Equity Interests | $9327590324 | $113680390 | $– | $9441270714 |
|  Money Market Funds | 395878383 | 193859088 | &nbsp;&nbsp;&nbsp;&nbsp;– | 589737471 |
|  **Total Investments in Securities** | 9723468707 | 307539478 | &nbsp;&nbsp;&nbsp;&nbsp;– | 10031008185 |
|  **Other Investments - Assets\*** | **Other Investments - Assets\*** | **Other Investments - Assets\*** | **Other Investments - Assets\*** | **Other Investments - Assets\*** |
|  Forward Foreign Currency Contracts |  | 46172 | &nbsp;&nbsp;&nbsp;&nbsp;– | 46172 |
|  **Other Investments - Liabilities\*** | **Other Investments - Liabilities\*** | **Other Investments - Liabilities\*** | **Other Investments - Liabilities\*** | **Other Investments - Liabilities\*** |
|  Forward Foreign Currency Contracts |  | (3336470) | &nbsp;&nbsp;&nbsp;&nbsp;– | (3336470) |
|  **Total Other Investments** |  | (3290298) | &nbsp;&nbsp;&nbsp;&nbsp;– | (3290298) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $9723468707 | $304249180 | $– | $10027717887 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4–Derivative Investments** 

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

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| | |
|:---|:---|
| **15** | **Invesco Comstock Fund** |

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**Value of Derivative Investments at Period-End** 

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2022:

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| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | **Currency <br>Risk** |
|  Unrealized appreciation on forward foreign currency contracts outstanding | $46172 |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Assets subject to master netting agreements | $46172 |
|  | **Value** |
| **Derivative Liabilities** | **Currency<br>Risk** |
|  Unrealized depreciation on forward foreign currency contracts outstanding | $(3336470) |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Liabilities subject to master netting agreements | $(3336470) |

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**Offsetting Assets and Liabilities** 

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial<br>Derivative**<br>**Assets** | **Financial<br>Derivative<br>Liabilities** | | **Collateral<br>(Received)/Pledged** | **Collateral<br>(Received)/Pledged** | |
| **Counterparty** | **Forward Foreign<br>Currency Contracts** | **Forward Foreign<br>Currency Contracts** | **Net Value of<br>Derivatives** | **Non-Cash** | **Cash** | **Net**<br> **Amount** |
|  Canadian Imperial Bank of Commerce | $22876 | $(1028641) | $(1005765) | $– | $– | $(1005765) |
|  Deutsche Bank AG | 12635 | (142337) | (129702) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | (129702) |
|  Royal Bank of Canada | 10661 | (2165492) | (2154831) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | (2154831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $46172 | $(3336470) | $(3290298) | $– | $– | $(3290298) |

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**Effect of Derivative Investments for the six months ended October 31, 2022** 

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on<br>Statement of Operations** |
|  | **Currency**<br> **Risk** |
|  Realized Gain: | Realized Gain: |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $19022293 |
|  Change in Net Unrealized Appreciation (Depreciation): | Change in Net Unrealized Appreciation (Depreciation): |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3290298) |
|  Total | $15731995 |

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The table below summarizes the average notional value of derivatives held during the period.

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| | |
|:---|:---|
|  | **Forward<br>Foreign Currency<br>Contracts** |
|  Average notional value | $206240699 |

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**NOTE 5–Expense Offset Arrangement(s)** 

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $8,381.

**NOTE 6–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

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| | |
|:---|:---|
| **16** | **Invesco Comstock Fund** |

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**NOTE 7–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 8–Tax Information** 

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of April 30, 2022.

**NOTE 9–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2022 was $1,186,233,368 and $883,409,573, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $3225188608 |
|  Aggregate unrealized (depreciation) of investments | (224891750) |
|  Net unrealized appreciation of investments | $3000296858 |

---

Cost of investments for tax purposes is $7,027,421,029.

**NOTE 10–Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br>**October 31, 2022<sup>(a)</sup>** | **Six months ended**<br>**October 31, 2022<sup>(a)</sup>** | **Year ended**<br>**April 30, 2022** | **Year ended**<br>**April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 8399707 | $238142501 | 14724385 | $445624445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 641335 | 18228757 | 980910 | 29760075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 578083 | 16351724 | 1072501 | 32527460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 10545768 | 299612153 | 14511877 | 439572560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 884222 | 25225516 | 2060677 | 62436337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9516882 | 269168279 | 14507758 | 438193074 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1837348 | 49543999 | 16009887 | 461451798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 17627 | 475995 | 218242 | 6278592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 38209 | 1030678 | 372270 | 10727536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 489853 | 13203427 | 3673337 | 105950211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 156065 | 4202136 | 1282190 | 36965100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 585628 | 15761997 | 4869786 | 140308053 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 181226 | 5112551 | 487373 | 14667550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (181135) | (5112551) | (487190) | (14667550) |

---

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| | |
|:---|:---|
| **17** | **Invesco Comstock Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br>**October 31, 2022<sup>(a)</sup>** | **Six months ended**<br>**October 31, 2022<sup>(a)</sup>** | **Year ended**<br>**April 30, 2022** | **Year ended**<br>**April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (10842213) | $(306305534) | (25722064) | $(777417429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (314380) | (8790274) | (643006) | (19398265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (676703) | (19098999) | (1656582) | (50167298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (8065353) | (227801677) | (15654017) | (473196597) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (1542740) | (44068342) | (7562051) | (229438236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (7768453) | (217882500) | (22941161) | (698391071) |
|  Net increase (decrease) in share activity | 4480976 | $126999836 | 105122 | $(38213655) |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

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| | |
|:---|:---|
| **18** | **Invesco Comstock Fund** |

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br> Account Value <br>(05/01/22)** | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before<br>expenses)** | **HYPOTHETICAL**<br> **(5% annual return before<br>expenses)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
|  | **Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $1003.60 | $4.09 | $1021.12 | $4.13 | 0.81% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;1017.34 | &nbsp;&nbsp;&nbsp;&nbsp;7.93 | 1.56 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1002.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;1019.86 | &nbsp;&nbsp;&nbsp;&nbsp;5.40 | 1.06 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;1022.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | 0.56 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;1022.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | 0.51 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;1022.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | 0.44 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **19** | **Invesco Comstock Fund** |

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

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Comstock Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In

addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to detailed follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the

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

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

*B.* *Fund Investment Performance* 

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Russell 1000<sup>®</sup> Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the third quintile for the three year period, and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and reasonably comparable to the performance of the Index for the three and five year periods. The Board noted that the Fund underwent an investment process change in September 2020. The Board recognized that the performance data reflects a snapshot in time as of a

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| | |
|:---|:---|
| **20** | **Invesco Comstock Fund** |

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particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

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

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

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

The Board also compared the Fund's effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021.

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

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared

with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

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

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board

also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

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

The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **21** | **Invesco Comstock Fund** |

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![LOGO](g421719dsp32.jpg)

**Go paperless with eDelivery** 

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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**Invesco mailing information** 

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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**Important notice regarding delivery of security holder documents** 

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

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**Fund holdings and proxy voting information** 

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

![LOGO](g421719dsp32a.jpg)

SEC file number(s): 811-03826 and 002-85905 Invesco Distributors, Inc. VK-COM-SAR-1

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![LOGO](g421334page1.jpg)

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| | |
|:---|:---|
| **Semiannual Report to Shareholders** | **October 31, 2022** |

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**Invesco Comstock Select Fund** 

Nasdaq:

A: CGRWX ∎ C: CGRCX ∎ R: CGRNX ∎ Y: CGRYX ∎ R5: IOVVX ∎ R6: OGRIX

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| | |
|:---|:---|
| 2 | [Fund Performance](#edg421334_1) |
| 4 | [Schedule of Investments](#edg421334_2) |
| 6 | [Financial Statements](#edg421334_3) |
| 9 | [Financial Highlights](#edg421334_4) |
| 10 | [Notes to Financial Statements](#edg421334_5) |
| 16 | [Fund Expenses](#edg421334_6) |
| 17 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg421334_7) |

---

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

**This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.** 

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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**Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | 0.78 | % |
| &nbsp;&nbsp; Class C Shares | 0.40 |  |
| &nbsp;&nbsp; Class R Shares | 0.64 |  |
| &nbsp;&nbsp; Class Y Shares | 0.91 |  |
| &nbsp;&nbsp; Class R5 Shares | 0.98 |  |
| &nbsp;&nbsp; Class R6 Shares | 0.95 |  |
| &nbsp;&nbsp; Russell 1000 Value Index<sup>▼</sup> | -3.19 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |
| &nbsp;&nbsp; The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co. | &nbsp;&nbsp; The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |  |

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&nbsp;&nbsp;&nbsp; **For more information about your Fund**<br>Read the most recent quarterly commentary from your Fund's portfolio managers by visiting **invesco.com/us**. Click on "Products" and select "Mutual Funds." Use the "Product Finder" to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund's investment strategies, holdings and performance.<br> &nbsp;&nbsp;&nbsp;&nbsp;Also, visit **blog.invesco.us.com**, where many of Invesco's investment professionals share their insights about market and economic news and trends.<br>

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| | |
|:---|:---|
| **2** | **Invesco Comstock Select Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (9/16/85) | 9.45 | % |
| &nbsp;&nbsp; 10 Years | 9.82 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 7.63 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -4.82 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (5/1/96) | 7.07 | % |
| &nbsp;&nbsp; 10 Years | 9.78 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.03 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -0.99 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (3/1/01) | 6.73 | % |
| &nbsp;&nbsp; 10 Years | 10.16 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.58 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 0.45 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (12/16/96) | 7.47 | % |
| &nbsp;&nbsp; 10 Years | 10.72 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 9.12 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 0.98 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 10.57 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 9.12 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.10 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (2/28/12) | 10.52 | % |
| &nbsp;&nbsp; 10 Years | 10.89 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 9.27 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.09 |  |

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**Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Value Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Value Fund. Note: The Fund was subsequently renamed the Invesco Comstock Select Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund's Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.** 

**Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

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| | |
|:---|:---|
| **3** | **Invesco Comstock Select Fund** |

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

*October 31, 2022* 

*(Unaudited)* 

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–94.39%** | **Common Stocks & Other Equity Interests–94.39%** | **Common Stocks & Other Equity Interests–94.39%** |
|  **Air Freight & Logistics–2.48%** |  |  |
|  FedEx Corp. | 102535 | $16434310 |
|  **Asset Management & Custody Banks–3.13%** | **Asset Management & Custody Banks–3.13%** |  |
|  State Street Corp. | 279909 | 20713266 |
|  **Automobile Manufacturers–1.58%** |  |  |
|  General Motors Co. | 266054 | 10442620 |
|  **Building Products–2.92%** |  |  |
|  Johnson Controls International PLC | 334192 | 19329665 |
|  **Casinos & Gaming–3.18%** |  |  |
|  Las Vegas Sands Corp.<sup>(b)</sup>  | 553449 | 21036596 |
|  **Construction Machinery & Heavy Trucks–3.33%** | **Construction Machinery & Heavy Trucks–3.33%** | **Construction Machinery & Heavy Trucks–3.33%** |
|  Wabtec Corp. | 235834 | 21998596 |
|  **Diversified Banks–9.09%** |  |  |
|  Bank of America Corp. | 716486 | 25822155 |
|  Wells Fargo & Co. | 746706 | 34341009 |
|  |  | 60163164 |
|  **Electrical Components & Equipment–4.27%** | **Electrical Components & Equipment–4.27%** |  |
|  Eaton Corp. PLC | 90049 | 13513653 |
|  Emerson Electric Co. | 170450 | 14760970 |
|  |  | 28274623 |
|  **Health Care Distributors–2.99%** |  |  |
|  Henry Schein, Inc.<sup>(b)</sup>  | 288645 | 19760637 |
|  **Health Care Equipment–3.07%** |  |  |
|  Becton, Dickinson and Co. | 86013 | 20296488 |
|  **Health Care Facilities–2.61%** |  |  |
|  Universal Health Services, Inc., Class B | 149232 | 17291512 |
|  **Hotels, Resorts & Cruise Lines–2.99%** | **Hotels, Resorts & Cruise Lines–2.99%** |  |
|  Booking Holdings, Inc.<sup>(b)</sup>  | 10587 | 19792185 |
|  **Household Products–2.93%** |  |  |
|  Kimberly-Clark Corp. | 155576 | 19362989 |
|  **Integrated Oil & Gas–4.73%** |  |  |
|  Exxon Mobil Corp. | 282357 | 31287979 |
|  **IT Consulting & Other Services–6.00%** | **IT Consulting & Other Services–6.00%** |  |
|  Cognizant Technology Solutions Corp., Class A | 272390 | 16956277 |
|  DXC Technology Co.<sup>(b)</sup>  | 791885 | 22766694 |
|  |  | 39722971 |

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Multi-line Insurance–3.53%** |  |  |
|  American International Group, Inc. | 409414 | $23336598 |
|  **Oil & Gas Exploration & Production–9.27%** | **Oil & Gas Exploration & Production–9.27%** |  |
|  ConocoPhillips | 199935 | 25209804 |
|  Marathon Oil Corp. | 1185900 | 36110655 |
|  |  | 61320459 |
|  **Packaged Foods & Meats–4.24%** |  |  |
|  Kraft Heinz Co. (The) | 729771 | 28074290 |
|  **Pharmaceuticals–10.48%** |  |  |
|  Johnson & Johnson | 149356 | 25983463 |
|  Merck & Co., Inc. | 306408 | 31008490 |
|  Sanofi, ADR (France) | 285846 | 12357123 |
|  |  | 69349076 |
|  **Regional Banks–5.40%** |  |  |
|  Citizens Financial Group, Inc. | 356522 | 14581750 |
|  M&T Bank Corp. | 125563 | 21141042 |
|  |  | 35722792 |
|  **Semiconductors–2.04%** |  |  |
|  NXP Semiconductors N.V. (China) | 92268 | 13478509 |
|  **Systems Software–1.26%** |  |  |
|  Microsoft Corp. | 36000 | 8356680 |
|  **Tobacco–2.87%** |  |  |
|  Philip Morris International, Inc. | 206633 | 18979241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $558,162,401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $558,162,401) | 624525246 |
|  **Money Market Funds–5.53%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional<br>Class, 3.07%<sup>(c)(d)</sup>  | 12799470 | 12799470 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(c)(d)</sup>  | 9155473 | 9157304 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(c)(d)</sup>  | 14627965 | 14627965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $36,581,734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $36,581,734) | 36584739 |
|  TOTAL INVESTMENTS IN SECURITIES–99.92%<br>(Cost $594,744,135) | TOTAL INVESTMENTS IN SECURITIES–99.92%<br>(Cost $594,744,135) | 661109985 |
|  OTHER ASSETS LESS LIABILITIES–0.08% | OTHER ASSETS LESS LIABILITIES–0.08% | 526221 |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $661636206 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

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

---

| | |
|:---|:---|
| **4** | **Invesco Comstock Select Fund** |

---

------

Notes to Schedule of Investments:

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

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **April 30, 2022** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $9241192 | $16748691 | $(13190413) | $- | $- | &nbsp;&nbsp;&nbsp;&nbsp;$12799470 | $79059 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 6612347 | 11963351 | (9421724) | 2956 | 374 | 9157304 | 78672 |
|  Invesco Treasury Portfolio, Institutional Class | 10561363 | 19141361 | (15074759) | - | - | 14627965 | 121227 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | - | 47818859 | (47818859) | - | - | - | 77,467\* |
|  Invesco Private Prime Fund | - | 57861303 | (57862029) | - | 726 | - | 85,522\* |
|  Total | $26414902 | $153533565 | $(143367784) | $2956 | $1100 | &nbsp;&nbsp;&nbsp;&nbsp;$36584739 | $441947 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

**Portfolio Composition** 

*By sector, based on Net Assets* 

*as of October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  Financials | 21.15 | % |
|  Health Care | 19.15 |  |
|  Energy | 14.00 |  |
|  Industrials | 13.00 |  |
|  Consumer Staples | 10.04 |  |
|  Information Technology | 9.30 |  |
|  Consumer Discretionary | 7.75 |  |
|  Money Market Funds Plus Other Assets Less Liabilities | 5.61 |  |

---

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

---

| | |
|:---|:---|
| **5** | **Invesco Comstock Select Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $558,162,401) | $624525246 |
|  Investments in affiliated money market funds, at value<br>(Cost $36,581,734) | 36584739 |
|  Cash | 1034847 |
|  Foreign currencies, at value (Cost $245) | 217 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 497272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 59814 |
|  Investment for trustee deferred compensation and retirement plans | 106381 |
|  Other assets | 62991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 662871507 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 514281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 319019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 67558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 228062 |
|  Trustee deferred compensation and retirement plans | 106381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1235301 |
|  Net assets applicable to shares outstanding | $661636206 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $502278972 |
|  Distributable earnings | 159357234 |
|  | $661636206 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $521902641 |
|  Class C | $29870862 |
|  Class R | $39449462 |
|  Class Y | $57363140 |
|  Class R5 | $10659 |
|  Class R6 | $13039442 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 15307813 |
|  Class C | 940724 |
|  Class R | 1192393 |
|  Class Y | 1627989 |
|  Class R5 | 313 |
|  Class R6 | 371169 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $34.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $34.09 ÷ 94.50%) | $36.07 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $31.75 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $33.08 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $35.24 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $34.05 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $35.13 |

---

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

---

| | |
|:---|:---|
| **6** | **Invesco Comstock Select Fund** |

---

------

**Statement of Operations** 

*For the six months ended October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $155,349) | $7354885 |
|  Dividends from affiliated money market funds (includes net securities lending income of $4,377) | 283335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 7638220 |
|  **Expenses:** |  |
|  Advisory fees | 1697245 |
|  Administrative services fees | 46859 |
|  Custodian fees | 2574 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 618982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 149372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 96957 |
|  Transfer agent fees – A, C, R and Y | 440968 |
|  Transfer agent fees – R5 | 2 |
|  Transfer agent fees – R6 | 1593 |
|  Trustees' and officers' fees and benefits | 10397 |
|  Registration and filing fees | 44055 |
|  Reports to shareholders | 176513 |
|  Professional services fees | 51350 |
|  Other | 10429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3347296 |
|  Less: Fees waived and/or expense offset arrangement(s) | (22439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3324857 |
|  Net investment income | 4313363 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 48885429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 1100 |
|  | 48886529 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (48263456) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 2956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (21) |
|  | (48260521) |
|  Net realized and unrealized gain | 626008 |
|  Net increase in net assets resulting from operations | $4939371 |

---

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

---

| | |
|:---|:---|
| **7** | **Invesco Comstock Select Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the six months ended October 31, 2022 and the year ended April 30, 2022* 

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,<br>2022** | **April 30,**<br> **2022** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4313363 | $7633004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 48886529 | 96393239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (48260521) | (59032747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 4939371 | 44993496 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4095949) | (27906326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (120899) | (1444535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (255148) | (2003955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (465379) | (2915550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (102) | (607) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (102481) | (460670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (5039958) | (34731643) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (7677309) | (24896217) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1176169) | 320455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (6264) | (637629) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 6073036 | 4150254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3144620 | 3136968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | 357914 | (17926169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 257327 | (7664316) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 661378879 | 669043195 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $661636206 | $661378879 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco Comstock Select Fund** |

---

------

**Financial Highlights** 

*(Unaudited)* 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>from net<br>investment<br>income** | **Distributions**<br> **from net<br>realized<br>gains** | **Total<br>distributions** | **Net asset<br>value, end<br>of period** | **Total<br>return<sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of<br>expenses<br>to average<br>net assets<br>with<br>fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of<br>expenses**<br> **to average net<br>assets without<br>fee waivers<br>and/or<br>expenses<br>absorbed<sup>(c)</sup>** | **Ratio of net<br>investment<br>income<br>to average<br>net assets** | **Portfolio<br>turnover <sup>(d)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | $34.11 | $0.23 | $0.02 | $0.25 | $(0.27) | $– | $(0.27) | $34.09 | 0.78 %<sup>(e)</sup> | $521903 | 1.00 %<sup>(e)(f)</sup> | 1.01 %<sup>(e)(f)</sup> | 1.36 %<sup>(e)(f)</sup> | 18% |
|  Year ended 04/30/22 | 33.66 | 0.40 | 1.87 | 2.27 | (0.38) | (1.44) | (1.82) | 34.11 | 6.88 <sup>(e)</sup> | 530151 | 0.91 <sup>(e)</sup> | 0.92 <sup>(e)</sup> | 1.15 <sup>(e)</sup> | 54 |
|  Year ended 04/30/21 | 21.50 | 0.46 | 12.39 | 12.85 | (0.69) |  | (0.69) | 33.66 | 60.66 <sup>(e)</sup> | 546503 | 0.93 <sup>(e)</sup> | 1.04 <sup>(e)</sup> | 1.75 <sup>(e)</sup> | 46 |
|  Six months ended 04/30/20 | 33.81 | 0.29 | (5.00) | (4.71) | (0.29) | (7.31) | (7.60) | 21.50 | (19.00) | 388558 | 0.93 <sup>(f)</sup> | 0.97 <sup>(f)</sup> | 2.17 <sup>(f)</sup> | 11 |
|  Year ended 10/31/19 | 35.63 | 0.58 | 2.00 | 2.58 | (0.56) | (3.84) | (4.40) | 33.81 | 8.66 | 524705 | 0.93 | 0.95 | 1.79 | 129 |
|  Year ended 10/31/18 | 37.62 | 0.51 | (0.32) | 0.19 | (0.52) | (1.66) | (2.18) | 35.63 | 0.35 | 500866 | 0.93 | 0.93 | 1.37 | 45 |
|  Year ended 10/31/17 | 31.66 | 0.34 | 6.09 | 6.43 | (0.47) | – | (0.47) | 37.62 | 20.41 | 548012 | 0.94 | 0.95 | 0.97 | 53 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 31.76 | 0.09 | 0.03 | 0.12 | (0.13) |  | (0.13) | 31.75 | 0.40 | 29871 | 1.76 <sup>(f)</sup> | 1.77 <sup>(f)</sup> | 0.60 <sup>(f)</sup> | 18 |
|  Year ended 04/30/22 | 31.44 | 0.13 | 1.74 | 1.87 | (0.11) | (1.44) | (1.55) | 31.76 | 6.05 | 31095 | 1.67 | 1.68 | 0.39 | 54 |
|  Year ended 04/30/21 | 20.08 | 0.24 | 11.58 | 11.82 | (0.46) |  | (0.46) | 31.44 | 59.49 | 30455 | 1.68 | 1.80 | 1.00 | 46 |
|  Six months ended 04/30/20 | 32.01 | 0.18 | (4.64) | (4.46) | (0.16) | (7.31) | (7.47) | 20.08 | (19.29) | 27325 | 1.68 <sup>(f)</sup> | 1.73 <sup>(f)</sup> | 1.41 <sup>(f)</sup> | 11 |
|  Year ended 10/31/19 | 33.95 | 0.32 | 1.89 | 2.21 | (0.31) | (3.84) | (4.15) | 32.01 | 7.86 | 40759 | 1.68 | 1.69 | 1.03 | 129 |
|  Year ended 10/31/18 | 35.96 | 0.22 | (0.31) | (0.09) | (0.26) | (1.66) | (1.92) | 33.95 | (0.44) | 96108 | 1.69 | 1.69 | 0.62 | 45 |
|  Year ended 10/31/17 | 30.32 | 0.07 | 5.83 | 5.90 | (0.26) | – | (0.26) | 35.96 | 19.51 | 113203 | 1.69 | 1.70 | 0.22 | 53 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 33.10 | 0.18 | 0.01 | 0.19 | (0.21) |  | (0.21) | 33.08 | 0.64 | 39449 | 1.26 <sup>(f)</sup> | 1.27 <sup>(f)</sup> | 1.10 <sup>(f)</sup> | 18 |
|  Year ended 04/30/22 | 32.70 | 0.30 | 1.82 | 2.12 | (0.28) | (1.44) | (1.72) | 33.10 | 6.62 | 39500 | 1.17 | 1.18 | 0.89 | 54 |
|  Year ended 04/30/21 | 20.89 | 0.38 | 12.04 | 12.42 | (0.61) |  | (0.61) | 32.70 | 60.24 | 39590 | 1.18 | 1.30 | 1.50 | 46 |
|  Six months ended 04/30/20 | 33.04 | 0.25 | (4.85) | (4.60) | (0.24) | (7.31) | (7.55) | 20.89 | (19.11) | 27340 | 1.18 <sup>(f)</sup> | 1.23 <sup>(f)</sup> | 1.92 <sup>(f)</sup> | 11 |
|  Year ended 10/31/19 | 34.91 | 0.49 | 1.96 | 2.45 | (0.48) | (3.84) | (4.32) | 33.04 | 8.41 | 36469 | 1.18 | 1.20 | 1.54 | 129 |
|  Year ended 10/31/18 | 36.91 | 0.41 | (0.32) | 0.09 | (0.43) | (1.66) | (2.09) | 34.91 | 0.08 | 38411 | 1.18 | 1.18 | 1.12 | 45 |
|  Year ended 10/31/17 | 31.08 | 0.25 | 5.97 | 6.22 | (0.39) | – | (0.39) | 36.91 | 20.10 | 42358 | 1.18 | 1.19 | 0.73 | 53 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 35.26 | 0.28 | 0.02 | 0.30 | (0.32) |  | (0.32) | 35.24 | 0.91 | 57363 | 0.76 <sup>(f)</sup> | 0.77 <sup>(f)</sup> | 1.60 <sup>(f)</sup> | 18 |
|  Year ended 04/30/22 | 34.75 | 0.50 | 1.93 | 2.43 | (0.48) | (1.44) | (1.92) | 35.26 | 7.13 | 50894 | 0.67 | 0.68 | 1.39 | 54 |
|  Year ended 04/30/21 | 22.19 | 0.54 | 12.80 | 13.34 | (0.78) |  | (0.78) | 34.75 | 61.10 | 45879 | 0.68 | 0.80 | 2.00 | 46 |
|  Six months ended 04/30/20 | 34.70 | 0.34 | (5.21) | (4.87) | (0.33) | (7.31) | (7.64) | 22.19 | (18.95) | 29843 | 0.68 <sup>(f)</sup> | 0.73 <sup>(f)</sup> | 2.41 <sup>(f)</sup> | 11 |
|  Year ended 10/31/19 | 36.44 | 0.68 | 2.07 | 2.75 | (0.65) | (3.84) | (4.49) | 34.70 | 8.97 | 70677 | 0.68 | 0.71 | 2.03 | 129 |
|  Year ended 10/31/18 | 38.43 | 0.62 | (0.34) | 0.28 | (0.61) | (1.66) | (2.27) | 36.44 | 0.55 | 72317 | 0.68 | 0.68 | 1.61 | 45 |
|  Year ended 10/31/17 | 32.33 | 0.44 | 6.22 | 6.66 | (0.56) | – | (0.56) | 38.43 | 20.71 | 142547 | 0.69 | 0.71 | 1.20 | 53 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 34.07 | 0.29 | 0.02 | 0.31 | (0.33) |  | (0.33) | 34.05 | 0.98 | 11 | 0.65 <sup>(f)</sup> | 0.66 <sup>(f)</sup> | 1.71 <sup>(f)</sup> | 18 |
|  Year ended 04/30/22 | 33.62 | 0.52 | 1.87 | 2.39 | (0.50) | (1.44) | (1.94) | 34.07 | 7.24 | 11 | 0.57 | 0.58 | 1.49 | 54 |
|  Year ended 04/30/21 | 21.47 | 0.55 | 12.38 | 12.93 | (0.78) |  | (0.78) | 33.62 | 61.27 | 11 | 0.57 | 0.60 | 2.11 | 46 |
|  Six months ended 04/30/20 | 33.80 | 0.34 | (5.02) | (4.68) | (0.34) | (7.31) | (7.65) | 21.47 | (18.88) | 7 | 0.57 <sup>(f)</sup> | 0.57 <sup>(f)</sup> | 2.52 <sup>(f)</sup> | 11 |
|  Period ended 10/31/19<sup>(g)</sup> | 31.94 | 0.31 | 1.93 | 2.24 | (0.38) | – | (0.38) | 33.80 | 7.03 | 11 | 0.57 <sup>(f)</sup> | 0.57 <sup>(f)</sup> | 2.15 <sup>(f)</sup> | 129 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 35.16 | 0.29 | 0.02 | 0.31 | (0.34) |  | (0.34) | 35.13 | 0.95 | 13039 | 0.65 <sup>(f)</sup> | 0.66 <sup>(f)</sup> | 1.71 <sup>(f)</sup> | 18 |
|  Year ended 04/30/22 | 34.65 | 0.54 | 1.93 | 2.47 | (0.52) | (1.44) | (1.96) | 35.16 | 7.26 | 9729 | 0.55 | 0.58 | 1.51 | 54 |
|  Year ended 04/30/21 | 22.13 | 0.51 | 12.83 | 13.34 | (0.82) |  | (0.82) | 34.65 | 61.33 | 6606 | 0.52 | 0.58 | 2.16 | 46 |
|  Six months ended 04/30/20 | 34.63 | 0.36 | (5.19) | (4.83) | (0.36) | (7.31) | (7.67) | 22.13 | (18.88) | 444138 | 0.52 <sup>(f)</sup> | 0.54 <sup>(f)</sup> | 2.58 <sup>(f)</sup> | 11 |
|  Year ended 10/31/19 | 36.38 | 0.73 | 2.06 | 2.79 | (0.70) | (3.84) | (4.54) | 34.63 | 9.13 | 656678 | 0.52 | 0.52 | 2.20 | 129 |
|  Year ended 10/31/18 | 38.37 | 0.68 | (0.33) | 0.35 | (0.68) | (1.66) | (2.34) | 36.38 | 0.75 | 1039697 | 0.52 | 0.52 | 1.78 | 45 |
|  Year ended 10/31/17 | 32.28 | 0.50 | 6.21 | 6.71 | (0.62) | – | (0.62) | 38.37 | 20.92 | 1336915 | 0.51 | 0.52 | 1.39 | 53 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the six months ended April 30, 2020 and for the years ended October 31, 2019, 2018 and 2017, respectively. 

<sup>(d)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

<sup>(e)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended October 31, 2022 and the years ended April 30, 2022 and 2021. 

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

<sup>(g)</sup> Commencement date after the close of business on May 24, 2019.

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

---

| | |
|:---|:---|
| **9** | **Invesco Comstock Select Fund** |

---

------

**Notes to Financial Statements** 

*October 31, 2022* 

*(Unaudited)* 

**NOTE 1–Significant Accounting Policies** 

Invesco Comstock Select Fund (the "Fund") is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies.*

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/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 Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

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| **10** | **Invesco Comstock Select Fund** |

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Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date
basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

**D.** **Distributions** – Distributions from net investment income, if any, are declared and paid quarterly and are
recorded on the ex-dividend date. Distributions from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date.
The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a
particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net
assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping
fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates** – The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic
equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the
collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and
the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays
and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any
deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to
counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner

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| **11** | **Invesco Comstock Select Fund** |

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consistent with the federal securities laws. For the six months ended October 31, 2022, fees paid to the Adviser were less than $500 Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

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

**L.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

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| **12** | **Invesco Comstock Select Fund** |

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**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| **Average Daily Net Assets** | **Rate\*** |
|  First $300 million | 0.625% |
|  Next $100 million | 0.500% |
|  Next $4.6 billion | 0.450% |
|  Over $5 billion | 0.430% |

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\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. 

For the six months ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.53%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

Effective September 1, 2022, the Adviser has contractually agreed, through June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "expense limits"). Prior to September 1, 2022, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.96%, 1.71%, 1.21%, 0.71%, 0.71% and 0.71%, respectively, of the Fund's average daily net assets. In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2022, the Adviser waived advisory fees of $17,304 and reimbursed class level expenses of $0, $91, $169, $258, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

Shares of the Fund are distributed by Invesco Distributors, Inc. ("IDI"). The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act, and a service plan (collectively, the "Plans") for Class A, Class C and Class R shares to compensate IDI for the sale, distribution, shareholder servicing and maintenance of shareholder accounts for these shares. Under the Plans, the Fund will incur annual fees of up to 0.25% of Class A average daily net assets, up to 1.00% of Class C average daily net assets and up to 0.50% of Class R average daily net assets. The fees are accrued daily and paid monthly.

With respect to Class C shares, the Fund is authorized to reimburse in future years any distribution related expenses that exceed the maximum annual reimbursement rate for such class, so long as such reimbursement does not cause the Fund to exceed the Class C maximum annual reimbursement rate, respectively. With respect to Class A shares, distribution related expenses that exceed the maximum annual reimbursement rate for such class are not carried forward to future years and the Fund will not reimburse IDI for any such expenses.

For the six months ended October 31, 2022, expenses incurred under these agreements are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2022, IDI advised the Fund that IDI retained $22,177 in front-end sales commissions from the sale of Class A shares and $13 and $1,375 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2022, the Fund incurred $4,578 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3–Additional Valuation Information** 

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

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| **13** | **Invesco Comstock Select Fund** |

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| 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 Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |

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As of October 31, 2022, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**NOTE 4–Expense Offset Arrangement(s)** 

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $4,617.

**NOTE 5–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Tax Information** 

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of April 30, 2022.

**NOTE 8–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2022 was $107,151,281 and $117,359,253, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

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|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $89866228 |
|  Aggregate unrealized (depreciation) of investments | (23728093) |
|  Net unrealized appreciation of investments | $66138135 |

---

Cost of investments for tax purposes is $594,971,850.

**NOTE 9–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 694790 | $23088012 | 1082331 | $37753214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 85912 | 2661074 | 214561 | 6998728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 108266 | 3488644 | 161090 | 5460264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 385564 | 12948005 | 608577 | 21838340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 156550 | 5270787 | 170135 | 6133170 |

---

---

| | |
|:---|:---|
| **14** | **Invesco Comstock Select Fund** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 122766 | $3882317 | 795324 | $26728393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 4022 | 118512 | 45652 | 1424506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 8283 | 254210 | 61355 | 1999184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 8687 | 283787 | 53894 | 1871371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3024 | 98461 | 12937 | 448672 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 35866 | 1190124 | 82312 | 2863917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (38514) | (1190124) | (88252) | (2863917) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1086385) | (35837762) | (2653825) | (92241741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (89675) | (2765631) | (161562) | (5238862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (117483) | (3749118) | (239675) | (8097077) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (209717) | (7158756) | (539340) | (19559457) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (65146) | (2224628) | (96995) | (3444874) |
|  Net increase (decrease) in share activity | 6810 | $357914 | (491481) | $(17926169) |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 5% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**NOTE 10–Subsequent Event** 

Effective November 15, 2022, the Fund's sub-classification under the Investment Company Act of 1940 changed from "diversified" to "non-diversified" and a related fundamental investment restriction regarding issuer diversification was eliminated.

---

| | |
|:---|:---|
| **15** | **Invesco Comstock Select Fund** |

---

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before<br>expenses)** | **HYPOTHETICAL**<br> **(5% annual return before<br>expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br>Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $1007.80 | $5.06 | $1020.16 | $5.09 | 1.00% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1004.00 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 | &nbsp;&nbsp;&nbsp;&nbsp;1016.33 | &nbsp;&nbsp;&nbsp;&nbsp;8.94 | 1.76 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1006.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;1018.85 | &nbsp;&nbsp;&nbsp;&nbsp;6.41 | 1.26 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;1021.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | 0.76 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;1021.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | 0.65 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;1021.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | 0.65 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

---

| | |
|:---|:---|
| **16** | **Invesco Comstock Select Fund** |

---

------

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

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Comstock Select Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

*B.* *Fund Investment Performance* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Russell 1000<sup>®</sup> Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the third quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and reasonably comparable to the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.'s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board further noted that the Fund underwent an investment process change in February 2020. The Board recognized that the performance data reflects a snapshot in time as

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| | |
|:---|:---|
| **17** | **Invesco Comstock Select Fund** |

---

------

of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also compared the Fund's effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021.

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

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared

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

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the

effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **18** | **Invesco Comstock Select Fund** |

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![LOGO](g421334page20.jpg)

**Go paperless with eDelivery** 

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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**Invesco mailing information** 

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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**Important notice regarding delivery of security holder documents** 

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

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**Fund holdings and proxy voting information** 

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

![LOGO](g421334page1.jpg)

SEC file number(s): 811-03826 and 002-85905 Invesco Distributors, Inc. O-VAL-SAR-1

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![LOGO](g420776dsp24b.jpg)

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| | |
|:---|:---|
| **Semiannual Report to Shareholders** | **October 31, 2022** |

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**Invesco Dividend Income Fund** 

Nasdaq:

A: IAUTX ∎ C: IUTCX ∎ R: IRTCX ∎ Y: IAUYX ∎ Investor: FSTUX ∎ R5: FSIUX ∎ R6: IFUTX

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| | |
|:---|:---|
| 2 | [Fund Performance](#edg420776_1) |
| 4 | [Schedule of Investments](#edg420776_2) |
| 7 | [Financial Statements](#edg420776_3) |
| 10 | [Financial Highlights](#edg420776_4) |
| 11 | [Notes to Financial Statements](#edg420776_5) |
| 17 | [Fund Expenses](#edg420776_6) |
| 18 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg420776_7) |

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For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

**This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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**Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** | |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -1.03 | % |
| &nbsp;&nbsp; Class C Shares | -1.38 |  |
| &nbsp;&nbsp; Class R Shares | -1.16 |  |
| &nbsp;&nbsp; Class Y Shares | -0.93 |  |
| &nbsp;&nbsp; Investor Class Shares | -1.02 |  |
| &nbsp;&nbsp; Class R5 Shares | -0.89 |  |
| &nbsp;&nbsp; Class R6 Shares | -0.86 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -5.50 |  |
| &nbsp;&nbsp; Dow Jones U.S. Select Dividend Index<sup>▼</sup> (Style-Specific Index) | -2.34 |  |
| &nbsp;&nbsp; Russell 1000 Value Index<sup>▼</sup> (Style-Specific Index) | -3.19 |  |
| &nbsp;&nbsp; Lipper Equity Income Funds Index<sup>∎</sup> (Peer Group Index) | -2.18 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup> Lipper Inc. |  |  |
| &nbsp;&nbsp; The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market. |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Dow Jones U.S. Select Dividend Index** represent the country's leading stocks by dividend yield. |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Russell 1000<sup>®</sup> Value Index** is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Equity Income Funds Index** is an unmanaged index considered representative of equity income funds tracked by Lipper. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Equity Income Funds Index** is an unmanaged index considered representative of equity income funds tracked by Lipper. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **For more information about your Fund**<br>Read the most recent quarterly commentary from your Fund's portfolio managers by visiting **invesco.com/us**. Click on "Products" and select "Mutual Funds." Use the "Product Finder" to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund's investment strategies, holdings and performance.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, visit **blog.invesco.us.com**, where many of Invesco's investment professionals share their insights about market and economic news and trends.<br>

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| | |
|:---|:---|
| **2** | **Invesco Dividend Income Fund** |

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| | |
|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |
| &nbsp;&nbsp; Inception (3/28/02) | 7.80% |
| &nbsp;&nbsp; 10 Years | 8.10 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 4.76 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -4.10 |
| &nbsp;&nbsp; **Class C Shares** |  |
| &nbsp;&nbsp; Inception (2/14/00) | 4.48% |
| &nbsp;&nbsp; 10 Years | 8.07 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.15 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -0.24 |
| &nbsp;&nbsp; **Class R Shares** |  |
| &nbsp;&nbsp; 10 Years | 8.45% |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.69 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.23 |
| &nbsp;&nbsp; **Class Y Shares** |  |
| &nbsp;&nbsp; Inception (10/3/08) | 8.77% |
| &nbsp;&nbsp; 10 Years | 8.99 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.21 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.74 |
| &nbsp;&nbsp; **Investor Class Shares** |  |
| &nbsp;&nbsp; Inception (6/2/86) | 8.30% |
| &nbsp;&nbsp; 10 Years | 8.72 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.95 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.51 |
| &nbsp;&nbsp; **Class R5 Shares** |  |
| &nbsp;&nbsp; Inception (10/25/05) | 8.14% |
| &nbsp;&nbsp; 10 Years | 9.03 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.25 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.76 |
| &nbsp;&nbsp; **Class R6 Shares** |  |
| &nbsp;&nbsp; Inception (9/24/12) | 9.13% |
| &nbsp;&nbsp; 10 Years | 9.11 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.34 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 1.83 |

---

**Class R shares incepted on April 17, 2020. Performance shown prior to that date is that of Investor Class shares restated to reflect the higher 12b-1 fees applicable to Class R shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Investor Class,** 

**Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

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| | |
|:---|:---|
| **3** | **Invesco Dividend Income Fund** |

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

*October 31, 2022* 

*(Unaudited)* 

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–97.22%** | **Common Stocks & Other Equity Interests–97.22%** | **Common Stocks & Other Equity Interests–97.22%** |
|  **Aerospace & Defense–3.34%** | **Aerospace & Defense–3.34%** | **Aerospace & Defense–3.34%** |
|  Lockheed Martin Corp. | 86188 | $41945976 |
|  Raytheon Technologies Corp. | 869128 | 82410717 |
|  |  | 124356693 |
|  **Air Freight & Logistics–1.24%** | **Air Freight & Logistics–1.24%** | **Air Freight & Logistics–1.24%** |
|  United Parcel Service, Inc., Class B | 276532 | 46393774 |
|  **Asset Management & Custody Banks–1.41%** | **Asset Management & Custody Banks–1.41%** |  |
|  State Street Corp.<sup>(b)</sup>  | 710992 | 52613408 |
|  **Automobile Manufacturers–0.59%** | **Automobile Manufacturers–0.59%** | **Automobile Manufacturers–0.59%** |
|  Bayerische Motoren Werke AG (Germany) | 278094 | 21854167 |
|  **Biotechnology–1.33%** | **Biotechnology–1.33%** | **Biotechnology–1.33%** |
|  AbbVie, Inc. | 337682 | 49436645 |
|  **Building Products–0.99%** | **Building Products–0.99%** | **Building Products–0.99%** |
|  Trane Technologies PLC | 230697 | 36826162 |
|  **Cable & Satellite–1.74%** | **Cable & Satellite–1.74%** | **Cable & Satellite–1.74%** |
|  Comcast Corp., Class A | 2046059 | 64941913 |
|  **Construction Machinery & Heavy Trucks–1.11%** | **Construction Machinery & Heavy Trucks–1.11%** | **Construction Machinery & Heavy Trucks–1.11%** |
|  Caterpillar, Inc. | 190831 | 41307278 |
|  **Diversified Banks–4.63%** | **Diversified Banks–4.63%** | **Diversified Banks–4.63%** |
|  Bank of America Corp. | 2611337 | 94112586 |
|  JPMorgan Chase & Co. | 623229 | 78452066 |
|  |  | 172564652 |
|  **Electric Utilities–1.61%** |  |  |
|  Entergy Corp. | 335914 | 35989826 |
|  Exelon Corp. | 618189 | 23855913 |
|  |  | 59845739 |
|  **Electrical Components & Equipment–1.70%** | **Electrical Components & Equipment–1.70%** | **Electrical Components & Equipment–1.70%** |
|  ABB Ltd. (Switzerland) | 989488 | 27468749 |
|  Emerson Electric Co. | 413137 | 35777664 |
|  |  | 63246413 |
|  **Electronic Manufacturing Services–0.79%** | **Electronic Manufacturing Services–0.79%** | **Electronic Manufacturing Services–0.79%** |
|  TE Connectivity Ltd. (Switzerland) | 242367 | 29624518 |
|  **Food Distributors–0.59%** | **Food Distributors–0.59%** | **Food Distributors–0.59%** |
|  Sysco Corp. | 253511 | 21943912 |
|  **Gas Utilities–1.19%** | **Gas Utilities–1.19%** | **Gas Utilities–1.19%** |
|  National Fuel Gas Co. | 656904 | 44334451 |
|  **General Merchandise Stores–1.75%** | **General Merchandise Stores–1.75%** | **General Merchandise Stores–1.75%** |
|  Target Corp. | 396587 | 65139415 |
|  **Gold–0.62%** | **Gold–0.62%** | **Gold–0.62%** |
|  Newmont Corp. | 541643 | 22922332 |
|  **Health Care Equipment–3.12%** | **Health Care Equipment–3.12%** | **Health Care Equipment–3.12%** |
|  Becton, Dickinson and Co. | 220787 | 52099108 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care Equipment–(continued)** | **Health Care Equipment–(continued)** | **Health Care Equipment–(continued)** |
|  Medtronic PLC | 733238 | 64041007 |
|  |  | 116140115 |
|  **Health Care Services–2.46%** | **Health Care Services–2.46%** | **Health Care Services–2.46%** |
|  CVS Health Corp. | 969113 | 91775001 |
|  **Heavy Electrical Equipment–0.00%** | **Heavy Electrical Equipment–0.00%** | **Heavy Electrical Equipment–0.00%** |
|  Accelleron Industries AG<br>(Switzerland)<sup>(c)</sup>  | 1 | 17 |
|  **Home Improvement Retail–1.10%** | **Home Improvement Retail–1.10%** | **Home Improvement Retail–1.10%** |
|  Lowe's Cos., Inc. | 210368 | 41011242 |
|  **Hypermarkets & Super Centers–2.32%** | **Hypermarkets & Super Centers–2.32%** | **Hypermarkets & Super Centers–2.32%** |
|  Walmart, Inc. | 606101 | 86266355 |
|  **Industrial Machinery–1.91%** | **Industrial Machinery–1.91%** | **Industrial Machinery–1.91%** |
|  Parker-Hannifin Corp. | 141660 | 41169229 |
|  Snap-on, Inc.<sup>(b)</sup>  | 135877 | 30171488 |
|  |  | 71340717 |
|  **Integrated Oil & Gas–7.17%** | **Integrated Oil & Gas–7.17%** | **Integrated Oil & Gas–7.17%** |
|  Chevron Corp. | 582420 | 105359778 |
|  Exxon Mobil Corp. | 1461418 | 161939729 |
|  |  | 267299507 |
|  **Integrated Telecommunication Services–2.49%** | **Integrated Telecommunication Services–2.49%** | **Integrated Telecommunication Services–2.49%** |
|  Deutsche Telekom AG (Germany) | 2539844 | 48108615 |
|  Verizon Communications, Inc. | 1194022 | 44620602 |
|  |  | 92729217 |
|  **Investment Banking & Brokerage–1.22%** | **Investment Banking & Brokerage–1.22%** | **Investment Banking & Brokerage–1.22%** |
|  Morgan Stanley | 554290 | 45546009 |
|  **IT Consulting & Other Services–2.27%** | **IT Consulting & Other Services–2.27%** | **IT Consulting & Other Services–2.27%** |
|  Cognizant Technology Solutions Corp., Class A | 698118 | 43457846 |
|  International Business Machines Corp. | 297984 | 41208207 |
|  |  | 84666053 |
|  **Managed Health Care–3.27%** | **Managed Health Care–3.27%** | **Managed Health Care–3.27%** |
|  UnitedHealth Group, Inc. | 219187 | 121681663 |
|  **Multi-line Insurance–1.99%** | **Multi-line Insurance–1.99%** | **Multi-line Insurance–1.99%** |
|  Hartford Financial Services Group, Inc. (The)<sup>(b)</sup>  | 1024327 | 74171518 |
|  **Multi-Utilities–2.65%** | **Multi-Utilities–2.65%** | **Multi-Utilities–2.65%** |
|  Dominion Energy, Inc. | 690798 | 48335136 |
|  Public Service Enterprise Group, Inc. | 901720 | 50559440 |
|  |  | 98894576 |
|  **Oil & Gas Exploration & Production–2.26%** | **Oil & Gas Exploration & Production–2.26%** |  |
|  ConocoPhillips | 668473 | 84287761 |
|  **Oil & Gas Storage & Transportation–1.37%** | **Oil & Gas Storage & Transportation–1.37%** |  |
|  Enbridge, Inc. (Canada) | 1309497 | 51020737 |
|  **Packaged Foods & Meats–3.45%** | **Packaged Foods & Meats–3.45%** | **Packaged Foods & Meats–3.45%** |
|  Kraft Heinz Co. (The) | 1996504 | 76805509 |

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

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| | |
|:---|:---|
| **4** | **Invesco Dividend Income Fund** |

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Packaged Foods & Meats–(continued)** | **Packaged Foods & Meats–(continued)** |  |  |
|  Nestle S.A. | 474158 | $| 51608011 |
|  |  |  | 128413520 |
|  **Paper Packaging–0.68%** | **Paper Packaging–0.68%** | **Paper Packaging–0.68%** | **Paper Packaging–0.68%** |
|  Sonoco Products Co. | 410222 |  | 25466582 |
|  **Pharmaceuticals–10.48%** | **Pharmaceuticals–10.48%** | **Pharmaceuticals–10.48%** | **Pharmaceuticals–10.48%** |
|  AstraZeneca PLC (United Kingdom) | 249868 |  | 29314633 |
|  Bristol-Myers Squibb Co. | 387353 |  | 30008237 |
|  Eli Lilly and Co. | 138923 |  | 50302629 |
|  Johnson & Johnson | 801940 |  | 139513502 |
|  Merck & Co., Inc. | 1397934 |  | 141470920 |
|  |  |  | 390609921 |
|  **Property & Casualty Insurance–4.22%** | **Property & Casualty Insurance–4.22%** | **Property & Casualty Insurance–4.22%** | **Property & Casualty Insurance–4.22%** |
|  Chubb Ltd. | 374968 |  | 80576873 |
|  Travelers Cos., Inc. (The) | 415306 |  | 76607345 |
|  |  |  | 157184218 |
|  **Regional Banks–5.92%** | **Regional Banks–5.92%** | **Regional Banks–5.92%** | **Regional Banks–5.92%** |
|  Cullen/Frost Bankers, Inc.<sup>(b)</sup>  | 394740 |  | 61204437 |
|  Fifth Third Bancorp | 1456349 |  | 51977096 |
|  M&T Bank Corp.<sup>(b)</sup>  | 395280 |  | 66553293 |
|  Regions Financial Corp.<sup>(b)</sup>  | 1866283 |  | 40964912 |
|  |  |  | 220699738 |
|  **Restaurants–3.49%** | **Restaurants–3.49%** | **Restaurants–3.49%** | **Restaurants–3.49%** |
|  McDonald's Corp. | 340450 |  | 92827097 |
|  Starbucks Corp. | 431725 |  | 37383068 |
|  |  |  | 130210165 |
|  **Semiconductor Equipment–0.60%** | **Semiconductor Equipment–0.60%** | **Semiconductor Equipment–0.60%** | **Semiconductor Equipment–0.60%** |
|  Lam Research Corp. | 55356 |  | 22407002 |
|  **Semiconductors–2.51%** | **Semiconductors–2.51%** | **Semiconductors–2.51%** | **Semiconductors–2.51%** |
|  Analog Devices, Inc. | 297218 |  | 42389231 |
|  Broadcom, Inc. | 40915 |  | 19234959 |
|  Microchip Technology, Inc.<sup>(b)</sup>  | 518968 |  | 32041084 |
|  |  |  | 93665274 |
|  **Soft Drinks–1.92%** | **Soft Drinks–1.92%** | **Soft Drinks–1.92%** | **Soft Drinks–1.92%** |
|  Coca-Cola Co. (The) | 1193569 |  | 71435105 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Specialized REITs–2.06%** | **Specialized REITs–2.06%** | **Specialized REITs–2.06%** |
|  Crown Castle, Inc. | 288889 | $38497348 |
|  Weyerhaeuser Co. | 1233317 | 38146495 |
|  |  | 76643843 |
|  **Specialty Chemicals–0.77%** |  |  |
|  DuPont de Nemours, Inc. | 498745 | 28528214 |
|  **Systems Software–0.89%** | **Systems Software–0.89%** | **Systems Software–0.89%** |
|  Microsoft Corp. | 143010 | 33196911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $2,847,333,532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $2,847,333,532) | 3622642453 |
|  **Money Market Funds–2.69%** | **Money Market Funds–2.69%** | **Money Market Funds–2.69%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>  | 27258542 | 27258542 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(d)(e)</sup>  | 42006813 | 42015215 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(d)(e)</sup>  | 31152619 | 31152619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $100,411,410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $100,411,410) | 100426376 |
|  TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91%<br>(Cost $2,947,744,942) |  | 3723068829 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–1.29%** | **Money Market Funds–1.29%** | **Money Market Funds–1.29%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 13435421 | 13435421 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(d)(e)(f)</sup>  | 34544651 | 34544651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $47,979,466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $47,979,466) | 47980072 |
|  TOTAL INVESTMENTS IN SECURITIES–101.20%<br>(Cost $2,995,724,408) | TOTAL INVESTMENTS IN SECURITIES–101.20%<br>(Cost $2,995,724,408) | 3771048901 |
|  OTHER ASSETS LESS LIABILITIES–(1.20)% | OTHER ASSETS LESS LIABILITIES–(1.20)% | (44859099) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $3726189802 |

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Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>April 30, 2022** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation** | **Realized**<br> **Gain** | **Value**<br> **October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $31903201 | $47709638 | $(52354297) | $- | $- | $27258542 | $316888 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 45313620 | 34078313 | (37395926) | 18433 | 775 | 42015215 | 432240 |
|  Invesco Treasury Portfolio, Institutional Class | 36460801 | 54525300 | (59833482) | - | - | 31152619 | 344086 |

---

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

---

| | |
|:---|:---|
| **5** | **Invesco Dividend Income Fund** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **April 30, 2022** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** | | | | | | | |
|  Invesco Private Government Fund | $10993699 | $177139744 | $(174698022) | $- | $- | $13435421 | $153,341\* |
|  Invesco Private Prime Fund | 25651965 | 411976176 | (403086829) | 606 | 2733 | 34544651 | 441,909\* |
|  Total | $150323286 | $725429171 | $(727368556) | $19039 | $3508 | $148406448 | $1688464 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1J.

**Portfolio Composition** 

*By sector, based on Net Assets* 

*as of October 31, 2022* 

---

| | |
|:---|:---|
|  Health Care | 20.66% |
|  Financials | 19.40 |
|  Energy | 10.80 |
|  Industrials | 10.29 |
|  Consumer Staples | 8.27 |
|  Information Technology | 7.07 |
|  Consumer Discretionary | 6.93 |
|  Utilities | 5.45 |
|  Communication Services | 4.23 |
|  Materials | 2.06 |
|  Real Estate | 2.06 |
|  Money Market Funds Plus Other Assets Less Liabilities | 2.78 |

---

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

---

| | |
|:---|:---|
| **6** | **Invesco Dividend Income Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $2,847,333,532)\* | $3622642453 |
|  Investments in affiliated money market funds, at value (Cost $148,390,876) | 148406448 |
|  Foreign currencies, at value (Cost $9,271) | 8634 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2414121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 5318634 |
|  Investment for trustee deferred compensation and retirement plans | 250917 |
|  Other assets | 116296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3779157503 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 2325012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 47979466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 1713327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 50749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 574870 |
|  Trustee deferred compensation and retirement plans | 324277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 52967701 |
|  Net assets applicable to shares outstanding | $3726189802 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $2818534996 |
|  Distributable earnings | 907654806 |
|  | $3726189802 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $2798552528 |
|  Class C | $202071384 |
|  Class R | $107769494 |
|  Class Y | $327631706 |
|  Investor Class | $69452751 |
|  Class R5 | $1448806 |
|  Class R6 | $219263133 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 112204167 |
|  Class C | 7988183 |
|  Class R | 4321270 |
|  Class Y | 12989994 |
|  Investor Class | 2753117 |
|  Class R5 | 58061 |
|  Class R6 | 8779489 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $24.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $24.94 ÷ 94.50%) | $26.39 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $25.30 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $24.94 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $25.22 |
|  Investor Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $25.23 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $24.95 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $24.97 |

---

\* At October 31, 2022, securities with an aggregate value of $46,915,003 were on loan to brokers. 

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

---

| | |
|:---|:---|
| **7** | **Invesco Dividend Income Fund** |

---

------

**Statement of Operations** 

*For the six months ended October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $946,281) | $49276328 |
|  Dividends from affiliated money market funds (includes net securities lending income of $28,967) | 1122181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 50398509 |
|  **Expenses:** |  |
|  Advisory fees | 9857533 |
|  Administrative services fees | 282317 |
|  Custodian fees | 17137 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 3330274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 1058080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 267428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 86649 |
|  Transfer agent fees – A, C, R, Y and Investor Class | 2228713 |
|  Transfer agent fees – R5 | 749 |
|  Transfer agent fees – R6 | 33048 |
|  Trustees' and officers' fees and benefits | 19012 |
|  Registration and filing fees | 81822 |
|  Reports to shareholders | 118264 |
|  Professional services fees | 39925 |
|  Other | 24857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 17445808 |
|  Less: Fees waived and/or expense offset arrangement(s) | (84026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 17361782 |
|  Net investment income | 33036727 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 33168027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 9808 |
|  | 33181343 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (109117736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 19039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (17024) |
|  | (109115721) |
|  Net realized and unrealized gain (loss) | (75934378) |
|  Net increase (decrease) in net assets resulting from operations | $(42897651) |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco Dividend Income Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the six months ended October 31, 2022 and the year ended April 30, 2022* 

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,**<br> **2022** | **April 30,**<br> **2022** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $33036727 | $71956694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 33181343 | 280920595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (109115721) | (127436968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (42897651) | 225440321 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (23809787) | (184985266) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1005262) | (14163762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (774949) | (6846245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (3147129) | (21845924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (581622) | (4657827) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (14837) | (103464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (2227919) | (15657644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings | (31561505) | (248260132) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (33846135) | (16481577) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (22654964) | (54843590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1828159) | 1706647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (1504317) | (6948273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (1387087) | (995449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 39823 | (926423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 772561 | (18109638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (60408278) | (96598303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (134867434) | (119418114) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3861057236 | 3980475350 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3726189802 | $3861057236 |

---

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

---

| | |
|:---|:---|
| **9** | **Invesco Dividend Income Fund** |

---

------

**Financial Highlights** 

*(Unaudited)* 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>income<sup>(a)</sup>** | **Net gains<br>(losses)<br>on securities<br>(both<br>realized and<br>unrealized)** | **Total from<br>investment<br>operations** | **Dividends<br>from net<br>investment<br>income** | **Distributions<br>from net<br>realized<br>gains** | **Total<br>distributions** | **Net asset<br>value, end<br>of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of<br>expenses<br>to average net<br>assets without<br>fee waivers<br>and/or<br>expenses<br>absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **to average<br>net assets** | **Portfolio<br>turnover <sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | $25.42 | $0.22 | $(0.49) | $(0.27) | $(0.21) | $- | $(0.21) | $24.94 | (1.03)%<sup>(d)</sup> | $2798553 | 0.93 %<sup>(d)(e)</sup> | 0.93 %<sup>(d)(e)</sup> | 1.78 %<sup>(d)(e)</sup> | 9% |
|  Year ended 04/30/22 | 25.62 | 0.48 | 1.00 | 1.48 | (0.47) | (1.21) | (1.68) | 25.42 | 5.95 <sup>(d)</sup> | 2887737 | 0.93 <sup>(d)</sup> | 0.93 <sup>(d)</sup> | 1.84 <sup>(d)</sup> | 38 |
|  Year ended 04/30/21 | 20.11 | 0.47 | 5.53 | 6.00 | (0.49) |  | (0.49) | 25.62 | 30.23 <sup>(d)</sup> | 2921798 | 0.97 <sup>(d)</sup> | 0.97 <sup>(d)</sup> | 2.10 <sup>(d)</sup> | 4 |
|  Year ended 04/30/20 | 22.70 | 0.51 | (2.33) | (1.82) | (0.52) | (0.25) | (0.77) | 20.11 | (8.30) | 2506397 | 1.05 | 1.06 | 2.31 | 47 |
|  Year ended 04/30/19 | 22.98 | 0.58 | 1.45 | 2.03 | (0.60) | (1.71) | (2.31) | 22.70 | 9.51 | 764037 | 1.06 | 1.06 | 2.54 | 4 |
|  Year ended 04/30/18 | 23.96 | 0.51 | (0.42) | 0.09 | (0.47) | (0.60) | (1.07) | 22.98 | 0.21 | 862915 | 1.01 | 1.02 | 2.12 | 11 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 25.78 | 0.13 | (0.49) | (0.36) | (0.12) |  | (0.12) | 25.30 | (1.38) | 202071 | 1.69 <sup>(e)</sup> | 1.69 <sup>(e)</sup> | 1.02 <sup>(e)</sup> | 9 |
|  Year ended 04/30/22 | 25.97 | 0.29 | 1.01 | 1.30 | (0.28) | (1.21) | (1.49) | 25.78 | 5.13 | 229596 | 1.69 | 1.69 | 1.08 | 38 |
|  Year ended 04/30/21 | 20.38 | 0.30 | 5.61 | 5.91 | (0.32) |  | (0.32) | 25.97 | 29.29 | 285321 | 1.73 | 1.73 | 1.34 | 4 |
|  Year ended 04/30/20 | 23.01 | 0.35 | (2.37) | (2.02) | (0.36) | (0.25) | (0.61) | 20.38 | (9.02) | 385968 | 1.80 | 1.81 | 1.56 | 47 |
|  Year ended 04/30/19 | 23.28 | 0.42 | 1.46 | 1.88 | (0.44) | (1.71) | (2.15) | 23.01 | 8.65 | 152988 | 1.81 | 1.81 | 1.79 | 4 |
|  Year ended 04/30/18 | 24.26 | 0.33 | (0.42) | (0.09) | (0.29) | (0.60) | (0.89) | 23.28 | (0.52) | 236168 | 1.76 | 1.77 | 1.37 | 11 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 25.42 | 0.19 | (0.49) | (0.30) | (0.18) |  | (0.18) | 24.94 | (1.16) | 107769 | 1.19 <sup>(e)</sup> | 1.19 <sup>(e)</sup> | 1.52 <sup>(e)</sup> | 9 |
|  Year ended 04/30/22 | 25.62 | 0.42 | 1.00 | 1.42 | (0.41) | (1.21) | (1.62) | 25.42 | 5.68 | 111671 | 1.19 | 1.19 | 1.58 | 38 |
|  Year ended 04/30/21 | 20.11 | 0.41 | 5.53 | 5.94 | (0.43) |  | (0.43) | 25.62 | 29.89 | 110667 | 1.23 | 1.23 | 1.84 | 4 |
|  Period ended 04/30/20<sup>(f)</sup>  | 20.18 | 0.01 | (0.08) | (0.07) | - | - | - | 20.11 | (0.35) | 97560 | 1.20 <sup>(e)</sup> | 1.21 <sup>(e)</sup> | 2.16 <sup>(e)</sup> | 47 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 25.71 | 0.25 | (0.50) | (0.25) | (0.24) |  | (0.24) | 25.22 | (0.93) | 327632 | 0.69 <sup>(e)</sup> | 0.69 <sup>(e)</sup> | 2.02 <sup>(e)</sup> | 9 |
|  Year ended 04/30/22 | 25.89 | 0.55 | 1.02 | 1.57 | (0.54) | (1.21) | (1.75) | 25.71 | 6.24 | 335608 | 0.69 | 0.69 | 2.08 | 38 |
|  Year ended 04/30/21 | 20.32 | 0.52 | 5.59 | 6.11 | (0.54) |  | (0.54) | 25.89 | 30.55 | 344755 | 0.73 | 0.73 | 2.34 | 4 |
|  Year ended 04/30/20 | 22.94 | 0.57 | (2.36) | (1.79) | (0.58) | (0.25) | (0.83) | 20.32 | (8.09) | 330421 | 0.81 | 0.82 | 2.55 | 47 |
|  Year ended 04/30/19 | 23.21 | 0.65 | 1.46 | 2.11 | (0.67) | (1.71) | (2.38) | 22.94 | 9.76 | 248641 | 0.81 | 0.81 | 2.79 | 4 |
|  Year ended 04/30/18 | 24.19 | 0.58 | (0.43) | 0.15 | (0.53) | (0.60) | (1.13) | 23.21 | 0.48 | 444633 | 0.76 | 0.77 | 2.37 | 11 |
|  **Investor Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 25.71 | 0.22 | (0.49) | (0.27) | (0.21) |  | (0.21) | 25.23 | (1.02) | 69453 | 0.94 <sup>(e)</sup> | 0.94 <sup>(e)</sup> | 1.77 <sup>(e)</sup> | 9 |
|  Year ended 04/30/22 | 25.89 | 0.48 | 1.02 | 1.50 | (0.47) | (1.21) | (1.68) | 25.71 | 5.96 | 72230 | 0.94 | 0.94 | 1.83 | 38 |
|  Year ended 04/30/21 | 20.31 | 0.47 | 5.59 | 6.06 | (0.48) |  | (0.48) | 25.89 | 30.25 | 73628 | 0.98 | 0.98 | 2.09 | 4 |
|  Year ended 04/30/20 | 22.93 | 0.52 | (2.37) | (1.85) | (0.52) | (0.25) | (0.77) | 20.31 | (8.32) | 62298 | 1.06 | 1.07 | 2.30 | 47 |
|  Year ended 04/30/19 | 23.20 | 0.59 | 1.46 | 2.05 | (0.61) | (1.71) | (2.32) | 22.93 | 9.49 | 76436 | 1.06 | 1.06 | 2.54 | 4 |
|  Year ended 04/30/18 | 24.18 | 0.51 | (0.42) | 0.09 | (0.47) | (0.60) | (1.07) | 23.20 | 0.23 | 79103 | 1.01 | 1.02 | 2.12 | 11 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 25.43 | 0.25 | (0.49) | (0.24) | (0.24) |  | (0.24) | 24.95 | (0.89) | 1449 | 0.66 <sup>(e)</sup> | 0.66 <sup>(e)</sup> | 2.05 <sup>(e)</sup> | 9 |
|  Year ended 04/30/22 | 25.63 | 0.55 | 1.00 | 1.55 | (0.54) | (1.21) | (1.75) | 25.43 | 6.24 | 1425 | 0.66 | 0.66 | 2.11 | 38 |
|  Year ended 04/30/21 | 20.11 | 0.53 | 5.54 | 6.07 | (0.55) |  | (0.55) | 25.63 | 30.66 | 2337 | 0.66 | 0.66 | 2.41 | 4 |
|  Year ended 04/30/20 | 22.71 | 0.58 | (2.34) | (1.76) | (0.59) | (0.25) | (0.84) | 20.11 | (8.05) | 2159 | 0.75 | 0.76 | 2.61 | 47 |
|  Year ended 04/30/19 | 22.99 | 0.65 | 1.45 | 2.10 | (0.67) | (1.71) | (2.38) | 22.71 | 9.82 | 1863 | 0.77 | 0.77 | 2.83 | 4 |
|  Year ended 04/30/18 | 23.97 | 0.58 | (0.42) | 0.16 | (0.54) | (0.60) | (1.14) | 22.99 | 0.51 | 1914 | 0.72 | 0.73 | 2.41 | 11 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 25.45 | 0.26 | (0.49) | (0.23) | (0.25) |  | (0.25) | 24.97 | (0.86) | 219263 | 0.59 <sup>(e)</sup> | 0.59 <sup>(e)</sup> | 2.12 <sup>(e)</sup> | 9 |
|  Year ended 04/30/22 | 25.65 | 0.57 | 1.00 | 1.57 | (0.56) | (1.21) | (1.77) | 25.45 | 6.31 | 222790 | 0.59 | 0.59 | 2.18 | 38 |
|  Year ended 04/30/21 | 20.13 | 0.55 | 5.54 | 6.09 | (0.57) |  | (0.57) | 25.65 | 30.75 | 241970 | 0.58 | 0.58 | 2.49 | 4 |
|  Year ended 04/30/20 | 22.73 | 0.60 | (2.34) | (1.74) | (0.61) | (0.25) | (0.86) | 20.13 | (7.97) | 245526 | 0.66 | 0.67 | 2.70 | 47 |
|  Year ended 04/30/19 | 23.00 | 0.67 | 1.46 | 2.13 | (0.69) | (1.71) | (2.40) | 22.73 | 9.96 | 252176 | 0.69 | 0.69 | 2.91 | 4 |
|  Year ended 04/30/18 | 23.98 | 0.60 | (0.42) | 0.18 | (0.56) | (0.60) | (1.16) | 23.00 | 0.59 | 322530 | 0.64 | 0.65 | 2.49 | 11 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $2,372,954,426 in connection with the acquisitions of Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund into the Fund. 

<sup>(d)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended October 31, 2022 and the years ended April 30, 2022 and 2021. 

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

<sup>(f)</sup> Commencement date of April 17, 2020.

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

---

| | |
|:---|:---|
| **10** | **Invesco Dividend Income Fund** |

---

------

**Notes to Financial Statements** 

*October 31, 2022* 

*(Unaudited)* 

**NOTE 1–Significant Accounting Policies** 

Invesco Dividend Income Fund (the "Fund") is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is current income and long-term growth of capital.

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/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 Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

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| | |
|:---|:---|
| **11** | **Invesco Dividend Income Fund** |

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------

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date
basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

**D.** **Distributions** – Distributions from net investment income, if any, are declared and paid monthly. Distributions
from net realized capital gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions
for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Foreign Withholding Taxes –** The Fund is subject to foreign withholding tax imposed by certain foreign
countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain
jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative
practices and payment history. Any receivables recorded will be shown under receivables for *Tax reclaims* on the Statement of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as *Foreign withholding tax claims* in the Statement of Operations, and any related interest is included in *Interest income*. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as *Professional fees*, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended October 31, 2022, the Fund did not enter into any closing agreements.

**G.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of
Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and
expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**H.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**I.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic
equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower

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| | |
|:---|:---|
| **12** | **Invesco Dividend Income Fund** |

---

------

did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2022, the Fund paid the Adviser $1,664 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

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

**M.** **COVID-19 Risk** - The COVID-19 strain
of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
|  First $500 million | 0.6325% |
|  Next $500 million | 0.6125% |
|  Next $600 million | 0.6000% |
|  Next $400 million | 0.5325% |
|  Next $2 billion | 0.4500% |
|  Next $2 billion | 0.4000% |
|  Next $2 billion | 0.3750% |
|  Over $8 billion | 0.3500% |

---

For the six months ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.53%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund's average daily net

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| | |
|:---|:---|
| **13** | **Invesco Dividend Income Fund** |

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assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2022, the Adviser waived advisory fees of $66,327.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C, Class R and Investor Class shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, the Class R Plan and the Investor Class Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares, at the annual rate of 0.50% of the average daily net assets of Class R shares and at the annual rate of 0.25% of the average daily net assets of the Investor Class shares, respectively. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees.*

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2022, IDI advised the Fund that IDI retained $139,456 in front-end sales commissions from the sale of Class A shares and $725 and $5,071 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2022, the Fund incurred $0 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3–Additional Valuation Information** 

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

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| | |
|:---|:---|
| 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 Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |

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The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $3444288278 | $178354175 | $- | $3622642453 |
|  Money Market Funds | 100426376 | 47980072 | &nbsp;&nbsp;&nbsp;&nbsp;- | 148406448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $3544714654 | $226334247 | $- | $3771048901 |

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**NOTE 4–Expense Offset Arrangement(s)** 

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $17,699.

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| | |
|:---|:---|
| **14** | **Invesco Dividend Income Fund** |

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**NOTE 5–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Tax Information** 

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of April 30, 2022.

**NOTE 8–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2022 was $320,078,659 and $363,460,696, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $897220969 |
|  Aggregate unrealized (depreciation) of investments | (135118548) |
|  Net unrealized appreciation of investments | $762102421 |

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Cost of investments for tax purposes is $3,008,946,480.

**NOTE 9–Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 4282700 | $104657597 | 6340049 | $164467996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 473126 | 11733782 | 913912 | 24036507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 349998 | 8528965 | 595803 | 15446818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 1275547 | 31657587 | 2327366 | 61053165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 21147 | 528562 | 92799 | 2460980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 17355 | 419458 | 3820 | 99896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1129886 | 27686917 | 1273764 | 33037328 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 884164 | 21347130 | 6729190 | 169261961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 38040 | 931667 | 518792 | 13192205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 31902 | 770078 | 270987 | 6809610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 94881 | 2316939 | 703247 | 17892341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 21124 | 515835 | 163622 | 4161601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 609 | 14729 | 4070 | 102666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 85992 | 2078547 | 598439 | 15090758 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 673485 | 16391862 | 1746500 | 45028256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (663977) | (16391862) | (1722604) | (45028256) |

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| | |
|:---|:---|
| **15** | **Invesco Dividend Income Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (7234392) | $(176242724) | (15266993) | $(395239790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (764383) | (18928551) | (1792600) | (47044046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (454019) | (11127202) | (793548) | (20549781) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (1436011) | (35478843) | (3289638) | (85893779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (98706) | (2431484) | (290741) | (7618030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (15929) | (394364) | (43054) | (1128985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1188897) | (28992903) | (2552837) | (66237724) |
|  Net increase (decrease) in share activity | (2476358) | $(60408278) | (3469655) | $(96598303) |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 22% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

---

| | |
|:---|:---|
| **16** | **Invesco Dividend Income Fund** |

---

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Account Value**<br> **(05/01/22)** | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **Annualized**<br> **Expense**<br> **Ratio** |
|  | **Beginning**<br> **Account Value**<br> **(05/01/22)** | **Ending**<br> **Account Value**<br> **(10/31/22)<sup>1</sup>** | **Expenses**<br> **Paid During**<br> **Period<sup>2</sup>** | **Ending**<br> **Account Value**<br> **(10/31/22)** | **Expenses**<br> **Paid During**<br> **Period<sup>2</sup>**  | **Annualized**<br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $989.70 | $4.66 | $1020.52 | $4.74 | 0.93% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;986.20 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;&nbsp;1016.74 | &nbsp;&nbsp;&nbsp;&nbsp;8.54 | 1.68 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;988.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;1019.26 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | 1.18 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;990.70 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;1021.78 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | 0.68 |
| &nbsp;&nbsp;&nbsp; Investor Class  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;989.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;1020.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | 0.93 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;991.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;1021.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | 0.66 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;991.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;1022.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | 0.59 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

---

| | |
|:---|:---|
| **17** | **Invesco Dividend Income Fund** |

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------

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

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Dividend Income Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

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

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In

addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board

reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

*B.* *Fund Investment Performance* 

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Dow Jones U.S. Select Dividend Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund's stock selection in and underweight exposure to certain sectors, as well as the Fund's exposure to the dividend/yield factor, detracted from Fund performance. The Board also noted that the Fund underwent a portfolio management team change and investment process change in March 2021. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

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| | |
|:---|:---|
| **18** | **Invesco Dividend Income Fund** |

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

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund's contractual management fee schedule was reduced at certain breakpoint levels effective April 2020. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also compared the Fund's effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021.

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

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of

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

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Dividend Income Fund's

---

| | |
|:---|:---|
| **19** | **Invesco Dividend Income Fund** |

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------

(the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board's Evaluation Process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has established an Investments Committee, which in turn has established Sub-Committees that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview. The Board took into account evaluations and reports that it received from its committees and sub-committees, as well as the information provided to the Board and its committees and sub-committees throughout the year, in considering whether to approve each Invesco Fund's investment advisory agreement and sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the

material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers' expertise

with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Fund Investment Performance

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Dow Jones U.S. Select Dividend Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund's stock selection in and underweight exposure to certain sectors, as well as the Fund's exposure to the dividend/yield factor, detracted from Fund performance. The Board also noted that the Fund underwent a portfolio management team change and investment process change in March 2021. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Advisory and Sub-Advisory Fees and Fund Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund's contractual management fee schedule was reduced at certain breakpoint levels effective April 2020. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's

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| | |
|:---|:---|
| **20** | **Invesco Dividend Income Fund** |

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contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also compared the Fund's effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Economies of Scale and Breakpoints

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Profitability and Financial Resources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an

individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Collateral Benefits to Invesco Advisers and its Affiliates

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market

funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **21** | **Invesco Dividend Income Fund** |

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![LOGO](g420776dsp24a.jpg)

**Go paperless with eDelivery** 

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

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**Invesco mailing information** 

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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**Important notice regarding delivery of security holder documents** 

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

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**Fund holdings and proxy voting information** 

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at<br> invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

![LOGO](g420776dsp24b.jpg)

SEC file number(s): 811-03826 and 002-85905 Invesco Distributors, Inc. I-DIVI-SAR-1

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![LOGO](g421306page01.jpg)

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| | |
|:---|:---|
| **Semiannual Report to Shareholders** | **October 31, 2022** |

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**Invesco Energy Fund** 

Nasdaq:

A: IENAX ∎ C: IEFCX ∎ Y: IENYX ∎ Investor: FSTEX ∎ R5: IENIX ∎ R6: IENSX

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| | |
|:---|:---|
| 2 | [Fund Performance](#edg421306_1) |
| 4 | [Schedule of Investments](#edg421306_2) |
| 6 | [Financial Statements](#edg421306_3) |
| 9 | [Financial Highlights](#edg421306_4) |
| 10 | [Notes to Financial Statements](#edg421306_5) |
| 16 | [Fund Expenses](#edg421306_6) |
| 17 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg421306_7) |

---

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

**This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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**Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | 16.93 | % |
| &nbsp;&nbsp; Class C Shares | 16.48 |  |
| &nbsp;&nbsp; Class Y Shares | 17.09 |  |
| &nbsp;&nbsp; Investor Class Shares | 16.92 |  |
| &nbsp;&nbsp; Class R5 Shares | 17.16 |  |
| &nbsp;&nbsp; Class R6 Shares | 17.20 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -5.50 |  |
| &nbsp;&nbsp; MSCI World Energy Index<sup>▼</sup> (Style-Specific Index) | 13.91 |  |
| &nbsp;&nbsp; Lipper Natural Resource Funds Index<sup>∎</sup> (Peer Group Index) | 14.59 |  |
| &nbsp;&nbsp;&nbsp; <br> Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc. |  |  |
| &nbsp;&nbsp; The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market. | &nbsp;&nbsp; The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The **MSCI World Energy Index** is designed to capture the performance of energy stocks across developed market countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The **MSCI World Energy Index** is designed to capture the performance of energy stocks across developed market countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Natural Resource Funds Index** is an unmanaged index considered representative of natural resource funds tracked by Lipper. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Natural Resource Funds Index** is an unmanaged index considered representative of natural resource funds tracked by Lipper. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |  |

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**For more information about your Fund** 

Read the most recent quarterly commentary from your Fund's portfolio managers by visiting **invesco.com/us**. Click on "Products" and select "Mutual Funds." Use the "Product Finder" to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund's investment strategies, holdings and performance.

&nbsp;&nbsp;&nbsp;&nbsp;Also, visit **blog.invesco.us.com**, where many of Invesco's investment professionals share their insights about market and economic news and trends.

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| | |
|:---|:---|
| **2** | **Invesco Energy Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (3/28/02) | 5.39 | % |
| &nbsp;&nbsp; 10 Years | -0.09 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.04 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 45.14 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (2/14/00) | 6.62 | % |
| &nbsp;&nbsp; 10 Years | -0.11 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.44 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 51.43 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (10/3/08) | 1.91 | % |
| &nbsp;&nbsp; 10 Years | 0.73 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.50 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 53.95 |  |
| &nbsp;&nbsp; **Investor Class Shares** |  |  |
| &nbsp;&nbsp; Inception (1/19/84) | 7.03 | % |
| &nbsp;&nbsp; 10 Years | 0.48 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.24 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 53.55 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; Inception (1/31/06) | 1.65 | % |
| &nbsp;&nbsp; 10 Years | 0.91 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.72 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 54.13 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 0.76 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.76 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 54.27 |  |

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**Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

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| | |
|:---|:---|
| **3** | **Invesco Energy Fund** |

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

*October 31, 2022* 

*(Unaudited)* 

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–92.62%** | **Common Stocks & Other Equity Interests–92.62%** | **Common Stocks & Other Equity Interests–92.62%** |
|  **Copper–1.51%** | **Copper–1.51%** | **Copper–1.51%** |
|  Southern Copper Corp. (Peru) | 202078 | $9491604 |
|  **Diversified Metals & Mining–2.59%** | **Diversified Metals & Mining–2.59%** | **Diversified Metals & Mining–2.59%** |
|  Glencore PLC (Australia) | 2845587 | 16264004 |
|  **Fertilizers & Agricultural Chemicals–3.46%** | **Fertilizers & Agricultural Chemicals–3.46%** | **Fertilizers & Agricultural Chemicals–3.46%** |
|  CF Industries Holdings, Inc. | 204548 | 21735270 |
|  **Heavy Electrical Equipment–1.58%** | **Heavy Electrical Equipment–1.58%** | **Heavy Electrical Equipment–1.58%** |
|  Vestas Wind Systems A/S (Denmark) | 504966 | 9924753 |
|  **Integrated Oil & Gas–26.50%** | **Integrated Oil & Gas–26.50%** | **Integrated Oil & Gas–26.50%** |
|  BP PLC, ADR (United Kingdom) | 304577 | 10136322 |
|  Cenovus Energy, Inc. (Canada) | 450257 | 9101977 |
|  Chevron Corp. | 198612 | 35928911 |
|  Equinor ASA (Norway) | 310463 | 11309141 |
|  Exxon Mobil Corp. | 461785 | 51170396 |
|  Shell PLC, ADR (Netherlands) | 296891 | 16516046 |
|  Suncor Energy, Inc. (Canada)<sup>(b)</sup>  | 634674 | 21830531 |
|  TotalEnergies SE (France) | 189739 | 10369289 |
|  |  | 166362613 |
|  **Oil & Gas Equipment & Services–5.75%** | **Oil & Gas Equipment & Services–5.75%** | **Oil & Gas Equipment & Services–5.75%** |
|  Baker Hughes Co., Class A | 470539 | 13015109 |
|  NOV, Inc.<sup>(b)</sup>  | 540948 | 12117235 |
|  Tenaris S.A., ADR | 348510 | 10950184 |
|  |  | 36082528 |
|  **Oil & Gas Exploration & Production–38.00%** | **Oil & Gas Exploration & Production–38.00%** | **Oil & Gas Exploration & Production–38.00%** |
|  APA Corp. | 511150 | 23236879 |
|  Canadian Natural Resources Ltd. (Canada) | 180599 | 10831831 |
|  ConocoPhillips | 357200 | 45039348 |
|  Coterra Energy, Inc. | 414749 | 12911136 |
|  Devon Energy Corp. | 235023 | 18179029 |
|  Diamondback Energy, Inc. | 113971 | 17905984 |
|  EOG Resources, Inc. | 228054 | 31133932 |
|  EQT Corp. | 486587 | 20358800 |
|  Hess Corp. | 89124 | 12573614 |
|  Marathon Oil Corp. | 1045220 | 31826949 |
|  Pioneer Natural Resources Co. | 56648 | 14525114 |
|  |  | 238522616 |

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Oil & Gas Refining & Marketing–8.82%** | **Oil & Gas Refining & Marketing–8.82%** |  |
|  Marathon Petroleum Corp. | 59904 | $6806292 |
|  Phillips 66 | 179919 | 18763753 |
|  Valero Energy Corp. | 237288 | 29791508 |
|  |  | 55361553 |
|  **Oil & Gas Storage & Transportation–4.41%** | **Oil & Gas Storage & Transportation–4.41%** |  |
|  Cheniere Energy, Inc. | 111122 | 19603032 |
|  Plains All American Pipeline L.P. | 674686 | 8075991 |
|  |  | 27679023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $418,936,799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $418,936,799) | 581423964 |
|  **Exchange-Traded Funds–4.33%** | **Exchange-Traded Funds–4.33%** | **Exchange-Traded Funds–4.33%** |
|  Energy Select Sector SPDR Fund (Cost $15,957,037)<sup>(b)</sup>  | 302100 | 27189000 |
|  **Money Market Funds–2.91%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class,<br>3.07%<sup>(c)(d)</sup>  | 6402932 | 6402932 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(c)(d)</sup>  | 4562977 | 4563889 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(c)(d)</sup>  | 7317637 | 7317637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $18,284,312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $18,284,312) | 18284458 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.86%<br>(Cost $453,178,148) |  | 626897422 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–5.48%** | **Money Market Funds–5.48%** | **Money Market Funds–5.48%** |
|  Invesco Private Government Fund, 3.18%<sup>(c)(d)(e)</sup>  | 9632809 | 9632809 |
|  Invesco Private Prime Fund,<br>3.28%<sup>(c)(d)(e)</sup>  | 24763510 | 24763510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $34,396,307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $34,396,307) | 34396319 |
|  TOTAL INVESTMENTS IN<br>SECURITIES–105.34%<br>(Cost $487,574,455) | TOTAL INVESTMENTS IN<br>SECURITIES–105.34%<br>(Cost $487,574,455) | 661293741 |
|  OTHER ASSETS LESS LIABILITIES–(5.34)% | OTHER ASSETS LESS LIABILITIES–(5.34)% | (33501879) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $627791862 |

---

Investment Abbreviations:

ADR - American Depositary Receipt

SPDR - Standard & Poor's Depositary Receipt

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

---

| | |
|:---|:---|
| **4** | **Invesco Energy Fund** |

---

------

Notes to Schedule of Investments:

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

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(c)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **April 30, 2022** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Realized**<br> **Gain**<br> **(Loss)** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $3661588 | $37601071 | $(34859727) | $- | $- | &nbsp;&nbsp;&nbsp;&nbsp;$6402932 | $31331 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 2457469 | 26857908 | (24751892) | 528 | (124) | 4563889 | 33900 |
|  Invesco Treasury Portfolio, Institutional Class | 4184672 | 42972653 | (39839688) | - | - | 7317637 | 52076 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 13255983 | 131750253 | (135373427) | - | - | 9632809 | 138,485\* |
|  Invesco Private Prime Fund | 30930628 | 261910106 | (268074743) | (452) | (2029) | 24763510 | 385,257\* |
|  Total | $54490340 | $501091991 | $(502899477) | $76 | $(2153) | &nbsp;&nbsp;&nbsp;&nbsp;$52680777 | $641049 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(e)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1I.

**Portfolio Composition** 

*By industry, based on Net Assets*

*as of October 31, 2022*

---

| | | |
|:---|:---|:---|
|  Oil & Gas Exploration & Production | 38.00 | % |
|  Integrated Oil & Gas | 26.50 |  |
|  Oil & Gas Refining & Marketing | 8.82 |  |
|  Oil & Gas Equipment & Services | 5.75 |  |
|  Oil & Gas Storage & Transportation | 4.41 |  |
|  Investment Companies - Exchange-Traded Fund | 4.33 |  |
|  Fertilizers & Agricultural Chemicals | 3.46 |  |
|  Diversified Metals & Mining | 2.59 |  |
|  Heavy Electrical Equipment | 1.58 |  |
|  Copper | 1.51 |  |
|  Money Market Funds Plus Other Assets Less Liabilities | 3.05 |  |

---

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

---

| | |
|:---|:---|
| **5** | **Invesco Energy Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $434,893,836)\* | $608612964 |
|  Investments in affiliated money market funds, at value<br>(Cost $52,680,619) | 52680777 |
|  Foreign currencies, at value (Cost $92,780) | 79739 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1798001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 341998 |
|  Investment for trustee deferred compensation and retirement plans | 170425 |
|  Other assets | 73113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 663757017 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 711587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 34396307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 388261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 286600 |
|  Trustee deferred compensation and retirement plans | 182400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 35965155 |
|  Net assets applicable to shares outstanding | $627791862 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $821125957 |
|  Distributable earnings (loss) | (193334095) |
|  | $627791862 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $&nbsp;&nbsp;&nbsp;&nbsp;379349190 |
|  Class C | $33710997 |
|  Class Y | $89966982 |
|  Investor Class | $107279829 |
|  Class R5 | $8959426 |
|  Class R6 | $8525438 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 12949896 |
|  Class C | 1374435 |
|  Class Y | 3060657 |
|  Investor Class | 3678580 |
|  Class R5 | 296261 |
|  Class R6 | 281774 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $29.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $29.29 ÷ 94.50%) | $30.99 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $24.53 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $29.39 |
|  Investor Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $29.16 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $30.24 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $30.26 |

---

\* At October 31, 2022, securities with an aggregate value of $34,022,226 were on loan to brokers. 

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

---

| | |
|:---|:---|
| **6** | **Invesco Energy Fund** |

---

------

**Statement of Operations** 

*For the six months ended October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $245,519) | $11473404 |
|  Dividends from affiliated money market funds (includes net securities lending income of $32,559) | 149866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 11623270 |
|  **Expenses:** |  |
|  Advisory fees | 1988104 |
|  Administrative services fees | 43510 |
|  Custodian fees | 5106 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 413746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 145822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 122589 |
|  Transfer agent fees – A, C, Y and Investor Class | 544859 |
|  Transfer agent fees – R5 | 3617 |
|  Transfer agent fees – R6 | 1228 |
|  Trustees' and officers' fees and benefits | 9110 |
|  Registration and filing fees | 53562 |
|  Reports to shareholders | 195330 |
|  Professional services fees | 50844 |
|  Other | 75876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3653303 |
|  Less: Fees waived and/or expense offset arrangement(s) | (11547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3641756 |
|  Net investment income | 7981514 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 27570989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (2153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (1171) |
|  | 27567665 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 45645819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (10831) |
|  | 45635064 |
|  Net realized and unrealized gain | 73202729 |
|  Net increase in net assets resulting from operations | $81184243 |

---

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

---

| | |
|:---|:---|
| **7** | **Invesco Energy Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the six months ended October 31, 2022 and the year ended April 30, 2022* 

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,**<br> **2022** | **April 30,**<br> **2022** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $7981514 | $8058087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 27567665 | 16795638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation | 45635064 | 153449946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 81184243 | 178303671 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (3510544) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | (280587) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | (809323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | (1268629) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  | (73510) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (59727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings |  | (6002320) |
|  **Share transactions-net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 28067406 | 33863277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 3191532 | 5456993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (5270510) | 33455283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (4161805) | (2197713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 1257506 | 1966434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (35074) | 4956416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 23049055 | 77500690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 104233298 | 249802041 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 523558564 | 273756523 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $627791862 | $523558564 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco Energy Fund** |

---

------

**Financial Highlights** 

*(Unaudited)* 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | $25.05 | $0.38 | $3.86 | $4.24 | $– | $29.29 | 16.93% | $379349 | 1.32 %<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.32 %<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.85 %<sup>(d)</sup> | 10% |
|  Year ended 04/30/22 | 15.57 | 0.43 | 9.39 | 9.82 | (0.34) | 25.05 | 63.83 | 301546 | 1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | 18 |
|  Year ended 04/30/21 | 11.54 | 0.25 | 4.05 | 4.30 | (0.27) | 15.57 | 37.77 | 166204 | 1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | 68 |
|  Year ended 04/30/20 | 21.05 | 0.41 | (9.64) | (9.23) | (0.28) | 11.54 | (44.30) | 121102 | 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | 16 |
|  Year ended 04/30/19 | 25.91 | 0.29 | (4.61) | (4.32) | (0.54) | 21.05 | (16.48) | 248396 | 1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | 17 |
|  Year ended 04/30/18 | 24.54 | 0.49 <sup>(e)</sup> | 1.44 | 1.93 | (0.56) | 25.91 | 8.08 | 323247 | 1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 <sup>(e)</sup> | 9 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 21.06 | 0.23 | 3.24 | 3.47 |  | 24.53 | 16.48 | 33711 | 2.07 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.07 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.10 <sup>(d)</sup> | 10 |
|  Year ended 04/30/22 | 13.18 | 0.24 | 7.91 | 8.15 | (0.27) | 21.06 | 62.54 | 26493 | 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | 18 |
|  Year ended 04/30/21 | 9.82 | 0.13 | 3.44 | 3.57 | (0.21) | 13.18 | 36.87 | 12763 | 2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | 68 |
|  Year ended 04/30/20 | 17.99 | 0.24 | (8.22) | (7.98) | (0.19) | 9.82 | (44.72) | 13868 | 2.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | 16 |
|  Year ended 04/30/19 | 22.17 | 0.10 | (3.93) | (3.83) | (0.35) | 17.99 | (17.14) | 33036 | 2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | 17 |
|  Year ended 04/30/18 | 20.88 | 0.26 <sup>(e)</sup> | 1.24 | 1.50 | (0.21) | 22.17 | 7.29 | 92349 | 2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 <sup>(e)</sup> | 9 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 25.10 | 0.41 | 3.88 | 4.29 |  | 29.39 | 17.09 | 89967 | 1.07 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.07 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.10 <sup>(d)</sup> | 10 |
|  Year ended 04/30/22 | 15.59 | 0.49 | 9.39 | 9.88 | (0.37) | 25.10 | 64.20 | 85631 | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | 18 |
|  Year ended 04/30/21 | 11.54 | 0.28 | 4.06 | 4.34 | (0.29) | 15.59 | 38.14 | 29497 | 1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | 68 |
|  Year ended 04/30/20 | 21.04 | 0.45 | (9.64) | (9.19) | (0.31) | 11.54 | (44.17) | 14398 | 1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | 16 |
|  Year ended 04/30/19 | 25.93 | 0.35 | (4.63) | (4.28) | (0.61) | 21.04 | (16.29) | 38550 | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | 17 |
|  Year ended 04/30/18 | 24.63 | 0.55 <sup>(e)</sup> | 1.43 | 1.98 | (0.68) | 25.93 | 8.34 | 56061 | 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 <sup>(e)</sup> | 9 |
|  **Investor Class** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 24.94 | 0.37 | 3.85 | 4.22 |  | 29.16 | 16.92 | 107280 | 1.32 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.32 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.85 <sup>(d)</sup> | 10 |
|  Year ended 04/30/22 | 15.51 | 0.43 | 9.34 | 9.77 | (0.34) | 24.94 | 63.76 | 96027 | 1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | 18 |
|  Year ended 04/30/21 | 11.49 | 0.25 | 4.04 | 4.29 | (0.27) | 15.51 | 37.85 | 61754 | 1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | 68 |
|  Year ended 04/30/20 | 20.96 | 0.40 | (9.59) | (9.19) | (0.28) | 11.49 | (44.30) | 47046 | 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | 16 |
|  Year ended 04/30/19 | 25.80 | 0.29 | (4.59) | (4.30) | (0.54) | 20.96 | (16.47) | 97716 | 1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | 17 |
|  Year ended 04/30/18 | 24.44 | 0.49 <sup>(e)</sup> | 1.43 | 1.92 | (0.56) | 25.80 | 8.07 | 136141 | 1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 <sup>(e)</sup> | 9 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 25.81 | 0.44 | 3.99 | 4.43 |  | 30.24 | 17.16 | 8959 | 0.97 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.97 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.20 <sup>(d)</sup> | 10 |
|  Year ended 04/30/22 | 16.02 | 0.53 | 9.65 | 10.18 | (0.39) | 25.81 | 64.39 | 6352 | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | 18 |
|  Year ended 04/30/21 | 11.83 | 0.32 | 4.19 | 4.51 | (0.32) | 16.02 | 38.69 | 2488 | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | 68 |
|  Year ended 04/30/20 | 21.54 | 0.50 | (9.87) | (9.37) | (0.34) | 11.83 | (44.03) | 2371 | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | 16 |
|  Year ended 04/30/19 | 26.53 | 0.40 | (4.73) | (4.33) | (0.66) | 21.54 | (16.12) | 6052 | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | 17 |
|  Year ended 04/30/18 | 25.23 | 0.61 <sup>(e)</sup> | 1.46 | 2.07 | (0.77) | 26.53 | 8.51 | 8092 | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 <sup>(e)</sup> | 9 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 25.82 | 0.44 | 4.00 | 4.44 |  | 30.26 | 17.20 | 8525 | 0.90 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.90 <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.27 <sup>(d)</sup> | 10 |
|  Year ended 04/30/22 | 16.02 | 0.56 | 9.63 | 10.19 | (0.39) | 25.82 | 64.51 | 7509 | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | 18 |
|  Year ended 04/30/21 | 11.83 | 0.34 | 4.17 | 4.51 | (0.32) | 16.02 | 38.69 | 1050 | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | 68 |
|  Year ended 04/30/20 | 21.53 | 0.49 | (9.85) | (9.36) | (0.34) | 11.83 | (44.00) | 357 | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | 16 |
|  Year ended 04/30/19 | 26.52 | 0.39 | (4.72) | (4.33) | (0.66) | 21.53 | (16.11) | 473 | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | 17 |
|  Year ended 04/30/18 | 25.23 | 0.62 <sup>(e)</sup> | 1.46 | 2.08 | (0.79) | 26.52 | 8.55 | 185 | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 <sup>(e)</sup> | 9 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

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

<sup>(e)</sup> Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.32 and 0.87%, $0.09 and 0.12%, $0.38 and 1.12%, $0.32 and 0.87%, $0.44 and 1.29% and $0.45 and 1.30% for Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively. 

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

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| | |
|:---|:---|
| **9** | **Invesco Energy Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

*(Unaudited)* 

**NOTE 1–Significant Accounting Policies** 

Invesco Energy Fund (the "Fund") is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/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 Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

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| | |
|:---|:---|
| **10** | **Invesco Energy Fund** |

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Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date
basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally
declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of
Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and
expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic
equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the
collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and
the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays
and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any
deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to
counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner

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| | |
|:---|:---|
| **11** | **Invesco Energy Fund** |

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consistent with the federal securities laws. For the six months ended October 31, 2022, the Fund paid the Adviser $1,215 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

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

**L.** **Other Risks** – The Fund's investments are concentrated in a comparatively narrow segment of the economy,
which may make the Fund more volatile.

The businesses in which the Fund invests may be adversely affected by foreign, federal or state regulations governing energy production, distribution and sale. Although individual security selection drives the performance of the Fund, short-term fluctuations in commodity prices may cause price fluctuations in its shares.

The Fund holds a more limited number of securities than other funds with a similar investment strategy. As a result, each investment has a greater effect on the Fund's overall performance and any change in the value of these securities could significantly affect the value of your investment in the Fund.

**M.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
|  First $350 million | 0.750% |
|  Next $350 million | 0.650% |
|  Next $1.3 billion | 0.550% |
|  Next $2 billion | 0.450% |
|  Next $2 billion | 0.400% |
|  Next $2 billion | 0.375% |
|  Over $8 billion | 0.350% |

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For the six months ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.71%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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| | |
|:---|:---|
| **12** | **Invesco Energy Fund** |

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Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2022, the Adviser waived advisory fees of $8,478.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Investor Class shares (collectively, the "Plans"). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund's average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2022, IDI advised the Fund that IDI retained $59,513 in front-end sales commissions from the sale of Class A shares and $6,212 and $3,389 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2022, the Fund incurred $6,005 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3–Additional Valuation Information** 

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

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| | |
|:---|:---|
| 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 Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |

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The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $533556777 | $47867187 | $– | $581423964 |
|  Exchange-Traded Funds | 27189000 |  | &nbsp;&nbsp;&nbsp;&nbsp;– | 27189000 |
|  Money Market Funds | 18284458 | 34396319 | &nbsp;&nbsp;&nbsp;&nbsp;– | 52680777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $579030235 | $82263506 | $– | $661293741 |

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**NOTE 4–Expense Offset Arrangement(s)** 

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $3,069.

**NOTE 5–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under

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| | |
|:---|:---|
| **13** | **Invesco Energy Fund** |

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such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 6–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Tax Information** 

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of April 30, 2022, as follows:

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| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $8400407 | $398174571 | $406574978 |

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\* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 8–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2022 was $76,434,685 and $54,198,264, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $205592327 |
|  Aggregate unrealized (depreciation) of investments | (28711977) |
|  Net unrealized appreciation of investments | $176880350 |

---

Cost of investments for tax purposes is $484,413,391.

**NOTE 9–Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 3365614 | $90094071 | 5184535 | $110611271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 488373 | 10990776 | 716149 | 12872339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 1491428 | 39869541 | 2940183 | 60693479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1146156 | 29890757 | 1620524 | 34729398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 138889 | 3688850 | 207421 | 4280244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 135245 | 3697210 | 304490 | 6585058 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 178561 | 3278383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 16817 | 260318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  |  | 37119 | 682623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  | 64632 | 1181476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  |  | 3885 | 73414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 2872 | 54282 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 34661 | 894644 | 68840 | 1424906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (41320) | (894644) | (81663) | (1424906) |

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| | |
|:---|:---|
| **14** | **Invesco Energy Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2489174) | $(62921309) | (4064851) | $(81451283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (330553) | (6904600) | (361868) | (6250758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (1841682) | (45140051) | (1457984) | (27920819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (1318378) | (34052562) | (1816778) | (38108587) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (88680) | (2431344) | (120578) | (2387224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (144304) | (3732284) | (82076) | (1682924) |
|  Net increase in share activity | 546275 | $23049055 | 3360230 | $77500690 |

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<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

**NOTE 10–Subsequent Event** 

Effective December 7, 2022, the Fund's sub-classification under the Investment Company Act of 1940 changed from "diversified" to "non-diversified" and a related fundamental investment restriction regarding issuer diversification was eliminated.

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| | |
|:---|:---|
| **15** | **Invesco Energy Fund** |

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL<br>(5% annual return before expenses)** | **HYPOTHETICAL<br>(5% annual return before expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(05/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(10/31/22)<sup>1</sup>**  | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During <br>Period<sup>2</sup>**  | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value <br>(10/31/22)** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During <br>Period<sup>2</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $1169.30 | $7.22 | $1018.55 | $6.72 | 1.32% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1164.80 | 11.29 | &nbsp;&nbsp;&nbsp;&nbsp;1014.77 | 10.51 | 2.07 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1170.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;1019.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | 1.07 |
| &nbsp;&nbsp;&nbsp; Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1169.20 | &nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp;&nbsp;1018.55 | &nbsp;&nbsp;&nbsp;&nbsp;6.72 | 1.32 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1171.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp;&nbsp;1020.32 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | 0.97 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1172.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;1020.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | 0.90 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **16** | **Invesco Energy Fund** |

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

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Energy Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund

counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders

of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

*B.* *Fund Investment Performance* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the MSCI World Energy Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the third quintile for the three year period and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

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

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual

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| | |
|:---|:---|
| **17** | **Invesco Energy Fund** |

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

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

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the

Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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|:---|:---|
| **18** | **Invesco Energy Fund** |

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**Invesco mailing information** 

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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**Important notice regarding delivery of security holder documents** 

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

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**Fund holdings and proxy voting information** 

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

![LOGO](g421306page01.jpg)

SEC file number(s): 811-03826 and 002-85905 Invesco Distributors, Inc. I-ENE-SAR-1

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![LOGO](g411066dsp1a_2.jpg)

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| | |
|:---|:---|
| **Semiannual Report to Shareholders** | **October 31, 2022** |

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**Invesco Gold & Special Minerals Fund** 

Nasdaq:

A: OPGSX ∎ C: OGMCX ∎ R: OGMNX ∎ Y: OGMYX ∎ R5: IOGYX ∎ R6: OGMIX

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| | |
|:---|:---|
| 2 | [Fund Performance](#edg411066_1) |
| 4 | [Consolidated Schedule of Investments](#edg411066_2) |
| 8 | [Consolidated Financial Statements](#edg411066_3) |
| 11 | [Consolidated Financial Highlights](#edg411066_4) |
| 12 | [Notes to Consolidated Financial Statements](#edg411066_5) |
| 19 | [Fund Expenses](#edg411066_6) |
| 20 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg411066_7) |

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For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

**This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.** 

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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**Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** | |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -33.16 | % |
| &nbsp;&nbsp; Class C Shares | -33.40 |  |
| &nbsp;&nbsp; Class R Shares | -33.21 |  |
| &nbsp;&nbsp; Class Y Shares | -33.06 |  |
| &nbsp;&nbsp; Class R5 Shares | -33.06 |  |
| &nbsp;&nbsp; Class R6 Shares | -33.00 |  |
| &nbsp;&nbsp; MSCI World Index<sup>▼</sup>  | -8.09 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp. |  |  |
| &nbsp;&nbsp; The **MSCI World Index** is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. | &nbsp;&nbsp; The **MSCI World Index** is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |  |

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&nbsp;&nbsp;&nbsp; **For more information about your Fund**<br>Read the most recent quarterly commentary from your Fund's portfolio managers by visiting **invesco.com/us**. Click on "Products" and select "Mutual Funds." Use the "Product Finder" to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund's investment strategies, holdings and performance.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, visit **blog.invesco.us.com**, where many of Invesco's investment professionals share their insights about market and economic news and trends.<br>

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| | |
|:---|:---|
| **2** | **Invesco Gold & Special Minerals Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (7/19/83) | 5.16 | % |
| &nbsp;&nbsp; 10 Years | -5.56 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 2.79 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -32.41 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (11/1/95) | 4.73 | % |
| &nbsp;&nbsp; 10 Years | -5.60 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 3.18 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -29.68 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (3/1/01) | 7.11 | % |
| &nbsp;&nbsp; 10 Years | -5.26 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 3.70 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -28.65 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (9/7/10) | -4.45 | % |
| &nbsp;&nbsp; 10 Years | -4.80 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 4.21 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -28.30 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | -4.91 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 4.21 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -28.28 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; Inception (10/26/12) | -4.44 | % |
| &nbsp;&nbsp; 10 Years | -4.60 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 4.38 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -28.18 |  |

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**Effective May 24, 2019, Class A, Class C, Class R, Class Y and Class I shares of the Oppenheimer Gold & Special Minerals Fund, (the predecessor fund), were reorganized into Class A, Class C, Class R, Class Y and Class R6 shares, respectively, of the Invesco Oppenheimer Gold & Special Minerals Fund. The Fund was subsequently renamed the Invesco Gold & Special Minerals Fund (the Fund). Returns shown above, for periods ending on or prior to May 24, 2019, for Class A, Class C, Class R, Class Y and Class R6 shares are those for Class A, Class C, Class R, Class Y and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R5 shares incepted on May 24, 2019. Performance shown on and prior to that date is that of the predecessor fund's Class A shares at the net asset value and includes the 12b-1 fees applicable to Class A shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.** 

**Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

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| | |
|:---|:---|
| **3** | **Invesco Gold & Special Minerals Fund** |

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**Consolidated Schedule of Investments** 

*October 31, 2022* 

*(Unaudited)* 

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–98.54%** | **Common Stocks & Other Equity Interests–98.54%** | **Common Stocks & Other Equity Interests–98.54%** |
|  **Australia–23.57%** | **Australia–23.57%** | **Australia–23.57%** |
|  Alkane Resources Ltd.<sup>(a)</sup>  | 11730000 | $5109592 |
|  Allkem Ltd.<sup>(a)</sup>  | 1148000 | 10502375 |
|  Bellevue Gold Ltd.<sup>(a)</sup>  | 28133252 | 13241022 |
|  Chalice Mining Ltd.<sup>(a)</sup>  | 11781692 | 31952109 |
|  De Grey Mining Ltd.<sup>(a)</sup>  | 62537305 | 42176574 |
|  Evolution Mining Ltd. | 31728806 | 41949047 |
|  Firefinch Ltd.<sup>(a)</sup>  | 12910104 | 495477 |
|  Gold Road Resources Ltd. | 27513275 | 23692579 |
|  Lake Resources NL<sup>(a)</sup>  | 1850000 | 1242881 |
|  Lynas Rare Earths Ltd.<sup>(a)</sup>  | 2620000 | 13834546 |
|  Mineral Resources Ltd. | 107000 | 4959116 |
|  Newcrest Mining Ltd. | 120000 | 1325208 |
|  Northern Star Resources Ltd. | 16548895 | 91921829 |
|  OceanaGold Corp.<sup>(a)</sup>  | 14160300 | 20580170 |
|  Perseus Mining Ltd. | 13670000 | 15872005 |
|  Predictive Discovery Ltd.<sup>(a)</sup>  | 27873029 | 2669658 |
|  Ramelius Resources Ltd. | 25868612 | 12092989 |
|  Silver Lake Resources Ltd.<sup>(a)</sup>  | 19731900 | 13910229 |
|  SolGold PLC<sup>(a)</sup>  | 19800000 | 3634174 |
|  Westgold Resources Ltd.<sup>(a)</sup>  | 21624853 | 10103692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;361265272 |
|  **Bosnia Hercegovina–0.29%** | **Bosnia Hercegovina–0.29%** | **Bosnia Hercegovina–0.29%** |
|  Adriatic Metals PLC, CDI<sup>(a)</sup>  | 2890000 | 4460834 |
|  **Brazil–2.54%** | **Brazil–2.54%** | **Brazil–2.54%** |
|  ERO Copper Corp.<sup>(a)</sup>  | 120000 | 1366169 |
|  Wheaton Precious Metals Corp. | 1152035 | 37660024 |
|  |  | 39026193 |
|  **Burkina Faso–1.70%** | **Burkina Faso–1.70%** | **Burkina Faso–1.70%** |
|  Endeavour Mining PLC | 1462966 | 26019500 |
|  **Canada–48.64%** | **Canada–48.64%** | **Canada–48.64%** |
|  Agnico Eagle Mines Ltd.<sup>(b)</sup>  | 1435595 | 63108756 |
|  Agnico Eagle Mines Ltd.<sup>(b)</sup>  | 507774 | 22337062 |
|  Alamos Gold, Inc., Class A | 3341108 | 26361342 |
|  Arizona Metals Corp.<sup>(a)</sup>  | 3795300 | 9750468 |
|  Artemis Gold, Inc.<sup>(a)</sup>  | 4574889 | 12559243 |
|  Aya Gold & Silver, Inc.<sup>(a)</sup>  | 2895082 | 16788012 |
|  B2Gold Corp. | 10122000 | 31074540 |
|  Barrick Gold Corp.<sup>(c)</sup>  | 5691499 | 85543231 |
|  Calibre Mining Corp., Class C<sup>(a)</sup>  | 18203168 | 9219500 |
|  Cameco Corp. | 693000 | 16437960 |
|  Coppernico Metals, Inc.<sup>(d)</sup>  | 3028200 | 1438395 |
|  Dundee Precious Metals, Inc. | 1040000 | 4717730 |
|  Equinox Gold Corp.<sup>(a)</sup>  | 867278 | 2879363 |
|  Filo Mining Corp.<sup>(a)</sup>  | 125000 | 1497413 |
|  Franco-Nevada Corp. | 137302 | 16967781 |
|  Hudbay Minerals, Inc. | 3980000 | 15124000 |
|  i-80 Gold Corp.<sup>(a)</sup>  | 1060000 | 1773994 |
|  Ivanhoe Mines Ltd., Class A<sup>(a)</sup>  | 9775346 | 67807113 |
|  K92 Mining, Inc.<sup>(a)</sup>  | 7482630 | 33998224 |
|  Karora Resources, Inc.<sup>(a)(e)</sup>  | 10583332 | 22140049 |
|  Kinross Gold Corp. | 6215925 | 22563808 |

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Canada–(continued)** | **Canada–(continued)** | **Canada–(continued)** | **Canada–(continued)** |
|  Lithium Americas Corp.<sup>(a)</sup>  | 350000 | $| 8708000 |
|  Lundin Gold, Inc. | 4378815 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31627364 |
|  MAG Silver Corp.<sup>(a)</sup>  | 1318522 |  | 17523157 |
|  Maverix Metals, Inc. | 1508100 |  | 4782172 |
|  Minera Alamos, Inc.<sup>(a)</sup>  | 13353026 |  | 3773564 |
|  New Gold, Inc.<sup>(a)</sup>  | 4991276 |  | 4463199 |
|  Novagold Resources, Inc.<sup>(a)</sup>  | 280000 |  | 1296400 |
|  Orla Mining Ltd.<sup>(a)</sup>  | 5091621 |  | 16070738 |
|  Osisko Gold Royalties Ltd. | 2585339 |  | 27766541 |
|  Pan American Silver Corp. | 1016682 |  | 16246578 |
|  Pan American Silver Corp., Rts., expiring 02/22/2029<sup>(a)</sup>  | 2300100 |  | 1380060 |
|  Rupert Resources Ltd.<sup>(a)</sup>  | 3183812 |  | 8880600 |
|  Sandstorm Gold Ltd. | 4079055 |  | 20191322 |
|  SilverCrest Metals, Inc.<sup>(a)</sup>  | 3296667 |  | 16527497 |
|  Skeena Resources Ltd.<sup>(a)</sup>  | 2074336 |  | 9348863 |
|  Solaris Resources, Inc.<sup>(a)</sup>  | 1291200 |  | 4596704 |
|  SSR Mining, Inc. | 2085333 |  | 28777595 |
|  Torex Gold Resources, Inc.<sup>(a)</sup>  | 121000 |  | 824224 |
|  Triple Flag Precious Metals Corp. | 288766 |  | 3234535 |
|  Victoria Gold Corp.<sup>(a)</sup>  | 1553000 |  | 7831402 |
|  Wesdome Gold Mines Ltd.<sup>(a)</sup>  | 4610000 |  | 27646126 |
|  |  |  | 745584625 |
|  **China–3.97%** | **China–3.97%** | **China–3.97%** | **China–3.97%** |
|  Ganfeng Lithium Group Co. Ltd., H Shares<sup>(f)</sup>  | 5232320 |  | 35413978 |
|  Zijin Mining Group Co. Ltd., H Shares | 26830000 |  | 25541819 |
|  |  |  | 60955797 |
|  **Colombia–0.24%** | **Colombia–0.24%** | **Colombia–0.24%** | **Colombia–0.24%** |
|  Aris Mining Corp. | 1779685 |  | 3736117 |
|  **Finland–0.42%** | **Finland–0.42%** | **Finland–0.42%** | **Finland–0.42%** |
|  Jervois Global Ltd.<sup>(a)</sup>  | 20550000 |  | 6417505 |
|  **Indonesia–0.91%** | **Indonesia–0.91%** | **Indonesia–0.91%** | **Indonesia–0.91%** |
|  Nickel Industries Ltd. | 29231112 |  | 13577414 |
|  PT Merdeka Copper Gold Tbk<sup>(a)</sup>  | 1500000 |  | 361702 |
|  |  |  | 13939116 |
|  **South Africa–3.06%** | **South Africa–3.06%** | **South Africa–3.06%** | **South Africa–3.06%** |
|  Gold Fields Ltd., ADR | 3316241 |  | 26131979 |
|  Sibanye Stillwater Ltd., ADR | 2212587 |  | 20776192 |
|  |  |  | 46908171 |
|  **Turkey–1.13%** | **Turkey–1.13%** | **Turkey–1.13%** | **Turkey–1.13%** |
|  Eldorado Gold Corp.<sup>(a)</sup>  | 3091502 |  | 17281496 |
|  **United Republic of Tanzania–0.90%** | **United Republic of Tanzania–0.90%** | **United Republic of Tanzania–0.90%** | **United Republic of Tanzania–0.90%** |
|  AngloGold Ashanti Ltd., ADR | 1058100 |  | 13808205 |
|  **United States–10.45%** | **United States–10.45%** | **United States–10.45%** | **United States–10.45%** |
|  Aura Minerals, Inc. | 314907 |  | 2373909 |
|  Freeport-McMoRan, Inc. | 654000 |  | 20725260 |
|  Hecla Mining Co. | 2375304 |  | 10855139 |
|  Ivanhoe Electric, Inc.<sup>(a)</sup>  | 127381 |  | 1332405 |
|  Newmont Corp.<sup>(c)</sup>  | 1880914 |  | 79600281 |

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

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| | |
|:---|:---|
| **4** | **Invesco Gold & Special Minerals Fund** |

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
|  Ormat Technologies, Inc. | 20000 | $| 1809000 |
|  Royal Gold, Inc. | 301600 |  | 28639936 |
|  Tronox Holdings PLC, Class A | 1244000 |  | 14928000 |
|  |  |  | 160263930 |
|  **Zambia–0.72%** | **Zambia–0.72%** | **Zambia–0.72%** | **Zambia–0.72%** |
|  First Quantum Minerals Ltd. | 623000 |  | 10988872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $1,515,681,766) |  |  | 1510655633 |
|  **Exchange-Traded Funds–0.60%** | **Exchange-Traded Funds–0.60%** | **Exchange-Traded Funds–0.60%** | **Exchange-Traded Funds–0.60%** |
|  **United States–0.60%** | **United States–0.60%** | **United States–0.60%** | **United States–0.60%** |
|  SPDR <sup>®</sup> Gold Trust–ETF<sup>(a)</sup>(Cost $9,812,093) | 61000 |  | 9266510 |

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Money Market Funds–1.18%** | **Money Market Funds–1.18%** | **Money Market Funds–1.18%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(e)(g)</sup>  | 6306188 | $6306188 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(e)(g)</sup>  | 4503762 | 4504663 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(e)(g)</sup>  | 7207071 | 7207071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $18,017,537) |  | 18017922 |
|  TOTAL INVESTMENTS IN SECURITIES-100.32%<br>(Cost $1,543,511,396) | TOTAL INVESTMENTS IN SECURITIES-100.32%<br>(Cost $1,543,511,396) | 1537940065 |
|  OTHER ASSETS LESS LIABILITIES-(0.32)% | OTHER ASSETS LESS LIABILITIES-(0.32)% | (4971868) |
|  NET ASSETS-100.00% |  | $1532968197 |

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Investment Abbreviations:

ADR - American Depositary Receipt

CDI - CREST Depository Interest

Rts. - Rights

TBK - Terbatas (Indonesian Corporation)

Notes to Consolidated Schedule of Investments:

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

<sup>(c)</sup> All or a portion of the value pledged and/or designated as collateral to cover margin requirements for open options contracts. See Note 1K and Note 1L.

<sup>(d)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<sup>(e)</sup> Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or is an "affiliated person" under the Investment Company Act of 1940, as amended (the "1940 Act"), which defines "affiliated person" to include an issuer of which a fund holds 5% or more of the outstanding voting securities. For the Investments in Other Affiliates below, the Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022. 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **April 30, 2022** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Realized**<br> **Gain**<br> **(Loss)** | **Value**<br> **October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $18271907 | $39506586 | $(51472305) | $- | $- | $6306188 | $69005 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 13023355 | 28218990 | (36740608) | (615) | 3541 | 4504663 | 46218 |
|  Invesco Treasury Portfolio, Institutional Class | 20882179 | 45150384 | (58825492) | - | - | 7207071 | 70094 |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
|  Karora Resources, Inc. | 52574624 | 1220987 | - | (31655562) | - | 22140049 | - |
|  Osino Resources Corp.\* | 6835964 | - | (4403323) | (1424455) | (1008186) | - | - |
|  Westgold Resources Ltd.\* | 29053879 | - | (1932446) | (12256592) | (4761149) | 10103692 | - |
|  Total | $140641908 | $114096947 | $(153374174) | $(45337224) | $(5765794) | $50261663 | $185317 |

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\* At October 31, 2022, this security was no longer an affiliate of the Fund.

<sup>(f)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2022 represented 2.31% of the Fund's Net Assets. 

<sup>(g)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

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

---

| | |
|:---|:---|
| **5** | **Invesco Gold & Special Minerals Fund** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Equity Options Written(a)** | **Open Exchange-Traded Equity Options Written(a)** | **Open Exchange-Traded Equity Options Written(a)** | **Open Exchange-Traded Equity Options Written(a)** | **Open Exchange-Traded Equity Options Written(a)** | **Open Exchange-Traded Equity Options Written(a)** | **Open Exchange-Traded Equity Options Written(a)** | **Open Exchange-Traded Equity Options Written(a)** | **Open Exchange-Traded Equity Options Written(a)** |
| **Description** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value\*** | **Notional**<br> **Value\*** | **Value** |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  Agnico Eagle Mines Ltd. | Call | 11/18/2022 | 5000 | CAD | 64.00 | CAD | 32000000 | $(293610) |
|  Agnico Eagle Mines Ltd. | Call | 12/16/2022 | 4000 | USD | 55.00 | USD | 22000000 | (130000) |
|  Alamos Gold, Inc. | Call | 12/16/2022 | 2000 | USD | 10.00 | USD | 2000000 | (20000) |
|  AngloGold Ashanti Ltd. | Call | 04/21/2023 | 2000 | USD | 18.00 | USD | 3600000 | (110000) |
|  Barrick Gold Corp. | Call | 03/17/2023 | 1000 | USD | 18.00 | USD | 1800000 | (52500) |
|  Cameco Corp. | Call | 12/16/2022 | 6800 | USD | 30.00 | USD | 20400000 | (214200) |
|  Eldorado Gold Corp. | Call | 04/21/2023 | 2000 | USD | 8.00 | USD | 1600000 | (50000) |
|  Endeavour Mining PLC | Call | 11/18/2022 | 6000 | CAD | 27.00 | CAD | 16200000 | (59456) |
|  Equinox Gold Corp. | Call | 01/20/2023 | 4000 | USD | 5.00 | USD | 2000000 | (30000) |
|  Ero Copper Corp. | Call | 03/17/2023 | 1000 | CAD | 19.00 | CAD | 1900000 | (62392) |
|  First Quantum Minerals Ltd. | Call | 01/20/2023 | 3000 | CAD | 31.00 | CAD | 9300000 | (118912) |
|  Franco-Nevada Corp. | Call | 01/20/2023 | 600 | USD | 155.00 | USD | 9300000 | (72000) |
|  Freeport-McMoRan, Inc. | Call | 01/20/2023 | 5500 | USD | 40.00 | USD | 22000000 | (420750) |
|  Hecla Mining Co. | Call | 03/17/2023 | 10000 | USD | 6.00 | USD | 6000000 | (315000) |
|  Ivanhoe Mines Ltd. | Call | 03/17/2023 | 4000 | CAD | 12.00 | CAD | 4800000 | (127721) |
|  K92 Mining, Inc. | Call | 12/16/2022 | 10000 | CAD | 9.00 | CAD | 9000000 | (22021) |
|  Lithium Americas Corp. | Call | 11/18/2022 | 3500 | USD | 30.00 | USD | 10500000 | (96250) |
|  MAG Silver Corp. | Call | 11/18/2022 | 7000 | USD | 15.00 | USD | 10500000 | (157500) |
|  Mineral Resources Ltd. | Call | 11/17/2022 | 500 | AUD | 83.00 | AUD | 4150000 | (25906) |
|  New Gold, Inc. | Call | 11/18/2022 | 5000 | USD | 2.00 | USD | 1000000 | (12500) |
|  Newcrest Mining Ltd. | Call | 01/19/2023 | 1000 | AUD | 19.00 | AUD | 1900000 | (37739) |
|  Northern Star Resources Ltd. | Call | 12/15/2022 | 4000 | AUD | 9.50 | AUD | 3800000 | (61407) |
|  Ormat Technologies, Inc. | Call | 12/16/2022 | 180 | USD | 95.00 | USD | 1710000 | (49500) |
|  Royal Gold, Inc. | Call | 04/21/2023 | 1000 | USD | 130.00 | USD | 13000000 | (170000) |
|  Sibanye Stillwater Ltd. | Call | 01/20/2023 | 2000 | USD | 12.50 | USD | 2500000 | (45000) |
|  SPDR Gold Shares | Call | 12/16/2022 | 600 | USD | 163.00 | USD | 9780000 | (47100) |
|  SSR Mining, Inc. | Call | 12/16/2022 | 4000 | USD | 19.00 | USD | 7600000 | (20000) |
|  Tronox Holdings PLC | Call | 11/18/2022 | 3000 | USD | 19.00 | USD | 5700000 | (52500) |
|  Wesdome Gold Mines Ltd. | Call | 11/18/2022 | 7000 | CAD | 11.00 | CAD | 7700000 | (10276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Equity Call Options Written |  |  |  |  |  |  |  | (2884240) |
|  **Equity Risk** |  |  |  |  |  |  |  |  |
|  Agnico Eagle Mines Ltd. | Put | 12/16/2022 | 2000 | USD | 35.00 | USD | 7000000 | (75000) |
|  Agnico Eagle Mines Ltd. | Put | 11/18/2022 | 1000 | CAD | 46.00 | CAD | 4600000 | (3303) |
|  Allkem Ltd. | Put | 11/17/2022 | 2000 | AUD | 14.00 | AUD | 2800000 | (88272) |
|  AngloGold Ashanti Ltd. | Put | 04/21/2023 | 1000 | USD | 12.00 | USD | 1200000 | (122500) |
|  Barrick Gold Corp. | Put | 03/17/2023 | 1000 | USD | 15.00 | USD | 1500000 | (151500) |
|  Cameco Corp. | Put | 12/16/2022 | 2000 | USD | 23.00 | USD | 4600000 | (308000) |
|  Endeavour Mining PLC | Put | 11/18/2022 | 2000 | CAD | 23.00 | CAD | 4600000 | (67530) |
|  Ero Copper Corp. | Put | 12/16/2022 | 1000 | CAD | 12.50 | CAD | 1250000 | (16149) |
|  First Quantum Minerals Ltd. | Put | 01/20/2023 | 1000 | CAD | 21.50 | CAD | 2150000 | (97992) |
|  Franco-Nevada Corp. | Put | 01/20/2023 | 300 | USD | 100.00 | USD | 3000000 | (36000) |
|  Freeport-McMoRan, Inc. | Put | 01/20/2023 | 1000 | USD | 22.00 | USD | 2200000 | (36000) |
|  Gold Fields Ltd. | Put | 04/21/2023 | 2000 | USD | 7.00 | USD | 1400000 | (130000) |
|  Lithium Americas Corp. | Put | 12/16/2022 | 1500 | USD | 22.50 | USD | 3375000 | (228750) |
|  MAG Silver Corp. | Put | 11/18/2022 | 2000 | USD | 15.00 | USD | 3000000 | (380000) |
|  Mineral Resources Ltd. | Put | 11/17/2022 | 1000 | AUD | 67.00 | AUD | 6700000 | (89551) |
|  Newcrest Mining Ltd. | Put | 01/19/2023 | 1000 | AUD | 17.00 | AUD | 1700000 | (63325) |
|  Newmont Corp. | Put | 12/16/2022 | 1000 | USD | 35.00 | USD | 3500000 | (48500) |
|  Ormat Technologies, Inc. | Put | 12/16/2022 | 1000 | USD | 75.00 | USD | 7500000 | (72500) |
|  Piedmont Lithium, Inc. | Put | 12/16/2022 | 1000 | USD | 45.00 | USD | 4500000 | (117500) |

---

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

---

| | |
|:---|:---|
| **6** | **Invesco Gold & Special Minerals Fund** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Equity Options Written(a)–(continued)** | **Open Exchange-Traded Equity Options Written(a)–(continued)** | **Open Exchange-Traded Equity Options Written(a)–(continued)** | **Open Exchange-Traded Equity Options Written(a)–(continued)** | **Open Exchange-Traded Equity Options Written(a)–(continued)** | **Open Exchange-Traded Equity Options Written(a)–(continued)** | **Open Exchange-Traded Equity Options Written(a)–(continued)** | **Open Exchange-Traded Equity Options Written(a)–(continued)** | **Open Exchange-Traded Equity Options Written(a)–(continued)** |
| **Description** | **Type of<br>Contract** | **Expiration<br>Date** | **Number of<br>Contracts** | **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value\*** | **Notional**<br> **Value\*** | **Value** |
|  Sibanye Stillwater Ltd. | Put | 01/20/2023 | 2000 | USD | 10.00 | USD | 2000000 | $(250000) |
|  SilverCrest Metals, Inc. | Put | 12/16/2022 | 2000 | CAD | 8.75 | CAD | 1750000 | (289940) |
|  SPDR Gold Shares | Put | 11/18/2022 | 100 | USD | 148.00 | USD | 1480000 | (8450) |
|  SPDR Gold Shares | Put | 12/16/2022 | 200 | USD | 147.00 | USD | 2940000 | (30800) |
|  SSR Mining, Inc. | Put | 12/16/2022 | 1000 | USD | 15.00 | USD | 1500000 | (172500) |
|  Torex Gold Resources Inc. | Put | 03/17/2023 | 1000 | CAD | 9.50 | CAD | 950000 | (82578) |
|  Tronox Holdings PLC | Put | 01/20/2023 | 2000 | USD | 14.00 | USD | 2800000 | (490000) |
|  Wesdome Gold Mines Ltd. | Put | 11/18/2022 | 2000 | CAD | 9.00 | CAD | 1800000 | (139465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal – Equity Put Options Written |  |  |  |  |  |  |  | (3596105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Exchange-Traded Equity Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Open Exchange-Traded Equity Options Written |  |  |  |  |  |  | $(6480345) |

---

<sup>(a)</sup> Open Exchange-Traded Options Written collateralized by $79,714 cash held with Morgan Stanley. 

\* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

Abbreviations:

AUD - Australian Dollar

CAD - Canadian Dollar

SPDR - Standard & Poor's Depositary Receipt

USD - U.S. Dollar

**Portfolio Composition** 

*By industry, based on Net Assets* 

---

| | | |
|:---|:---|:---|
|  Gold | 72.00 | % |
|  Diversified Metals & Mining | 15.36 |  |
|  Silver | 4.09 |  |
|  Copper | 2.49 |  |
|  Precious Metals & Minerals | 2.44 |  |
|  Other Sectors, Each Less than 2% of Net Assets | 2.76 |  |
|  Money Market Funds Plus Other Assets Less Liabilities | 0.86 |  |

---

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

---

| | |
|:---|:---|
| **7** | **Invesco Gold & Special Minerals Fund** |

---

------

**Consolidated Statement of Assets and Liabilities** 

*October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $1,498,801,582) | $1497782094 |
|  Investments in affiliates, at value<br>(Cost $44,709,814) | 40157971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral – exchange-traded options contracts | 79714 |
|  Cash | 1101578 |
|  Foreign currencies, at value (Cost $789,712) | 792197 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2699666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1832321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 3183074 |
|  Investment for trustee deferred compensation and retirement plans | 130900 |
|  Other assets | 694787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1548454302 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (premiums received $12,526,314) | 6480345 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 5456600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 2077668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 959785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 38099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 329238 |
|  Trustee deferred compensation and retirement plans | 144370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 15486105 |
|  Net assets applicable to shares outstanding | $1532968197 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $3167455587 |
|  Distributable earnings (loss) | (1634487390) |
|  | $1532968197 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $&nbsp;&nbsp;&nbsp;&nbsp;699194597 |
|  Class C | $72075068 |
|  Class R | $99794049 |
|  Class Y | $430797914 |
|  Class R5 | $397790 |
|  Class R6 | $230708779 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 39019229 |
|  Class C | 4531313 |
|  Class R | 5896083 |
|  Class Y | 23962734 |
|  Class R5 | 22099 |
|  Class R6 | 12685339 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $17.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $17.92 ÷ 94.50%) | $18.96 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $15.91 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $16.93 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $17.98 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $18.00 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $18.19 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco Gold & Special Minerals Fund** |

---

------

**Consolidated Statement of Operations** 

*For the six months ended October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $1,425,304) | $14457823 |
|  Dividends from affiliates | 185317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 14643140 |
|  **Expenses:** |  |
|  Advisory fees | 5493455 |
|  Administrative services fees | 131704 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 997124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 441674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 299744 |
|  Transfer agent fees – A, C, R and Y | 1509295 |
|  Transfer agent fees – R5 | 420 |
|  Transfer agent fees – R6 | 39579 |
|  Trustees' and officers' fees and benefits | 14673 |
|  Registration and filing fees | 63676 |
|  Reports to shareholders | 58994 |
|  Professional services fees | 36336 |
|  Other | (18450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9068224 |
|  Less: Fees waived and/or expense offset arrangement(s) | (20494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9047730 |
|  Net investment income | 5595410 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (245260127) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (5765794) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (147225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 9029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | 13724637 |
|  | (237439480) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (516684879) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (45337224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 4735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option contracts written | 8317146 |
|  | (553700203) |
|  Net realized and unrealized gain (loss) | (791139683) |
|  Net increase (decrease) in net assets resulting from operations | $(785544273) |

---

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

---

| | |
|:---|:---|
| **9** | **Invesco Gold & Special Minerals Fund** |

---

------

**Consolidated Statement of Changes in Net Assets** 

*For the six months ended October 31, 2022 and the year ended April 30, 2022* 

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,<br>2022** | **April 30,**<br> **2022** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $5595410 | $5905741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (237439480) | 195339116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (553700203) | (207142399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (785544273) | (5897542) |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (35482130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | (4610763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  | (5243534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | (21980050) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  | (63093) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (10621185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings |  | (78000755) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (17891066) | 10607034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (5568541) | (6325420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (5602321) | 10398852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (20938105) | 98006379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (1299181) | 1978328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (7300252) | 72099591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (58599466) | 186764764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (844143739) | 102866467 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2377111936 | 2274245469 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1532968197 | $2377111936 |

---

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

---

| | |
|:---|:---|
| **10** | **Invesco Gold & Special Minerals Fund** |

---

------

**Consolidated Financial Highlights** 

*(Unaudited)* 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Net asset**<br> **value, end**<br> **of period** | **Total return<sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ratio of net** <br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | $26.81 | $0.06 | $(8.95) | $(8.89) | $- | $17.92 | (33.16)%<sup>(d)</sup> | $699195 | 1.06 %<sup>(d)(e)</sup> | 1.06 %<sup>(d)(e)</sup> | 0.55 %<sup>(d)(e)</sup> | 10% |
|  Year ended 04/30/22 | 27.70 | 0.05 | (0.01) | 0.04 | (0.93) | 26.81 | 0.43 <sup>(d)</sup> | 1070962 | 1.05 <sup>(d)</sup> | 1.05 <sup>(d)</sup> | 0.19 <sup>(d)</sup> | 32 |
|  Year ended 04/30/21 | 21.77 | 0.06 | 6.30 | 6.36 | (0.43) | 27.70 | 29.28 <sup>(d)</sup> | 1098007 | 1.05 <sup>(d)</sup> | 1.05 <sup>(d)</sup> | 0.21 <sup>(d)</sup> | 43 |
|  Ten months ended 04/30/20 | 17.87 | 0.02 | 3.94 | 3.96 | (0.06) | 21.77 | 22.21 | 705341 | 1.17 <sup>(e)</sup> | 1.20 <sup>(e)</sup> | 0.13 <sup>(e)</sup> | 44 |
|  Year ended 06/30/19 | 15.51 | 0.00 | 2.36 | 2.36 |  | 17.87 | 15.22 | 532925 | 1.17 | 1.18 | 0.00 | 35 |
|  Year ended 06/30/18 | 16.28 | (0.06) | (0.25) | (0.31) | (0.46) | 15.51 | (1.88) | 490065 | 1.16 | 1.17 | (0.39) | 44 |
|  Year ended 06/30/17 | 19.82 | (0.09) | (2.40) | (2.49) | (1.05) | 16.28 | (12.12) | 570847 | 1.15 | 1.16 | (0.48) | 65 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 23.89 | (0.02) | (7.96) | (7.98) |  | 15.91 | (33.40) | 72075 | 1.82 <sup>(e)</sup> | 1.82 <sup>(e)</sup> | (0.21)<sup>(e)</sup> | 10 |
|  Year ended 04/30/22 | 24.98 | (0.14) | (0.02) | (0.16) | (0.93) | 23.89 | (0.34) | 116380 | 1.81 | 1.81 | (0.57) | 32 |
|  Year ended 04/30/21 | 19.68 | (0.14) | 5.70 | 5.56 | (0.26) | 24.98 | 28.27 | 128089 | 1.81 | 1.81 | (0.55) | 43 |
|  Ten months ended 04/30/20 | 16.20 | (0.09) | 3.57 | 3.48 |  | 19.68 | 21.48 | 99528 | 1.92 <sup>(e)</sup> | 1.96 <sup>(e)</sup> | (0.62)<sup>(e)</sup> | 44 |
|  Year ended 06/30/19 | 14.17 | (0.10) | 2.13 | 2.03 |  | 16.20 | 14.33 | 88904 | 1.92 | 1.93 | (0.76) | 35 |
|  Year ended 06/30/18 | 14.91 | (0.17) | (0.22) | (0.39) | (0.35) | 14.17 | (2.62) | 121350 | 1.92 | 1.93 | (1.15) | 44 |
|  Year ended 06/30/17 | 18.26 | (0.20) | (2.21) | (2.41) | (0.94) | 14.91 | (12.80) | 138114 | 1.91 | 1.92 | (1.22) | 65 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 25.35 | 0.03 | (8.45) | (8.42) |  | 16.93 | (33.21) | 99794 | 1.32 <sup>(e)</sup> | 1.32 <sup>(e)</sup> | 0.29 <sup>(e)</sup> | 10 |
|  Year ended 04/30/22 | 26.32 | (0.02) | (0.02) | (0.04) | (0.93) | 25.35 | 0.14 | 157476 | 1.31 | 1.31 | (0.07) | 32 |
|  Year ended 04/30/21 | 20.69 | (0.01) | 5.98 | 5.97 | (0.34) | 26.32 | 28.90 | 153232 | 1.31 | 1.31 | (0.05) | 43 |
|  Ten months ended 04/30/20 | 16.98 | (0.02) | 3.75 | 3.73 | (0.02) | 20.69 | 21.99 | 125316 | 1.42 <sup>(e)</sup> | 1.46 <sup>(e)</sup> | (0.12)<sup>(e)</sup> | 44 |
|  Year ended 06/30/19 | 14.77 | (0.04) | 2.25 | 2.21 |  | 16.98 | 14.96 | 113589 | 1.42 | 1.43 | (0.25) | 35 |
|  Year ended 06/30/18 | 15.54 | (0.10) | (0.25) | (0.35) | (0.42) | 14.77 | (2.23) | 114608 | 1.42 | 1.43 | (0.65) | 44 |
|  Year ended 06/30/17 | 18.98 | (0.12) | (2.31) | (2.43) | (1.01) | 15.54 | (12.34) | 136979 | 1.41 | 1.42 | (0.73) | 65 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 26.86 | 0.08 | (8.96) | (8.88) |  | 17.98 | (33.06) | 430798 | 0.82 <sup>(e)</sup> | 0.82 <sup>(e)</sup> | 0.79 <sup>(e)</sup> | 10 |
|  Year ended 04/30/22 | 27.69 | 0.12 | (0.02) | 0.10 | (0.93) | 26.86 | 0.64 | 675653 | 0.81 | 0.81 | 0.43 | 32 |
|  Year ended 04/30/21 | 21.78 | 0.12 | 6.31 | 6.43 | (0.52) | 27.69 | 29.57 | 600958 | 0.81 | 0.81 | 0.45 | 43 |
|  Ten months ended 04/30/20 | 17.88 | 0.06 | 3.93 | 3.99 | (0.09) | 21.78 | 22.41 | 349290 | 0.92 <sup>(e)</sup> | 0.96 <sup>(e)</sup> | 0.38 <sup>(e)</sup> | 44 |
|  Year ended 06/30/19 | 15.48 | 0.04 | 2.36 | 2.40 |  | 17.88 | 15.50 | 229569 | 0.92 | 0.93 | 0.24 | 35 |
|  Year ended 06/30/18 | 16.26 | (0.02) | (0.25) | (0.27) | (0.51) | 15.48 | (1.65) | 147282 | 0.92 | 0.93 | (0.15) | 44 |
|  Year ended 06/30/17 | 19.81 | (0.05) | (2.41) | (2.46) | (1.09) | 16.26 | (11.91) | 152334 | 0.91 | 0.92 | (0.28) | 65 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 26.89 | 0.10 | (8.99) | (8.89) |  | 18.00 | (33.06) | 398 | 0.73 <sup>(e)</sup> | 0.73 <sup>(e)</sup> | 0.88 <sup>(e)</sup> | 10 |
|  Year ended 04/30/22 | 27.69 | 0.14 | (0.01) | 0.13 | (0.93) | 26.89 | 0.75 | 2164 | 0.72 | 0.72 | 0.52 | 32 |
|  Year ended 04/30/21 | 21.79 | 0.16 | 6.31 | 6.47 | (0.57) | 27.69 | 29.75 | 141 | 0.69 | 0.69 | 0.57 | 43 |
|  Ten months ended 04/30/20 | 17.87 | 0.08 | 3.95 | 4.03 | (0.11) | 21.79 | 22.65 | 30 | 0.77 <sup>(e)</sup> | 0.77 <sup>(e)</sup> | 0.53 <sup>(e)</sup> | 44 |
|  Period ended 06/30/19<sup>(f)</sup> | 14.75 | 0.01 | 3.11 | 3.12 | - | 17.87 | 21.15 | 12 | 0.80 <sup>(e)</sup> | 0.80 <sup>(e)</sup> | 0.35 <sup>(e)</sup> | 35 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 27.15 | 0.10 | (9.06) | (8.96) |  | 18.19 | (33.00) | 230709 | 0.66 <sup>(e)</sup> | 0.66 <sup>(e)</sup> | 0.95 <sup>(e)</sup> | 10 |
|  Year ended 04/30/22 | 27.94 | 0.16 | (0.02) | 0.14 | (0.93) | 27.15 | 0.78 | 354476 | 0.65 | 0.65 | 0.59 | 32 |
|  Year ended 04/30/21 | 21.98 | 0.16 | 6.37 | 6.53 | (0.57) | 27.94 | 29.79 | 293817 | 0.66 | 0.66 | 0.60 | 43 |
|  Ten months ended 04/30/20 | 18.03 | 0.09 | 3.98 | 4.07 | (0.12) | 21.98 | 22.65 | 197933 | 0.74 <sup>(e)</sup> | 0.74 <sup>(e)</sup> | 0.56 <sup>(e)</sup> | 44 |
|  Year ended 06/30/19 | 15.58 | 0.06 | 2.39 | 2.45 |  | 18.03 | 15.73 | 133853 | 0.75 | 0.76 | 0.41 | 35 |
|  Year ended 06/30/18 | 16.37 | 0.00 | (0.26) | (0.26) | (0.53) | 15.58 | (1.53) | 104921 | 0.75 | 0.75 | 0.02 | 44 |
|  Year ended 06/30/17 | 19.94 | (0.02) | (2.42) | (2.44) | (1.13) | 16.37 | (11.75) | 77158 | 0.73 | 0.73 | (0.09) | 65 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2021, the portfolio turnover calculation excludes the value of securities purchased of $210,653,892 and sold of $9,084,044 in the effort to realign the Fund's portfolio holdings after the reorganization of Invesco Gold & Precious Metals Fund into the Fund. 

<sup>(d)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended October 31, 2022 and the years ended April 30, 2022 and 2021. 

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

<sup>(f)</sup> Commencement date after the close of business on May 24, 2019.

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

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| **11** | **Invesco Gold & Special Minerals Fund** |

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**Notes to Consolidated Financial Statements** 

*October 31, 2022* 

*(Unaudited)* 

**NOTE 1–Significant Accounting Policies** 

Invesco Gold & Special Minerals Fund (the "Fund") is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco Gold & Special Minerals Fund (Cayman) Ltd. (the "Subsidiary"), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek to gain exposure to the commodity market through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in gold bullion and other precious metals, shares of exchange-traded funds that invest in gold bullion (Gold ETFs), commodity linked derivatives related to gold or other special mineral (including commodity futures, financial futures, options and swap contracts, and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions). The Fund may invest up to 25% of its total assets in the Subsidiary.

The Fund's investment objective is to seek capital appreciation.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its consolidated financial statements.

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/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 Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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| **12** | **Invesco Gold & Special Minerals Fund** |

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The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date
basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated 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 Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally
declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes** – The Fund intends to comply with the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of
Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and
expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The financial statements are prepared on a consolidated basis in conformity with
accounting principles generally accepted in the United States of America ("GAAP"), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial
statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Foreign Currency Translations** – Foreign currency is valued at the close of the NYSE based on quotations posted
by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of
foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of
operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices
on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated 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

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|:---|:---|
| **13** | **Invesco Gold & Special Minerals Fund** |

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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 Consolidated Statement of Operations.

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

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

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Consolidated 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 Consolidated Statement of Assets and Liabilities.

**K.** **Call Options Purchased and Written** – The Fund may write covered call options and/or buy call options. A
covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally
will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a "swaption". A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently "marked-to-market" to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently "marked-to-market" to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**L.** **Put Options Purchased and Written** – The Fund may purchase and write put options including options on
securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the
Fund pays an option premium. The option's underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can
sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund's resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not
eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying
instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options
written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net
realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is
exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**M.** **Leverage Risk** – Leverage exists when the Fund can lose more than it originally invests because it purchases or
sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

**N.** **Other Risks** - The Subsidiary will seek to gain exposure to gold bullion and other precious metals, Gold ETFs,
commodity-linked derivatives related to gold or other special minerals (including commodity futures, financial futures, options and swap contracts), and certain fixed income securities and other investments that may serve as margin or collateral for
its derivatives positions. The Fund is indirectly exposed to the risks associated with the Subsidiary's investments.

The Fund is classified as a "non-diversified" fund under the Investment Company Act of 1940. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer or limited number of issuers than a "diversified" fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer or limited number of issuers, the Fund is more subject to the risks associated with and developments affecting that issuer or limited number of issuers than a fund that invests more widely.

**O.** **COVID-19 Risk** - The COVID-19 strain
of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

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| **14** | **Invesco Gold & Special Minerals Fund** |

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**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate\*** |
|  Up to $200 million | 0.750% |
|  Next $150 million | 0.720% |
|  Next $350 million | 0.680% |
|  Next $1.3 billion | 0.560% |
|  Next $2 billion | 0.460% |
|  Next $2 billion | 0.410% |
|  Next $2 billion | 0.385% |
|  Next $8 billion | 0.360% |

---

\* The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. 

For the six months ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.60%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s). Invesco has also entered into a sub-advisory agreement with OppenheimerFunds, Inc. to provide discretionary management services to the Fund.

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended October 31, 2022, the Adviser waived advisory fees of $13,184.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2022, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2022, IDI advised the Fund that IDI retained $58,993 in front-end sales commissions from the sale of Class A shares and $11,943 and $6,741 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2022, the Fund incurred $26,477 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3–Additional Valuation Information** 

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when

---

| | |
|:---|:---|
| **15** | **Invesco Gold & Special Minerals Fund** |

---

------

market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

---

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

---

The following is a summary of the tiered valuation input levels, as of October 31, 2022. 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Australia | $20580170 | $340685102 | $– | $361265272 |
|  Bosnia Hercegovina |  | 4460834 |  | 4460834 |
|  Brazil | 39026193 |  |  | 39026193 |
|  Burkina Faso | 26019500 |  |  | 26019500 |
|  Canada | 744146230 |  | 1438395 | 745584625 |
|  China |  | 60955797 |  | 60955797 |
|  Colombia | 3736117 |  |  | 3736117 |
|  Finland |  | 6417505 |  | 6417505 |
|  Indonesia |  | 13939116 |  | 13939116 |
|  South Africa | 46908171 |  |  | 46908171 |
|  Turkey | 17281496 |  |  | 17281496 |
|  United Republic of Tanzania | 13808205 |  |  | 13808205 |
|  United States | 169530440 |  |  | 169530440 |
|  Zambia | 10988872 |  |  | 10988872 |
|  Money Market Funds | 18017922 |  |  | 18017922 |
|  **Total Investments in Securities** | 1110043316 | 426458354 | 1438395 | 1537940065 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Options Written | (6480345) |  |  | (6480345) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1103562971 | $426458354 | $1438395 | $1531459720 |

---

\* Options written are shown at value.

**NOTE 4–Derivative Investments** 

The Fund may enter into an ISDA Master Agreement under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Consolidated Statement of Assets and Liabilities.

**Value of Derivative Investments at Period-End** 

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Equity** |
| **Derivative Liabilities** | **Risk** |
|  Options written, at value – Exchange-Traded | $(6480345) |
|  Derivatives not subject to master netting agreements | 6480345 |
|  Total Derivative Liabilities subject to master netting agreements | $– |

---

---

| | |
|:---|:---|
| **16** | **Invesco Gold & Special Minerals Fund** |

---

------

**Effect of Derivative Investments for the six months ended October 31, 2022** 

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain on** | **Location of Gain on** | **Location of Gain on** |
|  | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
|  | **Currency<br>Risk** | **Equity**<br> **Risk** | **Total** |
|  Realized Gain: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $9029 | $- | $9029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  | 13724637 | 13724637 |
|  Change in Net Unrealized Appreciation: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 19 |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written |  | 8317146 | 8317146 |
|  Total | $9048 | $22041783 | $22050831 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | | |
|:---|:---|:---|
|  | **Forward** | **Equity** |
|  | **Foreign Currency** | **Options** |
|  | **Contracts** | **Written** |
|  Average notional value | $1440093 | $358485223 |
|  Average contracts |  | 146370 |

---

**NOTE 5–Expense Offset Arrangement(s)** 

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $7,310.

**NOTE 6–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Consolidated Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 8–Tax Information** 

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund had a capital loss carryforward as of April 30, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $197138065 | $1131951087 | $1329089152 |

---

\* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

---

| | |
|:---|:---|
| **17** | **Invesco Gold & Special Minerals Fund** |

---

------

**NOTE 9–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2022 was $177,786,577 and $192,294,581, respectively. Cost of investments, including any derivatives, 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 Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $184774851 |
|  Aggregate unrealized (depreciation) of investments | (268348178) |
|  Net unrealized appreciation (depreciation) of investments | $(83573327) |

---

Cost of investments for tax purposes is $1,615,033,047.

**NOTE 10–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 3618459 | $75911533 | 9796466 | $272429732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 420725 | 8008600 | 1226255 | 30258484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 803451 | 15732802 | 2088465 | 54833259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 5002450 | 104453167 | 11731724 | 323633373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 4941 | 110615 | 81288 | 2159887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 3188694 | 67553850 | 7090670 | 197507809 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 1295409 | 32126159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 179347 | 3974323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 222903 | 5233769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  |  | 723318 | 17959973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  |  | 2525 | 62745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 411428 | 10322727 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 157944 | 3191772 | 397284 | 10644145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (177618) | (3191772) | (443191) | (10644145) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4707958) | (96994371) | (11170547) | (304593002) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (583935) | (10385369) | (1217541) | (29914082) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1118737) | (21335123) | (1921241) | (49668176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (6192532) | (125391272) | (9003239) | (243586967) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (63329) | (1409796) | (8436) | (244304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (3559104) | (74854102) | (4963426) | (135730945) |
|  Net increase (decrease) in share activity | (3206549) | $(58599466) | 6519461 | $186764764 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

---

| | |
|:---|:---|
| **18** | **Invesco Gold & Special Minerals Fund** |

---

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before<br>expenses)** | **HYPOTHETICAL**<br> **(5% annual return before<br>expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(05/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(10/31/22)<sup>1</sup>**  | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(10/31/22)<sup>2</sup>**  | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $668.40 | $4.46 | $1019.86 | $5.40 | 1.06% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;666.00 | &nbsp;&nbsp;&nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;&nbsp;1016.03 | &nbsp;&nbsp;&nbsp;&nbsp;9.25 | 1.82 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;667.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;1018.55 | &nbsp;&nbsp;&nbsp;&nbsp;6.72 | 1.32 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;669.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;1021.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | 0.82 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;669.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;1021.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | 0.73 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;670.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;1021.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | 0.66 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

---

| | |
|:---|:---|
| **19** | **Invesco Gold & Special Minerals Fund** |

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

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Gold & Special Minerals Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal

process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled

Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

*B.* *Fund Investment Performance* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the Philadelphia Gold & Silver Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period. The Board considered that the Fund was created in connection with Invesco Ltd.'s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the "Transaction") and that the Fund's performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

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| | |
|:---|:---|
| **20** | **Invesco Gold & Special Minerals Fund** |

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

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

The Board compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund's contractual management fee schedule was reduced at certain breakpoint levels effective in 2020. The Board noted that the term "contractual management fee" for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

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

*D.* *Economies of Scale and Breakpoints* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may

also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **21** | **Invesco Gold & Special Minerals Fund** |

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![LOGO](g411066g24y25.jpg)

**Go paperless with eDelivery** 

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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**Invesco mailing information** 

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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**Important notice regarding delivery of security holder documents** 

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

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**Fund holdings and proxy voting information** 

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

![LOGO](g411066g77j33.jpg)

SEC file number(s): 811-03826 and 002-85905 Invesco Distributors, Inc. O-GSM-SAR-1

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![LOGO](g421070g50d01.jpg)

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| | |
|:---|:---|
| **Semiannual Report to Shareholders** | **October 31, 2022** |

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**Invesco Small Cap Value Fund** 

Nasdaq:

A: VSCAX ∎ C: VSMCX ∎ R: VSRAX ∎ Y: VSMIX ∎ R6: SMVSX

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| | |
|:---|:---|
| 2 | [Fund Performance](#edg421070_1) |
| 4 | [Schedule of Investments](#edg421070_2) |
| 8 | [Financial Statements](#edg421070_3) |
| 11 | [Financial Highlights](#edg421070_4) |
| 12 | [Notes to Financial Statements](#edg421070_5) |
| 18 | [Fund Expenses](#edg421070_6) |
| 19 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg421070_7) |

---

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

**This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.** 

NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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**Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Performance summary** | &nbsp;&nbsp; <br> **Performance summary** |  |
| &nbsp;&nbsp; **Fund vs. Indexes** |  |  |
| &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | 1.25 | % |
| &nbsp;&nbsp; Class C Shares | 0.90 |  |
| &nbsp;&nbsp; Class R Shares | 1.09 |  |
| &nbsp;&nbsp; Class Y Shares | 1.31 |  |
| &nbsp;&nbsp; Class R6 Shares | 1.40 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -5.50 |  |
| &nbsp;&nbsp; Russell 2000 Value Index<sup>▼</sup> (Style-Specific Index) | -1.35 |  |
| &nbsp;&nbsp; Lipper Small-Cap Value Funds Index<sup>∎</sup> (Peer Group Index) | -0.45 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc.<br>The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> The **Russell 2000<sup>®</sup> Value Index** is an unmanaged index considered representative of small-cap value stocks.The Russell 2000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> The **Lipper Small-Cap Value Funds Index** is an unmanaged index considered representative of small-cap value funds tracked by Lipper.<br> The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).<br> A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc.<br>The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> The **Russell 2000<sup>®</sup> Value Index** is an unmanaged index considered representative of small-cap value stocks.The Russell 2000 Value Index is a trademark/service mark of the Frank Russell Co. Russell<sup>®</sup> is a trademark of the Frank Russell Co.<br> The **Lipper Small-Cap Value Funds Index** is an unmanaged index considered representative of small-cap value funds tracked by Lipper.<br> The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).<br> A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |  |

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&nbsp;&nbsp;&nbsp; **For more information about your Fund**<br>Read the most recent quarterly commentary from your Fund's portfolio managers by visiting **invesco.com/us.** Click on "Products" and select "Mutual Funds." Use the "Product Finder" to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund's investment strategies, holdings and performance.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, visit **blog.invesco.us.com,** where many of Invesco's investment professionals share their insights about market and economic news and trends.<br>

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| | |
|:---|:---|
| **2** | **Invesco Small Cap Value Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (6/21/99) | 10.40 | % |
| &nbsp;&nbsp; 10 Years | 11.82 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.39 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -3.13 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (6/21/99) | 10.38 | % |
| &nbsp;&nbsp; 10 Years | 11.79 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.83 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 0.94 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 12.16 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 9.33 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 2.19 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (8/12/05) | 10.30 | % |
| &nbsp;&nbsp; 10 Years | 12.73 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 9.89 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 2.69 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 12.70 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 10.05 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | 2.87 |  |

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**Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen Small Cap Value Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen Small Cap Value Fund (renamed Invesco Small Cap Value Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

**Class R shares incepted on April 17, 2020. Performance shown prior to that date is that of the Fund's Class A shares at net asset value restated to reflect the higher 12b-1 fees applicable to Class R shares.** 

**Class R6 shares incepted on February 7, 2017. Performance shown prior to that date is that of the Fund's Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.** 

**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will** 

**fluctuate so that you may have a gain or loss when you sell shares.** 

**Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.** 

**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

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| | |
|:---|:---|
| **3** | **Invesco Small Cap Value Fund** |

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

*October 31, 2022* 

*(Unaudited)* 

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–94.20%** | **Common Stocks & Other Equity Interests–94.20%** | **Common Stocks & Other Equity Interests–94.20%** |
|  **Aerospace & Defense–6.79%** |  |  |
|  BWX Technologies, Inc. | 624500 | $35584010 |
|  Hensoldt AG (Germany) | 1611208 | 37896770 |
|  Huntington Ingalls Industries, Inc. | 127300 | 32725011 |
|  Maxar Technologies, Inc. | 610400 | 13636336 |
|  Parsons Corp.<sup>(b)(c)</sup>  | 703000 | 32956640 |
|  RADA Electronic Industries Ltd. (Israel)<sup>(b)</sup>  | 1029200 | 11835800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;164634567 |
|  **Auto Parts & Equipment–1.56%** | **Auto Parts & Equipment–1.56%** |  |
|  Dana, Inc. | 1867796 | 29810024 |
|  Modine Manufacturing Co.<sup>(b)</sup>  | 448500 | 8037120 |
|  |  | 37847144 |
|  **Biotechnology–0.91%** |  |  |
|  Horizon Therapeutics PLC<sup>(b)</sup>  | 354000 | 22061280 |
|  **Commodity Chemicals–2.03%** |  |  |
|  Cabot Corp.<sup>(c)</sup>  | 450600 | 33110088 |
|  Orion Engineered Carbons S.A. (Germany) | 1018200 | 16250472 |
|  |  | 49360560 |
|  **Construction & Engineering–6.52%** | **Construction & Engineering–6.52%** |  |
|  AECOM<sup>(c)</sup>  | 765122 | 57598384 |
|  Balfour Beatty PLC (United Kingdom) | 1311900 | 4492396 |
|  Concrete Pumping Holdings, Inc.<sup>(b)</sup>  | 659700 | 4225379 |
|  HOCHTIEF AG (Germany)<sup>(c)</sup>  | 211000 | 11221004 |
|  MasTec, Inc.<sup>(b)(c)</sup>  | 536900 | 41384252 |
|  Primoris Services Corp. | 1350100 | 27258519 |
|  Sterling Infrastructure, Inc.<sup>(b)</sup>  | 443600 | 11972764 |
|  |  | 158152698 |
|  **Construction Machinery & Heavy Trucks–2.33%** | **Construction Machinery & Heavy Trucks–2.33%** | **Construction Machinery & Heavy Trucks–2.33%** |
|  Astec Industries, Inc.<sup>(c)</sup>  | 251678 | 10985745 |
|  Manitowoc Co., Inc. (The)<sup>(b)(c)</sup>  | 1080900 | 9857808 |
|  REV Group, Inc. | 765000 | 10511100 |
|  Terex Corp. | 618000 | 25053720 |
|  |  | 56408373 |
|  **Diversified Chemicals–1.32%** |  |  |
|  Huntsman Corp.<sup>(c)</sup>  | 1200563 | 32127066 |
|  **Diversified Metals & Mining–0.63%** |  |  |
|  Hudbay Minerals, Inc. (Canada) | 1295600 | 4923280 |
|  Teck Resources Ltd., Class B (Canada)<sup>(c)</sup>  | 339800 | 10343512 |
|  |  | 15266792 |
|  **Diversified Support Services–0.08%** | **Diversified Support Services–0.08%** | **Diversified Support Services–0.08%** |
|  VSE Corp. | 44199 | 2045972 |
|  **Education Services–3.79%** |  |  |
|  Adtalem Global Education, Inc.<sup>(b)(c)</sup>  | 890700 | 37142190 |
|  Grand Canyon Education, Inc.<sup>(b)</sup>  | 543700 | 54712531 |
|  |  | 91854721 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Electric Utilities–0.76%** |  |  |  |
|  NRG Energy, Inc. | 417100 | $| 18519240 |
|  **Electrical Components & Equipment–2.07%** | **Electrical Components & Equipment–2.07%** | **Electrical Components & Equipment–2.07%** | **Electrical Components & Equipment–2.07%** |
|  EnerSys<sup>(c)</sup>  | 175200 |  | 11614008 |
|  Vertiv Holdings Co.<sup>(c)</sup>  | 2695400 |  | 38571174 |
|  |  |  | 50185182 |
|  **Electronic Manufacturing Services–4.07%** | **Electronic Manufacturing Services–4.07%** | **Electronic Manufacturing Services–4.07%** | **Electronic Manufacturing Services–4.07%** |
|  Flex Ltd.<sup>(b)</sup>  | 2931300 |  | 57394854 |
|  Jabil, Inc. | 642600 |  | 41287050 |
|  |  |  | 98681904 |
|  **Environmental & Facilities Services–0.10%** | **Environmental & Facilities Services–0.10%** | **Environmental & Facilities Services–0.10%** | **Environmental & Facilities Services–0.10%** |
|  Li-Cycle Holdings Corp. (Canada)<sup>(b)</sup>  | 418915 |  | 2496733 |
|  **Food Distributors–1.40%** |  |  |  |
|  US Foods Holding Corp.<sup>(b)</sup>  | 1137171 |  | 33842209 |
|  **Gold–0.89%** |  |  |  |
|  Kinross Gold Corp. (Canada) | 1607600 |  | 5835588 |
|  Yamana Gold, Inc. (Canada) | 3614600 |  | 15831948 |
|  |  |  | 21667536 |
|  **Health Care Distributors–0.95%** |  |  |  |
|  Henry Schein, Inc.<sup>(b)</sup>  | 336000 |  | 23002560 |
|  **Health Care Equipment–1.12%** |  |  |  |
|  Integer Holdings Corp.<sup>(b)(c)</sup>  | 434500 |  | 27082385 |
|  **Health Care Facilities–5.04%** |  |  |  |
|  Encompass Health Corp. | 703700 |  | 38309428 |
|  Select Medical Holdings Corp.<sup>(c)</sup>  | 1262600 |  | 32423568 |
|  Universal Health Services, Inc., Class B | 443900 |  | 51434693 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;122167689 |
|  **Health Care Services–0.24%** |  |  |  |
|  Fresenius Medical Care AG & Co. KGaA (Germany) | 206626 |  | 5715359 |
|  **Hotels, Resorts & Cruise Lines–0.60%** | **Hotels, Resorts & Cruise Lines–0.60%** | **Hotels, Resorts & Cruise Lines–0.60%** | **Hotels, Resorts & Cruise Lines–0.60%** |
|  Travel + Leisure Co. | 382176 |  | 14515044 |
|  **Household Products–0.74%** |  |  |  |
|  Spectrum Brands Holdings, Inc.<sup>(c)</sup>  | 389259 |  | 17960410 |
|  **Human Resource & Employment Services–1.30%** | **Human Resource & Employment Services–1.30%** | **Human Resource & Employment Services–1.30%** | **Human Resource & Employment Services–1.30%** |
|  Kelly Services, Inc., Class A<sup>(c)</sup>  | 394110 |  | 6439757 |
|  ManpowerGroup, Inc. | 320800 |  | 25131472 |
|  |  |  | 31571229 |
|  **Independent Power Producers & Energy Traders–1.37%** | **Independent Power Producers & Energy Traders–1.37%** | **Independent Power Producers & Energy Traders–1.37%** | **Independent Power Producers & Energy Traders–1.37%** |
|  Vistra Corp. | 1444500 |  | 33180165 |
|  **Industrial Machinery–1.65%** |  |  |  |
|  Crane Holdings Co.<sup>(c)</sup>  | 53600 |  | 5378224 |
|  Gates Industrial Corp. PLC<sup>(b)</sup>  | 990200 |  | 11040730 |
|  Timken Co. (The)<sup>(c)</sup>  | 332400 |  | 23696796 |
|  |  |  | 40115750 |

---

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

---

| | |
|:---|:---|
| **4** | **Invesco Small Cap Value Fund** |

---

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Life & Health Insurance–2.07%** | **Life & Health Insurance–2.07%** | **Life & Health Insurance–2.07%** |
|  American Equity Investment Life Holding Co. | 1162947 | $50099757 |
|  **Office Services & Supplies–1.60%** | **Office Services & Supplies–1.60%** | **Office Services & Supplies–1.60%** |
|  Interface, Inc. | 435320 | 4923469 |
|  Kimball International, Inc., Class B | 497900 | 3679481 |
|  MillerKnoll, Inc.<sup>(c)</sup>  | 956400 | 20256552 |
|  Steelcase, Inc., Class A | 1284000 | 9976680 |
|  |  | 38836182 |
|  **Oil & Gas Equipment & Services–3.87%** | **Oil & Gas Equipment & Services–3.87%** | **Oil & Gas Equipment & Services–3.87%** |
|  Helix Energy Solutions Group, Inc.<sup>(b)(c)</sup>  | 3561581 | 24931067 |
|  NexTier Oilfield Solutions, Inc.<sup>(b)</sup>  | 1240011 | 12499311 |
|  TechnipFMC PLC (United Kingdom)<sup>(b)</sup>  | 5318634 | 56324334 |
|  |  | 93754712 |
|  **Oil & Gas Exploration & Production–14.63%** | **Oil & Gas Exploration & Production–14.63%** | **Oil & Gas Exploration & Production–14.63%** |
|  APA Corp. | 1097200 | 49878712 |
|  ARC Resources Ltd. (Canada) | 3306000 | 46543898 |
|  Crescent Point Energy Corp. (Canada) | 3931800 | 30736353 |
|  Enerplus Corp. (Canada) | 1181200 | 20479278 |
|  EQT Corp. | 97700 | 4087768 |
|  Kosmos Energy Ltd. (Ghana)<sup>(b)</sup>  | 6189100 | 40167259 |
|  Murphy Oil Corp. | 132900 | 6446979 |
|  Northern Oil and Gas, Inc.<sup>(c)</sup>  | 2409280 | 82252819 |
|  Ovintiv, Inc. | 848000 | 42951200 |
|  Southwestern Energy Co.<sup>(b)</sup>  | 3577400 | 24791382 |
|  Tamarack Valley Energy Ltd. (Canada) | 1688500 | 6506863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;354842511 |
|  **Oil & Gas Storage & Transportation–2.11%** | **Oil & Gas Storage & Transportation–2.11%** | **Oil & Gas Storage & Transportation–2.11%** |
|  New Fortress Energy, Inc.<sup>(c)</sup>  | 927223 | 51062171 |
|  **Regional Banks–8.20%** |  |  |
|  Five Star Bancorp | 364454 | 10572811 |
|  Huntington Bancshares, Inc. | 3042458 | 46184513 |
|  PacWest Bancorp | 764988 | 19017602 |
|  Pinnacle Financial Partners, Inc. | 136300 | 11311537 |
|  SVB Financial Group<sup>(b)</sup>  | 98800 | 22818848 |
|  Texas Capital Bancshares, Inc.<sup>(b)</sup>  | 482500 | 28950000 |
|  Webster Financial Corp. | 926800 | 50288168 |
|  Western Alliance Bancorporation | 143700 | 9652329 |
|  |  | 198795808 |
|  **Research & Consulting Services–4.02%** | **Research & Consulting Services–4.02%** | **Research & Consulting Services–4.02%** |
|  CACI International, Inc., Class A<sup>(b)</sup>  | 143118 | 43512166 |
|  Huron Consulting Group, Inc.<sup>(b)</sup>  | 76100 | 5603243 |
|  KBR, Inc. | 974300 | 48490911 |
|  |  | 97606320 |
|  **Restaurants–1.55%** |  |  |
|  Cheesecake Factory, Inc. (The)<sup>(c)</sup>  | 948847 | 33978211 |
|  Marston's PLC (United Kingdom) | 9176449 | 3680337 |
|  |  | 37658548 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Semiconductor Equipment–0.91%** | **Semiconductor Equipment–0.91%** | **Semiconductor Equipment–0.91%** |
|  Ichor Holdings Ltd.<sup>(b)(c)</sup>  | 145800 | $3709152 |
|  MKS Instruments, Inc. | 95500 | 7845325 |
|  Ultra Clean Holdings, Inc.<sup>(b)(c)</sup>  | 336800 | 10477848 |
|  |  | 22032325 |
|  **Specialty Chemicals–0.19%** | **Specialty Chemicals–0.19%** | **Specialty Chemicals–0.19%** |
|  Axalta Coating Systems Ltd.<sup>(b)(c)</sup>  | 202200 | 4715304 |
|  **Steel–1.50%** |  |  |
|  Carpenter Technology Corp. | 970230 | 36286602 |
|  **Trading Companies & Distributors–4.95%** | **Trading Companies & Distributors–4.95%** | **Trading Companies & Distributors–4.95%** |
|  Air Lease Corp.<sup>(c)</sup>  | 1016300 | 35865227 |
|  Beacon Roofing Supply, Inc.<sup>(b)(c)</sup>  | 229466 | 12930409 |
|  DXP Enterprises, Inc.<sup>(b)</sup>  | 249591 | 7140799 |
|  Univar Solutions, Inc.<sup>(b)</sup>  | 1665026 | 42424862 |
|  WESCO International, Inc.<sup>(b)(c)</sup>  | 157100 | 21643667 |
|  |  | 120004964 |
|  **Trucking–0.34%** |  |  |
|  National Express Group PLC (United Kingdom)<sup>(b)</sup>  | 4303860 | 8334047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $2,161,164,056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $2,161,164,056) | 2284491819 |
|  **Money Market Funds–5.15%** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>  | 43847798 | 43847798 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(d)(e)</sup>  | 30939201 | 30945389 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(d)(e)</sup>  | 50111769 | 50111769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $124,898,340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $124,898,340) | 124904956 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)–99.35%<br>(Cost $2,286,062,396) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)–99.35%<br>(Cost $2,286,062,396) | 2409396775 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–9.70%** | **Money Market Funds–9.70%** | **Money Market Funds–9.70%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  |  | 63294694 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup>  |  | 171882912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $235,177,337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $235,177,337) | 235177606 |
|  TOTAL INVESTMENTS IN SECURITIES–109.05%<br>(Cost $2,521,239,733) | TOTAL INVESTMENTS IN SECURITIES–109.05%<br>(Cost $2,521,239,733) | 2644574381 |
|  OTHER ASSETS LESS LIABILITIES–(9.05)% | OTHER ASSETS LESS LIABILITIES–(9.05)% | (219411129) |
|  NET ASSETS–100.00% |  | $2425163252 |

---

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

---

| | |
|:---|:---|
| **5** | **Invesco Small Cap Value Fund** |

---

------

Notes to Schedule of Investments:

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

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value**<br> **April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Realized<br>Gain<br>(Loss)** | **Value**<br> **October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $28128261 | $154635777 | $(138916240) | $- | $- | $43847798 | $346649 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 19708213 | 110454126 | (99225885) | 5639 | 3296 | 30945389 | 243199 |
|  Invesco Treasury Portfolio, Institutional Class | 32146584 | 176726603 | (158761418) | - | - | 50111769 | 382189 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 31889639 | 268629335 | (237224280) | - | - | 63294694 | 489,070\* |
|  Invesco Private Prime Fund | 74524001 | 595520906 | (498155308) | (3008) | (3679) | 171882912 | 1,347,361\* |
|  Total | $186396698 | $1305966747 | $(1132283131) | $2631 | $(383) | $360082562 | $2808468 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1I.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement**<br> **Date** | | **Contract to** | **Contract to** | **Unrealized**<br> **Appreciation<br>(Depreciation)** |
| **Settlement**<br> **Date** | <br>**Counterparty** | **Deliver** | **Receive** | **Unrealized**<br> **Appreciation<br>(Depreciation)** |
|  **Currency Risk** | | | | |
|  11/23/2022 | Bank of America, N.A. | GBP 14,181,805 | USD 15,980,401 | $(292559) |
|  11/23/2022 | Bank of America, N.A. | USD 12,087,353 | EUR 12,149,477 | (62840) |
|  11/23/2022 | Royal Bank of Canada | EUR 68,608,740 | USD 67,809,380 | (93682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts |  |  | $(449081) |

---

Abbreviations:

EUR - Euro

GBP - British Pound Sterling

USD - U.S. Dollar

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

---

| | |
|:---|:---|
| **6** | **Invesco Small Cap Value Fund** |

---

------

**Portfolio Composition** 

*By sector, based on Net Assets* 

*as of October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  Industrials | 31.77 | % |
|  Energy | 20.60 |  |
|  Financials | 10.26 |  |
|  Health Care | 8.25 |  |
|  Consumer Discretionary | 7.50 |  |
|  Materials | 6.57 |  |
|  Information Technology | 4.98 |  |
|  Consumer Staples | 2.14 |  |
|  Utilities | 2.13 |  |
|  Unknown G1 | 0.00 |  |
|  Money Market Funds Plus Other Assets Less Liabilities | 5.80 |  |

---

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

---

| | |
|:---|:---|
| **7** | **Invesco Small Cap Value Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value (Cost $2,161,164,056)\* | $2284491819 |
|  Investments in affiliated money market funds, at value (Cost $360,075,677) | 360082562 |
|  Foreign currencies, at value (Cost $4,549,305) | 4549612 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 14275980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 5772384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1291336 |
|  Investment for trustee deferred compensation and retirement plans | 185687 |
|  Other assets | 188807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2670838187 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts outstanding | 449081 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 5670312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 3189956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 235177337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 863256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 120167 |
|  Trustee deferred compensation and retirement plans | 204826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 245674935 |
|  Net assets applicable to shares outstanding | $2425163252 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $2087771219 |
|  Distributable earnings | 337392033 |
|  | $2425163252 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $751566915 |
|  Class C | $25667957 |
|  Class R | $12978482 |
|  Class Y | $1297568275 |
|  Class R6 | $337381623 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 40413335 |
|  Class C | 2544525 |
|  Class R | 702175 |
|  Class Y | 64544684 |
|  Class R6 | 16626077 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $18.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $18.60 ÷ 94.50%) | $19.68 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $10.09 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $18.48 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $20.10 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $20.29 |

---

\* At October 31, 2022, securities with an aggregate value of $230,846,902 were on loan to brokers. 

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

---

| | |
|:---|:---|
| **8** | **Invesco Small Cap Value Fund** |

---

------

**Statement of Operations** 

*For the six months ended October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $394,782) | $16754516 |
|  Dividends from affiliated money market funds (includes net securities lending income of $128,969) | 1101006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 17855522 |
|  **Expenses:** |  |
|  Advisory fees | 6847015 |
|  Administrative services fees | 152051 |
|  Custodian fees | 10325 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 895343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 118359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 29890 |
|  Transfer agent fees – A, C, R and Y | 1462076 |
|  Transfer agent fees – R6 | 42734 |
|  Trustees' and officers' fees and benefits | 11801 |
|  Registration and filing fees | 130799 |
|  Reports to shareholders | 40265 |
|  Professional services fees | 27701 |
|  Other | 5633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 9773992 |
|  Less: Fees waived and/or expense offset arrangement(s) | (47347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9726645 |
|  Net investment income | 8128877 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | 48303797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (134746) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (2410298) |
|  | 45758370 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (14752001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (57851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (449081) |
|  | (15256302) |
|  Net realized and unrealized gain | 30502068 |
|  Net increase in net assets resulting from operations | $38630945 |

---

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

---

| | |
|:---|:---|
| **9** | **Invesco Small Cap Value Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the six months ended October 31, 2022 and the year ended April 30, 2022* 

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,** | **April 30,** |
|  | **2022** | **2022** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $8128877 | $4361774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 45758370 | 345808958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (15256302) | (316078267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 38630945 | 34092465 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (101790912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | (4343882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  | (1502521) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | (106700334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (17684381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings |  | (232022030) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 22408496 | 112944825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2008555 | 10049530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1493280 | 3342282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 188788527 | 370852528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 108006785 | 160103595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 322705643 | 657292760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 361336588 | 459363195 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2063826664 | 1604463469 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2425163252 | $2063826664 |

---

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

---

| | |
|:---|:---|
| **10** | **Invesco Small Cap Value Fund** |

---

------

**Financial Highlights** 

*(Unaudited)* 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total<br>distributions** | **Net asset<br>value, end**<br> **of period** | **Total<br>return <sup>(b)</sup>** | **Net assets,<br>end of period<br>(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | $18.37 | $0.05 | $0.18 | $0.23 | $– | $– | $– | $18.60 | 1.25% | $751567 | 1.08 %<sup>(d)</sup> | 1.08 %<sup>(d)</sup> | 0.58 %<sup>(d)</sup> | 20% |
|  Year ended 04/30/22 | 20.84 | 0.01 | 0.62 | 0.63 | (0.00) | (3.10) | (3.10) | 18.37 | 3.75 | 721429 | 1.09 | 1.09 | 0.11 | 79 |
|  Year ended 04/30/21 | 9.62 | 0.03 | 11.24 | 11.27 | (0.05) |  | (0.05) | 20.84 | 117.30 | 687428 | 1.12 | 1.12 | 0.24 | 71 |
|  Year ended 04/30/20 | 14.10 | 0.02 | (4.14) | (4.12) |  | (0.36) | (0.36) | 9.62 | (30.02) | 372448 | 1.13 | 1.13 | 0.16 | 47 |
|  Year ended 04/30/19 | 18.53 | (0.04) | (1.22) | (1.26) |  | (3.17) | (3.17) | 14.10 | (3.16) | 662115 | 1.12 | 1.12 | (0.22) | 43 |
|  Year ended 04/30/18 | 19.44 | (0.06) | 2.31 | 2.25 | – | (3.16) | (3.16) | 18.53 | 11.32 | 933986 | 1.12 | 1.12 | (0.31) | 28 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 10.00 | (0.01) | 0.10 | 0.09 |  |  |  | 10.09 | 0.90 | 25668 | 1.83 <sup>(d)</sup> | 1.83 <sup>(d)</sup> | (0.17)<sup>(d)</sup> | 20 |
|  Year ended 04/30/22 | 12.85 | (0.07) | 0.32 | 0.25 | (0.00) | (3.10) | (3.10) | 10.00 | 2.99 | 23397 | 1.84 | 1.84 | (0.64) | 79 |
|  Year ended 04/30/21 | 5.96 | (0.04) | 6.94 | 6.90 | (0.01) |  | (0.01) | 12.85 | 115.93 <sup>(e)</sup> | 17598 | 1.81 <sup>(e)</sup> | 1.81 <sup>(e)</sup> | (0.45)<sup>(e)</sup> | 71 |
|  Year ended 04/30/20 | 8.93 | (0.04) | (2.57) | (2.61) |  | (0.36) | (0.36) | 5.96 | (30.50)<sup>(e)</sup> | 10133 | 1.84 <sup>(e)</sup> | 1.84 <sup>(e)</sup> | (0.55)<sup>(e)</sup> | 47 |
|  Year ended 04/30/19 | 13.29 | (0.11) | (1.08) | (1.19) |  | (3.17) | (3.17) | 8.93 | (3.98) | 22059 | 1.87 | 1.87 | (0.97) | 43 |
|  Year ended 04/30/18 | 14.83 | (0.15) | 1.77 | 1.62 | – | (3.16) | (3.16) | 13.29 | 10.53 <sup>(e)</sup> | 76302 | 1.86 <sup>(e)</sup> | 1.86 <sup>(e)</sup> | (1.05)<sup>(e)</sup> | 28 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 18.28 | 0.03 | 0.17 | 0.20 |  |  |  | 18.48 | 1.09 | 12978 | 1.33 <sup>(d)</sup> | 1.33 <sup>(d)</sup> | 0.33 <sup>(d)</sup> | 20 |
|  Year ended 04/30/22 | 20.79 | (0.03) | 0.62 | 0.59 | (0.00) | (3.10) | (3.10) | 18.28 | 3.52 | 11315 | 1.34 | 1.34 | (0.14) | 79 |
|  Year ended 04/30/21 | 9.61 | (0.00)<sup>(f)</sup> | 11.21 | 11.21 | (0.03) |  | (0.03) | 20.79 | 116.81 | 9140 | 1.37 | 1.37 | (0.01) | 71 |
|  Period ended 04/30/20<sup>(g)</sup>  | 8.49 | (0.00)<sup>(f)</sup> | 1.12 | 1.12 | – | – | – | 9.61 | 13.19 | 3866 | 1.37 <sup>(d)</sup> | 1.37 <sup>(d)</sup> | (0.08)<sup>(d)</sup> | 47 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 19.84 | 0.08 | 0.18 | 0.26 |  |  |  | 20.10 | 1.31 | 1297568 | 0.83 <sup>(d)</sup> | 0.83 <sup>(d)</sup> | 0.83 <sup>(d)</sup> | 20 |
|  Year ended 04/30/22 | 22.23 | 0.08 | 0.67 | 0.75 | (0.04) | (3.10) | (3.14) | 19.84 | 4.06 | 1085935 | 0.84 | 0.84 | 0.36 | 79 |
|  Year ended 04/30/21 | 10.25 | 0.07 | 11.98 | 12.05 | (0.07) |  | (0.07) | 22.23 | 117.78 | 812019 | 0.87 | 0.87 | 0.49 | 71 |
|  Year ended 04/30/20 | 14.95 | 0.06 | (4.40) | (4.34) |  | (0.36) | (0.36) | 10.25 | (29.79) | 457857 | 0.88 | 0.88 | 0.41 | 47 |
|  Year ended 04/30/19 | 19.37 | 0.01 | (1.26) | (1.25) |  | (3.17) | (3.17) | 14.95 | (2.97) | 875875 | 0.87 | 0.87 | 0.03 | 43 |
|  Year ended 04/30/18 | 20.15 | (0.01) | 2.39 | 2.38 | – | (3.16) | (3.16) | 19.37 | 11.58 | 1397754 | 0.87 | 0.87 | (0.06) | 28 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 20.01 | 0.09 | 0.19 | 0.28 |  |  |  | 20.29 | 1.40 | 337382 | 0.70 <sup>(d)</sup> | 0.70 <sup>(d)</sup> | 0.96 <sup>(d)</sup> | 20 |
|  Year ended 04/30/22 | 22.39 | 0.11 | 0.67 | 0.78 | (0.06) | (3.10) | (3.16) | 20.01 | 4.17 | 221751 | 0.70 | 0.70 | 0.50 | 79 |
|  Year ended 04/30/21 | 10.31 | 0.09 | 12.07 | 12.16 | (0.08) |  | (0.08) | 22.39 | 118.25 | 78279 | 0.73 | 0.73 | 0.63 | 71 |
|  Year ended 04/30/20 | 15.02 | 0.08 | (4.43) | (4.35) |  | (0.36) | (0.36) | 10.31 | (29.71) | 60628 | 0.70 | 0.70 | 0.59 | 47 |
|  Year ended 04/30/19 | 19.41 | 0.03 | (1.25) | (1.22) |  | (3.17) | (3.17) | 15.02 | (2.80) | 65409 | 0.71 | 0.71 | 0.19 | 43 |
|  Year ended 04/30/18 | 20.16 | 0.02 | 2.39 | 2.41 | – | (3.16) | (3.16) | 19.41 | 11.73 | 26813 | 0.69 | 0.69 | 0.12 | 28 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $23,823,797 in connection with the acquisition of Invesco Oppenheimer Small Cap Value Fund into the Fund. 

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

<sup>(e)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.94% for the year ended April 31, 2021, 0.96% for the year ended April 30, 2020 and 0.99% for the year ended April 30, 2018, respectively. 

<sup>(f)</sup> Amount represents less than $(0.005). 

<sup>(g)</sup> Commencement date of April 17, 2020.

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

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|:---|:---|
| **11** | **Invesco Small Cap Value Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

*(Unaudited)* 

**NOTE 1–Significant Accounting Policies** 

Invesco Small Cap Value Fund (the "Fund") is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is long-term growth of capital.

The Fund currently consists of five different classes of shares: Class A, Class C, Class R, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*.

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/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 Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

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|:---|:---|
| **12** | **Invesco Small Cap Value Fund** |

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Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date
basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally
declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R6 are charged to such class. Transfer agency fees and expenses and
other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic
equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the
collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and
the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays
and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any
deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to
counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2022, the Fund paid the Adviser $5,671 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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|:---|:---|
| **13** | **Invesco Small Cap Value Fund** |

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

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

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

**L.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
|  First $500 million | 0.670% |
|  Next $500 million | 0.645% |
|  Over $1 billion | 0.620% |

---

For the six months ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.64%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2022, the Adviser waived advisory fees of $44,934.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to

---

| | |
|:---|:---|
| **14** | **Invesco Small Cap Value Fund** |

---

------

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively the "Plan"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2022, IDI advised the Fund that IDI retained $56,087 in front-end sales commissions from the sale of Class A shares and $1,718 and $6,111 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2022, the Fund incurred $1,632 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3–Additional Valuation Information** 

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

---

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

---

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $2217644302 | $66847517 | $– | $2284491819 |
|  Money Market Funds | 124904956 | 235177606 | &nbsp;&nbsp;&nbsp;&nbsp;– | 360082562 |
|  **Total Investments in Securities** | 2342549258 | 302025123 | &nbsp;&nbsp;&nbsp;&nbsp;– | 2644574381 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Forward Foreign Currency Contracts |  | (449081) | &nbsp;&nbsp;&nbsp;&nbsp;– | (449081) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $2342549258 | $301576042 | $– | $2644125300 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4–Derivative Investments** 

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

**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 October 31, 2022:

---

| | |
|:---|:---|
|  | **Value** |
|  | **Currency** |
| **Derivative Liabilities** | **Risk** |
|  Unrealized depreciation on forward foreign currency contracts outstanding | $(449081) |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Liabilities subject to master netting agreements | $(449081) |

---

---

| | |
|:---|:---|
| **15** | **Invesco Small Cap Value Fund** |

---

------

**Offsetting Assets and Liabilities** 

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Collateral** | **Collateral** | |
|  | **Financial**<br>**Derivative**<br>**Liabilities** | | **(Received)/Pledged** | **(Received)/Pledged** | |
|  | **Forward Foreign** | **Net Value of** |  |  | **Net** |
| **Counterparty** | **Currency Contracts** | **Derivatives** | **Non-Cash** | **Cash** | **Amount** |
|  Bank of America, N.A. | $(355399) | $(355399) | $– | $– | $(355399) |
|  Royal Bank of Canada | (93682) | (93682) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | (93682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $(449081) | $(449081) | $– | $– | $(449081) |

---

**Effect of Derivative Investments for the six months ended October 31, 2022** 

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on**<br>**Statement of Operations** |
|  | **Currency** |
|  | **Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $(2410298) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(449081) |
|  Total | $(2859379) |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | **Forward** |
|  | **Foreign Currency** |
|  | **Contracts** |
|  Average notional value | $90069711 |

---

**NOTE 5–Expense Offset Arrangement(s)** 

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $2,413.

**NOTE 6–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 8–Tax Information** 

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

---

| | |
|:---|:---|
| **16** | **Invesco Small Cap Value Fund** |

---

------

The Fund had a capital loss carryforward as of April 30, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
|  Not subject to expiration | $5865361 | $1119483 | $6984844 |

---

\* Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

**NOTE 9–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2022 was $658,023,532 and $411,434,869, respectively. Cost of investments, including any derivatives, 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 Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $305315620 |
|  Aggregate unrealized (depreciation) of investments | (186386178) |
|  Net unrealized appreciation of investments | $118929442 |

---

Cost of investments for tax purposes is $2,525,195,858.

**NOTE 10–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 5265479 | $94929333 | 9439506 | $190915847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 606246 | 5889822 | 1290219 | 14798454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 142128 | 2520865 | 163890 | 3251723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 22715536 | 435559487 | 34018696 | 724197121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8095591 | 156623566 | 8818284 | 189023755 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 5504500 | 96493889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 436669 | 4178927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 85969 | 1501008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  |  | 4533685 | 85731979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 907606 | 17298965 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 28751 | 511919 | 88447 | 1742554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (52894) | (511919) | (153262) | (1742554) |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4147445) | (73032756) | (8757393) | (176207465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (347721) | (3369348) | (603967) | (7185297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (58849) | (1027585) | (70618) | (1410449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (12916741) | (246770960) | (20335846) | (439076572) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (2551745) | (48616781) | (2140508) | (46219125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in share activity | 16778336 | $322705643 | 33225877 | $657292760 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

---

| | |
|:---|:---|
| **17** | **Invesco Small Cap Value Fund** |

---

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before<br>expenses)** | **HYPOTHETICAL**<br> **(5% annual return before<br>expenses)** | |
|  | <br>**Beginning<br> Account Value <br>(05/01/22)** | **Ending<br> Account Value <br>(10/31/22)<sup>1</sup>** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | **Ending<br> Account Value <br>(10/31/22)** | **Expenses<br> Paid During <br>Period<sup>2</sup>** | <br> **Annualized <br>Expense<br>Ratio** |
| &nbsp;&nbsp;&nbsp; Class A  | $1000.00 | $1012.50 | $5.48 | $1019.76 | $5.50 | 1.08% |
| &nbsp;&nbsp;&nbsp; Class C  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;1015.98 | &nbsp;&nbsp;&nbsp;&nbsp;9.30 | 1.83 |
| &nbsp;&nbsp;&nbsp; Class R  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1010.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;1018.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | 1.33 |
| &nbsp;&nbsp;&nbsp; Class Y  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1013.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;1021.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | 0.83 |
| &nbsp;&nbsp;&nbsp; Class R6  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1014.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;1021.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | 0.70 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **18** | **Invesco Small Cap Value Fund** |

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

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Small Cap Value Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable. In addition to meetings with Invesco Advisers and fund counsel

throughout the year and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 10, 2021.

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of Invesco Advisers' business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus ("COVID-19") pandemic. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

*B.* *Fund Investment Performance* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 2000<sup>®</sup> Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period and the second quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund's investment objective, principal investment strategies and/or investment restrictions and those of the funds in its performance universe. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

---

| | |
|:---|:---|
| **19** | **Invesco Small Cap Value Fund** |

---

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board requested and received additional information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been

reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the

advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **20** | **Invesco Small Cap Value Fund** |

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![LOGO](g421070g50d02.jpg)

**Go paperless with eDelivery** 

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

------

**Invesco mailing information** 

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

------

**Important notice regarding delivery of security holder documents** 

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

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**Fund holdings and proxy voting information** 

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

![LOGO](g421070g50d03.jpg)

SEC file number(s): 811-03826 and 002-85905 Invesco Distributors, Inc. VK-SCV-SAR-1

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![LOGO](g421386dsp001.jpg)

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| | |
|:---|:---|
| **Semiannual Report to Shareholders** | **October 31, 2022** |

---

**Invesco Technology Fund** 

Nasdaq:

A: ITYAX ∎ C: ITHCX ∎ Y: ITYYX ∎ Investor: FTCHX ∎ R5: FTPIX ∎ R6: FTPSX

---

| | |
|:---|:---|
| 2 | [Fund Performance](#edg421386_1) |
| 4 | [Schedule of Investments](#edg421386_2) |
| 6 | [Financial Statements](#edg421386_3) |
| 9 | [Financial Highlights](#edg421386_4) |
| 10 | [Notes to Financial Statements](#edg421386_5) |
| 16 | [Fund Expenses](#edg421386_6) |
| 17 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg421386_7) |

---

For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

**This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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**Fund Performance** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** | |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | -16.55 | % |
| &nbsp;&nbsp; Class C Shares | -16.87 |  |
| &nbsp;&nbsp; Class Y Shares | -16.45 |  |
| &nbsp;&nbsp; Investor Class Shares | -16.51 |  |
| &nbsp;&nbsp; Class R5 Shares | -16.42 |  |
| &nbsp;&nbsp; Class R6 Shares | -16.40 |  |
| &nbsp;&nbsp; NASDAQ Composite Total Return Index<sup>▼</sup> (Broad Market/Style-Specific Index) | -10.53 |  |
| &nbsp;&nbsp; Lipper Science & Technology Funds Index<sup>∎</sup> (Peer Group Index) | -13.77 |  |
| &nbsp;&nbsp;&nbsp; <br> Source(s): <sup>▼</sup>Bloomberg LP; <sup>∎</sup>Lipper Inc. |  |  |
| &nbsp;&nbsp; The **NASDAQ Composite Total Return Index** is a broad-based, market index of the common stocks and similar securities listed on the Nasdaq stock market. | &nbsp;&nbsp; The **NASDAQ Composite Total Return Index** is a broad-based, market index of the common stocks and similar securities listed on the Nasdaq stock market. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Science & Technology Funds Index** is an unmanaged index considered representative of science and technology funds tracked by Lipper. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Science & Technology Funds Index** is an unmanaged index considered representative of science and technology funds tracked by Lipper. |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |  |

---

**For more information about your Fund** 

Read the most recent quarterly commentary from your Fund's portfolio managers by visiting **invesco.com/us**. Click on "Products" and select "Mutual Funds." Use the "Product Finder" to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund's investment strategies, holdings and performance.

&nbsp;&nbsp;&nbsp;&nbsp;Also, visit **blog.invesco.us.com**, where many of Invesco's investment professionals share their insights about market and economic news and trends.

---

| | |
|:---|:---|
| **2** | **Invesco Technology Fund** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (3/28/02) | 5.40 | % |
| &nbsp;&nbsp; 10 Years | 10.44 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.35 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -43.07 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (2/14/00) | -0.15 | % |
| &nbsp;&nbsp; 10 Years | 10.39 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 5.75 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -40.63 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (10/3/08) | 11.55 | % |
| &nbsp;&nbsp; 10 Years | 11.34 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.82 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -39.61 |  |
| &nbsp;&nbsp; **Investor Class Shares** |  |  |
| &nbsp;&nbsp; Inception (1/19/84) | 9.77 | % |
| &nbsp;&nbsp; 10 Years | 11.17 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.66 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -39.71 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; Inception (12/21/98) | 5.45 | % |
| &nbsp;&nbsp; 10 Years | 11.56 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.93 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -39.58 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 11.31 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 6.97 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -39.54 |  |

---

**Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class Y, Investor Class, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

---

| | |
|:---|:---|
| **3** | **Invesco Technology Fund** |

---

------

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

*October 31, 2022* 

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–96.88%** | **Common Stocks & Other Equity Interests–96.88%** | **Common Stocks & Other Equity Interests–96.88%** |
|  **Advertising–1.30%** |  |  |
|  Trade Desk, Inc. (The), Class A<sup>(b)(c)</sup>  | 256344 | $13647755 |
|  **Application Software–16.11%** |  |  |
|  Atlassian Corp., Class A<sup>(b)(c)</sup>  | 82390 | 16702925 |
|  Datadog, Inc., Class A<sup>(b)</sup>  | 197143 | 15871983 |
|  HubSpot, Inc.<sup>(b)(c)</sup>  | 24484 | 7260975 |
|  Intuit, Inc. | 59511 | 25440953 |
|  Paycom Software, Inc.<sup>(b)</sup>  | 64014 | 22148844 |
|  salesforce.com, inc.<sup>(b)(c)</sup>  | 146355 | 23795859 |
|  Synopsys, Inc.<sup>(b)</sup>  | 98217 | 28733383 |
|  Workday, Inc., Class A<sup>(b)(c)</sup>  | 185485 | 28902273 |
|  |  | 168857195 |
|  **Data Processing & Outsourced Services–5.58%** | **Data Processing & Outsourced Services–5.58%** | **Data Processing & Outsourced Services–5.58%** |
|  Fiserv, Inc.<sup>(b)</sup>  | 166000 | 17054840 |
|  PayPal Holdings, Inc.<sup>(b)</sup>  | 60478 | 5054751 |
|  Visa, Inc., Class A<sup>(c)</sup>  | 175478 | 36352023 |
|  |  | 58461614 |
|  **Interactive Home Entertainment–4.80%** | **Interactive Home Entertainment–4.80%** |  |
|  Electronic Arts, Inc. | 140460 | 17692341 |
|  Nintendo Co. Ltd. (Japan) | 376000 | 15321943 |
|  Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 146339 | 17338245 |
|  |  | 50352529 |
|  **Interactive Media & Services–6.07%** | **Interactive Media & Services–6.07%** |  |
|  Alphabet, Inc., Class A<sup>(b)</sup>  | 582999 | 55099235 |
|  Baidu, Inc., ADR (China)<sup>(b)</sup>  | 65642 | 5026208 |
|  Kuaishou Technology (China)<sup>(b)(d)</sup>  | 850500 | 3508478 |
|  |  | 63633921 |
|  **Internet & Direct Marketing Retail–6.26%** | **Internet & Direct Marketing Retail–6.26%** |  |
|  Amazon.com, Inc.<sup>(b)</sup>  | 456317 | 46745113 |
|  JD.com, Inc., ADR (China) | 504399 | 18809039 |
|  |  | 65554152 |
|  **Internet Services & Infrastructure–4.78%** | **Internet Services & Infrastructure–4.78%** |  |
|  Cloudflare, Inc., Class A<sup>(b)(c)</sup>  | 245613 | 13832924 |
|  MongoDB, Inc.<sup>(b)</sup>  | 80524 | 14738308 |
|  Snowflake, Inc., Class A<sup>(b)(c)</sup>  | 134385 | 21541915 |
|  |  | 50113147 |
|  **IT Consulting & Other Services–1.23%** | **IT Consulting & Other Services–1.23%** |  |
|  EPAM Systems, Inc.<sup>(b)</sup>  | 36839 | 12893650 |
|  **Movies & Entertainment–2.66%** |  |  |
|  Netflix, Inc.<sup>(b)</sup>  | 95397 | 27844476 |
|  **Pharmaceuticals–3.76%** |  |  |
|  Bayer AG (Germany) | 749685 | 39438685 |
|  **Semiconductor Equipment–0.82%** |  |  |
|  Applied Materials, Inc. | 33244 | 2935113 |
|  ASML Holding N.V., New York Shares (Netherlands) | 11900 | 5621798 |
|  |  | 8556911 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Semiconductors–17.15%** |  |  |
|  Advanced Micro Devices, Inc.<sup>(b)</sup>  | 332620 | $19977157 |
|  Broadcom, Inc. | 61183 | 28763352 |
|  Lattice Semiconductor Corp.<sup>(b)</sup>  | 349030 | 16931445 |
|  Marvell Technology, Inc.<sup>(c)</sup>  | 707225 | 28062688 |
|  Micron Technology, Inc. | 163217 | 8830040 |
|  Monolithic Power Systems, Inc. | 56429 | 19154824 |
|  NVIDIA Corp. | 238032 | 32127179 |
|  ON Semiconductor Corp.<sup>(b)(c)</sup>  | 284554 | 17480152 |
|  QUALCOMM, Inc. | 71353 | 8395394 |
|  |  | 179722231 |
|  **Systems Software–20.08%** |  |  |
|  Crowdstrike Holdings, Inc., Class A<sup>(b)</sup>  | 94799 | 15281599 |
|  Darktrace PLC (United<br>Kingdom)<sup>(b)</sup>  | 312965 | 1278852 |
|  KnowBe4, Inc., Class A<sup>(b)</sup>  | 879054 | 21607147 |
|  Microsoft Corp. | 474439 | 110131525 |
|  Palo Alto Networks, Inc.<sup>(b)</sup>  | 196467 | 33711773 |
|  ServiceNow, Inc.<sup>(b)</sup>  | 67411 | 28362504 |
|  |  | 210373400 |
|  **Technology Hardware, Storage & Peripherals–6.28%** | **Technology Hardware, Storage & Peripherals–6.28%** | **Technology Hardware, Storage & Peripherals–6.28%** |
|  Apple, Inc. | 429431 | 65848950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $843,101,726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests<br>(Cost $843,101,726) | 1015298616 |
|  **Money Market Funds–2.99%** | **Money Market Funds–2.99%** | **Money Market Funds–2.99%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(e)(f)</sup>  | 10756759 | 10756759 |
|  Invesco Liquid Assets Portfolio, Institutional Class, 3.03%<sup>(e)(f)</sup>  | 8252362 | 8254013 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(e)(f)</sup>  | 12293439 | 12293438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $31,302,484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $31,302,484) | 31304210 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $874,404,210) | TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.87% (Cost $874,404,210) | 1046602826 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–8.77%** |  |  |
|  Invesco Private Government Fund, 3.18%<sup>(e)(f)(g)</sup>  | 25738059 | 25738059 |
|  Invesco Private Prime Fund, 3.28%<sup>(e)(f)(g)</sup>  | 66160327 | 66160327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $91,894,186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $91,894,186) | 91898386 |
|  TOTAL INVESTMENTS IN<br>SECURITIES–108.64%<br>(Cost $966,298,396) | TOTAL INVESTMENTS IN<br>SECURITIES–108.64%<br>(Cost $966,298,396) | 1138501212 |
|  OTHER ASSETS LESS LIABILITIES–(8.64)% | OTHER ASSETS LESS LIABILITIES–(8.64)% | (90571967) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $1047929245 |

---

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

---

| | |
|:---|:---|
| **4** | **Invesco Technology Fund** |

---

------

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

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

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2022 represented less than 1% of the Fund's Net Assets. 

<sup>(e)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>April 30, 2022** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized**<br> **Gain**<br> **(Loss)** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $17624636 | $57775742 | $(64643619) | $- | $- | $10756759 | $58520 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 13155917 | 41268387 | (46174013) | 2171 | 1551 | 8254013 | 73808 |
|  Invesco Treasury Portfolio, Institutional Class | 20142441 | 66029420 | (73878422) | - | - | 12293438 | 105449 |
| **Investments Purchased with Cash Collateral from Securities on Loan:** |  |  |  |  |  |  |  |
|  Invesco Private Government Fund | 4664621 | 196248764 | (175175326) | - | - | 25738059 | 198,567\* |
|  Invesco Private Prime Fund | 10884116 | 434668157 | (379394142) | 4200 | (2004) | 66160327 | 544,958\* |
|  Total | $66471731 | $795990470 | $(739265522) | $6371 | $(453) | $123202596 | $981302 |

---

\* Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1I.

**Portfolio Composition** 

*By sector, based on Net Assets* 

*as of October 31, 2022* 

---

| | | |
|:---|:---|:---|
|  Information Technology | 72.03 | % |
|  Communication Services | 14.84 |  |
|  Consumer Discretionary | 6.25 |  |
|  Health Care | 3.76 |  |
|  Money Market Funds Plus Other Assets Less Liabilities | 3.12 |  |

---

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

---

| | |
|:---|:---|
| **5** | **Invesco Technology Fund** |

---

------

**Statement of Assets and Liabilities** 

*October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $843,101,726)\* | $1015298616 |
|  Investments in affiliated money market funds, at value<br>(Cost $123,196,670) | 123202596 |
|  Foreign currencies, at value (Cost $2,657) | 2631 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 13158183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 404152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 296638 |
|  Investment for trustee deferred compensation and retirement plans | 140954 |
|  Other assets | 84897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1152588667 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 11308060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 528414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 91894186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 633786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued trustees' and officers' fees and benefits | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 136939 |
|  Trustee deferred compensation and retirement plans | 157299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 104659422 |
|  Net assets applicable to shares outstanding | $1047929245 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $901016489 |
|  Distributable earnings | 146912756 |
|  | $1047929245 |

---

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $&nbsp;&nbsp;&nbsp;&nbsp;564800205 |
|  Class C | $27760205 |
|  Class Y | $35430218 |
|  Investor Class | $417695635 |
|  Class R5 | $479327 |
|  Class R6 | $1763655 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 15131758 |
|  Class C | 1133637 |
|  Class Y | 914606 |
|  Investor Class | 11221385 |
|  Class R5 | 9817 |
|  Class R6 | 36035 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $37.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $37.33 ÷ 94.50%) | $39.50 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $24.49 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $38.74 |
|  Investor Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $37.22 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $48.83 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $48.94 |

---

\* At October 31, 2022, securities with an aggregate value of $88,605,199 were on loan to brokers. 

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

---

| | |
|:---|:---|
| **6** | **Invesco Technology Fund** |

---

------

**Statement of Operations** 

*For the six months ended October 31, 2022* 

*(Unaudited)* 

---

| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $163,323) | $4228834 |
|  Dividends from affiliated money market funds (includes net securities lending income of $69,361) | 307138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 4535972 |
|  **Expenses:** |  |
|  Advisory fees | 3772779 |
|  Administrative services fees | 86612 |
|  Custodian fees | 6820 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 796641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 164655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 248896 |
|  Transfer agent fees – A, C, Y and Investor | 1102760 |
|  Transfer agent fees – R5 | 246 |
|  Transfer agent fees – R6 | 246 |
|  Trustees' and officers' fees and benefits | 12796 |
|  Registration and filing fees | 80307 |
|  Reports to shareholders | 81366 |
|  Professional services fees | 33482 |
|  Other | (988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 6386618 |
|  Less: Fees waived and/or expense offset arrangement(s) | (23330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6363288 |
|  Net investment income (loss) | (1827316) |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (26340138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | (453) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 43746 |
|  | (26296845) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (182847135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 6371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (9249) |
|  | (182850013) |
|  Net realized and unrealized gain (loss) | (209146858) |
|  Net increase (decrease) in net assets resulting from operations | $(210974174) |

---

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

---

| | |
|:---|:---|
| **7** | **Invesco Technology Fund** |

---

------

**Statement of Changes in Net Assets** 

*For the six months ended October 31, 2022 and the year ended April 30, 2022* 

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,**<br> **2022** | **April 30,**<br> **2022** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1827316) | $(12267559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (26296845) | 230924324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (182850013) | (558336094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (210974174) | (339679329) |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (208241881) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | (15986805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | (14567335) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  | (155570359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  | (201871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (377737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings |  | (394945988) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (17026293) | 158176772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (3268540) | 6767797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (3276346) | 11183160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (13510001) | 106029412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 45091 | 130044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 606423 | 608043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from share transactions | (36429666) | 282895228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (247403840) | (451730089) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1295333085 | 1747063174 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1047929245 | $1295333085 |

---

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

---

| | |
|:---|:---|
| **8** | **Invesco Technology Fund** |

---

------

**Financial Highlights** 

*(Unaudited)* 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>**  | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Net asset**<br> **value, end**<br> **of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,**<br> **end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> **(loss)**<br> **to average**<br> **net assets** | **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | $44.73 | $(0.07) | $(7.33) | $(7.40) | $– | $37.33 | (16.55)% | $564800 | 1.12 %<sup>(d)</sup> | 1.12 %<sup>(d)</sup> | (0.36)%<sup>(d)</sup> | 53% |
|  Year ended 04/30/22 | 72.50 | (0.49) | (10.69) | (11.18) | (16.59) | 44.73 | (20.67) | 695429 | 1.02 | 1.02 | (0.75) | 95 |
|  Year ended 04/30/21 | 50.35 | (0.46) | 27.38 | 26.92 | (4.77) | 72.50 | 54.37 | 927620 | 1.10 | 1.10 | (0.71) | 59 |
|  Year ended 04/30/20 | 49.68 | (0.29) | 5.71 | 5.42 | (4.75) | 50.35 | 11.31 | 572351 | 1.19 | 1.19 | (0.58) | 38 |
|  Year ended 04/30/19 | 46.98 | (0.34) | 6.66 | 6.32 | (3.62) | 49.68 | 14.87 | 443050 | 1.23 | 1.23 | (0.71) | 48 |
|  Year ended 04/30/18 | 39.78 | (0.29) | 9.31 | 9.02 | (1.82) | 46.98 | 22.94 | 377444 | 1.27 | 1.28 | (0.63) | 47 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 29.46 | (0.15) | (4.82) | (4.97) |  | 24.49 | (16.87) | 27760 | 1.87 <sup>(d)</sup> | 1.87 <sup>(d)</sup> | (1.11)<sup>(d)</sup> | 53 |
|  Year ended 04/30/22 | 53.59 | (0.68) | (6.86) | (7.54) | (16.59) | 29.46 | (21.24)<sup>(e)</sup> | 37022 | 1.74 <sup>(e)</sup> | 1.74 <sup>(e)</sup> | (1.47)<sup>(e)</sup> | 95 |
|  Year ended 04/30/21 | 38.38 | (0.72) | 20.70 | 19.98 | (4.77) | 53.59 | 53.20 <sup>(e)</sup> | 56566 | 1.84 <sup>(e)</sup> | 1.84 <sup>(e)</sup> | (1.45)<sup>(e)</sup> | 59 |
|  Year ended 04/30/20 | 39.21 | (0.51) | 4.43 | 3.92 | (4.75) | 38.38 | 10.47 | 32723 | 1.94 | 1.94 | (1.33) | 38 |
|  Year ended 04/30/19 | 38.15 | (0.57) | 5.25 | 4.68 | (3.62) | 39.21 | 13.98 | 28217 | 1.98 | 1.98 | (1.46) | 48 |
|  Year ended 04/30/18 | 32.84 | (0.51) | 7.64 | 7.13 | (1.82) | 38.15 | 22.02 | 39954 | 2.02 | 2.03 | (1.38) | 47 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 46.37 | (0.02) | (7.61) | (7.63) |  | 38.74 | (16.45) | 35430 | 0.87 <sup>(d)</sup> | 0.87 <sup>(d)</sup> | (0.11)<sup>(d)</sup> | 53 |
|  Year ended 04/30/22 | 74.39 | (0.34) | (11.09) | (11.43) | (16.59) | 46.37 | (20.46) | 46149 | 0.77 | 0.77 | (0.50) | 95 |
|  Year ended 04/30/21 | 51.45 | (0.31) | 28.02 | 27.71 | (4.77) | 74.39 | 54.75 | 62294 | 0.85 | 0.85 | (0.46) | 59 |
|  Year ended 04/30/20 | 50.55 | (0.17) | 5.82 | 5.65 | (4.75) | 51.45 | 11.57 | 36341 | 0.94 | 0.94 | (0.33) | 38 |
|  Year ended 04/30/19 | 47.62 | (0.22) | 6.77 | 6.55 | (3.62) | 50.55 | 15.16 | 32658 | 0.98 | 0.98 | (0.46) | 48 |
|  Year ended 04/30/18 | 40.21 | (0.18) | 9.41 | 9.23 | (1.82) | 47.62 | 23.22 | 27364 | 1.02 | 1.03 | (0.38) | 47 |
|  **Investor Class** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 44.58 | (0.04) | (7.32) | (7.36) |  | 37.22 | (16.51)<sup>(f)</sup> | 417696 | 0.98 <sup>(d)(f)</sup> | 0.98 <sup>(d)(f)</sup> | (0.22)<sup>(d)(f)</sup> | 53 |
|  Year ended 04/30/22 | 72.24 | (0.42) | (10.65) | (11.07) | (16.59) | 44.58 | (20.59)<sup>(f)</sup> | 514752 | 0.91 <sup>(f)</sup> | 0.91 <sup>(f)</sup> | (0.64)<sup>(f)</sup> | 95 |
|  Year ended 04/30/21 | 50.13 | (0.39) | 27.27 | 26.88 | (4.77) | 72.24 | 54.53 <sup>(f)</sup> | 698143 | 1.00 <sup>(f)</sup> | 1.00 <sup>(f)</sup> | (0.61)<sup>(f)</sup> | 59 |
|  Year ended 04/30/20 | 49.44 | (0.24) | 5.68 | 5.44 | (4.75) | 50.13 | 11.41 <sup>(f)</sup> | 483563 | 1.09 <sup>(f)</sup> | 1.09 <sup>(f)</sup> | (0.48)<sup>(f)</sup> | 38 |
|  Year ended 04/30/19 | 46.71 | (0.28) | 6.63 | 6.35 | (3.62) | 49.44 | 15.02 <sup>(f)</sup> | 475857 | 1.11 <sup>(f)</sup> | 1.11 <sup>(f)</sup> | (0.59)<sup>(f)</sup> | 48 |
|  Year ended 04/30/18 | 39.53 | (0.25) | 9.25 | 9.00 | (1.82) | 46.71 | 23.03 <sup>(f)</sup> | 447456 | 1.19 <sup>(f)</sup> | 1.20 <sup>(f)</sup> | (0.55)<sup>(f)</sup> | 47 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 58.42 | (0.01) | (9.58) | (9.59) |  | 48.83 | (16.42) | 479 | 0.78 <sup>(d)</sup> | 0.78 <sup>(d)</sup> | (0.02)<sup>(d)</sup> | 53 |
|  Year ended 04/30/22 | 89.51 | (0.38) | (14.12) | (14.50) | (16.59) | 58.42 | (20.43) | 520 | 0.72 | 0.72 | (0.45) | 95 |
|  Year ended 04/30/21 | 61.17 | (0.32) | 33.43 | 33.11 | (4.77) | 89.51 | 54.88 | 794 | 0.77 | 0.77 | (0.38) | 59 |
|  Year ended 04/30/20 | 59.18 | (0.12) | 6.86 | 6.74 | (4.75) | 61.17 | 11.74 | 267 | 0.81 | 0.81 | (0.20) | 38 |
|  Year ended 04/30/19 | 55.03 | (0.16) | 7.93 | 7.77 | (3.62) | 59.18 | 15.34 | 263 | 0.81 | 0.81 | (0.29) | 48 |
|  Year ended 04/30/18 | 46.14 | (0.11) | 10.82 | 10.71 | (1.82) | 55.03 | 23.44 | 163 | 0.85 | 0.85 | (0.21) | 47 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 58.54 | 0.01 | (9.61) | (9.60) |  | 48.94 | (16.40) | 1764 | 0.71 <sup>(d)</sup> | 0.71 <sup>(d)</sup> | 0.05 <sup>(d)</sup> | 53 |
|  Year ended 04/30/22 | 89.60 | (0.32) | (14.15) | (14.47) | (16.59) | 58.54 | (20.37) | 1460 | 0.65 | 0.65 | (0.38) | 95 |
|  Year ended 04/30/21 | 61.21 | (0.29) | 33.45 | 33.16 | (4.77) | 89.60 | 54.93 | 1647 | 0.74 | 0.74 | (0.35) | 59 |
|  Year ended 04/30/20 | 59.20 | (0.10) | 6.86 | 6.76 | (4.75) | 61.21 | 11.77 | 545 | 0.77 | 0.77 | (0.16) | 38 |
|  Year ended 04/30/19 | 55.04 | (0.15) | 7.93 | 7.78 | (3.62) | 59.20 | 15.36 | 483 | 0.80 | 0.80 | (0.28) | 48 |
|  Year ended 04/30/18 | 46.14 | (0.11) | 10.83 | 10.72 | (1.82) | 55.04 | 23.47 | 42 | 0.85 | 0.85 | (0.21) | 47 |

---

<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $50,768,823 in the effort to realign the Fund's portfolio holdings after the reorganization of Invesco Technology Sector Fund into the Fund. 

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

<sup>(e)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.97% and 0.99% for the year ended April 30, 2022 and 2021, respectively. 

<sup>(f)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.11%, 0.14%, 0.15%, 0.15%, 0.13% and 0.17% for the six months ended October 31, 2022 and the years ended April 30, 2022, 2021, 2020, 2019 and 2018, respectively. 

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

---

| | |
|:---|:---|
| **9** | **Invesco Technology Fund** |

---

------

**Notes to Financial Statements** 

*October 31, 2022* 

*(Unaudited)* 

**NOTE 1–Significant Accounting Policies** 

Invesco Technology Fund (the "Fund") is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is long-term growth of capital.

The Fund currently consists of six different classes of shares: Class A, Class C, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services - Investment Companies.*

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/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 Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

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| **10** | **Invesco Technology Fund** |

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Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date
basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally
declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of
Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and
expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic
equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the
collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and
the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays
and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any
deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to
counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner

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| **11** | **Invesco Technology Fund** |

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consistent with the federal securities laws. For the six months ended October 31, 2022, the Fund paid the Adviser $4,869 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

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

**L.** **Other Risks –** The Fund's investments are concentrated in a comparatively narrow segment of the economy,
which may make the Fund more volatile.

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund's shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

**M.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

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| **Average Daily Net Assets** | **Rate** |
|  First $500 million | 0.670% |
|  Next $500 million | 0.640% |
|  Next $1 billion | 0.520% |
|  Next $2 billion | 0.450% |
|  Next $2 billion | 0.400% |
|  Next $2 billion | 0.375% |
|  Over $8 billion | 0.350% |

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For the six months ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.63%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or nonroutine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

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| **12** | **Invesco Technology Fund** |

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Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2022, the Adviser waived advisory fees of $13,841.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Investor Class shares (collectively, the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2022, IDI advised the Fund that IDI retained $54,084 in front-end sales commissions from the sale of Class A shares and $1,403 and $864 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2022, the Fund incurred $8,831 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3–Additional Valuation Information** 

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

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|:---|:---|
| 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 Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |

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The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $955750658 | $59547958 | $– | $1015298616 |
|  Money Market Funds | 31304210 | 91898386 | &nbsp;&nbsp;&nbsp;&nbsp;– | 123202596 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $987054868 | $151446344 | $– | $1138501212 |

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**NOTE 4–Expense Offset Arrangement(s)** 

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $9,489.

**NOTE 5–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

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| **13** | **Invesco Technology Fund** |

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**NOTE 6–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 7–Tax Information** 

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP.

Reclassifications are made to the Fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund's fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of April 30, 2022.

**NOTE 8–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2022 was $612,323,488 and $635,934,204, respectively. Cost of investments, including any derivatives, 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 Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $291659099 |
|  Aggregate unrealized (depreciation) of investments | (128291819) |
|  Net unrealized appreciation of investments | $163367280 |

---

Cost of investments for tax purposes is $975,133,932.

**NOTE 9–Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended<br>October 31, 2022<sup>(a)</sup>** | **Six months ended<br>October 31, 2022<sup>(a)</sup>** | **Year ended**<br>**April 30, 2022** | **Year ended**<br>**April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 712330 | $&nbsp;&nbsp;&nbsp;&nbsp;29536660 | 1371249 | $87998241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 142433 | 3890600 | 234628 | 10650234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 94136 | 4104849 | 204239 | 14130751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 125684 | 5206806 | 239589 | 15831631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 987 | 48848 | 9890 | 855884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 17313 | 934918 | 20075 | 1635365 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 3381794 | 196278887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 399683 | 15323844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  |  | 208824 | 12552395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  | 2530324 | 146328615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  |  | 2589 | 196050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 4777 | 362355 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 31635 | 1264870 | 77251 | 4881266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48152) | (1264870) | (111048) | (4881266) |

---

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| | |
|:---|:---|
| **14** | **Invesco Technology Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1158221) | $(47827823) | (2078969) | $(130981622) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (217400) | (5894270) | (322051) | (14325015) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (174806) | (7381195) | (255186) | (15499986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (451382) | (18716807) | (887693) | (56130834) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (70) | (3757) | (12448) | (921890) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (6218) | (328495) | (18291) | (1389677) |
|  Net increase (decrease) in share activity | (931731) | $(36429666) | 4999226 | $282895228 |

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 21% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

---

| | |
|:---|:---|
| **15** | **Invesco Technology Fund** |

---

------

**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(05/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(10/31/22)<sup>1</sup>**  | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(10/31/22)<sup>1</sup>**  | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A  | $1000.00 | $834.50 | $5.18 | $1019.56 | $5.70 | 1.12% |
| &nbsp;&nbsp;&nbsp; Class C  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;831.30 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;1015.78 | &nbsp;&nbsp;&nbsp;&nbsp;9.50 | 1.87 |
| &nbsp;&nbsp;&nbsp; Class Y  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;835.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;1020.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | 0.87 |
| &nbsp;&nbsp;&nbsp; Investor Class  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;834.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;&nbsp;&nbsp;1020.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 | 0.98 |
| &nbsp;&nbsp;&nbsp; Class R5  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;835.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;1021.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | 0.78 |
| &nbsp;&nbsp;&nbsp; Class R6  | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;836.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;1021.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | 0.71 |

---

<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

---

| | |
|:---|:---|
| **16** | **Invesco Technology Fund** |

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

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Technology Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In

addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board

reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

*B.* *Fund Investment Performance* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the NASDAQ Composite Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and three year periods and reasonably comparable to the performance of the Index for the five year period. The Board noted that security selection in certain technology industries negatively impacted the Fund's relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

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| | |
|:---|:---|
| **17** | **Invesco Technology Fund** |

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

*D.* *Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the

Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

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

money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **18** | **Invesco Technology Fund** |

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![LOGO](g421386dsp032a.jpg)

**Go paperless with eDelivery** 

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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**Invesco mailing information** 

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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**Important notice regarding delivery of security holder documents** 

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

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**Fund holdings and proxy voting information** 

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

![LOGO](g421386dsp032b.jpg)

SEC file number(s): 811-03826 and 002-85905 Invesco Distributors, Inc. I-TEC-SAR-1

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![LOGO](g412027dsp001.jpg)

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| | |
|:---|:---|
| **Semiannual Report to Shareholders** | **October 31, 2022** |

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**Invesco Value Opportunities Fund** 

Nasdaq:

A: VVOAX ∎ C: VVOCX ∎ R: VVORX ∎ Y: VVOIX ∎ R5: VVONX ∎ R6: VVOSX

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| | |
|:---|:---|
| 2 | [Fund Performance](#edg412027_1) |
| 4 | [Schedule of Investments](#edg412027_2) |
| 7 | [Financial Statements](#edg412027_3) |
| 10 | [Financial Highlights](#edg412027_4) |
| 11 | [Notes to Financial Statements](#edg412027_5) |
| 18 | [Fund Expenses](#edg412027_6) |
| 19 | [Approval of Investment Advisory and Sub-Advisory Contracts](#edg412027_7) |

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For the most current month-end Fund performance and commentary, please visit invesco.com/performance.

Unless otherwise noted, all data is provided by Invesco.

**This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.** 

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NOT FDIC INSURED \| MAY LOSE VALUE \| NO BANK GUARANTEE

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**Fund Performance** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Performance summary** | &nbsp;&nbsp; **Performance summary** |  |
| &nbsp;&nbsp; **Fund vs. Indexes** | &nbsp;&nbsp; **Fund vs. Indexes** |  |
| &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* | &nbsp;&nbsp;&nbsp; *Cumulative total returns, 4/30/22 to 10/31/22, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.* |  |
| &nbsp;&nbsp; Class A Shares | 0.73 | % |
| &nbsp;&nbsp; Class C Shares | 0.33 |  |
| &nbsp;&nbsp; Class R Shares | 0.68 |  |
| &nbsp;&nbsp; Class Y Shares | 0.91 |  |
| &nbsp;&nbsp; Class R5 Shares | 0.90 |  |
| &nbsp;&nbsp; Class R6 Shares | 0.95 |  |
| &nbsp;&nbsp; S&P 500 Index<sup>▼</sup> (Broad Market Index) | -5.50 |  |
| &nbsp;&nbsp; S&P 1500 Value Index<sup>▼</sup> (Style-Specific Index) | -1.95 |  |
| &nbsp;&nbsp; Lipper Multi-Cap Value Funds Index<sup>∎</sup> (Peer Group Index) | -2.63 |  |
| &nbsp;&nbsp;&nbsp; Source(s): <sup>▼</sup>RIMES Technologies Corp.; <sup>∎</sup>Lipper Inc. |  |  |
| &nbsp;&nbsp; <br> The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;The **S&P 1500<sup>®</sup> Value Index** tracks the performance of US large-, mid- and small-cap value stocks.<br> &nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Multi-Cap Value Funds Index** is an unmanaged index considered representative of multicap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).<br> &nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. | &nbsp;&nbsp; <br> The **S&P 500<sup>®</sup> Index** is an unmanaged index considered representative of the US stock market.<br> &nbsp;&nbsp;&nbsp;&nbsp;The **S&P 1500<sup>®</sup> Value Index** tracks the performance of US large-, mid- and small-cap value stocks.<br> &nbsp;&nbsp;&nbsp;&nbsp;The **Lipper Multi-Cap Value Funds Index** is an unmanaged index considered representative of multicap value funds tracked by Lipper.<br> &nbsp;&nbsp;&nbsp;&nbsp;The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).<br> &nbsp;&nbsp;&nbsp;&nbsp;A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not. |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **For more information about your Fund**<br>Read the most recent quarterly commentary from your Fund's portfolio managers by visiting **invesco.com/us**. Click on "Products" and select "Mutual Funds." Use the "Product Finder" to locate your Fund; then click on its name to access its product detail page. There, you can learn more about your Fund's investment strategies, holdings and performance.<br> &nbsp;&nbsp;&nbsp;&nbsp;Also, visit **blog.invesco.us.com**, where many of Invesco's investment professionals share their insights about market and economic news and trends.<br>

---

| | |
|:---|:---|
| **2** | **Invesco Value Opportunities Fund** |

---

------

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Total Returns** | &nbsp;&nbsp; **Average Annual Total Returns** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* | &nbsp;&nbsp;&nbsp;&nbsp; *As of 10/31/22, including maximum applicable sales charges* |  |
| &nbsp;&nbsp; **Class A Shares** |  |  |
| &nbsp;&nbsp; Inception (6/25/01) | 6.14 | % |
| &nbsp;&nbsp; 10 Years | 9.31 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 7.38 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -6.65 |  |
| &nbsp;&nbsp; **Class C Shares** |  |  |
| &nbsp;&nbsp; Inception (6/25/01) | 6.13 | % |
| &nbsp;&nbsp; 10 Years | 9.30 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 7.82 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -2.83 |  |
| &nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp; Inception (5/23/11) | 9.04 | % |
| &nbsp;&nbsp; 10 Years | 9.67 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.33 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -1.40 |  |
| &nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp; Inception (3/23/05) | 6.73 | % |
| &nbsp;&nbsp; 10 Years | 10.21 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 8.86 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -0.95 |  |
| &nbsp;&nbsp; **Class R5 Shares** |  |  |
| &nbsp;&nbsp; Inception (5/23/11) | 9.77 | % |
| &nbsp;&nbsp; 10 Years | 10.39 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 9.02 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -0.86 |  |
| &nbsp;&nbsp; **Class R6 Shares** |  |  |
| &nbsp;&nbsp; 10 Years | 10.20 | % |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;5 Years | 9.05 |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1 Year | -0.82 |  |

---

**Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Effective June 1, 2010, Class A, Class C and Class I shares of the predecessor fund, Van Kampen Value Opportunities Fund, advised by Van Kampen Asset Management were reorganized into Class A, Class C and Class Y shares, respectively, of Invesco Van Kampen Value Opportunities Fund (renamed Invesco Value Opportunities Fund). Returns shown above, prior to June 1, 2010, for Class A, Class C and Class Y shares are those for Class A, Class C and Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund's Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Please visit invesco.com/performance for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated.** 

**Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class C shares is 1% for the first year after purchase. Class R, Class Y, Class R5 and Class R6 shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The performance of the Fund's share classes will differ primarily due to different sales charge structures and class expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See current prospectus for more information.** 

---

| | |
|:---|:---|
| **3** | **Invesco Value Opportunities Fund** |

---

------

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

*October 31, 2022* 

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Common Stocks & Other Equity Interests–93.93%** | **Common Stocks & Other Equity Interests–93.93%** | **Common Stocks & Other Equity Interests–93.93%** |
|  **Aerospace & Defense–2.71%** |  |  |
|  BWX Technologies, Inc. | 271800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15487164 |
|  Huntington Ingalls Industries, Inc. | 61400 | 15784098 |
|  |  | 31271262 |
|  **Auto Parts & Equipment–1.76%** | **Auto Parts & Equipment–1.76%** | **Auto Parts & Equipment–1.76%** |
|  Dana, Inc. | 1276668 | 20375621 |
|  **Biotechnology–1.97%** |  |  |
|  Horizon Therapeutics PLC<sup>(b)</sup>  | 365300 | 22765496 |
|  **Construction & Engineering–5.60%** | **Construction & Engineering–5.60%** | **Construction & Engineering–5.60%** |
|  AECOM<sup>(c)</sup>  | 489073 | 36817415 |
|  HOCHTIEF AG (Germany) | 129100 | 6865553 |
|  MasTec, Inc.<sup>(b)(c)</sup>  | 272300 | 20988884 |
|  |  | 64671852 |
|  **Construction Machinery & Heavy Trucks–0.74%** | **Construction Machinery & Heavy Trucks–0.74%** | **Construction Machinery & Heavy Trucks–0.74%** |
|  Oshkosh Corp. | 97000 | 8536000 |
|  **Distributors–1.57%** |  |  |
|  LKQ Corp. | 325100 | 18088564 |
|  **Diversified Chemicals–1.77%** |  |  |
|  Huntsman Corp.<sup>(c)</sup>  | 762000 | 20391120 |
|  **Diversified Metals & Mining–0.86%** | **Diversified Metals & Mining–0.86%** | **Diversified Metals & Mining–0.86%** |
|  Teck Resources Ltd., Class B (Canada)<sup>(c)</sup>  | 327600 | 9972144 |
|  **Electric Utilities–0.89%** |  |  |
|  NRG Energy, Inc. | 230400 | 10229760 |
|  **Electrical Components & Equipment–1.93%** | **Electrical Components & Equipment–1.93%** |  |
|  nVent Electric PLC | 500 | 18250 |
|  Vertiv Holdings Co.<sup>(c)</sup>  | 1555100 | 22253481 |
|  |  | 22271731 |
|  **Electronic Manufacturing Services–5.40%** | **Electronic Manufacturing Services–5.40%** |  |
|  Flex Ltd.<sup>(b)</sup>  | 1921300 | 37619054 |
|  Jabil, Inc. | 386078 | 24805512 |
|  |  | 62424566 |
|  **Food Distributors–2.78%** |  |  |
|  Performance Food Group Co.<sup>(b)(c)</sup>  | 247000 | 12853880 |
|  US Foods Holding Corp.<sup>(b)</sup>  | 647774 | 19277754 |
|  |  | 32131634 |
|  **Forest Products–0.01%** |  |  |
|  Louisiana-Pacific Corp. | 1000 | 56650 |
|  **Gold–1.26%** |  |  |
|  Agnico Eagle Mines Ltd. (Canada) | 131000 | 5758760 |
|  Yamana Gold, Inc. (Canada) | 2016100 | 8830518 |
|  |  | 14589278 |
|  **Health Care Distributors–0.96%** |  |  |
|  Henry Schein, Inc.<sup>(b)</sup>  | 161900 | 11083674 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care Facilities–4.60%** | **Health Care Facilities–4.60%** | **Health Care Facilities–4.60%** |
|  Encompass Health Corp.<sup>(c)</sup>  | 462300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25167612 |
|  Universal Health Services, Inc., Class B | 241900 | 28028953 |
|  |  | 53196565 |
|  **Health Care Services–2.14%** | **Health Care Services–2.14%** | **Health Care Services–2.14%** |
|  Cigna Corp. | 64800 | 20934288 |
|  Fresenius Medical Care AG & Co. KGaA (Germany) | 138898 | 3841975 |
|  |  | 24776263 |
|  **Hotels, Resorts & Cruise Lines–0.59%** | **Hotels, Resorts & Cruise Lines–0.59%** | **Hotels, Resorts & Cruise Lines–0.59%** |
|  Hilton Grand Vacations, Inc.<sup>(b)</sup>  | 2639 | 103554 |
|  Travel + Leisure Co. | 177899 | 6756604 |
|  |  | 6860158 |
|  **Household Products–1.10%** |  |  |
|  Spectrum Brands Holdings, Inc. | 274371 | 12659478 |
|  **Human Resource & Employment Services–1.15%** | **Human Resource & Employment Services–1.15%** | **Human Resource & Employment Services–1.15%** |
|  ManpowerGroup, Inc. | 169178 | 13253405 |
|  **Independent Power Producers & Energy Traders–1.59%** | **Independent Power Producers & Energy Traders–1.59%** | **Independent Power Producers & Energy Traders–1.59%** |
|  Vistra Corp.<sup>(c)</sup>  | 797800 | 18325466 |
|  **Industrial Machinery–2.00%** |  |  |
|  Crane Holdings Co. | 28100 | 2819554 |
|  Timken Co. (The)<sup>(c)</sup>  | 285300 | 20339037 |
|  |  | 23158591 |
|  **Integrated Oil & Gas–3.65%** |  |  |
|  Cenovus Energy, Inc. (Canada) | 1011100 | 20424220 |
|  Shell PLC, ADR (Netherlands) | 391700 | 21790271 |
|  |  | 42214491 |
|  **Investment Banking & Brokerage–1.85%** | **Investment Banking & Brokerage–1.85%** |  |
|  Goldman Sachs Group, Inc. (The) | 62100 | 21394071 |
|  **Managed Health Care–3.47%** |  |  |
|  Centene Corp.<sup>(b)</sup>  | 356800 | 30374384 |
|  Molina Healthcare, Inc.<sup>(b)</sup>  | 27000 | 9689220 |
|  |  | 40063604 |
|  **Oil & Gas Exploration & Production–12.39%** | **Oil & Gas Exploration & Production–12.39%** |  |
|  APA Corp. | 702600 | 31940196 |
|  ARC Resources Ltd. (Canada) | 1735000 | 24426395 |
|  Diamondback Energy, Inc. | 141800 | 22278198 |
|  EQT Corp. | 368800 | 15430592 |
|  Ovintiv, Inc. | 475500 | 24084075 |
|  Pioneer Natural Resources Co. | 46804 | 12001014 |
|  Southwestern Energy Co.<sup>(b)</sup>  | 1877400 | 13010382 |
|  |  | 143170852 |
|  **Oil & Gas Refining & Marketing–1.86%** | **Oil & Gas Refining & Marketing–1.86%** |  |
|  Phillips 66 | 206300 | 21515027 |
|  **Oil & Gas Storage & Transportation–2.17%** | **Oil & Gas Storage & Transportation–2.17%** |  |
|  New Fortress Energy, Inc.<sup>(c)</sup>  | 455863 | 25104376 |

---

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

---

| | |
|:---|:---|
| **4** | **Invesco Value Opportunities Fund** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Other Diversified Financial Services–1.23%** | **Other Diversified Financial Services–1.23%** |  |  |
|  Apollo Global Management, Inc. | 257332 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14245900 |
|  **Paper Packaging–0.36%** |  |  |  |
|  Sealed Air Corp. | 87100 |  | 4147702 |
|  **Regional Banks–7.13%** |  |  |  |
|  Huntington Bancshares, Inc. | 1992829 |  | 30251144 |
|  PacWest Bancorp | 288055 |  | 7161047 |
|  SVB Financial Group<sup>(b)</sup>  | 47700 |  | 11016792 |
|  Webster Financial Corp. | 533932 |  | 28971151 |
|  Western Alliance Bancorporation | 73600 |  | 4943712 |
|  |  |  | 82343846 |
|  **Research & Consulting Services–6.40%** | **Research & Consulting Services–6.40%** |  |  |
|  CACI International, Inc., Class A<sup>(b)</sup>  | 78582 |  | 23891286 |
|  Jacobs Solutions, Inc. | 159500 |  | 18377590 |
|  KBR, Inc. | 634200 |  | 31564134 |
|  Science Applications International Corp. | 1000 |  | 108340 |
|  |  |  | 73941350 |
|  **Restaurants–1.63%** |  |  |  |
|  Restaurant Brands International, Inc. (Canada) | 317900 |  | 18876902 |
|  **Semiconductor Equipment–1.17%** | **Semiconductor Equipment–1.17%** | **Semiconductor Equipment–1.17%** | **Semiconductor Equipment–1.17%** |
|  Applied Materials, Inc. | 54300 |  | 4794147 |
|  Lam Research Corp. | 11500 |  | 4654970 |
|  MKS Instruments, Inc.<sup>(c)</sup>  | 50100 |  | 4115715 |
|  |  |  | 13564832 |
|  **Semiconductors–0.65%** |  |  |  |
|  Skyworks Solutions, Inc. | 86700 |  | 7457067 |
|  **Silver–0.00%** |  |  |  |
|  Pan American Silver Corp. (Canada) | 1000 |  | 15980 |
|  **Specialty Chemicals–1.18%** |  |  |  |
|  Axalta Coating Systems Ltd.<sup>(b)(c)</sup>  | 583000 |  | 13595560 |
|  Element Solutions, Inc. | 1100 |  | 18920 |
|  |  |  | 13614480 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Thrifts & Mortgage Finance–0.00%** | **Thrifts & Mortgage Finance–0.00%** |  |
|  MGIC Investment Corp. | 958 | $13077 |
|  Radian Group, Inc. | 1003 | 20932 |
|  |  | 34009 |
|  **Trading Companies & Distributors–5.41%** | **Trading Companies & Distributors–5.41%** | **Trading Companies & Distributors–5.41%** |
|  AerCap Holdings N.V. (Ireland)<sup>(b)</sup>  | 2400 | 128184 |
|  Air Lease Corp. | 645600 | 22783224 |
|  Univar Solutions, Inc.<sup>(b)</sup>  | 1027600 | 26183248 |
|  WESCO International, Inc.<sup>(b)</sup>  | 97100 | 13377467 |
|  |  | 62472123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $970,270,211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests (Cost $970,270,211) | 1085265890 |
|  **Money Market Funds–5.35%** | **Money Market Funds–5.35%** | **Money Market Funds–5.35%** |
|  Invesco Government & Agency Portfolio, Institutional Class, 3.07%<sup>(d)(e)</sup>  | 21683429 | 21683429 |
|  Invesco Liquid Assets Portfolio,<br>Institutional Class, 3.03%<sup>(d)(e)</sup>  | 15350179 | 15353248 |
|  Invesco Treasury Portfolio, Institutional Class, 3.08%<sup>(d)(e)</sup>  | 24781062 | 24781062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $61,814,060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $61,814,060) | 61817739 |
|  TOTAL INVESTMENTS IN SECURITIES<br>(excluding investments purchased with cash collateral from securities on loan)-99.28%<br>(Cost $1,032,084,271) |  | 1147083629 |
|  **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** | **Investments Purchased with Cash Collateral from Securities on Loan** |
|  **Money Market Funds–8.18%** | **Money Market Funds–8.18%** | **Money Market Funds–8.18%** |
|  Invesco Private Government Fund, 3.18%<sup>(d)(e)(f)</sup>  | 26462896 | 26462896 |
|  Invesco Private Prime Fund, 3.28%<sup>(d)(e)(f)</sup>  | 68034616 | 68034616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $94,495,068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from Securities on Loan<br>(Cost $94,495,068) | 94497512 |
|  TOTAL INVESTMENTS IN SECURITIES–107.46%<br>(Cost $1,126,579,339) | TOTAL INVESTMENTS IN SECURITIES–107.46%<br>(Cost $1,126,579,339) | 1241581141 |
|  OTHER ASSETS LESS LIABILITIES–(7.46)% | OTHER ASSETS LESS LIABILITIES–(7.46)% | (86240773) |
|  NET ASSETS–100.00% | NET ASSETS–100.00% | $1155340368 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 2022.

<sup>(d)</sup> Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2022. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>April 30, 2022** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** | | | | | | | |
|  Invesco Government & Agency Portfolio, Institutional Class | $28871686 | $63816142 | $(71004399) | $- | $- | $21683429 | $149422 |
|  Invesco Liquid Assets Portfolio, Institutional Class | 20483182 | 45582959 | (50717428) | 3285 | 1250 | 15353248 | 101530 |
|  Invesco Treasury Portfolio, Institutional Class | 32996212 | 72932734 | (81147884) | - | - | 24781062 | 158846 |

---

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

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| | |
|:---|:---|
| **5** | **Invesco Value Opportunities Fund** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value<br>April 30, 2022** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gain** | **Value<br>October 31, 2022** | **Dividend Income** |
| **Investments Purchased with Cash Collateral from Securities on Loan:** | | | | | | | |
|  Invesco Private Government Fund | $16983103 | $154174660 | $(144694867) | $- | $- | $26462896 | $166,580\* |
|  Invesco Private Prime Fund | 39627240 | 350020533 | (321621769) | 2444 | 6168 | 68034616 | 458,852\* |
|  Total | $138961423 | $686527028 | $(669186347) | $5729 | $7418 | $156315251 | $1035230 |

---

<sup>\*</sup> Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2022.

<sup>(f)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1I.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
|  |  | | | **Unrealized** |
| **Settlement** |  | **Contract to** | **Contract to** | **Appreciation** |
| **Date** | **Counterparty** | **Deliver** | **Receive** | **(Depreciation)** |
|  **Currency Risk** | **Currency Risk** |  |  |  |
|  11/23/2022 | J.P. Morgan Chase Bank, N.A. | EUR 1,029,703 | USD 1,039,520 | $20408 |
|  **Currency Risk** | **Currency Risk** |  |  |  |
|  11/23/2022 | Bank of America, N.A. | USD 8,069,736 | EUR 8,111,211 | &nbsp;&nbsp;&nbsp;&nbsp;(41953) |
|  11/23/2022 | Royal Bank of Canada | EUR 18,030,276 | USD 17,820,205 | &nbsp;&nbsp;&nbsp;&nbsp;(24620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal–Depreciation |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(66573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Forward Foreign Currency Contracts |  |  | $(46165) |

---

Abbreviations:

EUR – Euro

USD – U.S. Dollar

**Portfolio Composition** 

*By sector, based on Net Assets* 

*as of October 31, 2022* 

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| | | |
|:---|:---|:---|
|  Industrials | 25.93 | % |
|  Energy | 20.08 |  |
|  Health Care | 13.15 |  |
|  Financials | 10.21 |  |
|  Information Technology | 7.22 |  |
|  Consumer Discretionary | 5.56 |  |
|  Materials | 5.43 |  |
|  Consumer Staples | 3.88 |  |
|  Utilities | 2.47 |  |
|  Money Market Funds Plus Other Assets Less Liabilities | 6.07 |  |

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

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| | |
|:---|:---|
| **6** | **Invesco Value Opportunities Fund** |

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**Statement of Assets and Liabilities** 

*October 31, 2022* 

*(Unaudited)* 

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| | |
|:---|:---|
|  **Assets:** |  |
|  Investments in unaffiliated securities, at value<br>(Cost $970,270,211)\* | $1085265890 |
|  Investments in affiliated money market funds, at value (Cost $156,309,128) | 156315251 |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts outstanding | 20408 |
|  Cash | 51876 |
|  Foreign currencies, at value (Cost $128,407) | 130718 |
|  Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 7696881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1245405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 551302 |
|  Investment for trustee deferred compensation and retirement plans | 346038 |
|  Other assets | 87877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1251711646 |
|  **Liabilities:** |  |
|  Other investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts outstanding | 66573 |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares reacquired | 854384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral upon return of securities loaned | 94495068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fees to affiliates | 465010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 119462 |
|  Trustee deferred compensation and retirement plans | 370781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 96371278 |
|  Net assets applicable to shares outstanding | $1155340368 |
|  **Net assets consist of:** |  |
|  Shares of beneficial interest | $934557665 |
|  Distributable earnings | 220782703 |
|  | $1155340368 |

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| | |
|:---|:---|
|  **Net Assets:** |  |
|  Class A | $741587918 |
|  Class C | $17067289 |
|  Class R | $13738767 |
|  Class Y | $114175783 |
|  Class R5 | $296470 |
|  Class R6 | $268474141 |
|  **Shares outstanding, no par value, with an unlimited number of shares authorized:** | **Shares outstanding, no par value, with an unlimited number of shares authorized:** |
|  Class A | 44553204 |
|  Class C | 1122948 |
|  Class R | 839007 |
|  Class Y | 6825277 |
|  Class R5 | 17555 |
|  Class R6 | 15875481 |
|  Class A: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $16.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share<br>(Net asset value of $16.64 ÷ 94.50%) | $17.61 |
|  Class C: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $15.20 |
|  Class R: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $16.38 |
|  Class Y: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $16.73 |
|  Class R5: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $16.89 |
|  Class R6: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and offering price per share | $16.91 |

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\* At October 31, 2022, securities with an aggregate value of $91,651,709 were on loan to brokers. 

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

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| | |
|:---|:---|
| **7** | **Invesco Value Opportunities Fund** |

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**Statement of Operations** 

*For the six months ended October 31, 2022* 

*(Unaudited)* 

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| | |
|:---|:---|
|  **Investment income:** |  |
|  Dividends (net of foreign withholding taxes of $242,327) | $11666050 |
|  Dividends from affiliated money market funds (includes net securities lending income of $31,741) | 441539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 12107589 |
|  **Expenses:** |  |
|  Advisory fees | 3688504 |
|  Administrative services fees | 80768 |
|  Custodian fees | 8685 |
|  Distribution fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 902046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 82799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 32031 |
|  Transfer agent fees – A, C, R and Y | 678839 |
|  Transfer agent fees – R5 | 145 |
|  Transfer agent fees – R6 | 37248 |
|  Trustees' and officers' fees and benefits | 10501 |
|  Registration and filing fees | 68690 |
|  Reports to shareholders | 37359 |
|  Professional services fees | 26140 |
|  Other | (4931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5648824 |
|  Less: Fees waived and/or expense offset arrangement(s) | (30343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5618481 |
|  Net investment income | 6489108 |
|  **Realized and unrealized gain (loss) from:** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities (includes net gains from securities sold to affiliates of $58,681) | 27123812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 7418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (38651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (430091) |
|  | 26662488 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investment securities | (23587962) |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment securities | 5729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (30354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (46165) |
|  | (23658752) |
|  Net realized and unrealized gain | 3003736 |
|  Net increase in net assets resulting from operations | $9492844 |

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

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| | |
|:---|:---|
| **8** | **Invesco Value Opportunities Fund** |

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**Statement of Changes in Net Assets** 

*For the six months ended October 31, 2022 and the year ended April 30, 2022* 

*(Unaudited)* 

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| | | |
|:---|:---|:---|
|  | **October 31,**<br> **2022** | **April 30,**<br> **2022** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6489108 | $4408219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 26662488 | 137850385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (23658752) | (121054418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 9492844 | 21204186 |
|  **Distributions to shareholders from distributable earnings:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (61999730) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  | (1327689) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  | (961705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  | (5271622) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  | (50047) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | (5572097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions from distributable earnings |  | (75182890) |
|  **Share transactions–net:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (3669137) | 47424930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 329846 | 4801774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1623106 | 2232995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (8961380) | 49736649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (15927) | (398634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 25879313 | 201419924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from share transactions | 15185821 | 305217638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets | 24678665 | 251238934 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1130661703 | 879422769 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1155340368 | $1130661703 |

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

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| | |
|:---|:---|
| **9** | **Invesco Value Opportunities Fund** |

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**Financial Highlights** 

*(Unaudited)* 

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net asset**<br> **value,**<br> **beginning**<br> **of period** | **Net**<br> **investment**<br> **income**<br> **(loss)<sup>(a)</sup>** | **Net gains**<br> **(losses)**<br> **on securities**<br> **(both**<br> **realized and**<br> **unrealized)** | **Total from**<br> **investment**<br> **operations** | **Dividends**<br> **from net**<br> **investment**<br> **income** | **Distributions**<br> **from net**<br> **realized**<br> **gains** | **Total<br>distributions** | **Net asset<br>value, end<br>of period** | **Total**<br> **return <sup>(b)</sup>** | **Net assets,<br>end of period**<br> **(000's omitted)** | **Ratio of**<br> **expenses**<br> **to average**<br> **net assets**<br> **with fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of**<br> **expenses**<br> **to average net**<br> **assets without**<br> **fee waivers**<br> **and/or**<br> **expenses**<br> **absorbed** | **Ratio of net**<br> **investment**<br> **income**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(loss)**<br> **to average**<br> **net assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio**<br> **turnover <sup>(c)</sup>** |
|  **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | $16.52 | $0.09 | $0.03 | $0.12 | $- | $- | $- | $16.64 | 0.73% | $741588 | 1.11 %<sup>(d)</sup> | 1.11 %<sup>(d)</sup> | 1.05 %<sup>(d)</sup> | 23% |
|  Year ended 04/30/22 | 17.34 | 0.08 | 0.60 | 0.68 | (0.10) | (1.40) | (1.50) | 16.52 | 4.01 | 739860 | 1.11 | 1.11 | 0.44 | 65 |
|  Year ended 04/30/21 | 9.44 | 0.06 | 7.87 | 7.93 | (0.03) |  | (0.03) | 17.34 | 84.15 | 726801 | 1.22 | 1.22 | 0.45 | 62 |
|  Year ended 04/30/20 | 12.84 | 0.03 | (3.18)<sup>(e)</sup> | (3.15) |  | (0.25) | (0.25) | 9.44 | (25.02)<sup>(e)</sup> | 440826 | 1.21 | 1.21 | 0.27 | 41 |
|  Year ended 04/30/19 | 14.24 | 0.00 | 0.18 | 0.18 |  | (1.58) | (1.58) | 12.84 | 3.58 | 658685 | 1.21 | 1.21 | 0.02 | 51 |
|  Year ended 04/30/18 | 13.50 | 0.01 | 1.48 | 1.49 | - | (0.75) | (0.75) | 14.24 | 10.87 | 662211 | 1.21 | 1.21 | 0.04 | 30 |
|  **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 15.14 | 0.02 | 0.04 | 0.06 |  |  |  | 15.20 | 0.40 | 17067 | 1.86 <sup>(d)</sup> | 1.86 <sup>(d)</sup> | 0.30 <sup>(d)</sup> | 23 |
|  Year ended 04/30/22 | 16.04 | (0.05) | 0.55 | 0.50 |  | (1.40) | (1.40) | 15.14 | 3.16 | 16682 | 1.86 | 1.86 | (0.31) | 65 |
|  Year ended 04/30/21 | 8.77 | (0.02) | 7.29 | 7.27 |  |  |  | 16.04 | 82.90 <sup>(f)</sup> | 12906 | 1.89 <sup>(f)</sup> | 1.89 <sup>(f)</sup> | (0.22)<sup>(f)</sup> | 62 |
|  Year ended 04/30/20 | 12.02 | (0.04) | (2.96)<sup>(e)</sup> | (3.00) |  | (0.25) | (0.25) | 8.77 | (25.48)<sup>(e)(f)</sup> | 10107 | 1.85 <sup>(f)</sup> | 1.85 <sup>(f)</sup> | (0.37)<sup>(f)</sup> | 41 |
|  Year ended 04/30/19 | 13.54 | (0.09) | 0.15 | 0.06 |  | (1.58) | (1.58) | 12.02 | 2.83 <sup>(f)</sup> | 17027 | 1.92 <sup>(f)</sup> | 1.92 <sup>(f)</sup> | (0.69)<sup>(f)</sup> | 51 |
|  Year ended 04/30/18 | 12.96 | (0.09) | 1.42 | 1.33 | - | (0.75) | (0.75) | 13.54 | 10.07 <sup>(f)</sup> | 68174 | 1.91 <sup>(f)</sup> | 1.91 <sup>(f)</sup> | (0.66)<sup>(f)</sup> | 30 |
|  **Class R** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 16.27 | 0.06 | 0.05 | 0.11 |  |  |  | 16.38 | 0.68 | 13739 | 1.36 <sup>(d)</sup> | 1.36 <sup>(d)</sup> | 0.80 <sup>(d)</sup> | 23 |
|  Year ended 04/30/22 | 17.09 | 0.03 | 0.60 | 0.63 | (0.05) | (1.40) | (1.45) | 16.27 | 3.73 | 12018 | 1.36 | 1.36 | 0.19 | 65 |
|  Year ended 04/30/21 | 9.31 | 0.03 | 7.75 | 7.78 |  |  |  | 17.09 | 83.57 | 10385 | 1.47 | 1.47 | 0.20 | 62 |
|  Year ended 04/30/20 | 12.69 | 0.00 | (3.13)<sup>(e)</sup> | (3.13) |  | (0.25) | (0.25) | 9.31 | (25.16)<sup>(e)</sup> | 6362 | 1.46 | 1.46 | 0.02 | 41 |
|  Year ended 04/30/19 | 14.13 | (0.03) | 0.17 | 0.14 |  | (1.58) | (1.58) | 12.69 | 3.32 | 10898 | 1.46 | 1.46 | (0.23) | 51 |
|  Year ended 04/30/18 | 13.43 | (0.03) | 1.48 | 1.45 | - | (0.75) | (0.75) | 14.13 | 10.63 | 12955 | 1.46 | 1.46 | (0.21) | 30 |
|  **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 16.58 | 0.11 | 0.04 | 0.15 |  |  |  | 16.73 | 0.91 | 114176 | 0.86 <sup>(d)</sup> | 0.86 <sup>(d)</sup> | 1.30 <sup>(d)</sup> | 23 |
|  Year ended 04/30/22 | 17.42 | 0.12 | 0.61 | 0.73 | (0.17) | (1.40) | (1.57) | 16.58 | 4.25 | 123154 | 0.86 | 0.86 | 0.69 | 65 |
|  Year ended 04/30/21 | 9.49 | 0.09 | 7.91 | 8.00 | (0.07) |  | (0.07) | 17.42 | 84.48 | 81115 | 0.97 | 0.97 | 0.70 | 62 |
|  Year ended 04/30/20 | 12.86 | 0.06 | (3.18)<sup>(e)</sup> | (3.12) |  | (0.25) | (0.25) | 9.49 | (24.74)<sup>(e)</sup> | 23760 | 0.96 | 0.96 | 0.52 | 41 |
|  Year ended 04/30/19 | 14.23 | 0.04 | 0.17 | 0.21 |  | (1.58) | (1.58) | 12.86 | 3.80 | 37469 | 0.96 | 0.96 | 0.27 | 51 |
|  Year ended 04/30/18 | 13.46 | 0.04 | 1.48 | 1.52 | - | (0.75) | (0.75) | 14.23 | 11.13 | 39323 | 0.96 | 0.96 | 0.29 | 30 |
|  **Class R5** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 16.74 | 0.11 | 0.04 | 0.15 |  |  |  | 16.89 | 0.90 | 296 | 0.80 <sup>(d)</sup> | 0.80 <sup>(d)</sup> | 1.36 <sup>(d)</sup> | 23 |
|  Year ended 04/30/22 | 17.58 | 0.13 | 0.62 | 0.75 | (0.19) | (1.40) | (1.59) | 16.74 | 4.35 | 311 | 0.81 | 0.81 | 0.74 | 65 |
|  Year ended 04/30/21 | 9.58 | 0.11 | 7.98 | 8.09 | (0.09) |  | (0.09) | 17.58 | 84.70 | 714 | 0.84 | 0.84 | 0.83 | 62 |
|  Year ended 04/30/20 | 12.95 | 0.08 | (3.20)<sup>(e)</sup> | (3.12) |  | (0.25) | (0.25) | 9.58 | (24.57)<sup>(e)</sup> | 406 | 0.80 | 0.80 | 0.68 | 41 |
|  Year ended 04/30/19 | 14.29 | 0.05 | 0.19 | 0.24 |  | (1.58) | (1.58) | 12.95 | 4.01 | 2212 | 0.84 | 0.84 | 0.39 | 51 |
|  Year ended 04/30/18 | 13.50 | 0.06 | 1.48 | 1.54 | - | (0.75) | (0.75) | 14.29 | 11.25 | 2439 | 0.84 | 0.84 | 0.41 | 30 |
|  **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six months ended 10/31/22 | 16.75 | 0.12 | 0.04 | 0.16 |  |  |  | 16.91 | 0.95 | 268474 | 0.73 <sup>(d)</sup> | 0.73 <sup>(d)</sup> | 1.43 <sup>(d)</sup> | 23 |
|  Year ended 04/30/22 | 17.60 | 0.14 | 0.62 | 0.76 | (0.21) | (1.40) | (1.61) | 16.75 | 4.38 | 238636 | 0.74 | 0.74 | 0.81 | 65 |
|  Year ended 04/30/21 | 9.59 | 0.11 | 8.00 | 8.11 | (0.10) |  | (0.10) | 17.60 | 84.81 | 47501 | 0.78 | 0.78 | 0.89 | 62 |
|  Year ended 04/30/20 | 12.97 | 0.09 | (3.22)<sup>(e)</sup> | (3.13) |  | (0.25) | (0.25) | 9.59 | (24.61)<sup>(e)</sup> | 25226 | 0.75 | 0.75 | 0.73 | 41 |
|  Year ended 04/30/19 | 14.31 | 0.06 | 0.18 | 0.24 |  | (1.58) | (1.58) | 12.97 | 4.00 | 32666 | 0.79 | 0.79 | 0.44 | 51 |
|  Year ended 04/30/18 | 13.50 | 0.08 | 1.48 | 1.56 | - | (0.75) | (0.75) | 14.31 | 11.40 | 28305 | 0.77 | 0.77 | 0.48 | 30 |

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<sup>(a)</sup> Calculated using average shares outstanding.

<sup>(b)</sup> Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.

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

<sup>(e)</sup> Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(3.28), $(3.06), $(3.23), $(3.28), $(3.30) and $(3.32) for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Total returns would have been lower. 

<sup>(f)</sup> The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.92%, 0.89%, 0.96% and 0.95% for the years ended April 30, 2021, 2020, 2019 and 2018, respectively. 

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

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| | |
|:---|:---|
| **10** | **Invesco Value Opportunities Fund** |

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**Notes to Financial Statements** 

*October 31, 2022* 

*(Unaudited)* 

**NOTE 1–Significant Accounting Policies** 

Invesco Value Opportunities Fund (the "Fund") is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these financial statements pertains only to the Fund. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund's investment objective is total return through growth of capital and current income.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, *Financial Services – Investment Companies.*

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. U.S. exchange-traded options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Non-U.S. exchange-traded options are valued at the final settlement price set by the exchange on which they trade. Options not listed on an exchange and swaps generally are valued using pricing provided from independent pricing services.

Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company's end-of-business-day net asset value per share.

Deposits, other obligations of U.S. and non-U.S. banks and financial institutions are valued at their daily account value.

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the New York Stock Exchange ("NYSE"). If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Advisers, Inc. (the "Adviser" or "Invesco") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board- approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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 may be used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/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 Fund investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The price the Fund could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Fund securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used.

---

| | |
|:---|:---|
| **11** | **Invesco Value Opportunities Fund** |

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------

Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

**B.** **Securities Transactions and Investment Income** – Securities transactions are accounted for on a trade date
basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest
and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

**D.** **Distributions** – Distributions from net investment income and net realized capital gain, if any, are generally
declared and paid annually and recorded on the ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.

**E.** **Federal Income Taxes –** The Fund intends to comply with the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund's taxable earnings to shareholders. As such, the Fund will not be
subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

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

**F.** **Expenses –** Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of
Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and
expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

**G.** **Accounting Estimates –** The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or
transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

**H.** **Indemnifications** – Under the Trust's organizational documents, each Trustee, officer, employee or other
agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing
agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of
material loss as a result of such indemnification claims is considered remote.

**I.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral
will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered
investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund
bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of
the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic
equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the
collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and
the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays
and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any
deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to
counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner

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| | |
|:---|:---|
| **12** | **Invesco Value Opportunities Fund** |

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------

consistent with the federal securities laws. For the six months ended October 31, 2022, the Fund paid the Adviser $1,974 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

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

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

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

**L.** **COVID-19 Risk** – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare
systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic
activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic
impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the
Fund's performance.

**NOTE 2–Advisory Fees and Other Fees Paid to Affiliates** 

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
|  First $250 million | 0.695% |
|  Next $250 million | 0.670% |
|  Next $500 million | 0.645% |
|  Next $1.5 billion | 0.620% |
|  Next $2.5 billion | 0.595% |
|  Next $2.5 billion | 0.570% |
|  Next $2.5 billion | 0.545% |
|  Over $10 billion | 0.520% |

---

For the six months ended October 31, 2022, the effective advisory fee rate incurred by the Fund was 0.66%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has contractually agreed, through at least June 30, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed above) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "expense limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2024, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2022, the Adviser waived advisory fees of $25,876.

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| | |
|:---|:---|
| **13** | **Invesco Value Opportunities Fund** |

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The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 2022, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2022, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees.*

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2022, IDI advised the Fund that IDI retained $23,300 in front-end sales commissions from the sale of Class A shares and $104,745 and $680 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2022, the Fund incurred $1,839 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.

**NOTE 3–Additional Valuation Information** 

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

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| | |
|:---|:---|
| 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 Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |

---

The following is a summary of the tiered valuation input levels, as of October 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks & Other Equity Interests | $1074558362 | $10707528 | $– | $1085265890 |
|  Money Market Funds | 61817739 | 94497512 | &nbsp;&nbsp;&nbsp;&nbsp;– | 156315251 |
|  **Total Investments in Securities** | 1136376101 | 105205040 | &nbsp;&nbsp;&nbsp;&nbsp;– | 1241581141 |
|  **Other Investments - Assets\*** |  |  |  |  |
|  Forward Foreign Currency Contracts |  | 20408 | &nbsp;&nbsp;&nbsp;&nbsp;– | 20408 |
|  **Other Investments - Liabilities\*** |  |  |  |  |
|  Forward Foreign Currency Contracts |  | (66573) | &nbsp;&nbsp;&nbsp;&nbsp;– | (66573) |
|  **Total Other Investments** |  | (46165) | &nbsp;&nbsp;&nbsp;&nbsp;– | (46165) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | $1136376101 | $105158875 | $– | $1241534976 |

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\* Unrealized appreciation (depreciation).

**NOTE 4–Derivative Investments** 

The Fund may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

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| | |
|:---|:---|
| **14** | **Invesco Value Opportunities Fund** |

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For financial reporting purposes, the Fund does not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statement of Assets and Liabilities.

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| | |
|:---|:---|
|  | **Value** |
|  | **Currency** |
| **Derivative Assets** | **Risk** |
|  Unrealized appreciation on forward foreign currency contracts outstanding | $20408 |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Assets subject to master netting agreements | $20408 |

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| | |
|:---|:---|
|  | **Value** |
|  | **Currency** |
| **Derivative Liabilities** | **Risk** |
|  Unrealized depreciation on forward foreign currency contracts outstanding | $(66573) |
|  Derivatives not subject to master netting agreements |  |
|  Total Derivative Liabilities subject to master netting agreements | $(66573) |

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The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial<br>Derivative**<br>**Assets** | **Financial<br>Derivative<br>Liabilities** |  | **Collateral<br>(Received)/Pledged** | **Collateral<br>(Received)/Pledged** | |
| **Counterparty** | **Forward Foreign<br>Currency Contracts** | **Forward Foreign<br>Currency Contracts** | **Net Value of<br>Derivatives** | **Non-Cash** | **Cash** | **Net<br>Amount** |
|  Bank of America, N.A. | $– | $(41953) | $(41953) | $– | $– | $(41953) |
|  J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;20408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;20408 | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;20408 |
|  Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(24620) | &nbsp;&nbsp;&nbsp;&nbsp;(24620) | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;(24620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $20408 | $(66573) | $(46165) | $– | $– | $(46165) |

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**Effect of Derivative Investments for the six months ended October 31, 2022** 

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on<br>Statement of Operations** |
|  | **Currency** |
|  | **Risk** |
|  Realized Gain (Loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | $(430091) |
|  Change in Net Unrealized Appreciation (Depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46165) |
|  Total | $(476256) |

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The table below summarizes the average notional value of derivatives held during the period.

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| | |
|:---|:---|
|  | **Forward<br>Foreign Currency<br>Contracts** |
|  Average notional value | $22740339 |

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**NOTE 5–Security Transactions with Affiliated Funds** 

The Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended October 31, 2022, the Fund engaged in securities purchases of $11,042,135 and securities sales of $5,230,467, which resulted in net realized gains of $58,681.

**NOTE 6–Expense Offset Arrangement(s)** 

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2022, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $4,467.

**NOTE 7–Trustees' and Officers' Fees and Benefits** 

*Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and *Trustees' and Officers' Fees and Benefits* also include amounts accrued by the Fund to fund such deferred

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| | |
|:---|:---|
| **15** | **Invesco Value Opportunities Fund** |

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compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 8–Cash Balances** 

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption *Amount due custodian*. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund's total assets, or when any borrowings from an Invesco Fund are outstanding.

**NOTE 9–Tax Information** 

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Fund did not have a capital loss carryforward as of April 30, 2022.

**NOTE 10–Investment Transactions** 

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2022 was $260,606,160 and $241,412,207, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
|  Aggregate unrealized appreciation of investments | $175112242 |
|  Aggregate unrealized (depreciation) of investments | (61269182) |
|  Net unrealized appreciation of investments | $113843060 |

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Cost of investments for tax purposes is $1,127,691,916.

**NOTE 11–Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Sold:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2361015 | $37781293 | 5596836 | $98890458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 137768 | 2024697 | 537592 | 8724393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 203215 | 3220148 | 215038 | 3725619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | 2512688 | 40688762 | 7694815 | 135458385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | 280 | 4533 | 3020 | 54364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2878363 | 46318019 | 12222090 | 213785199 |
|  **Issued as reinvestment of dividends:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A |  |  | 3569641 | 58470723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C |  |  | 85368 | 1285645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 59549 | 961705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y |  |  | 237341 | 3899517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 |  |  | 2442 | 40489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  |  | 326930 | 5423773 |
|  **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 26510 | 426667 | 90227 | 1564188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (28983) | (426667) | (98066) | (1564188) |

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| | |
|:---|:---|
| **16** | **Invesco Value Opportunities Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** | **Six months ended** | **Year ended** | **Year ended** |
|  | **October 31, 2022<sup>(a)</sup>** | **October 31, 2022<sup>(a)</sup>** | **April 30, 2022** | **April 30, 2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Reacquired:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2619249) | $(41877097) | (6382803) | $(111500439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (87399) | (1268184) | (228137) | (3644076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (102778) | (1597042) | (143657) | (2454329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Y | (3114437) | (49650142) | (5161762) | (89621253) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R5 | (1331) | (20460) | (27484) | (493487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1247537) | (20438706) | (1002981) | (17789048) |
|  Net increase in share activity | 918125 | $15185821 | 17595999 | $305217638 |

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<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 21% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. 

In addition, 5% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

**NOTE 12–Significant Event** 

The Board of Trustees of the Fund unanimously approved an Agreement and Plan of Reorganization (the "Agreement") pursuant to which the Fund would acquire all of the assets and liabilities of Invesco American Value Fund (the "Target Fund") in exchange for shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The reorganization is expected to be consummated at the close of business on or about February 10, 2023. Upon closing of the reorganization, shareholders of the Target Fund will receive shares of the Fund in exchange for their shares of the Target Fund, and the Target Fund will liquidate and cease operations.

---

| | |
|:---|:---|
| **17** | **Invesco Value Opportunities Fund** |

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**Calculating your ongoing Fund expenses** 

**Example** 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2022 through October 31, 2022.

**Actual expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical example for comparison purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **ACTUAL** | **ACTUAL** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | **HYPOTHETICAL**<br> **(5% annual return before**<br> **expenses)** | |
|  | <br>**Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(05/01/22)** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(10/31/22)<sup>1</sup>** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period** | **Ending**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> **(10/31/22)<sup>1</sup>** | **Expenses**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Paid During** <br> **Period<sup>2</sup>**  | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized** <br> **Expense**<br> **Ratio** |
| &nbsp;&nbsp;&nbsp; Class A | $1000.00 | $1007.30 | $5.62 | $1019.61 | $5.65 | 1.11% |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1004.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;1015.83 | &nbsp;&nbsp;&nbsp;&nbsp;9.45 | 1.86 |
| &nbsp;&nbsp;&nbsp; Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1006.80 | &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;1018.35 | &nbsp;&nbsp;&nbsp;&nbsp;6.92 | 1.36 |
| &nbsp;&nbsp;&nbsp; Class Y | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;1020.87 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | 0.86 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;1021.17 | &nbsp;&nbsp;&nbsp;&nbsp;4.08 | 0.80 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1009.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;1021.53 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | 0.73 |

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<sup>1</sup> The actual ending account value is based on the actual total return of the Fund for the period May 1, 2022 through October 31, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund's expense ratio and a hypothetical annual return of 5% before expenses. 

<sup>2</sup> Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent fiscal half year.

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| | |
|:---|:---|
| **18** | **Invesco Value Opportunities Fund** |

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

At meetings held on June 13, 2022, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Value Opportunities Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2022. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In

addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2022 and June 13, 2022, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below is a summary of the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and sub-advisory contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board's approval on June 13, 2022.

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers' role as administrator of the Invesco Funds' liquidity risk management program. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the remote and hybrid working environment resulting from the novel coronavirus ("COVID-19") pandemic and paved the way for a hybrid working framework in a normalized environment as employees return to the office. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board observed that Invesco Advisers' systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board

reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

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

*B.* *Fund Investment Performance* 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board compared the Fund's investment performance over multiple time periods ending December 31, 2021 to the performance of funds in the Broadridge performance universe and against the S&P Composite 1500<sup>®</sup> Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one and three year periods, and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and three year period and reasonably comparable to the performance of the Index for the five year period. The Board considered how the Fund's performance rankings had improved compared to its rankings for the prior year. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

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| | |
|:---|:---|
| **19** | **Invesco Value Opportunities Fund** |

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund's registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

*D. Economies of Scale and Breakpoints* 

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources* 

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and

the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but

not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that Invesco Advisers may serve as the Fund's affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered Invesco Advisers' securities lending platform and corporate governance structure for securities lending, including Invesco Advisers' Securities Lending Governance Committee and its related responsibilities. The Board noted that to the extent the Fund utilizes Invesco Advisers as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services without obtaining exemptive relief. The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

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| | |
|:---|:---|
| **20** | **Invesco Value Opportunities Fund** |

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![LOGO](g412027dsp024.jpg)

**Go paperless with eDelivery** 

Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.

With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

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**Invesco mailing information** 

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

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**Important notice regarding delivery of security holder documents** 

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

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**Fund holdings and proxy voting information** 

The Fund provides a complete list of its portfolio holdings four times each year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Fund's semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form N-PORT. The most recent list of portfolio holdings is available at invesco.com/completeqtrholdings. Shareholders can also look up the Fund's Form N-PORT filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.'s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

![LOGO](g412027dsp001.jpg)

SEC file number(s): 811-03826 and 002-85905 Invesco Distributors, Inc. VK-VOPP-SAR-1

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ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

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None.

ITEM 11. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of December 20, 2022, 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

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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 December 20, 2022, 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-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. <br>

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1) Not applicable.

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| | |
|:---|:---|
| 13(a) (2) | [Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.](d341531dex99cert.htm)  |

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13(a) (3) Not applicable.

13(a) (4) Not applicable.

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| | |
|:---|:---|
| 13(b) | [Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.](d341531dex99906cert.htm)  |

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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 Sector Funds (Invesco Sector Funds)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Sheri Morris |
|  | Sheri Morris |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: | January 5, 2023 |

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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.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Sheri Morris |
|  | Sheri Morris |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: | January 5, 2023 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Adrien Deberghes |
|  | Adrien Deberghes |
|  | Principal Financial Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;Date: | January 5, 2023 |

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## Ex-99.Cert

I, Sheri Morris, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Sector Funds (Invesco Sector Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: January 5, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Sheri Morris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sheri Morris, Principal Executive Officer |

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I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Sector Funds (Invesco Sector Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Date: January 5, 2023 | /s/ Adrien Deberghes |
|  | Adrien Deberghes, Principal Financial Officer |

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## Exhibit 99.906

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Sector Funds (Invesco Sector Funds) (the "Company") on Form N-CSR for the period ended October 31, 2022, as filed with the Securities and Exchange Commission (the "Report"), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: January 5, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Sheri Morris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sheri Morris, Principal Executive Officer |

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CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Sector Funds (Invesco Sector Funds) (the "Company") on Form N-CSR for the period ended October 31, 2022, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: January 5, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Adrien Deberghes |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Adrien Deberghes, Principal Financial Officer |

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