# EDGAR Filing Document

**Accession Number:** 0000725781
**File Stem:** 0001145549-25-045432
**Filing Date:** 2025-7
**Character Count:** 1264196
**Document Hash:** e8363ce3209e226af06135556e713e48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045432.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001145549-25-045432

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 123

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AIM SECTOR FUNDS (INVESCO SECTOR FUNDS)
- **CENTRAL INDEX KEY:** 0000725781

**ORGANIZATION NAME:**
- **EIN:** 840933032
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03826
- **FILM NUMBER:** 251098452

**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 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      |  |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-03826

#### AIM Sector Funds (Invesco Sector Funds)
(Exact name of registrant as specified in charter)

------

11 Greenway Plaza, Suite 1000 Houston, Texas 77046

(Address of principal executive offices) (Zip code)

Glenn Brightman, Principal Executive Officer

11 Greenway Plaza, Suite 1000

Houston, Texas 77046

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(713) 626-1919

#### Date of fiscal year end:

#### April 30

#### Date of reporting period:

#### April 30, 2025
Item 1. Reports to Stockholders.

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

![TSR_logo](images_2527.jpg)

### Invesco Comstock Fund

### Class A: ACSTX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Comstock Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Comstock Fund<br>(Class A) | $82 | 0.79% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US large-cap equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market and anticipation of lower interest rates. However, beginning in 2025 market volatility exponentially increased with the uncertainty of the long-term value in large investments in AI and tariffs imposed on many countries by the US, with China being the largest concern in creating a trade war.

**•** For the fiscal year ended April 30, 2025, Class A shares of the Fund, excluding sales charge, returned 6.79%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the benchmark) returned 8.55%. The Fund underperformed the benchmark primarily due to weak stock selection in the financials, health care and utilities sectors. These results were partially offset by stronger stock selection in materials, consumer staples and energy sectors.

#### What contributed to performance?
**Stock selection in materials \|** In materials, favorable performance came from International Paper, a large cardboard and paper packaging company. Strong performance was mainly driven by strategic acquisitions and effective cost management which significantly increased net sales. Not owning mining stocks also contributed as those stocks generally underperformed the market.

**Stock selection in consumer staples \|** In consumer staples, Philip Morris International and Coca-Cola Co. were large contributors. Philip Morris International had robust revenue growth and executed strategic initiatives, resulting in a significant increase in earnings. Coca-Cola had strong revenue growth, assisted by effective cost management strategies.

**Stock selection in energy \|** In energy, being materially underweight in equipment and services and having no exposure to oil/gas refining and marketing were large relative contributors.

#### What detracted from performance?
**Stock selection in financials \|** In financials, having a material underweight in financial services was a large relative detractor, mainly from not owning Berkshire Hathaway. The stock is a large holding in the benchmark and materially outperformed the benchmark and sector.

**Stock selection in health care \|** In health care, Elevance Health, a managed health care provider, was a large relative detractor, materially underperforming the sector and benchmark. Lower-than-expected earnings were primarily due to attrition in Medicaid membership from eligibility redeterminations and footprint adjustments, along with higher operating expenses driven by targeted investments and integration costs.

**Stock selection in utilities \|** Stock selection in utilities was a relative detractor mainly from having low exposure to electric utilities, while that industry materially outperformed the sector and benchmark.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340877.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Comstock Fund (Class A) —including sales charge** | 0.90% | 16.01% | 8.41% |
| **Invesco Comstock Fund (Class A) —excluding sales charge** | 6.79% | 17.33% | 9.03% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$11543379137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$43993259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A., ADR | &nbsp;&nbsp;&nbsp;1.88% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340886.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-COM-AR-A **Invesco Comstock Fund**

![TSR_logo](images_2527.jpg)

### Invesco Comstock Fund

### Class C: ACSYX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Comstock Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Comstock Fund<br>(Class C) | $156 | 1.51% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US large-cap equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market and anticipation of lower interest rates. However, beginning in 2025 market volatility exponentially increased with the uncertainty of the long-term value in large investments in AI and tariffs imposed on many countries by the US, with China being the largest concern in creating a trade war.

**•** For the fiscal year ended April 30, 2025, Class C shares of the Fund, excluding sales charge, returned 6.05%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the benchmark) returned 8.55%. The Fund underperformed the benchmark primarily due to weak stock selection in the financials, health care and utilities sectors. These results were partially offset by stronger stock selection in materials, consumer staples and energy sectors.

#### What contributed to performance?
**Stock selection in materials \|** In materials, favorable performance came from International Paper, a large cardboard and paper packaging company. Strong performance was mainly driven by strategic acquisitions and effective cost management which significantly increased net sales. Not owning mining stocks also contributed as those stocks generally underperformed the market.

**Stock selection in consumer staples \|** In consumer staples, Philip Morris International and Coca-Cola Co. were large contributors. Philip Morris International had robust revenue growth and executed strategic initiatives, resulting in a significant increase in earnings. Coca-Cola had strong revenue growth, assisted by effective cost management strategies.

**Stock selection in energy \|** In energy, being materially underweight in equipment and services and having no exposure to oil/gas refining and marketing were large relative contributors.

#### What detracted from performance?
**Stock selection in financials \|** In financials, having a material underweight in financial services was a large relative detractor, mainly from not owning Berkshire Hathaway. The stock is a large holding in the benchmark and materially outperformed the benchmark and sector.

**Stock selection in health care \|** In health care, Elevance Health, a managed health care provider, was a large relative detractor, materially underperforming the sector and benchmark. Lower-than-expected earnings were primarily due to attrition in Medicaid membership from eligibility redeterminations and footprint adjustments, along with higher operating expenses driven by targeted investments and integration costs.

**Stock selection in utilities \|** Stock selection in utilities was a relative detractor mainly from having low exposure to electric utilities, while that industry materially outperformed the sector and benchmark.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340874.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Comstock Fund (Class C) —including sales charge** | 5.08% | 16.46% | 8.39% |
| **Invesco Comstock Fund (Class C) —excluding sales charge** | 6.05% | 16.46% | 8.39% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$11543379137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$43993259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A., ADR | &nbsp;&nbsp;&nbsp;1.88% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340865.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-COM-AR-C **Invesco Comstock Fund**

![TSR_logo](images_2527.jpg)

### Invesco Comstock Fund

### Class R: ACSRX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Comstock Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Comstock Fund<br>(Class R) | $107 | 1.04% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US large-cap equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market and anticipation of lower interest rates. However, beginning in 2025 market volatility exponentially increased with the uncertainty of the long-term value in large investments in AI and tariffs imposed on many countries by the US, with China being the largest concern in creating a trade war.

**•** For the fiscal year ended April 30, 2025, Class R shares of the Fund returned 6.51%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the benchmark) returned 8.55%. The Fund underperformed the benchmark primarily due to weak stock selection in the financials, health care and utilities sectors. These results were partially offset by stronger stock selection in materials, consumer staples and energy sectors.

#### What contributed to performance?
**Stock selection in materials \|** In materials, favorable performance came from International Paper, a large cardboard and paper packaging company. Strong performance was mainly driven by strategic acquisitions and effective cost management which significantly increased net sales. Not owning mining stocks also contributed as those stocks generally underperformed the market.

**Stock selection in consumer staples \|** In consumer staples, Philip Morris International and Coca-Cola Co. were large contributors. Philip Morris International had robust revenue growth and executed strategic initiatives, resulting in a significant increase in earnings. Coca-Cola had strong revenue growth, assisted by effective cost management strategies.

**Stock selection in energy \|** In energy, being materially underweight in equipment and services and having no exposure to oil/gas refining and marketing were large relative contributors.

#### What detracted from performance?
**Stock selection in financials \|** In financials, having a material underweight in financial services was a large relative detractor, mainly from not owning Berkshire Hathaway. The stock is a large holding in the benchmark and materially outperformed the benchmark and sector.

**Stock selection in health care \|** In health care, Elevance Health, a managed health care provider, was a large relative detractor, materially underperforming the sector and benchmark. Lower-than-expected earnings were primarily due to attrition in Medicaid membership from eligibility redeterminations and footprint adjustments, along with higher operating expenses driven by targeted investments and integration costs.

**Stock selection in utilities \|** Stock selection in utilities was a relative detractor mainly from having low exposure to electric utilities, while that industry materially outperformed the sector and benchmark.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340835.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Comstock Fund (Class R)** | 6.51% | 17.02% | 8.75% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$11543379137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$43993259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A., ADR | &nbsp;&nbsp;&nbsp;1.88% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340844.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-COM-AR-R **Invesco Comstock Fund**

![TSR_logo](images_2527.jpg)

### Invesco Comstock Fund

### Class Y: ACSDX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Comstock Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Comstock Fund<br>(Class Y) | $56 | 0.54% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US large-cap equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market and anticipation of lower interest rates. However, beginning in 2025 market volatility exponentially increased with the uncertainty of the long-term value in large investments in AI and tariffs imposed on many countries by the US, with China being the largest concern in creating a trade war.

**•** For the fiscal year ended April 30, 2025, Class Y shares of the Fund returned 7.06%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the benchmark) returned 8.55%. The Fund underperformed the benchmark primarily due to weak stock selection in the financials, health care and utilities sectors. These results were partially offset by stronger stock selection in materials, consumer staples and energy sectors.

#### What contributed to performance?
**Stock selection in materials \|** In materials, favorable performance came from International Paper, a large cardboard and paper packaging company. Strong performance was mainly driven by strategic acquisitions and effective cost management which significantly increased net sales. Not owning mining stocks also contributed as those stocks generally underperformed the market.

**Stock selection in consumer staples \|** In consumer staples, Philip Morris International and Coca-Cola Co. were large contributors. Philip Morris International had robust revenue growth and executed strategic initiatives, resulting in a significant increase in earnings. Coca-Cola had strong revenue growth, assisted by effective cost management strategies.

**Stock selection in energy \|** In energy, being materially underweight in equipment and services and having no exposure to oil/gas refining and marketing were large relative contributors.

#### What detracted from performance?
**Stock selection in financials \|** In financials, having a material underweight in financial services was a large relative detractor, mainly from not owning Berkshire Hathaway. The stock is a large holding in the benchmark and materially outperformed the benchmark and sector.

**Stock selection in health care \|** In health care, Elevance Health, a managed health care provider, was a large relative detractor, materially underperforming the sector and benchmark. Lower-than-expected earnings were primarily due to attrition in Medicaid membership from eligibility redeterminations and footprint adjustments, along with higher operating expenses driven by targeted investments and integration costs.

**Stock selection in utilities \|** Stock selection in utilities was a relative detractor mainly from having low exposure to electric utilities, while that industry materially outperformed the sector and benchmark.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340832.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Comstock Fund (Class Y)** | 7.06% | 17.62% | 9.30% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$11543379137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$43993259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A., ADR | &nbsp;&nbsp;&nbsp;1.88% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340823.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-COM-AR-Y **Invesco Comstock Fund**

![TSR_logo](images_2527.jpg)

### Invesco Comstock Fund

### Class R5: ACSHX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Comstock Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Comstock Fund<br>(Class R5) | $52 | 0.50% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US large-cap equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market and anticipation of lower interest rates. However, beginning in 2025 market volatility exponentially increased with the uncertainty of the long-term value in large investments in AI and tariffs imposed on many countries by the US, with China being the largest concern in creating a trade war.

**•** For the fiscal year ended April 30, 2025, Class R5 shares of the Fund returned 7.07%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the benchmark) returned 8.55%. The Fund underperformed the benchmark primarily due to weak stock selection in the financials, health care and utilities sectors. These results were partially offset by stronger stock selection in materials, consumer staples and energy sectors.

#### What contributed to performance?
**Stock selection in materials \|** In materials, favorable performance came from International Paper, a large cardboard and paper packaging company. Strong performance was mainly driven by strategic acquisitions and effective cost management which significantly increased net sales. Not owning mining stocks also contributed as those stocks generally underperformed the market.

**Stock selection in consumer staples \|** In consumer staples, Philip Morris International and Coca-Cola Co. were large contributors. Philip Morris International had robust revenue growth and executed strategic initiatives, resulting in a significant increase in earnings. Coca-Cola had strong revenue growth, assisted by effective cost management strategies.

**Stock selection in energy \|** In energy, being materially underweight in equipment and services and having no exposure to oil/gas refining and marketing were large relative contributors.

#### What detracted from performance?
**Stock selection in financials \|** In financials, having a material underweight in financial services was a large relative detractor, mainly from not owning Berkshire Hathaway. The stock is a large holding in the benchmark and materially outperformed the benchmark and sector.

**Stock selection in health care \|** In health care, Elevance Health, a managed health care provider, was a large relative detractor, materially underperforming the sector and benchmark. Lower-than-expected earnings were primarily due to attrition in Medicaid membership from eligibility redeterminations and footprint adjustments, along with higher operating expenses driven by targeted investments and integration costs.

**Stock selection in utilities \|** Stock selection in utilities was a relative detractor mainly from having low exposure to electric utilities, while that industry materially outperformed the sector and benchmark.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340793.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Comstock Fund (Class R5)** | 7.07% | 17.66% | 9.37% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$11543379137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$43993259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A., ADR | &nbsp;&nbsp;&nbsp;1.88% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340802.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective after the close of business on September 30, 2024, the Fund has limited public sales of its Class R5 shares to certain investors who were previously invested in Class R5 shares of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-COM-AR-R5 **Invesco Comstock Fund**

![TSR_logo](images_2527.jpg)

### Invesco Comstock Fund

### Class R6: ICSFX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Comstock Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Comstock Fund<br>(Class R6) | $45 | 0.43% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US large-cap equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market and anticipation of lower interest rates. However, beginning in 2025 market volatility exponentially increased with the uncertainty of the long-term value in large investments in AI and tariffs imposed on many countries by the US, with China being the largest concern in creating a trade war.

**•** For the fiscal year ended April 30, 2025, Class R6 shares of the Fund returned 7.19%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the benchmark) returned 8.55%. The Fund underperformed the benchmark primarily due to weak stock selection in the financials, health care and utilities sectors. These results were partially offset by stronger stock selection in materials, consumer staples and energy sectors.

#### What contributed to performance?
**Stock selection in materials \|** In materials, favorable performance came from International Paper, a large cardboard and paper packaging company. Strong performance was mainly driven by strategic acquisitions and effective cost management which significantly increased net sales. Not owning mining stocks also contributed as those stocks generally underperformed the market.

**Stock selection in consumer staples \|** In consumer staples, Philip Morris International and Coca-Cola Co. were large contributors. Philip Morris International had robust revenue growth and executed strategic initiatives, resulting in a significant increase in earnings. Coca-Cola had strong revenue growth, assisted by effective cost management strategies.

**Stock selection in energy \|** In energy, being materially underweight in equipment and services and having no exposure to oil/gas refining and marketing were large relative contributors.

#### What detracted from performance?
**Stock selection in financials \|** In financials, having a material underweight in financial services was a large relative detractor, mainly from not owning Berkshire Hathaway. The stock is a large holding in the benchmark and materially outperformed the benchmark and sector.

**Stock selection in health care \|** In health care, Elevance Health, a managed health care provider, was a large relative detractor, materially underperforming the sector and benchmark. Lower-than-expected earnings were primarily due to attrition in Medicaid membership from eligibility redeterminations and footprint adjustments, along with higher operating expenses driven by targeted investments and integration costs.

**Stock selection in utilities \|** Stock selection in utilities was a relative detractor mainly from having low exposure to electric utilities, while that industry materially outperformed the sector and benchmark.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340790.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Comstock Fund (Class R6)** | 7.19% | 17.76% | 9.46% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$11543379137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$43993259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A., ADR | &nbsp;&nbsp;&nbsp;1.88% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340781.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-COM-AR-R6 **Invesco Comstock Fund**

![TSR_logo](images_2527.jpg)

### Invesco Comstock Select Fund

### Class A: CGRWX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Comstock Select Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Comstock Select Fund<br>(Class A) | $940.92%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US large-cap equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market and anticipation of lower interest rates. However, beginning in 2025 market volatility exponentially increased with the uncertainty of the long-term value in large investments in AI and tariffs imposed on many countries by the US, with China being the largest concern in creating a trade war.

**•** For the fiscal year ended April 30, 2025, Class A shares of the Fund, excluding sales charge, returned 3.80%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the benchmark) returned 8.55%. The Fund underperformed the benchmark primarily due to weak stock selection in the information technology (IT), health care and consumer staples sectors. These results were partially offset by stronger stock selection in energy, communication services and materials sectors.

#### What contributed to performance?
**Stock selection in energy \|** In energy, EQT Corp. (EQT), a natural gas producer, was a large contributor to relative returns. EQT outperformed over the period due to strong operational efficiency gains and robust production. Additionally, strategic transactions, including a midstream joint venture, significantly boosted their financial results. We exited our position in EQT during the fiscal year.

**Stock selection in communication services \|** In communication services, Charter Communications and Meta Platforms were top performers, acting as large relative contributors. Charter Communications outperformed due to significant growth in residential mobile service revenue and advertising sales. Meta Platforms outperformed thanks to strong advertising revenue growth driven by effective AI integration and increased ad impressions.

**No exposure to materials stocks \|** Having no exposure to materials over the period was a large contributor. The materials sector had negative returns for the period and was the second worst performing sector.

#### What detracted from performance?
**Stock selection in IT \|** In IT, Intel, a semiconductors designer and manufacture, and DXC Technology, an IT consulting service firm, were large detractors. Intel underperformed due to declining demand for personal computers and data center products, leading to a significant drop in revenue. DXC Technologies underperformed after continued lower earnings reports mainly due to a decrease in revenue from its Global Infrastructure Services segment.

**Stock selection in health care \|** In health care, Elevance Health (Elevance) and Humana, managed healthcare providers, were large relative detractors, materially underperforming the sector and benchmark. Elevance had lower-than-expected earnings primarily due to attrition in Medicaid membership from eligibility redeterminations, along with higher operating expenses. Humana underperformed due to a decline in individual Medicare Advantage membership and the impact of exiting certain unprofitable plans. We sold our position in Humana during the fiscal year.

**Stock selection in consumer staples \|** In consumer staples, Kraft Heinz was a large detractor. Kraft Heinz underperformed due to weaker consumer spending, increased tariffs and a decline in North American revenue. Not owning Philip Morris International also detracted after materially outperforming the sector and benchmark. We sold our position in Kraft Heinz during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340160.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Comstock Select Fund (Class A) —including sales charge** | -1.90% | 15.58% | 8.07% |
| **Invesco Comstock Select Fund (Class A) —excluding sales charge** | 3.80% | 16.89% | 8.68% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Value Fund (the predecessor fund), were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$714713320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3978049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | &nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;3.64% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340152.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

O-VAL-AR-A **Invesco Comstock Select Fund**

![TSR_logo](images_2527.jpg)

### Invesco Comstock Select Fund

### Class C: CGRCX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Comstock Select Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Comstock Select Fund<br>(Class C) | $1711.68%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US large-cap equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market and anticipation of lower interest rates. However, beginning in 2025 market volatility exponentially increased with the uncertainty of the long-term value in large investments in AI and tariffs imposed on many countries by the US, with China being the largest concern in creating a trade war.

**•** For the fiscal year ended April 30, 2025, Class C shares of the Fund, excluding sales charge, returned 3.01%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the benchmark) returned 8.55%. The Fund underperformed the benchmark primarily due to weak stock selection in the information technology (IT), health care and consumer staples sectors. These results were partially offset by stronger stock selection in energy, communication services and materials sectors.

#### What contributed to performance?
**Stock selection in energy \|** In energy, EQT Corp. (EQT), a natural gas producer, was a large contributor to relative returns. EQT outperformed over the period due to strong operational efficiency gains and robust production. Additionally, strategic transactions, including a midstream joint venture, significantly boosted their financial results. We exited our position in EQT during the fiscal year.

**Stock selection in communication services \|** In communication services, Charter Communications and Meta Platforms were top performers, acting as large relative contributors. Charter Communications outperformed due to significant growth in residential mobile service revenue and advertising sales. Meta Platforms outperformed thanks to strong advertising revenue growth driven by effective AI integration and increased ad impressions.

**No exposure to materials stocks \|** Having no exposure to materials over the period was a large contributor. The materials sector had negative returns for the period and was the second worst performing sector.

#### What detracted from performance?
**Stock selection in IT \|** In IT, Intel, a semiconductors designer and manufacture, and DXC Technology, an IT consulting service firm, were large detractors. Intel underperformed due to declining demand for personal computers and data center products, leading to a significant drop in revenue. DXC Technologies underperformed after continued lower earnings reports mainly due to a decrease in revenue from its Global Infrastructure Services segment.

**Stock selection in health care \|** In health care, Elevance Health (Elevance) and Humana, managed healthcare providers, were large relative detractors, materially underperforming the sector and benchmark. Elevance had lower-than-expected earnings primarily due to attrition in Medicaid membership from eligibility redeterminations, along with higher operating expenses. Humana underperformed due to a decline in individual Medicare Advantage membership and the impact of exiting certain unprofitable plans. We sold our position in Humana during the fiscal year.

**Stock selection in consumer staples \|** In consumer staples, Kraft Heinz was a large detractor. Kraft Heinz underperformed due to weaker consumer spending, increased tariffs and a decline in North American revenue. Not owning Philip Morris International also detracted after materially outperforming the sector and benchmark. We sold our position in Kraft Heinz during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340121.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Comstock Select Fund (Class C) —including sales charge** | 2.13% | 16.01% | 8.03% |
| **Invesco Comstock Select Fund (Class C) —excluding sales charge** | 3.01% | 16.01% | 8.03% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Value Fund (the predecessor fund), were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$714713320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3978049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | &nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;3.64% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340129.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

O-VAL-AR-C **Invesco Comstock Select Fund**

![TSR_logo](images_2527.jpg)

### Invesco Comstock Select Fund

### Class R: CGRNX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Comstock Select Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Comstock Select Fund<br>(Class R) | $1201.18%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US large-cap equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market and anticipation of lower interest rates. However, beginning in 2025 market volatility exponentially increased with the uncertainty of the long-term value in large investments in AI and tariffs imposed on many countries by the US, with China being the largest concern in creating a trade war.

**•** For the fiscal year ended April 30, 2025, Class R shares of the Fund returned 3.50%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the benchmark) returned 8.55%. The Fund underperformed the benchmark primarily due to weak stock selection in the information technology (IT), health care and consumer staples sectors. These results were partially offset by stronger stock selection in energy, communication services and materials sectors.

#### What contributed to performance?
**Stock selection in energy \|** In energy, EQT Corp. (EQT), a natural gas producer, was a large contributor to relative returns. EQT outperformed over the period due to strong operational efficiency gains and robust production. Additionally, strategic transactions, including a midstream joint venture, significantly boosted their financial results. We exited our position in EQT during the fiscal year.

**Stock selection in communication services \|** In communication services, Charter Communications and Meta Platforms were top performers, acting as large relative contributors. Charter Communications outperformed due to significant growth in residential mobile service revenue and advertising sales. Meta Platforms outperformed thanks to strong advertising revenue growth driven by effective AI integration and increased ad impressions.

**No exposure to materials stocks \|** Having no exposure to materials over the period was a large contributor. The materials sector had negative returns for the period and was the second worst performing sector.

#### What detracted from performance?
**Stock selection in IT \|** In IT, Intel, a semiconductors designer and manufacture, and DXC Technology, an IT consulting service firm, were large detractors. Intel underperformed due to declining demand for personal computers and data center products, leading to a significant drop in revenue. DXC Technologies underperformed after continued lower earnings reports mainly due to a decrease in revenue from its Global Infrastructure Services segment.

**Stock selection in health care \|** In health care, Elevance Health (Elevance) and Humana, managed healthcare providers, were large relative detractors, materially underperforming the sector and benchmark. Elevance had lower-than-expected earnings primarily due to attrition in Medicaid membership from eligibility redeterminations, along with higher operating expenses. Humana underperformed due to a decline in individual Medicare Advantage membership and the impact of exiting certain unprofitable plans. We sold our position in Humana during the fiscal year.

**Stock selection in consumer staples \|** In consumer staples, Kraft Heinz was a large detractor. Kraft Heinz underperformed due to weaker consumer spending, increased tariffs and a decline in North American revenue. Not owning Philip Morris International also detracted after materially outperforming the sector and benchmark. We sold our position in Kraft Heinz during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340118.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Comstock Select Fund (Class R)** | 3.50% | 16.58% | 8.40% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Value Fund (the predecessor fund), were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$714713320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3978049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | &nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;3.64% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340110.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

O-VAL-AR-R **Invesco Comstock Select Fund**

![TSR_logo](images_2527.jpg)

### Invesco Comstock Select Fund

### Class Y: CGRYX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Comstock Select Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Comstock Select Fund<br>(Class Y) | $690.68%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US large-cap equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market and anticipation of lower interest rates. However, beginning in 2025 market volatility exponentially increased with the uncertainty of the long-term value in large investments in AI and tariffs imposed on many countries by the US, with China being the largest concern in creating a trade war.

**•** For the fiscal year ended April 30, 2025, Class Y shares of the Fund returned 4.06%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the benchmark) returned 8.55%. The Fund underperformed the benchmark primarily due to weak stock selection in the information technology (IT), health care and consumer staples sectors. These results were partially offset by stronger stock selection in energy, communication services and materials sectors.

#### What contributed to performance?
**Stock selection in energy \|** In energy, EQT Corp. (EQT), a natural gas producer, was a large contributor to relative returns. EQT outperformed over the period due to strong operational efficiency gains and robust production. Additionally, strategic transactions, including a midstream joint venture, significantly boosted their financial results. We exited our position in EQT during the fiscal year.

**Stock selection in communication services \|** In communication services, Charter Communications and Meta Platforms were top performers, acting as large relative contributors. Charter Communications outperformed due to significant growth in residential mobile service revenue and advertising sales. Meta Platforms outperformed thanks to strong advertising revenue growth driven by effective AI integration and increased ad impressions.

**No exposure to materials stocks \|** Having no exposure to materials over the period was a large contributor. The materials sector had negative returns for the period and was the second worst performing sector.

#### What detracted from performance?
**Stock selection in IT \|** In IT, Intel, a semiconductors designer and manufacture, and DXC Technology, an IT consulting service firm, were large detractors. Intel underperformed due to declining demand for personal computers and data center products, leading to a significant drop in revenue. DXC Technologies underperformed after continued lower earnings reports mainly due to a decrease in revenue from its Global Infrastructure Services segment.

**Stock selection in health care \|** In health care, Elevance Health (Elevance) and Humana, managed healthcare providers, were large relative detractors, materially underperforming the sector and benchmark. Elevance had lower-than-expected earnings primarily due to attrition in Medicaid membership from eligibility redeterminations, along with higher operating expenses. Humana underperformed due to a decline in individual Medicare Advantage membership and the impact of exiting certain unprofitable plans. We sold our position in Humana during the fiscal year.

**Stock selection in consumer staples \|** In consumer staples, Kraft Heinz was a large detractor. Kraft Heinz underperformed due to weaker consumer spending, increased tariffs and a decline in North American revenue. Not owning Philip Morris International also detracted after materially outperforming the sector and benchmark. We sold our position in Kraft Heinz during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340079.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Comstock Select Fund (Class Y)** | 4.06% | 17.18% | 8.94% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Value Fund (the predecessor fund), were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$714713320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3978049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | &nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;3.64% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340087.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

O-VAL-AR-Y **Invesco Comstock Select Fund**

![TSR_logo](images_2527.jpg)

### Invesco Comstock Select Fund

### Class R5: IOVVX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Comstock Select Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Comstock Select Fund<br>(Class R5) | $60 | 0.59% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US large-cap equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market and anticipation of lower interest rates. However, beginning in 2025 market volatility exponentially increased with the uncertainty of the long-term value in large investments in AI and tariffs imposed on many countries by the US, with China being the largest concern in creating a trade war.

**•** For the fiscal year ended April 30, 2025, Class R5 shares of the Fund returned 4.16%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the benchmark) returned 8.55%. The Fund underperformed the benchmark primarily due to weak stock selection in the information technology (IT), health care and consumer staples sectors. These results were partially offset by stronger stock selection in energy, communication services and materials sectors.

#### What contributed to performance?
**Stock selection in energy \|** In energy, EQT Corp. (EQT), a natural gas producer, was a large contributor to relative returns. EQT outperformed over the period due to strong operational efficiency gains and robust production. Additionally, strategic transactions, including a midstream joint venture, significantly boosted their financial results. We exited our position in EQT during the fiscal year.

**Stock selection in communication services \|** In communication services, Charter Communications and Meta Platforms were top performers, acting as large relative contributors. Charter Communications outperformed due to significant growth in residential mobile service revenue and advertising sales. Meta Platforms outperformed thanks to strong advertising revenue growth driven by effective AI integration and increased ad impressions.

**No exposure to materials stocks \|** Having no exposure to materials over the period was a large contributor. The materials sector had negative returns for the period and was the second worst performing sector.

#### What detracted from performance?
**Stock selection in IT \|** In IT, Intel, a semiconductors designer and manufacture, and DXC Technology, an IT consulting service firm, were large detractors. Intel underperformed due to declining demand for personal computers and data center products, leading to a significant drop in revenue. DXC Technologies underperformed after continued lower earnings reports mainly due to a decrease in revenue from its Global Infrastructure Services segment.

**Stock selection in health care \|** In health care, Elevance Health (Elevance) and Humana, managed healthcare providers, were large relative detractors, materially underperforming the sector and benchmark. Elevance had lower-than-expected earnings primarily due to attrition in Medicaid membership from eligibility redeterminations, along with higher operating expenses. Humana underperformed due to a decline in individual Medicare Advantage membership and the impact of exiting certain unprofitable plans. We sold our position in Humana during the fiscal year.

**Stock selection in consumer staples \|** In consumer staples, Kraft Heinz was a large detractor. Kraft Heinz underperformed due to weaker consumer spending, increased tariffs and a decline in North American revenue. Not owning Philip Morris International also detracted after materially outperforming the sector and benchmark. We sold our position in Kraft Heinz during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340076.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Comstock Select Fund (Class R5)** | 4.16% | 17.30% | 8.91% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Value Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$714713320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3978049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | &nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;3.64% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340067.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

Effective after the close of business on September 30, 2024, the Fund has limited public sales of its Class R5 shares to certain investors who were previously invested in Class R5 shares of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

O-VAL-AR-R5 **Invesco Comstock Select Fund**

![TSR_logo](images_2527.jpg)

### Invesco Comstock Select Fund

### Class R6: OGRIX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Comstock Select Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Comstock Select Fund<br>(Class R6) | $60 | 0.59% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US large-cap equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market and anticipation of lower interest rates. However, beginning in 2025 market volatility exponentially increased with the uncertainty of the long-term value in large investments in AI and tariffs imposed on many countries by the US, with China being the largest concern in creating a trade war.

**•** For the fiscal year ended April 30, 2025, Class R6 shares of the Fund returned 4.15%. For the same time period, the Russell 1000<sup>®</sup> Value Index (the benchmark) returned 8.55%. The Fund underperformed the benchmark primarily due to weak stock selection in the information technology (IT), health care and consumer staples sectors. These results were partially offset by stronger stock selection in energy, communication services and materials sectors.

#### What contributed to performance?
**Stock selection in energy \|** In energy, EQT Corp. (EQT), a natural gas producer, was a large contributor to relative returns. EQT outperformed over the period due to strong operational efficiency gains and robust production. Additionally, strategic transactions, including a midstream joint venture, significantly boosted their financial results. We exited our position in EQT during the fiscal year.

**Stock selection in communication services \|** In communication services, Charter Communications and Meta Platforms were top performers, acting as large relative contributors. Charter Communications outperformed due to significant growth in residential mobile service revenue and advertising sales. Meta Platforms outperformed thanks to strong advertising revenue growth driven by effective AI integration and increased ad impressions.

**No exposure to materials stocks \|** Having no exposure to materials over the period was a large contributor. The materials sector had negative returns for the period and was the second worst performing sector.

#### What detracted from performance?
**Stock selection in IT \|** In IT, Intel, a semiconductors designer and manufacture, and DXC Technology, an IT consulting service firm, were large detractors. Intel underperformed due to declining demand for personal computers and data center products, leading to a significant drop in revenue. DXC Technologies underperformed after continued lower earnings reports mainly due to a decrease in revenue from its Global Infrastructure Services segment.

**Stock selection in health care \|** In health care, Elevance Health (Elevance) and Humana, managed healthcare providers, were large relative detractors, materially underperforming the sector and benchmark. Elevance had lower-than-expected earnings primarily due to attrition in Medicaid membership from eligibility redeterminations, along with higher operating expenses. Humana underperformed due to a decline in individual Medicare Advantage membership and the impact of exiting certain unprofitable plans. We sold our position in Humana during the fiscal year.

**Stock selection in consumer staples \|** In consumer staples, Kraft Heinz was a large detractor. Kraft Heinz underperformed due to weaker consumer spending, increased tariffs and a decline in North American revenue. Not owning Philip Morris International also detracted after materially outperforming the sector and benchmark. We sold our position in Kraft Heinz during the fiscal year.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340036.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Comstock Select Fund (Class R6)** | 4.15% | 17.31% | 9.10% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Value Fund (the predecessor fund), were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$714713320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3978049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;70% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | &nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;3.64% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340046.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

The Fund added active trading risk to its principal risks to reflect that active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

O-VAL-AR-R6 **Invesco Comstock Select Fund**

![TSR_logo](images_2527.jpg)

### Invesco Dividend Income Fund

### Class A: IAUTX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Dividend Income Fund<br>(Class A) | $95 | 0.92% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, persistently high inflation, recession fears, and volatility weighed on dividend focused large cap equity performance. The Fund delivered a positive return, but underperformed the Russell 1000<sup>®</sup> Value Index largely due to stock selection in the health care sector. These results were partially offset by strong stock selection in the consumer staples sector, as well as the Federal Reserve's decision to lower interest rates, a resilient economy, and a broad rotation into value stocks.

**•** For the fiscal year ended April 30, 2025, Class A shares of the Fund, excluding sales charge, returned 7.01%. For the same time period, the Russell 1000<sup>®</sup> Value Index returned 8.55%.

#### What contributed to performance?
**Philip Morris International, Inc. \|** Philip Morris delivered consistently strong quarterly earnings results and even raised its forward-looking guidance. Later in the fiscal year, company leadership reaffirmed its forward looking guidance. Favorable results were driven by surging demand for its tobacco-less Zyn nicotine pouches, as well as strength in its traditional heated tobacco segment.

**Walmart, Inc. \|** Walmart benefited from pricing rollbacks and an expanding customer base as consumers across income cohorts gravitated toward convenience. Also, we believe the discount retailer has made great progress on e-commerce profitability, driven by scale efficiencies, automation and generative artificial intelligence.

#### What detracted from performance?
**Merck & Co., Inc. \|** Merck shares fell as sales of its Gardasil HPV vaccine were below expectations due to China-related issues that included weakness in China's economy, budgetary issues at its disease control centers that reduced inventory, and Merck's Chinese partner Zhifei signing a new shingles vaccine contract that drew focus away from Gardasil.

**ConocoPhillips \|** ConocoPhillips experienced headwinds during the fiscal year after its May 2024 announcement to acquire Marathon Oil in a deal that closed in November 2024.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340033.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Dividend Income Fund (Class A) —including sales charge** | 1.13% | 9.22% | 6.66% |
| **Invesco Dividend Income Fund (Class A) —excluding sales charge** | 7.01% | 10.47% | 7.26% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3443630814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$19318656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9341033.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-DIVI-AR-A **Invesco Dividend Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Dividend Income Fund

### Class C: IUTCX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Dividend Income Fund<br>(Class C) | $173 | 1.68% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, persistently high inflation, recession fears, and volatility weighed on dividend focused large cap equity performance. The Fund delivered a positive return, but underperformed the Russell 1000<sup>®</sup> Value Index largely due to stock selection in the health care sector. These results were partially offset by strong stock selection in the consumer staples sector, as well as the Federal Reserve's decision to lower interest rates, a resilient economy, and a broad rotation into value stocks.

**•** For the fiscal year ended April 30, 2025, Class C shares of the Fund, excluding sales charge, returned 6.21%. For the same time period, the Russell 1000<sup>®</sup> Value Index returned 8.55%.

#### What contributed to performance?
**Philip Morris International, Inc. \|** Philip Morris delivered consistently strong quarterly earnings results and even raised its forward-looking guidance. Later in the fiscal year, company leadership reaffirmed its forward looking guidance. Favorable results were driven by surging demand for its tobacco-less Zyn nicotine pouches, as well as strength in its traditional heated tobacco segment.

**Walmart, Inc. \|** Walmart benefited from pricing rollbacks and an expanding customer base as consumers across income cohorts gravitated toward convenience. Also, we believe the discount retailer has made great progress on e-commerce profitability, driven by scale efficiencies, automation and generative artificial intelligence.

#### What detracted from performance?
**Merck & Co., Inc. \|** Merck shares fell as sales of its Gardasil HPV vaccine were below expectations due to China-related issues that included weakness in China's economy, budgetary issues at its disease control centers that reduced inventory, and Merck's Chinese partner Zhifei signing a new shingles vaccine contract that drew focus away from Gardasil.

**ConocoPhillips \|** ConocoPhillips experienced headwinds during the fiscal year after its May 2024 announcement to acquire Marathon Oil in a deal that closed in November 2024.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9341003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Dividend Income Fund (Class C) —including sales charge** | 5.21% | 9.64% | 6.62% |
| **Invesco Dividend Income Fund (Class C) —excluding sales charge** | 6.21% | 9.64% | 6.62% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3443630814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$19318656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9341001.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-DIVI-AR-C **Invesco Dividend Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Dividend Income Fund

### Class R: IRTCX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Dividend Income Fund<br>(Class R) | $122 | 1.18% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, persistently high inflation, recession fears, and volatility weighed on dividend focused large cap equity performance. The Fund delivered a positive return, but underperformed the Russell 1000<sup>®</sup> Value Index largely due to stock selection in the health care sector. These results were partially offset by strong stock selection in the consumer staples sector, as well as the Federal Reserve's decision to lower interest rates, a resilient economy, and a broad rotation into value stocks.

**•** For the fiscal year ended April 30, 2025, Class R shares of the Fund, returned 6.73%. For the same time period, the Russell 1000<sup>®</sup> Value Index returned 8.55%.

#### What contributed to performance?
**Philip Morris International, Inc. \|** Philip Morris delivered consistently strong quarterly earnings results and even raised its forward-looking guidance. Later in the fiscal year, company leadership reaffirmed its forward looking guidance. Favorable results were driven by surging demand for its tobacco-less Zyn nicotine pouches, as well as strength in its traditional heated tobacco segment.

**Walmart, Inc. \|** Walmart benefited from pricing rollbacks and an expanding customer base as consumers across income cohorts gravitated toward convenience. Also, we believe the discount retailer has made great progress on e-commerce profitability, driven by scale efficiencies, automation and generative artificial intelligence.

#### What detracted from performance?
**Merck & Co., Inc. \|** Merck shares fell as sales of its Gardasil HPV vaccine were below expectations due to China-related issues that included weakness in China's economy, budgetary issues at its disease control centers that reduced inventory, and Merck's Chinese partner Zhifei signing a new shingles vaccine contract that drew focus away from Gardasil.

**ConocoPhillips \|** ConocoPhillips experienced headwinds during the fiscal year after its May 2024 announcement to acquire Marathon Oil in a deal that closed in November 2024.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340916.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Dividend Income Fund (Class R)** | 6.73% | 10.18% | 6.99% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

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

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3443630814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$19318656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340907.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-DIVI-AR-R **Invesco Dividend Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Dividend Income Fund

### Class Y: IAUYX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Dividend Income Fund<br>(Class Y) | $70 | 0.68% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, persistently high inflation, recession fears, and volatility weighed on dividend focused large cap equity performance. The Fund delivered a positive return, but underperformed the Russell 1000<sup>®</sup> Value Index largely due to stock selection in the health care sector. These results were partially offset by strong stock selection in the consumer staples sector, as well as the Federal Reserve's decision to lower interest rates, a resilient economy, and a broad rotation into value stocks.

**•** For the fiscal year ended April 30, 2025, Class Y shares of the Fund, returned 7.24%. For the same time period, the Russell 1000<sup>®</sup> Value Index returned 8.55%.

#### What contributed to performance?
**Philip Morris International, Inc. \|** Philip Morris delivered consistently strong quarterly earnings results and even raised its forward-looking guidance. Later in the fiscal year, company leadership reaffirmed its forward looking guidance. Favorable results were driven by surging demand for its tobacco-less Zyn nicotine pouches, as well as strength in its traditional heated tobacco segment.

**Walmart, Inc. \|** Walmart benefited from pricing rollbacks and an expanding customer base as consumers across income cohorts gravitated toward convenience. Also, we believe the discount retailer has made great progress on e-commerce profitability, driven by scale efficiencies, automation and generative artificial intelligence.

#### What detracted from performance?
**Merck & Co., Inc. \|** Merck shares fell as sales of its Gardasil HPV vaccine were below expectations due to China-related issues that included weakness in China's economy, budgetary issues at its disease control centers that reduced inventory, and Merck's Chinese partner Zhifei signing a new shingles vaccine contract that drew focus away from Gardasil.

**ConocoPhillips \|** ConocoPhillips experienced headwinds during the fiscal year after its May 2024 announcement to acquire Marathon Oil in a deal that closed in November 2024.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9341000.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Dividend Income Fund (Class Y)** | 7.24% | 10.74% | 7.53% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3443630814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$19318656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340990.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-DIVI-AR-Y **Invesco Dividend Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Dividend Income Fund

### Investor Class: FSTUX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Dividend Income Fund<br>(Investor Class) | $96 | 0.93% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, persistently high inflation, recession fears, and volatility weighed on dividend focused large cap equity performance. The Fund delivered a positive return, but underperformed the Russell 1000<sup>®</sup> Value Index largely due to stock selection in the health care sector. These results were partially offset by strong stock selection in the consumer staples sector, as well as the Federal Reserve's decision to lower interest rates, a resilient economy, and a broad rotation into value stocks.

**•** For the fiscal year ended April 30, 2025, Investor Class shares of the Fund, returned 6.97%. For the same time period, the Russell 1000<sup>®</sup> Value Index returned 8.55%.

#### What contributed to performance?
**Philip Morris International, Inc. \|** Philip Morris delivered consistently strong quarterly earnings results and even raised its forward-looking guidance. Later in the fiscal year, company leadership reaffirmed its forward looking guidance. Favorable results were driven by surging demand for its tobacco-less Zyn nicotine pouches, as well as strength in its traditional heated tobacco segment.

**Walmart, Inc. \|** Walmart benefited from pricing rollbacks and an expanding customer base as consumers across income cohorts gravitated toward convenience. Also, we believe the discount retailer has made great progress on e-commerce profitability, driven by scale efficiencies, automation and generative artificial intelligence.

#### What detracted from performance?
**Merck & Co., Inc. \|** Merck shares fell as sales of its Gardasil HPV vaccine were below expectations due to China-related issues that included weakness in China's economy, budgetary issues at its disease control centers that reduced inventory, and Merck's Chinese partner Zhifei signing a new shingles vaccine contract that drew focus away from Gardasil.

**ConocoPhillips \|** ConocoPhillips experienced headwinds during the fiscal year after its May 2024 announcement to acquire Marathon Oil in a deal that closed in November 2024.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340961.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Dividend Income Fund (Investor Class)** | 6.97% | 10.46% | 7.26% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3443630814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$19318656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340959.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-DIVI-AR-INV **Invesco Dividend Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Dividend Income Fund

### Class R5: FSIUX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Dividend Income Fund<br>(Class R5) | $68 | 0.66% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, persistently high inflation, recession fears, and volatility weighed on dividend focused large cap equity performance. The Fund delivered a positive return, but underperformed the Russell 1000<sup>®</sup> Value Index largely due to stock selection in the health care sector. These results were partially offset by strong stock selection in the consumer staples sector, as well as the Federal Reserve's decision to lower interest rates, a resilient economy, and a broad rotation into value stocks.

**•** For the fiscal year ended April 30, 2025, Class R5 shares of the Fund, returned 7.29%. For the same time period, the Russell 1000<sup>®</sup> Value Index returned 8.55%.

#### What contributed to performance?
**Philip Morris International, Inc. \|** Philip Morris delivered consistently strong quarterly earnings results and even raised its forward-looking guidance. Later in the fiscal year, company leadership reaffirmed its forward looking guidance. Favorable results were driven by surging demand for its tobacco-less Zyn nicotine pouches, as well as strength in its traditional heated tobacco segment.

**Walmart, Inc. \|** Walmart benefited from pricing rollbacks and an expanding customer base as consumers across income cohorts gravitated toward convenience. Also, we believe the discount retailer has made great progress on e-commerce profitability, driven by scale efficiencies, automation and generative artificial intelligence.

#### What detracted from performance?
**Merck & Co., Inc. \|** Merck shares fell as sales of its Gardasil HPV vaccine were below expectations due to China-related issues that included weakness in China's economy, budgetary issues at its disease control centers that reduced inventory, and Merck's Chinese partner Zhifei signing a new shingles vaccine contract that drew focus away from Gardasil.

**ConocoPhillips \|** ConocoPhillips experienced headwinds during the fiscal year after its May 2024 announcement to acquire Marathon Oil in a deal that closed in November 2024.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340919.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Dividend Income Fund (Class R5)** | 7.29% | 10.77% | 7.57% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3443630814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$19318656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340928.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective after the close of business on September 30, 2024, the Fund has limited public sales of its Class R5 shares to certain investors who were previously invested in Class R5 shares of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-DIVI-AR-R5 **Invesco Dividend Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Dividend Income Fund

### Class R6: IFUTX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Dividend Income Fund<br>(Class R6) | $61 | 0.59% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, persistently high inflation, recession fears, and volatility weighed on dividend focused large cap equity performance. The Fund delivered a positive return, but underperformed the Russell 1000<sup>®</sup> Value Index largely due to stock selection in the health care sector. These results were partially offset by strong stock selection in the consumer staples sector, as well as the Federal Reserve's decision to lower interest rates, a resilient economy, and a broad rotation into value stocks.

**•** For the fiscal year ended April 30, 2025, Class R6 shares of the Fund, returned 7.35%. For the same time period, the Russell 1000<sup>®</sup> Value Index returned 8.55%.

#### What contributed to performance?
**Philip Morris International, Inc. \|** Philip Morris delivered consistently strong quarterly earnings results and even raised its forward-looking guidance. Later in the fiscal year, company leadership reaffirmed its forward looking guidance. Favorable results were driven by surging demand for its tobacco-less Zyn nicotine pouches, as well as strength in its traditional heated tobacco segment.

**Walmart, Inc. \|** Walmart benefited from pricing rollbacks and an expanding customer base as consumers across income cohorts gravitated toward convenience. Also, we believe the discount retailer has made great progress on e-commerce profitability, driven by scale efficiencies, automation and generative artificial intelligence.

#### What detracted from performance?
**Merck & Co., Inc. \|** Merck shares fell as sales of its Gardasil HPV vaccine were below expectations due to China-related issues that included weakness in China's economy, budgetary issues at its disease control centers that reduced inventory, and Merck's Chinese partner Zhifei signing a new shingles vaccine contract that drew focus away from Gardasil.

**ConocoPhillips \|** ConocoPhillips experienced headwinds during the fiscal year after its May 2024 announcement to acquire Marathon Oil in a deal that closed in November 2024.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340958.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Dividend Income Fund (Class R6)** | 7.35% | 10.86% | 7.66% |
| **Russell 1000<sup>®</sup> Value Index** | 8.55% | 13.00% | 8.36% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3443630814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$19318656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;2.18% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340948.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-DIVI-AR-R6 **Invesco Dividend Income Fund**

![TSR_logo](images_2527.jpg)

### Invesco Energy Fund

### Class A: IENAX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Energy Fund<br>(Class A) | $1181.23%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, changes in oil prices were driven by multiple factors, including fluctuating global demand, geopolitical tensions and changes in OPEC+ increasing production and supply in early 2025. Additionally, economic uncertainties and inflationary pressures, exacerbated by US-imposed tariffs affecting global markets, contributed to oil price and overall capital markets volatility.

**•** For the fiscal year ended April 30, 2025, Class A shares of the Fund, excluding sales charge, returned -8.29%. For the same time period, the MSCI World Energy Index (the benchmark) returned -8.76%. The Fund performed in-line with the benchmark.

#### What contributed to performance?
**Overweight allocation to materials stocks related to oil and gas \|** The largest relative contributor versus the benchmark was the overweight allocation to materials stocks related to oil and gas. In particular, the Fund's holdings in CF Industries holdings benefited from lower natural gas prices, which reduced production costs and improved profit margins for the company.

**Cash allocation \|** Although cash averaged less than 2% of the Fund's net assets for the period, the allocation acted as a contributor to Fund performance given the general negative performance for the sector in a generally positive period for equities.

#### What detracted from performance?
**Stock selection and a material underweight in oil/gas storage & transportation \|** Stock selection and a material underweight in oil/gas storage & transportation was a very large detractor, mainly from stocks that were not owned during the period. The Fund did not own certain companies that outperformed relative to the benchmark, which negatively impacted Fund performance.

**Noble Corp. PLC \|** Stock selection and the allocation to oil/gas drilling companies, notably Noble Corp., detracted from relative performance. Noble's stock price was more negatively affected versus other companies in the industry by declining oil prices, which negatively impacted revenue and overall financial performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340751.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Energy Fund (Class A) —including sales charge** | -13.32% | 20.07% | -1.13% |
| **Invesco Energy Fund (Class A) —excluding sales charge** | -8.29% | 21.43% | -0.57% |
| **MSCI World Energy Index (Net)** | -8.76% | 17.61% | 2.90% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$393375420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3327906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;10.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;8.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;6.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;3.85% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340760.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-ENE-AR-A **Invesco Energy Fund**

![TSR_logo](images_2527.jpg)

### Invesco Energy Fund

### Class C: IEFCX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Energy Fund<br>(Class C) | $1891.98%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, changes in oil prices were driven by multiple factors, including fluctuating global demand, geopolitical tensions and changes in OPEC+ increasing production and supply in early 2025. Additionally, economic uncertainties and inflationary pressures, exacerbated by US-imposed tariffs affecting global markets, contributed to oil price and overall capital markets volatility.

**•** For the fiscal year ended April 30, 2025, Class C shares of the Fund, excluding sales charge, returned -8.96%. For the same time period, the MSCI World Energy Index (the benchmark) returned -8.76%. The Fund performed in-line with the benchmark.

#### What contributed to performance?
**Overweight allocation to materials stocks related to oil and gas \|** The largest relative contributor versus the benchmark was the overweight allocation to materials stocks related to oil and gas. In particular, the Fund's holdings in CF Industries holdings benefited from lower natural gas prices, which reduced production costs and improved profit margins for the company.

**Cash allocation \|** Although cash averaged less than 2% of the Fund's net assets for the period, the allocation acted as a contributor to Fund performance given the general negative performance for the sector in a generally positive period for equities.

#### What detracted from performance?
**Stock selection and a material underweight in oil/gas storage & transportation \|** Stock selection and a material underweight in oil/gas storage & transportation was a very large detractor, mainly from stocks that were not owned during the period. The Fund did not own certain companies that outperformed relative to the benchmark, which negatively impacted Fund performance.

**Noble Corp. PLC \|** Stock selection and the allocation to oil/gas drilling companies, notably Noble Corp., detracted from relative performance. Noble's stock price was more negatively affected versus other companies in the industry by declining oil prices, which negatively impacted revenue and overall financial performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340748.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Energy Fund (Class C) —including sales charge** | -9.83% | 20.54% | -1.16% |
| **Invesco Energy Fund (Class C) —excluding sales charge** | -8.96% | 20.54% | -1.16% |
| **MSCI World Energy Index (Net)** | -8.76% | 17.61% | 2.90% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$393375420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3327906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;10.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;8.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;6.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;3.85% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340739.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-ENE-AR-C **Invesco Energy Fund**

![TSR_logo](images_2527.jpg)

### Invesco Energy Fund

### Class Y: IENYX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Energy Fund<br>(Class Y) | $940.98%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, changes in oil prices were driven by multiple factors, including fluctuating global demand, geopolitical tensions and changes in OPEC+ increasing production and supply in early 2025. Additionally, economic uncertainties and inflationary pressures, exacerbated by US-imposed tariffs affecting global markets, contributed to oil price and overall capital markets volatility.

**•** For the fiscal year ended April 30, 2025, Class Y shares of the Fund returned -8.05%. For the same time period, the MSCI World Energy Index (the benchmark) returned -8.76%. The Fund performed in-line with the benchmark.

#### What contributed to performance?
**Overweight allocation to materials stocks related to oil and gas \|** The largest relative contributor versus the benchmark was the overweight allocation to materials stocks related to oil and gas. In particular, the Fund's holdings in CF Industries holdings benefited from lower natural gas prices, which reduced production costs and improved profit margins for the company.

**Cash allocation \|** Although cash averaged less than 2% of the Fund's net assets for the period, the allocation acted as a contributor to Fund performance given the general negative performance for the sector in a generally positive period for equities.

#### What detracted from performance?
**Stock selection and a material underweight in oil/gas storage & transportation \|** Stock selection and a material underweight in oil/gas storage & transportation was a very large detractor, mainly from stocks that were not owned during the period. The Fund did not own certain companies that outperformed relative to the benchmark, which negatively impacted Fund performance.

**Noble Corp. PLC \|** Stock selection and the allocation to oil/gas drilling companies, notably Noble Corp., detracted from relative performance. Noble's stock price was more negatively affected versus other companies in the industry by declining oil prices, which negatively impacted revenue and overall financial performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340709.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Energy Fund (Class Y)** | -8.05% | 21.74% | -0.32% |
| **MSCI World Energy Index (Net)** | -8.76% | 17.61% | 2.90% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$393375420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3327906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;10.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;8.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;6.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;3.85% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340718.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-ENE-AR-Y **Invesco Energy Fund**

![TSR_logo](images_2527.jpg)

### Invesco Energy Fund

### Investor Class: FSTEX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Energy Fund<br>(Investor Class) | $1181.23%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, changes in oil prices were driven by multiple factors, including fluctuating global demand, geopolitical tensions and changes in OPEC+ increasing production and supply in early 2025. Additionally, economic uncertainties and inflationary pressures, exacerbated by US-imposed tariffs affecting global markets, contributed to oil price and overall capital markets volatility.

**•** For the fiscal year ended April 30, 2025, Investor Class shares of the Fund returned -8.30%. For the same time period, the MSCI World Energy Index (the benchmark) returned -8.76%. The Fund performed in-line with the benchmark.

#### What contributed to performance?
**Overweight allocation to materials stocks related to oil and gas \|** The largest relative contributor versus the benchmark was the overweight allocation to materials stocks related to oil and gas. In particular, the Fund's holdings in CF Industries holdings benefited from lower natural gas prices, which reduced production costs and improved profit margins for the company.

**Cash allocation \|** Although cash averaged less than 2% of the Fund's net assets for the period, the allocation acted as a contributor to Fund performance given the general negative performance for the sector in a generally positive period for equities.

#### What detracted from performance?
**Stock selection and a material underweight in oil/gas storage & transportation \|** Stock selection and a material underweight in oil/gas storage & transportation was a very large detractor, mainly from stocks that were not owned during the period. The Fund did not own certain companies that outperformed relative to the benchmark, which negatively impacted Fund performance.

**Noble Corp. PLC \|** Stock selection and the allocation to oil/gas drilling companies, notably Noble Corp., detracted from relative performance. Noble's stock price was more negatively affected versus other companies in the industry by declining oil prices, which negatively impacted revenue and overall financial performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340706.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Energy Fund (Investor Class)** | -8.30% | 21.43% | -0.57% |
| **MSCI World Energy Index (Net)** | -8.76% | 17.61% | 2.90% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$393375420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3327906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;10.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;8.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;6.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;3.85% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340697.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-ENE-AR-INV **Invesco Energy Fund**

![TSR_logo](images_2527.jpg)

### Invesco Energy Fund

### Class R5: IENIX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Energy Fund<br>(Class R5) | $86 | 0.90% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, changes in oil prices were driven by multiple factors, including fluctuating global demand, geopolitical tensions and changes in OPEC+ increasing production and supply in early 2025. Additionally, economic uncertainties and inflationary pressures, exacerbated by US-imposed tariffs affecting global markets, contributed to oil price and overall capital markets volatility.

**•** For the fiscal year ended April 30, 2025, Class R5 shares of the Fund returned -7.97%. For the same time period, the MSCI World Energy Index (the benchmark) returned -8.76%. The Fund performed in-line with the benchmark.

#### What contributed to performance?
**Overweight allocation to materials stocks related to oil and gas \|** The largest relative contributor versus the benchmark was the overweight allocation to materials stocks related to oil and gas. In particular, the Fund's holdings in CF Industries holdings benefited from lower natural gas prices, which reduced production costs and improved profit margins for the company.

**Cash allocation \|** Although cash averaged less than 2% of the Fund's net assets for the period, the allocation acted as a contributor to Fund performance given the general negative performance for the sector in a generally positive period for equities.

#### What detracted from performance?
**Stock selection and a material underweight in oil/gas storage & transportation \|** Stock selection and a material underweight in oil/gas storage & transportation was a very large detractor, mainly from stocks that were not owned during the period. The Fund did not own certain companies that outperformed relative to the benchmark, which negatively impacted Fund performance.

**Noble Corp. PLC \|** Stock selection and the allocation to oil/gas drilling companies, notably Noble Corp., detracted from relative performance. Noble's stock price was more negatively affected versus other companies in the industry by declining oil prices, which negatively impacted revenue and overall financial performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340667.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Energy Fund (Class R5)** | -7.97% | 21.92% | -0.15% |
| **MSCI World Energy Index (Net)** | -8.76% | 17.61% | 2.90% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$393375420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3327906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;10.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;8.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;6.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;3.85% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340675.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective after the close of business on September 30, 2024, the Fund has limited public sales of its Class R5 shares to certain investors who were previously invested in Class R5 shares of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-ENE-AR-R5 **Invesco Energy Fund**

![TSR_logo](images_2527.jpg)

### Invesco Energy Fund

### Class R6: IENSX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Energy Fund<br>(Class R6) | $80 | 0.83% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, changes in oil prices were driven by multiple factors, including fluctuating global demand, geopolitical tensions and changes in OPEC+ increasing production and supply in early 2025. Additionally, economic uncertainties and inflationary pressures, exacerbated by US-imposed tariffs affecting global markets, contributed to oil price and overall capital markets volatility.

**•** For the fiscal year ended April 30, 2025, Class R6 shares of the Fund returned -7.92%. For the same time period, the MSCI World Energy Index (the benchmark) returned -8.76%. The Fund performed in-line with the benchmark.

#### What contributed to performance?
**Overweight allocation to materials stocks related to oil and gas \|** The largest relative contributor versus the benchmark was the overweight allocation to materials stocks related to oil and gas. In particular, the Fund's holdings in CF Industries holdings benefited from lower natural gas prices, which reduced production costs and improved profit margins for the company.

**Cash allocation \|** Although cash averaged less than 2% of the Fund's net assets for the period, the allocation acted as a contributor to Fund performance given the general negative performance for the sector in a generally positive period for equities.

#### What detracted from performance?
**Stock selection and a material underweight in oil/gas storage & transportation \|** Stock selection and a material underweight in oil/gas storage & transportation was a very large detractor, mainly from stocks that were not owned during the period. The Fund did not own certain companies that outperformed relative to the benchmark, which negatively impacted Fund performance.

**Noble Corp. PLC \|** Stock selection and the allocation to oil/gas drilling companies, notably Noble Corp., detracted from relative performance. Noble's stock price was more negatively affected versus other companies in the industry by declining oil prices, which negatively impacted revenue and overall financial performance.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340664.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Energy Fund (Class R6)** | -7.92% | 22.01% | -0.19% |
| **MSCI World Energy Index (Net)** | -8.76% | 17.61% | 2.90% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

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. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$393375420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$3327906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;10.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;8.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;6.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;3.85% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340656.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-ENE-AR-R6 **Invesco Energy Fund**

![TSR_logo](images_2527.jpg)

### Invesco Gold & Special Minerals Fund

### Class A: OPGSX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Gold & Special Minerals Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Gold & Special Minerals Fund<br>(Class A) | $128 | 1.05% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, shares of gold & precious metal mining companies rose more than 40%, driven by similarly strong appreciation of the price of gold, which closed the fiscal year near an all time high of $3,281.50 per ounce. Geopolitical and tariff uncertainty, particularly towards the end of the fiscal year, increased demand for this perceived safe-haven asset. Factors that were supportive of gold prices during the fiscal year included foreign central bank purchases, large US and developed nation fiscal deficits, and interest rate cuts in a potentially slowing US economy.

**•** For the fiscal year ended April 30, 2025, Class A shares of the Fund, excluding sales charge, returned 42.93%. For the same time period, the Philadelphia Gold & Silver Index returned 42.67%.

#### What contributed to performance?
**Agnico Eagle Mines Ltd. \|** Agnico Eagle Mines is the third-largest gold producer in the world, and is based in Canada. The company reported strong operating results during the fiscal year and shares rallied in response.

**Kinross Gold Corp. \|** Kinross Gold delivered strong operational momentum during the fiscal year, and we believe they are well positioned to deliver on their long-term production target of 2 million ounces of gold per year through 2030. They have exposure to a number of low cost, high return projects across North America, South America, and Africa.

#### What detracted from performance?
**Bellevue Gold Ltd. \|** Bellevue Gold is an Australian mining company that had some operational setbacks during the fiscal year, which have dampened expectations for near-term production and driven down the share price of the company.

**Ivanhoe Mines Ltd. \|** Ivanhoe Mines is a diversified mining company currently developing a large copper deposit in the Democratic Republic of Congo. Shares fell during the fiscal year after the company had to revise production guidance downward due to issues the company has had getting power to this copper operation. The price of copper also stagnated during the fiscal year, compared to a strong rise for precious metals.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340286.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Gold & Special Minerals Fund (Class A) —including sales charge** | 35.06% | 10.05% | 10.77% |
| **Invesco Gold & Special Minerals Fund (Class A) —excluding sales charge** | 42.93% | 11.31% | 11.40% |
| **Philadelphia Gold & Silver Index** | 42.67% | 12.41% | 11.27% |
| **MSCI World Index (Net)** | 12.16% | 13.95% | 9.34% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 11.93% | 10.09% | 4.83% |

---

Effective after the close of business on May 24, 2019, Class A shares of Oppenheimer Gold & Special Minerals Fund (the predecessor fund), were reorganized into Class A shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class A shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the MSCI World Index (Net) to the MSCI ACWI ex USA<sup>®</sup> Index (Net) to reflect that the MSCI ACWI ex USA<sup>®</sup> Index (Net) can be considered more broadly representative of the overall applicable securities market.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2511748141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12364332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Artemis Gold, Inc. | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;K92 Mining, Inc. | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;OceanaGold Corp. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;2.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340278.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

O-GSM-AR-A **Invesco Gold & Special Minerals Fund**

![TSR_logo](images_2527.jpg)

### Invesco Gold & Special Minerals Fund

### Class C: OGMCX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Gold & Special Minerals Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Gold & Special Minerals Fund<br>(Class C) | $219 | 1.81% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, shares of gold & precious metal mining companies rose more than 40%, driven by similarly strong appreciation of the price of gold, which closed the fiscal year near an all time high of $3,281.50 per ounce. Geopolitical and tariff uncertainty, particularly towards the end of the fiscal year, increased demand for this perceived safe-haven asset. Factors that were supportive of gold prices during the fiscal year included foreign central bank purchases, large US and developed nation fiscal deficits, and interest rate cuts in a potentially slowing US economy.

**•** For the fiscal year ended April 30, 2025, Class C shares of the Fund, excluding sales charge, returned 41.88%. For the same time period, the Philadelphia Gold & Silver Index returned 42.67%.

#### What contributed to performance?
**Agnico Eagle Mines Ltd. \|** Agnico Eagle Mines is the third-largest gold producer in the world, and is based in Canada. The company reported strong operating results during the fiscal year and shares rallied in response.

**Kinross Gold Corp. \|** Kinross Gold delivered strong operational momentum during the fiscal year, and we believe they are well positioned to deliver on their long-term production target of 2 million ounces of gold per year through 2030. They have exposure to a number of low cost, high return projects across North America, South America, and Africa.

#### What detracted from performance?
**Bellevue Gold Ltd. \|** Bellevue Gold is an Australian mining company that had some operational setbacks during the fiscal year, which have dampened expectations for near-term production and driven down the share price of the company.

**Ivanhoe Mines Ltd. \|** Ivanhoe Mines is a diversified mining company currently developing a large copper deposit in the Democratic Republic of Congo. Shares fell during the fiscal year after the company had to revise production guidance downward due to issues the company has had getting power to this copper operation. The price of copper also stagnated during the fiscal year, compared to a strong rise for precious metals.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340247.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Gold & Special Minerals Fund (Class C) —including sales charge** | 40.82% | 10.46% | 10.72% |
| **Invesco Gold & Special Minerals Fund (Class C) —excluding sales charge** | 41.88% | 10.46% | 10.72% |
| **Philadelphia Gold & Silver Index** | 42.67% | 12.41% | 11.27% |
| **MSCI World Index (Net)** | 12.16% | 13.95% | 9.34% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 11.93% | 10.09% | 4.83% |

---

Effective after the close of business on May 24, 2019, Class C shares of Oppenheimer Gold & Special Minerals Fund (the predecessor fund), were reorganized into Class C shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class C shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the MSCI World Index (Net) to the MSCI ACWI ex USA<sup>®</sup> Index (Net) to reflect that the MSCI ACWI ex USA<sup>®</sup> Index (Net) can be considered more broadly representative of the overall applicable securities market.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2511748141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12364332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Artemis Gold, Inc. | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;K92 Mining, Inc. | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;OceanaGold Corp. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;2.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340255.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

O-GSM-AR-C **Invesco Gold & Special Minerals Fund**

![TSR_logo](images_2527.jpg)

### Invesco Gold & Special Minerals Fund

### Class R: OGMNX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Gold & Special Minerals Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Gold & Special Minerals Fund<br>(Class R) | $159 | 1.31% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, shares of gold & precious metal mining companies rose more than 40%, driven by similarly strong appreciation of the price of gold, which closed the fiscal year near an all time high of $3,281.50 per ounce. Geopolitical and tariff uncertainty, particularly towards the end of the fiscal year, increased demand for this perceived safe-haven asset. Factors that were supportive of gold prices during the fiscal year included foreign central bank purchases, large US and developed nation fiscal deficits, and interest rate cuts in a potentially slowing US economy.

**•** For the fiscal year ended April 30, 2025, Class R shares of the Fund, returned 42.62%. For the same time period, the Philadelphia Gold & Silver Index returned 42.67%.

#### What contributed to performance?
**Agnico Eagle Mines Ltd. \|** Agnico Eagle Mines is the third-largest gold producer in the world, and is based in Canada. The company reported strong operating results during the fiscal year and shares rallied in response.

**Kinross Gold Corp. \|** Kinross Gold delivered strong operational momentum during the fiscal year, and we believe they are well positioned to deliver on their long-term production target of 2 million ounces of gold per year through 2030. They have exposure to a number of low cost, high return projects across North America, South America, and Africa.

#### What detracted from performance?
**Bellevue Gold Ltd. \|** Bellevue Gold is an Australian mining company that had some operational setbacks during the fiscal year, which have dampened expectations for near-term production and driven down the share price of the company.

**Ivanhoe Mines Ltd. \|** Ivanhoe Mines is a diversified mining company currently developing a large copper deposit in the Democratic Republic of Congo. Shares fell during the fiscal year after the company had to revise production guidance downward due to issues the company has had getting power to this copper operation. The price of copper also stagnated during the fiscal year, compared to a strong rise for precious metals.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340244.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Gold & Special Minerals Fund (Class R)** | 42.62% | 11.02% | 11.11% |
| **Philadelphia Gold & Silver Index** | 42.67% | 12.41% | 11.27% |
| **MSCI World Index (Net)** | 12.16% | 13.95% | 9.34% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 11.93% | 10.09% | 4.83% |

---

Effective after the close of business on May 24, 2019, Class R shares of Oppenheimer Gold & Special Minerals Fund (the predecessor fund), were reorganized into Class R shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class R shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the MSCI World Index (Net) to the MSCI ACWI ex USA<sup>®</sup> Index (Net) to reflect that the MSCI ACWI ex USA<sup>®</sup> Index (Net) can be considered more broadly representative of the overall applicable securities market.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2511748141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12364332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Artemis Gold, Inc. | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;K92 Mining, Inc. | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;OceanaGold Corp. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;2.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340236.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

O-GSM-AR-R **Invesco Gold & Special Minerals Fund**

![TSR_logo](images_2527.jpg)

### Invesco Gold & Special Minerals Fund

### Class Y: OGMYX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Gold & Special Minerals Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Gold & Special Minerals Fund<br>(Class Y) | $99 | 0.81% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, shares of gold & precious metal mining companies rose more than 40%, driven by similarly strong appreciation of the price of gold, which closed the fiscal year near an all time high of $3,281.50 per ounce. Geopolitical and tariff uncertainty, particularly towards the end of the fiscal year, increased demand for this perceived safe-haven asset. Factors that were supportive of gold prices during the fiscal year included foreign central bank purchases, large US and developed nation fiscal deficits, and interest rate cuts in a potentially slowing US economy.

**•** For the fiscal year ended April 30, 2025, Class Y shares of the Fund, returned 43.29%. For the same time period, the Philadelphia Gold & Silver Index returned 42.67%.

#### What contributed to performance?
**Agnico Eagle Mines Ltd. \|** Agnico Eagle Mines is the third-largest gold producer in the world, and is based in Canada. The company reported strong operating results during the fiscal year and shares rallied in response.

**Kinross Gold Corp. \|** Kinross Gold delivered strong operational momentum during the fiscal year, and we believe they are well positioned to deliver on their long-term production target of 2 million ounces of gold per year through 2030. They have exposure to a number of low cost, high return projects across North America, South America, and Africa.

#### What detracted from performance?
**Bellevue Gold Ltd. \|** Bellevue Gold is an Australian mining company that had some operational setbacks during the fiscal year, which have dampened expectations for near-term production and driven down the share price of the company.

**Ivanhoe Mines Ltd. \|** Ivanhoe Mines is a diversified mining company currently developing a large copper deposit in the Democratic Republic of Congo. Shares fell during the fiscal year after the company had to revise production guidance downward due to issues the company has had getting power to this copper operation. The price of copper also stagnated during the fiscal year, compared to a strong rise for precious metals.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340205.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Gold & Special Minerals Fund (Class Y)** | 43.29% | 11.57% | 11.66% |
| **Philadelphia Gold & Silver Index** | 42.67% | 12.41% | 11.27% |
| **MSCI World Index (Net)** | 12.16% | 13.95% | 9.34% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 11.93% | 10.09% | 4.83% |

---

Effective after the close of business on May 24, 2019, Class Y shares of Oppenheimer Gold & Special Minerals Fund (the predecessor fund), were reorganized into Class Y shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class Y shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the MSCI World Index (Net) to the MSCI ACWI ex USA<sup>®</sup> Index (Net) to reflect that the MSCI ACWI ex USA<sup>®</sup> Index (Net) can be considered more broadly representative of the overall applicable securities market.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2511748141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12364332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Artemis Gold, Inc. | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;K92 Mining, Inc. | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;OceanaGold Corp. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;2.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340213.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

O-GSM-AR-Y **Invesco Gold & Special Minerals Fund**

![TSR_logo](images_2527.jpg)

### Invesco Gold & Special Minerals Fund

### Class R5: IOGYX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Gold & Special Minerals Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Gold & Special Minerals Fund<br>(Class R5) | $89 | 0.73% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, shares of gold & precious metal mining companies rose more than 40%, driven by similarly strong appreciation of the price of gold, which closed the fiscal year near an all time high of $3,281.50 per ounce. Geopolitical and tariff uncertainty, particularly towards the end of the fiscal year, increased demand for this perceived safe-haven asset. Factors that were supportive of gold prices during the fiscal year included foreign central bank purchases, large US and developed nation fiscal deficits, and interest rate cuts in a potentially slowing US economy.

**•** For the fiscal year ended April 30, 2025, Class R5 shares of the Fund, returned 43.37%. For the same time period, the Philadelphia Gold & Silver Index returned 42.67%.

#### What contributed to performance?
**Agnico Eagle Mines Ltd. \|** Agnico Eagle Mines is the third-largest gold producer in the world, and is based in Canada. The company reported strong operating results during the fiscal year and shares rallied in response.

**Kinross Gold Corp. \|** Kinross Gold delivered strong operational momentum during the fiscal year, and we believe they are well positioned to deliver on their long-term production target of 2 million ounces of gold per year through 2030. They have exposure to a number of low cost, high return projects across North America, South America, and Africa.

#### What detracted from performance?
**Bellevue Gold Ltd. \|** Bellevue Gold is an Australian mining company that had some operational setbacks during the fiscal year, which have dampened expectations for near-term production and driven down the share price of the company.

**Ivanhoe Mines Ltd. \|** Ivanhoe Mines is a diversified mining company currently developing a large copper deposit in the Democratic Republic of Congo. Shares fell during the fiscal year after the company had to revise production guidance downward due to issues the company has had getting power to this copper operation. The price of copper also stagnated during the fiscal year, compared to a strong rise for precious metals.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340202.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Gold & Special Minerals Fund (Class R5)** | 43.37% | 11.68% | 11.62% |
| **Philadelphia Gold & Silver Index** | 42.67% | 12.41% | 11.27% |
| **MSCI World Index (Net)** | 12.16% | 13.95% | 9.34% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 11.93% | 10.09% | 4.83% |

---

Class R5 shares incepted on May 24, 2019. Performance shown on or prior to that date is that of Oppenheimer Gold & Special Minerals Fund's (the predecessor fund) Class A shares at net asset value and includes 12b-1 fees applicable to Class A shares. Share class returns will differ from the predecessor fund because of different expenses.

Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the MSCI World Index (Net) to the MSCI ACWI ex USA<sup>®</sup> Index (Net) to reflect that the MSCI ACWI ex USA<sup>®</sup> Index (Net) can be considered more broadly representative of the overall applicable securities market.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2511748141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12364332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Artemis Gold, Inc. | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;K92 Mining, Inc. | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;OceanaGold Corp. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;2.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340194.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective after the close of business on September 30, 2024, the Fund has limited public sales of its Class R5 shares to certain investors who were previously invested in Class R5 shares of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

O-GSM-AR-R5 **Invesco Gold & Special Minerals Fund**

![TSR_logo](images_2527.jpg)

### Invesco Gold & Special Minerals Fund

### Class R6: OGMIX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Gold & Special Minerals Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Gold & Special Minerals Fund<br>(Class R6) | $80 | 0.66% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, shares of gold & precious metal mining companies rose more than 40%, driven by similarly strong appreciation of the price of gold, which closed the fiscal year near an all time high of $3,281.50 per ounce. Geopolitical and tariff uncertainty, particularly towards the end of the fiscal year, increased demand for this perceived safe-haven asset. Factors that were supportive of gold prices during the fiscal year included foreign central bank purchases, large US and developed nation fiscal deficits, and interest rate cuts in a potentially slowing US economy.

**•** For the fiscal year ended April 30, 2025, Class R6 shares of the Fund, returned 43.47%. For the same time period, the Philadelphia Gold & Silver Index returned 42.67%.

#### What contributed to performance?
**Agnico Eagle Mines Ltd. \|** Agnico Eagle Mines is the third-largest gold producer in the world, and is based in Canada. The company reported strong operating results during the fiscal year and shares rallied in response.

**Kinross Gold Corp. \|** Kinross Gold delivered strong operational momentum during the fiscal year, and we believe they are well positioned to deliver on their long-term production target of 2 million ounces of gold per year through 2030. They have exposure to a number of low cost, high return projects across North America, South America, and Africa.

#### What detracted from performance?
**Bellevue Gold Ltd. \|** Bellevue Gold is an Australian mining company that had some operational setbacks during the fiscal year, which have dampened expectations for near-term production and driven down the share price of the company.

**Ivanhoe Mines Ltd. \|** Ivanhoe Mines is a diversified mining company currently developing a large copper deposit in the Democratic Republic of Congo. Shares fell during the fiscal year after the company had to revise production guidance downward due to issues the company has had getting power to this copper operation. The price of copper also stagnated during the fiscal year, compared to a strong rise for precious metals.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340163.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Gold & Special Minerals Fund (Class R6)** | 43.47% | 11.74% | 11.85% |
| **Philadelphia Gold & Silver Index** | 42.67% | 12.41% | 11.27% |
| **MSCI World Index (Net)** | 12.16% | 13.95% | 9.34% |
| **MSCI ACWI ex USA<sup>®</sup> Index (Net)** | 11.93% | 10.09% | 4.83% |

---

Effective after the close of business on May 24, 2019, Class I shares of Oppenheimer Gold & Special Minerals Fund (the predecessor fund), were reorganized into Class R6 shares of the Fund. Returns shown above for periods ending on or prior to May 24, 2019 are those of Class I shares of the predecessor fund. Share class returns will differ from the predecessor fund because of different expenses.

Effective August 28, 2024, the Fund changed its broad-based securities market benchmark from the MSCI World Index (Net) to the MSCI ACWI ex USA<sup>®</sup> Index (Net) to reflect that the MSCI ACWI ex USA<sup>®</sup> Index (Net) can be considered more broadly representative of the overall applicable securities market.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2511748141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12364332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;&nbsp;3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Artemis Gold, Inc. | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;K92 Mining, Inc. | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;OceanaGold Corp. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolution Mining Ltd. | &nbsp;&nbsp;&nbsp;2.67% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340171.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

O-GSM-AR-R6 **Invesco Gold & Special Minerals Fund**

![TSR_logo](images_2527.jpg)

### Invesco Small Cap Value Fund

### Class A: VSCAX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Small Cap Value Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Small Cap Value Fund<br>(Class A) | $108 | 1.07% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market, and anticipation of lower interest rates. However, beginning in 2025, market volatility exponentially increased with the uncertainty about the long-term value of significant AI-related investments and the imposition of broad US tariffs on numerous countries — most notably China — raising concerns about a potential trade war.

**•** During the fiscal year ended April 30, 2025, Class A shares of the Fund, excluding sales charge, returned 2.07%. For the same time period the Russell 2000<sup>®</sup> Value Index returned -0.68%.

#### What contributed to performance?
**Lumentum Holdings, Inc. \|** The communications equipment maker reported solid financial results over the past year, including strong growth in orders for advanced technology products used in data center applications.

**Coherent Corp. \|** This laser company develops and manufactures optoelectronic components and devices used in the communications, electronics and industrial markets. It benefited from the growth of AI as its optical transceivers are key enablers for networking of AI servers.

**NRG Energy, Inc. \|** NRG is a US-based integrated power company that generates electricity and sells it directly to consumers while also offering energy services and sustainability solutions. NRG's shares benefited from strong retail demand in Texas, as well as AI data center expansion.

#### What detracted from performance?
**QuidelOrtho Corp. \|** The company is a global diagnostics firm that manufactures and markets rapid tests, lab-based diagnostics, and blood screening solutions for infectious diseases and other health conditions. The company reported a decline in revenues and slowing demand for respiratory tests, which weighed on the company's share price..

**Avantor, Inc. \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor's shares declined as most of its end markets remained soft, whereas the market was expecting improved revenue trends.

**Onto Innovation, Inc. \|** The company is a semiconductor capital equipment manufacturer that provides process control solutions for microelectronics manufacturing, including defect inspection, metrology systems and software to enhance yield and reduce costs. The company has benefited from the AI boom, but its share price declined amid the broader AI-related selloff in early 2025.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340625.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Small Cap Value Fund (Class A) —including sales charge** | -3.53% | 24.79% | 9.47% |
| **Invesco Small Cap Value Fund (Class A) —excluding sales charge** | 2.07% | 26.21% | 10.09% |
| **Russell 2000<sup>®</sup> Value Index** | -0.68% | 11.74% | 5.87% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5897043030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$36116734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;VanEck Junior Gold Miners ETF | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1.91% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340633.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-SCV-AR-A **Invesco Small Cap Value Fund**

![TSR_logo](images_2527.jpg)

### Invesco Small Cap Value Fund

### Class C: VSMCX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Small Cap Value Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Small Cap Value Fund<br>(Class C) | $183 | 1.82% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market, and anticipation of lower interest rates. However, beginning in 2025, market volatility exponentially increased with the uncertainty about the long-term value of significant AI-related investments and the imposition of broad US tariffs on numerous countries — most notably China — raising concerns about a potential trade war.

**•** During the fiscal year ended April 30, 2025, Class C shares of the Fund, excluding sales charge, returned 1.27%. For the same time period the Russell 2000<sup>®</sup> Value Index returned -0.68%.

#### What contributed to performance?
**Lumentum Holdings, Inc. \|** The communications equipment maker reported solid financial results over the past year, including strong growth in orders for advanced technology products used in data center applications.

**Coherent Corp. \|** This laser company develops and manufactures optoelectronic components and devices used in the communications, electronics and industrial markets. It benefited from the growth of AI as its optical transceivers are key enablers for networking of AI servers.

**NRG Energy, Inc. \|** NRG is a US-based integrated power company that generates electricity and sells it directly to consumers while also offering energy services and sustainability solutions. NRG's shares benefited from strong retail demand in Texas, as well as AI data center expansion.

#### What detracted from performance?
**QuidelOrtho Corp. \|** The company is a global diagnostics firm that manufactures and markets rapid tests, lab-based diagnostics, and blood screening solutions for infectious diseases and other health conditions. The company reported a decline in revenues and slowing demand for respiratory tests, which weighed on the company's share price..

**Avantor, Inc. \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor's shares declined as most of its end markets remained soft, whereas the market was expecting improved revenue trends.

**Onto Innovation, Inc. \|** The company is a semiconductor capital equipment manufacturer that provides process control solutions for microelectronics manufacturing, including defect inspection, metrology systems and software to enhance yield and reduce costs. The company has benefited from the AI boom, but its share price declined amid the broader AI-related selloff in early 2025.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340622.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Small Cap Value Fund (Class C) —including sales charge** | 0.41% | 25.31% | 9.44% |
| **Invesco Small Cap Value Fund (Class C) —excluding sales charge** | 1.27% | 25.31% | 9.44% |
| **Russell 2000<sup>®</sup> Value Index** | -0.68% | 11.74% | 5.87% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5897043030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$36116734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;VanEck Junior Gold Miners ETF | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1.91% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340614.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-SCV-AR-C **Invesco Small Cap Value Fund**

![TSR_logo](images_2527.jpg)

### Invesco Small Cap Value Fund

### Class R: VSRAX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Small Cap Value Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Small Cap Value Fund<br>(Class R) | $133 | 1.32% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market, and anticipation of lower interest rates. However, beginning in 2025, market volatility exponentially increased with the uncertainty about the long-term value of significant AI-related investments and the imposition of broad US tariffs on numerous countries — most notably China — raising concerns about a potential trade war.

**•** During the fiscal year ended April 30, 2025, Class R shares of the Fund, returned 1.77%. For the same time period the Russell 2000® Value Index returned -0.68%.

#### What contributed to performance?
**Lumentum Holdings, Inc. \|** The communications equipment maker reported solid financial results over the past year, including strong growth in orders for advanced technology products used in data center applications.

**Coherent Corp. \|** This laser company develops and manufactures optoelectronic components and devices used in the communications, electronics and industrial markets. It benefited from the growth of AI as its optical transceivers are key enablers for networking of AI servers.

**NRG Energy, Inc. \|** NRG is a US-based integrated power company that generates electricity and sells it directly to consumers while also offering energy services and sustainability solutions. NRG's shares benefited from strong retail demand in Texas, as well as AI data center expansion.

#### What detracted from performance?
**QuidelOrtho Corp. \|** The company is a global diagnostics firm that manufactures and markets rapid tests, lab-based diagnostics, and blood screening solutions for infectious diseases and other health conditions. The company reported a decline in revenues and slowing demand for respiratory tests, which weighed on the company's share price..

**Avantor, Inc. \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor's shares declined as most of its end markets remained soft, whereas the market was expecting improved revenue trends.

**Onto Innovation, Inc. \|** The company is a semiconductor capital equipment manufacturer that provides process control solutions for microelectronics manufacturing, including defect inspection, metrology systems and software to enhance yield and reduce costs. The company has benefited from the AI boom, but its share price declined amid the broader AI-related selloff in early 2025.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340541.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Small Cap Value Fund (Class R)** | 1.77% | 25.90% | 9.80% |
| **Russell 2000<sup>®</sup> Value Index** | -0.68% | 11.74% | 5.87% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

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.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5897043030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$36116734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;VanEck Junior Gold Miners ETF | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1.91% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340549.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-SCV-AR-R **Invesco Small Cap Value Fund**

![TSR_logo](images_2527.jpg)

### Invesco Small Cap Value Fund

### Class Y: VSMIX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Small Cap Value Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Small Cap Value Fund<br>(Class Y) | $83 | 0.82% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market, and anticipation of lower interest rates. However, beginning in 2025, market volatility exponentially increased with the uncertainty about the long-term value of significant AI-related investments and the imposition of broad US tariffs on numerous countries — most notably China — raising concerns about a potential trade war.

**•** During the fiscal year ended April 30, 2025, Class Y shares of the Fund, returned 2.30%. For the same time period the Russell 2000® Value Index returned -0.68%.

#### What contributed to performance?
**Lumentum Holdings, Inc. \|** The communications equipment maker reported solid financial results over the past year, including strong growth in orders for advanced technology products used in data center applications.

**Coherent Corp. \|** This laser company develops and manufactures optoelectronic components and devices used in the communications, electronics and industrial markets. It benefited from the growth of AI as its optical transceivers are key enablers for networking of AI servers.

**NRG Energy, Inc. \|** NRG is a US-based integrated power company that generates electricity and sells it directly to consumers while also offering energy services and sustainability solutions. NRG's shares benefited from strong retail demand in Texas, as well as AI data center expansion.

#### What detracted from performance?
**QuidelOrtho Corp. \|** The company is a global diagnostics firm that manufactures and markets rapid tests, lab-based diagnostics, and blood screening solutions for infectious diseases and other health conditions. The company reported a decline in revenues and slowing demand for respiratory tests, which weighed on the company's share price..

**Avantor, Inc. \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor's shares declined as most of its end markets remained soft, whereas the market was expecting improved revenue trends.

**Onto Innovation, Inc. \|** The company is a semiconductor capital equipment manufacturer that provides process control solutions for microelectronics manufacturing, including defect inspection, metrology systems and software to enhance yield and reduce costs. The company has benefited from the AI boom, but its share price declined amid the broader AI-related selloff in early 2025.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340583.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Small Cap Value Fund (Class Y)** | 2.30% | 26.52% | 10.36% |
| **Russell 2000<sup>®</sup> Value Index** | -0.68% | 11.74% | 5.87% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5897043030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$36116734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;VanEck Junior Gold Miners ETF | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1.91% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340591.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-SCV-AR-Y **Invesco Small Cap Value Fund**

![TSR_logo](images_2527.jpg)

### Invesco Small Cap Value Fund

### Class R6: SMVSX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Small Cap Value Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Small Cap Value Fund<br>(Class R6) | $70 | 0.69% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market, and anticipation of lower interest rates. However, beginning in 2025, market volatility exponentially increased with the uncertainty about the long-term value of significant AI-related investments and the imposition of broad US tariffs on numerous countries — most notably China — raising concerns about a potential trade war.

**•** During the fiscal year ended April 30, 2025, Class R6 shares of the Fund, returned 2.47%. For the same time period the Russell 2000® Value Index returned -0.68%.

#### What contributed to performance?
**Lumentum Holdings, Inc. \|** The communications equipment maker reported solid financial results over the past year, including strong growth in orders for advanced technology products used in data center applications.

**Coherent Corp. \|** This laser company develops and manufactures optoelectronic components and devices used in the communications, electronics and industrial markets. It benefited from the growth of AI as its optical transceivers are key enablers for networking of AI servers.

**NRG Energy, Inc. \|** NRG is a US-based integrated power company that generates electricity and sells it directly to consumers while also offering energy services and sustainability solutions. NRG's shares benefited from strong retail demand in Texas, as well as AI data center expansion.

#### What detracted from performance?
**QuidelOrtho Corp. \|** The company is a global diagnostics firm that manufactures and markets rapid tests, lab-based diagnostics, and blood screening solutions for infectious diseases and other health conditions. The company reported a decline in revenues and slowing demand for respiratory tests, which weighed on the company's share price..

**Avantor, Inc. \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor's shares declined as most of its end markets remained soft, whereas the market was expecting improved revenue trends.

**Onto Innovation, Inc. \|** The company is a semiconductor capital equipment manufacturer that provides process control solutions for microelectronics manufacturing, including defect inspection, metrology systems and software to enhance yield and reduce costs. The company has benefited from the AI boom, but its share price declined amid the broader AI-related selloff in early 2025.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340580.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Small Cap Value Fund (Class R6)** | 2.47% | 26.71% | 10.44% |
| **Russell 2000<sup>®</sup> Value Index** | -0.68% | 11.74% | 5.87% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

Class R6 shares incepted on February 7, 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. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5897043030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$36116734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;VanEck Junior Gold Miners ETF | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;1.91% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340572.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-SCV-AR-R6 **Invesco Small Cap Value Fund**

![TSR_logo](images_2527.jpg)

### Invesco Technology Fund

### Class A: ITYAX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Technology Fund<br>(Class A) | $1061.02%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities experienced considerable volatility amid macroeconomic uncertainty, particularly in the latter portion of the fiscal year, partially offsetting the positive gains experienced in the first eight months of the fiscal year.

**•** For the fiscal year ended April 30, 2025, Class A shares of the Fund, excluding sales charge, returned 8.71%. For the same time period, the S&P North American Technology Sector Index (the benchmark) returned 12.07%. The Fund underperformed the benchmark primarily due to stock selection in the information technology application software sub-industry group. Results were partially offset by our overweight allocation to the movies & entertainment sub-industry group.

#### What contributed to performance?
**NVIDIA Corp. \|** Semiconductor maker NVIDIA benefited from record revenue as all the major large language model developers have increased spending on artificial intelligence (AI). Their Blackwell B100, NVIDIA's most advanced graphics processing unit to date, was already sold out until the end of 2025 as of the period end.

**Netflix, Inc. \|** Netflix is a leading subscription-based streaming movie and television show provider. The company reported better than expected results and benefited from its defensive, staple-like business model during the periods of market volatility.

**Broadcom, Inc. \|** Semiconductor maker Broadcom has seen strong revenue growth from AI-related products including semiconductors and infrastructure software. The company successfully integrated its 2023 acquisition of VMware into its operations, enhancing its capabilities in cloud infrastructure and security, which positively affected the company's performance.

#### What detracted from performance?
**NXP Semiconductors N.V. \|** NXP Semiconductors makes high-performance mixed-signal chips used in automotive, identification, mobile, consumer electronics and industrial end markets. The company experienced macroeconomic headwinds and weak demand in its automotive, industrial and internet-of-things segments. We exited our position in NXP Semiconductors during the fiscal year.

**Micron Technology, Inc. \|** Despite positive momentum in its data center and AI end markets, memory and storage semiconductor maker Micron Technology delivered lower than expected guidance in its consumer end markets driven by weak demand and pricing pressure in its personal computer and mobile phone memory businesses. We exited our position in Micron Technology during the fiscal year.

**Lam Research Corp. \|** Lam Research makes semiconductor wafer fabrication equipment. The company experienced headwinds from US-China trade tensions, weakness in its flash memory end market and investor concern regarding the overall outlook for the semiconductor industry.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340538.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Technology Fund (Class A) —including sales charge** | 2.73% | 9.97% | 11.74% |
| **Invesco Technology Fund (Class A) —excluding sales charge** | 8.71% | 11.22% | 12.37% |
| **S&P North American Technology Sector Index** | 12.07% | 18.25% | 18.99% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1583931084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$10232087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;134% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340530.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-TEC-AR-A **Invesco Technology Fund**

![TSR_logo](images_2527.jpg)

### Invesco Technology Fund

### Class C: ITHCX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Technology Fund<br>(Class C) | $1831.76%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities experienced considerable volatility amid macroeconomic uncertainty, particularly in the latter portion of the fiscal year, partially offsetting the positive gains experienced in the first eight months of the fiscal year.

**•** For the fiscal year ended April 30, 2025, Class C shares of the Fund, excluding sales charge, returned 7.90%. For the same time period, the S&P North American Technology Sector Index (the benchmark) returned 12.07%. The Fund underperformed the benchmark primarily due to stock selection in the information technology application software sub-industry group. Results were partially offset by our overweight allocation to the movies & entertainment sub-industry group.

#### What contributed to performance?
**NVIDIA Corp. \|** Semiconductor maker NVIDIA benefited from record revenue as all the major large language model developers have increased spending on artificial intelligence (AI). Their Blackwell B100, NVIDIA's most advanced graphics processing unit to date, was already sold out until the end of 2025 as of the period end.

**Netflix, Inc. \|** Netflix is a leading subscription-based streaming movie and television show provider. The company reported better than expected results and benefited from its defensive, staple-like business model during the periods of market volatility.

**Broadcom, Inc. \|** Semiconductor maker Broadcom has seen strong revenue growth from AI-related products including semiconductors and infrastructure software. The company successfully integrated its 2023 acquisition of VMware into its operations, enhancing its capabilities in cloud infrastructure and security, which positively affected the company's performance.

#### What detracted from performance?
**NXP Semiconductors N.V. \|** NXP Semiconductors makes high-performance mixed-signal chips used in automotive, identification, mobile, consumer electronics and industrial end markets. The company experienced macroeconomic headwinds and weak demand in its automotive, industrial and internet-of-things segments. We exited our position in NXP Semiconductors during the fiscal year.

**Micron Technology, Inc. \|** Despite positive momentum in its data center and AI end markets, memory and storage semiconductor maker Micron Technology delivered lower than expected guidance in its consumer end markets driven by weak demand and pricing pressure in its personal computer and mobile phone memory businesses. We exited our position in Micron Technology during the fiscal year.

**Lam Research Corp. \|** Lam Research makes semiconductor wafer fabrication equipment. The company experienced headwinds from US-China trade tensions, weakness in its flash memory end market and investor concern regarding the overall outlook for the semiconductor industry.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340499.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Technology Fund (Class C) —including sales charge** | 7.01% | 10.39% | 11.69% |
| **Invesco Technology Fund (Class C) —excluding sales charge** | 7.90% | 10.39% | 11.69% |
| **S&P North American Technology Sector Index** | 12.07% | 18.25% | 18.99% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1583931084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$10232087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;134% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340507.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-TEC-AR-C **Invesco Technology Fund**

![TSR_logo](images_2527.jpg)

### Invesco Technology Fund

### Class Y: ITYYX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Technology Fund<br>(Class Y) | $800.77%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities experienced considerable volatility amid macroeconomic uncertainty, particularly in the latter portion of the fiscal year, partially offsetting the positive gains experienced in the first eight months of the fiscal year.

**•** For the fiscal year ended April 30, 2025, Class Y shares of the Fund returned 8.98%. For the same time period, the S&P North American Technology Sector Index (the benchmark) returned 12.07%. The Fund underperformed the benchmark primarily due to stock selection in the information technology application software sub-industry group. Results were partially offset by our overweight allocation to the movies & entertainment sub-industry group.

#### What contributed to performance?
**NVIDIA Corp. \|** Semiconductor maker NVIDIA benefited from record revenue as all the major large language model developers have increased spending on artificial intelligence (AI). Their Blackwell B100, NVIDIA's most advanced graphics processing unit to date, was already sold out until the end of 2025 as of the period end.

**Netflix, Inc. \|** Netflix is a leading subscription-based streaming movie and television show provider. The company reported better than expected results and benefited from its defensive, staple-like business model during the periods of market volatility.

**Broadcom, Inc. \|** Semiconductor maker Broadcom has seen strong revenue growth from AI-related products including semiconductors and infrastructure software. The company successfully integrated its 2023 acquisition of VMware into its operations, enhancing its capabilities in cloud infrastructure and security, which positively affected the company's performance.

#### What detracted from performance?
**NXP Semiconductors N.V. \|** NXP Semiconductors makes high-performance mixed-signal chips used in automotive, identification, mobile, consumer electronics and industrial end markets. The company experienced macroeconomic headwinds and weak demand in its automotive, industrial and internet-of-things segments. We exited our position in NXP Semiconductors during the fiscal year.

**Micron Technology, Inc. \|** Despite positive momentum in its data center and AI end markets, memory and storage semiconductor maker Micron Technology delivered lower than expected guidance in its consumer end markets driven by weak demand and pricing pressure in its personal computer and mobile phone memory businesses. We exited our position in Micron Technology during the fiscal year.

**Lam Research Corp. \|** Lam Research makes semiconductor wafer fabrication equipment. The company experienced headwinds from US-China trade tensions, weakness in its flash memory end market and investor concern regarding the overall outlook for the semiconductor industry.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340496.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Technology Fund (Class Y)** | 8.98% | 11.50% | 12.65% |
| **S&P North American Technology Sector Index** | 12.07% | 18.25% | 18.99% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1583931084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$10232087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;134% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340488.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-TEC-AR-Y **Invesco Technology Fund**

![TSR_logo](images_2527.jpg)

### Invesco Technology Fund

### Investor Class: FTCHX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Technology Fund<br>(Investor Class) | $950.91%<sup>†</sup> |

---

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

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities experienced considerable volatility amid macroeconomic uncertainty, particularly in the latter portion of the fiscal year, partially offsetting the positive gains experienced in the first eight months of the fiscal year.

**•** For the fiscal year ended April 30, 2025, Investor Clas shares of the Fund returned 8.81%. For the same time period, the S&P North American Technology Sector Index (the benchmark) returned 12.07%. The Fund underperformed the benchmark primarily due to stock selection in the information technology application software sub-industry group. Results were partially offset by our overweight allocation to the movies & entertainment sub-industry group.

#### What contributed to performance?
**NVIDIA Corp. \|** Semiconductor maker NVIDIA benefited from record revenue as all the major large language model developers have increased spending on artificial intelligence (AI). Their Blackwell B100, NVIDIA's most advanced graphics processing unit to date, was already sold out until the end of 2025 as of the period end.

**Netflix, Inc. \|** Netflix is a leading subscription-based streaming movie and television show provider. The company reported better than expected results and benefited from its defensive, staple-like business model during the periods of market volatility.

**Broadcom, Inc. \|** Semiconductor maker Broadcom has seen strong revenue growth from AI-related products including semiconductors and infrastructure software. The company successfully integrated its 2023 acquisition of VMware into its operations, enhancing its capabilities in cloud infrastructure and security, which positively affected the company's performance.

#### What detracted from performance?
**NXP Semiconductors N.V. \|** NXP Semiconductors makes high-performance mixed-signal chips used in automotive, identification, mobile, consumer electronics and industrial end markets. The company experienced macroeconomic headwinds and weak demand in its automotive, industrial and internet-of-things segments. We exited our position in NXP Semiconductors during the fiscal year.

**Micron Technology, Inc. \|** Despite positive momentum in its data center and AI end markets, memory and storage semiconductor maker Micron Technology delivered lower than expected guidance in its consumer end markets driven by weak demand and pricing pressure in its personal computer and mobile phone memory businesses. We exited our position in Micron Technology during the fiscal year.

**Lam Research Corp. \|** Lam Research makes semiconductor wafer fabrication equipment. The company experienced headwinds from US-China trade tensions, weakness in its flash memory end market and investor concern regarding the overall outlook for the semiconductor industry.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340457.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Technology Fund (Investor Class)** | 8.81% | 11.35% | 12.48% |
| **S&P North American Technology Sector Index** | 12.07% | 18.25% | 18.99% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1583931084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$10232087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;134% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340465.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-TEC-AR-INV **Invesco Technology Fund**

![TSR_logo](images_2527.jpg)

### Invesco Technology Fund

### Class R5: FTPIX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Technology Fund<br>(Class R5) | $77 | 0.74% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities experienced considerable volatility amid macroeconomic uncertainty, particularly in the latter portion of the fiscal year, partially offsetting the positive gains experienced in the first eight months of the fiscal year.

**•** For the fiscal year ended April 30, 2025, Class R5 shares of the Fund returned 9.01%. For the same time period, the S&P North American Technology Sector Index (the benchmark) returned 12.07%. The Fund underperformed the benchmark primarily due to stock selection in the information technology application software sub-industry group. Results were partially offset by our overweight allocation to the movies & entertainment sub-industry group.

#### What contributed to performance?
**NVIDIA Corp. \|** Semiconductor maker NVIDIA benefited from record revenue as all the major large language model developers have increased spending on artificial intelligence (AI). Their Blackwell B100, NVIDIA's most advanced graphics processing unit to date, was already sold out until the end of 2025 as of the period end.

**Netflix, Inc. \|** Netflix is a leading subscription-based streaming movie and television show provider. The company reported better than expected results and benefited from its defensive, staple-like business model during the periods of market volatility.

**Broadcom, Inc. \|** Semiconductor maker Broadcom has seen strong revenue growth from AI-related products including semiconductors and infrastructure software. The company successfully integrated its 2023 acquisition of VMware into its operations, enhancing its capabilities in cloud infrastructure and security, which positively affected the company's performance.

#### What detracted from performance?
**NXP Semiconductors N.V. \|** NXP Semiconductors makes high-performance mixed-signal chips used in automotive, identification, mobile, consumer electronics and industrial end markets. The company experienced macroeconomic headwinds and weak demand in its automotive, industrial and internet-of-things segments. We exited our position in NXP Semiconductors during the fiscal year.

**Micron Technology, Inc. \|** Despite positive momentum in its data center and AI end markets, memory and storage semiconductor maker Micron Technology delivered lower than expected guidance in its consumer end markets driven by weak demand and pricing pressure in its personal computer and mobile phone memory businesses. We exited our position in Micron Technology during the fiscal year.

**Lam Research Corp. \|** Lam Research makes semiconductor wafer fabrication equipment. The company experienced headwinds from US-China trade tensions, weakness in its flash memory end market and investor concern regarding the overall outlook for the semiconductor industry.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340454.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Technology Fund (Class R5)** | 9.01% | 11.56% | 12.79% |
| **S&P North American Technology Sector Index** | 12.07% | 18.25% | 18.99% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1583931084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$10232087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;134% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340446.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective after the close of business on September 30, 2024, the Fund has limited public sales of its Class R5 shares to certain investors who were previously invested in Class R5 shares of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-TEC-AR-R5 **Invesco Technology Fund**

![TSR_logo](images_2527.jpg)

### Invesco Technology Fund

### Class R6: FTPSX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Technology Fund<br>(Class R6) | $70 | 0.67% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities experienced considerable volatility amid macroeconomic uncertainty, particularly in the latter portion of the fiscal year, partially offsetting the positive gains experienced in the first eight months of the fiscal year.

**•** For the fiscal year ended April 30, 2025, Class R6 shares of the Fund returned 9.09%. For the same time period, the S&P North American Technology Sector Index (the benchmark) returned 12.07%. The Fund underperformed the benchmark primarily due to stock selection in the information technology application software sub-industry group. Results were partially offset by our overweight allocation to the movies & entertainment sub-industry group.

#### What contributed to performance?
**NVIDIA Corp. \|** Semiconductor maker NVIDIA benefited from record revenue as all the major large language model developers have increased spending on artificial intelligence (AI). Their Blackwell B100, NVIDIA's most advanced graphics processing unit to date, was already sold out until the end of 2025 as of the period end.

**Netflix, Inc. \|** Netflix is a leading subscription-based streaming movie and television show provider. The company reported better than expected results and benefited from its defensive, staple-like business model during the periods of market volatility.

**Broadcom, Inc. \|** Semiconductor maker Broadcom has seen strong revenue growth from AI-related products including semiconductors and infrastructure software. The company successfully integrated its 2023 acquisition of VMware into its operations, enhancing its capabilities in cloud infrastructure and security, which positively affected the company's performance.

#### What detracted from performance?
**NXP Semiconductors N.V. \|** NXP Semiconductors makes high-performance mixed-signal chips used in automotive, identification, mobile, consumer electronics and industrial end markets. The company experienced macroeconomic headwinds and weak demand in its automotive, industrial and internet-of-things segments. We exited our position in NXP Semiconductors during the fiscal year.

**Micron Technology, Inc. \|** Despite positive momentum in its data center and AI end markets, memory and storage semiconductor maker Micron Technology delivered lower than expected guidance in its consumer end markets driven by weak demand and pricing pressure in its personal computer and mobile phone memory businesses. We exited our position in Micron Technology during the fiscal year.

**Lam Research Corp. \|** Lam Research makes semiconductor wafer fabrication equipment. The company experienced headwinds from US-China trade tensions, weakness in its flash memory end market and investor concern regarding the overall outlook for the semiconductor industry.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340415.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Technology Fund (Class R6)** | 9.09% | 11.63% | 12.73% |
| **S&P North American Technology Sector Index** | 12.07% | 18.25% | 18.99% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

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. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1583931084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$10232087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;134% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340423.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

I-TEC-AR-R6 **Invesco Technology Fund**

![TSR_logo](images_2527.jpg)

### Invesco Value Opportunities Fund

### Class A: VVOAX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Value Opportunities Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Value Opportunities Fund<br>(Class A) | $105 | 1.01% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market, and anticipation of lower interest rates. However, beginning in 2025, market volatility exponentially increased with the uncertainty about the long-term value of significant AI-related investments and the imposition of broad US tariffs on numerous countries — most notably China — raising concerns about a potential trade war.

**•** During the fiscal year ended April 30, 2025, Class A shares of the Fund, excluding sales charge, returned 8.58%. For the same period the Russell Midcap<sup>®</sup> Value Index returned 5.24%.

#### What contributed to performance?
**Lumentum Holdings, Inc. \|** The communications equipment maker reported solid financial results over the fiscal year, including strong growth in orders for advanced technology products used in data center applications.

**AppLovin Corp. \|** The company is a mobile technology firm that provides developers with tools to market, monetize, analyze and publish their apps. AppLovin reported a double-digit increase in revenues, along with better-than-expected earnings. The company also announced its entry into the e-commerce market in anticipation of another avenue for growth.

**Leonardo S.p.A. \|** This Italian aerospace and defense firm reported strong results during the Fund's fiscal year with double-digit increases in revenues and new orders. More broadly, Leonardo's share price also benefited from an outlook for higher defense spending by European nations. We exited our position in Leonardo during the fiscal year based on valuation and to fund other opportunities with better upside potential.

#### What detracted from performance?
**Avantor, Inc. \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor's shares declined as most of its end markets remained soft, whereas the market was expecting improved revenue trends. We added to the position during the fiscal year because our estimate of intrinsic value has not changed despite the stock price weakness.

**New Fortress Energy, Inc. \|** Shares of this natural gas infrastructure company fell due to declining gas prices and ongoing project delays.

**Onto Innovation, Inc. \|** The company is a semiconductor capital equipment manufacturer that provides process control solutions for microelectronics manufacturing, including defect inspection, metrology systems and software to enhance yield and reduce costs. The company has benefited from the AI boom, but its share price declined amid the broader AI-related selloff in early 2025.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340412.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Value Opportunities Fund (Class A) —including sales charge** | 2.62% | 21.03% | 9.38% |
| **Invesco Value Opportunities Fund (Class A) —excluding sales charge** | 8.58% | 22.40% | 10.00% |
| **Russell Midcap<sup>®</sup> Value Index** | 5.24% | 13.24% | 7.47% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4495511187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$25360216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340404.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-VOPP-AR-A **Invesco Value Opportunities Fund**

![TSR_logo](images_2527.jpg)

### Invesco Value Opportunities Fund

### Class C: VVOCX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Value Opportunities Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Value Opportunities Fund<br>(Class C) | $183 | 1.76% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market, and anticipation of lower interest rates. However, beginning in 2025, market volatility exponentially increased with the uncertainty about the long-term value of significant AI-related investments and the imposition of broad US tariffs on numerous countries — most notably China — raising concerns about a potential trade war.

**•** During the fiscal year ended April 30, 2025, Class C shares of the Fund, excluding sales charge, returned 7.75%. For the same period the Russell Midcap<sup>®</sup> Value Index returned 5.24%.

#### What contributed to performance?
**Lumentum Holdings, Inc. \|** The communications equipment maker reported solid financial results over the fiscal year, including strong growth in orders for advanced technology products used in data center applications.

**AppLovin Corp. \|** The company is a mobile technology firm that provides developers with tools to market, monetize, analyze and publish their apps. AppLovin reported a double-digit increase in revenues, along with better-than-expected earnings. The company also announced its entry into the e-commerce market in anticipation of another avenue for growth.

**Leonardo S.p.A. \|** This Italian aerospace and defense firm reported strong results during the Fund's fiscal year with double-digit increases in revenues and new orders. More broadly, Leonardo's share price also benefited from an outlook for higher defense spending by European nations. We exited our position in Leonardo during the fiscal year based on valuation and to fund other opportunities with better upside potential.

#### What detracted from performance?
**Avantor, Inc. \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor's shares declined as most of its end markets remained soft, whereas the market was expecting improved revenue trends. We added to the position during the fiscal year because our estimate of intrinsic value has not changed despite the stock price weakness.

**New Fortress Energy, Inc. \|** Shares of this natural gas infrastructure company fell due to declining gas prices and ongoing project delays.

**Onto Innovation, Inc. \|** The company is a semiconductor capital equipment manufacturer that provides process control solutions for microelectronics manufacturing, including defect inspection, metrology systems and software to enhance yield and reduce costs. The company has benefited from the AI boom, but its share price declined amid the broader AI-related selloff in early 2025.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340373.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Value Opportunities Fund (Class C) —including sales charge** | 6.81% | 21.52% | 9.39% |
| **Invesco Value Opportunities Fund (Class C) —excluding sales charge** | 7.75% | 21.52% | 9.39% |
| **Russell Midcap<sup>®</sup> Value Index** | 5.24% | 13.24% | 7.47% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4495511187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$25360216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340381.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-VOPP-AR-C **Invesco Value Opportunities Fund**

![TSR_logo](images_2527.jpg)

### Invesco Value Opportunities Fund

### Class R: VVORX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Value Opportunities Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Value Opportunities Fund<br>(Class R) | $131 | 1.26% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market, and anticipation of lower interest rates. However, beginning in 2025, market volatility exponentially increased with the uncertainty about the long-term value of significant AI-related investments and the imposition of broad US tariffs on numerous countries — most notably China — raising concerns about a potential trade war.

**•** During the fiscal year ended April 30, 2025, Class R shares of the Fund, returned 8.33%. For the same period the Russell Midcap® Value Index returned 5.24%.

#### What contributed to performance?
**Lumentum Holdings, Inc. \|** The communications equipment maker reported solid financial results over the fiscal year, including strong growth in orders for advanced technology products used in data center applications.

**AppLovin Corp. \|** The company is a mobile technology firm that provides developers with tools to market, monetize, analyze and publish their apps. AppLovin reported a double-digit increase in revenues, along with better-than-expected earnings. The company also announced its entry into the e-commerce market in anticipation of another avenue for growth.

**Leonardo S.p.A. \|** This Italian aerospace and defense firm reported strong results during the Fund's fiscal year with double-digit increases in revenues and new orders. More broadly, Leonardo's share price also benefited from an outlook for higher defense spending by European nations. We exited our position in Leonardo during the fiscal year based on valuation and to fund other opportunities with better upside potential.

#### What detracted from performance?
**Avantor, Inc. \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor's shares declined as most of its end markets remained soft, whereas the market was expecting improved revenue trends. We added to the position during the fiscal year because our estimate of intrinsic value has not changed despite the stock price weakness.

**New Fortress Energy, Inc. \|** Shares of this natural gas infrastructure company fell due to declining gas prices and ongoing project delays.

**Onto Innovation, Inc. \|** The company is a semiconductor capital equipment manufacturer that provides process control solutions for microelectronics manufacturing, including defect inspection, metrology systems and software to enhance yield and reduce costs. The company has benefited from the AI boom, but its share price declined amid the broader AI-related selloff in early 2025.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340370.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Value Opportunities Fund (Class R)** | 8.33% | 22.09% | 9.74% |
| **Russell Midcap<sup>®</sup> Value Index** | 5.24% | 13.24% | 7.47% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4495511187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$25360216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340362.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-VOPP-AR-R **Invesco Value Opportunities Fund**

![TSR_logo](images_2527.jpg)

### Invesco Value Opportunities Fund

### Class Y: VVOIX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Value Opportunities Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Value Opportunities Fund<br>(Class Y) | $79 | 0.76% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market, and anticipation of lower interest rates. However, beginning in 2025, market volatility exponentially increased with the uncertainty about the long-term value of significant AI-related investments and the imposition of broad US tariffs on numerous countries — most notably China — raising concerns about a potential trade war.

**•** During the fiscal year ended April 30, 2025, Class Y shares of the Fund, returned 8.83%. For the same period the Russell Midcap® Value Index returned 5.24%.

#### What contributed to performance?
**Lumentum Holdings, Inc. \|** The communications equipment maker reported solid financial results over the fiscal year, including strong growth in orders for advanced technology products used in data center applications.

**AppLovin Corp. \|** The company is a mobile technology firm that provides developers with tools to market, monetize, analyze and publish their apps. AppLovin reported a double-digit increase in revenues, along with better-than-expected earnings. The company also announced its entry into the e-commerce market in anticipation of another avenue for growth.

**Leonardo S.p.A. \|** This Italian aerospace and defense firm reported strong results during the Fund's fiscal year with double-digit increases in revenues and new orders. More broadly, Leonardo's share price also benefited from an outlook for higher defense spending by European nations. We exited our position in Leonardo during the fiscal year based on valuation and to fund other opportunities with better upside potential.

#### What detracted from performance?
**Avantor, Inc. \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor's shares declined as most of its end markets remained soft, whereas the market was expecting improved revenue trends. We added to the position during the fiscal year because our estimate of intrinsic value has not changed despite the stock price weakness.

**New Fortress Energy, Inc. \|** Shares of this natural gas infrastructure company fell due to declining gas prices and ongoing project delays.

**Onto Innovation, Inc. \|** The company is a semiconductor capital equipment manufacturer that provides process control solutions for microelectronics manufacturing, including defect inspection, metrology systems and software to enhance yield and reduce costs. The company has benefited from the AI boom, but its share price declined amid the broader AI-related selloff in early 2025.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340331.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Value Opportunities Fund (Class Y)** | 8.83% | 22.72% | 10.28% |
| **Russell Midcap<sup>®</sup> Value Index** | 5.24% | 13.24% | 7.47% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4495511187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$25360216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340339.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-VOPP-AR-Y **Invesco Value Opportunities Fund**

![TSR_logo](images_2527.jpg)

### Invesco Value Opportunities Fund

### Class R5: VVONX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Value Opportunities Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

#### This report describes changes to the Fund that occurred during the reporting period.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Value Opportunities Fund<br>(Class R5) | $76 | 0.73% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market, and anticipation of lower interest rates. However, beginning in 2025, market volatility exponentially increased with the uncertainty about the long-term value of significant AI-related investments and the imposition of broad US tariffs on numerous countries — most notably China — raising concerns about a potential trade war.

**•** During the fiscal year ended April 30, 2025, Class R5 shares of the Fund, returned 8.88%. For the same period the Russell Midcap® Value Index returned 5.24%.

#### What contributed to performance?
**Lumentum Holdings, Inc. \|** The communications equipment maker reported solid financial results over the fiscal year, including strong growth in orders for advanced technology products used in data center applications.

**AppLovin Corp. \|** The company is a mobile technology firm that provides developers with tools to market, monetize, analyze and publish their apps. AppLovin reported a double-digit increase in revenues, along with better-than-expected earnings. The company also announced its entry into the e-commerce market in anticipation of another avenue for growth.

**Leonardo S.p.A. \|** This Italian aerospace and defense firm reported strong results during the Fund's fiscal year with double-digit increases in revenues and new orders. More broadly, Leonardo's share price also benefited from an outlook for higher defense spending by European nations. We exited our position in Leonardo during the fiscal year based on valuation and to fund other opportunities with better upside potential.

#### What detracted from performance?
**Avantor, Inc. \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor's shares declined as most of its end markets remained soft, whereas the market was expecting improved revenue trends. We added to the position during the fiscal year because our estimate of intrinsic value has not changed despite the stock price weakness.

**New Fortress Energy, Inc. \|** Shares of this natural gas infrastructure company fell due to declining gas prices and ongoing project delays.

**Onto Innovation, Inc. \|** The company is a semiconductor capital equipment manufacturer that provides process control solutions for microelectronics manufacturing, including defect inspection, metrology systems and software to enhance yield and reduce costs. The company has benefited from the AI boom, but its share price declined amid the broader AI-related selloff in early 2025.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340328.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Value Opportunities Fund (Class R5)** | 8.88% | 22.80% | 10.41% |
| **Russell Midcap<sup>®</sup> Value Index** | 5.24% | 13.24% | 7.47% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4495511187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$25360216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340320.jpg)

### How Has The Fund Changed Over The Past Year?
This is a summary of certain changes to the Fund since April 30, 2024. For more complete information, you may review the Fund's prospectus, which is available at invesco.com/reports or upon request at (800) 959-4246.

Effective after the close of business on September 30, 2024, the Fund has limited public sales of its Class R5 shares to certain investors who were previously invested in Class R5 shares of the Fund.

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-VOPP-AR-R5 **Invesco Value Opportunities Fund**

![TSR_logo](images_2527.jpg)

### Invesco Value Opportunities Fund

### Class R6: VVOSX

#### ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This annual shareholder report contains important information about Invesco Value Opportunities Fund (the "Fund") for the period May 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

### What Were The Fund Costs For The Last Year ?
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Invesco Value Opportunities Fund<br>(Class R6) | $69 | 0.66% |

---

### How Did The Fund Perform During The Period?
**•** During the fiscal year ended April 30, 2025, US equities benefited from investment themes levered to artificial intelligence (AI) technology, a strong economy and job market, and anticipation of lower interest rates. However, beginning in 2025, market volatility exponentially increased with the uncertainty about the long-term value of significant AI-related investments and the imposition of broad US tariffs on numerous countries — most notably China — raising concerns about a potential trade war.

**•** During the fiscal year ended April 30, 2025, Class R6 shares of the Fund, returned 8.96%. For the same period the Russell Midcap® Value Index returned 5.24%.

#### What contributed to performance?
**Lumentum Holdings, Inc. \|** The communications equipment maker reported solid financial results over the fiscal year, including strong growth in orders for advanced technology products used in data center applications.

**AppLovin Corp. \|** The company is a mobile technology firm that provides developers with tools to market, monetize, analyze and publish their apps. AppLovin reported a double-digit increase in revenues, along with better-than-expected earnings. The company also announced its entry into the e-commerce market in anticipation of another avenue for growth.

**Leonardo S.p.A. \|** This Italian aerospace and defense firm reported strong results during the Fund's fiscal year with double-digit increases in revenues and new orders. More broadly, Leonardo's share price also benefited from an outlook for higher defense spending by European nations. We exited our position in Leonardo during the fiscal year based on valuation and to fund other opportunities with better upside potential.

#### What detracted from performance?
**Avantor, Inc. \|** The company is a global provider of essential products and services for the life sciences, advanced technologies and applied materials industries to support scientific research and innovation. Avantor's shares declined as most of its end markets remained soft, whereas the market was expecting improved revenue trends. We added to the position during the fiscal year because our estimate of intrinsic value has not changed despite the stock price weakness.

**New Fortress Energy, Inc. \|** Shares of this natural gas infrastructure company fell due to declining gas prices and ongoing project delays.

**Onto Innovation, Inc. \|** The company is a semiconductor capital equipment manufacturer that provides process control solutions for microelectronics manufacturing, including defect inspection, metrology systems and software to enhance yield and reduce costs. The company has benefited from the AI boom, but its share price declined amid the broader AI-related selloff in early 2025.

### How Has The Fund Historically Performed?

#### Growth of $10,000 Investment
![Fund Performance - Growth of 10K](chartimages_9340289.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Invesco Value Opportunities Fund (Class R6)** | 8.96% | 22.86% | 10.36% |
| **Russell Midcap<sup>®</sup> Value Index** | 5.24% | 13.24% | 7.47% |
| **S&P 500<sup>®</sup> Index** | 12.10% | 15.61% | 12.32% |

---

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. Class R6 shares' returns of the Fund will be different from Class A shares' returns of the Fund as they have different expenses.

 ***The performance data quoted represents past performance and cannot guarantee future results; current performance may be lower or higher.*** Please visit invesco.com/performance for more recent performance information.

Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4495511187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$25360216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;53% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp., Class A | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | &nbsp;&nbsp;&nbsp;2.06% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9340297.jpg)

### Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.

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

![TSR_QRcode](images_2526.jpg)

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

VK-VOPP-AR-R6 **Invesco Value Opportunities Fund**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

The Registrant has adopted a Code of Ethics (the "Code") that applies to the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"). This Code is filed as an exhibit to this report on Form N-CSR under Item 19(a)(1). No substantive amendments to this Code were made during the reporting period. The Code was revised to include PEOs and PFOs of certain Invesco exchange traded funds, previously covered by a separate code of ethics. There were no waivers for the fiscal year ended April 30, 2025.

------

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that the Registrant has two audit committee financial experts serving on its Audit Committee: Anthony J. LaCava, Jr. and James Liddy. Each of these audit committee financial experts is "independent" within the meaning of that term as used in Form N-CSR.

------

Item 4. Principal Accountant Fees and Services.

------

(a) to (d)

#### Fees Billed by PwC Related to the Registrant
PricewaterhouseCoopers LLP ("PwC"), the Registrant's independent registered public accounting firm, billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all audit and non-audit services provided to the Registrant.

---

| | | |
|:---|:---|:---|
|  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2025  | Fees Billed by PwC for Services Rendered to the Registrant for Fiscal Year Ended 2024  |
| Audit Fees  | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 299525  | $282237  |
| Audit-Related Fees  | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0&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; 0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Tax Fees<sup>(</sup><sup>1</sup><sup>)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;$207211  | $&nbsp;&nbsp;&nbsp;&nbsp; 207885  |
| All Other Fees  | &nbsp;&nbsp;&nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u>  | <u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</u>  |
| Total Fees  | &nbsp;&nbsp;&nbsp;&nbsp;$506736  | $490122  |

---

(1) Tax Fees for the fiscal years ended 2025 and 2024 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise tax and year-to-date estimates for various book-to-tax differences.

#### Fees Billed by PwC Related to Invesco and Affiliates
PwC billed Invesco Advisers, Inc. ("Invesco"), the Registrant's investment adviser, and any entity controlling, controlled by or under common control with Invesco that provides ongoing services to the Registrant ("Affiliates") aggregate fees for pre-approved non-audit services rendered to Invesco and Affiliates for the last two fiscal years as shown in the following table. The Audit Committee pre-approved all non-audit services provided to Invesco and Affiliates that were required to be pre-approved.

---

| | | |
|:---|:---|:---|
|  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2025 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  | Fees Billed for Non- <br> Audit Services <br> Rendered to <br> Invesco and <br> Affiliates for Fiscal <br> Year Ended 2024 That <br> Were Required <br> to be Pre-Approved <br> by the Registrant's Audit Committee  |
| Audit-Related Fees<sup>(1)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 1177000  | &nbsp;&nbsp;&nbsp;&nbsp;$1121000  |
| Tax Fees  | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0  |
| All Other Fees  | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 0</u>  | <u>$&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</u>  |
| Total Fees  | $&nbsp;&nbsp;&nbsp;&nbsp;1177000  | $&nbsp;&nbsp;&nbsp;&nbsp; 1121000  |

---

(1) Audit-Related Fees for the fiscal years ended 2025 and 2024 include fees billed related to reviewing controls at a service organization.

#### (e)(1)

#### PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES

#### POLICIES AND PROCEDURES
As adopted by the Audit Committees

of the Invesco Funds (the "Funds")

Last Amended March 29, 2017

I. **Statement of Principles** 

The Audit Committees (the "Audit Committee") of the Boards of Trustees of the Funds (the "Board") have adopted these policies and procedures (the "Procedures") with respect to the pre-approval of audit and non-audit services to be provided by the Funds' independent auditor (the "Auditor") to the Funds, and to the Funds' investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, "Service Affiliates").

Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit and non-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule 2-01 of Regulation S-X requires that the Audit Committee also pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a "Service Affiliate's Covered Engagement").

These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee may pre-approve audit and non-audit services for the Funds and a Service Affiliate's Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission ("SEC") and other organizations and regulatory bodies applicable to the Funds ("Applicable Rules").<sup>1</sup> They address both general pre-approvals without consideration of specific case-by-case services ("general pre-approvals") and pre-approvals on a case-by-case basis ("specific pre-approvals"). Any services requiring pre-approval that are not within the scope of general pre-approvals hereunder are subject to specific pre-approval. These Procedures also address the delegation by the Audit Committee of pre-approval authority to the Audit Committee Chair or Vice Chair.

II. **Pre-Approval of Fund Audit Services** 

The annual Fund audit services engagement, including terms and fees, is subject to specific pre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds' financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor's qualifications and independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.

------

In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specifically pre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.

III. **General and Specific Pre-Approval of Non-Audit Fund Services** 

The Audit Committee will consider, at least annually, the list of General Pre-Approved Non-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee's review and approval of General Pre-Approved Non-Audit Services, the Funds' Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.

Any services or fee ranges that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval. Each request for specific pre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether to pre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.

IV. **Non-Audit Service Types** 

The Audit Committee may provide either general or specific pre-approval of audit-related, tax or other services, each as described in more detail below.

a. <u>Audit-Related Services</u> 

"Audit-related services" are assurance and related services that are reasonably related to the performance of the audit or review of the Fund's financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "Audit services"; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.

b. <u>Tax Services</u> 

"Tax services" include, but are not limited to, the review and signing of the Funds' federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds' Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.

------

Each request to provide tax services under either the general or specific pre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee or fee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.

c. <u>Other Services</u> 

The Audit Committee may pre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor. <u>Appendix I</u> includes a list of services that the Auditor is prohibited from performing by the SEC rules. <u>Appendix I</u> also includes a list of services that would impair the Auditor's independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements.

V. **Pre-Approval of Service Affiliate's Covered Engagements** 

Rule 2-01 of Regulation S-X requires that the Audit Committee pre-approve a Service Affiliate's engagement of the Auditor for non-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a "Service Affiliate's Covered Engagement".

The Audit Committee may provide either general or specific pre-approval of any Service Affiliate's Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate's Covered Engagements that are not within the scope of General Pre-Approved Non-Audit Services have not received general pre-approval and require specific pre-approval.

Each request for specific pre-approval by the Audit Committee of a Service Affiliate's Covered Engagement must be submitted to the Audit Committee by the Funds' Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, a description of the current status of the pre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule 2-201 of Regulation S-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds' Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requires pre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.

Information about all Service Affiliate engagements of the Auditor for non-audit services, whether or not subject to pre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Funds. The Funds' Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor's independence from the Fund.

------

VI. **Pre-Approved Fee Levels or Established Amounts** 

Pre-approved fee levels or ranges for audit and non-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate's Covered Engagement, under general pre-approval or specific pre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximum pre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specific pre-approval by the Audit Committee before payment of any additional fees is made.

VII. **Delegation** 

The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, to pre-approve audit and non-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate's Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case-by-case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider and pre-approve any proposed services or engagements.

Notwithstanding the foregoing, the Audit Committee must pre-approve: (a) any non-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate's Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.

VIII. **Compliance with Procedures** 

Notwithstanding anything herein to the contrary, failure to pre-approve any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds' Treasurer to ensure services and engagements are pre-approved in compliance with these Procedures. The Funds' Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds' Treasurer or any services or engagements that are not required to be pre-approved pursuant to the de minimis exception provided for in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

On at least an annual basis, the Auditor will provide the Audit Committee with a summary of all non-audit services provided to any entity in the investment company complex (as defined in section 2-01(f)(14) of Regulation S-X, including the Funds and Service Affiliates) that were not pre-approved, including the nature of services provided and the associated fees.

IX. **Amendments to Procedures** 

All material amendments to these Procedures must be approved in advance by the Audit Committee. Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.

------

#### Appendix I

#### Non-Audit Services That May Impair the Auditor's Independence
The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services:

· Management functions;

· Human resources;

· Broker-dealer, investment adviser, or investment banking services;

· Legal services;

· Expert services unrelated to the audit;

· Any service or product provided for a contingent fee or a commission;

· Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance;

· Tax services for persons in financial reporting oversight roles at the Fund; and

· Any other service that the Public Company Oversight Board determines by regulation is impermissible.

An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the following non-audit services unless it is reasonable to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds' financial statements:

· Bookkeeping or other services related to the accounting records or financial statements of the audit client;

· Financial information systems design and implementation;

· Appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

· Actuarial services; and

· Internal audit outsourcing services .

(e)(2) There were no amounts that were pre-approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) In addition to the amounts shown in the tables above, PwC billed Invesco and Invesco Affiliates aggregate fees of $6,410,000 for the fiscal year ended April 30, 2025 and $6,572,000 for the fiscal year ended April 30, 2024. In total, PwC billed the Registrant, Invesco and Invesco Affiliates aggregate non-audit fees of $7,794,211 for the fiscal year ended April 30, 2025 and $7,900,885 for the fiscal year ended April 30, 2024.

PwC provided audit services to the Investment Company complex of approximately $35 million.

------

(h) The Audit Committee also has considered whether the provision of non-audit services that were rendered to Invesco and Invesco Affiliates that were not required to be pre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC's independence.

(i) Not applicable.

(j) Not applicable.

11 Applicable Rules include, for example, New York Stock Exchange ("NYSE") rules applicable to closed-end funds managed by Invesco and listed on NYSE.

------

Item 5. Audit Committee of Listed Registrants.

Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](imgee2879201.jpg)

------

**Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Comstock Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_9ffafafb-7b50-4a06-9f44-15bc682e33c5_SOI-Continued-34_1) | Schedule of Investments |
| [5](#xx_9ffafafb-7b50-4a06-9f44-15bc682e33c5_FS-Continued-34_1) | Financial Statements |
| [8](#xx_9ffafafb-7b50-4a06-9f44-15bc682e33c5_FS-Continued-34_4) | Financial Highlights |
| [9](#xx_9ffafafb-7b50-4a06-9f44-15bc682e33c5_NTF-Continued-34_1) | Notes to Financial Statements |
| [16](#xx_9ffafafb-7b50-4a06-9f44-15bc682e33c5_ARS-Continued-34_1) | Report of Independent Registered Public Accounting Firm |
| [17](#xx_9ffafafb-7b50-4a06-9f44-15bc682e33c5_TI-Continued-34_1) | Tax Information |
| [18](#xx_9ffafafb-7b50-4a06-9f44-15bc682e33c5_OIRSR-Continued-34_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–96.49%** | **Common Stocks & Other Equity Interests–96.49%** | **Common Stocks & Other Equity Interests–96.49%** |
| **Aerospace & Defense–1.33%** | **Aerospace & Defense–1.33%** | **Aerospace & Defense–1.33%** |
| General Electric Co. | 187817 | &nbsp;&nbsp; $37852638 |
| Textron, Inc. | 1649932 | &nbsp;&nbsp; 116105715 |
|  |  | &nbsp;&nbsp; 153958353 |
| **Air Freight & Logistics–1.58%** | **Air Freight & Logistics–1.58%** | **Air Freight & Logistics–1.58%** |
| FedEx Corp. | 866743 | &nbsp;&nbsp; 182302055 |
| **Asset Management & Custody Banks–1.93%** | **Asset Management & Custody Banks–1.93%** | **Asset Management & Custody Banks–1.93%** |
| State Street Corp. | 2529536 | &nbsp;&nbsp; 222852122 |
| **Brewers–1.04%** | **Brewers–1.04%** | **Brewers–1.04%** |
| Anheuser-Busch InBev S.A./N.V. <br> (Belgium) | 1817622 | &nbsp;&nbsp; 119797563 |
| **Broadline Retail–1.31%** | **Broadline Retail–1.31%** | **Broadline Retail–1.31%** |
| eBay, Inc. | 2215033 | &nbsp;&nbsp; 150976649 |
| **Building Products–1.77%** | **Building Products–1.77%** | **Building Products–1.77%** |
| Johnson Controls International PLC | 2429712 | &nbsp;&nbsp; 203852837 |
| **Cable & Satellite–2.04%** | **Cable & Satellite–2.04%** | **Cable & Satellite–2.04%** |
| Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup>  | 332565 | &nbsp;&nbsp; 130318922 |
| Comcast Corp., Class A | 3091265 | &nbsp;&nbsp; 105721263 |
|  |  | &nbsp;&nbsp; 236040185 |
| **Casinos & Gaming–0.95%** | **Casinos & Gaming–0.95%** | **Casinos & Gaming–0.95%** |
| Las Vegas Sands Corp.<sup>(c)</sup>  | 2984073 | &nbsp;&nbsp; 109425957 |
| **Communications Equipment–3.21%** | **Communications Equipment–3.21%** | **Communications Equipment–3.21%** |
| Cisco Systems, Inc. | 4821686 | &nbsp;&nbsp; 278355933 |
| F5, Inc.<sup>(b)</sup>  | 349104 | &nbsp;&nbsp; 92421793 |
|  |  | &nbsp;&nbsp; 370777726 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **2.59%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **2.59%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **2.59%** |
| Caterpillar, Inc. | 417212 | &nbsp;&nbsp; 129031155 |
| Wabtec Corp. | 917120 | &nbsp;&nbsp; 169428749 |
|  |  | &nbsp;&nbsp; 298459904 |
| **Consumer Finance–0.37%** | **Consumer Finance–0.37%** | **Consumer Finance–0.37%** |
| Capital One Financial Corp. | 237557 | &nbsp;&nbsp; 42822025 |
| **Diversified Banks–9.01%** | **Diversified Banks–9.01%** | **Diversified Banks–9.01%** |
| Bank of America Corp. | 8796817 | &nbsp;&nbsp; 350817062 |
| Citigroup, Inc. | 2617867 | &nbsp;&nbsp; 179009745 |
| Fifth Third Bancorp | 4117694 | &nbsp;&nbsp; 147989922 |
| Wells Fargo & Co. | 5100556 | &nbsp;&nbsp; 362190482 |
|  |  | &nbsp;&nbsp; 1040007211 |
| **Electric Utilities–0.38%** | **Electric Utilities–0.38%** | **Electric Utilities–0.38%** |
| Evergy, Inc. | 633310 | &nbsp;&nbsp; 43761721 |
| **Electrical Components & Equipment–2.92%** | **Electrical Components & Equipment–2.92%** | **Electrical Components & Equipment–2.92%** |
| Eaton Corp. PLC | 597856 | &nbsp;&nbsp; 175990871 |
| Emerson Electric Co. | 1531998 | &nbsp;&nbsp; 161028310 |
|  |  | &nbsp;&nbsp; 337019181 |
| **Fertilizers & Agricultural Chemicals–2.28%** | **Fertilizers & Agricultural Chemicals–2.28%** | **Fertilizers & Agricultural Chemicals–2.28%** |
| CF Industries Holdings, Inc. | 1491627 | &nbsp;&nbsp; 116898808 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Fertilizers & Agricultural Chemicals–(continued)** | **Fertilizers & Agricultural Chemicals–(continued)** | **Fertilizers & Agricultural Chemicals–(continued)** |
| Corteva, Inc. | 2364587 | &nbsp;&nbsp; $146580748 |
|  |  | &nbsp;&nbsp; 263479556 |
| **Food Distributors–1.82%** | **Food Distributors–1.82%** | **Food Distributors–1.82%** |
| Sysco Corp. | 2946830 | &nbsp;&nbsp; 210403662 |
| **Footwear–0.72%** | **Footwear–0.72%** | **Footwear–0.72%** |
| NIKE, Inc., Class B | 1475470 | &nbsp;&nbsp; 83216508 |
| **Health Care Distributors–0.73%** | **Health Care Distributors–0.73%** | **Health Care Distributors–0.73%** |
| Henry Schein, Inc.<sup>(b)(c)</sup>  | 1295452 | &nbsp;&nbsp; 84165516 |
| **Health Care Equipment–3.25%** | **Health Care Equipment–3.25%** | **Health Care Equipment–3.25%** |
| Baxter International, Inc. | 1645794 | &nbsp;&nbsp; 51299399 |
| Becton, Dickinson and Co. | 634535 | &nbsp;&nbsp; 131405853 |
| GE HealthCare Technologies, Inc. | 1082848 | &nbsp;&nbsp; 76156700 |
| Medtronic PLC | 1367978 | &nbsp;&nbsp; 115949815 |
|  |  | &nbsp;&nbsp; 374811767 |
| **Health Care Services–2.39%** | **Health Care Services–2.39%** | **Health Care Services–2.39%** |
| CVS Health Corp. | 4139071 | &nbsp;&nbsp; 276117426 |
| **Household Products–3.33%** | **Household Products–3.33%** | **Household Products–3.33%** |
| Kimberly-Clark Corp. | 1429201 | &nbsp;&nbsp; 188340108 |
| Reckitt Benckiser Group PLC (United <br> Kingdom) | 3031992 | &nbsp;&nbsp; 195704574 |
|  |  | &nbsp;&nbsp; 384044682 |
| **Integrated Oil & Gas–3.89%** | **Integrated Oil & Gas–3.89%** | **Integrated Oil & Gas–3.89%** |
| Chevron Corp. | 1320483 | &nbsp;&nbsp; 179664917 |
| Exxon Mobil Corp. | 1000436 | &nbsp;&nbsp; 105676055 |
| Suncor Energy, Inc. (Canada) | 4650711 | &nbsp;&nbsp; 164123591 |
|  |  | &nbsp;&nbsp; 449464563 |
| **Interactive Media & Services–3.95%** | **Interactive Media & Services–3.95%** | **Interactive Media & Services–3.95%** |
| Alphabet, Inc., Class A | 1426531 | &nbsp;&nbsp; 226533123 |
| Meta Platforms, Inc., Class A | 418453 | &nbsp;&nbsp; 229730697 |
|  |  | &nbsp;&nbsp; 456263820 |
| **Investment Banking & Brokerage–0.43%** | **Investment Banking & Brokerage–0.43%** | **Investment Banking & Brokerage–0.43%** |
| Goldman Sachs Group, Inc. (The) | 90251 | &nbsp;&nbsp; 49416935 |
| **IT Consulting & Other Services–2.26%** | **IT Consulting & Other Services–2.26%** | **IT Consulting & Other Services–2.26%** |
| Cognizant Technology Solutions Corp., <br> Class A | 2527920 | &nbsp;&nbsp; 185979074 |
| DXC Technology Co.<sup>(b)</sup>  | 4807122 | &nbsp;&nbsp; 74606534 |
|  |  | &nbsp;&nbsp; 260585608 |
| **Life & Health Insurance–1.01%** | **Life & Health Insurance–1.01%** | **Life & Health Insurance–1.01%** |
| MetLife, Inc. | 1541355 | &nbsp;&nbsp; 116171926 |
| **Life Sciences Tools & Services–1.03%** | **Life Sciences Tools & Services–1.03%** | **Life Sciences Tools & Services–1.03%** |
| ICON PLC<sup>(b)</sup>  | 390715 | &nbsp;&nbsp; 59169880 |
| IQVIA Holdings, Inc.<sup>(b)(c)</sup>  | 382305 | &nbsp;&nbsp; 59284036 |
|  |  | &nbsp;&nbsp; 118453916 |
| **Managed Health Care–3.19%** | **Managed Health Care–3.19%** | **Managed Health Care–3.19%** |
| Elevance Health, Inc. | 500523 | &nbsp;&nbsp; 210509963 |
| Humana, Inc. | 262410 | &nbsp;&nbsp; 68814399 |

---

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

**2**

**Invesco Comstock Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Managed Health Care–(continued)** | **Managed Health Care–(continued)** | **Managed Health Care–(continued)** |
| UnitedHealth Group, Inc. | 216898 | &nbsp;&nbsp; $89240513 |
|  |  | &nbsp;&nbsp; 368564875 |
| **Movies & Entertainment–1.99%** | **Movies & Entertainment–1.99%** | **Movies & Entertainment–1.99%** |
| Universal Music Group N.V. <br> (Netherlands) | 2332724 | &nbsp;&nbsp; 68594869 |
| Walt Disney Co. (The) | 1152192 | &nbsp;&nbsp; 104791863 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup>  | 6565184 | &nbsp;&nbsp; 56920145 |
|  |  | &nbsp;&nbsp; 230306877 |
| **Multi-line Insurance–1.45%** | **Multi-line Insurance–1.45%** | **Multi-line Insurance–1.45%** |
| American International Group, Inc. | 2053988 | &nbsp;&nbsp; 167441102 |
| **Multi-Utilities–2.96%** | **Multi-Utilities–2.96%** | **Multi-Utilities–2.96%** |
| Dominion Energy, Inc. | 2701985 | &nbsp;&nbsp; 146933944 |
| Sempra | 2616651 | &nbsp;&nbsp; 194338670 |
|  |  | &nbsp;&nbsp; 341272614 |
| **Oil & Gas Equipment & Services–0.53%** | **Oil & Gas Equipment & Services–0.53%** | **Oil & Gas Equipment & Services–0.53%** |
| Tenaris S.A. | 3679087 | &nbsp;&nbsp; 61348546 |
| **Oil & Gas Exploration & Production–2.40%** | **Oil & Gas Exploration & Production–2.40%** | **Oil & Gas Exploration & Production–2.40%** |
| ConocoPhillips | 1580252 | &nbsp;&nbsp; 140832058 |
| EQT Corp. | 1226245 | &nbsp;&nbsp; 60625553 |
| Hess Corp. | 587548 | &nbsp;&nbsp; 75823069 |
|  |  | &nbsp;&nbsp; 277280680 |
| **Oil & Gas Storage & Transportation–0.10%** | **Oil & Gas Storage & Transportation–0.10%** | **Oil & Gas Storage & Transportation–0.10%** |
| Cheniere Energy, Inc. | 48670 | &nbsp;&nbsp; 11248124 |
| **Paper & Plastic Packaging Products & Materials–0.80%** | **Paper & Plastic Packaging Products & Materials–0.80%** | **Paper & Plastic Packaging Products & Materials–0.80%** |
| International Paper Co. | 2029605 | &nbsp;&nbsp; 92712356 |
| **Pharmaceuticals–6.88%** | **Pharmaceuticals–6.88%** | **Pharmaceuticals–6.88%** |
| AstraZeneca PLC (United Kingdom) | 1233264 | &nbsp;&nbsp; 176685788 |
| Bristol-Myers Squibb Co. | 1581839 | &nbsp;&nbsp; 79408318 |
| Johnson & Johnson | 1106933 | &nbsp;&nbsp; 173024697 |
| Merck & Co., Inc. | 1728601 | &nbsp;&nbsp; 147276805 |
| Sanofi S.A., ADR | 3959586 | &nbsp;&nbsp; 217579251 |
|  |  | &nbsp;&nbsp; 793974859 |
| **Property & Casualty Insurance–0.77%** | **Property & Casualty Insurance–0.77%** | **Property & Casualty Insurance–0.77%** |
| Allstate Corp. (The) | 447078 | &nbsp;&nbsp; 88695804 |
| **Regional Banks–4.19%** | **Regional Banks–4.19%** | **Regional Banks–4.19%** |
| Citizens Financial Group, Inc. | 4529949 | &nbsp;&nbsp; 167109819 |
| Huntington Bancshares, Inc. | 12624338 | &nbsp;&nbsp; 183431631 |
| M&T Bank Corp. | 781561 | &nbsp;&nbsp; 132677795 |
|  |  | &nbsp;&nbsp; 483219245 |
| **Restaurants–3.25%** | **Restaurants–3.25%** | **Restaurants–3.25%** |
| Domino's Pizza, Inc.<sup>(c)</sup>  | 244899 | &nbsp;&nbsp; 120091123 |
| Restaurant Brands International, Inc. <br> (Canada) | 2025520 | &nbsp;&nbsp; 130514248 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Restaurants–(continued)** | **Restaurants–(continued)** | **Restaurants–(continued)** | **Restaurants–(continued)** |
| Starbucks Corp.<sup>(c)</sup>  | Starbucks Corp.<sup>(c)</sup>  | 1561187 | &nbsp;&nbsp; $124973019 |
|  |  |  | &nbsp;&nbsp; 375578390 |
| **Semiconductors–3.22%** | **Semiconductors–3.22%** | **Semiconductors–3.22%** | **Semiconductors–3.22%** |
| Intel Corp. | Intel Corp. | 3998974 | &nbsp;&nbsp; 80379377 |
| NXP Semiconductors N.V. <br> (Netherlands) | NXP Semiconductors N.V. <br> (Netherlands) | 1081747 | &nbsp;&nbsp; 199376790 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 617646 | &nbsp;&nbsp; 91695725 |
|  |  |  | &nbsp;&nbsp; 371451892 |
| **Soft Drinks & Non-alcoholic Beverages–1.91%** | **Soft Drinks & Non-alcoholic Beverages–1.91%** | **Soft Drinks & Non-alcoholic Beverages–1.91%** | **Soft Drinks & Non-alcoholic Beverages–1.91%** |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | 607962 | &nbsp;&nbsp; 44107643 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | 5106218 | &nbsp;&nbsp; 176624081 |
|  |  |  | &nbsp;&nbsp; 220731724 |
| **Systems Software–2.48%** | **Systems Software–2.48%** | **Systems Software–2.48%** | **Systems Software–2.48%** |
| Microsoft Corp. | Microsoft Corp. | 725599 | &nbsp;&nbsp; 286800261 |
| **Telecom Tower REITs–0.84%** | **Telecom Tower REITs–0.84%** | **Telecom Tower REITs–0.84%** | **Telecom Tower REITs–0.84%** |
| SBA Communications Corp., Class A | SBA Communications Corp., Class A | 399382 | &nbsp;&nbsp; 97209579 |
| **Tobacco–2.01%** | **Tobacco–2.01%** | **Tobacco–2.01%** | **Tobacco–2.01%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 1352920 | &nbsp;&nbsp; 231836371 |
| Total Common Stocks & Other Equity Interests <br> (Cost $7,935,991,156) | Total Common Stocks & Other Equity Interests <br> (Cost $7,935,991,156) | Total Common Stocks & Other Equity Interests <br> (Cost $7,935,991,156) | &nbsp;&nbsp; 11138322673 |
| **Money Market Funds–3.39%** | **Money Market Funds–3.39%** | **Money Market Funds–3.39%** | **Money Market Funds–3.39%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.26%<sup>(d)(e)</sup>  | 136938919 | &nbsp;&nbsp; 136938919 |
| Invesco Treasury Portfolio, <br> Institutional Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 4.23%<sup>(d)(e)</sup>  | 253950983 | &nbsp;&nbsp; 253950983 |
| Total Money Market Funds <br> (Cost $390,889,902) | Total Money Market Funds <br> (Cost $390,889,902) | Total Money Market Funds <br> (Cost $390,889,902) | &nbsp;&nbsp; 390889902 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments <br> purchased with cash collateral <br> from securities on <br> loan)-99.88% <br> (Cost $8,326,881,058)<br>|  |  | &nbsp;&nbsp; 11529212575 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.36%** | **Money Market Funds–0.36%** | **Money Market Funds–0.36%** | **Money Market Funds–0.36%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 11554815 | &nbsp;&nbsp; 11554815 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | 30127575 | &nbsp;&nbsp; 30133600 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $41,691,105) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $41,691,105) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $41,691,105) | &nbsp;&nbsp; 41688415 |
| TOTAL INVESTMENTS IN SECURITIES–100.24% <br> (Cost $8,368,572,163) | TOTAL INVESTMENTS IN SECURITIES–100.24% <br> (Cost $8,368,572,163) | TOTAL INVESTMENTS IN SECURITIES–100.24% <br> (Cost $8,368,572,163) | &nbsp;&nbsp; 11570900990 |
| OTHER ASSETS LESS LIABILITIES—(0.24)% | OTHER ASSETS LESS LIABILITIES—(0.24)% | OTHER ASSETS LESS LIABILITIES—(0.24)% | &nbsp;&nbsp; (27521853)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $11543379137 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

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

**3**

**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> Non-income producing security.

<sup>(c)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $180012256 | &nbsp;&nbsp; $620179165 | &nbsp;&nbsp; $(663252502) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $136938919 | &nbsp;&nbsp; $7679986 |
| Invesco Liquid Assets Portfolio, Institutional <br> Class<br>| 128215751 | &nbsp;&nbsp; 79934192 | &nbsp;&nbsp; (208150222) | &nbsp;&nbsp; (1724) | &nbsp;&nbsp; 2003 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1526316 |
| Invesco Treasury Portfolio, Institutional Class | 205728292 | &nbsp;&nbsp; 1184047326 | &nbsp;&nbsp; (1135824635) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 253950983 | &nbsp;&nbsp; 12685356 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 36428191 | &nbsp;&nbsp; 1103542136 | &nbsp;&nbsp; (1128415512) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11554815 | &nbsp;&nbsp; 2,492,632\* |
| Invesco Private Prime Fund | 87973584 | &nbsp;&nbsp; 2552051570 | &nbsp;&nbsp; (2609861052) | &nbsp;&nbsp; 2184 | &nbsp;&nbsp; (32686) | &nbsp;&nbsp; 30133600 | &nbsp;&nbsp; 6,845,714\* |
| Total | $638358074 | &nbsp;&nbsp; $5539754389 | &nbsp;&nbsp; $(5745503923) | &nbsp;&nbsp; $460 | &nbsp;&nbsp; $(30683) | &nbsp;&nbsp; $432578317 | &nbsp;&nbsp; $31230004 |

---

\* 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 April 30, 2025.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** | **Open Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date** | **Counterparty** | **Contract to** | **Contract to** | **Contract to** | **Contract to** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Settlement** <br>**Date** | **Counterparty** | **Deliver** | **Deliver** | **Receive** | **Receive** | &nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** |
| **Currency Risk** |  |  |  |  |  |  |
| 05/09/2025 | Canadian Imperial Bank of Commerce | USD | 13463581 | EUR | 12309024 | &nbsp;&nbsp;&nbsp; $484079 |
| 05/09/2025 | Deutsche Bank AG | USD | 11945646 | CAD | 16943217 | &nbsp;&nbsp;&nbsp; 349432 |
| 05/09/2025 | Deutsche Bank AG | USD | 6350381 | EUR | 5676407 | &nbsp;&nbsp;&nbsp; 81696 |
| 05/09/2025 | Deutsche Bank AG | USD | 10754171 | GBP | 8302416 | &nbsp;&nbsp;&nbsp; 310390 |
| 05/09/2025 | Goldman Sachs International | EUR | 10310284 | USD | 11749123 | &nbsp;&nbsp;&nbsp; 66285 |
| 05/09/2025 | Goldman Sachs International | GBP | 2882335 | USD | 3845839 | &nbsp;&nbsp;&nbsp; 4575 |
| 05/09/2025 | Goldman Sachs International | USD | 17794429 | CAD | 25243419 | &nbsp;&nbsp;&nbsp; 523805 |
| 05/09/2025 | Goldman Sachs International | USD | 20085310 | GBP | 15787992 | &nbsp;&nbsp;&nbsp; 955217 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 2775479 |
| **Currency Risk** |  |  |  |  |  |  |
| 05/09/2025 | Deutsche Bank AG | CAD | 217658966 | USD | 153400366 | &nbsp;&nbsp;&nbsp; (4546855)<br>|
| 05/09/2025 | Deutsche Bank AG | EUR | 209077565 | USD | 229297372 | &nbsp;&nbsp;&nbsp; (7613591)<br>|
| 05/09/2025 | Deutsche Bank AG | GBP | 145916841 | USD | 188064088 | &nbsp;&nbsp;&nbsp; (6398081)<br>|
| 05/09/2025 | Goldman Sachs International | GBP | 11265173 | USD | 14643087 | &nbsp;&nbsp;&nbsp; (369915)<br>|
| 05/09/2025 | Royal Bank of Canada | CAD | 28006163 | USD | 20144526 | &nbsp;&nbsp;&nbsp; (178532)<br>|
| 05/09/2025 | Royal Bank of Canada | GBP | 4476682 | USD | 5937620 | &nbsp;&nbsp;&nbsp; (28417)<br>|
| 05/09/2025 | Royal Bank of Canada | USD | 3877576 | GBP | 2906186 | &nbsp;&nbsp;&nbsp; (4526)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (19139917)<br>|
| Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp; $(16364438)<br>|

---

---

| | |
|:---|:---|
| Abbreviations: | 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.

**4**

**Invesco Comstock Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $7,935,991,156)\*<br>| &nbsp;&nbsp; $11138322673 |
| Investments in affiliated money market funds, at value <br> (Cost $432,581,007)<br>| &nbsp;&nbsp; 432578317 |
| Other investments: |  |
| Unrealized appreciation on forward foreign <br> currency contracts outstanding<br>| &nbsp;&nbsp; 2775479 |
| Foreign currencies, at value (Cost $414) | &nbsp;&nbsp; 440 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 22881277 |
| Fund shares sold | &nbsp;&nbsp; 6983581 |
| Dividends | &nbsp;&nbsp; 12599845 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 810493 |
| Other assets | &nbsp;&nbsp; 175097 |
| Total assets | &nbsp;&nbsp; 11617127202 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign <br> currency contracts outstanding<br>| &nbsp;&nbsp; 19139917 |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 7012717 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 41691105 |
| Accrued fees to affiliates | &nbsp;&nbsp; 4676627 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 7476 |
| Accrued other operating expenses | &nbsp;&nbsp; 347766 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 872457 |
| Total liabilities | &nbsp;&nbsp; 73748065 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $11543379137 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $7944545588 |
| Distributable earnings | &nbsp;&nbsp; 3598833549 |
|  | &nbsp;&nbsp; $11543379137 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $6456380356 |
| Class C | &nbsp;&nbsp; $93033784 |
| Class R | &nbsp;&nbsp; $140603047 |
| Class Y | &nbsp;&nbsp; $2535398383 |
| Class R5 | &nbsp;&nbsp; $385031146 |
| Class R6 | &nbsp;&nbsp; $1932932421 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 230686293 |
| Class C | &nbsp;&nbsp; 3320807 |
| Class R | &nbsp;&nbsp; 5021884 |
| Class Y | &nbsp;&nbsp; 90613780 |
| Class R5 | &nbsp;&nbsp; 13778249 |
| Class R6 | &nbsp;&nbsp; 69211230 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $27.99 |
| Maximum offering price per share <br>(Net asset value of $27.99 ÷ 94.50%)<br>| &nbsp;&nbsp; $29.62 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.02 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.00 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $27.98 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $27.94 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $27.93 |

---

\* At April 30, 2025, securities with an aggregate value of $41,334,044 were on loan to brokers. 

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

**5**

**Invesco Comstock Fund**

------

**Statement of Operations**

*For the year ended April 30, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $145070 |
| Dividends (net of foreign withholding taxes of $3,102,549) | &nbsp;&nbsp; 265836413 |
| Dividends from affiliated money market funds (includes net securities lending income of $409,239) | &nbsp;&nbsp; 22300897 |
| Foreign withholding tax claims | &nbsp;&nbsp; 1064814 |
| Total investment income | &nbsp;&nbsp; 289347194 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 44476396 |
| Administrative services fees | &nbsp;&nbsp; 1717072 |
| Custodian fees | &nbsp;&nbsp; 163833 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 16873502 |
| Class C | &nbsp;&nbsp; 967785 |
| Class R | &nbsp;&nbsp; 729039 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 13286629 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 416386 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 581484 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 125918 |
| Registration and filing fees | &nbsp;&nbsp; 289759 |
| Reports to shareholders | &nbsp;&nbsp; 524581 |
| Professional services fees | &nbsp;&nbsp; 177357 |
| Other | &nbsp;&nbsp; 162935 |
| Total expenses | &nbsp;&nbsp; 80492676 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (561544)<br>|
| Net expenses | &nbsp;&nbsp; 79931132 |
| Net investment income | &nbsp;&nbsp; 209416062 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 975899366 |
| Affiliated investment securities | &nbsp;&nbsp; (30683)<br>|
| Foreign currencies | &nbsp;&nbsp; 253962 |
| Forward foreign currency contracts | &nbsp;&nbsp; (5863908)<br>|
|  | &nbsp;&nbsp; 970258737 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (388018159)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 460 |
| Foreign currencies | &nbsp;&nbsp; 169065 |
| Forward foreign currency contracts | &nbsp;&nbsp; (15075450)<br>|
|  | &nbsp;&nbsp; (402924084)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 567334653 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $776750715 |

---

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

**6**

**Invesco Comstock Fund**

------

**Statement of Changes in Net Assets**

*For the years ended April 30, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $209416062 | &nbsp;&nbsp; $191869617 |
| Net realized gain | &nbsp;&nbsp; 970258737 | &nbsp;&nbsp; 858968590 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (402924084)<br>| &nbsp;&nbsp; 610129032 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 776750715 | &nbsp;&nbsp; 1660967239 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (636789377)<br>| &nbsp;&nbsp; (501274753)<br>|
| Class C | &nbsp;&nbsp; (8580379)<br>| &nbsp;&nbsp; (7051805)<br>|
| Class R | &nbsp;&nbsp; (13496605)<br>| &nbsp;&nbsp; (10314743)<br>|
| Class Y | &nbsp;&nbsp; (241617288)<br>| &nbsp;&nbsp; (161698544)<br>|
| Class R5 | &nbsp;&nbsp; (40423990)<br>| &nbsp;&nbsp; (32180601)<br>|
| Class R6 | &nbsp;&nbsp; (189819692)<br>| &nbsp;&nbsp; (140513004)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (1130727331)<br>| &nbsp;&nbsp; (853033450)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 168637086 | &nbsp;&nbsp; (26631236)<br>|
| Class C | &nbsp;&nbsp; (2638560)<br>| &nbsp;&nbsp; (7991448)<br>|
| Class R | &nbsp;&nbsp; 6433725 | &nbsp;&nbsp; (5252982)<br>|
| Class Y | &nbsp;&nbsp; 397385583 | &nbsp;&nbsp; 328395376 |
| Class R5 | &nbsp;&nbsp; (14392750)<br>| &nbsp;&nbsp; (11265938)<br>|
| Class R6 | &nbsp;&nbsp; 202321622 | &nbsp;&nbsp; 99406262 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 757746706 | &nbsp;&nbsp; 376660034 |
| Net increase in net assets | &nbsp;&nbsp; 403770090 | &nbsp;&nbsp; 1184593823 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 11139609047 | &nbsp;&nbsp; 9955015224 |
| End of year | &nbsp;&nbsp; $11543379137 | &nbsp;&nbsp; $11139609047 |

---

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

**7**

**Invesco Comstock Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 04/30/25 | $28.81 | $0.50 | $1.59 | $2.09 | $(0.51)<br>| $(2.40)<br>| $(2.91)<br>| $27.99 | 6.79<br> %<br>| &nbsp;&nbsp; $6456380 | 0.79<br> %<br>| 0.79<br> %<br>| 1.65<br> %<br>| 26<br> %<br>|
| Year ended 04/30/24 | 26.71 | 0.48 | 3.92 | 4.40 | (0.47)<br>| (1.83)<br>| (2.30)<br>| 28.81 | 17.20 | &nbsp;&nbsp; 6478639 | 0.81 | 0.81 | 1.75 | 18 |
| Year ended 04/30/23 | 29.17 | 0.50 | 0.50 | 1.00 | (0.52)<br>| (2.94)<br>| (3.46)<br>| 26.71 | 3.54 | &nbsp;&nbsp; 6023409 | 0.81 | 0.81 | 1.79 | 21 |
| Year ended 04/30/22 | 29.09 | 0.46 | 2.19 | 2.65 | (0.42)<br>| (2.15)<br>| (2.57)<br>| 29.17 | 9.29 | &nbsp;&nbsp; 6077682 | 0.80 | 0.80 | 1.52 | 20 |
| Year ended 04/30/21 | 18.95 | 0.40 | 10.24 | 10.64 | (0.50)<br>|  | (0.50)<br>| 29.09 | 56.89 | &nbsp;&nbsp; 5900704 | 0.82 | 0.82 | 1.74 | 19 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 04/30/25 | 28.82 | 0.28 | 1.60 | 1.88 | (0.28)<br>| (2.40)<br>| (2.68)<br>| 28.02 | 6.05 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 93034 | 1.51 <br><sup>(d)</sup><br>| 1.51 <br><sup>(d)</sup><br>| 0.93 <br><sup>(d)</sup><br>| 26 |
| Year ended 04/30/24 | 26.74 | 0.28 | 3.91 | 4.19 | (0.28)<br>| (1.83)<br>| (2.11)<br>| 28.82 | 16.30 | &nbsp;&nbsp; 98087 | 1.56 | 1.56 | 1.00 | 18 |
| Year ended 04/30/23 | 29.18 | 0.29 | 0.51 | 0.80 | (0.30)<br>| (2.94)<br>| (3.24)<br>| 26.74 | 2.78 | &nbsp;&nbsp; 98735 | 1.56 | 1.56 | 1.04 | 21 |
| Year ended 04/30/22 | 29.10 | 0.23 | 2.19 | 2.42 | (0.19)<br>| (2.15)<br>| (2.34)<br>| 29.18 | 8.46 | &nbsp;&nbsp; 93877 | 1.55 | 1.55 | 0.77 | 20 |
| Year ended 04/30/21 | 18.95 | 0.23 | 10.25 | 10.48 | (0.33)<br>|  | (0.33)<br>| 29.10 | 55.82 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 91597 | 1.56 <br><sup>(d)</sup><br>| 1.56 <br><sup>(d)</sup><br>| 1.00 <br><sup>(d)</sup><br>| 19 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 04/30/25 | 28.82 | 0.42 | 1.59 | 2.01 | (0.43)<br>| (2.40)<br>| (2.83)<br>| 28.00 | 6.51 | &nbsp;&nbsp; 140603 | 1.04 | 1.04 | 1.40 | 26 |
| Year ended 04/30/24 | 26.72 | 0.41 | 3.92 | 4.33 | (0.40)<br>| (1.83)<br>| (2.23)<br>| 28.82 | 16.91 | &nbsp;&nbsp; 138767 | 1.06 | 1.06 | 1.50 | 18 |
| Year ended 04/30/23 | 29.17 | 0.43 | 0.51 | 0.94 | (0.45)<br>| (2.94)<br>| (3.39)<br>| 26.72 | 3.30 | &nbsp;&nbsp; 133624 | 1.06 | 1.06 | 1.54 | 21 |
| Year ended 04/30/22 | 29.09 | 0.39 | 2.18 | 2.57 | (0.34)<br>| (2.15)<br>| (2.49)<br>| 29.17 | 9.01 | &nbsp;&nbsp; 133669 | 1.05 | 1.05 | 1.27 | 20 |
| Year ended 04/30/21 | 18.95 | 0.34 | 10.24 | 10.58 | (0.44)<br>|  | (0.44)<br>| 29.09 | 56.50 | &nbsp;&nbsp; 139451 | 1.07 | 1.07 | 1.49 | 19 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 04/30/25 | 28.80 | 0.57 | 1.60 | 2.17 | (0.59)<br>| (2.40)<br>| (2.99)<br>| 27.98 | 7.06 | &nbsp;&nbsp; 2535398 | 0.54 | 0.54 | 1.90 | 26 |
| Year ended 04/30/24 | 26.71 | 0.55 | 3.91 | 4.46 | (0.54)<br>| (1.83)<br>| (2.37)<br>| 28.80 | 17.46 | &nbsp;&nbsp; 2223286 | 0.56 | 0.56 | 2.00 | 18 |
| Year ended 04/30/23 | 29.17 | 0.57 | 0.50 | 1.07 | (0.59)<br>| (2.94)<br>| (3.53)<br>| 26.71 | 3.81 | &nbsp;&nbsp; 1744439 | 0.56 | 0.56 | 2.04 | 21 |
| Year ended 04/30/22 | 29.09 | 0.54 | 2.19 | 2.73 | (0.50)<br>| (2.15)<br>| (2.65)<br>| 29.17 | 9.57 | &nbsp;&nbsp; 1589325 | 0.55 | 0.55 | 1.77 | 20 |
| Year ended 04/30/21 | 18.95 | 0.45 | 10.25 | 10.70 | (0.56)<br>|  | (0.56)<br>| 29.09 | 57.28 | &nbsp;&nbsp; 1511312 | 0.57 | 0.57 | 1.99 | 19 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 04/30/25 | 28.77 | 0.58 | 1.59 | 2.17 | (0.60)<br>| (2.40)<br>| (3.00)<br>| 27.94 | 7.07 | &nbsp;&nbsp; 385031 | 0.50 | 0.50 | 1.94 | 26 |
| Year ended 04/30/24 | 26.68 | 0.56 | 3.91 | 4.47 | (0.55)<br>| (1.83)<br>| (2.38)<br>| 28.77 | 17.52 | &nbsp;&nbsp; 409991 | 0.52 | 0.52 | 2.04 | 18 |
| Year ended 04/30/23 | 29.14 | 0.58 | 0.50 | 1.08 | (0.60)<br>| (2.94)<br>| (3.54)<br>| 26.68 | 3.88 | &nbsp;&nbsp; 390922 | 0.51 | 0.51 | 2.09 | 21 |
| Year ended 04/30/22 | 29.06 | 0.55 | 2.19 | 2.74 | (0.51)<br>| (2.15)<br>| (2.66)<br>| 29.14 | 9.63 | &nbsp;&nbsp; 408406 | 0.50 | 0.50 | 1.82 | 20 |
| Year ended 04/30/21 | 18.93 | 0.47 | 10.23 | 10.70 | (0.57)<br>|  | (0.57)<br>| 29.06 | 57.39 | &nbsp;&nbsp; 529916 | 0.50 | 0.50 | 2.06 | 19 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 04/30/25 | 28.75 | 0.60 | 1.60 | 2.20 | (0.62)<br>| (2.40)<br>| (3.02)<br>| 27.93 | 7.19 | &nbsp;&nbsp; 1932932 | 0.43 | 0.43 | 2.01 | 26 |
| Year ended 04/30/24 | 26.66 | 0.58 | 3.91 | 4.49 | (0.57)<br>| (1.83)<br>| (2.40)<br>| 28.75 | 17.61 | &nbsp;&nbsp; 1790839 | 0.45 | 0.45 | 2.11 | 18 |
| Year ended 04/30/23 | 29.13 | 0.60 | 0.49 | 1.09 | (0.62)<br>| (2.94)<br>| (3.56)<br>| 26.66 | 3.91 | &nbsp;&nbsp; 1563887 | 0.44 | 0.44 | 2.16 | 21 |
| Year ended 04/30/22 | 29.05 | 0.57 | 2.19 | 2.76 | (0.53)<br>| (2.15)<br>| (2.68)<br>| 29.13 | 9.72 | &nbsp;&nbsp; 1438415 | 0.43 | 0.43 | 1.89 | 20 |
| Year ended 04/30/21 | 18.92 | 0.48 | 10.24 | 10.72 | (0.59)<br>|  | (0.59)<br>| 29.05 | 57.56 | &nbsp;&nbsp; 1538111 | 0.42 | 0.42 | 2.14 | 19 |

---

<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> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.97% and 0.99% for the years ended April 30, 2025 and 2021, respectively. 

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

**8**

**Invesco Comstock Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

**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.

Effective after the close of business on September 30, 2024, Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

**9**

**Invesco Comstock Fund**

------

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

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

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

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

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

**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.** **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 seek 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 *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

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 by investment companies. Any 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 services 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 year ended April 30, 2025, 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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess

**10**

**Invesco Comstock Fund**

------

potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **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 securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2025, the Fund paid the Adviser $30,461 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **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.

**11**

**Invesco Comstock 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** |
| First $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Over $3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

---

For the year ended April 30, 2025, 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 agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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

For the year ended April 30, 2025, the Adviser waived advisory fees of $483,137.

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 year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, 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 Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2025, IDI advised the Fund that IDI retained $754,009 in front-end sales commissions from the sale of Class A shares and $30,806 and $4,524 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2025, the Fund incurred $157,268 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

**12**

**Invesco Comstock Fund**

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The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $10516191333 | &nbsp;&nbsp;&nbsp;&nbsp; $622131340 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11138322673 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 390889902 | &nbsp;&nbsp;&nbsp;&nbsp; 41688415 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 432578317 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 10907081235 | &nbsp;&nbsp;&nbsp;&nbsp; 663819755 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11570900990 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2775479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2775479 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19139917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19139917)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16364438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16364438)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $10907081235 | &nbsp;&nbsp;&nbsp;&nbsp; $647455317 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11554536552 |

---

\* 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 April 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $2775479 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $2775479 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(19139917)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(19139917)<br>|

---

**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 April 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial** <br>**Derivative** <br>**Assets**<br>| **Financial** <br>**Derivative** <br>**Liabilities**<br>|  | **Collateral** <br>**(Received)/Pledged** | **Collateral** <br>**(Received)/Pledged** |  |
| **Counterparty** | &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Forward Foreign** <br>**Currency Contracts**<br>| &nbsp;&nbsp; **Net Value of** <br>**Derivatives**<br>| **Non-Cash** | **Cash** | &nbsp;&nbsp; **Net** <br>**Amount**<br>|
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; $484079 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $484079 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $484079 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 741518 | &nbsp;&nbsp;&nbsp; (18558527)<br>| &nbsp;&nbsp;&nbsp; (17817009)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17817009)<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 1549882 | &nbsp;&nbsp;&nbsp; (369915)<br>| &nbsp;&nbsp;&nbsp; 1179967 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1179967 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (211475)<br>| &nbsp;&nbsp;&nbsp; (211475)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (211475)<br>|
| Total | &nbsp;&nbsp;&nbsp; $2775479 | &nbsp;&nbsp;&nbsp; $(19139917)<br>| &nbsp;&nbsp;&nbsp; $(16364438)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(16364438)<br>|

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**13**

**Invesco Comstock Fund**

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**Effect of Derivative Investments for the year ended April 30, 2025**

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

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(5863908)<br>|
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; (15075450)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(20939358)<br>|

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $495515569 |

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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 year ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $78,407.

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

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $285718085 | &nbsp;&nbsp;&nbsp;&nbsp; $237960927 |
| Long-term capital gain | &nbsp;&nbsp; 845009246 | &nbsp;&nbsp;&nbsp;&nbsp; 615072523 |
| Total distributions | &nbsp;&nbsp; $1130727331 | &nbsp;&nbsp;&nbsp;&nbsp; $853033450 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $54339973 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 407914499 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 3136993047 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 142085 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (556055)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 7944545588 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $11543379137 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and derivative instruments.

**14**

**Invesco Comstock Fund**

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The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 does not have a capital loss carryforward as of April 30, 2025.

**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 year ended April 30, 2025 was $2,959,064,472 and $3,039,726,639, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3496511530 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (359518483)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $3136993047 |

---

Cost of investments for tax purposes is $8,417,543,505.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization, on April 30, 2025, undistributed net investment income was increased by $253,961, undistributed net realized gain was decreased by $37,595,961 and shares of beneficial interest was increased by $37,342,000. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2024** | **Year ended** <br>**April 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 14549405 | &nbsp;&nbsp;&nbsp; $433442679 | &nbsp;&nbsp;&nbsp; 13033988 | &nbsp;&nbsp;&nbsp; $359002012 |
| Class C | &nbsp;&nbsp;&nbsp; 625390 | &nbsp;&nbsp;&nbsp; 18501014 | &nbsp;&nbsp;&nbsp; 584469 | &nbsp;&nbsp;&nbsp; 16152114 |
| Class R | &nbsp;&nbsp;&nbsp; 1261585 | &nbsp;&nbsp;&nbsp; 37955190 | &nbsp;&nbsp;&nbsp; 987319 | &nbsp;&nbsp;&nbsp; 27197661 |
| Class Y | &nbsp;&nbsp;&nbsp; 25581587 | &nbsp;&nbsp;&nbsp; 759155434 | &nbsp;&nbsp;&nbsp; 25999838 | &nbsp;&nbsp;&nbsp; 719905490 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1604117 | &nbsp;&nbsp;&nbsp; 47951407 | &nbsp;&nbsp;&nbsp; 1807726 | &nbsp;&nbsp;&nbsp; 50112629 |
| Class R6 | &nbsp;&nbsp;&nbsp; 14784698 | &nbsp;&nbsp;&nbsp; 438729771 | &nbsp;&nbsp;&nbsp; 16338716 | &nbsp;&nbsp;&nbsp; 451109353 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 19654599 | &nbsp;&nbsp;&nbsp; 582527040 | &nbsp;&nbsp;&nbsp; 17792473 | &nbsp;&nbsp;&nbsp; 478726024 |
| Class C | &nbsp;&nbsp;&nbsp; 274501 | &nbsp;&nbsp;&nbsp; 8147960 | &nbsp;&nbsp;&nbsp; 253440 | &nbsp;&nbsp;&nbsp; 6817672 |
| Class R | &nbsp;&nbsp;&nbsp; 454894 | &nbsp;&nbsp;&nbsp; 13493404 | &nbsp;&nbsp;&nbsp; 383132 | &nbsp;&nbsp;&nbsp; 10312192 |
| Class Y | &nbsp;&nbsp;&nbsp; 7116513 | &nbsp;&nbsp;&nbsp; 210865291 | &nbsp;&nbsp;&nbsp; 5248828 | &nbsp;&nbsp;&nbsp; 141256921 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1365248 | &nbsp;&nbsp;&nbsp; 40403705 | &nbsp;&nbsp;&nbsp; 1192097 | &nbsp;&nbsp;&nbsp; 32057041 |
| Class R6 | &nbsp;&nbsp;&nbsp; 6239007 | &nbsp;&nbsp;&nbsp; 184510999 | &nbsp;&nbsp;&nbsp; 5120356 | &nbsp;&nbsp;&nbsp; 137608632 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 484852 | &nbsp;&nbsp;&nbsp; 14506553 | &nbsp;&nbsp;&nbsp; 317202 | &nbsp;&nbsp;&nbsp; 8713290 |
| Class C | &nbsp;&nbsp;&nbsp; (484574)<br>| &nbsp;&nbsp;&nbsp; (14506553)<br>| &nbsp;&nbsp;&nbsp; (316916)<br>| &nbsp;&nbsp;&nbsp; (8713290)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (28894158)<br>| &nbsp;&nbsp;&nbsp; (861839186)<br>| &nbsp;&nbsp;&nbsp; (31733306)<br>| &nbsp;&nbsp;&nbsp; (873072562)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (497414)<br>| &nbsp;&nbsp;&nbsp; (14780981)<br>| &nbsp;&nbsp;&nbsp; (810133)<br>| &nbsp;&nbsp;&nbsp; (22247944)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1509630)<br>| &nbsp;&nbsp;&nbsp; (45014869)<br>| &nbsp;&nbsp;&nbsp; (1555431)<br>| &nbsp;&nbsp;&nbsp; (42762835)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (19275312)<br>| &nbsp;&nbsp;&nbsp; (572635142)<br>| &nbsp;&nbsp;&nbsp; (19371412)<br>| &nbsp;&nbsp;&nbsp; (532767035)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (3442840)<br>| &nbsp;&nbsp;&nbsp; (102747862)<br>| &nbsp;&nbsp;&nbsp; (3401326)<br>| &nbsp;&nbsp;&nbsp; (93435608)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (14097548)<br>| &nbsp;&nbsp;&nbsp; (420919148)<br>| &nbsp;&nbsp;&nbsp; (17824401)<br>| &nbsp;&nbsp;&nbsp; (489311723)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 25794920 | &nbsp;&nbsp;&nbsp; $757746706 | &nbsp;&nbsp;&nbsp; 14046659 | &nbsp;&nbsp;&nbsp; $376660034 |

---

<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 41% 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 Comstock Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Comstock Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Comstock Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the "Fund") as of April 30, 2025, the related statement of operations for the year ended April 30, 2025, the statement of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2025 and the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 20, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**16**

**Invesco Comstock Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $882351246 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 89.12% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 77.24% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 5.30% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $73547901 |

---

**17**

**Invesco Comstock Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**18**

**Invesco Comstock Fund**

------

![](imgee2879201.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

VK-COM-NCSR

------

![](img2d9763f21.jpg)

------

**Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Comstock Select Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_040bc861-147b-4193-855f-7a821742f854_SOI-Continued-770_1) | Schedule of Investments |
| [4](#xx_040bc861-147b-4193-855f-7a821742f854_FS-Continued-770_1) | Financial Statements |
| [7](#xx_040bc861-147b-4193-855f-7a821742f854_FS-Continued-770_4) | Financial Highlights |
| [8](#xx_040bc861-147b-4193-855f-7a821742f854_NTF-Continued-770_1) | Notes to Financial Statements |
| [14](#xx_040bc861-147b-4193-855f-7a821742f854_ARS-Continued-770_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_040bc861-147b-4193-855f-7a821742f854_TI-Continued-770_1) | Tax Information |
| [16](#xx_040bc861-147b-4193-855f-7a821742f854_OIRSR-Continued-770_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–96.34%** | **Common Stocks & Other Equity Interests–96.34%** | **Common Stocks & Other Equity Interests–96.34%** |
| **Aerospace & Defense–3.64%** | **Aerospace & Defense–3.64%** | **Aerospace & Defense–3.64%** |
| Textron, Inc. | 369854 | &nbsp;&nbsp; $26026626 |
| **Air Freight & Logistics–3.11%** | **Air Freight & Logistics–3.11%** | **Air Freight & Logistics–3.11%** |
| FedEx Corp. | 105615 | &nbsp;&nbsp; 22214003 |
| **Asset Management & Custody Banks–3.88%** | **Asset Management & Custody Banks–3.88%** | **Asset Management & Custody Banks–3.88%** |
| State Street Corp. | 314744 | &nbsp;&nbsp; 27728946 |
| **Cable & Satellite–3.93%** | **Cable & Satellite–3.93%** | **Cable & Satellite–3.93%** |
| Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup>  | 71588 | &nbsp;&nbsp; 28052474 |
| **Casinos & Gaming–3.06%** | **Casinos & Gaming–3.06%** | **Casinos & Gaming–3.06%** |
| Las Vegas Sands Corp. | 597294 | &nbsp;&nbsp; 21902771 |
| **Communications Equipment–3.15%** | **Communications Equipment–3.15%** | **Communications Equipment–3.15%** |
| Cisco Systems, Inc. | 389669 | &nbsp;&nbsp; 22495591 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **3.63%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **3.63%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **3.63%** |
| Wabtec Corp. | 140291 | &nbsp;&nbsp; 25917359 |
| **Diversified Banks–12.46%** | **Diversified Banks–12.46%** | **Diversified Banks–12.46%** |
| Bank of America Corp. | 998809 | &nbsp;&nbsp; 39832503 |
| Citigroup, Inc. | 297138 | &nbsp;&nbsp; 20318297 |
| Wells Fargo & Co. | 407340 | &nbsp;&nbsp; 28925213 |
|  |  | &nbsp;&nbsp; 89076013 |
| **Food Distributors–3.61%** | **Food Distributors–3.61%** | **Food Distributors–3.61%** |
| Sysco Corp. | 361516 | &nbsp;&nbsp; 25812242 |
| **Health Care Equipment–4.03%** | **Health Care Equipment–4.03%** | **Health Care Equipment–4.03%** |
| Becton, Dickinson and Co. | 138919 | &nbsp;&nbsp; 28768736 |
| **Health Care Services–5.67%** | **Health Care Services–5.67%** | **Health Care Services–5.67%** |
| CVS Health Corp. | 607875 | &nbsp;&nbsp; 40551341 |
| **Household Products–5.59%** | **Household Products–5.59%** | **Household Products–5.59%** |
| Kimberly-Clark Corp. | 132388 | &nbsp;&nbsp; 17446091 |
| Reckitt Benckiser Group PLC (United <br> Kingdom) | 348321 | &nbsp;&nbsp; 22482913 |
|  |  | &nbsp;&nbsp; 39929004 |
| **Integrated Oil & Gas–5.34%** | **Integrated Oil & Gas–5.34%** | **Integrated Oil & Gas–5.34%** |
| Chevron Corp. | 153542 | &nbsp;&nbsp; 20890925 |
| Suncor Energy, Inc. (Canada) | 488646 | &nbsp;&nbsp; 17244317 |
|  |  | &nbsp;&nbsp; 38135242 |
| **Interactive Media & Services–3.56%** | **Interactive Media & Services–3.56%** | **Interactive Media & Services–3.56%** |
| Alphabet, Inc., Class A | 69915 | &nbsp;&nbsp; 11102502 |
| Meta Platforms, Inc., Class A | 26135 | &nbsp;&nbsp; 14348115 |
|  |  | &nbsp;&nbsp; 25450617 |
| **IT Consulting & Other Services–1.22%** | **IT Consulting & Other Services–1.22%** | **IT Consulting & Other Services–1.22%** |
| DXC Technology Co.<sup>(b)</sup>  | 563592 | &nbsp;&nbsp; 8746948 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Managed Health Care–3.86%** | **Managed Health Care–3.86%** | **Managed Health Care–3.86%** | **Managed Health Care–3.86%** |
| Elevance Health, Inc. | Elevance Health, Inc. | 65669 | &nbsp;&nbsp; $27619068 |
| **Movies & Entertainment–3.00%** | **Movies & Entertainment–3.00%** | **Movies & Entertainment–3.00%** | **Movies & Entertainment–3.00%** |
| Walt Disney Co. (The) | Walt Disney Co. (The) | 235943 | &nbsp;&nbsp; 21459016 |
| **Multi-Utilities–2.14%** | **Multi-Utilities–2.14%** | **Multi-Utilities–2.14%** | **Multi-Utilities–2.14%** |
| Dominion Energy, Inc. | Dominion Energy, Inc. | 281664 | &nbsp;&nbsp; 15316888 |
| **Oil & Gas Exploration & Production–2.24%** | **Oil & Gas Exploration & Production–2.24%** | **Oil & Gas Exploration & Production–2.24%** | **Oil & Gas Exploration & Production–2.24%** |
| ConocoPhillips | ConocoPhillips | 179375 | &nbsp;&nbsp; 15985900 |
| **Pharmaceuticals–6.27%** | **Pharmaceuticals–6.27%** | **Pharmaceuticals–6.27%** | **Pharmaceuticals–6.27%** |
| Johnson & Johnson | Johnson & Johnson | 194316 | &nbsp;&nbsp; 30373534 |
| Merck & Co., Inc. | Merck & Co., Inc. | 169297 | &nbsp;&nbsp; 14424104 |
|  |  |  | &nbsp;&nbsp; 44797638 |
| **Regional Banks–4.61%** | **Regional Banks–4.61%** | **Regional Banks–4.61%** | **Regional Banks–4.61%** |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | 2269865 | &nbsp;&nbsp; 32981139 |
| **Semiconductors–5.17%** | **Semiconductors–5.17%** | **Semiconductors–5.17%** | **Semiconductors–5.17%** |
| Intel Corp. | Intel Corp. | 751622 | &nbsp;&nbsp; 15107602 |
| NXP Semiconductors N.V. (Netherlands) | NXP Semiconductors N.V. (Netherlands) | 118516 | &nbsp;&nbsp; 21843684 |
|  |  |  | &nbsp;&nbsp; 36951286 |
| **Systems Software–3.17%** | **Systems Software–3.17%** | **Systems Software–3.17%** | **Systems Software–3.17%** |
| Microsoft Corp. | Microsoft Corp. | 57352 | &nbsp;&nbsp; 22668952 |
| Total Common Stocks & Other Equity Interests <br> (Cost $655,681,602) | Total Common Stocks & Other Equity Interests <br> (Cost $655,681,602) | Total Common Stocks & Other Equity Interests <br> (Cost $655,681,602) | &nbsp;&nbsp; 688587800 |
| **Money Market Funds–3.43%** | **Money Market Funds–3.43%** | **Money Market Funds–3.43%** | **Money Market Funds–3.43%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 8579500 | &nbsp;&nbsp; 8579500 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 15950519 | &nbsp;&nbsp; 15950519 |
| Total Money Market Funds (Cost $24,530,019) | Total Money Market Funds (Cost $24,530,019) | Total Money Market Funds (Cost $24,530,019) | &nbsp;&nbsp; 24530019 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.77% <br> (Cost $680,211,621)<br>|  |  | &nbsp;&nbsp; 713117819 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–3.91%** | **Money Market Funds–3.91%** | **Money Market Funds–3.91%** | **Money Market Funds–3.91%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 7824996 | &nbsp;&nbsp; 7824996 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 20100124 | &nbsp;&nbsp; 20104144 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $27,929,264) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $27,929,264) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $27,929,264) | &nbsp;&nbsp; 27929140 |
| TOTAL INVESTMENTS IN SECURITIES–103.68% <br> (Cost $708,140,885) | TOTAL INVESTMENTS IN SECURITIES–103.68% <br> (Cost $708,140,885) | TOTAL INVESTMENTS IN SECURITIES–103.68% <br> (Cost $708,140,885) | &nbsp;&nbsp; 741046959 |
| OTHER ASSETS LESS LIABILITIES—(3.68)% | OTHER ASSETS LESS LIABILITIES—(3.68)% | OTHER ASSETS LESS LIABILITIES—(3.68)% | &nbsp;&nbsp; (26333639)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $714713320 |

---

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

**2**

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

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $4518130 | &nbsp;&nbsp; $47830697 | &nbsp;&nbsp; $(43769327) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8579500 | &nbsp;&nbsp; $221050 |
| Invesco Liquid Assets Portfolio, Institutional Class | 3244354 | &nbsp;&nbsp; 10926084 | &nbsp;&nbsp; (14170481) | &nbsp;&nbsp; (1670) | &nbsp;&nbsp; 1713 | &nbsp;&nbsp; - | &nbsp;&nbsp; 44311 |
| Invesco Treasury Portfolio, Institutional Class | 5163577 | &nbsp;&nbsp; 83657513 | &nbsp;&nbsp; (72870571) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15950519 | &nbsp;&nbsp; 366153 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 2579145 | &nbsp;&nbsp; 237852091 | &nbsp;&nbsp; (232606240) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7824996 | &nbsp;&nbsp; 264,637\* |
| Invesco Private Prime Fund | 6565464 | &nbsp;&nbsp; 507876014 | &nbsp;&nbsp; (494337087) | &nbsp;&nbsp; 108 | (355) | &nbsp;&nbsp; 20104144 | &nbsp;&nbsp; 700,476\* |
| Total | $22070670 | &nbsp;&nbsp; $888142399 | &nbsp;&nbsp; $(857753706) | &nbsp;&nbsp; $(1562) | &nbsp;&nbsp; $1358 | &nbsp;&nbsp; $52459159 | &nbsp;&nbsp; $1596627 |

---

\* 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 April 30, 2025.

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

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

**3**

**Invesco Comstock Select Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $655,681,602)\*<br>| &nbsp;&nbsp; $688587800 |
| Investments in affiliated money market funds, at value <br> (Cost $52,459,283)<br>| &nbsp;&nbsp; 52459159 |
| Cash | &nbsp;&nbsp; 1000000 |
| Foreign currencies, at value (Cost $181) | &nbsp;&nbsp; 186 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 170562 |
| Dividends | &nbsp;&nbsp; 996809 |
| Foreign withholding tax claims | &nbsp;&nbsp; 187650 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 114585 |
| Other assets | &nbsp;&nbsp; 39718 |
| Total assets | &nbsp;&nbsp; 743556469 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 381791 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 27929264 |
| Accrued fees to affiliates | &nbsp;&nbsp; 315852 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 48180 |
| Accrued other operating expenses | &nbsp;&nbsp; 53477 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 114585 |
| Total liabilities | &nbsp;&nbsp; 28843149 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $714713320 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $644421846 |
| Distributable earnings | &nbsp;&nbsp; 70291474 |
|  | &nbsp;&nbsp; $714713320 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $551224005 |
| Class C | &nbsp;&nbsp; $23912342 |
| Class R | &nbsp;&nbsp; $44389695 |
| Class Y | &nbsp;&nbsp; $61874822 |
| Class R5 | &nbsp;&nbsp; $9440 |
| Class R6 | &nbsp;&nbsp; $33303016 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 18242476 |
| Class C | &nbsp;&nbsp; 873090 |
| Class R | &nbsp;&nbsp; 1531334 |
| Class Y | &nbsp;&nbsp; 1958158 |
| Class R5 | &nbsp;&nbsp; 313 |
| Class R6 | &nbsp;&nbsp; 1058366 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $30.22 |
| Maximum offering price per share <br>(Net asset value of $30.22 ÷ 94.50%)<br>| &nbsp;&nbsp; $31.98 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $27.39 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.99 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.60 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $30.16 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.47 |

---

\* At April 30, 2025, security with a value of $27,771,902 was on loan to brokers. 

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

**4**

**Invesco Comstock Select Fund**

------

**Statement of Operations**

*For the year ended April 30, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $436,578) | &nbsp;&nbsp; $18949024 |
| Dividends from affiliated money market funds (includes net securities lending income of $45,107) | &nbsp;&nbsp; 676621 |
| Foreign withholding tax claims | &nbsp;&nbsp; 187650 |
| Total investment income | &nbsp;&nbsp; 19813295 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3991895 |
| Administrative services fees | &nbsp;&nbsp; 112053 |
| Custodian fees | &nbsp;&nbsp; 5583 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1428687 |
| Class C | &nbsp;&nbsp; 275795 |
| Class R | &nbsp;&nbsp; 238755 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 957562 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 3 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 10937 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 25426 |
| Registration and filing fees | &nbsp;&nbsp; 96984 |
| Reports to shareholders | &nbsp;&nbsp; 56008 |
| Professional services fees | &nbsp;&nbsp; 87389 |
| Other | &nbsp;&nbsp; 27060 |
| Total expenses | &nbsp;&nbsp; 7314137 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (54420)<br>|
| Net expenses | &nbsp;&nbsp; 7259717 |
| Net investment income | &nbsp;&nbsp; 12553578 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 130218911 |
| Affiliated investment securities | &nbsp;&nbsp; 1358 |
| Foreign currencies | &nbsp;&nbsp; 1960 |
|  | &nbsp;&nbsp; 130222229 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (110377873)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (1562)<br>|
| Foreign currencies | &nbsp;&nbsp; 15800 |
|  | &nbsp;&nbsp; (110363635)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 19858594 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $32412172 |

---

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

**5**

**Invesco Comstock Select Fund**

------

**Statement of Changes in Net Assets**

*For the years ended April 30, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $12553578 | &nbsp;&nbsp; $12860592 |
| Net realized gain | &nbsp;&nbsp; 130222229 | &nbsp;&nbsp; 24995662 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (110363635)<br>| &nbsp;&nbsp; 53919505 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 32412172 | &nbsp;&nbsp; 91775759 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (87893521)<br>| &nbsp;&nbsp; (28539326)<br>|
| Class C | &nbsp;&nbsp; (4117944)<br>| &nbsp;&nbsp; (1339814)<br>|
| Class R | &nbsp;&nbsp; (7176971)<br>| &nbsp;&nbsp; (2182952)<br>|
| Class Y | &nbsp;&nbsp; (11154394)<br>| &nbsp;&nbsp; (4471286)<br>|
| Class R5 | &nbsp;&nbsp; (1693)<br>| &nbsp;&nbsp; (560)<br>|
| Class R6 | &nbsp;&nbsp; (5190260)<br>| &nbsp;&nbsp; (1529873)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (115534783)<br>| &nbsp;&nbsp; (38063811)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 27607168 | &nbsp;&nbsp; (1022744)<br>|
| Class C | &nbsp;&nbsp; (1367422)<br>| &nbsp;&nbsp; (4230255)<br>|
| Class R | &nbsp;&nbsp; 3272160 | &nbsp;&nbsp; 978169 |
| Class Y | &nbsp;&nbsp; (18237559)<br>| &nbsp;&nbsp; 13186360 |
| Class R6 | &nbsp;&nbsp; 1842867 | &nbsp;&nbsp; 12551654 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 13117214 | &nbsp;&nbsp; 21463184 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (70005397)<br>| &nbsp;&nbsp; 75175132 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 784718717 | &nbsp;&nbsp; 709543585 |
| End of year | &nbsp;&nbsp; $714713320 | &nbsp;&nbsp; $784718717 |

---

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

**6**

**Invesco Comstock Select Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 04/30/25 | $33.93 | $0.54 | $1.04 | $1.58 | $(0.59)<br>| $(4.70)<br>| $(5.29)<br>| $30.22 | 3.80 %<sup>(d)</sup><br>| &nbsp;&nbsp; $551224 | 0.92 %<sup>(d)</sup><br>| 0.93 %<sup>(d)</sup><br>| 1.61 %<sup>(d)</sup><br>| 70<br> %<br>|
| Year ended 04/30/24 | 31.62 | 0.56 | 3.43 | 3.99 | (0.52)<br>| (1.16)<br>| (1.68)<br>| 33.93 | 13.00 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 587947 | 0.91 <br><sup>(d)</sup><br>| 0.93 <br><sup>(d)</sup><br>| 1.75 <br><sup>(d)</sup><br>| 104 |
| Year ended 04/30/23 | 34.11 | 0.45 | 2.19 | 2.64 | (0.45)<br>| (4.68)<br>| (5.13)<br>| 31.62 | 8.36 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 548500 | 1.01 <br><sup>(d)</sup><br>| 1.02 <br><sup>(d)</sup><br>| 1.37 <br><sup>(d)</sup><br>| 57 |
| Year ended 04/30/22 | 33.66 | 0.40 | 1.87 | 2.27 | (0.38)<br>| (1.44)<br>| (1.82)<br>| 34.11 | 6.88 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 530151 | 0.91 <br><sup>(d)</sup><br>| 0.92 <br><sup>(d)</sup><br>| 1.15 <br><sup>(d)</sup><br>| 54 |
| Year ended 04/30/21 | 21.50 | 0.46 | 12.39 | 12.85 | (0.69)<br>|  | (0.69)<br>| 33.66 | 60.66 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 546503 | 0.93 <br><sup>(d)</sup><br>| 1.04 <br><sup>(d)</sup><br>| 1.75 <br><sup>(d)</sup><br>| 46 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 04/30/25 | 31.15 | 0.26 | 0.97 | 1.23 | (0.29)<br>| (4.70)<br>| (4.99)<br>| 27.39 | 3.01 | &nbsp;&nbsp; 23912 | 1.68 | 1.69 | 0.85 | 70 |
| Year ended 04/30/24 | 29.12 | 0.29 | 3.15 | 3.44 | (0.25)<br>| (1.16)<br>| (1.41)<br>| 31.15 | 12.16 | &nbsp;&nbsp; 28366 | 1.67 | 1.69 | 0.99 | 104 |
| Year ended 04/30/23 | 31.76 | 0.18 | 2.04 | 2.22 | (0.18)<br>| (4.68)<br>| (4.86)<br>| 29.12 | 7.51 | &nbsp;&nbsp; 30601 | 1.77 | 1.78 | 0.61 | 57 |
| Year ended 04/30/22 | 31.44 | 0.13 | 1.74 | 1.87 | (0.11)<br>| (1.44)<br>| (1.55)<br>| 31.76 | 6.05 | &nbsp;&nbsp; 31095 | 1.67 | 1.68 | 0.39 | 54 |
| Year ended 04/30/21 | 20.08 | 0.24 | 11.58 | 11.82 | (0.46)<br>|  | (0.46)<br>| 31.44 | 59.49 | &nbsp;&nbsp; 30455 | 1.68 | 1.80 | 1.00 | 46 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 04/30/25 | 32.73 | 0.44 | 1.00 | 1.44 | (0.48)<br>| (4.70)<br>| (5.18)<br>| 28.99 | 3.50 | &nbsp;&nbsp; 44390 | 1.18 | 1.19 | 1.35 | 70 |
| Year ended 04/30/24 | 30.54 | 0.46 | 3.31 | 3.77 | (0.42)<br>| (1.16)<br>| (1.58)<br>| 32.73 | 12.71 | &nbsp;&nbsp; 46540 | 1.17 | 1.19 | 1.49 | 104 |
| Year ended 04/30/23 | 33.10 | 0.35 | 2.12 | 2.47 | (0.35)<br>| (4.68)<br>| (5.03)<br>| 30.54 | 8.05 | &nbsp;&nbsp; 42402 | 1.27 | 1.28 | 1.11 | 57 |
| Year ended 04/30/22 | 32.70 | 0.30 | 1.82 | 2.12 | (0.28)<br>| (1.44)<br>| (1.72)<br>| 33.10 | 6.62 | &nbsp;&nbsp; 39500 | 1.17 | 1.18 | 0.89 | 54 |
| Year ended 04/30/21 | 20.89 | 0.38 | 12.04 | 12.42 | (0.61)<br>|  | (0.61)<br>| 32.70 | 60.24 | &nbsp;&nbsp; 39590 | 1.18 | 1.30 | 1.50 | 46 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 04/30/25 | 35.28 | 0.65 | 1.07 | 1.72 | (0.70)<br>| (4.70)<br>| (5.40)<br>| 31.60 | 4.06 | &nbsp;&nbsp; 61875 | 0.68 | 0.69 | 1.85 | 70 |
| Year ended 04/30/24 | 32.83 | 0.67 | 3.56 | 4.23 | (0.62)<br>| (1.16)<br>| (1.78)<br>| 35.28 | 13.27 | &nbsp;&nbsp; 86777 | 0.67 | 0.69 | 1.99 | 104 |
| Year ended 04/30/23 | 35.26 | 0.54 | 2.26 | 2.80 | (0.55)<br>| (4.68)<br>| (5.23)<br>| 32.83 | 8.58 | &nbsp;&nbsp; 67601 | 0.77 | 0.78 | 1.61 | 57 |
| Year ended 04/30/22 | 34.75 | 0.50 | 1.93 | 2.43 | (0.48)<br>| (1.44)<br>| (1.92)<br>| 35.26 | 7.13 | &nbsp;&nbsp; 50894 | 0.67 | 0.68 | 1.39 | 54 |
| Year ended 04/30/21 | 22.19 | 0.54 | 12.80 | 13.34 | (0.78)<br>|  | (0.78)<br>| 34.75 | 61.10 | &nbsp;&nbsp; 45879 | 0.68 | 0.80 | 2.00 | 46 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 04/30/25 | 33.87 | 0.65 | 1.05 | 1.70 | (0.71)<br>| (4.70)<br>| (5.41)<br>| 30.16 | 4.16 | &nbsp;&nbsp; 9 | 0.59 | 0.59 | 1.94 | 70 |
| Year ended 04/30/24 | 31.56 | 0.67 | 3.43 | 4.10 | (0.63)<br>| (1.16)<br>| (1.79)<br>| 33.87 | 13.39 | &nbsp;&nbsp; 11 | 0.58 | 0.59 | 2.08 | 104 |
| Year ended 04/30/23 | 34.07 | 0.56 | 2.18 | 2.74 | (0.57)<br>| (4.68)<br>| (5.25)<br>| 31.56 | 8.71 | &nbsp;&nbsp; 10 | 0.66 | 0.67 | 1.72 | 57 |
| Year ended 04/30/22 | 33.62 | 0.52 | 1.87 | 2.39 | (0.50)<br>| (1.44)<br>| (1.94)<br>| 34.07 | 7.24 | &nbsp;&nbsp; 11 | 0.57 | 0.58 | 1.49 | 54 |
| Year ended 04/30/21 | 21.47 | 0.55 | 12.38 | 12.93 | (0.78)<br>|  | (0.78)<br>| 33.62 | 61.27 | &nbsp;&nbsp; 11 | 0.57 | 0.60 | 2.11 | 46 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 04/30/25 | 35.16 | 0.68 | 1.07 | 1.75 | (0.74)<br>| (4.70)<br>| (5.44)<br>| 31.47 | 4.15 | &nbsp;&nbsp; 33303 | 0.59 | 0.59 | 1.94 | 70 |
| Year ended 04/30/24 | 32.72 | 0.70 | 3.55 | 4.25 | (0.65)<br>| (1.16)<br>| (1.81)<br>| 35.16 | 13.39 | &nbsp;&nbsp; 35077 | 0.58 | 0.59 | 2.08 | 104 |
| Year ended 04/30/23 | 35.16 | 0.57 | 2.25 | 2.82 | (0.58)<br>| (4.68)<br>| (5.26)<br>| 32.72 | 8.70 | &nbsp;&nbsp; 20430 | 0.66 | 0.67 | 1.72 | 57 |
| Year ended 04/30/22 | 34.65 | 0.54 | 1.93 | 2.47 | (0.52)<br>| (1.44)<br>| (1.96)<br>| 35.16 | 7.26 | &nbsp;&nbsp; 9729 | 0.55 | 0.58 | 1.51 | 54 |
| Year ended 04/30/21 | 22.13 | 0.51 | 12.83 | 13.34 | (0.82)<br>|  | (0.82)<br>| 34.65 | 61.33 | &nbsp;&nbsp; 6606 | 0.52 | 0.58 | 2.16 | 46 |

---

<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> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended April 30, 2025, 2024, 2023, 2022 and 2021. 

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

**7**

**Invesco Comstock Select Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

**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.

Effective after the close of business on September 30, 2024, Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

**8**

**Invesco Comstock Select Fund**

------

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

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

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

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

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

**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.** **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 seek 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 *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

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 by investment companies. Any 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 services 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 year ended April 30, 2025, 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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess

**9**

**Invesco Comstock Select Fund**

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potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **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 securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2025, the Fund paid the Adviser $4,586 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **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.

**N.** **Other Risks** - 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.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

**10**

**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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.625% |
| Next $100 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.500% |
| Next $4.6 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Over $5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.430% |

---

\* 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 year ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.51%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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

For the year ended April 30, 2025, the Adviser waived advisory fees of $13,846.

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 year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2025, IDI advised the Fund that IDI retained $55,575 in front-end sales commissions from the sale of Class A shares and $709 and $1,054 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2025, the Fund incurred $12,069 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's

**11**

**Invesco Comstock Select Fund**

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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 April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $666104887 | &nbsp;&nbsp;&nbsp;&nbsp; $22482913 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $688587800 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 24530019 | &nbsp;&nbsp;&nbsp;&nbsp; 27929140 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52459159 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $690634906 | &nbsp;&nbsp;&nbsp;&nbsp; $50412053 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $741046959 |

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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 year ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $40,574.

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

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $69112612 | &nbsp;&nbsp;&nbsp;&nbsp; $22448112 |
| Long-term capital gain | &nbsp;&nbsp; 46422171 | &nbsp;&nbsp;&nbsp;&nbsp; 15615699 |
| Total distributions | &nbsp;&nbsp; $115534783 | &nbsp;&nbsp;&nbsp;&nbsp; $38063811 |

---

\* Includes short-term capital gain distributions, if any.

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| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $15347479 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 22506978 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 32575586 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 15796 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (154365)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 644421846 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $714713320 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 does not have a capital loss carryforward as of April 30, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2025 was $537,498,514 and $639,653,306, respectively. As of April 30, 2025, the aggregate cost of investments,

**12**

**Invesco Comstock Select Fund**

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including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $74874327 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (42298741)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $32575586 |

---

Cost of investments for tax purposes is $708,471,373.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization, on April 30, 2025, undistributed net investment income was increased by $1,960, undistributed net realized gain was decreased by $7,110,965 and shares of beneficial interest was increased by $7,109,005. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2024** | **Year ended** <br>**April 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1066864 | &nbsp;&nbsp;&nbsp; $35878929 | &nbsp;&nbsp;&nbsp; 1973469 | &nbsp;&nbsp;&nbsp; $63934589 |
| Class C | &nbsp;&nbsp;&nbsp; 125365 | &nbsp;&nbsp;&nbsp; 3850664 | &nbsp;&nbsp;&nbsp; 209931 | &nbsp;&nbsp;&nbsp; 6241060 |
| Class R | &nbsp;&nbsp;&nbsp; 195021 | &nbsp;&nbsp;&nbsp; 6324648 | &nbsp;&nbsp;&nbsp; 261430 | &nbsp;&nbsp;&nbsp; 8138918 |
| Class Y | &nbsp;&nbsp;&nbsp; 497195 | &nbsp;&nbsp;&nbsp; 17066186 | &nbsp;&nbsp;&nbsp; 1693027 | &nbsp;&nbsp;&nbsp; 57004372 |
| Class R6 | &nbsp;&nbsp;&nbsp; 436023 | &nbsp;&nbsp;&nbsp; 14754028 | &nbsp;&nbsp;&nbsp; 627989 | &nbsp;&nbsp;&nbsp; 21156194 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2594778 | &nbsp;&nbsp;&nbsp; 83907283 | &nbsp;&nbsp;&nbsp; 865161 | &nbsp;&nbsp;&nbsp; 27639392 |
| Class C | &nbsp;&nbsp;&nbsp; 139057 | &nbsp;&nbsp;&nbsp; 4074003 | &nbsp;&nbsp;&nbsp; 45400 | &nbsp;&nbsp;&nbsp; 1328726 |
| Class R | &nbsp;&nbsp;&nbsp; 230975 | &nbsp;&nbsp;&nbsp; 7166021 | &nbsp;&nbsp;&nbsp; 70707 | &nbsp;&nbsp;&nbsp; 2177932 |
| Class Y | &nbsp;&nbsp;&nbsp; 281880 | &nbsp;&nbsp;&nbsp; 9537679 | &nbsp;&nbsp;&nbsp; 116856 | &nbsp;&nbsp;&nbsp; 3882572 |
| Class R6 | &nbsp;&nbsp;&nbsp; 149949 | &nbsp;&nbsp;&nbsp; 5051097 | &nbsp;&nbsp;&nbsp; 44509 | &nbsp;&nbsp;&nbsp; 1475449 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 96931 | &nbsp;&nbsp;&nbsp; 3252963 | &nbsp;&nbsp;&nbsp; 106569 | &nbsp;&nbsp;&nbsp; 3481907 |
| Class C | &nbsp;&nbsp;&nbsp; (106355)<br>| &nbsp;&nbsp;&nbsp; (3252963)<br>| &nbsp;&nbsp;&nbsp; (115906)<br>| &nbsp;&nbsp;&nbsp; (3481907)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2845302)<br>| &nbsp;&nbsp;&nbsp; (95432007)<br>| &nbsp;&nbsp;&nbsp; (2964887)<br>| &nbsp;&nbsp;&nbsp; (96078632)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (195563)<br>| &nbsp;&nbsp;&nbsp; (6039126)<br>| &nbsp;&nbsp;&nbsp; (279557)<br>| &nbsp;&nbsp;&nbsp; (8318134)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (316639)<br>| &nbsp;&nbsp;&nbsp; (10218509)<br>| &nbsp;&nbsp;&nbsp; (298524)<br>| &nbsp;&nbsp;&nbsp; (9338681)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1280357)<br>| &nbsp;&nbsp;&nbsp; (44841424)<br>| &nbsp;&nbsp;&nbsp; (1409455)<br>| &nbsp;&nbsp;&nbsp; (47700584)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (525286)<br>| &nbsp;&nbsp;&nbsp; (17962258)<br>| &nbsp;&nbsp;&nbsp; (299209)<br>| &nbsp;&nbsp;&nbsp; (10079989)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 544536 | &nbsp;&nbsp;&nbsp; $13117214 | &nbsp;&nbsp;&nbsp; 647510 | &nbsp;&nbsp;&nbsp; $21463184 |

---

<sup>(a)</sup> There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.

**13**

**Invesco Comstock Select Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Comstock Select Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Comstock Select Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the "Fund") as of April 30, 2025, the related statement of operations for the year ended April 30, 2025, the statement of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2025 and the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 20, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**14**

**Invesco Comstock Select Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $53531171 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 34.20% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 28.04% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 1.60% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $55839748 |

---

**15**

**Invesco Comstock Select Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco Comstock Select Fund**

------

![](img2d9763f21.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

O-VAL-NCSR

------

![](img6e5ad4521.jpg)

------

**Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Dividend Income Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_476bffec-3c78-4826-a742-6bf312e580a1_SOI-Continued-12_1) | Schedule of Investments |
| [4](#xx_476bffec-3c78-4826-a742-6bf312e580a1_FS-Continued-12_1) | Financial Statements |
| [7](#xx_476bffec-3c78-4826-a742-6bf312e580a1_FS-Continued-12_4) | Financial Highlights |
| [8](#xx_476bffec-3c78-4826-a742-6bf312e580a1_NTF-Continued-12_1) | Notes to Financial Statements |
| [14](#xx_476bffec-3c78-4826-a742-6bf312e580a1_ARS-Continued-12_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_476bffec-3c78-4826-a742-6bf312e580a1_TI-Continued-12_1) | Tax Information |
| [16](#xx_476bffec-3c78-4826-a742-6bf312e580a1_OIRSR-Continued-12_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–95.60%** | **Common Stocks & Other Equity Interests–95.60%** | **Common Stocks & Other Equity Interests–95.60%** |
| **Aerospace & Defense–2.94%** | **Aerospace & Defense–2.94%** | **Aerospace & Defense–2.94%** |
| Airbus SE (France) | 188255 | &nbsp;&nbsp; $31945085 |
| Northrop Grumman Corp. | 142700 | &nbsp;&nbsp; 69423550 |
|  |  | &nbsp;&nbsp; 101368635 |
| **Agricultural & Farm Machinery–1.16%** | **Agricultural & Farm Machinery–1.16%** | **Agricultural & Farm Machinery–1.16%** |
| Deere & Co. | 86508 | &nbsp;&nbsp; 40101649 |
| **Apparel Retail–0.67%** | **Apparel Retail–0.67%** | **Apparel Retail–0.67%** |
| Ross Stores, Inc. | 165208 | &nbsp;&nbsp; 22963912 |
| **Application Software–1.01%** | **Application Software–1.01%** | **Application Software–1.01%** |
| Salesforce, Inc. | 129150 | &nbsp;&nbsp; 34703897 |
| **Asset Management & Custody Banks–1.19%** | **Asset Management & Custody Banks–1.19%** | **Asset Management & Custody Banks–1.19%** |
| BlackRock, Inc. | 44667 | &nbsp;&nbsp; 40837251 |
| **Biotechnology–1.07%** | **Biotechnology–1.07%** | **Biotechnology–1.07%** |
| AbbVie, Inc. | 189112 | &nbsp;&nbsp; 36895751 |
| **Building Products–0.82%** | **Building Products–0.82%** | **Building Products–0.82%** |
| Johnson Controls International PLC | 334813 | &nbsp;&nbsp; 28090811 |
| **Cable & Satellite–0.99%** | **Cable & Satellite–0.99%** | **Cable & Satellite–0.99%** |
| Comcast Corp., Class A | 997882 | &nbsp;&nbsp; 34127564 |
| **Communications Equipment–1.96%** | **Communications Equipment–1.96%** | **Communications Equipment–1.96%** |
| Cisco Systems, Inc. | 1169245 | &nbsp;&nbsp; 67500514 |
| **Construction Materials–1.15%** | **Construction Materials–1.15%** | **Construction Materials–1.15%** |
| CRH PLC | 414643 | &nbsp;&nbsp; 39565235 |
| **Consumer Finance–1.02%** | **Consumer Finance–1.02%** | **Consumer Finance–1.02%** |
| Capital One Financial Corp. | 194205 | &nbsp;&nbsp; 35007393 |
| **Consumer Staples Merchandise Retail–2.87%** | **Consumer Staples Merchandise Retail–2.87%** | **Consumer Staples Merchandise Retail–2.87%** |
| Walmart, Inc. | 1015591 | &nbsp;&nbsp; 98766225 |
| **Diversified Banks–9.33%** | **Diversified Banks–9.33%** | **Diversified Banks–9.33%** |
| Bank of America Corp. | 2124148 | &nbsp;&nbsp; 84711022 |
| Fifth Third Bancorp | 672125 | &nbsp;&nbsp; 24156173 |
| JPMorgan Chase & Co. | 492554 | &nbsp;&nbsp; 120488560 |
| PNC Financial Services Group, Inc. <br> (The) | 242760 | &nbsp;&nbsp; 39009104 |
| Wells Fargo & Co. | 747016 | &nbsp;&nbsp; 53045606 |
|  |  | &nbsp;&nbsp; 321410465 |
| **Electric Utilities–3.12%** | **Electric Utilities–3.12%** | **Electric Utilities–3.12%** |
| Entergy Corp. | 603148 | &nbsp;&nbsp; 50163819 |
| PPL Corp. | 1569986 | &nbsp;&nbsp; 57304489 |
|  |  | &nbsp;&nbsp; 107468308 |
| **Electrical Components & Equipment–2.46%** | **Electrical Components & Equipment–2.46%** | **Electrical Components & Equipment–2.46%** |
| Eaton Corp. PLC | 192759 | &nbsp;&nbsp; 56742467 |
| Emerson Electric Co. | 267658 | &nbsp;&nbsp; 28133532 |
|  |  | &nbsp;&nbsp; 84875999 |
| **Electronic Manufacturing Services–0.60%** | **Electronic Manufacturing Services–0.60%** | **Electronic Manufacturing Services–0.60%** |
| TE Connectivity PLC (Switzerland) | 140836 | &nbsp;&nbsp; 20615574 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Food Distributors–1.16%** | **Food Distributors–1.16%** | **Food Distributors–1.16%** |
| Sysco Corp. | 558537 | &nbsp;&nbsp; $39879542 |
| **Health Care Distributors–1.15%** | **Health Care Distributors–1.15%** | **Health Care Distributors–1.15%** |
| Cencora, Inc. | 134745 | &nbsp;&nbsp; 39435819 |
| **Health Care Equipment–1.89%** | **Health Care Equipment–1.89%** | **Health Care Equipment–1.89%** |
| Medtronic PLC | 767660 | &nbsp;&nbsp; 65066862 |
| **Health Care Services–1.09%** | **Health Care Services–1.09%** | **Health Care Services–1.09%** |
| CVS Health Corp. | 561552 | &nbsp;&nbsp; 37461134 |
| **Home Improvement Retail–2.76%** | **Home Improvement Retail–2.76%** | **Home Improvement Retail–2.76%** |
| Lowe's Cos., Inc. | 424806 | &nbsp;&nbsp; 94969629 |
| **Hotels, Resorts & Cruise Lines–1.52%** | **Hotels, Resorts & Cruise Lines–1.52%** | **Hotels, Resorts & Cruise Lines–1.52%** |
| Marriott International, Inc., Class A | 220037 | &nbsp;&nbsp; 52496427 |
| **Household Products–4.66%** | **Household Products–4.66%** | **Household Products–4.66%** |
| Colgate-Palmolive Co. | 638598 | &nbsp;&nbsp; 58872349 |
| Procter & Gamble Co. (The) | 625817 | &nbsp;&nbsp; 101739070 |
|  |  | &nbsp;&nbsp; 160611419 |
| **Industrial Gases–0.54%** | **Industrial Gases–0.54%** | **Industrial Gases–0.54%** |
| Air Products and Chemicals, Inc. | 68113 | &nbsp;&nbsp; 18464753 |
| **Industrial Machinery & Supplies & Components–1.83%** | **Industrial Machinery & Supplies & Components–1.83%** | **Industrial Machinery & Supplies & Components–1.83%** |
| Parker-Hannifin Corp. | 103897 | &nbsp;&nbsp; 62863919 |
| **Industrial REITs–1.22%** | **Industrial REITs–1.22%** | **Industrial REITs–1.22%** |
| Prologis, Inc. | 411385 | &nbsp;&nbsp; 42043547 |
| **Integrated Oil & Gas–2.71%** | **Integrated Oil & Gas–2.71%** | **Integrated Oil & Gas–2.71%** |
| Chevron Corp. | 622336 | &nbsp;&nbsp; 84675036 |
| Suncor Energy, Inc. (Canada) | 243795 | &nbsp;&nbsp; 8603526 |
|  |  | &nbsp;&nbsp; 93278562 |
| **Integrated Telecommunication Services–1.69%** | **Integrated Telecommunication Services–1.69%** | **Integrated Telecommunication Services–1.69%** |
| AT&T, Inc. | 2100635 | &nbsp;&nbsp; 58187590 |
| **Investment Banking & Brokerage–2.67%** | **Investment Banking & Brokerage–2.67%** | **Investment Banking & Brokerage–2.67%** |
| Charles Schwab Corp. (The) | 678195 | &nbsp;&nbsp; 55205073 |
| Morgan Stanley | 317108 | &nbsp;&nbsp; 36600605 |
|  |  | &nbsp;&nbsp; 91805678 |
| **IT Consulting & Other Services–1.79%** | **IT Consulting & Other Services–1.79%** | **IT Consulting & Other Services–1.79%** |
| International Business Machines Corp. | 255491 | &nbsp;&nbsp; 61782834 |
| **Movies & Entertainment–0.91%** | **Movies & Entertainment–0.91%** | **Movies & Entertainment–0.91%** |
| Walt Disney Co. (The) | 346348 | &nbsp;&nbsp; 31500351 |
| **Multi-line Insurance–2.16%** | **Multi-line Insurance–2.16%** | **Multi-line Insurance–2.16%** |
| American International Group, Inc. | 911666 | &nbsp;&nbsp; 74319012 |
| **Multi-Utilities–3.10%** | **Multi-Utilities–3.10%** | **Multi-Utilities–3.10%** |
| CMS Energy Corp. | 727569 | &nbsp;&nbsp; 53585457 |
| Public Service Enterprise Group, Inc. | 666784 | &nbsp;&nbsp; 53296045 |
|  |  | &nbsp;&nbsp; 106881502 |
| **Oil & Gas Exploration & Production–1.70%** | **Oil & Gas Exploration & Production–1.70%** | **Oil & Gas Exploration & Production–1.70%** |
| ConocoPhillips | 658795 | &nbsp;&nbsp; 58711810 |

---

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

**2**

**Invesco Dividend Income Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Oil & Gas Refining & Marketing–0.93%** | **Oil & Gas Refining & Marketing–0.93%** | **Oil & Gas Refining & Marketing–0.93%** |
| Valero Energy Corp. | 276792 | &nbsp;&nbsp; $32132783 |
| **Paper & Plastic Packaging Products & Materials–1.02%** | **Paper & Plastic Packaging Products & Materials–1.02%** | **Paper & Plastic Packaging Products & Materials–1.02%** |
| Smurfit WestRock PLC | 438000 | &nbsp;&nbsp; 18404760 |
| Sonoco Products Co. | 410222 | &nbsp;&nbsp; 16819102 |
|  |  | &nbsp;&nbsp; 35223862 |
| **Pharmaceuticals–6.05%** | **Pharmaceuticals–6.05%** | **Pharmaceuticals–6.05%** |
| AstraZeneca PLC (United Kingdom) | 218961 | &nbsp;&nbsp; 31369842 |
| Bristol-Myers Squibb Co. | 744115 | &nbsp;&nbsp; 37354573 |
| Johnson & Johnson | 569695 | &nbsp;&nbsp; 89049025 |
| Merck & Co., Inc. | 259714 | &nbsp;&nbsp; 22127633 |
| Sanofi S.A., ADR | 517508 | &nbsp;&nbsp; 28437065 |
|  |  | &nbsp;&nbsp; 208338138 |
| **Property & Casualty Insurance–3.88%** | **Property & Casualty Insurance–3.88%** | **Property & Casualty Insurance–3.88%** |
| Chubb Ltd. | 254492 | &nbsp;&nbsp; 72805071 |
| Hartford Insurance Group, Inc. (The) | 496370 | &nbsp;&nbsp; 60889708 |
|  |  | &nbsp;&nbsp; 133694779 |
| **Rail Transportation–1.74%** | **Rail Transportation–1.74%** | **Rail Transportation–1.74%** |
| Union Pacific Corp. | 278577 | &nbsp;&nbsp; 60077916 |
| **Restaurants–2.58%** | **Restaurants–2.58%** | **Restaurants–2.58%** |
| McDonald's Corp. | 277612 | &nbsp;&nbsp; 88738676 |
| **Semiconductor Materials & Equipment–0.87%** | **Semiconductor Materials & Equipment–0.87%** | **Semiconductor Materials & Equipment–0.87%** |
| Lam Research Corp. | 418471 | &nbsp;&nbsp; 29991817 |
| **Semiconductors–2.00%** | **Semiconductors–2.00%** | **Semiconductors–2.00%** |
| Broadcom, Inc. | 188897 | &nbsp;&nbsp; 36357005 |
| Texas Instruments, Inc. | 203037 | &nbsp;&nbsp; 32496072 |
|  |  | &nbsp;&nbsp; 68853077 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Soft Drinks & Non-alcoholic Beverages–3.35%** | **Soft Drinks & Non-alcoholic Beverages–3.35%** | **Soft Drinks & Non-alcoholic Beverages–3.35%** |
| Coca-Cola Co. (The) | 1032372 | &nbsp;&nbsp; $74898589 |
| Keurig Dr Pepper, Inc. | 1169401 | &nbsp;&nbsp; 40449580 |
|  |  | &nbsp;&nbsp; 115348169 |
| **Systems Software–2.79%** | **Systems Software–2.79%** | **Systems Software–2.79%** |
| Microsoft Corp. | 180005 | &nbsp;&nbsp; 71148777 |
| Oracle Corp. | 176010 | &nbsp;&nbsp; 24768127 |
|  |  | &nbsp;&nbsp; 95916904 |
| **Telecom Tower REITs–0.89%** | **Telecom Tower REITs–0.89%** | **Telecom Tower REITs–0.89%** |
| American Tower Corp. | 136210 | &nbsp;&nbsp; 30703096 |
| **Tobacco–2.59%** | **Tobacco–2.59%** | **Tobacco–2.59%** |
| Philip Morris International, Inc. | 520170 | &nbsp;&nbsp; 89136331 |
| Total Common Stocks & Other Equity Interests <br> (Cost $2,594,526,912) | Total Common Stocks & Other Equity Interests <br> (Cost $2,594,526,912) | &nbsp;&nbsp; 3292215121 |
| **Money Market Funds–3.39%** | **Money Market Funds–3.39%** | **Money Market Funds–3.39%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(b)(c)</sup>  | 40867319 | &nbsp;&nbsp; 40867319 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(b)(c)</sup>  | 75886724 | &nbsp;&nbsp; 75886724 |
| Total Money Market Funds (Cost $116,754,043) | Total Money Market Funds (Cost $116,754,043) | &nbsp;&nbsp; 116754043 |
| TOTAL INVESTMENTS IN SECURITIES–98.99% <br> (Cost $2,711,280,955) | TOTAL INVESTMENTS IN SECURITIES–98.99% <br> (Cost $2,711,280,955) | &nbsp;&nbsp; 3408969164 |
| OTHER ASSETS LESS LIABILITIES—1.01% | OTHER ASSETS LESS LIABILITIES—1.01% | &nbsp;&nbsp; 34661650 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $3443630814 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

<sup>(b)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $43232681 | &nbsp;&nbsp; $290405406 | &nbsp;&nbsp; $(292770768) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $40867319 | &nbsp;&nbsp; $1799862 |
| Invesco Liquid Assets Portfolio, Institutional Class | 30871559 | &nbsp;&nbsp; 36994007 | &nbsp;&nbsp; (67864768) | &nbsp;&nbsp; 1828 | &nbsp;&nbsp; (2626) | &nbsp;&nbsp; - | &nbsp;&nbsp; 440160 |
| Invesco Treasury Portfolio, Institutional Class | 49408779 | &nbsp;&nbsp; 538917629 | &nbsp;&nbsp; (512439684) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 75886724 | &nbsp;&nbsp; 2895789 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 5773791 | &nbsp;&nbsp; 266572988 | &nbsp;&nbsp; (272346779) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 153,328\* |
| Invesco Private Prime Fund | 14846890 | &nbsp;&nbsp; 498750101 | &nbsp;&nbsp; (513596466) | &nbsp;&nbsp; - | (525) | &nbsp;&nbsp; - | &nbsp;&nbsp; 396,961\* |
| Total | $144133700 | &nbsp;&nbsp; $1631640131 | &nbsp;&nbsp; $(1659018465) | &nbsp;&nbsp; $1828 | &nbsp;&nbsp; $(3151) | &nbsp;&nbsp; $116754043 | &nbsp;&nbsp; $5686100 |

---

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

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

**3**

**Invesco Dividend Income Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,594,526,912)<br>| &nbsp;&nbsp; $3292215121 |
| Investments in affiliated money market funds, at value <br> (Cost $116,754,043)<br>| &nbsp;&nbsp; 116754043 |
| Foreign currencies, at value and cost | &nbsp;&nbsp; 32 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 82555505 |
| Fund shares sold | &nbsp;&nbsp; 570496 |
| Dividends | &nbsp;&nbsp; 7674318 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 270284 |
| Other assets | &nbsp;&nbsp; 94235 |
| Total assets | &nbsp;&nbsp; 3500134034 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 51928406 |
| Fund shares reacquired | &nbsp;&nbsp; 2637342 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1442033 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 39126 |
| Accrued other operating expenses | &nbsp;&nbsp; 127970 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 328343 |
| Total liabilities | &nbsp;&nbsp; 56503220 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $3443630814 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2513487500 |
| Distributable earnings | &nbsp;&nbsp; 930143314 |
|  | &nbsp;&nbsp; $3443630814 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $2695057845 |
| Class C | &nbsp;&nbsp; $102707686 |
| Class R | &nbsp;&nbsp; $97228022 |
| Class Y | &nbsp;&nbsp; $286710952 |
| Investor Class | &nbsp;&nbsp; $68052415 |
| Class R5 | &nbsp;&nbsp; $1842845 |
| Class R6 | &nbsp;&nbsp; $192031049 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 106687354 |
| Class C | &nbsp;&nbsp; 4001484 |
| Class R | &nbsp;&nbsp; 3849077 |
| Class Y | &nbsp;&nbsp; 11206889 |
| Investor Class | &nbsp;&nbsp; 2659303 |
| Class R5 | &nbsp;&nbsp; 72921 |
| Class R6 | &nbsp;&nbsp; 7591153 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $25.26 |
| Maximum offering price per share <br>(Net asset value of $25.26 ÷ 94.50%)<br>| &nbsp;&nbsp; $26.73 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.67 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.26 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.58 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.59 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.27 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.30 |

---

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

**4**

**Invesco Dividend Income Fund**

------

**Statement of Operations**

*For the year ended April 30, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $108015 |
| Dividends (net of foreign withholding taxes of $595,912) | &nbsp;&nbsp; 82795565 |
| Dividends from affiliated money market funds (includes net securities lending income of $13,929) | &nbsp;&nbsp; 5149740 |
| Foreign withholding tax claims | &nbsp;&nbsp; 803312 |
| Total investment income | &nbsp;&nbsp; 88856632 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 19428183 |
| Administrative services fees | &nbsp;&nbsp; 529621 |
| Custodian fees | &nbsp;&nbsp; 30554 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 6767902 |
| Class C | &nbsp;&nbsp; 1269043 |
| Class R | &nbsp;&nbsp; 519168 |
| Investor Class | &nbsp;&nbsp; 178716 |
| Transfer agent fees — A, C, R, Y and Investor Class | &nbsp;&nbsp; 4116080 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1865 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 61340 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 60153 |
| Registration and filing fees | &nbsp;&nbsp; 140715 |
| Reports to shareholders | &nbsp;&nbsp; 197390 |
| Professional services fees | &nbsp;&nbsp; 91976 |
| Other | &nbsp;&nbsp; 73705 |
| Total expenses | &nbsp;&nbsp; 33466411 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (254338)<br>|
| Net expenses | &nbsp;&nbsp; 33212073 |
| Net investment income | &nbsp;&nbsp; 55644559 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 283238567 |
| Affiliated investment securities | &nbsp;&nbsp; (3151)<br>|
| Foreign currencies | &nbsp;&nbsp; 122501 |
|  | &nbsp;&nbsp; 283357917 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (85331006)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 1828 |
| Foreign currencies | &nbsp;&nbsp; 312284 |
|  | &nbsp;&nbsp; (85016894)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 198341023 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $253985582 |

---

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

**5**

**Invesco Dividend Income Fund**

------

**Statement of Changes in Net Assets**

*For the years ended April 30, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $55644559 | &nbsp;&nbsp; $68526862 |
| Net realized gain | &nbsp;&nbsp; 283357917 | &nbsp;&nbsp; 225486459 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (85016894)<br>| &nbsp;&nbsp; 18377261 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 253985582 | &nbsp;&nbsp; 312390582 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (193787689)<br>| &nbsp;&nbsp; (152180406)<br>|
| Class C | &nbsp;&nbsp; (7381762)<br>| &nbsp;&nbsp; (7630774)<br>|
| Class R | &nbsp;&nbsp; (6805603)<br>| &nbsp;&nbsp; (5503919)<br>|
| Class Y | &nbsp;&nbsp; (22313268)<br>| &nbsp;&nbsp; (18751787)<br>|
| Investor Class | &nbsp;&nbsp; (4846095)<br>| &nbsp;&nbsp; (3746695)<br>|
| Class R5 | &nbsp;&nbsp; (132427)<br>| &nbsp;&nbsp; (105465)<br>|
| Class R6 | &nbsp;&nbsp; (14376689)<br>| &nbsp;&nbsp; (11788412)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (249643533)<br>| &nbsp;&nbsp; (199707458)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (55808155)<br>| &nbsp;&nbsp; (141600485)<br>|
| Class C | &nbsp;&nbsp; (42083966)<br>| &nbsp;&nbsp; (45718784)<br>|
| Class R | &nbsp;&nbsp; (5046639)<br>| &nbsp;&nbsp; (9188379)<br>|
| Class Y | &nbsp;&nbsp; (46086344)<br>| &nbsp;&nbsp; (11603158)<br>|
| Investor Class | &nbsp;&nbsp; (667582)<br>| &nbsp;&nbsp; (1965307)<br>|
| Class R5 | &nbsp;&nbsp; 89754 | &nbsp;&nbsp; (6163)<br>|
| Class R6 | &nbsp;&nbsp; (5441248)<br>| &nbsp;&nbsp; (21784687)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (155044180)<br>| &nbsp;&nbsp; (231866963)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (150702131)<br>| &nbsp;&nbsp; (119183839)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 3594332945 | &nbsp;&nbsp; 3713516784 |
| End of year | &nbsp;&nbsp; $3443630814 | &nbsp;&nbsp; $3594332945 |

---

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

**6**

**Invesco Dividend Income Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 04/30/25 | $25.28 | $0.40 | $1.43 | $1.83 | $(0.40)<br>| $(1.45)<br>| $(1.85)<br>| $25.26 | 7.01 %<sup>(d)</sup><br>| &nbsp;&nbsp; $2695058 | 0.92 %<sup>(d)</sup><br>| 0.92 %<sup>(d)</sup><br>| 1.51 %<sup>(d)</sup><br>| 54<br> %<br>|
| Year ended 04/30/24 | 24.50 | 0.47 | 1.70 | 2.17 | (0.51)<br>| (0.88)<br>| (1.39)<br>| 25.28 | 9.21 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2750797 | 0.93 <br><sup>(d)</sup><br>| 0.93 <br><sup>(d)</sup><br>| 1.91 <br><sup>(d)</sup><br>| 40 |
| Year ended 04/30/23 | 25.42 | 0.46 | 0.03 | 0.49 | (0.44)<br>| (0.97)<br>| (1.41)<br>| 24.50 | 2.01 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2806537 | 0.92 <br><sup>(d)</sup><br>| 0.92 <br><sup>(d)</sup><br>| 1.85 <br><sup>(d)</sup><br>| 17 |
| Year ended 04/30/22 | 25.62 | 0.48 | 1.00 | 1.48 | (0.47)<br>| (1.21)<br>| (1.68)<br>| 25.42 | 5.95 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2887737 | 0.93 <br><sup>(d)</sup><br>| 0.93 <br><sup>(d)</sup><br>| 1.84 <br><sup>(d)</sup><br>| 38 |
| Year ended 04/30/21 | 20.11 | 0.47 | 5.53 | 6.00 | (0.49)<br>|  | (0.49)<br>| 25.62 | 30.23 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2921798 | 0.97 <br><sup>(d)</sup><br>| 0.97 <br><sup>(d)</sup><br>| 2.10 <br><sup>(d)</sup><br>| 4 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 04/30/25 | 25.67 | 0.20 | 1.45 | 1.65 | (0.20)<br>| (1.45)<br>| (1.65)<br>| 25.67 | 6.21 | &nbsp;&nbsp; 102708 | 1.68 | 1.68 | 0.75 | 54 |
| Year ended 04/30/24 | 24.86 | 0.29 | 1.73 | 2.02 | (0.33)<br>| (0.88)<br>| (1.21)<br>| 25.67 | 8.39 | &nbsp;&nbsp; 142969 | 1.69 | 1.69 | 1.15 | 40 |
| Year ended 04/30/23 | 25.78 | 0.27 | 0.04 | 0.31 | (0.26)<br>| (0.97)<br>| (1.23)<br>| 24.86 | 1.23 | &nbsp;&nbsp; 184187 | 1.68 | 1.68 | 1.09 | 17 |
| Year ended 04/30/22 | 25.97 | 0.29 | 1.01 | 1.30 | (0.28)<br>| (1.21)<br>| (1.49)<br>| 25.78 | 5.13 | &nbsp;&nbsp; 229596 | 1.69 | 1.69 | 1.08 | 38 |
| Year ended 04/30/21 | 20.38 | 0.30 | 5.61 | 5.91 | (0.32)<br>|  | (0.32)<br>| 25.97 | 29.29 | &nbsp;&nbsp; 285321 | 1.73 | 1.73 | 1.34 | 4 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 04/30/25 | 25.28 | 0.33 | 1.43 | 1.76 | (0.33)<br>| (1.45)<br>| (1.78)<br>| 25.26 | 6.73 | &nbsp;&nbsp; 97228 | 1.18 | 1.18 | 1.25 | 54 |
| Year ended 04/30/24 | 24.50 | 0.41 | 1.70 | 2.11 | (0.45)<br>| (0.88)<br>| (1.33)<br>| 25.28 | 8.92 | &nbsp;&nbsp; 102155 | 1.19 | 1.19 | 1.65 | 40 |
| Year ended 04/30/23 | 25.42 | 0.39 | 0.04 | 0.43 | (0.38)<br>| (0.97)<br>| (1.35)<br>| 24.50 | 1.74 | &nbsp;&nbsp; 108030 | 1.18 | 1.18 | 1.59 | 17 |
| Year ended 04/30/22 | 25.62 | 0.42 | 1.00 | 1.42 | (0.41)<br>| (1.21)<br>| (1.62)<br>| 25.42 | 5.68 | &nbsp;&nbsp; 111671 | 1.19 | 1.19 | 1.58 | 38 |
| Year ended 04/30/21 | 20.11 | 0.41 | 5.53 | 5.94 | (0.43)<br>|  | (0.43)<br>| 25.62 | 29.89 | &nbsp;&nbsp; 110667 | 1.23 | 1.23 | 1.84 | 4 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 04/30/25 | 25.59 | 0.47 | 1.44 | 1.91 | (0.47)<br>| (1.45)<br>| (1.92)<br>| 25.58 | 7.24 | &nbsp;&nbsp; 286711 | 0.68 | 0.68 | 1.75 | 54 |
| Year ended 04/30/24 | 24.78 | 0.53 | 1.73 | 2.26 | (0.57)<br>| (0.88)<br>| (1.45)<br>| 25.59 | 9.51 | &nbsp;&nbsp; 330813 | 0.69 | 0.69 | 2.15 | 40 |
| Year ended 04/30/23 | 25.71 | 0.52 | 0.03 | 0.55 | (0.51)<br>| (0.97)<br>| (1.48)<br>| 24.78 | 2.22 | &nbsp;&nbsp; 331823 | 0.68 | 0.68 | 2.09 | 17 |
| Year ended 04/30/22 | 25.89 | 0.55 | 1.02 | 1.57 | (0.54)<br>| (1.21)<br>| (1.75)<br>| 25.71 | 6.24 | &nbsp;&nbsp; 335608 | 0.69 | 0.69 | 2.08 | 38 |
| Year ended 04/30/21 | 20.32 | 0.52 | 5.59 | 6.11 | (0.54)<br>|  | (0.54)<br>| 25.89 | 30.55 | &nbsp;&nbsp; 344755 | 0.73 | 0.73 | 2.34 | 4 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year ended 04/30/25 | 25.60 | 0.40 | 1.44 | 1.84 | (0.40)<br>| (1.45)<br>| (1.85)<br>| 25.59 | 6.97 | &nbsp;&nbsp; 68052 | 0.93 | 0.93 | 1.50 | 54 |
| Year ended 04/30/24 | 24.79 | 0.47 | 1.73 | 2.20 | (0.51)<br>| (0.88)<br>| (1.39)<br>| 25.60 | 9.24 | &nbsp;&nbsp; 68712 | 0.94 | 0.94 | 1.90 | 40 |
| Year ended 04/30/23 | 25.71 | 0.46 | 0.03 | 0.49 | (0.44)<br>| (0.97)<br>| (1.41)<br>| 24.79 | 1.99 | &nbsp;&nbsp; 68495 | 0.93 | 0.93 | 1.84 | 17 |
| Year ended 04/30/22 | 25.89 | 0.48 | 1.02 | 1.50 | (0.47)<br>| (1.21)<br>| (1.68)<br>| 25.71 | 5.96 | &nbsp;&nbsp; 72230 | 0.94 | 0.94 | 1.83 | 38 |
| Year ended 04/30/21 | 20.31 | 0.47 | 5.59 | 6.06 | (0.48)<br>|  | (0.48)<br>| 25.89 | 30.25 | &nbsp;&nbsp; 73628 | 0.98 | 0.98 | 2.09 | 4 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 04/30/25 | 25.29 | 0.47 | 1.43 | 1.90 | (0.47)<br>| (1.45)<br>| (1.92)<br>| 25.27 | 7.29 | &nbsp;&nbsp; 1843 | 0.66 | 0.66 | 1.77 | 54 |
| Year ended 04/30/24 | 24.51 | 0.53 | 1.70 | 2.23 | (0.57)<br>| (0.88)<br>| (1.45)<br>| 25.29 | 9.49 | &nbsp;&nbsp; 1758 | 0.67 | 0.67 | 2.17 | 40 |
| Year ended 04/30/23 | 25.43 | 0.52 | 0.04 | 0.56 | (0.51)<br>| (0.97)<br>| (1.48)<br>| 24.51 | 2.30 | &nbsp;&nbsp; 1709 | 0.65 | 0.65 | 2.12 | 17 |
| Year ended 04/30/22 | 25.63 | 0.55 | 1.00 | 1.55 | (0.54)<br>| (1.21)<br>| (1.75)<br>| 25.43 | 6.24 | &nbsp;&nbsp; 1425 | 0.66 | 0.66 | 2.11 | 38 |
| Year ended 04/30/21 | 20.11 | 0.53 | 5.54 | 6.07 | (0.55)<br>|  | (0.55)<br>| 25.63 | 30.66 | &nbsp;&nbsp; 2337 | 0.66 | 0.66 | 2.41 | 4 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 04/30/25 | 25.32 | 0.49 | 1.43 | 1.92 | (0.49)<br>| (1.45)<br>| (1.94)<br>| 25.30 | 7.35 | &nbsp;&nbsp; 192031 | 0.59 | 0.59 | 1.84 | 54 |
| Year ended 04/30/24 | 24.53 | 0.55 | 1.71 | 2.26 | (0.59)<br>| (0.88)<br>| (1.47)<br>| 25.32 | 9.60 | &nbsp;&nbsp; 197127 | 0.60 | 0.60 | 2.24 | 40 |
| Year ended 04/30/23 | 25.45 | 0.54 | 0.04 | 0.58 | (0.53)<br>| (0.97)<br>| (1.50)<br>| 24.53 | 2.36 | &nbsp;&nbsp; 212736 | 0.58 | 0.58 | 2.19 | 17 |
| Year ended 04/30/22 | 25.65 | 0.57 | 1.00 | 1.57 | (0.56)<br>| (1.21)<br>| (1.77)<br>| 25.45 | 6.31 | &nbsp;&nbsp; 222790 | 0.59 | 0.59 | 2.18 | 38 |
| Year ended 04/30/21 | 20.13 | 0.55 | 5.54 | 6.09 | (0.57)<br>|  | (0.57)<br>| 25.65 | 30.75 | &nbsp;&nbsp; 241970 | 0.58 | 0.58 | 2.49 | 4 |

---

<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> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the years ended April 30, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**7**

**Invesco Dividend Income Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

**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.

Effective after the close of business on September 30, 2024, Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

**8**

**Invesco Dividend Income Fund**

------

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

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. 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 seek 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 *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

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 by investment companies. Any 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 services 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 year ended April 30, 2025, 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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess

**9**

**Invesco Dividend Income Fund**

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potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **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 securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2025, the Fund paid the Adviser $617 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **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.

**10**

**Invesco Dividend Income 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 $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.6325% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.6125% |
| Next $600 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.6000% |
| Next $400 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.5325% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.4500% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.4000% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.3750% |
| Over $8 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.3500% |

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For the year ended April 30, 2025, 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 agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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

For the year ended April 30, 2025, the Adviser waived advisory fees of $109,527.

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 year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, 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 Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2025, IDI advised the Fund that IDI retained $241,011 in front-end sales commissions from the sale of Class A shares and $3,957 and $1,004 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2025, the Fund incurred $1,314 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

**11**

**Invesco Dividend Income Fund**

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rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $3228900194 | &nbsp;&nbsp;&nbsp;&nbsp; $63314927 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3292215121 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 116754043 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116754043 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $3345654237 | &nbsp;&nbsp;&nbsp;&nbsp; $63314927 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3408969164 |

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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 year ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $144,811.

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

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $70285209 | &nbsp;&nbsp;&nbsp;&nbsp; $74178193 |
| Long-term capital gain | &nbsp;&nbsp; 179358324 | &nbsp;&nbsp;&nbsp;&nbsp; 125529265 |
| Total distributions | &nbsp;&nbsp; $249643533 | &nbsp;&nbsp;&nbsp;&nbsp; $199707458 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $407539 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 240537504 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 689213930 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 306700 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (322359)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2513487500 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $3443630814 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales and straddles.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 does not have a capital loss carryforward as of April 30, 2025.

**12**

**Invesco Dividend Income Fund**

------

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2025 was $1,904,575,042 and $2,276,286,855, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $747594667 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (58380737)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $689213930 |

---

Cost of investments for tax purposes is $2,719,755,234.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization, on April 30, 2025, undistributed net investment income was increased by $67,983, undistributed net realized gain was decreased by $13,944,983 and shares of beneficial interest was increased by $13,877,000. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2024** | **Year ended** <br>**April 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 4632596 | &nbsp;&nbsp;&nbsp; $122017814 | &nbsp;&nbsp;&nbsp; 4385488 | &nbsp;&nbsp;&nbsp; $107435697 |
| Class C | &nbsp;&nbsp;&nbsp; 471510 | &nbsp;&nbsp;&nbsp; 12633605 | &nbsp;&nbsp;&nbsp; 538898 | &nbsp;&nbsp;&nbsp; 13372645 |
| Class R | &nbsp;&nbsp;&nbsp; 434520 | &nbsp;&nbsp;&nbsp; 11461672 | &nbsp;&nbsp;&nbsp; 435538 | &nbsp;&nbsp;&nbsp; 10673749 |
| Class Y | &nbsp;&nbsp;&nbsp; 1309499 | &nbsp;&nbsp;&nbsp; 34930136 | &nbsp;&nbsp;&nbsp; 2811581 | &nbsp;&nbsp;&nbsp; 69705754 |
| Investor Class | &nbsp;&nbsp;&nbsp; 43227 | &nbsp;&nbsp;&nbsp; 1148858 | &nbsp;&nbsp;&nbsp; 40253 | &nbsp;&nbsp;&nbsp; 997644 |
| Class R5 | &nbsp;&nbsp;&nbsp; 2037 | &nbsp;&nbsp;&nbsp; 53288 | &nbsp;&nbsp;&nbsp; 6084 | &nbsp;&nbsp;&nbsp; 149498 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1124341 | &nbsp;&nbsp;&nbsp; 29560104 | &nbsp;&nbsp;&nbsp; 1116172 | &nbsp;&nbsp;&nbsp; 27409814 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6720486 | &nbsp;&nbsp;&nbsp; 177291669 | &nbsp;&nbsp;&nbsp; 5876008 | &nbsp;&nbsp;&nbsp; 142534504 |
| Class C | &nbsp;&nbsp;&nbsp; 262981 | &nbsp;&nbsp;&nbsp; 7046119 | &nbsp;&nbsp;&nbsp; 297027 | &nbsp;&nbsp;&nbsp; 7309676 |
| Class R | &nbsp;&nbsp;&nbsp; 256883 | &nbsp;&nbsp;&nbsp; 6775926 | &nbsp;&nbsp;&nbsp; 225893 | &nbsp;&nbsp;&nbsp; 5478247 |
| Class Y | &nbsp;&nbsp;&nbsp; 680483 | &nbsp;&nbsp;&nbsp; 18174112 | &nbsp;&nbsp;&nbsp; 615289 | &nbsp;&nbsp;&nbsp; 15103370 |
| Investor Class | &nbsp;&nbsp;&nbsp; 170695 | &nbsp;&nbsp;&nbsp; 4560708 | &nbsp;&nbsp;&nbsp; 136088 | &nbsp;&nbsp;&nbsp; 3341819 |
| Class R5 | &nbsp;&nbsp;&nbsp; 4986 | &nbsp;&nbsp;&nbsp; 131579 | &nbsp;&nbsp;&nbsp; 4319 | &nbsp;&nbsp;&nbsp; 104820 |
| Class R6 | &nbsp;&nbsp;&nbsp; 510843 | &nbsp;&nbsp;&nbsp; 13493829 | &nbsp;&nbsp;&nbsp; 466884 | &nbsp;&nbsp;&nbsp; 11341704 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1444850 | &nbsp;&nbsp;&nbsp; 38288093 | &nbsp;&nbsp;&nbsp; 1354748 | &nbsp;&nbsp;&nbsp; 33170144 |
| Class C | &nbsp;&nbsp;&nbsp; (1422703)<br>| &nbsp;&nbsp;&nbsp; (38288093)<br>| &nbsp;&nbsp;&nbsp; (1334710)<br>| &nbsp;&nbsp;&nbsp; (33170144)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (14908969)<br>| &nbsp;&nbsp;&nbsp; (393405731)<br>| &nbsp;&nbsp;&nbsp; (17373593)<br>| &nbsp;&nbsp;&nbsp; (424740830)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (879421)<br>| &nbsp;&nbsp;&nbsp; (23475597)<br>| &nbsp;&nbsp;&nbsp; (1340321)<br>| &nbsp;&nbsp;&nbsp; (33230961)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (883017)<br>| &nbsp;&nbsp;&nbsp; (23284237)<br>| &nbsp;&nbsp;&nbsp; (1030624)<br>| &nbsp;&nbsp;&nbsp; (25340375)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (3710880)<br>| &nbsp;&nbsp;&nbsp; (99190592)<br>| &nbsp;&nbsp;&nbsp; (3887145)<br>| &nbsp;&nbsp;&nbsp; (96412282)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (239055)<br>| &nbsp;&nbsp;&nbsp; (6377148)<br>| &nbsp;&nbsp;&nbsp; (254702)<br>| &nbsp;&nbsp;&nbsp; (6304770)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (3611)<br>| &nbsp;&nbsp;&nbsp; (95113)<br>| &nbsp;&nbsp;&nbsp; (10628)<br>| &nbsp;&nbsp;&nbsp; (260481)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1830080)<br>| &nbsp;&nbsp;&nbsp; (48495181)<br>| &nbsp;&nbsp;&nbsp; (2468816)<br>| &nbsp;&nbsp;&nbsp; (60536205)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (5807799)<br>| &nbsp;&nbsp;&nbsp; $(155044180)<br>| &nbsp;&nbsp;&nbsp; (9390269)<br>| &nbsp;&nbsp;&nbsp; $(231866963)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 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.

**13**

**Invesco Dividend Income Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Dividend Income Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Dividend Income Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the "Fund") as of April 30, 2025, the related statement of operations for the year ended April 30, 2025, the statement of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2025 and the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 20, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**14**

**Invesco Dividend Income Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $193235324 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 100.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 99.10% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $14941669 |

---

**15**

**Invesco Dividend Income Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco Dividend Income Fund**

------

![](img6e5ad4521.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

I-DIVI-NCSR

------

![](img2c0ad36f1.jpg)

------

**Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Energy Fund**

Nasdaq:

A: IENAX ■ C: IEFCX ■ Y: IENYX ■ Investor: FSTEX ■ R5: IENIX ■ R6: IENSX

------

---

| | |
|:---|:---|
| [2](#xx_5388862b-5f08-416b-8ee5-a9be70792ad1_SOI-Continued-35_1) | Schedule of Investments |
| [4](#xx_5388862b-5f08-416b-8ee5-a9be70792ad1_FS-Continued-35_1) | Financial Statements |
| [7](#xx_5388862b-5f08-416b-8ee5-a9be70792ad1_FS-Continued-35_4) | Financial Highlights |
| [8](#xx_5388862b-5f08-416b-8ee5-a9be70792ad1_NTF-Continued-35_1) | Notes to Financial Statements |
| [14](#xx_5388862b-5f08-416b-8ee5-a9be70792ad1_ARS-Continued-35_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_5388862b-5f08-416b-8ee5-a9be70792ad1_TI-Continued-35_1) | Tax Information |
| [16](#xx_5388862b-5f08-416b-8ee5-a9be70792ad1_OIRSR-Continued-35_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.18%** | **Common Stocks & Other Equity Interests–98.18%** | **Common Stocks & Other Equity Interests–98.18%** |
| **Fertilizers & Agricultural Chemicals–4.51%** | **Fertilizers & Agricultural Chemicals–4.51%** | **Fertilizers & Agricultural Chemicals–4.51%** |
| CF Industries Holdings, Inc. | 226453 | &nbsp;&nbsp; $17747122 |
| **Integrated Oil & Gas–41.51%** | **Integrated Oil & Gas–41.51%** | **Integrated Oil & Gas–41.51%** |
| BP PLC, ADR<sup>(b)</sup>  | 511486 | &nbsp;&nbsp; 14045406 |
| Chevron Corp. | 248236 | &nbsp;&nbsp; 33774990 |
| Exxon Mobil Corp. | 386542 | &nbsp;&nbsp; 40830431 |
| Shell PLC, ADR (United Kingdom) | 486342 | &nbsp;&nbsp; 31359332 |
| Suncor Energy, Inc. (Canada) | 766762 | &nbsp;&nbsp; 27080837 |
| TotalEnergies SE (France) | 284630 | &nbsp;&nbsp; 16211158 |
|  |  | &nbsp;&nbsp; 163302154 |
| **Multi-Utilities–1.53%** | **Multi-Utilities–1.53%** | **Multi-Utilities–1.53%** |
| Sempra | 81294 | &nbsp;&nbsp; 6037705 |
| **Oil & Gas Drilling–1.10%** | **Oil & Gas Drilling–1.10%** | **Oil & Gas Drilling–1.10%** |
| Noble Corp. PLC | 198358 | &nbsp;&nbsp; 4312303 |
| **Oil & Gas Equipment & Services–9.22%** | **Oil & Gas Equipment & Services–9.22%** | **Oil & Gas Equipment & Services–9.22%** |
| Atlas Energy Solutions, Inc.<sup>(b)</sup>  | 301475 | &nbsp;&nbsp; 4078957 |
| Baker Hughes Co., Class A<sup>(b)</sup>  | 101651 | &nbsp;&nbsp; 3598445 |
| Schlumberger N.V. | 371911 | &nbsp;&nbsp; 12366041 |
| Tenaris S.A. | 973822 | &nbsp;&nbsp; 16238421 |
|  |  | &nbsp;&nbsp; 36281864 |
| **Oil & Gas Exploration & Production–26.21%** | **Oil & Gas Exploration & Production–26.21%** | **Oil & Gas Exploration & Production–26.21%** |
| Canadian Natural Resources Ltd. <br> (Canada) | 629380 | &nbsp;&nbsp; 18060549 |
| ConocoPhillips | 247850 | &nbsp;&nbsp; 22088392 |
| Diamondback Energy, Inc. | 23164 | &nbsp;&nbsp; 3057880 |
| EOG Resources, Inc. | 103833 | &nbsp;&nbsp; 11455895 |
| EQT Corp. | 167527 | &nbsp;&nbsp; 8282535 |
| Expand Energy Corp. | 110131 | &nbsp;&nbsp; 11442611 |
| Hess Corp. | 105863 | &nbsp;&nbsp; 13661620 |
| Permian Resources Corp.<sup>(b)</sup>  | 660932 | &nbsp;&nbsp; 7798997 |
| Tourmaline Oil Corp. (Canada) | 164372 | &nbsp;&nbsp; 7261174 |
|  |  | &nbsp;&nbsp; 103109653 |
| **Oil & Gas Refining & Marketing–5.93%** | **Oil & Gas Refining & Marketing–5.93%** | **Oil & Gas Refining & Marketing–5.93%** |
| Marathon Petroleum Corp. | 82865 | &nbsp;&nbsp; 11386480 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Oil & Gas Refining & Marketing–(continued)** | **Oil & Gas Refining & Marketing–(continued)** | **Oil & Gas Refining & Marketing–(continued)** | **Oil & Gas Refining & Marketing–(continued)** |
| Phillips 66 | Phillips 66 | 114767 | &nbsp;&nbsp; $11942654 |
|  |  |  | &nbsp;&nbsp; 23329134 |
| **Oil & Gas Storage & Transportation–7.42%** | **Oil & Gas Storage & Transportation–7.42%** | **Oil & Gas Storage & Transportation–7.42%** | **Oil & Gas Storage & Transportation–7.42%** |
| Cheniere Energy, Inc. | Cheniere Energy, Inc. | 65442 | &nbsp;&nbsp; 15124301 |
| South Bow Corp. (Canada) | South Bow Corp. (Canada) | 569061 | &nbsp;&nbsp; 14055220 |
|  |  |  | &nbsp;&nbsp; 29179521 |
| **Specialty Chemicals–0.75%** | **Specialty Chemicals–0.75%** | **Specialty Chemicals–0.75%** | **Specialty Chemicals–0.75%** |
| Albemarle Corp.<sup>(b)</sup>  | Albemarle Corp.<sup>(b)</sup>  | 50094 | &nbsp;&nbsp; 2933004 |
| Total Common Stocks & Other Equity Interests <br> (Cost $400,283,434) | Total Common Stocks & Other Equity Interests <br> (Cost $400,283,434) | Total Common Stocks & Other Equity Interests <br> (Cost $400,283,434) | &nbsp;&nbsp; 386232460 |
| **Money Market Funds–2.01%** | **Money Market Funds–2.01%** | **Money Market Funds–2.01%** | **Money Market Funds–2.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup>  | 2767125 | &nbsp;&nbsp; 2767125 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)(d)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(c)(d)</sup>  | 5138980 | &nbsp;&nbsp; 5138980 |
| Total Money Market Funds (Cost $7,906,105) | Total Money Market Funds (Cost $7,906,105) | Total Money Market Funds (Cost $7,906,105) | &nbsp;&nbsp; 7906105 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.19% <br> (Cost $408,189,539)<br>|  |  | &nbsp;&nbsp; 394138565 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–4.73%** | **Money Market Funds–4.73%** | **Money Market Funds–4.73%** | **Money Market Funds–4.73%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup>  | 5159115 | &nbsp;&nbsp; 5159115 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup>  | Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup>  | 13424433 | &nbsp;&nbsp; 13427118 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $18,586,233) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $18,586,233) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $18,586,233) | &nbsp;&nbsp; 18586233 |
| TOTAL INVESTMENTS IN SECURITIES–104.92% <br> (Cost $426,775,772) | TOTAL INVESTMENTS IN SECURITIES–104.92% <br> (Cost $426,775,772) | TOTAL INVESTMENTS IN SECURITIES–104.92% <br> (Cost $426,775,772) | &nbsp;&nbsp; 412724798 |
| OTHER ASSETS LESS LIABILITIES—(4.92)% | OTHER ASSETS LESS LIABILITIES—(4.92)% | OTHER ASSETS LESS LIABILITIES—(4.92)% | &nbsp;&nbsp; (19349378)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $393375420 |

---

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 April 30, 2025.

<sup>(c)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $979744 | &nbsp;&nbsp; $32116661 | &nbsp;&nbsp; $(30329280) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2767125 | &nbsp;&nbsp; $79303 |
| Invesco Liquid Assets Portfolio, Institutional Class | 700068 | &nbsp;&nbsp; 6988047 | &nbsp;&nbsp; (7688146) | &nbsp;&nbsp; 223 | (192) | &nbsp;&nbsp; - | &nbsp;&nbsp; 12234 |
| Invesco Treasury Portfolio, Institutional Class | 1119707 | &nbsp;&nbsp; 53422240 | &nbsp;&nbsp; (49402967) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5138980 | &nbsp;&nbsp; 134459 |

---

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

**2**

**Invesco Energy Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $6980129 | &nbsp;&nbsp; $190509514 | &nbsp;&nbsp; $(192330528) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5159115 | &nbsp;&nbsp; $301,152\* |
| Invesco Private Prime Fund | 17953750 | &nbsp;&nbsp; 396997259 | &nbsp;&nbsp; (401523356) | &nbsp;&nbsp; 1635 | &nbsp;&nbsp; (2170) | &nbsp;&nbsp; 13427118 | &nbsp;&nbsp; 827,267\* |
| Total | $27733398 | &nbsp;&nbsp; $680033721 | &nbsp;&nbsp; $(681274277) | &nbsp;&nbsp; $1858 | &nbsp;&nbsp; $(2362) | &nbsp;&nbsp; $26492338 | &nbsp;&nbsp; $1354415 |

---

\* 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 April 30, 2025.

<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 1K. 

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

**3**

**Invesco Energy Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $400,283,434)\*<br>| &nbsp;&nbsp; $386232460 |
| Investments in affiliated money market funds, at value <br> (Cost $26,492,338)<br>| &nbsp;&nbsp; 26492338 |
| Foreign currencies, at value (Cost $648) | &nbsp;&nbsp; 664 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 228983 |
| Dividends | &nbsp;&nbsp; 68121 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 204861 |
| Other assets | &nbsp;&nbsp; 57970 |
| Total assets | &nbsp;&nbsp; 413285397 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 779480 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 18586233 |
| Accrued fees to affiliates | &nbsp;&nbsp; 266267 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1375 |
| Accrued other operating expenses | &nbsp;&nbsp; 65097 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 211525 |
| Total liabilities | &nbsp;&nbsp; 19909977 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $393375420 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $624910874 |
| Distributable earnings (loss) | &nbsp;&nbsp; (231535454)<br>|
|  | &nbsp;&nbsp; $393375420 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $252836646 |
| Class C | &nbsp;&nbsp; $16358521 |
| Class Y | &nbsp;&nbsp; $38799066 |
| Investor Class | &nbsp;&nbsp; $72491474 |
| Class R5 | &nbsp;&nbsp; $4106828 |
| Class R6 | &nbsp;&nbsp; $8782885 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 9248758 |
| Class C | &nbsp;&nbsp; 730673 |
| Class Y | &nbsp;&nbsp; 1412467 |
| Investor Class | &nbsp;&nbsp; 2664321 |
| Class R5 | &nbsp;&nbsp; 144989 |
| Class R6 | &nbsp;&nbsp; 309827 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $27.34 |
| Maximum offering price per share <br>(Net asset value of $27.34 ÷ 94.50%)<br>| &nbsp;&nbsp; $28.93 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $22.39 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $27.47 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $27.21 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.33 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.35 |

---

\* At April 30, 2025, securities with an aggregate value of $17,614,423 were on loan to brokers. 

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

**4**

**Invesco Energy Fund**

------

**Statement of Operations**

*For the year ended April 30, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $11842 |
| Dividends (net of foreign withholding taxes of $635,561) | &nbsp;&nbsp; 15317090 |
| Dividends from affiliated money market funds (includes net securities lending income of $76,884) | &nbsp;&nbsp; 302880 |
| Foreign withholding tax claims | &nbsp;&nbsp; 261945 |
| Total investment income | &nbsp;&nbsp; 15893757 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 3332948 |
| Administrative services fees | &nbsp;&nbsp; 65636 |
| Custodian fees | &nbsp;&nbsp; 10646 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 714415 |
| Class C | &nbsp;&nbsp; 203676 |
| Investor Class | &nbsp;&nbsp; 208130 |
| Transfer agent fees — A, C, Y and Investor Class | &nbsp;&nbsp; 848472 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 5897 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 2849 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 25554 |
| Registration and filing fees | &nbsp;&nbsp; 92141 |
| Reports to shareholders | &nbsp;&nbsp; 59589 |
| Professional services fees | &nbsp;&nbsp; 49864 |
| Other | &nbsp;&nbsp; 25140 |
| Total expenses | &nbsp;&nbsp; 5644957 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (32831)<br>|
| Net expenses | &nbsp;&nbsp; 5612126 |
| Net investment income | &nbsp;&nbsp; 10281631 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 29468597 |
| Affiliated investment securities | &nbsp;&nbsp; (2362)<br>|
| Foreign currencies | &nbsp;&nbsp; (9861)<br>|
|  | &nbsp;&nbsp; 29456374 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (77490137)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 1858 |
| Foreign currencies | &nbsp;&nbsp; 13214 |
|  | &nbsp;&nbsp; (77475065)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (48018691)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(37737060)<br>|

---

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

**5**

**Invesco Energy Fund**

------

**Statement of Changes in Net Assets**

*For the years ended April 30, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $10281631 | &nbsp;&nbsp; $12366954 |
| Net realized gain | &nbsp;&nbsp; 29456374 | &nbsp;&nbsp; 53303521 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (77475065)<br>| &nbsp;&nbsp; (9720896)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (37737060)<br>| &nbsp;&nbsp; 55949579 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (10517930)<br>| &nbsp;&nbsp; (6263374)<br>|
| Class C | &nbsp;&nbsp; (826503)<br>| &nbsp;&nbsp; (522311)<br>|
| Class Y | &nbsp;&nbsp; (1990895)<br>| &nbsp;&nbsp; (1269677)<br>|
| Investor Class | &nbsp;&nbsp; (3092584)<br>| &nbsp;&nbsp; (1785068)<br>|
| Class R5 | &nbsp;&nbsp; (214683)<br>| &nbsp;&nbsp; (137331)<br>|
| Class R6 | &nbsp;&nbsp; (358335)<br>| &nbsp;&nbsp; (169649)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (17000930)<br>| &nbsp;&nbsp; (10147410)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (22786401)<br>| &nbsp;&nbsp; (71901582)<br>|
| Class C | &nbsp;&nbsp; (4454542)<br>| &nbsp;&nbsp; (10409244)<br>|
| Class Y | &nbsp;&nbsp; (17390852)<br>| &nbsp;&nbsp; (7093769)<br>|
| Investor Class | &nbsp;&nbsp; (8522207)<br>| &nbsp;&nbsp; (13210427)<br>|
| Class R5 | &nbsp;&nbsp; (1668917)<br>| &nbsp;&nbsp; (2516483)<br>|
| Class R6 | &nbsp;&nbsp; 2568900 | &nbsp;&nbsp; (2383600)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (52254019)<br>| &nbsp;&nbsp; (107515105)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (106992009)<br>| &nbsp;&nbsp; (61712936)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 500367429 | &nbsp;&nbsp; 562080365 |
| End of year | &nbsp;&nbsp; $393375420 | &nbsp;&nbsp; $500367429 |

---

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

**6**

**Invesco Energy Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 04/30/25 | $31.00 | $0.67 | $(3.19)<br>| $(2.52)<br>| $(1.14)<br>| $27.34 | (8.29)%<br>| $252837 | 1.23<br> %<br>| 1.24<br> %<br>| 2.23<br> %<br>| 23<br> %<br>|
| Year ended 04/30/24 | 28.01 | 0.71 | 2.87 | 3.58 | (0.59)<br>| 31.00 | 13.03 | 309926 | 1.27 | 1.28 | 2.49 | 28 |
| Year ended 04/30/23 | 25.05 | 0.69 | 2.52 | 3.21 | (0.25)<br>| 28.01 | 12.85 | 353050 | 1.29 | 1.29 | 2.52 | 52 |
| Year ended 04/30/22 | 15.57 | 0.43 | 9.39 | 9.82 | (0.34)<br>| 25.05 | 63.83 | 301546 | 1.36 | 1.36 | 2.22 | 18 |
| Year ended 04/30/21 | 11.54 | 0.25 | 4.05 | 4.30 | (0.27)<br>| 15.57 | 37.77 | 166204 | 1.56 | 1.56 | 2.00 | 68 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 04/30/25 | 25.70 | 0.37 | (2.62)<br>| (2.25)<br>| (1.06)<br>| 22.39 | (8.96)<br>| 16359 | 1.98 | 1.99 | 1.48 | 23 |
| Year ended 04/30/24 | 23.40 | 0.41 | 2.39 | 2.80 | (0.50)<br>| 25.70 | 12.20 | 23366 | 2.02 | 2.03 | 1.74 | 28 |
| Year ended 04/30/23 | 21.06 | 0.41 | 2.11 | 2.52 | (0.18)<br>| 23.40 | 11.99 | 31807 | 2.04 | 2.04 | 1.77 | 52 |
| Year ended 04/30/22 | 13.18 | 0.24 | 7.91 | 8.15 | (0.27)<br>| 21.06 | 62.54 | 26493 | 2.11 | 2.11 | 1.47 | 18 |
| Year ended 04/30/21 | 9.82 | 0.13 | 3.44 | 3.57 | (0.21)<br>| 13.18 | 36.87 | 12763 | 2.31 | 2.31 | 1.25 | 68 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 04/30/25 | 31.09 | 0.75 | (3.20)<br>| (2.45)<br>| (1.17)<br>| 27.47 | (8.05)<br>| 38799 | 0.98 | 0.99 | 2.48 | 23 |
| Year ended 04/30/24 | 28.10 | 0.78 | 2.88 | 3.66 | (0.67)<br>| 31.09 | 13.29 | 62430 | 1.02 | 1.03 | 2.74 | 28 |
| Year ended 04/30/23 | 25.10 | 0.76 | 2.54 | 3.30 | (0.30)<br>| 28.10 | 13.16 | 64238 | 1.04 | 1.04 | 2.77 | 52 |
| Year ended 04/30/22 | 15.59 | 0.49 | 9.39 | 9.88 | (0.37)<br>| 25.10 | 64.20 | 85631 | 1.11 | 1.11 | 2.47 | 18 |
| Year ended 04/30/21 | 11.54 | 0.28 | 4.06 | 4.34 | (0.29)<br>| 15.59 | 38.14 | 29497 | 1.31 | 1.31 | 2.25 | 68 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year ended 04/30/25 | 30.86 | 0.67 | (3.18)<br>| (2.51)<br>| (1.14)<br>| 27.21 | (8.30)<br>| 72491 | 1.23 | 1.24 | 2.23 | 23 |
| Year ended 04/30/24 | 27.88 | 0.71 | 2.86 | 3.57 | (0.59)<br>| 30.86 | 13.05 | 90997 | 1.27 | 1.28 | 2.49 | 28 |
| Year ended 04/30/23 | 24.94 | 0.69 | 2.50 | 3.19 | (0.25)<br>| 27.88 | 12.82 | 95589 | 1.29 | 1.29 | 2.52 | 52 |
| Year ended 04/30/22 | 15.51 | 0.43 | 9.34 | 9.77 | (0.34)<br>| 24.94 | 63.76 | 96027 | 1.36 | 1.36 | 2.22 | 18 |
| Year ended 04/30/21 | 11.49 | 0.25 | 4.04 | 4.29 | (0.27)<br>| 15.51 | 37.85 | 61754 | 1.56 | 1.56 | 2.00 | 68 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 04/30/25 | 32.01 | 0.80 | (3.30)<br>| (2.50)<br>| (1.18)<br>| 28.33 | (7.97)<br>| 4107 | 0.90 | 0.90 | 2.56 | 23 |
| Year ended 04/30/24 | 28.91 | 0.83 | 2.97 | 3.80 | (0.70)<br>| 32.01 | 13.42 | 6422 | 0.92 | 0.92 | 2.84 | 28 |
| Year ended 04/30/23 | 25.81 | 0.81 | 2.60 | 3.41 | (0.31)<br>| 28.91 | 13.26 | 8359 | 0.95 | 0.95 | 2.86 | 52 |
| Year ended 04/30/22 | 16.02 | 0.53 | 9.65 | 10.18 | (0.39)<br>| 25.81 | 64.39 | 6352 | 0.97 | 0.97 | 2.61 | 18 |
| Year ended 04/30/21 | 11.83 | 0.32 | 4.19 | 4.51 | (0.32)<br>| 16.02 | 38.69 | 2488 | 0.99 | 0.99 | 2.57 | 68 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 04/30/25 | 32.02 | 0.82 | (3.30)<br>| (2.48)<br>| (1.19)<br>| 28.35 | (7.92)<br>| 8783 | 0.83 | 0.83 | 2.63 | 23 |
| Year ended 04/30/24 | 28.92 | 0.86 | 2.96 | 3.82 | (0.72)<br>| 32.02 | 13.50 | 7226 | 0.85 | 0.85 | 2.91 | 28 |
| Year ended 04/30/23 | 25.82 | 0.83 | 2.60 | 3.43 | (0.33)<br>| 28.92 | 13.30 | 9037 | 0.88 | 0.88 | 2.93 | 52 |
| Year ended 04/30/22 | 16.02 | 0.56 | 9.63 | 10.19 | (0.39)<br>| 25.82 | 64.51 | 7509 | 0.91 | 0.91 | 2.67 | 18 |
| Year ended 04/30/21 | 11.83 | 0.34 | 4.17 | 4.51 | (0.32)<br>| 16.02 | 38.69 | 1050 | 0.99 | 0.99 | 2.57 | 68 |

---

<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.

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

**7**

**Invesco Energy Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

**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.

Effective after the close of business on September 30, 2024, Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

**8**

**Invesco Energy Fund**

------

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

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

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

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

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

**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.** **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 seek 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 *Foreign withholding tax claims* on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all.

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 by investment companies. Any 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 services 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 year ended April 30, 2025, 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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact

**9**

**Invesco Energy Fund**

------

overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**K.** **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 securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2025, the Fund paid the Adviser $2,828 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **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.

**N.** **Other Risks** - Changes in worldwide energy prices, exploration and production spending, government regulation, war, world events, local and international politics, economic conditions, exchange rates, transportation and storage costs and labor relations can affect companies in the energy sector. In addition, these companies are at an increased risk of civil liability and environmental damage claims, and are also subject to the risk of loss from terrorism and natural disasters. Commodity price volatility, imposition of import controls, increased competition, depletion of resources, development of alternative energy sources, and technological developments may also impact the energy sector. Investments in the energy sector may be cyclical and/or highly volatile and subject to swift price fluctuations. Energy markets are subject to both short- and long-term trends that impact demand for and supply of energy commodities. A decrease in the production of energy commodities or a decrease in the volume of such commodities available may adversely impact the financial performance of companies

**10**

**Invesco Energy Fund**

------

operating in the energy sector. In addition, significant declines in the price of oil may contribute to significant market volatility, which may adversely affect the Fund's performance.

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.

**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 $350 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $350 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.650% |
| Next $1.3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.550% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% |
| Over $8 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

---

For the year ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.73%.

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

The Adviser has agreed, for an indefinite period, to 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 "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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

For the year ended April 30, 2025, the Adviser waived advisory fees of $5,042.

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 year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y, 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 Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2025, IDI advised the Fund that IDI retained $52,506 in front-end sales commissions from the sale of Class A shares and $117 and $1,857 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2025, the Fund incurred $49,260 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.

**11**

**Invesco Energy Fund**

------

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $353782881 | &nbsp;&nbsp;&nbsp;&nbsp; $32449579 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $386232460 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 7906105 | &nbsp;&nbsp;&nbsp;&nbsp; 18586233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26492338 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $361688986 | &nbsp;&nbsp;&nbsp;&nbsp; $51035812 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $412724798 |

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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 year ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $27,789.

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

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $17000930 | &nbsp;&nbsp;&nbsp;&nbsp; $10147410 |

---

\* Includes short-term capital gain distributions, if any.

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $9660262 |
| Net unrealized appreciation (depreciation) — investments | &nbsp;&nbsp;&nbsp;&nbsp; (14109550)<br>|
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 1672 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (130107)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (226957731)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 624910874 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $393375420 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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.

**12**

**Invesco Energy Fund**

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The Fund has a capital loss carryforward as of April 30, 2025, as follows:

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| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $226957731 | &nbsp;&nbsp;&nbsp;&nbsp; $226957731 |

---

\*

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 year ended April 30, 2025 was $104,952,792 and $165,891,491, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $22525343 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (36634893)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; $(14109550)<br>|

---

Cost of investments for tax purposes is $426,834,348.

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of foreign currency transactions, on April 30, 2025, undistributed net investment income was decreased by $9,860 and undistributed net realized gain (loss) was increased by $9,860. This reclassification had no effect on the net assets or the distributable earnings (loss) of the Fund.

**NOTE 10—Share Information** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2024** | **Year ended** <br>**April 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1116879 | &nbsp;&nbsp;&nbsp; $33412087 | &nbsp;&nbsp;&nbsp; 1374805 | &nbsp;&nbsp;&nbsp; $39691636 |
| Class C | &nbsp;&nbsp;&nbsp; 121358 | &nbsp;&nbsp;&nbsp; 2974653 | &nbsp;&nbsp;&nbsp; 112842 | &nbsp;&nbsp;&nbsp; 2699173 |
| Class Y | &nbsp;&nbsp;&nbsp; 597784 | &nbsp;&nbsp;&nbsp; 18016822 | &nbsp;&nbsp;&nbsp; 861794 | &nbsp;&nbsp;&nbsp; 24825051 |
| Investor Class | &nbsp;&nbsp;&nbsp; 241633 | &nbsp;&nbsp;&nbsp; 7231404 | &nbsp;&nbsp;&nbsp; 374687 | &nbsp;&nbsp;&nbsp; 10669124 |
| Class R5 | &nbsp;&nbsp;&nbsp; 42592 | &nbsp;&nbsp;&nbsp; 1326829 | &nbsp;&nbsp;&nbsp; 48284 | &nbsp;&nbsp;&nbsp; 1438034 |
| Class R6 | &nbsp;&nbsp;&nbsp; 173352 | &nbsp;&nbsp;&nbsp; 5332933 | &nbsp;&nbsp;&nbsp; 101933 | &nbsp;&nbsp;&nbsp; 3010390 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 338839 | &nbsp;&nbsp;&nbsp; 9724794 | &nbsp;&nbsp;&nbsp; 209606 | &nbsp;&nbsp;&nbsp; 5816539 |
| Class C | &nbsp;&nbsp;&nbsp; 31720 | &nbsp;&nbsp;&nbsp; 747640 | &nbsp;&nbsp;&nbsp; 20847 | &nbsp;&nbsp;&nbsp; 480931 |
| Class Y | &nbsp;&nbsp;&nbsp; 54670 | &nbsp;&nbsp;&nbsp; 1575049 | &nbsp;&nbsp;&nbsp; 36497 | &nbsp;&nbsp;&nbsp; 1014978 |
| Investor Class | &nbsp;&nbsp;&nbsp; 99087 | &nbsp;&nbsp;&nbsp; 2829919 | &nbsp;&nbsp;&nbsp; 59732 | &nbsp;&nbsp;&nbsp; 1649790 |
| Class R5 | &nbsp;&nbsp;&nbsp; 7152 | &nbsp;&nbsp;&nbsp; 212409 | &nbsp;&nbsp;&nbsp; 4752 | &nbsp;&nbsp;&nbsp; 135989 |
| Class R6 | &nbsp;&nbsp;&nbsp; 11253 | &nbsp;&nbsp;&nbsp; 334447 | &nbsp;&nbsp;&nbsp; 5354 | &nbsp;&nbsp;&nbsp; 153240 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 76815 | &nbsp;&nbsp;&nbsp; 2312712 | &nbsp;&nbsp;&nbsp; 85993 | &nbsp;&nbsp;&nbsp; 2473848 |
| Class C | &nbsp;&nbsp;&nbsp; (93254)<br>| &nbsp;&nbsp;&nbsp; (2312712)<br>| &nbsp;&nbsp;&nbsp; (103371)<br>| &nbsp;&nbsp;&nbsp; (2473848)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2281306)<br>| &nbsp;&nbsp;&nbsp; (68235994)<br>| &nbsp;&nbsp;&nbsp; (4279032)<br>| &nbsp;&nbsp;&nbsp; (119883605)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (238199)<br>| &nbsp;&nbsp;&nbsp; (5864123)<br>| &nbsp;&nbsp;&nbsp; (480393)<br>| &nbsp;&nbsp;&nbsp; (11115500)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1247796)<br>| &nbsp;&nbsp;&nbsp; (36982723)<br>| &nbsp;&nbsp;&nbsp; (1176875)<br>| &nbsp;&nbsp;&nbsp; (32933798)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (625217)<br>| &nbsp;&nbsp;&nbsp; (18583530)<br>| &nbsp;&nbsp;&nbsp; (914011)<br>| &nbsp;&nbsp;&nbsp; (25529341)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (105359)<br>| &nbsp;&nbsp;&nbsp; (3208155)<br>| &nbsp;&nbsp;&nbsp; (141590)<br>| &nbsp;&nbsp;&nbsp; (4090506)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (100449)<br>| &nbsp;&nbsp;&nbsp; (3098480)<br>| &nbsp;&nbsp;&nbsp; (194138)<br>| &nbsp;&nbsp;&nbsp; (5547230)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1778446)<br>| &nbsp;&nbsp;&nbsp; $(52254019)<br>| &nbsp;&nbsp;&nbsp; (3992284)<br>| &nbsp;&nbsp;&nbsp; $(107515105)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 28% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**13**

**Invesco Energy Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Energy Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Energy Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the "Fund") as of April 30, 2025, the related statement of operations for the year ended April 30, 2025, the statement of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2025 and the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 20, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**14**

**Invesco Energy Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 98.28% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 71.61% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 0.00% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**15**

**Invesco Energy Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco Energy Fund**

------

![](img2c0ad36f1.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

I-ENE-NCSR

------

![](img97352e0b1.jpg)

------

**Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Gold & Special Minerals Fund**

Nasdaq:

A: OPGSX ■ C: OGMCX ■ R: OGMNX ■ Y: OGMYX ■ R5: IOGYX ■ R6: OGMIX

------

---

| | |
|:---|:---|
| [2](#xx_d43d1a8c-6780-4b90-8007-66bd20d5eec3_SOI-Continued-765_1) | Consolidated Schedule of Investments |
| [5](#xx_d43d1a8c-6780-4b90-8007-66bd20d5eec3_FS-Continued-765_1) | Consolidated Financial Statements |
| [8](#xx_d43d1a8c-6780-4b90-8007-66bd20d5eec3_FS-Continued-765_4) | Consolidated Financial Highlights |
| [9](#xx_d43d1a8c-6780-4b90-8007-66bd20d5eec3_NTF-Continued-765_1) | Notes to Consolidated Financial Statements |
| [17](#xx_d43d1a8c-6780-4b90-8007-66bd20d5eec3_ARS-Continued-765_1) | Report of Independent Registered Public Accounting Firm |
| [18](#xx_d43d1a8c-6780-4b90-8007-66bd20d5eec3_TI-Continued-765_1) | Tax Information |
| [19](#xx_d43d1a8c-6780-4b90-8007-66bd20d5eec3_OIRSR-Continued-765_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.55%** | **Common Stocks & Other Equity Interests–98.55%** | **Common Stocks & Other Equity Interests–98.55%** |
| **Australia–22.44%** | **Australia–22.44%** | **Australia–22.44%** |
| Bellevue Gold Ltd.<sup>(a)</sup>  | 57893252 | &nbsp;&nbsp; $33703627 |
| Catalyst Metals Ltd.<sup>(a)</sup>  | 7010000 | &nbsp;&nbsp; 25464308 |
| Evolution Mining Ltd. | 13348806 | &nbsp;&nbsp; 66944541 |
| Firefinch Ltd.<sup>(a)(b)</sup>  | 12910104 | &nbsp;&nbsp; 148852 |
| Genesis Minerals Ltd.<sup>(a)</sup>  | 15870000 | &nbsp;&nbsp; 39190053 |
| Gold Road Resources Ltd. | 21483275 | &nbsp;&nbsp; 41680574 |
| Northern Star Resources Ltd. | 9538895 | &nbsp;&nbsp; 117172689 |
| OceanaGold Corp. | 21120300 | &nbsp;&nbsp; 74762124 |
| Ora Banda Mining Ltd.<sup>(a)</sup>  | 41300000 | &nbsp;&nbsp; 26389907 |
| Ramelius Resources Ltd. | 27428612 | &nbsp;&nbsp; 46157015 |
| Vault Minerals Ltd.<sup>(a)</sup>  | 34800000 | &nbsp;&nbsp; 9575897 |
| West African Resources Ltd.<sup>(a)</sup>  | 30900000 | &nbsp;&nbsp; 47289693 |
| Westgold Resources Ltd. | 18520000 | &nbsp;&nbsp; 35182932 |
|  |  | &nbsp;&nbsp; 563662212 |
| **Bosnia and Herzegovina–0.37%** | **Bosnia and Herzegovina–0.37%** | **Bosnia and Herzegovina–0.37%** |
| Adriatic Metals PLC, CDI<sup>(a)</sup>  | 3380000 | &nbsp;&nbsp; 9184709 |
| **Brazil–0.37%** | **Brazil–0.37%** | **Brazil–0.37%** |
| Wheaton Precious Metals Corp. | 110035 | &nbsp;&nbsp; 9190123 |
| **Canada–48.06%** | **Canada–48.06%** | **Canada–48.06%** |
| Agnico Eagle Mines Ltd.<sup>(c)</sup>  | 806395 | &nbsp;&nbsp; 94815924 |
| Alamos Gold, Inc., Class A | 2061108 | &nbsp;&nbsp; 58782800 |
| Allied Gold Corp.<sup>(a)</sup>  | 8224771 | &nbsp;&nbsp; 33111475 |
| Artemis Gold, Inc.<sup>(a)</sup>  | 5574241 | &nbsp;&nbsp; 80059460 |
| Aya Gold & Silver, Inc.<sup>(a)</sup>  | 795082 | &nbsp;&nbsp; 5467414 |
| B2Gold Corp. | 19322000 | &nbsp;&nbsp; 60091420 |
| Barrick Gold Corp.<sup>(c)</sup>  | 4531499 | &nbsp;&nbsp; 86279742 |
| Calibre Mining Corp.<sup>(a)</sup>  | 21504883 | &nbsp;&nbsp; 50385008 |
| Cameco Corp. | 587000 | &nbsp;&nbsp; 26503050 |
| Centerra Gold, Inc. | 2290000 | &nbsp;&nbsp; 15332004 |
| Dundee Precious Metals, Inc. | 2045000 | &nbsp;&nbsp; 26804838 |
| Endeavour Silver Corp.<sup>(a)</sup>  | 3850000 | &nbsp;&nbsp; 14014000 |
| Equinox Gold Corp.<sup>(a)</sup>  | 8192797 | &nbsp;&nbsp; 54891740 |
| First Majestic Silver Corp. | 100000 | &nbsp;&nbsp; 626000 |
| Fortuna Mining Corp.<sup>(a)</sup>  | 2690000 | &nbsp;&nbsp; 16812500 |
| Franco-Nevada Corp. | 240302 | &nbsp;&nbsp; 41279078 |
| G Mining Ventures Corp.<sup>(a)</sup>  | 4039128 | &nbsp;&nbsp; 56019242 |
| Galiano Gold, Inc.<sup>(a)</sup>  | 10330000 | &nbsp;&nbsp; 13738900 |
| IAMGOLD Corp.<sup>(a)</sup>  | 8570000 | &nbsp;&nbsp; 60675600 |
| Ivanhoe Mines Ltd., Class A<sup>(a)</sup>  | 6685365 | &nbsp;&nbsp; 59356498 |
| K92 Mining, Inc.<sup>(a)</sup>  | 8652630 | &nbsp;&nbsp; 79584614 |
| Kinross Gold Corp. | 5195925 | &nbsp;&nbsp; 76691853 |
| Lundin Gold, Inc. | 508815 | &nbsp;&nbsp; 20753422 |
| MAG Silver Corp. | 448522 | &nbsp;&nbsp; 6979002 |
| New Gold, Inc.<sup>(a)</sup>  | 16720000 | &nbsp;&nbsp; 66545600 |
| Orla Mining Ltd.<sup>(a)</sup>  | 1431 | &nbsp;&nbsp; 15757 |
| Osisko Gold Royalties Ltd. | 675339 | &nbsp;&nbsp; 16228396 |
| Pan American Silver Corp. | 205000 | &nbsp;&nbsp; 5161900 |
| Pan American Silver Corp., Rts., <br> expiring 02/22/2029<sup>(a)</sup>  | 2300100 | &nbsp;&nbsp; 831026 |
| SSR Mining, Inc. | 880000 | &nbsp;&nbsp; 9363200 |
| Torex Gold Resources, Inc.<sup>(a)</sup>  | 565000 | &nbsp;&nbsp; 18299180 |
| Triple Flag Precious Metals Corp. | 516682 | &nbsp;&nbsp; 10722669 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Canada–(continued)** | **Canada–(continued)** | **Canada–(continued)** |
| Wesdome Gold Mines Ltd.<sup>(a)</sup>  | 3323193 | &nbsp;&nbsp; $40883036 |
|  |  | &nbsp;&nbsp; 1207106348 |
| **China–2.05%** | **China–2.05%** | **China–2.05%** |
| Zhaojin Mining Industry Co. Ltd., H Shares | 7400000 | &nbsp;&nbsp; 17629359 |
| Zijin Mining Group Co. Ltd., H Shares | 15500000 | &nbsp;&nbsp; 33862583 |
|  |  | &nbsp;&nbsp; 51491942 |
| **Colombia–1.52%** | **Colombia–1.52%** | **Colombia–1.52%** |
| Aris Mining Corp.<sup>(a)</sup>  | 6990560 | &nbsp;&nbsp; 38233587 |
| **Ivory Coast–2.55%** | **Ivory Coast–2.55%** | **Ivory Coast–2.55%** |
| Endeavour Mining PLC | 2368966 | &nbsp;&nbsp; 64181692 |
| **Mexico–0.03%** | **Mexico–0.03%** | **Mexico–0.03%** |
| Fresnillo PLC | 50000 | &nbsp;&nbsp; 670128 |
| **Peru–1.11%** | **Peru–1.11%** | **Peru–1.11%** |
| Hochschild Mining PLC<sup>(a)</sup>  | 7430000 | &nbsp;&nbsp; 27979115 |
| **South Africa–4.44%** | **South Africa–4.44%** | **South Africa–4.44%** |
| Gold Fields Ltd., ADR | 3097670 | &nbsp;&nbsp; 69821482 |
| Pan African Resources PLC | 35510000 | &nbsp;&nbsp; 21064381 |
| Sibanye Stillwater Ltd., ADR<sup>(a)</sup>  | 4442587 | &nbsp;&nbsp; 20658030 |
|  |  | &nbsp;&nbsp; 111543893 |
| **Turkey–1.67%** | **Turkey–1.67%** | **Turkey–1.67%** |
| Eldorado Gold Corp.<sup>(a)</sup>  | 2221502 | &nbsp;&nbsp; 41853098 |
| **United Kingdom–2.99%** | **United Kingdom–2.99%** | **United Kingdom–2.99%** |
| AngloGold Ashanti PLC | 1152100 | &nbsp;&nbsp; 48572536 |
| AngloGold Ashanti PLC | 628470 | &nbsp;&nbsp; 26496437 |
|  |  | &nbsp;&nbsp; 75068973 |
| **United States–10.88%** | **United States–10.88%** | **United States–10.88%** |
| A-Mark Precious Metals, Inc. | 375042 | &nbsp;&nbsp; 9136023 |
| Aura Minerals, Inc. | 2169415 | &nbsp;&nbsp; 44848634 |
| Coeur Mining, Inc.<sup>(a)</sup>  | 4400000 | &nbsp;&nbsp; 24420000 |
| Commercial Metals Co. | 112000 | &nbsp;&nbsp; 4988480 |
| Freeport-McMoRan, Inc. | 1803000 | &nbsp;&nbsp; 64962090 |
| Hecla Mining Co. | 3195404 | &nbsp;&nbsp; 18277711 |
| Newmont Corp.<sup>(c)</sup>  | 1785914 | &nbsp;&nbsp; 94081950 |
| Perpetua Resources Corp.<sup>(a)</sup>  | 10000 | &nbsp;&nbsp; 147300 |
| Royal Gold, Inc. | 68300 | &nbsp;&nbsp; 12479093 |
|  |  | &nbsp;&nbsp; 273341281 |
| **Zambia–0.07%** | **Zambia–0.07%** | **Zambia–0.07%** |
| First Quantum Minerals Ltd.<sup>(a)</sup>  | 127000 | &nbsp;&nbsp; 1705186 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,371,292,835) | Total Common Stocks & Other Equity Interests <br> (Cost $1,371,292,835) | &nbsp;&nbsp; 2475212287 |
| **Exchange-Traded Funds–0.02%** | **Exchange-Traded Funds–0.02%** | **Exchange-Traded Funds–0.02%** |
| **United States–0.02%** | **United States–0.02%** | **United States–0.02%** |
| SPDR<sup>®</sup> Gold Trust–ETF<sup>(a)</sup> (Cost $370,099) | 2000 | &nbsp;&nbsp; 607540 |
| **Money Market Funds–2.76%** | **Money Market Funds–2.76%** | **Money Market Funds–2.76%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 24226916 | &nbsp;&nbsp; 24226916 |

---

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

**2**

**Invesco Gold & Special Minerals Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 44992815 | &nbsp;&nbsp; $44992815 |
| Total Money Market Funds (Cost $69,219,731) | Total Money Market Funds (Cost $69,219,731) | &nbsp;&nbsp; 69219731 |
| TOTAL INVESTMENTS IN SECURITIES—101.33% <br> (Cost $1,440,882,665) | TOTAL INVESTMENTS IN SECURITIES—101.33% <br> (Cost $1,440,882,665) | &nbsp;&nbsp; 2545039558 |
| OTHER ASSETS LESS LIABILITIES–(1.33)% | OTHER ASSETS LESS LIABILITIES–(1.33)% | &nbsp;&nbsp; (33291417)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2511748141 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ADR | – American Depositary Receipt |
| CDI | – CREST Depository Interest |
| Rts. | – Rights |
| SPDR | – Standard & Poor's Depositary Receipt |

---

Notes to Consolidated Schedule of Investments:

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

<sup>(b)</sup> Security valued using significant unobservable inputs (Level 3). See Note 3.

<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 1L and Note 1M.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class | $9041999 | &nbsp;&nbsp; $204440932 | &nbsp;&nbsp; $(189256015) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $24226916 | &nbsp;&nbsp; $682623 |
| Invesco Liquid Assets Portfolio, Institutional Class | 6458048 | &nbsp;&nbsp; 25440620 | &nbsp;&nbsp; (31898797) | &nbsp;&nbsp; 582 | (453) | &nbsp;&nbsp; - | &nbsp;&nbsp; 54141 |
| Invesco Treasury Portfolio, Institutional Class | 10333714 | &nbsp;&nbsp; 365896860 | &nbsp;&nbsp; (331237759) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 44992815 | &nbsp;&nbsp; 1207491 |
| Total | $25833761 | &nbsp;&nbsp; $595778412 | &nbsp;&nbsp; $(552392571) | &nbsp;&nbsp; $582 | &nbsp;&nbsp; $(453) | &nbsp;&nbsp; $69219731 | &nbsp;&nbsp; $1944255 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>  | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>  | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>  | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>  | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>  | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>  | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>  | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>  |
| **Description** | **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Exercise** <br>**Price** | **Exercise** <br>**Price** | **Notional** <br>**Value\*\*** | **Notional** <br>**Value\*\*** | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| Agnico Eagle Mines Ltd.<br> Call | &nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; USD | 100.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 30000000 | &nbsp;&nbsp; $(5715000)<br>|
| AngloGold Ashanti Ltd.<br> Call | &nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; USD | 33.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 19800000 | &nbsp;&nbsp; (6240000)<br>|
| Cameco Corp.<br> Call | &nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; USD | 70.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 40600000 | &nbsp;&nbsp; (34800)<br>|
| Coeur Mining, Inc.<br> Call | &nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; USD | 7.50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp; (75000)<br>|
| Eldorado Gold Corp.<br> Call | &nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; USD | 17.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp; (712500)<br>|
| Endeavour Mining PLC<br> Call | &nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; CAD | 35.00 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 10500000 | &nbsp;&nbsp; (810605)<br>|
| Equinox Gold Corp.<br> Call | &nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; USD | 7.50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; (112500)<br>|
| Franco-Nevada Corp.<br> Call | &nbsp;&nbsp; 05/16/2025 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; USD | 140.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 28000000 | &nbsp;&nbsp; (6350000)<br>|
| Lundin Gold, Inc.<br> Call | &nbsp;&nbsp; 05/16/2025 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; CAD | 35.00 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 17500000 | &nbsp;&nbsp; (7698027)<br>|
| MAG Silver Corp.<br> Call | &nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; USD | 20.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; (80000)<br>|
| Newmont Corp.<br> Call | &nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; USD | 47.50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 28500000 | &nbsp;&nbsp; (3615000)<br>|
| Subtotal – Equity Call Options Written | Subtotal – Equity Call Options Written | Subtotal – Equity Call Options Written | Subtotal – Equity Call Options Written |  |  |  | &nbsp;&nbsp; (31443432)<br>|

---

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

**3**

**Invesco Gold & Special Minerals Fund**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>**—(continued)** | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>**—(continued)** | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>**—(continued)** | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>**—(continued)** | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>**—(continued)** | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>**—(continued)** | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>**—(continued)** | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>**—(continued)** | **Open Exchange-Traded Equity Options Written**<sup>(a)</sup>**—(continued)** |
| **Description** | &nbsp;&nbsp; **Type of**<br> **Contract**<br>| **Expiration**<br> **Date**<br>| **Number of**<br> **Contracts**<br>| **Exercise**<br> **Price** | **Exercise**<br> **Price** | **Notional**<br> **Value\*\*** | **Notional**<br> **Value\*\*** | **Value** |
| **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** | **Equity Risk** |
| Agnico Eagle Mines Ltd. | Put | &nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; USD | 75.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; $(27500)<br>|
| AngloGold Ashanti Ltd. | Put | &nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; USD | 26.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5200000 | &nbsp;&nbsp; (225000)<br>|
| B2Gold Corp. | Put | &nbsp;&nbsp; 07/18/2025 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; USD | 2.50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; (80000)<br>|
| Cameco Corp. | Put | &nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; USD | 45.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp; (624000)<br>|
| Coeur Mining, Inc. | Put | &nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; USD | 5.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; (90000)<br>|
| First Quantum Minerals Ltd. | Put | &nbsp;&nbsp; 05/16/2025 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; CAD | 16.00 | &nbsp;&nbsp; CAD | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp; (25388)<br>|
| Franco-Nevada Corp. | Put | &nbsp;&nbsp; 05/16/2025 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; USD | 105.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 10500000 | &nbsp;&nbsp; (17500)<br>|
| Freeport-McMoran, Inc. | Put | &nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; USD | 35.00 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; (176000)<br>|
| Newmont Corp. | Put | &nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; USD | 32.50 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp; (12500)<br>|
| Subtotal – Equity Put Options Written | Subtotal – Equity Put Options Written | Subtotal – Equity Put Options Written | Subtotal – Equity Put Options Written | Subtotal – Equity Put Options Written |  |  |  | &nbsp;&nbsp; (1277888)<br>|
| Total Open Exchanged-Traded Equity Options Written | Total Open Exchanged-Traded Equity Options Written | Total Open Exchanged-Traded Equity Options Written | Total Open Exchanged-Traded Equity Options Written | Total Open Exchanged-Traded Equity Options Written |  |  |  | &nbsp;&nbsp; $(32721320)<br>|

---

<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: <br> CAD —Canadian Dollar <br> USD —U.S. Dollar

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

**4**

**Invesco Gold & Special Minerals Fund**

------

**Consolidated Statement of Assets and Liabilities**

*April 30, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,371,662,934)<br>| &nbsp;&nbsp; $2475819827 |
| Investments in affiliated money market funds, at value <br> (Cost $69,219,731)<br>| &nbsp;&nbsp; 69219731 |
| Deposits with brokers: |  |
| Cash collateral — exchange-traded options contracts | &nbsp;&nbsp; 79714 |
| Cash | &nbsp;&nbsp; 1036483 |
| Foreign currencies, at value (Cost $2,580,139) | &nbsp;&nbsp; 2585749 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 2532 |
| Fund shares sold | &nbsp;&nbsp; 3192692 |
| Dividends | &nbsp;&nbsp; 702634 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 147862 |
| Other assets | &nbsp;&nbsp; 42359 |
| Total assets | &nbsp;&nbsp; 2552829583 |
| **Liabilities:** |  |
| Other investments: |  |
| Options written, at value (premiums received <br> $9,244,241)<br>| &nbsp;&nbsp; 32721320 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 3585459 |
| Fund shares reacquired | &nbsp;&nbsp; 3327766 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1137246 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 28829 |
| Accrued other operating expenses | &nbsp;&nbsp; 124260 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 156562 |
| Total liabilities | &nbsp;&nbsp; 41081442 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2511748141 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2868341632 |
| Distributable earnings (loss) | &nbsp;&nbsp; (356593491)<br>|
|  | &nbsp;&nbsp; $2511748141 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1099365578 |
| Class C | &nbsp;&nbsp; $79726016 |
| Class R | &nbsp;&nbsp; $179910186 |
| Class Y | &nbsp;&nbsp; $660651730 |
| Class R5 | &nbsp;&nbsp; $1833955 |
| Class R6 | &nbsp;&nbsp; $490260676 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 31823292 |
| Class C | &nbsp;&nbsp; 2612671 |
| Class R | &nbsp;&nbsp; 5516048 |
| Class Y | &nbsp;&nbsp; 19078095 |
| Class R5 | &nbsp;&nbsp; 52926 |
| Class R6 | &nbsp;&nbsp; 14013583 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $34.55 |
| Maximum offering price per share <br>(Net asset value of $34.55 ÷ 94.50%)<br>| &nbsp;&nbsp; $36.56 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $30.52 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $32.62 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.63 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.65 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.98 |

---

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

**5**

**Invesco Gold & Special Minerals Fund**

------

**Consolidated Statement of Operations**

*For the year ended April 30, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $2,333,921) | &nbsp;&nbsp; $24353236 |
| Dividends from affiliates | &nbsp;&nbsp; 1944255 |
| Total investment income | &nbsp;&nbsp; 26297491 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 12409119 |
| Administrative services fees | &nbsp;&nbsp; 300740 |
| Custodian fees | &nbsp;&nbsp; 68660 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2228236 |
| Class C | &nbsp;&nbsp; 746939 |
| Class R | &nbsp;&nbsp; 698083 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 3088468 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1608 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 116504 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 38058 |
| Registration and filing fees | &nbsp;&nbsp; 126245 |
| Reports to shareholders | &nbsp;&nbsp; 143669 |
| Professional services fees | &nbsp;&nbsp; 110278 |
| Other | &nbsp;&nbsp; 44234 |
| Total expenses | &nbsp;&nbsp; 20120841 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (46414)<br>|
| Net expenses | &nbsp;&nbsp; 20074427 |
| Net investment income | &nbsp;&nbsp; 6223064 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 270522495 |
| Affiliated investment securities | &nbsp;&nbsp; (453)<br>|
| Foreign currencies | &nbsp;&nbsp; (383153)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 1220 |
| Option contracts written | &nbsp;&nbsp; 40870211 |
|  | &nbsp;&nbsp; 311010320 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 468203590 |
| Affiliated investment securities | &nbsp;&nbsp; 582 |
| Foreign currencies | &nbsp;&nbsp; 30364 |
| Option contracts written | &nbsp;&nbsp; (13807084)<br>|
|  | &nbsp;&nbsp; 454427452 |
| Net realized and unrealized gain | &nbsp;&nbsp; 765437772 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $771660836 |

---

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

**6**

**Invesco Gold & Special Minerals Fund**

------

**Consolidated Statement of Changes in Net Assets**

*For the years ended April 30, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $6223064 | &nbsp;&nbsp; $6325424 |
| Net realized gain (loss) | &nbsp;&nbsp; 311010320 | &nbsp;&nbsp; (78678306)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 454427452 | &nbsp;&nbsp; 50668273 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 771660836 | &nbsp;&nbsp; (21684609)<br>|
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (7106191)<br>| &nbsp;&nbsp; (6582803)<br>|
| Class C | &nbsp;&nbsp; (451588)<br>| &nbsp;&nbsp; (38982)<br>|
| Class R | &nbsp;&nbsp; (1020220)<br>| &nbsp;&nbsp; (715526)<br>|
| Class Y | &nbsp;&nbsp; (5258849)<br>| &nbsp;&nbsp; (5211617)<br>|
| Class R5 | &nbsp;&nbsp; (22650)<br>| &nbsp;&nbsp; (14338)<br>|
| Class R6 | &nbsp;&nbsp; (4144414)<br>| &nbsp;&nbsp; (4140261)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (18003912)<br>| &nbsp;&nbsp; (16703527)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (62664427)<br>| &nbsp;&nbsp; (77119299)<br>|
| Class C | &nbsp;&nbsp; (19310437)<br>| &nbsp;&nbsp; (16861360)<br>|
| Class R | &nbsp;&nbsp; 5067984 | &nbsp;&nbsp; (10805631)<br>|
| Class Y | &nbsp;&nbsp; (34947185)<br>| &nbsp;&nbsp; (59905707)<br>|
| Class R5 | &nbsp;&nbsp; 108766 | &nbsp;&nbsp; (28092)<br>|
| Class R6 | &nbsp;&nbsp; 3077537 | &nbsp;&nbsp; 5473440 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (108667762)<br>| &nbsp;&nbsp; (159246649)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 644989162 | &nbsp;&nbsp; (197634785)<br>|
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1866758979 | &nbsp;&nbsp; 2064393764 |
| End of year | &nbsp;&nbsp; $2511748141 | &nbsp;&nbsp; $1866758979 |

---

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

**7**

**Invesco Gold & Special Minerals Fund**

------

**Consolidated Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 04/30/25 | $24.37 | $0.06 | $10.34 | $10.40 | $(0.22)<br>| $34.55 | 42.93 %<sup>(d)</sup><br>| $1099366 | 1.05 %<sup>(d)</sup><br>| 1.05 %<sup>(d)</sup><br>| 0.20 %<sup>(d)</sup><br>| 47<br> %<br>|
| Year ended 04/30/24 | 24.58 | 0.06 | (0.08)<br>| (0.02)<br>| (0.19)<br>| 24.37 | (0.04 )<sup>(d)</sup><br>| 831276 | 1.10 <br><sup>(d)</sup><br>| 1.10 <br><sup>(d)</sup><br>| 0.26 <br><sup>(d)</sup><br>| 30 |
| Year ended 04/30/23 | 26.81 | 0.09 | (2.22)<br>| (2.13)<br>| (0.10)<br>| 24.58 | (7.90 )<sup>(d)</sup><br>| 924057 | 1.06 <br><sup>(d)</sup><br>| 1.06 <br><sup>(d)</sup><br>| 0.43 <br><sup>(d)</sup><br>| 30 |
| Year ended 04/30/22 | 27.70 | 0.05 | (0.01)<br>| 0.04 | (0.93)<br>| 26.81 | 0.43 <br><sup>(d)</sup><br>| 1070962 | 1.05 <br><sup>(d)</sup><br>| 1.05 <br><sup>(d)</sup><br>| 0.19 <br><sup>(d)</sup><br>| 32 |
| Year ended 04/30/21 | 21.77 | 0.06 | 6.30 | 6.36 | (0.43)<br>| 27.70 | 29.28 <br><sup>(d)</sup><br>| 1098007 | 1.05 <br><sup>(d)</sup><br>| 1.05 <br><sup>(d)</sup><br>| 0.21 <br><sup>(d)</sup><br>| 43 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 04/30/25 | 21.65 | (0.14)<br>| 9.17 | 9.03 | (0.16)<br>| 30.52 | 41.88 | 79726 | 1.81 | 1.81 | (0.56)<br>| 47 |
| Year ended 04/30/24 | 21.84 | (0.10)<br>| (0.08)<br>| (0.18)<br>| (0.01)<br>| 21.65 | (0.82)<br>| 73420 | 1.86 | 1.86 | (0.50)<br>| 30 |
| Year ended 04/30/23 | 23.89 | (0.06)<br>| (1.99)<br>| (2.05)<br>|  | 21.84 | (8.58)<br>| 93031 | 1.82 | 1.82 | (0.33)<br>| 30 |
| Year ended 04/30/22 | 24.98 | (0.14)<br>| (0.02)<br>| (0.16)<br>| (0.93)<br>| 23.89 | (0.34)<br>| 116380 | 1.81 | 1.81 | (0.57)<br>| 32 |
| Year ended 04/30/21 | 19.68 | (0.14)<br>| 5.70 | 5.56 | (0.26)<br>| 24.98 | 28.27 | 128089 | 1.81 | 1.81 | (0.55)<br>| 43 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 04/30/25 | 23.05 | (0.02)<br>| 9.79 | 9.77 | (0.20)<br>| 32.62 | 42.62 | 179910 | 1.31 | 1.31 | (0.06)<br>| 47 |
| Year ended 04/30/24 | 23.26 | 0.00 | (0.08)<br>| (0.08)<br>| (0.13)<br>| 23.05 | (0.31)<br>| 123912 | 1.36 | 1.36 | 0.00 | 30 |
| Year ended 04/30/23 | 25.35 | 0.04 | (2.10)<br>| (2.06)<br>| (0.03)<br>| 23.26 | (8.10)<br>| 136937 | 1.32 | 1.32 | 0.17 | 30 |
| Year ended 04/30/22 | 26.32 | (0.02)<br>| (0.02)<br>| (0.04)<br>| (0.93)<br>| 25.35 | 0.14 | 157476 | 1.31 | 1.31 | (0.07)<br>| 32 |
| Year ended 04/30/21 | 20.69 | (0.01)<br>| 5.98 | 5.97 | (0.34)<br>| 26.32 | 28.90 | 153232 | 1.31 | 1.31 | (0.05)<br>| 43 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 04/30/25 | 24.40 | 0.13 | 10.36 | 10.49 | (0.26)<br>| 34.63 | 43.29 | 660652 | 0.81 | 0.81 | 0.44 | 47 |
| Year ended 04/30/24 | 24.61 | 0.11 | (0.08)<br>| 0.03 | (0.24)<br>| 24.40 | 0.21 | 494604 | 0.86 | 0.86 | 0.50 | 30 |
| Year ended 04/30/23 | 26.86 | 0.15 | (2.24)<br>| (2.09)<br>| (0.16)<br>| 24.61 | (7.68)<br>| 568856 | 0.82 | 0.82 | 0.67 | 30 |
| Year ended 04/30/22 | 27.69 | 0.12 | (0.02)<br>| 0.10 | (0.93)<br>| 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)<br>| 27.69 | 29.57 | 600958 | 0.81 | 0.81 | 0.45 | 43 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 04/30/25 | 24.42 | 0.15 | 10.36 | 10.51 | (0.28)<br>| 34.65 | 43.37 | 1834 | 0.73 | 0.73 | 0.52 | 47 |
| Year ended 04/30/24 | 24.63 | 0.13 | (0.08)<br>| 0.05 | (0.26)<br>| 24.42 | 0.31 | 1246 | 0.76 | 0.76 | 0.60 | 30 |
| Year ended 04/30/23 | 26.89 | 0.17 | (2.24)<br>| (2.07)<br>| (0.19)<br>| 24.63 | (7.60)<br>| 1144 | 0.73 | 0.73 | 0.76 | 30 |
| Year ended 04/30/22 | 27.69 | 0.14 | (0.01)<br>| 0.13 | (0.93)<br>| 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)<br>| 27.69 | 29.75 | 141 | 0.69 | 0.69 | 0.57 | 43 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 04/30/25 | 24.65 | 0.17 | 10.46 | 10.63 | (0.30)<br>| 34.98 | 43.47 | 490261 | 0.66 | 0.66 | 0.59 | 47 |
| Year ended 04/30/24 | 24.87 | 0.15 | (0.08)<br>| 0.07 | (0.29)<br>| 24.65 | 0.38 | 342300 | 0.69 | 0.69 | 0.67 | 30 |
| Year ended 04/30/23 | 27.15 | 0.18 | (2.25)<br>| (2.07)<br>| (0.21)<br>| 24.87 | (7.52)<br>| 340370 | 0.66 | 0.66 | 0.83 | 30 |
| Year ended 04/30/22 | 27.94 | 0.16 | (0.02)<br>| 0.14 | (0.93)<br>| 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)<br>| 27.94 | 29.79 | 293817 | 0.66 | 0.66 | 0.60 | 43 |

---

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

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

<sup>(c)</sup> Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended 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, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the years ended April 30, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**8**

**Invesco Gold & Special Minerals Fund**

------

**Notes to Consolidated Financial Statements**

*April 30, 2025*

**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.

Effective after the close of business on September 30, 2024, Class R5 shares are closed to new investors.

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

The following is a summary of the significant accounting policies followed by the Fund in the preparation of its 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 or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

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

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

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the 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, and under the Subsidiary's organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to

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Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its 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 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 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.

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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

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

A forward foreign currency contract is an obligation between two parties ("Counterparties") to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts for hedging does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the 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.

**L.** **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.

**M.** **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

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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.

**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.

By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary's investments. The Subsidiary is not registered under the 1940 Act, and, except as otherwise noted in the Fund's prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended, and could negatively affect the Fund and its shareholders.

**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\*** |
| Up to $200 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.750% |
| Next $150 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.720% |
| Next $350 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.680% |
| Next $1.3 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.560% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.460% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.410% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.385% |
| Over $8 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.360% |

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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 year ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.59%.

The Subsidiary has entered into a separate contract with the Adviser whereby the Adviser provides investment advisory and other services to the Subsidiary. In consideration of these services, the Subsidiary pays an advisory fee to the Adviser based on the annual rate of the Subsidiary's average daily net assets as set forth in the table above. To the extent the Fund invests in the Subsidiary, the Adviser shall not collect the portion of the advisory fee that the Adviser would otherwise be entitled to collect from the Fund, in an amount equal to 100% of the advisory fee that the Adviser receives from the Subsidiary.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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

For the year ended April 30, 2025, the Adviser waived advisory fees of $44,787.

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 year ended April 30, 2025, 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 year ended April 30, 2025, 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 Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to

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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 year ended April 30, 2025, 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 year ended April 30, 2025, IDI advised the Fund that IDI retained $120,125 in front-end sales commissions from the sale of Class A shares and $15,261 and $8,077 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2025, the Fund incurred $151,993 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; $74762124 | &nbsp;&nbsp;&nbsp;&nbsp; $488751236 | &nbsp;&nbsp;&nbsp;&nbsp; $148852 | &nbsp;&nbsp;&nbsp;&nbsp; $563662212 |
| Bosnia and Herzegovina | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9184709 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9184709 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 9190123 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9190123 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 1207106348 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1207106348 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51491942 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51491942 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 38233587 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38233587 |
| Ivory Coast | &nbsp;&nbsp;&nbsp;&nbsp; 64181692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64181692 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 670128 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 670128 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27979115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27979115 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 90479512 | &nbsp;&nbsp;&nbsp;&nbsp; 21064381 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111543893 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; 41853098 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41853098 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 48572536 | &nbsp;&nbsp;&nbsp;&nbsp; 26496437 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75068973 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 273948821 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 273948821 |
| Zambia | &nbsp;&nbsp;&nbsp;&nbsp; 1705186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1705186 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 69219731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69219731 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 1919252758 | &nbsp;&nbsp;&nbsp;&nbsp; 625637948 | &nbsp;&nbsp;&nbsp;&nbsp; 148852 | &nbsp;&nbsp;&nbsp;&nbsp; 2545039558 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (32721320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32721320)<br>|
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1886531438 | &nbsp;&nbsp;&nbsp;&nbsp; $625637948 | &nbsp;&nbsp;&nbsp;&nbsp; $148852 | &nbsp;&nbsp;&nbsp;&nbsp; $2512318238 |

---

\* 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.

**13**

**Invesco Gold & Special Minerals Fund**

------

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

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>|
| Options written, at value — Exchange-Traded | &nbsp;&nbsp;&nbsp;&nbsp; $(32721320)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; 32721320 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**Effect of Derivative Investments for the year ended April 30, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** | **Location of Gain (Loss) on** <br>**Consolidated Statement of Operations** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Risk**<br>| **Total** |
| Realized Gain: |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1220 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $1220 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 40870211 | &nbsp;&nbsp;&nbsp;&nbsp; 40870211 |
| Change in Net Unrealized Appreciation (Depreciation): |  |  |  |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (13807084)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13807084)<br>|
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $1220 | &nbsp;&nbsp;&nbsp;&nbsp; $27063127 | &nbsp;&nbsp;&nbsp;&nbsp; $27064347 |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equity** <br>**Options** <br>**Written**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $375357 | &nbsp;&nbsp;&nbsp;&nbsp; $340332684 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143739 |

---

**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 year ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $1,627.

**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.

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $18003912 | &nbsp;&nbsp;&nbsp;&nbsp; $16703527 |

---

\* Includes short-term capital gain distributions, if any.

**14**

**Invesco Gold & Special Minerals Fund**

------

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $4941587 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 1001301242 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 5442 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (149461)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (1362692301)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 2868341632 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $2511748141 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to passive foreign investment companies.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 has a capital loss carryforward as of April 30, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $170570168 | &nbsp;&nbsp;&nbsp;&nbsp; $1192122133 | &nbsp;&nbsp;&nbsp;&nbsp; $1362692301 |

---

\*

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 year ended April 30, 2025 was $970,552,343 and $1,105,268,162, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1078239933 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (76938691)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1001301242 |

---

Cost of investments for tax purposes is $1,511,016,996.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of passive foreign investment companies and difference in the timing of recognition of gains/(losses) on investments, on April 30, 2025, undistributed net investment income was increased by $14,211,744, undistributed net realized gain (loss) was decreased by $14,199,231 and shares of beneficial interest was decreased by $12,513. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2024** | **Year ended** <br>**April 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 7058880 | &nbsp;&nbsp;&nbsp; $206135670 | &nbsp;&nbsp;&nbsp; 5506560 | &nbsp;&nbsp;&nbsp; $123711403 |
| Class C | &nbsp;&nbsp;&nbsp; 486174 | &nbsp;&nbsp;&nbsp; 12558953 | &nbsp;&nbsp;&nbsp; 466657 | &nbsp;&nbsp;&nbsp; 9352347 |
| Class R | &nbsp;&nbsp;&nbsp; 1988938 | &nbsp;&nbsp;&nbsp; 54540275 | &nbsp;&nbsp;&nbsp; 1504943 | &nbsp;&nbsp;&nbsp; 31679165 |
| Class Y | &nbsp;&nbsp;&nbsp; 5833250 | &nbsp;&nbsp;&nbsp; 169171248 | &nbsp;&nbsp;&nbsp; 5174484 | &nbsp;&nbsp;&nbsp; 115305282 |
| Class R5 | &nbsp;&nbsp;&nbsp; 71198 | &nbsp;&nbsp;&nbsp; 2075593 | &nbsp;&nbsp;&nbsp; 95524 | &nbsp;&nbsp;&nbsp; 2051778 |
| Class R6 | &nbsp;&nbsp;&nbsp; 7156773 | &nbsp;&nbsp;&nbsp; 209184071 | &nbsp;&nbsp;&nbsp; 5781465 | &nbsp;&nbsp;&nbsp; 130542828 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 239557 | &nbsp;&nbsp;&nbsp; 6523127 | &nbsp;&nbsp;&nbsp; 268361 | &nbsp;&nbsp;&nbsp; 6040773 |
| Class C | &nbsp;&nbsp;&nbsp; 16431 | &nbsp;&nbsp;&nbsp; 396306 | &nbsp;&nbsp;&nbsp; 1715 | &nbsp;&nbsp;&nbsp; 34398 |
| Class R | &nbsp;&nbsp;&nbsp; 39632 | &nbsp;&nbsp;&nbsp; 1019348 | &nbsp;&nbsp;&nbsp; 33537 | &nbsp;&nbsp;&nbsp; 714677 |
| Class Y | &nbsp;&nbsp;&nbsp; 150270 | &nbsp;&nbsp;&nbsp; 4097851 | &nbsp;&nbsp;&nbsp; 182307 | &nbsp;&nbsp;&nbsp; 4105545 |
| Class R5 | &nbsp;&nbsp;&nbsp; 826 | &nbsp;&nbsp;&nbsp; 22544 | &nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp; 14240 |
| Class R6 | &nbsp;&nbsp;&nbsp; 146043 | &nbsp;&nbsp;&nbsp; 4020553 | &nbsp;&nbsp;&nbsp; 174584 | &nbsp;&nbsp;&nbsp; 3968283 |

---

**15**

**Invesco Gold & Special Minerals Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **April 30, 2024** | **Year ended**<br> **April 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 414873 | &nbsp;&nbsp;&nbsp; $11742719 | &nbsp;&nbsp;&nbsp; 377474 | &nbsp;&nbsp;&nbsp; $8306972 |
| Class C | &nbsp;&nbsp;&nbsp; (468421)<br>| &nbsp;&nbsp;&nbsp; (11742719)<br>| &nbsp;&nbsp;&nbsp; (425189)<br>| &nbsp;&nbsp;&nbsp; (8306972)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (10006079)<br>| &nbsp;&nbsp;&nbsp; (287065943)<br>| &nbsp;&nbsp;&nbsp; (9633845)<br>| &nbsp;&nbsp;&nbsp; (215178447)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (812582)<br>| &nbsp;&nbsp;&nbsp; (20522977)<br>| &nbsp;&nbsp;&nbsp; (912611)<br>| &nbsp;&nbsp;&nbsp; (17941133)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1888693)<br>| &nbsp;&nbsp;&nbsp; (50491639)<br>| &nbsp;&nbsp;&nbsp; (2050621)<br>| &nbsp;&nbsp;&nbsp; (43199473)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (7175934)<br>| &nbsp;&nbsp;&nbsp; (208216284)<br>| &nbsp;&nbsp;&nbsp; (8198300)<br>| &nbsp;&nbsp;&nbsp; (179316534)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (70145)<br>| &nbsp;&nbsp;&nbsp; (1989371)<br>| &nbsp;&nbsp;&nbsp; (91540)<br>| &nbsp;&nbsp;&nbsp; (2094110)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (7177018)<br>| &nbsp;&nbsp;&nbsp; (210127087)<br>| &nbsp;&nbsp;&nbsp; (5754160)<br>| &nbsp;&nbsp;&nbsp; (129037671)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (3996027)<br>| &nbsp;&nbsp;&nbsp; $(108667762)<br>| &nbsp;&nbsp;&nbsp; (7498023)<br>| &nbsp;&nbsp;&nbsp; $(159246649)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 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.

**16**

**Invesco Gold & Special Minerals Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Gold & Special Minerals Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Invesco Gold & Special Minerals Fund and its subsidiary (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the "Fund") as of April 30, 2025, the related consolidated statement of operations for the year ended April 30, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2025 and the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 20, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**17**

**Invesco Gold & Special Minerals Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Qualified Dividend Income\* | &nbsp;&nbsp; 100.00% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 24.30% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 2.42% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

**18**

**Invesco Gold & Special Minerals Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**19**

**Invesco Gold & Special Minerals Fund**

------

![](img97352e0b1.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

O-GSM-NCSR

------

![](img6f5666d21.jpg)

------

**Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Small Cap Value Fund**

Nasdaq:

A: VSCAX ■ C: VSMCX ■ R: VSRAX ■ Y: VSMIX ■ R6: SMVSX

------

---

| | |
|:---|:---|
| [2](#xx_b72a8a0b-2ee3-4683-82cc-0b19972e1c05_SOI-Continued-38_1) | Schedule of Investments |
| [5](#xx_b72a8a0b-2ee3-4683-82cc-0b19972e1c05_FS-Continued-38_1) | Financial Statements |
| [8](#xx_b72a8a0b-2ee3-4683-82cc-0b19972e1c05_FS-Continued-38_4) | Financial Highlights |
| [9](#xx_b72a8a0b-2ee3-4683-82cc-0b19972e1c05_NTF-Continued-38_1) | Notes to Financial Statements |
| [15](#xx_b72a8a0b-2ee3-4683-82cc-0b19972e1c05_ARS-Continued-38_1) | Report of Independent Registered Public Accounting Firm |
| [16](#xx_b72a8a0b-2ee3-4683-82cc-0b19972e1c05_TI-Continued-38_1) | Tax Information |
| [17](#xx_b72a8a0b-2ee3-4683-82cc-0b19972e1c05_OIRSR-Continued-38_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–91.43%** | **Common Stocks & Other Equity Interests–91.43%** | **Common Stocks & Other Equity Interests–91.43%** |
| **Agricultural & Farm Machinery–0.90%** | **Agricultural & Farm Machinery–0.90%** | **Agricultural & Farm Machinery–0.90%** |
| AGCO Corp.<sup>(b)</sup>  | 624833 | &nbsp;&nbsp; $53004583 |
| **Application Software–0.25%** | **Application Software–0.25%** | **Application Software–0.25%** |
| Mitek Systems, Inc.<sup>(b)(c)</sup>  | 1761592 | &nbsp;&nbsp; 14585982 |
| **Asset Management & Custody Banks–0.36%** | **Asset Management & Custody Banks–0.36%** | **Asset Management & Custody Banks–0.36%** |
| WisdomTree, Inc.<sup>(b)</sup>  | 2432627 | &nbsp;&nbsp; 21163855 |
| **Biotechnology–1.39%** | **Biotechnology–1.39%** | **Biotechnology–1.39%** |
| Amicus Therapeutics, Inc.<sup>(b)(c)</sup>  | 1121550 | &nbsp;&nbsp; 8613504 |
| Arcutis Biotherapeutics, Inc.<sup>(b)(c)</sup>  | 822815 | &nbsp;&nbsp; 12268172 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(c)</sup>  | 88873 | &nbsp;&nbsp; 15147514 |
| Dynavax Technologies Corp.<sup>(b)(c)</sup>  | 1207677 | &nbsp;&nbsp; 14190205 |
| Mirum Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 255370 | &nbsp;&nbsp; 11095826 |
| Neurocrine Biosciences, Inc.<sup>(c)</sup>  | 94919 | &nbsp;&nbsp; 10221827 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 158287 | &nbsp;&nbsp; 10318730 |
|  |  | &nbsp;&nbsp; 81855778 |
| **Building Products–0.16%** | **Building Products–0.16%** | **Building Products–0.16%** |
| Janus International Group, Inc.<sup>(b)(c)</sup>  | 1340343 | &nbsp;&nbsp; 9221560 |
| **Casinos & Gaming–1.19%** | **Casinos & Gaming–1.19%** | **Casinos & Gaming–1.19%** |
| PENN Entertainment, Inc.<sup>(c)</sup>  | 4613529 | &nbsp;&nbsp; 70217911 |
| **Commodity Chemicals–0.33%** | **Commodity Chemicals–0.33%** | **Commodity Chemicals–0.33%** |
| Orion S.A. (Germany) | 1631035 | &nbsp;&nbsp; 19637661 |
| **Communications Equipment–2.02%** | **Communications Equipment–2.02%** | **Communications Equipment–2.02%** |
| Harmonic, Inc.<sup>(c)</sup>  | 3944579 | &nbsp;&nbsp; 35422319 |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup>  | 1413569 | &nbsp;&nbsp; 83457114 |
|  |  | &nbsp;&nbsp; 118879433 |
| **Construction & Engineering–2.89%** | **Construction & Engineering–2.89%** | **Construction & Engineering–2.89%** |
| AECOM | 918628 | &nbsp;&nbsp; 90622652 |
| Concrete Pumping Holdings, Inc.<sup>(b)</sup>  | 513680 | &nbsp;&nbsp; 3082080 |
| MasTec, Inc.<sup>(c)</sup>  | 571363 | &nbsp;&nbsp; 72745937 |
| Orion Group Holdings, Inc.<sup>(b)(c)</sup>  | 639231 | &nbsp;&nbsp; 4084686 |
|  |  | &nbsp;&nbsp; 170535355 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.37%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.37%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.37%** |
| Astec Industries, Inc. | 209074 | &nbsp;&nbsp; 7574751 |
| Manitowoc Co., Inc. (The)<sup>(c)</sup>  | 230000 | &nbsp;&nbsp; 1812400 |
| NFI Group, Inc. (Canada)<sup>(c)</sup>  | 1302372 | &nbsp;&nbsp; 10958592 |
| Oshkosh Corp. | 446414 | &nbsp;&nbsp; 37391637 |
| REV Group, Inc.<sup>(b)</sup>  | 697337 | &nbsp;&nbsp; 22802920 |
|  |  | &nbsp;&nbsp; 80540300 |
| **Copper–1.06%** | **Copper–1.06%** | **Copper–1.06%** |
| Capstone Copper Corp. (Canada)<sup>(c)</sup>  | 9531674 | &nbsp;&nbsp; 45909122 |
| ERO Copper Corp. (Brazil)<sup>(c)</sup>  | 1323902 | &nbsp;&nbsp; 16536771 |
|  |  | &nbsp;&nbsp; 62445893 |
| **Diversified Chemicals–0.77%** | **Diversified Chemicals–0.77%** | **Diversified Chemicals–0.77%** |
| Huntsman Corp. | 3400048 | &nbsp;&nbsp; 45254639 |
| **Diversified Metals & Mining–3.23%** | **Diversified Metals & Mining–3.23%** | **Diversified Metals & Mining–3.23%** |
| Hudbay Minerals, Inc. (Canada) | 10693614 | &nbsp;&nbsp; 77742574 |
| MP Materials Corp.<sup>(b)(c)</sup>  | 2058924 | &nbsp;&nbsp; 50361281 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** |
| Teck Resources Ltd., Class B (Canada) | 1829811 | &nbsp;&nbsp; $62195276 |
|  |  | &nbsp;&nbsp; 190299131 |
| **Electric Utilities–2.84%** | **Electric Utilities–2.84%** | **Electric Utilities–2.84%** |
| NRG Energy, Inc. | 1529987 | &nbsp;&nbsp; 167655975 |
| **Electrical Components & Equipment–1.41%** | **Electrical Components & Equipment–1.41%** | **Electrical Components & Equipment–1.41%** |
| EnerSys | 628962 | &nbsp;&nbsp; 54468109 |
| Regal Rexnord Corp. | 272291 | &nbsp;&nbsp; 28819280 |
|  |  | &nbsp;&nbsp; 83287389 |
| **Electronic Components–1.90%** | **Electronic Components–1.90%** | **Electronic Components–1.90%** |
| Coherent Corp.<sup>(c)</sup>  | 1481321 | &nbsp;&nbsp; 95278566 |
| Vishay Intertechnology, Inc.<sup>(b)</sup>  | 1290122 | &nbsp;&nbsp; 16758685 |
|  |  | &nbsp;&nbsp; 112037251 |
| **Electronic Equipment & Instruments–0.78%** | **Electronic Equipment & Instruments–0.78%** | **Electronic Equipment & Instruments–0.78%** |
| Crane NXT Co.<sup>(b)</sup>  | 979552 | &nbsp;&nbsp; 45960580 |
| **Electronic Manufacturing Services–0.33%** | **Electronic Manufacturing Services–0.33%** | **Electronic Manufacturing Services–0.33%** |
| Benchmark Electronics, Inc.<sup>(b)</sup>  | 592229 | &nbsp;&nbsp; 19265209 |
| **Fertilizers & Agricultural Chemicals–0.63%** | **Fertilizers & Agricultural Chemicals–0.63%** | **Fertilizers & Agricultural Chemicals–0.63%** |
| Mosaic Co. (The) | 1226312 | &nbsp;&nbsp; 37279885 |
| **Food Distributors–0.46%** | **Food Distributors–0.46%** | **Food Distributors–0.46%** |
| Performance Food Group Co.<sup>(c)</sup>  | 335371 | &nbsp;&nbsp; 27051025 |
| **Gold–1.29%** | **Gold–1.29%** | **Gold–1.29%** |
| Sandstorm Gold Ltd. (Canada) | 8726640 | &nbsp;&nbsp; 75921768 |
| **Health Care Equipment–5.28%** | **Health Care Equipment–5.28%** | **Health Care Equipment–5.28%** |
| Hologic, Inc.<sup>(c)</sup>  | 2172509 | &nbsp;&nbsp; 126440024 |
| Integra LifeSciences Holdings Corp.<sup>(b)(c)</sup>  | 3130919 | &nbsp;&nbsp; 51315762 |
| LivaNova PLC<sup>(b)(c)</sup>  | 870067 | &nbsp;&nbsp; 32192478 |
| QuidelOrtho Corp.<sup>(b)(c)(d)</sup>  | 3660385 | &nbsp;&nbsp; 101722099 |
|  |  | &nbsp;&nbsp; 311670363 |
| **Health Care Services–0.57%** | **Health Care Services–0.57%** | **Health Care Services–0.57%** |
| Fresenius Medical Care AG (Germany) | 664650 | &nbsp;&nbsp; 33814449 |
| **Hotels, Resorts & Cruise Lines–1.97%** | **Hotels, Resorts & Cruise Lines–1.97%** | **Hotels, Resorts & Cruise Lines–1.97%** |
| Expedia Group, Inc. | 319567 | &nbsp;&nbsp; 50149649 |
| Travel + Leisure Co. | 1498866 | &nbsp;&nbsp; 65845184 |
|  |  | &nbsp;&nbsp; 115994833 |
| **Human Resource & Employment Services–1.40%** | **Human Resource & Employment Services–1.40%** | **Human Resource & Employment Services–1.40%** |
| Kelly Services, Inc., Class A | 393470 | &nbsp;&nbsp; 4544578 |
| ManpowerGroup, Inc. | 1642441 | &nbsp;&nbsp; 70739934 |
| TrueBlue, Inc.<sup>(b)(c)(d)</sup>  | 1720568 | &nbsp;&nbsp; 7467265 |
|  |  | &nbsp;&nbsp; 82751777 |
| **Industrial Machinery & Supplies & Components–3.76%** | **Industrial Machinery & Supplies & Components–3.76%** | **Industrial Machinery & Supplies & Components–3.76%** |
| Chart Industries, Inc.<sup>(b)(c)</sup>  | 609224 | &nbsp;&nbsp; 82233056 |
| Columbus McKinnon Corp. | 1084089 | &nbsp;&nbsp; 16098722 |
| Gates Industrial Corp. PLC<sup>(c)</sup>  | 2454684 | &nbsp;&nbsp; 46442621 |
| Konecranes OYJ (Finland) | 1145027 | &nbsp;&nbsp; 76714545 |
|  |  | &nbsp;&nbsp; 221488944 |

---

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

**2**

**Invesco Small Cap Value Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Interactive Home Entertainment–0.33%** | **Interactive Home Entertainment–0.33%** | **Interactive Home Entertainment–0.33%** |
| Ubisoft Entertainment S.A. (France)<sup>(c)</sup>  | 1666748 | &nbsp;&nbsp; $19638148 |
| **Interactive Media & Services–1.11%** | **Interactive Media & Services–1.11%** | **Interactive Media & Services–1.11%** |
| Match Group, Inc. | 2216781 | &nbsp;&nbsp; 65749724 |
| **Investment Banking & Brokerage–0.67%** | **Investment Banking & Brokerage–0.67%** | **Investment Banking & Brokerage–0.67%** |
| Lazard, Inc. | 1009359 | &nbsp;&nbsp; 39264065 |
| **IT Consulting & Other Services–4.20%** | **IT Consulting & Other Services–4.20%** | **IT Consulting & Other Services–4.20%** |
| Endava PLC, ADR (United Kingdom)<sup>(b)(c)(d)</sup>  | 3178886 | &nbsp;&nbsp; 57887514 |
| EPAM Systems, Inc.<sup>(c)</sup>  | 646166 | &nbsp;&nbsp; 101389907 |
| Globant S.A.<sup>(c)</sup>  | 749938 | &nbsp;&nbsp; 88170211 |
|  |  | &nbsp;&nbsp; 247447632 |
| **Life & Health Insurance–2.71%** | **Life & Health Insurance–2.71%** | **Life & Health Insurance–2.71%** |
| Globe Life, Inc. | 1296238 | &nbsp;&nbsp; 159877995 |
| **Life Sciences Tools & Services–3.15%** | **Life Sciences Tools & Services–3.15%** | **Life Sciences Tools & Services–3.15%** |
| Avantor, Inc.<sup>(b)(c)</sup>  | 5958897 | &nbsp;&nbsp; 77406072 |
| ICON PLC<sup>(c)</sup>  | 714089 | &nbsp;&nbsp; 108141638 |
|  |  | &nbsp;&nbsp; 185547710 |
| **Managed Health Care–4.20%** | **Managed Health Care–4.20%** | **Managed Health Care–4.20%** |
| Centene Corp.<sup>(c)</sup>  | 1997062 | &nbsp;&nbsp; 119524161 |
| Molina Healthcare, Inc.<sup>(c)</sup>  | 391240 | &nbsp;&nbsp; 127939392 |
|  |  | &nbsp;&nbsp; 247463553 |
| **Metal, Glass & Plastic Containers–2.13%** | **Metal, Glass & Plastic Containers–2.13%** | **Metal, Glass & Plastic Containers–2.13%** |
| Crown Holdings, Inc. | 1305005 | &nbsp;&nbsp; 125711132 |
| **Office Services & Supplies–0.36%** | **Office Services & Supplies–0.36%** | **Office Services & Supplies–0.36%** |
| MillerKnoll, Inc.<sup>(b)</sup>  | 1294843 | &nbsp;&nbsp; 21235425 |
| **Oil & Gas Drilling–0.33%** | **Oil & Gas Drilling–0.33%** | **Oil & Gas Drilling–0.33%** |
| Patterson-UTI Energy, Inc.<sup>(b)</sup>  | 3459812 | &nbsp;&nbsp; 19513340 |
| **Oil & Gas Equipment & Services–0.22%** | **Oil & Gas Equipment & Services–0.22%** | **Oil & Gas Equipment & Services–0.22%** |
| Helix Energy Solutions Group, Inc.<sup>(c)</sup>  | 2159747 | &nbsp;&nbsp; 13152859 |
| **Oil & Gas Exploration & Production–5.65%** | **Oil & Gas Exploration & Production–5.65%** | **Oil & Gas Exploration & Production–5.65%** |
| Advantage Energy Ltd. (Canada)<sup>(c)</sup>  | 4901492 | &nbsp;&nbsp; 34807491 |
| Antero Resources Corp.<sup>(c)</sup>  | 1172970 | &nbsp;&nbsp; 40854545 |
| ARC Resources Ltd. (Canada) | 3514618 | &nbsp;&nbsp; 65035474 |
| EQT Corp. | 560127 | &nbsp;&nbsp; 27692679 |
| Expand Energy Corp. | 793010 | &nbsp;&nbsp; 82393739 |
| Kosmos Energy Ltd. (Ghana)<sup>(c)</sup>  | 8036911 | &nbsp;&nbsp; 12376843 |
| Northern Oil and Gas, Inc.<sup>(b)</sup>  | 604259 | &nbsp;&nbsp; 14683494 |
| Tamarack Valley Energy Ltd. (Canada)<sup>(b)</sup>  | 8650307 | &nbsp;&nbsp; 22400693 |
| Veren, Inc. (Canada) | 5524961 | &nbsp;&nbsp; 32702511 |
|  |  | &nbsp;&nbsp; 332947469 |
| **Packaged Foods & Meats–0.17%** | **Packaged Foods & Meats–0.17%** | **Packaged Foods & Meats–0.17%** |
| Hain Celestial Group, Inc. (The)<sup>(b)(c)</sup>  | 3247546 | &nbsp;&nbsp; 9872540 |
| **Paper & Plastic Packaging Products & Materials–0.79%** | **Paper & Plastic Packaging Products & Materials–0.79%** | **Paper & Plastic Packaging Products & Materials–0.79%** |
| Sealed Air Corp. | 1701147 | &nbsp;&nbsp; 46883611 |
| **Passenger Ground Transportation–0.00%** | **Passenger Ground Transportation–0.00%** | **Passenger Ground Transportation–0.00%** |
| Mobico Group PLC (United Kingdom)<sup>(c)</sup>  | 258 | &nbsp;&nbsp; 107 |
| **Pharmaceuticals–0.75%** | **Pharmaceuticals–0.75%** | **Pharmaceuticals–0.75%** |
| Axsome Therapeutics, Inc.<sup>(c)</sup>  | 183595 | &nbsp;&nbsp; 20615883 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)(c)</sup>  | 457843 | &nbsp;&nbsp; 23766630 |
|  |  | &nbsp;&nbsp; 44382513 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Regional Banks–11.17%** | **Regional Banks–11.17%** | **Regional Banks–11.17%** |
| Citizens Financial Group, Inc. | 1097552 | &nbsp;&nbsp; $40488693 |
| East West Bancorp, Inc. | 1319868 | &nbsp;&nbsp; 112914708 |
| Five Star Bancorp | 315477 | &nbsp;&nbsp; 8732404 |
| Huntington Bancshares, Inc. | 6327189 | &nbsp;&nbsp; 91934056 |
| Pinnacle Financial Partners, Inc. | 1017100 | &nbsp;&nbsp; 101954104 |
| Renasant Corp.<sup>(b)</sup>  | 917105 | &nbsp;&nbsp; 29411557 |
| SouthState Corp. | 157773 | &nbsp;&nbsp; 13691541 |
| Webster Financial Corp. | 2159230 | &nbsp;&nbsp; 102131579 |
| Western Alliance Bancorporation | 2258293 | &nbsp;&nbsp; 157425605 |
|  |  | &nbsp;&nbsp; 658684247 |
| **Research & Consulting Services–4.53%** | **Research & Consulting Services–4.53%** | **Research & Consulting Services–4.53%** |
| Amentum Holdings, Inc.<sup>(b)(c)</sup>  | 3483929 | &nbsp;&nbsp; 76019331 |
| KBR, Inc. | 2483840 | &nbsp;&nbsp; 131171590 |
| Science Applications International Corp. | 496829 | &nbsp;&nbsp; 60131214 |
|  |  | &nbsp;&nbsp; 267322135 |
| **Restaurants–0.05%** | **Restaurants–0.05%** | **Restaurants–0.05%** |
| Marston's PLC (United Kingdom)<sup>(c)</sup>  | 5848400 | &nbsp;&nbsp; 2814365 |
| **Semiconductor Materials & Equipment–2.59%** | **Semiconductor Materials & Equipment–2.59%** | **Semiconductor Materials & Equipment–2.59%** |
| Ichor Holdings Ltd.<sup>(b)(c)</sup>  | 335717 | &nbsp;&nbsp; 6640482 |
| MKS Instruments, Inc. | 657966 | &nbsp;&nbsp; 46149735 |
| Onto Innovation, Inc.<sup>(c)</sup>  | 625844 | &nbsp;&nbsp; 76334193 |
| Ultra Clean Holdings, Inc.<sup>(b)(c)</sup>  | 1256683 | &nbsp;&nbsp; 23506256 |
|  |  | &nbsp;&nbsp; 152630666 |
| **Semiconductors–1.80%** | **Semiconductors–1.80%** | **Semiconductors–1.80%** |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)(c)</sup>  | 1416331 | &nbsp;&nbsp; 27009432 |
| Rambus, Inc.<sup>(c)</sup>  | 1040435 | &nbsp;&nbsp; 50762824 |
| Silicon Motion Technology Corp., ADR <br> (Taiwan) | 576665 | &nbsp;&nbsp; 28544917 |
|  |  | &nbsp;&nbsp; 106317173 |
| **Silver–1.57%** | **Silver–1.57%** | **Silver–1.57%** |
| Pan American Silver Corp. (Canada) | 3680793 | &nbsp;&nbsp; 92682368 |
| **Specialized Finance–0.78%** | **Specialized Finance–0.78%** | **Specialized Finance–0.78%** |
| Burford Capital Ltd.<sup>(b)</sup>  | 3409697 | &nbsp;&nbsp; 46303685 |
| **Specialty Chemicals–0.28%** | **Specialty Chemicals–0.28%** | **Specialty Chemicals–0.28%** |
| Element Solutions, Inc. | 799511 | &nbsp;&nbsp; 16318020 |
| **Trading Companies & Distributors–3.35%** | **Trading Companies & Distributors–3.35%** | **Trading Companies & Distributors–3.35%** |
| Air Lease Corp., Class A | 859297 | &nbsp;&nbsp; 40180728 |
| MSC Industrial Direct Co., Inc., Class A | 813996 | &nbsp;&nbsp; 62254414 |
| WESCO International, Inc. | 585153 | &nbsp;&nbsp; 95356533 |
|  |  | &nbsp;&nbsp; 197791675 |
| Total Common Stocks & Other Equity Interests <br> (Cost $5,282,499,586) | Total Common Stocks & Other Equity Interests <br> (Cost $5,282,499,586) | &nbsp;&nbsp; 5391373686 |
| **Exchange-Traded Funds–4.14%** | **Exchange-Traded Funds–4.14%** | **Exchange-Traded Funds–4.14%** |
| Global X Copper Miners ETF<sup>(b)</sup>  | 1312149 | &nbsp;&nbsp; 49612354 |
| Global X Uranium ETF<sup>(b)</sup>  | 2170631 | &nbsp;&nbsp; 54265775 |
| VanEck Junior Gold Miners ETF<sup>(b)</sup>  | 2283436 | &nbsp;&nbsp; 140202970 |
| Total Exchange-Traded Funds <br> (Cost $215,744,522) | Total Exchange-Traded Funds <br> (Cost $215,744,522) | &nbsp;&nbsp; 244081099 |
| **Money Market Funds–2.30%** | **Money Market Funds–2.30%** | **Money Market Funds–2.30%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 47578828 | &nbsp;&nbsp; 47578828 |

---

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

**3**

**Invesco Small Cap Value Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 87988824 | &nbsp;&nbsp; $87988824 |
| Total Money Market Funds (Cost $135,567,652) | Total Money Market Funds (Cost $135,567,652) | Total Money Market Funds (Cost $135,567,652) | &nbsp;&nbsp; 135567652 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-97.87% <br> (Cost $5,633,811,760)<br>|  |  | &nbsp;&nbsp; 5771022437 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–5.57%** | **Money Market Funds–5.57%** | **Money Market Funds–5.57%** | **Money Market Funds–5.57%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 88744817 | &nbsp;&nbsp; 88744817 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | 239795444 | &nbsp;&nbsp; $239843403 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $328,597,295) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $328,597,295) | &nbsp;&nbsp; 328588220 |
| TOTAL INVESTMENTS IN SECURITIES–103.44% <br> (Cost $5,962,409,055) | TOTAL INVESTMENTS IN SECURITIES–103.44% <br> (Cost $5,962,409,055) | &nbsp;&nbsp; 6099610657 |
| OTHER ASSETS LESS LIABILITIES—(3.44)% | OTHER ASSETS LESS LIABILITIES—(3.44)% | &nbsp;&nbsp; (202567627)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $5897043030 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> ETF – Exchange-Traded 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 April 30, 2025.

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

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| $16221338 | &nbsp;&nbsp; $774802655 | &nbsp;&nbsp; $(743445165) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $47578828 | &nbsp;&nbsp; $3009966 |
| Invesco Liquid Assets Portfolio, <br> Institutional Class<br>| 11214568 | &nbsp;&nbsp; 82940003 | &nbsp;&nbsp; (94154817) | &nbsp;&nbsp; (2184) | &nbsp;&nbsp; 2430 | &nbsp;&nbsp; - | &nbsp;&nbsp; 295471 |
| Invesco Treasury Portfolio, Institutional <br> Class<br>| 18538672 | &nbsp;&nbsp; 1374606877 | &nbsp;&nbsp; (1305156725) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 87988824 | &nbsp;&nbsp; 5243982 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 98095948 | &nbsp;&nbsp; 929332368 | &nbsp;&nbsp; (938683499) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 88744817 | &nbsp;&nbsp; 5,761,145\* |
| Invesco Private Prime Fund | 253313911 | &nbsp;&nbsp; 1735892716 | &nbsp;&nbsp; (1749351458) | &nbsp;&nbsp; 7646 | &nbsp;&nbsp; (19412) | &nbsp;&nbsp; 239843403 | &nbsp;&nbsp; 15,472,853\* |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| Endava PLC, ADR | 63237400 | &nbsp;&nbsp; 30613151 | &nbsp;&nbsp; - | &nbsp;&nbsp; (35963037) | &nbsp;&nbsp; - | &nbsp;&nbsp; 57887514 | &nbsp;&nbsp; - |
| Hain Celestial Group, Inc. (The)\*\* | - | &nbsp;&nbsp; 39693984 | &nbsp;&nbsp; (5535562) | &nbsp;&nbsp; (14833828) | &nbsp;&nbsp; (9452054) | &nbsp;&nbsp; 9872540 | &nbsp;&nbsp; - |
| QuidelOrtho Corp. | - | &nbsp;&nbsp; 157198262 | &nbsp;&nbsp; - | &nbsp;&nbsp; (55476163) | &nbsp;&nbsp; - | &nbsp;&nbsp; 101722099 | &nbsp;&nbsp; - |
| TrueBlue, Inc. | 13588722 | &nbsp;&nbsp; 4853083 | &nbsp;&nbsp; (1194844) | &nbsp;&nbsp; (7895101) | &nbsp;&nbsp; (1884595) | &nbsp;&nbsp; 7467265 | &nbsp;&nbsp; - |
| Total | $474210559 | &nbsp;&nbsp; $5129933099 | &nbsp;&nbsp; $(4837522070) | &nbsp;&nbsp; $(114162667) | &nbsp;&nbsp; $(11353631) | &nbsp;&nbsp; $641105290 | &nbsp;&nbsp; $29783417 |

---

\* 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. 

\*\* At April 30, 2025, this security was no longer an affiliate of the Fund.

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

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

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

**4**

**Invesco Small Cap Value Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $5,219,351,674)\*<br>| &nbsp;&nbsp; $5468377907 |
| Investments in affiliates, at value <br>(Cost $743,057,381)<br>| &nbsp;&nbsp; 631232750 |
| Cash | &nbsp;&nbsp; 76009808 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 54574535 |
| Fund shares sold | &nbsp;&nbsp; 9637897 |
| Dividends | &nbsp;&nbsp; 1994922 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 229129 |
| Other assets | &nbsp;&nbsp; 144458 |
| Total assets | &nbsp;&nbsp; 6242201406 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 4722742 |
| Fund shares reacquired | &nbsp;&nbsp; 9447786 |
| Amount due custodian - foreign currency, at value <br> (Cost $84,763)<br>| &nbsp;&nbsp; 85139 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 328597295 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1947222 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 3016 |
| Accrued other operating expenses | &nbsp;&nbsp; 111701 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 243475 |
| Total liabilities | &nbsp;&nbsp; 345158376 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $5897043030 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $5424685566 |
| Distributable earnings | &nbsp;&nbsp; 472357464 |
|  | &nbsp;&nbsp; $5897043030 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $969304411 |
| Class C | &nbsp;&nbsp; $38175535 |
| Class R | &nbsp;&nbsp; $24265205 |
| Class Y | &nbsp;&nbsp; $3596337568 |
| Class R6 | &nbsp;&nbsp; $1268960311 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 46319790 |
| Class C | &nbsp;&nbsp; 4247103 |
| Class R | &nbsp;&nbsp; 1171166 |
| Class Y | &nbsp;&nbsp; 156085747 |
| Class R6 | &nbsp;&nbsp; 54437757 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $20.93 |
| Maximum offering price per share <br>(Net asset value of $20.93 ÷ 94.50%)<br>| &nbsp;&nbsp; $22.15 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $8.99 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $20.72 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.04 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.31 |

---

\* At April 30, 2025, securities with an aggregate value of $318,240,020 were on loan to brokers. 

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

**5**

**Invesco Small Cap Value Fund**

------

**Statement of Operations**

*For the year ended April 30, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $281 |
| Dividends (net of foreign withholding taxes of $1,651,026) | &nbsp;&nbsp; 69089983 |
| Dividends from affiliated money market funds (includes net securities lending income of $1,045,243) | &nbsp;&nbsp; 9594662 |
| Total investment income | &nbsp;&nbsp; 78684926 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 36317441 |
| Administrative services fees | &nbsp;&nbsp; 861909 |
| Custodian fees | &nbsp;&nbsp; 103183 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2781163 |
| Class C | &nbsp;&nbsp; 460563 |
| Class R | &nbsp;&nbsp; 135493 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 7666290 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 327404 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 69908 |
| Registration and filing fees | &nbsp;&nbsp; 209234 |
| Reports to shareholders | &nbsp;&nbsp; 394949 |
| Professional services fees | &nbsp;&nbsp; 100359 |
| Other | &nbsp;&nbsp; 75168 |
| Total expenses | &nbsp;&nbsp; 49503064 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (228042)<br>|
| Net expenses | &nbsp;&nbsp; 49275022 |
| Net investment income | &nbsp;&nbsp; 29409904 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 730698784 |
| Affiliated investment securities | &nbsp;&nbsp; (11353631)<br>|
| Foreign currencies | &nbsp;&nbsp; (117303)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (2711185)<br>|
|  | &nbsp;&nbsp; 716516665 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (631176509)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (114162667)<br>|
| Foreign currencies | &nbsp;&nbsp; 13551 |
| Forward foreign currency contracts | &nbsp;&nbsp; 486248 |
|  | &nbsp;&nbsp; (744839377)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (28322712)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1087192 |

---

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

**6**

**Invesco Small Cap Value Fund**

------

**Statement of Changes in Net Assets**

*For the years ended April 30, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $29409904 | &nbsp;&nbsp; $21589507 |
| Net realized gain | &nbsp;&nbsp; 716516665 | &nbsp;&nbsp; 206702859 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (744839377)<br>| &nbsp;&nbsp; 767707335 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1087192 | &nbsp;&nbsp; 995999701 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (86002586)<br>| &nbsp;&nbsp; (45260052)<br>|
| Class C | &nbsp;&nbsp; (7311672)<br>| &nbsp;&nbsp; (3274934)<br>|
| Class R | &nbsp;&nbsp; (2074768)<br>| &nbsp;&nbsp; (990076)<br>|
| Class Y | &nbsp;&nbsp; (264218689)<br>| &nbsp;&nbsp; (84433654)<br>|
| Class R6 | &nbsp;&nbsp; (88824084)<br>| &nbsp;&nbsp; (29735481)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (448431799)<br>| &nbsp;&nbsp; (163694197)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (42216875)<br>| &nbsp;&nbsp; 47227752 |
| Class C | &nbsp;&nbsp; (1173549)<br>| &nbsp;&nbsp; 6785141 |
| Class R | &nbsp;&nbsp; 1222431 | &nbsp;&nbsp; 4596065 |
| Class Y | &nbsp;&nbsp; 1310702283 | &nbsp;&nbsp; 705640377 |
| Class R6 | &nbsp;&nbsp; 505831906 | &nbsp;&nbsp; 284280773 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 1774366196 | &nbsp;&nbsp; 1048530108 |
| Net increase in net assets | &nbsp;&nbsp; 1327021589 | &nbsp;&nbsp; 1880835612 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 4570021441 | &nbsp;&nbsp; 2689185829 |
| End of year | &nbsp;&nbsp; $5897043030 | &nbsp;&nbsp; $4570021441 |

---

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

**7**

**Invesco Small Cap Value Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 04/30/25 | $22.06 | $0.07 | $0.66 | $0.73 | $(0.09)<br>| $(1.77)<br>| $(1.86)<br>| $20.93 | 2.07<br> %<br>| &nbsp;&nbsp; $969304 | 1.07<br> %<br>| 1.07<br> %<br>| 0.29<br> %<br>| 52<br> %<br>|
| Year ended 04/30/24 | 17.33 | 0.09 | 5.64 | 5.73 | (0.11)<br>| (0.89)<br>| (1.00)<br>| 22.06 | 33.73 | &nbsp;&nbsp; 1065495 | 1.11 | 1.11 | 0.44 | 40 |
| Year ended 04/30/23 | 18.37 | 0.10 | 0.62 | 0.72 | (0.06)<br>| (1.70)<br>| (1.76)<br>| 17.33 | 4.09 | &nbsp;&nbsp; 798428 | 1.09 | 1.09 | 0.58 | 51 |
| Year ended 04/30/22 | 20.84 | 0.01 | 0.62 | 0.63 | (0.00)<br>| (3.10)<br>| (3.10)<br>| 18.37 | 3.75 | &nbsp;&nbsp; 721429 | 1.09 | 1.09 | 0.11 | 79 |
| Year ended 04/30/21 | 9.62 | 0.03 | 11.24 | 11.27 | (0.05)<br>|  | (0.05)<br>| 20.84 | 117.30 | &nbsp;&nbsp; 687428 | 1.12 | 1.12 | 0.24 | 71 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 04/30/25 | 10.39 | (0.05)<br>| 0.45 | 0.40 | (0.03)<br>| (1.77)<br>| (1.80)<br>| 8.99 | 1.27 | &nbsp;&nbsp; 38176 | 1.82 | 1.82 | (0.46)<br>| 52 |
| Year ended 04/30/24 | 8.61 | (0.03)<br>| 2.75 | 2.72 | (0.05)<br>| (0.89)<br>| (0.94)<br>| 10.39 | 32.74 | &nbsp;&nbsp; 45502 | 1.86 | 1.86 | (0.31)<br>| 40 |
| Year ended 04/30/23 | 10.00 | (0.02)<br>| 0.33 | 0.31 | (0.00)<br>| (1.70)<br>| (1.70)<br>| 8.61 | 3.36 | &nbsp;&nbsp; 32363 | 1.84 | 1.84 | (0.17)<br>| 51 |
| Year ended 04/30/22 | 12.85 | (0.07)<br>| 0.32 | 0.25 | (0.00)<br>| (3.10)<br>| (3.10)<br>| 10.00 | 2.99 | &nbsp;&nbsp; 23397 | 1.84 | 1.84 | (0.64)<br>| 79 |
| Year ended 04/30/21 | 5.96 | (0.04)<br>| 6.94 | 6.90 | (0.01)<br>|  | (0.01)<br>| 12.85 | 115.93 <br><sup>(c)</sup><br>| &nbsp;&nbsp; 17598 | 1.81 <br><sup>(c)</sup><br>| 1.81 <br><sup>(c)</sup><br>| (0.45 )<sup>(c)</sup><br>| 71 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 04/30/25 | 21.88 | 0.01 | 0.64 | 0.65 | (0.04)<br>| (1.77)<br>| (1.81)<br>| 20.72 | 1.77 | &nbsp;&nbsp; 24265 | 1.32 | 1.32 | 0.04 | 52 |
| Year ended 04/30/24 | 17.22 | 0.04 | 5.60 | 5.64 | (0.09)<br>| (0.89)<br>| (0.98)<br>| 21.88 | 33.37 | &nbsp;&nbsp; 24633 | 1.36 | 1.36 | 0.19 | 40 |
| Year ended 04/30/23 | 18.28 | 0.06 | 0.61 | 0.67 | (0.03)<br>| (1.70)<br>| (1.73)<br>| 17.22 | 3.83 | &nbsp;&nbsp; 15241 | 1.34 | 1.34 | 0.33 | 51 |
| Year ended 04/30/22 | 20.79 | (0.03)<br>| 0.62 | 0.59 | (0.00)<br>| (3.10)<br>| (3.10)<br>| 18.28 | 3.52 | &nbsp;&nbsp; 11315 | 1.34 | 1.34 | (0.14)<br>| 79 |
| Year ended 04/30/21 | 9.61 | (0.00 )<sup>(d)</sup><br>| 11.21 | 11.21 | (0.03)<br>|  | (0.03)<br>| 20.79 | 116.81 | &nbsp;&nbsp; 9140 | 1.37 | 1.37 | (0.01)<br>| 71 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 04/30/25 | 24.12 | 0.14 | 0.69 | 0.83 | (0.14)<br>| (1.77)<br>| (1.91)<br>| 23.04 | 2.30 | &nbsp;&nbsp; 3596338 | 0.82 | 0.82 | 0.54 | 52 |
| Year ended 04/30/24 | 18.86 | 0.15 | 6.16 | 6.31 | (0.16)<br>| (0.89)<br>| (1.05)<br>| 24.12 | 34.06 | &nbsp;&nbsp; 2576033 | 0.86 | 0.86 | 0.69 | 40 |
| Year ended 04/30/23 | 19.84 | 0.16 | 0.66 | 0.82 | (0.10)<br>| (1.70)<br>| (1.80)<br>| 18.86 | 4.31 | &nbsp;&nbsp; 1416555 | 0.84 | 0.84 | 0.83 | 51 |
| Year ended 04/30/22 | 22.23 | 0.08 | 0.67 | 0.75 | (0.04)<br>| (3.10)<br>| (3.14)<br>| 19.84 | 4.06 | &nbsp;&nbsp; 1085935 | 0.84 | 0.84 | 0.36 | 79 |
| Year ended 04/30/21 | 10.25 | 0.07 | 11.98 | 12.05 | (0.07)<br>|  | (0.07)<br>| 22.23 | 117.78 | &nbsp;&nbsp; 812019 | 0.87 | 0.87 | 0.49 | 71 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 04/30/25 | 24.37 | 0.18 | 0.70 | 0.88 | (0.17)<br>| (1.77)<br>| (1.94)<br>| 23.31 | 2.47 | &nbsp;&nbsp; 1268960 | 0.69 | 0.69 | 0.67 | 52 |
| Year ended 04/30/24 | 19.05 | 0.18 | 6.21 | 6.39 | (0.18)<br>| (0.89)<br>| (1.07)<br>| 24.37 | 34.20 | &nbsp;&nbsp; 858358 | 0.71 | 0.71 | 0.84 | 40 |
| Year ended 04/30/23 | 20.01 | 0.19 | 0.68 | 0.87 | (0.13)<br>| (1.70)<br>| (1.83)<br>| 19.05 | 4.50 | &nbsp;&nbsp; 426599 | 0.70 | 0.70 | 0.97 | 51 |
| Year ended 04/30/22 | 22.39 | 0.11 | 0.67 | 0.78 | (0.06)<br>| (3.10)<br>| (3.16)<br>| 20.01 | 4.17 | &nbsp;&nbsp; 221751 | 0.70 | 0.70 | 0.50 | 79 |
| Year ended 04/30/21 | 10.31 | 0.09 | 12.07 | 12.16 | (0.08)<br>|  | (0.08)<br>| 22.39 | 118.25 | &nbsp;&nbsp; 78279 | 0.73 | 0.73 | 0.63 | 71 |

---

<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> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.94% for the years ended April 30, 2021. 

<sup>(d)</sup> Amount represents less than $(0.005).

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

**8**

**Invesco Small Cap Value Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

**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 has limited public sales of its shares to certain investors.

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

**9**

**Invesco Small Cap Value Fund**

------

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

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

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

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

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

**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.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**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.

**10**

**Invesco Small Cap Value Fund**

------

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 affiliates* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2025, the Fund paid the Adviser $67,201 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliates* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.645% |
| Over $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.620% |

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For the year ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.63%.

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

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y 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 "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement.

**11**

**Invesco Small Cap Value Fund**

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Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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

For the year ended April 30, 2025, the Adviser waived advisory fees of $200,707.

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 year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2025, IDI advised the Fund that IDI retained $82,680 in front-end sales commissions from the sale of Class A shares and $2,758 and $5,404 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2025, the Fund incurred $68,829 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $5258392072 | &nbsp;&nbsp;&nbsp;&nbsp; $132981614 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5391373686 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 244081099 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 244081099 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 135567652 | &nbsp;&nbsp;&nbsp;&nbsp; 328588220 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 464155872 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $5638040823 | &nbsp;&nbsp;&nbsp;&nbsp; $461569834 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6099610657 |

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**NOTE 4—Derivative Investments**

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

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

**12**

**Invesco Small Cap Value Fund**

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**Effect of Derivative Investments for the year ended April 30, 2025**

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

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| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(2711185)<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 486248 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(2224937)<br>|

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

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $252178569 |

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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 year ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $27,335.

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

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $53967698 | &nbsp;&nbsp;&nbsp;&nbsp; $23029237 |
| Long-term capital gain | &nbsp;&nbsp; 394464101 | &nbsp;&nbsp;&nbsp;&nbsp; 140664960 |
| Total distributions | &nbsp;&nbsp; $448431799 | &nbsp;&nbsp;&nbsp;&nbsp; $163694197 |

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\* Includes short-term capital gain distributions, if any.

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| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $60146659 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 349024871 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 69661081 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 15255 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (156751)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (6333651)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 5424685566 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $5897043030 |

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The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

**13**

**Invesco Small Cap Value Fund**

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The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 has a capital loss carryforward as of April 30, 2025, as follows:

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| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $5214168 | &nbsp;&nbsp;&nbsp;&nbsp; $1119483 | &nbsp;&nbsp;&nbsp;&nbsp; $6333651 |

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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 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 year ended April 30, 2025 was $4,101,312,474 and $2,942,531,952, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $725756868 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (656095787)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $69661081 |

---

Cost of investments for tax purposes is $6,029,949,576.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization, on April 30, 2025, undistributed net investment income was decreased by $111,134, undistributed net realized gain was decreased by $63,214,866 and shares of beneficial interest was increased by $63,326,000. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2024** | **Year ended** <br>**April 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5337156 | &nbsp;&nbsp;&nbsp; $126302210 | &nbsp;&nbsp;&nbsp; 9760696 | &nbsp;&nbsp;&nbsp; $193652081 |
| Class C | &nbsp;&nbsp;&nbsp; 529400 | &nbsp;&nbsp;&nbsp; 5745665 | &nbsp;&nbsp;&nbsp; 1941123 | &nbsp;&nbsp;&nbsp; 18840075 |
| Class R | &nbsp;&nbsp;&nbsp; 244408 | &nbsp;&nbsp;&nbsp; 5717007 | &nbsp;&nbsp;&nbsp; 456690 | &nbsp;&nbsp;&nbsp; 8828717 |
| Class Y | &nbsp;&nbsp;&nbsp; 82354434 | &nbsp;&nbsp;&nbsp; 2128704624 | &nbsp;&nbsp;&nbsp; 64116614 | &nbsp;&nbsp;&nbsp; 1393315035 |
| Class R6 | &nbsp;&nbsp;&nbsp; 27680345 | &nbsp;&nbsp;&nbsp; 722403741 | &nbsp;&nbsp;&nbsp; 20130079 | &nbsp;&nbsp;&nbsp; 439470909 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3297619 | &nbsp;&nbsp;&nbsp; 80824648 | &nbsp;&nbsp;&nbsp; 2156145 | &nbsp;&nbsp;&nbsp; 42713236 |
| Class C | &nbsp;&nbsp;&nbsp; 640558 | &nbsp;&nbsp;&nbsp; 6764287 | &nbsp;&nbsp;&nbsp; 327224 | &nbsp;&nbsp;&nbsp; 3062814 |
| Class R | &nbsp;&nbsp;&nbsp; 84311 | &nbsp;&nbsp;&nbsp; 2048759 | &nbsp;&nbsp;&nbsp; 49492 | &nbsp;&nbsp;&nbsp; 973498 |
| Class Y | &nbsp;&nbsp;&nbsp; 8217061 | &nbsp;&nbsp;&nbsp; 221531958 | &nbsp;&nbsp;&nbsp; 3224710 | &nbsp;&nbsp;&nbsp; 69782715 |
| Class R6 | &nbsp;&nbsp;&nbsp; 3054204 | &nbsp;&nbsp;&nbsp; 83257605 | &nbsp;&nbsp;&nbsp; 1272960 | &nbsp;&nbsp;&nbsp; 27826915 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 137575 | &nbsp;&nbsp;&nbsp; 3216467 | &nbsp;&nbsp;&nbsp; 120309 | &nbsp;&nbsp;&nbsp; 2390686 |
| Class C | &nbsp;&nbsp;&nbsp; (306951)<br>| &nbsp;&nbsp;&nbsp; (3216467)<br>| &nbsp;&nbsp;&nbsp; (249374)<br>| &nbsp;&nbsp;&nbsp; (2390686)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (10754490)<br>| &nbsp;&nbsp;&nbsp; (252560200)<br>| &nbsp;&nbsp;&nbsp; (9798483)<br>| &nbsp;&nbsp;&nbsp; (191528251)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (996547)<br>| &nbsp;&nbsp;&nbsp; (10467034)<br>| &nbsp;&nbsp;&nbsp; (1397155)<br>| &nbsp;&nbsp;&nbsp; (12727062)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (283180)<br>| &nbsp;&nbsp;&nbsp; (6543335)<br>| &nbsp;&nbsp;&nbsp; (265462)<br>| &nbsp;&nbsp;&nbsp; (5206150)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (41292902)<br>| &nbsp;&nbsp;&nbsp; (1039534299)<br>| &nbsp;&nbsp;&nbsp; (35630783)<br>| &nbsp;&nbsp;&nbsp; (757457373)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (11512787)<br>| &nbsp;&nbsp;&nbsp; (299829440)<br>| &nbsp;&nbsp;&nbsp; (8582174)<br>| &nbsp;&nbsp;&nbsp; (183017051)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 66430214 | &nbsp;&nbsp;&nbsp; $1774366196 | &nbsp;&nbsp;&nbsp; 47632611 | &nbsp;&nbsp;&nbsp; $1048530108 |

---

<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 63% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**14**

**Invesco Small Cap Value Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Small Cap Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Small Cap Value Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the "Fund") as of April 30, 2025, the related statement of operations for the year ended April 30, 2025, the statement of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2025 and the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 20, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**15**

**Invesco Small Cap Value Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $457790101 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 87.27% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 70.98% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 4.95% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $22050260 |

---

**16**

**Invesco Small Cap Value Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**17**

**Invesco Small Cap Value Fund**

------

![](img6f5666d21.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

VK-SCV-NCSR

------

![](imge1ab24f11.jpg)

------

**Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Technology Fund**

Nasdaq:

A: ITYAX ■ C: ITHCX ■ Y: ITYYX ■ Investor: FTCHX ■ R5: FTPIX ■ R6: FTPSX

------

---

| | |
|:---|:---|
| [2](#xx_122be5dd-7df4-4394-ae14-d86bdbc1d9b1_SOI-Continued-39_1) | Schedule of Investments |
| [4](#xx_122be5dd-7df4-4394-ae14-d86bdbc1d9b1_FS-Continued-39_1) | Financial Statements |
| [7](#xx_122be5dd-7df4-4394-ae14-d86bdbc1d9b1_FS-Continued-39_4) | Financial Highlights |
| [8](#xx_122be5dd-7df4-4394-ae14-d86bdbc1d9b1_NTF-Continued-39_1) | Notes to Financial Statements |
| [14](#xx_122be5dd-7df4-4394-ae14-d86bdbc1d9b1_ARS-Continued-39_1) | Report of Independent Registered Public Accounting Firm |
| [15](#xx_122be5dd-7df4-4394-ae14-d86bdbc1d9b1_TI-Continued-39_1) | Tax Information |
| [16](#xx_122be5dd-7df4-4394-ae14-d86bdbc1d9b1_OIRSR-Continued-39_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.42%** | **Common Stocks & Other Equity Interests–98.42%** | **Common Stocks & Other Equity Interests–98.42%** |
| **Aerospace & Defense–5.43%** | **Aerospace & Defense–5.43%** | **Aerospace & Defense–5.43%** |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 42945 | &nbsp;&nbsp; $26338169 |
| BAE Systems PLC (United Kingdom) | 771247 | &nbsp;&nbsp; 17879539 |
| General Electric Co. | 118938 | &nbsp;&nbsp; 23970765 |
| Howmet Aerospace, Inc. | 128242 | &nbsp;&nbsp; 17771776 |
|  |  | &nbsp;&nbsp; 85960249 |
| **Application Software–14.44%** | **Application Software–14.44%** | **Application Software–14.44%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 87148 | &nbsp;&nbsp; 23469828 |
| Atlassian Corp., Class A<sup>(b)</sup>  | 99415 | &nbsp;&nbsp; 22697439 |
| Cadence Design Systems, Inc.<sup>(b)</sup>  | 91449 | &nbsp;&nbsp; 27228025 |
| Guidewire Software, Inc.<sup>(b)</sup>  | 84307 | &nbsp;&nbsp; 17263544 |
| HubSpot, Inc.<sup>(b)</sup>  | 52203 | &nbsp;&nbsp; 31922134 |
| Manhattan Associates, Inc.<sup>(b)</sup>  | 19410 | &nbsp;&nbsp; 3443140 |
| Roper Technologies, Inc. | 34178 | &nbsp;&nbsp; 19142414 |
| Salesforce, Inc. | 101955 | &nbsp;&nbsp; 27396328 |
| Samsara, Inc., Class A<sup>(b)</sup>  | 496613 | &nbsp;&nbsp; 19695672 |
| SAP SE, ADR (Germany) | 58451 | &nbsp;&nbsp; 17078798 |
| Tyler Technologies, Inc.<sup>(b)</sup>  | 35719 | &nbsp;&nbsp; 19406133 |
|  |  | &nbsp;&nbsp; 228743455 |
| **Automotive Retail–0.92%** | **Automotive Retail–0.92%** | **Automotive Retail–0.92%** |
| O'Reilly Automotive, Inc.<sup>(b)</sup>  | 10332 | &nbsp;&nbsp; 14621846 |
| **Broadline Retail–5.40%** | **Broadline Retail–5.40%** | **Broadline Retail–5.40%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 295545 | &nbsp;&nbsp; 54504409 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup>  | 13324 | &nbsp;&nbsp; 31056245 |
|  |  | &nbsp;&nbsp; 85560654 |
| **Communications Equipment–3.24%** | **Communications Equipment–3.24%** | **Communications Equipment–3.24%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 208728 | &nbsp;&nbsp; 17172053 |
| Cisco Systems, Inc. | 592441 | &nbsp;&nbsp; 34201619 |
|  |  | &nbsp;&nbsp; 51373672 |
| **Education Services–1.12%** | **Education Services–1.12%** | **Education Services–1.12%** |
| Duolingo, Inc.<sup>(b)</sup>  | 45682 | &nbsp;&nbsp; 17792225 |
| **Electronic Manufacturing Services–2.26%** | **Electronic Manufacturing Services–2.26%** | **Electronic Manufacturing Services–2.26%** |
| Flex Ltd.<sup>(b)</sup>  | 583716 | &nbsp;&nbsp; 20044807 |
| Jabil, Inc. | 107758 | &nbsp;&nbsp; 15793013 |
|  |  | &nbsp;&nbsp; 35837820 |
| **Environmental & Facilities Services–0.97%** | **Environmental & Facilities Services–0.97%** | **Environmental & Facilities Services–0.97%** |
| Republic Services, Inc. | 61095 | &nbsp;&nbsp; 15319571 |
| **Health Care Equipment–2.21%** | **Health Care Equipment–2.21%** | **Health Care Equipment–2.21%** |
| Boston Scientific Corp.<sup>(b)</sup>  | 189708 | &nbsp;&nbsp; 19515262 |
| Intuitive Surgical, Inc.<sup>(b)</sup>  | 30045 | &nbsp;&nbsp; 15497211 |
|  |  | &nbsp;&nbsp; 35012473 |
| **Health Care REITs–0.89%** | **Health Care REITs–0.89%** | **Health Care REITs–0.89%** |
| Welltower, Inc. | 92839 | &nbsp;&nbsp; 14166303 |
| **Interactive Home Entertainment–1.95%** | **Interactive Home Entertainment–1.95%** | **Interactive Home Entertainment–1.95%** |
| Take-Two Interactive Software, Inc.<sup>(b)</sup>  | 132098 | &nbsp;&nbsp; 30821105 |
| **Interactive Media & Services–5.82%** | **Interactive Media & Services–5.82%** | **Interactive Media & Services–5.82%** |
| Alphabet, Inc., Class A | 118258 | &nbsp;&nbsp; 18779371 |
| Meta Platforms, Inc., Class A | 122197 | &nbsp;&nbsp; 67086153 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** | **Interactive Media & Services–(continued)** |
| Reddit, Inc., Class A<sup>(b)(c)</sup>  | 54732 | &nbsp;&nbsp; $6380109 |
|  |  | &nbsp;&nbsp; 92245633 |
| **Internet Services & Infrastructure–3.95%** | **Internet Services & Infrastructure–3.95%** | **Internet Services & Infrastructure–3.95%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 179023 | &nbsp;&nbsp; 21622398 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 155806 | &nbsp;&nbsp; 14801570 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 163559 | &nbsp;&nbsp; 26086025 |
|  |  | &nbsp;&nbsp; 62509993 |
| **Movies & Entertainment–6.80%** | **Movies & Entertainment–6.80%** | **Movies & Entertainment–6.80%** |
| Netflix, Inc.<sup>(b)</sup>  | 50661 | &nbsp;&nbsp; 57334067 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 55827 | &nbsp;&nbsp; 34276661 |
| TKO Group Holdings, Inc. | 98445 | &nbsp;&nbsp; 16037675 |
|  |  | &nbsp;&nbsp; 107648403 |
| **Restaurants–1.52%** | **Restaurants–1.52%** | **Restaurants–1.52%** |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 124410 | &nbsp;&nbsp; 23997445 |
| **Semiconductor Materials & Equipment–4.68%** | **Semiconductor Materials & Equipment–4.68%** | **Semiconductor Materials & Equipment–4.68%** |
| KLA Corp. | 39532 | &nbsp;&nbsp; 27778741 |
| Lam Research Corp. | 502634 | &nbsp;&nbsp; 36023779 |
| Nova Ltd. (Israel)<sup>(b)</sup>  | 52230 | &nbsp;&nbsp; 10248048 |
|  |  | &nbsp;&nbsp; 74050568 |
| **Semiconductors–16.62%** | **Semiconductors–16.62%** | **Semiconductors–16.62%** |
| Analog Devices, Inc. | 137653 | &nbsp;&nbsp; 26831323 |
| Broadcom, Inc. | 275870 | &nbsp;&nbsp; 53096699 |
| Lattice Semiconductor Corp.<sup>(b)</sup>  | 216172 | &nbsp;&nbsp; 10577296 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 203017 | &nbsp;&nbsp; 21063014 |
| Monolithic Power Systems, Inc. | 29546 | &nbsp;&nbsp; 17523732 |
| NVIDIA Corp. | 873502 | &nbsp;&nbsp; 95141838 |
| SiTime Corp.<sup>(b)</sup>  | 76538 | &nbsp;&nbsp; 11240371 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan) | 166726 | &nbsp;&nbsp; 27791557 |
|  |  | &nbsp;&nbsp; 263265830 |
| **Systems Software–14.61%** | **Systems Software–14.61%** | **Systems Software–14.61%** |
| Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup>  | 105409 | &nbsp;&nbsp; 23143600 |
| Commvault Systems, Inc.<sup>(b)</sup>  | 113774 | &nbsp;&nbsp; 19015049 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup>  | 75337 | &nbsp;&nbsp; 32309779 |
| CyberArk Software Ltd.<sup>(b)</sup>  | 87719 | &nbsp;&nbsp; 30891123 |
| Microsoft Corp. | 114471 | &nbsp;&nbsp; 45245807 |
| Oracle Corp. | 137961 | &nbsp;&nbsp; 19413872 |
| Palo Alto Networks, Inc.<sup>(b)</sup>  | 114191 | &nbsp;&nbsp; 21345724 |
| ServiceNow, Inc.<sup>(b)</sup>  | 41932 | &nbsp;&nbsp; 40045479 |
|  |  | &nbsp;&nbsp; 231410433 |
| **Technology Hardware, Storage & Peripherals–2.25%** | **Technology Hardware, Storage & Peripherals–2.25%** | **Technology Hardware, Storage & Peripherals–2.25%** |
| Apple, Inc. | 167967 | &nbsp;&nbsp; 35692988 |
| **Transaction & Payment Processing Services–2.46%** | **Transaction & Payment Processing Services–2.46%** | **Transaction & Payment Processing Services–2.46%** |
| Mastercard, Inc., Class A | 71218 | &nbsp;&nbsp; 39031737 |
| **Wireless Telecommunication Services–0.88%** | **Wireless Telecommunication Services–0.88%** | **Wireless Telecommunication Services–0.88%** |
| T-Mobile US, Inc. | 56364 | &nbsp;&nbsp; 13919090 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,111,403,699) | Total Common Stocks & Other Equity Interests <br> (Cost $1,111,403,699) | &nbsp;&nbsp; 1558981493 |

---

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

**2**

**Invesco Technology Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Money Market Funds–1.63%** | **Money Market Funds–1.63%** | **Money Market Funds–1.63%** | **Money Market Funds–1.63%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 8931042 | &nbsp;&nbsp; $8931042 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 16924052 | &nbsp;&nbsp; 16924052 |
| Total Money Market Funds (Cost $25,855,094) | Total Money Market Funds (Cost $25,855,094) | Total Money Market Funds (Cost $25,855,094) | &nbsp;&nbsp; 25855094 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.05% <br> (Cost $1,137,258,793)<br>|  |  | &nbsp;&nbsp; 1584836587 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–0.43%** | **Money Market Funds–0.43%** | **Money Market Funds–0.43%** | **Money Market Funds–0.43%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 1874972 | &nbsp;&nbsp; 1874972 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup>  | 4875380 | &nbsp;&nbsp; $4876355 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,751,327) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $6,751,327) | &nbsp;&nbsp; 6751327 |
| TOTAL INVESTMENTS IN SECURITIES–100.48% <br> (Cost $1,144,010,120) | TOTAL INVESTMENTS IN SECURITIES–100.48% <br> (Cost $1,144,010,120) | &nbsp;&nbsp; 1591587914 |
| OTHER ASSETS LESS LIABILITIES—(0.48)% | OTHER ASSETS LESS LIABILITIES—(0.48)% | &nbsp;&nbsp; (7656830)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $1583931084 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

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

<sup>(c)</sup> All or a portion of this security was out on loan at April 30, 2025.

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $7675266 | &nbsp;&nbsp; $219535516 | &nbsp;&nbsp; $(218279740) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8931042 | &nbsp;&nbsp; $371726 |
| Invesco Liquid Assets Portfolio, Institutional Class | 5910731 | &nbsp;&nbsp; 28425980 | &nbsp;&nbsp; (34336963) | (428) | &nbsp;&nbsp; 680 | &nbsp;&nbsp; - | &nbsp;&nbsp; 65260 |
| Invesco Treasury Portfolio, Institutional Class | 8771733 | &nbsp;&nbsp; 384758772 | &nbsp;&nbsp; (376606453) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16924052 | &nbsp;&nbsp; 644379 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 12817034 | &nbsp;&nbsp; 282368925 | &nbsp;&nbsp; (293310987) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1874972 | &nbsp;&nbsp; 598,001\* |
| Invesco Private Prime Fund | 32965581 | &nbsp;&nbsp; 550953856 | &nbsp;&nbsp; (579043316) | &nbsp;&nbsp; 2162 | &nbsp;&nbsp; (1928) | &nbsp;&nbsp; 4876355 | &nbsp;&nbsp; 1,549,625\* |
| Total | $68140345 | &nbsp;&nbsp; $1466043049 | &nbsp;&nbsp; $(1501577459) | &nbsp;&nbsp; $1734 | &nbsp;&nbsp; $(1248) | &nbsp;&nbsp; $32606421 | &nbsp;&nbsp; $3228991 |

---

\* 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 April 30, 2025.

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

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

**3**

**Invesco Technology Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,111,403,699)\*<br>| &nbsp;&nbsp; $1558981493 |
| Investments in affiliated money market funds, at value <br> (Cost $32,606,421)<br>| &nbsp;&nbsp; 32606421 |
| Foreign currencies, at value (Cost $537) | &nbsp;&nbsp; 539 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 447538 |
| Dividends | &nbsp;&nbsp; 528505 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 168134 |
| Other assets | &nbsp;&nbsp; 86300 |
| Total assets | &nbsp;&nbsp; 1592818930 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 1172734 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 6751327 |
| Accrued fees to affiliates | &nbsp;&nbsp; 688974 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1778 |
| Accrued other operating expenses | &nbsp;&nbsp; 94990 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 178043 |
| Total liabilities | &nbsp;&nbsp; 8887846 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $1583931084 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1005448495 |
| Distributable earnings | &nbsp;&nbsp; 578482589 |
|  | &nbsp;&nbsp; $1583931084 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $890131501 |
| Class C | &nbsp;&nbsp; $45095290 |
| Class Y | &nbsp;&nbsp; $51264051 |
| Investor Class | &nbsp;&nbsp; $588775615 |
| Class R5 | &nbsp;&nbsp; $1056896 |
| Class R6 | &nbsp;&nbsp; $7607731 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 16539669 |
| Class C | &nbsp;&nbsp; 1421495 |
| Class Y | &nbsp;&nbsp; 906315 |
| Investor Class | &nbsp;&nbsp; 10941614 |
| Class R5 | &nbsp;&nbsp; 14365 |
| Class R6 | &nbsp;&nbsp; 102929 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $53.82 |
| Maximum offering price per share <br>(Net asset value of $53.82 ÷ 94.50%)<br>| &nbsp;&nbsp; $56.95 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.72 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $56.56 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $53.81 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $73.57 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $73.91 |

---

\* At April 30, 2025, security with a value of $6,316,229 was on loan to brokers. 

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

**4**

**Invesco Technology Fund**

------

**Statement of Operations**

*For the year ended April 30, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $164,379) | &nbsp;&nbsp; $6011052 |
| Dividends from affiliated money market funds (includes net securities lending income of $137,435) | &nbsp;&nbsp; 1218800 |
| Total investment income | &nbsp;&nbsp; 7229852 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 10257435 |
| Administrative services fees | &nbsp;&nbsp; 259807 |
| Custodian fees | &nbsp;&nbsp; 6273 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 2371793 |
| Class C | &nbsp;&nbsp; 488497 |
| Investor Class | &nbsp;&nbsp; 925807 |
| Transfer agent fees— A, C, Y and Investor | &nbsp;&nbsp; 2355637 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1109 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1337 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 36594 |
| Registration and filing fees | &nbsp;&nbsp; 109916 |
| Reports to shareholders | &nbsp;&nbsp; 124218 |
| Professional services fees | &nbsp;&nbsp; 80867 |
| Other | &nbsp;&nbsp; 35190 |
| Total expenses | &nbsp;&nbsp; 17054480 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (116368)<br>|
| Net expenses | &nbsp;&nbsp; 16938112 |
| Net investment income (loss) | &nbsp;&nbsp; (9708260)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 237301958 |
| Affiliated investment securities | &nbsp;&nbsp; (1248)<br>|
| Foreign currencies | &nbsp;&nbsp; 7176 |
|  | &nbsp;&nbsp; 237307886 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (90710522)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 1734 |
| Foreign currencies | &nbsp;&nbsp; 6607 |
|  | &nbsp;&nbsp; (90702181)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 146605705 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $136897445 |

---

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

**5**

**Invesco Technology Fund**

------

**Statement of Changes in Net Assets**

*For the years ended April 30, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(9708260)<br>| &nbsp;&nbsp; $(7663347)<br>|
| Net realized gain | &nbsp;&nbsp; 237307886 | &nbsp;&nbsp; 164979228 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (90702181)<br>| &nbsp;&nbsp; 279304567 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 136897445 | &nbsp;&nbsp; 436620448 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (125129178)<br>| &nbsp;&nbsp; (6204547)<br>|
| Class C | &nbsp;&nbsp; (10175093)<br>| &nbsp;&nbsp; (487678)<br>|
| Class Y | &nbsp;&nbsp; (7660207)<br>| &nbsp;&nbsp; (341371)<br>|
| Investor Class | &nbsp;&nbsp; (83890657)<br>| &nbsp;&nbsp; (4379528)<br>|
| Class R5 | &nbsp;&nbsp; (125244)<br>| &nbsp;&nbsp; (3465)<br>|
| Class R6 | &nbsp;&nbsp; (439719)<br>| &nbsp;&nbsp; (23855)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (227420098)<br>| &nbsp;&nbsp; (11440444)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 89704695 | &nbsp;&nbsp; 18962945 |
| Class C | &nbsp;&nbsp; 7782101 | &nbsp;&nbsp; 3386005 |
| Class Y | &nbsp;&nbsp; 1368128 | &nbsp;&nbsp; 5529664 |
| Investor Class | &nbsp;&nbsp; 35733933 | &nbsp;&nbsp; (28250983)<br>|
| Class R5 | &nbsp;&nbsp; 330460 | &nbsp;&nbsp; 129580 |
| Class R6 | &nbsp;&nbsp; 3889744 | &nbsp;&nbsp; 581752 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 138809061 | &nbsp;&nbsp; 338963 |
| Net increase in net assets | &nbsp;&nbsp; 48286408 | &nbsp;&nbsp; 425518967 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 1535644676 | &nbsp;&nbsp; 1110125709 |
| End of year | &nbsp;&nbsp; $1583931084 | &nbsp;&nbsp; $1535644676 |

---

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

**6**

**Invesco Technology Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 04/30/25 | $55.86 | $(0.36)<br>| $6.71 | $6.35 | $(8.39)<br>| $53.82 | 8.71<br> %<br>| $890132 | 1.02<br> %<br>| 1.03<br> %<br>| (0.60)%<br>| 134<br> %<br>|
| Year ended 04/30/24 | 40.36 | (0.29)<br>| 16.20 | 15.91 | (0.41)<br>| 55.86 | 39.51 | 851380 | 1.07 | 1.08 | (0.58)<br>| 95 |
| Year ended 04/30/23 | 44.73 | (0.17)<br>| (3.63)<br>| (3.80)<br>| (0.57)<br>| 40.36 | (8.37)<br>| 600500 | 1.13 | 1.13 | (0.43)<br>| 142 |
| Year ended 04/30/22 | 72.50 | (0.49)<br>| (10.69)<br>| (11.18)<br>| (16.59)<br>| 44.73 | (20.67)<br>| 695429 | 1.02 | 1.02 | (0.75)<br>| 95 |
| Year ended 04/30/21 | 50.35 | (0.46)<br>| 27.38 | 26.92 | (4.77)<br>| 72.50 | 54.37 | 927620 | 1.10 | 1.10 | (0.71)<br>| 59 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 04/30/25 | 35.78 | (0.50)<br>| 4.83 | 4.33 | (8.39)<br>| 31.72 | 7.90 <br><sup>(d)</sup><br>| 45095 | 1.76 <br><sup>(d)</sup><br>| 1.77 <br><sup>(d)</sup><br>| (1.34 )<sup>(d)</sup><br>| 134 |
| Year ended 04/30/24 | 26.16 | (0.43)<br>| 10.46 | 10.03 | (0.41)<br>| 35.78 | 38.47 | 44012 | 1.82 | 1.83 | (1.33)<br>| 95 |
| Year ended 04/30/23 | 29.46 | (0.31)<br>| (2.42)<br>| (2.73)<br>| (0.57)<br>| 26.16 | (9.08)<br>| 29413 | 1.88 | 1.88 | (1.18)<br>| 142 |
| Year ended 04/30/22 | 53.59 | (0.68)<br>| (6.86)<br>| (7.54)<br>| (16.59)<br>| 29.46 | (21.24 )<sup>(d)</sup><br>| 37022 | 1.74 <br><sup>(d)</sup><br>| 1.74 <br><sup>(d)</sup><br>| (1.47 )<sup>(d)</sup><br>| 95 |
| Year ended 04/30/21 | 38.38 | (0.72)<br>| 20.70 | 19.98 | (4.77)<br>| 53.59 | 53.20 <br><sup>(d)</sup><br>| 56566 | 1.84 <br><sup>(d)</sup><br>| 1.84 <br><sup>(d)</sup><br>| (1.45 )<sup>(d)</sup><br>| 59 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 04/30/25 | 58.24 | (0.22)<br>| 6.93 | 6.71 | (8.39)<br>| 56.56 | 8.98 | 51264 | 0.77 | 0.78 | (0.35)<br>| 134 |
| Year ended 04/30/24 | 41.97 | (0.18)<br>| 16.86 | 16.68 | (0.41)<br>| 58.24 | 39.83 | 52613 | 0.82 | 0.83 | (0.33)<br>| 95 |
| Year ended 04/30/23 | 46.37 | (0.07)<br>| (3.76)<br>| (3.83)<br>| (0.57)<br>| 41.97 | (8.14)<br>| 33882 | 0.88 | 0.88 | (0.18)<br>| 142 |
| Year ended 04/30/22 | 74.39 | (0.34)<br>| (11.09)<br>| (11.43)<br>| (16.59)<br>| 46.37 | (20.46)<br>| 46149 | 0.77 | 0.77 | (0.50)<br>| 95 |
| Year ended 04/30/21 | 51.45 | (0.31)<br>| 28.02 | 27.71 | (4.77)<br>| 74.39 | 54.75 | 62294 | 0.85 | 0.85 | (0.46)<br>| 59 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Year ended 04/30/25 | 55.80 | (0.30)<br>| 6.70 | 6.40 | (8.39)<br>| 53.81 | 8.81 <br><sup>(e)</sup><br>| 588776 | 0.91 <br><sup>(e)</sup><br>| 0.92 <br><sup>(e)</sup><br>| (0.49 )<sup>(e)</sup><br>| 134 |
| Year ended 04/30/24 | 40.27 | (0.24)<br>| 16.18 | 15.94 | (0.41)<br>| 55.80 | 39.67 <br><sup>(e)</sup><br>| 582882 | 0.96 <br><sup>(e)</sup><br>| 0.97 <br><sup>(e)</sup><br>| (0.47 )<sup>(e)</sup><br>| 95 |
| Year ended 04/30/23 | 44.58 | (0.12)<br>| (3.62)<br>| (3.74)<br>| (0.57)<br>| 40.27 | (8.26 )<sup>(e)</sup><br>| 443544 | 1.00 <br><sup>(e)</sup><br>| 1.00 <br><sup>(e)</sup><br>| (0.30 )<sup>(e)</sup><br>| 142 |
| Year ended 04/30/22 | 72.24 | (0.42)<br>| (10.65)<br>| (11.07)<br>| (16.59)<br>| 44.58 | (20.59 )<sup>(e)</sup><br>| 514752 | 0.91 <br><sup>(e)</sup><br>| 0.91 <br><sup>(e)</sup><br>| (0.64 )<sup>(e)</sup><br>| 95 |
| Year ended 04/30/21 | 50.13 | (0.39)<br>| 27.27 | 26.88 | (4.77)<br>| 72.24 | 54.53 <br><sup>(e)</sup><br>| 698143 | 1.00 <br><sup>(e)</sup><br>| 1.00 <br><sup>(e)</sup><br>| (0.61 )<sup>(e)</sup><br>| 59 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 04/30/25 | 73.83 | (0.26)<br>| 8.39 | 8.13 | (8.39)<br>| 73.57 | 9.01 | 1057 | 0.74 | 0.74 | (0.32)<br>| 134 |
| Year ended 04/30/24 | 53.08 | (0.19)<br>| 21.35 | 21.16 | (0.41)<br>| 73.83 | 39.93 | 753 | 0.77 | 0.77 | (0.28)<br>| 95 |
| Year ended 04/30/23 | 58.42 | (0.05)<br>| (4.72)<br>| (4.77)<br>| (0.57)<br>| 53.08 | (8.07)<br>| 453 | 0.79 | 0.79 | (0.09)<br>| 142 |
| Year ended 04/30/22 | 89.51 | (0.38)<br>| (14.12)<br>| (14.50)<br>| (16.59)<br>| 58.42 | (20.43)<br>| 520 | 0.72 | 0.72 | (0.45)<br>| 95 |
| Year ended 04/30/21 | 61.17 | (0.32)<br>| 33.43 | 33.11 | (4.77)<br>| 89.51 | 54.88 | 794 | 0.77 | 0.77 | (0.38)<br>| 59 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 04/30/25 | 74.09 | (0.20)<br>| 8.41 | 8.21 | (8.39)<br>| 73.91 | 9.09 | 7608 | 0.67 | 0.67 | (0.25)<br>| 134 |
| Year ended 04/30/24 | 53.22 | (0.14)<br>| 21.42 | 21.28 | (0.41)<br>| 74.09 | 40.05 | 4003 | 0.70 | 0.70 | (0.21)<br>| 95 |
| Year ended 04/30/23 | 58.54 | (0.01)<br>| (4.74)<br>| (4.75)<br>| (0.57)<br>| 53.22 | (8.02)<br>| 2334 | 0.72 | 0.72 | (0.02)<br>| 142 |
| Year ended 04/30/22 | 89.60 | (0.32)<br>| (14.15)<br>| (14.47)<br>| (16.59)<br>| 58.54 | (20.37)<br>| 1460 | 0.65 | 0.65 | (0.38)<br>| 95 |
| Year ended 04/30/21 | 61.21 | (0.29)<br>| 33.45 | 33.16 | (4.77)<br>| 89.60 | 54.93 | 1647 | 0.74 | 0.74 | (0.35)<br>| 59 |

---

<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> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.99%, 0.97% and 0.99% for the years ended April 30, 2025, 2022 and 2021, respectively. 

<sup>(e)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.14%, 0.14%, 0.12%, 0.14% and 0.15% for the years ended April 30, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

**7**

**Invesco Technology Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

**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.

Effective after the close of business on September 30, 2024, Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

**8**

**Invesco Technology Fund**

------

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

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

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

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

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

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**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

**9**

**Invesco Technology Fund**

------

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2025, the Fund paid the Adviser $11,003 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

**M.** **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.

Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability.

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

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.640% |
| Next $1 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.520% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.450% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.400% |
| Next $2 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.375% |
| Over $8 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.350% |

---

For the year ended April 30, 2025, the effective advisory fee rate incurred by the Fund was 0.60%.

**10**

**Invesco Technology Fund**

------

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

The Adviser has agreed, for an indefinite period, to 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 "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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

For the year ended April 30, 2025, the Adviser waived advisory fees of $25,348.

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 year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class Y, 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 Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2025, IDI advised the Fund that IDI retained $190,134 in front-end sales commissions from the sale of Class A shares and $909 and $3,736 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2025, the Fund incurred $56,674 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $1541101954 | &nbsp;&nbsp;&nbsp;&nbsp; $17879539 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1558981493 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 25855094 | &nbsp;&nbsp;&nbsp;&nbsp; 6751327 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32606421 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1566957048 | &nbsp;&nbsp;&nbsp;&nbsp; $24630866 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1591587914 |

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**11**

**Invesco Technology Fund**

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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 year ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $91,020.

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

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Distributions to Shareholders and Tax Components of Net Assets** 

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| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $25918522 | &nbsp;&nbsp;&nbsp;&nbsp; $11409921 |
| Long-term capital gain | &nbsp;&nbsp; 201501576 | &nbsp;&nbsp;&nbsp;&nbsp; 30523 |
| Total distributions | &nbsp;&nbsp; $227420098 | &nbsp;&nbsp;&nbsp;&nbsp; $11440444 |

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\* Includes short-term capital gain distributions, if any.

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| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; $139819430 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 442035435 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 8059 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (114012)<br>|
| Late-Year ordinary loss deferral | &nbsp;&nbsp;&nbsp;&nbsp; (3266323)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 1005448495 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $1583931084 |

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The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 does not have a capital loss carryforward as of April 30, 2025.

**NOTE 8—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the year ended April 30, 2025 was $2,239,829,662 and $2,342,802,815, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $476581070 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (34545635)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $442035435 |

---

Cost of investments for tax purposes is $1,149,552,479.

**12**

**Invesco Technology Fund**

------

**NOTE 9—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of net operating losses, on April 30, 2025, undistributed net investment income (loss) was increased by $6,433,130, undistributed net realized gain was decreased by $7,175 and shares of beneficial interest was decreased by $6,425,955. This reclassification had no effect on the net assets of the Fund.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2024** | **Year ended** <br>**April 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1900589 | &nbsp;&nbsp;&nbsp; $115835488 | &nbsp;&nbsp;&nbsp; 2275560 | &nbsp;&nbsp;&nbsp; $114680147 |
| Class C | &nbsp;&nbsp;&nbsp; 367902 | &nbsp;&nbsp;&nbsp; 13813646 | &nbsp;&nbsp;&nbsp; 472700 | &nbsp;&nbsp;&nbsp; 15378591 |
| Class Y | &nbsp;&nbsp;&nbsp; 273651 | &nbsp;&nbsp;&nbsp; 17429833 | &nbsp;&nbsp;&nbsp; 372908 | &nbsp;&nbsp;&nbsp; 20170829 |
| Investor Class | &nbsp;&nbsp;&nbsp; 309122 | &nbsp;&nbsp;&nbsp; 18532515 | &nbsp;&nbsp;&nbsp; 351058 | &nbsp;&nbsp;&nbsp; 17420207 |
| Class R5 | &nbsp;&nbsp;&nbsp; 4992 | &nbsp;&nbsp;&nbsp; 397058 | &nbsp;&nbsp;&nbsp; 2621 | &nbsp;&nbsp;&nbsp; 193118 |
| Class R6 | &nbsp;&nbsp;&nbsp; 62252 | &nbsp;&nbsp;&nbsp; 4930579 | &nbsp;&nbsp;&nbsp; 34945 | &nbsp;&nbsp;&nbsp; 2224268 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1807770 | &nbsp;&nbsp;&nbsp; 118155928 | &nbsp;&nbsp;&nbsp; 113581 | &nbsp;&nbsp;&nbsp; 5864120 |
| Class C | &nbsp;&nbsp;&nbsp; 256093 | &nbsp;&nbsp;&nbsp; 9892865 | &nbsp;&nbsp;&nbsp; 14337 | &nbsp;&nbsp;&nbsp; 475541 |
| Class Y | &nbsp;&nbsp;&nbsp; 95788 | &nbsp;&nbsp;&nbsp; 6573965 | &nbsp;&nbsp;&nbsp; 5629 | &nbsp;&nbsp;&nbsp; 302794 |
| Investor Class | &nbsp;&nbsp;&nbsp; 1194575 | &nbsp;&nbsp;&nbsp; 78029658 | &nbsp;&nbsp;&nbsp; 79533 | &nbsp;&nbsp;&nbsp; 4099933 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1321 | &nbsp;&nbsp;&nbsp; 117884 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 3103 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4356 | &nbsp;&nbsp;&nbsp; 390499 | &nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; 21047 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 84692 | &nbsp;&nbsp;&nbsp; 5168757 | &nbsp;&nbsp;&nbsp; 90608 | &nbsp;&nbsp;&nbsp; 4639814 |
| Class C | &nbsp;&nbsp;&nbsp; (138493)<br>| &nbsp;&nbsp;&nbsp; (5168757)<br>| &nbsp;&nbsp;&nbsp; (140700)<br>| &nbsp;&nbsp;&nbsp; (4639814)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2494995)<br>| &nbsp;&nbsp;&nbsp; (149455478)<br>| &nbsp;&nbsp;&nbsp; (2116553)<br>| &nbsp;&nbsp;&nbsp; (106221136)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (294020)<br>| &nbsp;&nbsp;&nbsp; (10755653)<br>| &nbsp;&nbsp;&nbsp; (240558)<br>| &nbsp;&nbsp;&nbsp; (7828313)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (366450)<br>| &nbsp;&nbsp;&nbsp; (22635670)<br>| &nbsp;&nbsp;&nbsp; (282598)<br>| &nbsp;&nbsp;&nbsp; (14943959)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (1008823)<br>| &nbsp;&nbsp;&nbsp; (60828240)<br>| &nbsp;&nbsp;&nbsp; (997477)<br>| &nbsp;&nbsp;&nbsp; (49771123)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (2153)<br>| &nbsp;&nbsp;&nbsp; (184482)<br>| &nbsp;&nbsp;&nbsp; (994)<br>| &nbsp;&nbsp;&nbsp; (66641)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (17713)<br>| &nbsp;&nbsp;&nbsp; (1431334)<br>| &nbsp;&nbsp;&nbsp; (25066)<br>| &nbsp;&nbsp;&nbsp; (1663563)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 2040456 | &nbsp;&nbsp;&nbsp; $138809061 | &nbsp;&nbsp;&nbsp; 9888 | &nbsp;&nbsp;&nbsp; $338963 |

---

<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.

**13**

**Invesco Technology Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Technology Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Technology Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the "Fund") as of April 30, 2025, the related statement of operations for the year ended April 30, 2025, the statement of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2025 and the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 20, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**14**

**Invesco Technology Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $201501576 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 13.08% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 11.79% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 1.59% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $25918522 |

---

**15**

**Invesco Technology Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**16**

**Invesco Technology Fund**

------

![](imge1ab24f11.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

I-TEC-NCSR

------

![](img3192a6061.jpg)

------

**Annual Financial Statements and Other Information**

**April 30, 2025**

**Invesco Value Opportunities Fund**

Nasdaq:

A: VVOAX ■ C: VVOCX ■ R: VVORX ■ Y: VVOIX ■ R5: VVONX ■ R6: VVOSX

------

---

| | |
|:---|:---|
| [2](#xx_d6bcdb12-4a6a-449b-8a62-d73a2e26f965_SOI-Continued-41_1) | Schedule of Investments |
| [5](#xx_d6bcdb12-4a6a-449b-8a62-d73a2e26f965_FS-Continued-41_1) | Financial Statements |
| [8](#xx_d6bcdb12-4a6a-449b-8a62-d73a2e26f965_FS-Continued-41_4) | Financial Highlights |
| [9](#xx_d6bcdb12-4a6a-449b-8a62-d73a2e26f965_NTF-Continued-41_1) | Notes to Financial Statements |
| [16](#xx_d6bcdb12-4a6a-449b-8a62-d73a2e26f965_ARS-Continued-41_1) | Report of Independent Registered Public Accounting Firm |
| [17](#xx_d6bcdb12-4a6a-449b-8a62-d73a2e26f965_TI-Continued-41_1) | Tax Information |
| [18](#xx_d6bcdb12-4a6a-449b-8a62-d73a2e26f965_OIRSR-Continued-41_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*April 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–91.12%** | **Common Stocks & Other Equity Interests–91.12%** | **Common Stocks & Other Equity Interests–91.12%** |
| **Agricultural & Farm Machinery–0.86%** | **Agricultural & Farm Machinery–0.86%** | **Agricultural & Farm Machinery–0.86%** |
| AGCO Corp.<sup>(b)</sup>  | 458113 | &nbsp;&nbsp; $38861726 |
| **Application Software–2.52%** | **Application Software–2.52%** | **Application Software–2.52%** |
| AppLovin Corp., Class A<sup>(c)</sup>  | 421210 | &nbsp;&nbsp; 113436065 |
| **Biotechnology–0.65%** | **Biotechnology–0.65%** | **Biotechnology–0.65%** |
| Amicus Therapeutics, Inc.<sup>(c)</sup>  | 978703 | &nbsp;&nbsp; 7516439 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(c)</sup>  | 76362 | &nbsp;&nbsp; 13015139 |
| Neurocrine Biosciences, Inc.<sup>(c)</sup>  | 81399 | &nbsp;&nbsp; 8765859 |
|  |  | &nbsp;&nbsp; 29297437 |
| **Coal & Consumable Fuels–1.88%** | **Coal & Consumable Fuels–1.88%** | **Coal & Consumable Fuels–1.88%** |
| Cameco Corp. (Canada)<sup>(b)</sup>  | 1873156 | &nbsp;&nbsp; 84572993 |
| **Communications Equipment–1.29%** | **Communications Equipment–1.29%** | **Communications Equipment–1.29%** |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup>  | 979710 | &nbsp;&nbsp; 57842078 |
| **Construction & Engineering–2.73%** | **Construction & Engineering–2.73%** | **Construction & Engineering–2.73%** |
| AECOM | 704676 | &nbsp;&nbsp; 69516287 |
| MasTec, Inc.<sup>(c)</sup>  | 416684 | &nbsp;&nbsp; 53052207 |
|  |  | &nbsp;&nbsp; 122568494 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **0.67%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.67%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **0.67%** |
| Oshkosh Corp. | 359085 | &nbsp;&nbsp; 30076960 |
| **Copper–1.62%** | **Copper–1.62%** | **Copper–1.62%** |
| Freeport-McMoRan, Inc. | 2026471 | &nbsp;&nbsp; 73013750 |
| **Diversified Banks–1.94%** | **Diversified Banks–1.94%** | **Diversified Banks–1.94%** |
| Fifth Third Bancorp | 606485 | &nbsp;&nbsp; 21797071 |
| U.S. Bancorp | 1625287 | &nbsp;&nbsp; 65564078 |
|  |  | &nbsp;&nbsp; 87361149 |
| **Diversified Chemicals–0.68%** | **Diversified Chemicals–0.68%** | **Diversified Chemicals–0.68%** |
| Huntsman Corp. | 2295800 | &nbsp;&nbsp; 30557098 |
| **Diversified Metals & Mining–1.98%** | **Diversified Metals & Mining–1.98%** | **Diversified Metals & Mining–1.98%** |
| Anglo American PLC (South Africa) | 1007657 | &nbsp;&nbsp; 27507406 |
| Teck Resources Ltd., Class B (Canada) | 1811410 | &nbsp;&nbsp; 61569826 |
|  |  | &nbsp;&nbsp; 89077232 |
| **Electric Utilities–3.32%** | **Electric Utilities–3.32%** | **Electric Utilities–3.32%** |
| NRG Energy, Inc. | 1361767 | &nbsp;&nbsp; 149222428 |
| **Electrical Components & Equipment–1.49%** | **Electrical Components & Equipment–1.49%** | **Electrical Components & Equipment–1.49%** |
| Regal Rexnord Corp. | 199925 | &nbsp;&nbsp; 21160062 |
| Vertiv Holdings Co., Class A | 535832 | &nbsp;&nbsp; 45749336 |
|  |  | &nbsp;&nbsp; 66909398 |
| **Electronic Components–1.28%** | **Electronic Components–1.28%** | **Electronic Components–1.28%** |
| Coherent Corp.<sup>(c)</sup>  | 896362 | &nbsp;&nbsp; 57654004 |
| **Fertilizers & Agricultural Chemicals–1.70%** | **Fertilizers & Agricultural Chemicals–1.70%** | **Fertilizers & Agricultural Chemicals–1.70%** |
| Corteva, Inc. | 811894 | &nbsp;&nbsp; 50329309 |
| Mosaic Co. (The) | 860801 | &nbsp;&nbsp; 26168351 |
|  |  | &nbsp;&nbsp; 76497660 |
| **Food Distributors–0.63%** | **Food Distributors–0.63%** | **Food Distributors–0.63%** |
| Performance Food Group Co.<sup>(c)</sup>  | 349750 | &nbsp;&nbsp; 28210836 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Gold–4.88%** | **Gold–4.88%** | **Gold–4.88%** |
| Agnico Eagle Mines Ltd. (Canada)<sup>(b)</sup>  | 700599 | &nbsp;&nbsp; $82376430 |
| Barrick Gold Corp. (Canada) | 2097472 | &nbsp;&nbsp; 39935867 |
| Newmont Corp. | 1842045 | &nbsp;&nbsp; 97038931 |
|  |  | &nbsp;&nbsp; 219351228 |
| **Health Care Equipment–5.80%** | **Health Care Equipment–5.80%** | **Health Care Equipment–5.80%** |
| Hologic, Inc.<sup>(c)</sup>  | 1593538 | &nbsp;&nbsp; 92743912 |
| Medtronic PLC | 940905 | &nbsp;&nbsp; 79751108 |
| Zimmer Biomet Holdings, Inc. | 857382 | &nbsp;&nbsp; 88353215 |
|  |  | &nbsp;&nbsp; 260848235 |
| **Health Care Services–0.62%** | **Health Care Services–0.62%** | **Health Care Services–0.62%** |
| Fresenius Medical Care AG (Germany) | 546274 | &nbsp;&nbsp; 27792002 |
| **Hotels, Resorts & Cruise Lines–1.18%** | **Hotels, Resorts & Cruise Lines–1.18%** | **Hotels, Resorts & Cruise Lines–1.18%** |
| Expedia Group, Inc. | 234908 | &nbsp;&nbsp; 36864112 |
| Travel + Leisure Co. | 364931 | &nbsp;&nbsp; 16031419 |
|  |  | &nbsp;&nbsp; 52895531 |
| **Human Resource & Employment Services–0.35%** | **Human Resource & Employment Services–0.35%** | **Human Resource & Employment Services–0.35%** |
| ManpowerGroup, Inc. | 365545 | &nbsp;&nbsp; 15744023 |
| **Industrial Machinery & Supplies & Components–1.27%** | **Industrial Machinery & Supplies & Components–1.27%** | **Industrial Machinery & Supplies & Components–1.27%** |
| Chart Industries, Inc.<sup>(c)</sup>  | 422684 | &nbsp;&nbsp; 57053886 |
| **Insurance Brokers–1.90%** | **Insurance Brokers–1.90%** | **Insurance Brokers–1.90%** |
| Willis Towers Watson PLC | 277090 | &nbsp;&nbsp; 85288302 |
| **Integrated Oil & Gas–0.55%** | **Integrated Oil & Gas–0.55%** | **Integrated Oil & Gas–0.55%** |
| Cenovus Energy, Inc. (Canada) | 2104203 | &nbsp;&nbsp; 24766469 |
| **Interactive Home Entertainment–2.15%** | **Interactive Home Entertainment–2.15%** | **Interactive Home Entertainment–2.15%** |
| Electronic Arts, Inc. | 665558 | &nbsp;&nbsp; 96565810 |
| **Interactive Media & Services–1.03%** | **Interactive Media & Services–1.03%** | **Interactive Media & Services–1.03%** |
| Match Group, Inc. | 1558228 | &nbsp;&nbsp; 46217043 |
| **Investment Banking & Brokerage–0.52%** | **Investment Banking & Brokerage–0.52%** | **Investment Banking & Brokerage–0.52%** |
| Goldman Sachs Group, Inc. (The) | 42509 | &nbsp;&nbsp; 23275803 |
| **IT Consulting & Other Services–3.09%** | **IT Consulting & Other Services–3.09%** | **IT Consulting & Other Services–3.09%** |
| EPAM Systems, Inc.<sup>(c)</sup>  | 458126 | &nbsp;&nbsp; 71884551 |
| Globant S.A.<sup>(c)</sup>  | 569506 | &nbsp;&nbsp; 66956820 |
|  |  | &nbsp;&nbsp; 138841371 |
| **Life & Health Insurance–2.47%** | **Life & Health Insurance–2.47%** | **Life & Health Insurance–2.47%** |
| Globe Life, Inc. | 902113 | &nbsp;&nbsp; 111266617 |
| **Life Sciences Tools & Services–2.78%** | **Life Sciences Tools & Services–2.78%** | **Life Sciences Tools & Services–2.78%** |
| Avantor, Inc.<sup>(b)(c)</sup>  | 3845671 | &nbsp;&nbsp; 49955266 |
| ICON PLC<sup>(c)</sup>  | 495924 | &nbsp;&nbsp; 75102731 |
|  |  | &nbsp;&nbsp; 125057997 |
| **Managed Health Care–5.10%** | **Managed Health Care–5.10%** | **Managed Health Care–5.10%** |
| Centene Corp.<sup>(c)</sup>  | 2268794 | &nbsp;&nbsp; 135787321 |
| Molina Healthcare, Inc.<sup>(c)</sup>  | 286044 | &nbsp;&nbsp; 93539248 |
|  |  | &nbsp;&nbsp; 229326569 |
| **Metal, Glass & Plastic Containers–1.43%** | **Metal, Glass & Plastic Containers–1.43%** | **Metal, Glass & Plastic Containers–1.43%** |
| Crown Holdings, Inc. | 666764 | &nbsp;&nbsp; 64229376 |

---

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

**2**

**Invesco Value Opportunities Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Oil & Gas Exploration & Production–4.69%** | **Oil & Gas Exploration & Production–4.69%** | **Oil & Gas Exploration & Production–4.69%** |
| Antero Resources Corp.<sup>(c)</sup>  | 816030 | &nbsp;&nbsp; $28422325 |
| ARC Resources Ltd. (Canada) | 2477120 | &nbsp;&nbsp; 45837321 |
| EQT Corp. | 1452407 | &nbsp;&nbsp; 71807002 |
| Expand Energy Corp. | 511331 | &nbsp;&nbsp; 53127291 |
| Murphy Oil Corp.<sup>(b)</sup>  | 564985 | &nbsp;&nbsp; 11599142 |
|  |  | &nbsp;&nbsp; 210793081 |
| **Oil & Gas Refining & Marketing–0.86%** | **Oil & Gas Refining & Marketing–0.86%** | **Oil & Gas Refining & Marketing–0.86%** |
| Phillips 66 | 369618 | &nbsp;&nbsp; 38462449 |
| **Paper & Plastic Packaging Products & Materials–0.73%** | **Paper & Plastic Packaging Products & Materials–0.73%** | **Paper & Plastic Packaging Products & Materials–0.73%** |
| Sealed Air Corp. | 1194011 | &nbsp;&nbsp; 32906943 |
| **Pharmaceuticals–0.39%** | **Pharmaceuticals–0.39%** | **Pharmaceuticals–0.39%** |
| Axsome Therapeutics, Inc.<sup>(c)</sup>  | 157494 | &nbsp;&nbsp; 17685001 |
| **Regional Banks–7.28%** | **Regional Banks–7.28%** | **Regional Banks–7.28%** |
| Citizens Financial Group, Inc. | 1135645 | &nbsp;&nbsp; 41893944 |
| Huntington Bancshares, Inc. | 5841495 | &nbsp;&nbsp; 84876923 |
| Pinnacle Financial Partners, Inc. | 647547 | &nbsp;&nbsp; 64910111 |
| Webster Financial Corp. | 1092921 | &nbsp;&nbsp; 51695163 |
| Western Alliance Bancorporation | 1203785 | &nbsp;&nbsp; 83915852 |
|  |  | &nbsp;&nbsp; 327291993 |
| **Research & Consulting Services–4.44%** | **Research & Consulting Services–4.44%** | **Research & Consulting Services–4.44%** |
| Amentum Holdings, Inc.<sup>(c)</sup>  | 2181157 | &nbsp;&nbsp; 47592846 |
| Jacobs Solutions, Inc. | 469539 | &nbsp;&nbsp; 58128928 |
| KBR, Inc. | 1779276 | &nbsp;&nbsp; 93963566 |
|  |  | &nbsp;&nbsp; 199685340 |
| **Semiconductor Materials & Equipment–1.54%** | **Semiconductor Materials & Equipment–1.54%** | **Semiconductor Materials & Equipment–1.54%** |
| MKS Instruments, Inc. | 326253 | &nbsp;&nbsp; 22883385 |
| Onto Innovation, Inc.<sup>(c)</sup>  | 378477 | &nbsp;&nbsp; 46162840 |
|  |  | &nbsp;&nbsp; 69046225 |
| **Semiconductors–3.17%** | **Semiconductors–3.17%** | **Semiconductors–3.17%** |
| Marvell Technology, Inc. | 396566 | &nbsp;&nbsp; 23147558 |
| Microchip Technology, Inc. | 749538 | &nbsp;&nbsp; 34538711 |
| Rambus, Inc.<sup>(c)</sup>  | 792995 | &nbsp;&nbsp; 38690226 |
| STMicroelectronics N.V., New York <br> Shares (France) | 2030007 | &nbsp;&nbsp; 46101459 |
|  |  | &nbsp;&nbsp; 142477954 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Silver–1.57%** | **Silver–1.57%** | **Silver–1.57%** | **Silver–1.57%** |
| Pan American Silver Corp. (Canada)<sup>(b)</sup>  | Pan American Silver Corp. (Canada)<sup>(b)</sup>  | 2805044 | &nbsp;&nbsp; $70631008 |
| **Trading Companies & Distributors–2.83%** | **Trading Companies & Distributors–2.83%** | **Trading Companies & Distributors–2.83%** | **Trading Companies & Distributors–2.83%** |
| Air Lease Corp., Class A | Air Lease Corp., Class A | 1204792 | &nbsp;&nbsp; 56336074 |
| WESCO International, Inc. | WESCO International, Inc. | 436062 | &nbsp;&nbsp; 71060664 |
|  |  |  | &nbsp;&nbsp; 127396738 |
| **Transaction & Payment Processing Services–3.26%** | **Transaction & Payment Processing Services–3.26%** | **Transaction & Payment Processing Services–3.26%** | **Transaction & Payment Processing Services–3.26%** |
| Fidelity National Information Services, <br> Inc. | Fidelity National Information Services, <br> Inc. | 1857317 | &nbsp;&nbsp; 146505165 |
| Total Common Stocks & Other Equity Interests <br> (Cost $3,672,554,404) | Total Common Stocks & Other Equity Interests <br> (Cost $3,672,554,404) | Total Common Stocks & Other Equity Interests <br> (Cost $3,672,554,404) | &nbsp;&nbsp; 4096561467 |
| **Exchange-Traded Funds–1.46%** | **Exchange-Traded Funds–1.46%** | **Exchange-Traded Funds–1.46%** | **Exchange-Traded Funds–1.46%** |
| VanEck Junior Gold Miners ETF <br>(Cost $51,179,879)<sup>(b)</sup>  | VanEck Junior Gold Miners ETF <br>(Cost $51,179,879)<sup>(b)</sup>  | 1070711 | &nbsp;&nbsp; 65741655 |
| **Money Market Funds–4.28%** | **Money Market Funds–4.28%** | **Money Market Funds–4.28%** | **Money Market Funds–4.28%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup>  | 67359235 | &nbsp;&nbsp; 67359235 |
| Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 4.23%<sup>(d)(e)</sup>  | 124958591 | &nbsp;&nbsp; 124958591 |
| Total Money Market Funds (Cost $192,317,825) | Total Money Market Funds (Cost $192,317,825) | Total Money Market Funds (Cost $192,317,825) | &nbsp;&nbsp; 192317826 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-96.86% <br> (Cost $3,916,052,108)<br>|  |  | &nbsp;&nbsp; 4354620948 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** | **Investments Purchased with Cash Collateral from** <br> **Securities on Loan** |
| **Money Market Funds–2.34%** | **Money Market Funds–2.34%** | **Money Market Funds–2.34%** | **Money Market Funds–2.34%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup>  | 29173171 | &nbsp;&nbsp; 29173171 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup>  | 75931065 | &nbsp;&nbsp; 75946251 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $105,123,884) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $105,123,884) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $105,123,884) | &nbsp;&nbsp; 105119422 |
| TOTAL INVESTMENTS IN SECURITIES–99.20% <br> (Cost $4,021,175,992) | TOTAL INVESTMENTS IN SECURITIES–99.20% <br> (Cost $4,021,175,992) | TOTAL INVESTMENTS IN SECURITIES–99.20% <br> (Cost $4,021,175,992) | &nbsp;&nbsp; 4459740370 |
| OTHER ASSETS LESS LIABILITIES—0.80% | OTHER ASSETS LESS LIABILITIES—0.80% | OTHER ASSETS LESS LIABILITIES—0.80% | &nbsp;&nbsp; 35770817 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $4495511187 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> ETF – Exchange-Traded Fund

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

**3**

**Invesco Value Opportunities 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 April 30, 2025.

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

<sup>(d)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the fiscal year ended April 30, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $18271732 | &nbsp;&nbsp; $504374606 | &nbsp;&nbsp; $(455287103) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $67359235 | &nbsp;&nbsp; $2167498 |
| Invesco Liquid Assets Portfolio, Institutional Class | 12914118 | &nbsp;&nbsp; 42204106 | &nbsp;&nbsp; (55118210) | &nbsp;&nbsp; 149 | (163) | &nbsp;&nbsp; - | &nbsp;&nbsp; 231824 |
| Invesco Treasury Portfolio, Institutional Class | 20881981 | &nbsp;&nbsp; 926072808 | &nbsp;&nbsp; (821996198) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 124958591 | &nbsp;&nbsp; 3766720 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 59695901 | &nbsp;&nbsp; 652492002 | &nbsp;&nbsp; (683014732) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 29173171 | &nbsp;&nbsp; 2,524,295\* |
| Invesco Private Prime Fund | 153531017 | &nbsp;&nbsp; 1385134965 | &nbsp;&nbsp; (1462707176) | &nbsp;&nbsp; 4888 | &nbsp;&nbsp; (17443) | &nbsp;&nbsp; 75946251 | &nbsp;&nbsp; 6,777,149\* |
| Total | $265294749 | &nbsp;&nbsp; $3510278487 | &nbsp;&nbsp; $(3478123419) | &nbsp;&nbsp; $5037 | &nbsp;&nbsp; $(17606) | &nbsp;&nbsp; $297437248 | &nbsp;&nbsp; $15467486 |

---

\* 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 April 30, 2025.

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

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

**4**

**Invesco Value Opportunities Fund**

------

**Statement of Assets and Liabilities**

*April 30, 2025*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $3,723,734,283)\*<br>| &nbsp;&nbsp; $4162303122 |
| Investments in affiliated money market funds, at value <br> (Cost $297,441,709)<br>| &nbsp;&nbsp; 297437248 |
| Cash | &nbsp;&nbsp; 53346150 |
| Foreign currencies, at value (Cost $841) | &nbsp;&nbsp; 772 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 88918059 |
| Fund shares sold | &nbsp;&nbsp; 5190722 |
| Dividends | &nbsp;&nbsp; 2517321 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 679209 |
| Other assets | &nbsp;&nbsp; 157709 |
| Total assets | &nbsp;&nbsp; 4610550312 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5522002 |
| Fund shares reacquired | &nbsp;&nbsp; 2027980 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 105123884 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1510673 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 2496 |
| Accrued other operating expenses | &nbsp;&nbsp; 67140 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 784950 |
| Total liabilities | &nbsp;&nbsp; 115039125 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $4495511187 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $3846803335 |
| Distributable earnings | &nbsp;&nbsp; 648707852 |
|  | &nbsp;&nbsp; $4495511187 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $2555018518 |
| Class C | &nbsp;&nbsp; $60367109 |
| Class R | &nbsp;&nbsp; $89852175 |
| Class Y | &nbsp;&nbsp; $990365611 |
| Class R5 | &nbsp;&nbsp; $18597354 |
| Class R6 | &nbsp;&nbsp; $781310420 |
| **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** | **Shares outstanding, no par value, with an unlimited number of** <br> **shares authorized:** |
| Class A | &nbsp;&nbsp; 130021144 |
| Class C | &nbsp;&nbsp; 3458940 |
| Class R | &nbsp;&nbsp; 4672969 |
| Class Y | &nbsp;&nbsp; 50002863 |
| Class R5 | &nbsp;&nbsp; 928150 |
| Class R6 | &nbsp;&nbsp; 38891369 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $19.65 |
| Maximum offering price per share <br>(Net asset value of $19.65 ÷ 94.50%)<br>| &nbsp;&nbsp; $20.79 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $17.45 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.23 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $19.81 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $20.04 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $20.09 |

---

\* At April 30, 2025, securities with an aggregate value of $102,048,887 were on loan to brokers. 

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

**5**

**Invesco Value Opportunities Fund**

------

**Statement of Operations**

*For the year ended April 30, 2025* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $1,385,669) | &nbsp;&nbsp; $51227750 |
| Dividends from affiliated money market funds (includes net securities lending income of $529,734) | &nbsp;&nbsp; 6695776 |
| Total investment income | &nbsp;&nbsp; 57923526 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 25506731 |
| Administrative services fees | &nbsp;&nbsp; 613167 |
| Custodian fees | &nbsp;&nbsp; 31571 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 6742062 |
| Class C | &nbsp;&nbsp; 646500 |
| Class R | &nbsp;&nbsp; 451677 |
| Transfer agent fees— A, C, R and Y | &nbsp;&nbsp; 4767109 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 19922 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 182557 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 71016 |
| Registration and filing fees | &nbsp;&nbsp; 149922 |
| Reports to shareholders | &nbsp;&nbsp; 314787 |
| Professional services fees | &nbsp;&nbsp; 93529 |
| Other | &nbsp;&nbsp; 64344 |
| Total expenses | &nbsp;&nbsp; 39654894 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (264241)<br>|
| Net expenses | &nbsp;&nbsp; 39390653 |
| Net investment income | &nbsp;&nbsp; 18532873 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 527953366 |
| Affiliated investment securities | &nbsp;&nbsp; (17606)<br>|
| Foreign currencies | &nbsp;&nbsp; (93031)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (2813926)<br>|
|  | &nbsp;&nbsp; 525028803 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (276936397)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 5037 |
| Foreign currencies | &nbsp;&nbsp; 35298 |
| Forward foreign currency contracts | &nbsp;&nbsp; 434669 |
|  | &nbsp;&nbsp; (276461393)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 248567410 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $267100283 |

---

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

**6**

**Invesco Value Opportunities Fund**

------

**Statement of Changes in Net Assets**

*For the years ended April 30, 2025 and 2024* 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $18532873 | &nbsp;&nbsp; $18772001 |
| Net realized gain | &nbsp;&nbsp; 525028803 | &nbsp;&nbsp; 181551486 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (276461393)<br>| &nbsp;&nbsp; 621209192 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 267100283 | &nbsp;&nbsp; 821532679 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (205802538)<br>| &nbsp;&nbsp; (51372437)<br>|
| Class C | &nbsp;&nbsp; (5196763)<br>| &nbsp;&nbsp; (1462833)<br>|
| Class R | &nbsp;&nbsp; (6756717)<br>| &nbsp;&nbsp; (1736109)<br>|
| Class Y | &nbsp;&nbsp; (58273111)<br>| &nbsp;&nbsp; (7341891)<br>|
| Class R5 | &nbsp;&nbsp; (1570749)<br>| &nbsp;&nbsp; (220685)<br>|
| Class R6 | &nbsp;&nbsp; (49521488)<br>| &nbsp;&nbsp; (7718078)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (327121366)<br>| &nbsp;&nbsp; (69852033)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; 84861277 | &nbsp;&nbsp; (159564572)<br>|
| Class C | &nbsp;&nbsp; 1092529 | &nbsp;&nbsp; (14054637)<br>|
| Class R | &nbsp;&nbsp; 9190451 | &nbsp;&nbsp; (7729602)<br>|
| Class Y | &nbsp;&nbsp; 628866590 | &nbsp;&nbsp; 61836823 |
| Class R5 | &nbsp;&nbsp; 2033758 | &nbsp;&nbsp; 4261287 |
| Class R6 | &nbsp;&nbsp; 267437479 | &nbsp;&nbsp; 110226064 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 993482084 | &nbsp;&nbsp; (5024637)<br>|
| Net increase in net assets | &nbsp;&nbsp; 933461001 | &nbsp;&nbsp; 746656009 |
| **Net assets:** |  |  |
| Beginning of year | &nbsp;&nbsp; 3562050186 | &nbsp;&nbsp; 2815394177 |
| End of year | &nbsp;&nbsp; $4495511187 | &nbsp;&nbsp; $3562050186 |

---

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

**7**

**Invesco Value Opportunities Fund**

------

**Financial Highlights**

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<sup>(a)</sup> <br>| **Net gains** <br>**(losses)** <br>**on securities** <br>**(both** <br>**realized and** <br>**unrealized)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(b)</sup> <br>| **Net assets,** <br>**end of period** <br>**(000's omitted)**<br>| **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**with fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of** <br>**expenses** <br>**to average net** <br>**assets without** <br>**fee waivers** <br>**and/or** <br>**expenses** <br>**absorbed**<br>| **Ratio of net** <br>**investment** <br>**income** <br>**(loss)** <br>**to average** <br>**net assets**<br>| **Portfolio** <br>**turnover** <sup>(c)</sup> <br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Year ended 04/30/25 | $19.45 | $0.08 | $1.79 | $1.87 | $(0.09)<br>| $(1.58)<br>| $(1.67)<br>| $19.65 | 8.58<br> %<br>| &nbsp;&nbsp; $2555019 | 1.01<br> %<br>| 1.01<br> %<br>| 0.36<br> %<br>| 53<br> %<br>|
| Year ended 04/30/24 | 15.23 | 0.10 | 4.53 | 4.63 | (0.04)<br>| (0.37)<br>| (0.41)<br>| 19.45 | 30.70 | &nbsp;&nbsp; 2462837 | 1.07 | 1.07 | 0.57 | 47 |
| Year ended 04/30/23 | 16.52 | 0.18 | 0.07 | 0.25 | (0.12)<br>| (1.42)<br>| (1.54)<br>| 15.23 | 1.09 | &nbsp;&nbsp; 2074880 | 1.08 | 1.08 | 1.12 | 70 |
| Year ended 04/30/22 | 17.34 | 0.08 | 0.60 | 0.68 | (0.10)<br>| (1.40)<br>| (1.50)<br>| 16.52 | 4.01 | &nbsp;&nbsp; 739860 | 1.11 | 1.11 | 0.44 | 65 |
| Year ended 04/30/21 | 9.44 | 0.06 | 7.87 | 7.93 | (0.03)<br>|  | (0.03)<br>| 17.34 | 84.15 | &nbsp;&nbsp; 726801 | 1.22 | 1.22 | 0.45 | 62 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Year ended 04/30/25 | 17.48 | (0.07)<br>| 1.62 | 1.55 |  | (1.58)<br>| (1.58)<br>| 17.45 | 7.75 | &nbsp;&nbsp; 60367 | 1.76 | 1.76 | (0.39)<br>| 53 |
| Year ended 04/30/24 | 13.82 | (0.02)<br>| 4.09 | 4.07 | (0.04)<br>| (0.37)<br>| (0.41)<br>| 17.48 | 29.77 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 59750 | 1.79 <br><sup>(d)</sup><br>| 1.79 <br><sup>(d)</sup><br>| (0.15 )<sup>(d)</sup><br>| 47 |
| Year ended 04/30/23 | 15.14 | 0.06 | 0.06 | 0.12 | (0.02)<br>| (1.42)<br>| (1.44)<br>| 13.82 | 0.37 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 60082 | 1.80 <br><sup>(d)</sup><br>| 1.80 <br><sup>(d)</sup><br>| 0.40 <br><sup>(d)</sup><br>| 70 |
| Year ended 04/30/22 | 16.04 | (0.05)<br>| 0.55 | 0.50 |  | (1.40)<br>| (1.40)<br>| 15.14 | 3.16 | &nbsp;&nbsp; 16682 | 1.86 | 1.86 | (0.31)<br>| 65 |
| Year ended 04/30/21 | 8.77 | (0.02)<br>| 7.29 | 7.27 |  |  |  | 16.04 | 82.90 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 12906 | 1.89 <br><sup>(d)</sup><br>| 1.89 <br><sup>(d)</sup><br>| (0.22 )<sup>(d)</sup><br>| 62 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Year ended 04/30/25 | 19.07 | 0.02 | 1.77 | 1.79 | (0.05)<br>| (1.58)<br>| (1.63)<br>| 19.23 | 8.33 | &nbsp;&nbsp; 89852 | 1.26 | 1.26 | 0.11 | 53 |
| Year ended 04/30/24 | 14.97 | 0.05 | 4.46 | 4.51 | (0.04)<br>| (0.37)<br>| (0.41)<br>| 19.07 | 30.43 | &nbsp;&nbsp; 80905 | 1.32 | 1.32 | 0.32 | 47 |
| Year ended 04/30/23 | 16.27 | 0.14 | 0.06 | 0.20 | (0.08)<br>| (1.42)<br>| (1.50)<br>| 14.97 | 0.82 | &nbsp;&nbsp; 70744 | 1.33 | 1.33 | 0.87 | 70 |
| Year ended 04/30/22 | 17.09 | 0.03 | 0.60 | 0.63 | (0.05)<br>| (1.40)<br>| (1.45)<br>| 16.27 | 3.73 | &nbsp;&nbsp; 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 | &nbsp;&nbsp; 10385 | 1.47 | 1.47 | 0.20 | 62 |
| **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| Year ended 04/30/25 | 19.59 | 0.13 | 1.80 | 1.93 | (0.13)<br>| (1.58)<br>| (1.71)<br>| 19.81 | 8.83 | &nbsp;&nbsp; 990366 | 0.76 | 0.76 | 0.61 | 53 |
| Year ended 04/30/24 | 15.29 | 0.14 | 4.57 | 4.71 | (0.04)<br>| (0.37)<br>| (0.41)<br>| 19.59 | 31.11 | &nbsp;&nbsp; 418662 | 0.82 | 0.82 | 0.82 | 47 |
| Year ended 04/30/23 | 16.58 | 0.22 | 0.07 | 0.29 | (0.16)<br>| (1.42)<br>| (1.58)<br>| 15.29 | 1.33 | &nbsp;&nbsp; 276929 | 0.83 | 0.83 | 1.37 | 70 |
| Year ended 04/30/22 | 17.42 | 0.12 | 0.61 | 0.73 | (0.17)<br>| (1.40)<br>| (1.57)<br>| 16.58 | 4.25 | &nbsp;&nbsp; 123154 | 0.86 | 0.86 | 0.69 | 65 |
| Year ended 04/30/21 | 9.49 | 0.09 | 7.91 | 8.00 | (0.07)<br>|  | (0.07)<br>| 17.42 | 84.48 | &nbsp;&nbsp; 81115 | 0.97 | 0.97 | 0.70 | 62 |
| **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** | **Class R5** |
| Year ended 04/30/25 | 19.80 | 0.14 | 1.82 | 1.96 | (0.14)<br>| (1.58)<br>| (1.72)<br>| 20.04 | 8.88 | &nbsp;&nbsp; 18597 | 0.73 | 0.73 | 0.64 | 53 |
| Year ended 04/30/24 | 15.45 | 0.15 | 4.61 | 4.76 | (0.04)<br>| (0.37)<br>| (0.41)<br>| 19.80 | 31.11 | &nbsp;&nbsp; 16560 | 0.76 | 0.76 | 0.88 | 47 |
| Year ended 04/30/23 | 16.74 | 0.22 | 0.08 | 0.30 | (0.17)<br>| (1.42)<br>| (1.59)<br>| 15.45 | 1.37 | &nbsp;&nbsp; 9322 | 0.78 | 0.78 | 1.42 | 70 |
| Year ended 04/30/22 | 17.58 | 0.13 | 0.62 | 0.75 | (0.19)<br>| (1.40)<br>| (1.59)<br>| 16.74 | 4.35 | &nbsp;&nbsp; 311 | 0.81 | 0.81 | 0.74 | 65 |
| Year ended 04/30/21 | 9.58 | 0.11 | 7.98 | 8.09 | (0.09)<br>|  | (0.09)<br>| 17.58 | 84.70 | &nbsp;&nbsp; 714 | 0.84 | 0.84 | 0.83 | 62 |
| **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| Year ended 04/30/25 | 19.84 | 0.15 | 1.84 | 1.99 | (0.16)<br>| (1.58)<br>| (1.74)<br>| 20.09 | 8.96 | &nbsp;&nbsp; 781310 | 0.66 | 0.66 | 0.71 | 53 |
| Year ended 04/30/24 | 15.47 | 0.16 | 4.62 | 4.78 | (0.04)<br>| (0.37)<br>| (0.41)<br>| 19.84 | 31.20 | &nbsp;&nbsp; 523336 | 0.69 | 0.69 | 0.95 | 47 |
| Year ended 04/30/23 | 16.75 | 0.24 | 0.08 | 0.32 | (0.18)<br>| (1.42)<br>| (1.60)<br>| 15.47 | 1.50 | &nbsp;&nbsp; 323438 | 0.71 | 0.71 | 1.49 | 70 |
| Year ended 04/30/22 | 17.60 | 0.14 | 0.62 | 0.76 | (0.21)<br>| (1.40)<br>| (1.61)<br>| 16.75 | 4.38 | &nbsp;&nbsp; 238636 | 0.74 | 0.74 | 0.81 | 65 |
| Year ended 04/30/21 | 9.59 | 0.11 | 8.00 | 8.11 | (0.10)<br>|  | (0.10)<br>| 17.60 | 84.81 | &nbsp;&nbsp; 47501 | 0.78 | 0.78 | 0.89 | 62 |

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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, 2023, the portfolio turnover calculation excludes the value of securities purchased of $1,658,856,812 in connection with the acquisition of Invesco American Value Fund into the Fund. 

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.97%, 0.97% and 0.92% for the years ended April 30, 2024, 2023 and 2021, respectively. 

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

**8**

**Invesco Value Opportunities Fund**

------

**Notes to Financial Statements**

*April 30, 2025*

**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.

Effective after the close of business on September 30, 2024, Class R5 shares are closed to new investors.

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

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

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

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

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

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

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

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

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

Non-traded rights and warrants shall be valued at intrinsic value if the terms of the rights and warrants are available, specifically the subscription or exercise price and the ratio. Intrinsic value is calculated as the daily market closing price of the security to be received less the subscription price, which is then adjusted by the exercise ratio. In the case of warrants, an option pricing model supplied by an independent pricing service may be used based on market data such as volatility, stock price and interest rate from the independent pricing service and strike price and exercise period from verified terms.

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

Securities for which market quotations are not readily available are fair valued by the Adviser in accordance with the Valuation Procedures. If a fair value price provided by a pricing service is unreliable, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.

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

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

**9**

**Invesco Value Opportunities Fund**

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

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

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

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

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

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Fund's financial statement note disclosures only and did not affect the Fund's financial position or the results of its operations.

**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

**10**

**Invesco Value Opportunities Fund**

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the year ended April 30, 2025, the Fund paid the Adviser $40,333 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.695% |
| Next $250 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.670% |
| Next $500 million | &nbsp;&nbsp;&nbsp;&nbsp; 0.645% |
| Next $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.610% |
| Next $3.5 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.560% |
| Next $4 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.545% |
| Over $10 billion | &nbsp;&nbsp;&nbsp;&nbsp; 0.520% |

---

For the year ended April 30, 2025, 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. (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).

**11**

**Invesco Value Opportunities Fund**

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The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

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

For the year ended April 30, 2025, the Adviser waived advisory fees of $146,515.

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 year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the year ended April 30, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the year ended April 30, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the year ended April 30, 2025, IDI advised the Fund that IDI retained $263,553 in front-end sales commissions from the sale of Class A shares and $5,201 and $527 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the year ended April 30, 2025, the Fund incurred $27,969 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp;&nbsp; $4041262059 | &nbsp;&nbsp;&nbsp;&nbsp; $55299408 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4096561467 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 65741655 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65741655 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 192317826 | &nbsp;&nbsp;&nbsp;&nbsp; 105119422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 297437248 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $4299321540 | &nbsp;&nbsp;&nbsp;&nbsp; $160418830 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4459740370 |

---

**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

**12**

**Invesco Value Opportunities Fund**

------

close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

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

**Effect of Derivative Investments for the year ended April 30, 2025**

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

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on** <br>**Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Realized Gain (Loss): |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(2813926)<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 434669 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(2379257)<br>|

---

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Forward** <br>**Foreign Currency** <br>**Contracts**<br>|
| Average notional value | &nbsp;&nbsp;&nbsp;&nbsp; $187246035 |

---

**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 year ended April 30, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $117,726.

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

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Distributions to Shareholders and Tax Components of Net Assets** 

---

| | | |
|:---|:---|:---|
| **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** | **<u>Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended April 30, 2025 and 2024:</u>** |
|  | **2025** | **2024** |
| Ordinary income\* | &nbsp;&nbsp; $29423464 | &nbsp;&nbsp;&nbsp;&nbsp; $6394390 |
| Long-term capital gain | &nbsp;&nbsp; 297697902 | &nbsp;&nbsp;&nbsp;&nbsp; 63457643 |
| Total distributions | &nbsp;&nbsp; $327121366 | &nbsp;&nbsp;&nbsp;&nbsp; $69852033 |

---

\* Includes short-term capital gain distributions, if any.

**13**

**Invesco Value Opportunities Fund**

------

---

| | |
|:---|:---|
| **Tax Components of Net Assets at Period-End:** | **Tax Components of Net Assets at Period-End:** |
|  | **2025** |
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp; $62081703 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp; 250188258 |
| Net unrealized appreciation — investments | &nbsp;&nbsp;&nbsp;&nbsp; 402484757 |
| Net unrealized appreciation — foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp; 40861 |
| Temporary book/tax differences | &nbsp;&nbsp;&nbsp;&nbsp; (567327)<br>|
| Capital loss carryforward | &nbsp;&nbsp;&nbsp;&nbsp; (65520400)<br>|
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp; 3846803335 |
| Total net assets | &nbsp;&nbsp;&nbsp;&nbsp; $4495511187 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Fund's net unrealized appreciation (depreciation) difference is attributable primarily to wash sales.

The temporary book/tax differences are a result of timing differences between book and tax recognition of income and/or expenses. The Fund's temporary book/tax differences are the result of the trustee deferral of compensation and retirement plan benefits.

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 has a capital loss carryforward as of April 30, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** | **Capital Loss Carryforward\*** |
| **Expiration** | **Short-Term** | **Long-Term** | **Total** |
| Not subject to expiration | &nbsp;&nbsp;&nbsp;&nbsp; $65520400 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $65520400 |

---

\*

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 year ended April 30, 2025 was $2,573,078,634 and $2,165,757,295, respectively. As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | |
|:---|:---|
| **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** | **Unrealized Appreciation (Depreciation) of Investments on a Tax Basis** |
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $674800954 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (272316197)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $402484757 |

---

Cost of investments for tax purposes is $4,057,255,613.

**NOTE 10—Reclassification of Permanent Differences**

Primarily as a result of differing book/tax treatment of equalization, on April 30, 2025, undistributed net investment income was decreased by $92,363, undistributed net realized gain was decreased by $32,517,639 and shares of beneficial interest was increased by $32,610,002. This reclassification had no effect on the net assets of the Fund.

**NOTE 11—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2024** | **Year ended** <br>**April 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 12076900 | &nbsp;&nbsp;&nbsp; $257486202 | &nbsp;&nbsp;&nbsp; 6858809 | &nbsp;&nbsp;&nbsp; $117865341 |
| Class C | &nbsp;&nbsp;&nbsp; 785339 | &nbsp;&nbsp;&nbsp; 14872498 | &nbsp;&nbsp;&nbsp; 465320 | &nbsp;&nbsp;&nbsp; 7232957 |
| Class R | &nbsp;&nbsp;&nbsp; 1139023 | &nbsp;&nbsp;&nbsp; 23479856 | &nbsp;&nbsp;&nbsp; 699064 | &nbsp;&nbsp;&nbsp; 11798297 |
| Class Y | &nbsp;&nbsp;&nbsp; 38245304 | &nbsp;&nbsp;&nbsp; 829179377 | &nbsp;&nbsp;&nbsp; 10247832 | &nbsp;&nbsp;&nbsp; 182551876 |
| Class R5 | &nbsp;&nbsp;&nbsp; 405470 | &nbsp;&nbsp;&nbsp; 8681743 | &nbsp;&nbsp;&nbsp; 537593 | &nbsp;&nbsp;&nbsp; 9432554 |
| Class R6 | &nbsp;&nbsp;&nbsp; 16780122 | &nbsp;&nbsp;&nbsp; 359586744 | &nbsp;&nbsp;&nbsp; 11148631 | &nbsp;&nbsp;&nbsp; 208838095 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 8717267 | &nbsp;&nbsp;&nbsp; 194830950 | &nbsp;&nbsp;&nbsp; 2919638 | &nbsp;&nbsp;&nbsp; 50071797 |
| Class C | &nbsp;&nbsp;&nbsp; 254873 | &nbsp;&nbsp;&nbsp; 5074520 | &nbsp;&nbsp;&nbsp; 93320 | &nbsp;&nbsp;&nbsp; 1441793 |
| Class R | &nbsp;&nbsp;&nbsp; 308337 | &nbsp;&nbsp;&nbsp; 6749496 | &nbsp;&nbsp;&nbsp; 103034 | &nbsp;&nbsp;&nbsp; 1734067 |
| Class Y | &nbsp;&nbsp;&nbsp; 2349190 | &nbsp;&nbsp;&nbsp; 52856784 | &nbsp;&nbsp;&nbsp; 382537 | &nbsp;&nbsp;&nbsp; 6598765 |
| Class R5 | &nbsp;&nbsp;&nbsp; 68924 | &nbsp;&nbsp;&nbsp; 1568712 | &nbsp;&nbsp;&nbsp; 12490 | &nbsp;&nbsp;&nbsp; 217702 |
| Class R6 | &nbsp;&nbsp;&nbsp; 2132385 | &nbsp;&nbsp;&nbsp; 48661033 | &nbsp;&nbsp;&nbsp; 440916 | &nbsp;&nbsp;&nbsp; 7702809 |

---

**14**

**Invesco Value Opportunities Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Year ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **April 30, 2025**<sup>(a)</sup> | **Year ended**<br> **April 30, 2024** | **Year ended**<br> **April 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 374239 | &nbsp;&nbsp;&nbsp; $7980416 | &nbsp;&nbsp;&nbsp; 462032 | &nbsp;&nbsp;&nbsp; $7972289 |
| Class C | &nbsp;&nbsp;&nbsp; (419146)<br>| &nbsp;&nbsp;&nbsp; (7980416)<br>| &nbsp;&nbsp;&nbsp; (511768)<br>| &nbsp;&nbsp;&nbsp; (7972289)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (17754595)<br>| &nbsp;&nbsp;&nbsp; (375436291)<br>| &nbsp;&nbsp;&nbsp; (19857286)<br>| &nbsp;&nbsp;&nbsp; (335473999)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (579746)<br>| &nbsp;&nbsp;&nbsp; (10874073)<br>| &nbsp;&nbsp;&nbsp; (975969)<br>| &nbsp;&nbsp;&nbsp; (14757098)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (1016665)<br>| &nbsp;&nbsp;&nbsp; (21038901)<br>| &nbsp;&nbsp;&nbsp; (1284000)<br>| &nbsp;&nbsp;&nbsp; (21261966)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (11967968)<br>| &nbsp;&nbsp;&nbsp; (253169571)<br>| &nbsp;&nbsp;&nbsp; (7360175)<br>| &nbsp;&nbsp;&nbsp; (127313818)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (382661)<br>| &nbsp;&nbsp;&nbsp; (8216697)<br>| &nbsp;&nbsp;&nbsp; (317128)<br>| &nbsp;&nbsp;&nbsp; (5388969)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (6396364)<br>| &nbsp;&nbsp;&nbsp; (140810298)<br>| &nbsp;&nbsp;&nbsp; (6120835)<br>| &nbsp;&nbsp;&nbsp; (106314840)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; 45120228 | &nbsp;&nbsp;&nbsp; $993482084 | &nbsp;&nbsp;&nbsp; (2055945)<br>| &nbsp;&nbsp;&nbsp; $(5024637)<br>|

---

<sup>(a)</sup> There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 28% 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 Value Opportunities Fund**

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of AIM Sector Funds (Invesco Sector Funds) and Shareholders of Invesco Value Opportunities Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Invesco Value Opportunities Fund (one of the funds constituting AIM Sector Funds (Invesco Sector Funds), referred to hereafter as the "Fund") as of April 30, 2025, the related statement of operations for the year ended April 30, 2025, the statement of changes in net assets for each of the two years in the period ended April 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2025 and the financial highlights for each of the five years in the period ended April 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Houston, Texas

June 20, 2025

We have served as the auditor of one or more of the investment companies in the Invesco group of investment companies since at least 1995. We have not been able to determine the specific year we began serving as auditor.

**16**

**Invesco Value Opportunities Fund**

------

**Tax Information**

Form 1099-DIV, Form 1042-S and other year–end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisers.

The following distribution information is being provided as required by the Internal Revenue Code or to meet a specific state's requirement.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum amount allowable for its fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| **Federal and State Income Tax** |  |
| Long-Term Capital Gain Distributions | &nbsp;&nbsp; $330307902 |
| Qualified Dividend Income\* | &nbsp;&nbsp; 91.34% |
| Corporate Dividends Received Deduction\* | &nbsp;&nbsp; 87.04% |
| U.S. Treasury Obligations\* | &nbsp;&nbsp; 0.00% |
| Qualified Business Income\* | &nbsp;&nbsp; 0.00% |
| Business Interest Income\* | &nbsp;&nbsp; 1.68% |

---

\*

The above percentages are based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

---

| | |
|:---|:---|
| **Non-Resident Alien Shareholders** |  |
| Short-Term Capital Gain Distributions | &nbsp;&nbsp; $9003889 |

---

**17**

**Invesco Value Opportunities Fund**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

Not applicable.

**18**

**Invesco Value Opportunities Fund**

------

![](img3192a6061.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

VK-VOPP-NCSR

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

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

------

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

Not applicable.

------

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

Not applicable.

------

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

Not applicable.

------

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

Not applicable.

------

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

None.

------

Item 16. Controls and Procedures.

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

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

------

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

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

[19(a)(1) Code of Ethics is attached as Exhibit 99.CODEETH.](Code_of_Ethics.htm)

19(a)(2) Not applicable.

[19(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

19(a)(4) Not applicable.

19(a)(5) Not applicable.

[19(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

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

(Registrant) <u>AIM Sector Funds (Invesco Sector Funds)</u>

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Glenn Brightman

Title:Principal Executive Officer

Date: July 2, 2025

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

By: <u>/s/ Glenn Brightman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>..</u>

Name:Glenn Brightman

Title:Principal Executive Officer

Date: July 2, 2025

By: <u>/s/ Adrien Deberghes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>____ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Name:Adrien Deberghes

Title:Principal Financial Officer

Date:July 2, 2025

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Glenn Brightman, certify that:

1. I have reviewed this report on Form N-CSR of AIM 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:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>July 2, 2025</u>**<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Glenn Brightman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glenn Brightman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer

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#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Adrien Deberghes, certify that:

1. I have reviewed this report on Form N-CSR of AIM 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:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>July 2, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Adrien Deberghes</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adrien Deberghes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

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## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Sector Funds (Invesco Sector Funds) on Form N-CSR for the period ended April 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Glenn Brightman, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(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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| | |
|:---|:---|
| Date: July 2, 2025  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

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#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of AIM Sector Funds (Invesco Sector Funds) on Form N-CSR for the period ended April 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(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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| | |
|:---|:---|
| Date: July 2, 2025  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

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## Ex-99.Code

#### Exhibit 99.CODEETH

#### EXHIBIT (a)(1)
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

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| | |
|:---|:---|
| &nbsp;&nbsp; **Applicable To**  | &nbsp;&nbsp;&nbsp;&nbsp;·Invesco Funds; <br> &nbsp;&nbsp;&nbsp;&nbsp;·Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, including (unless otherwise specifically excluded), their respective series (together with the Invesco Funds, each a "Fund," and collectively, the "Funds").  |
| &nbsp;&nbsp; **Risk Addressed by Policy**  | &nbsp;&nbsp; Ethics Violations by Principals  |
| &nbsp;&nbsp; **Relevant Law & Related Resources**  | &nbsp;&nbsp;&nbsp;&nbsp;·Investment Company Act of 1940; <br> &nbsp;&nbsp;&nbsp;&nbsp;·Sarbanes-Oxley Act of 2002  |
| &nbsp;&nbsp; **Revision Date**  | &nbsp;&nbsp; May 2024  |
| &nbsp;&nbsp; **Effective Date**  | &nbsp;&nbsp; June 2024  |

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#### GLOSSARY
I. **PURPOSE** 

This Code of Ethics (the "Code") for the Invesco Funds and series of the Trusts (with each Invesco Fund and series of the Trusts being referred to herein as a "Fund," and collectively as the "Funds") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller or persons performing similar functions (collectively, the "Covered Officers," each of whom is set forth in Exhibit A to this Code) for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the registrant;

· compliance with applicable governmental laws, rules and regulations;

· prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

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The Code shall be administered by the Chief Compliance Officer of the Funds (the "Chief Compliance Officer"), or his or her delegate. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers<sup>1</sup> sought by a Covered Officer must be considered by the Independent Trustees of the relevant Fund or Funds. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer.

II. **COVERED OFFICERS TO ACT HONESTLY AND CANDIDLY** 

Each Covered Officer named in Exhibit A to this Code owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

· act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

· observe both the form and spirit of laws and governmental rules and regulations, and accounting standards;

· adhere to a high standard of business ethics; and

· place the interests of the Funds and its shareholders before the Covered Officer's own personal interests .

III. **COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST** 

***Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his/her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Funds.***

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Funds or the Funds' investment adviser. The Funds' and their investment adviser's and any sub-adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the Chief Compliance Officer determines that any violation of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and their investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and their investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must:

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· avoid conflicts of interest wherever possible;

· handle any actual or apparent conflict of interest ethically;

· not use his/her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Funds;

· not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

· not use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

· as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Chief Compliance Officer.

Each Covered Officer must, at the time of signing this Code, report to the Chief Compliance Officer all affiliations or significant business relationships outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the Chief Compliance Officer and communicated to the relevant Fund or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include:

· service or significant business relationships as a trustee/ director on the board of any public or private company;

· being in the position of supervising, reviewing, or having any influence on the job evaluation, pay or benefit of any immediate family member;

· any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment with Invesco, its subsidiaries, its parent organizations and any affiliates or subsidiaries thereof, such as compensation or equity ownership.

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IV. **DISCLOSURE AND COMPLIANCE** 

Each Covered Officer should:

· familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds;

· not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees and auditors, or to governmental regulators and self-regulatory organizations;

· to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and their investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. **REPORTING AND ACCOUNTABILITY** 

Each Covered Officer must:

· upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Chief Compliance Officer that he/she has received, read and understands the Code;

· annually thereafter affirm to the Chief Compliance Officer that he/she has complied with the requirements of the Code;

· not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

· notify the Chief Compliance Officer promptly if he/she knows of or suspects any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

· the Chief Compliance Officer will take all appropriate action to investigate any potential violation reported to him/her;

· if, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

------

· any matter that the Chief Compliance Officer believes is a violation will be reported to the relevant Fund's Audit Committee;

· if the Independent Trustees of the relevant Funds concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions;

· the Independent Trustees of the relevant Funds will be responsible for granting waivers of this Code, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

VI. **OTHER POLICIES AND PROCEDURES** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment adviser, principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. **AMENDMENTS** 

These Procedures have been adopted by the Board, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Funds (the "Independent Trustees"). All material amendments to these Procedures must either be approved in advance by the Board and the Independent Trustees or ratified by the Board and the Independent Trustees, as determined by Legal and Compliance upon consultation with counsel to the Funds. Non-material amendments to these Procedures may be made by Legal and Compliance and will be reported to the Compliance Committee, other applicable committee of the Board, or to the Board at the next scheduled in-person meeting of the Board.

VIII. **CONFIDENTIALITY** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Covered Officers, the

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Chief Compliance Officer, Independent Trustees of the relevant Fund or Funds and the Independent Trustees' counsel, the relevant Fund or Funds and those Funds' counsel and the senior management of the investment adviser and its counsel.

IX. **INTERNAL USE** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code.

#### Exhibit A
<u>Persons Covered by this Code of Ethics:</u>

· **Invesco Funds** 

o President and Principal Executive Officer – Glenn Brightman

o Treasurer and Principal Financial Officer – Adrian Deberghes

· **Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust** 

o President and Principal Executive Officer — Brian Hartigan

o Treasurer and Principal Financial Officer — Kelli Gallegos

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| | |
|:---|:---|
| 11 | Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer, as defined in Rule 3b-7 under the Exchange Act, of the registrant."  |

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