# EDGAR Filing Document

**Accession Number:** 0000725781
**File Stem:** 0001193125-26-001673
**Filing Date:** 2026-1
**Character Count:** 1136070
**Document Hash:** 91b6129bbaebe34c3cb373196bee05ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-001673.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-001673

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03826
- **FILM NUMBER:** 26504231

**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       |  |
| C000265795 | Class R        | IEFRX           |

### 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       |  |
| C000265796 | Class R        | ITYRX           |

### 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:

#### October 31, 2025
Item 1. Reports to Stockholders.

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

![TSR_logo](images_2625.jpg)

### Invesco Comstock Fund

### Class A: ACSTX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Comstock Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Comstock Fund<br> (Class A) | $420.77%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12997275843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;1.86% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717459.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Comstock Fund

### Class C: ACSYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Comstock Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Comstock Fund<br> (Class C) | $821.52%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12997275843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;1.86% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717486.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Comstock Fund

### Class R: ACSRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Comstock Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Comstock Fund<br> (Class R) | $551.02%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12997275843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;1.86% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717531.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Comstock Fund

### Class Y: ACSDX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Comstock Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Comstock Fund<br> (Class Y) | $280.52%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12997275843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;1.86% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717558.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Comstock Fund

### Class R5: ACSHX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Comstock Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Comstock Fund<br> (Class R5) | $260.49%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12997275843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;1.86% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717603.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Comstock Fund

### Class R6: ICSFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Comstock Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Comstock Fund<br> (Class R6) | $230.42%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12997275843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;1.86% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717630.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Comstock Select Fund

### Class A: CGRWX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Comstock Select Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Comstock Select Fund<br> (Class A) | $50 | 0.92% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$783627748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;6.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;3.54% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718712.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Comstock Select Fund

### Class C: CGRCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Comstock Select Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Comstock Select Fund<br> (Class C) | $91 | 1.68% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$783627748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;6.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;3.54% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718753.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Comstock Select Fund

### Class R: CGRNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Comstock Select Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Comstock Select Fund<br> (Class R) | $64 | 1.18% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$783627748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;6.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;3.54% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718784.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Comstock Select Fund

### Class Y: CGRYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Comstock Select Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Comstock Select Fund<br> (Class Y) | $37 | 0.68% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$783627748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;6.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;3.54% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718825.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Comstock Select Fund

### Class R5: IOVVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Comstock Select Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Comstock Select Fund<br> (Class R5) | $32 | 0.59% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$783627748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;6.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;3.54% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718854.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Comstock Select Fund

### Class R6: OGRIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Comstock Select Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Comstock Select Fund<br> (Class R6) | $32 | 0.59% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$783627748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;6.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;3.54% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718898.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dividend Income Fund

### Class A: IAUTX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Dividend Income Fund<br> (Class A) | $49 | 0.91% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3669870779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717198.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dividend Income Fund

### Class C: IUTCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Dividend Income Fund<br> (Class C) | $89 | 1.67% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3669870779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717244.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dividend Income Fund

### Class R: IRTCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Dividend Income Fund<br> (Class R) | $63 | 1.17% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3669870779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717414.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dividend Income Fund

### Class Y: IAUYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Dividend Income Fund<br> (Class Y) | $36 | 0.67% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3669870779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717269.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dividend Income Fund

### Investor Class: FSTUX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Dividend Income Fund<br> (Investor Class) | $49 | 0.92% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3669870779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717316.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dividend Income Fund

### Class R5: FSIUX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Dividend Income Fund<br> (Class R5) | $35 | 0.66% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3669870779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717387.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Dividend Income Fund

### Class R6: IFUTX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Dividend Income Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Dividend Income Fund<br> (Class R6) | $32 | 0.59% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3669870779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;2.19% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717341.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Energy Fund

### Class A: IENAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Energy Fund<br> (Class A) | $681.25%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$420195300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;13.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;12.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC, ADR | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.23% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717675.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Energy Fund

### Class C: IEFCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Energy Fund<br> (Class C) | $1082.00%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$420195300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;13.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;12.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC, ADR | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.23% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717702.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Energy Fund

### Class R: IEFRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>▼</sup>** |
| Invesco Energy Fund<br>(Class R) | $131.50%<sup>†</sup> |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | *For the period September 30, 2025 (commencement of operations) to October 31, 2025. Expenses for a full reporting period would be higher.* |
| *\** | **Annualized.**  |
| **<sup>†</sup>**  | **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.**  |

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$420195300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;13.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;12.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC, ADR | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.23% |
| \* Excluding money market fund holdings, if any. |  |

---

**Industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9740987.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_2624.jpg)

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

I-ENE-SAR-R **Invesco Energy Fund**

![TSR_logo](images_2625.jpg)

### Invesco Energy Fund

### Class Y: IENYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Energy Fund<br> (Class Y) | $541.00%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$420195300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;13.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;12.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC, ADR | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.23% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717747.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Energy Fund

### Investor Class: FSTEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Energy Fund<br> (Investor Class) | $681.25%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$420195300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;13.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;12.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC, ADR | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.23% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717774.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Energy Fund

### Class R5: IENIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Energy Fund<br> (Class R5) | $49 | 0.91% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$420195300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;13.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;12.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC, ADR | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.23% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717818.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Energy Fund

### Class R6: IENSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Energy Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Energy Fund<br> (Class R6) | $46 | 0.84% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$420195300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;13.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;12.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC, ADR | &nbsp;&nbsp;&nbsp;8.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris S.A. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC, ADR | &nbsp;&nbsp;&nbsp;4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;SLB Ltd. | &nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.23% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717847.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Gold & Special Minerals Fund

### Class A: OPGSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Gold & Special Minerals Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Gold & Special Minerals Fund<br> (Class A) | $58 | 0.95% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3575008201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;11.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;10.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | &nbsp;&nbsp;&nbsp;4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd., H Shares | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti PLC | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;2.96% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718496.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Gold & Special Minerals Fund

### Class C: OGMCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Gold & Special Minerals Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Gold & Special Minerals Fund<br> (Class C) | $105 | 1.71% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3575008201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;11.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;10.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | &nbsp;&nbsp;&nbsp;4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd., H Shares | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti PLC | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;2.96% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718537.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Gold & Special Minerals Fund

### Class R: OGMNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Gold & Special Minerals Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Gold & Special Minerals Fund<br> (Class R) | $74 | 1.21% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3575008201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;11.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;10.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | &nbsp;&nbsp;&nbsp;4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd., H Shares | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti PLC | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;2.96% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718568.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Gold & Special Minerals Fund

### Class Y: OGMYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Gold & Special Minerals Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Gold & Special Minerals Fund<br> (Class Y) | $44 | 0.71% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3575008201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;11.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;10.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | &nbsp;&nbsp;&nbsp;4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd., H Shares | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti PLC | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;2.96% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718609.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Gold & Special Minerals Fund

### Class R5: IOGYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Gold & Special Minerals Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Gold & Special Minerals Fund<br> (Class R5) | $41 | 0.67% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3575008201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;11.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;10.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | &nbsp;&nbsp;&nbsp;4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd., H Shares | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti PLC | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;2.96% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718640.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Gold & Special Minerals Fund

### Class R6: OGMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Gold & Special Minerals Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Gold & Special Minerals Fund<br> (Class R6) | $37 | 0.60% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3575008201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;69% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;11.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;10.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd., ADR | &nbsp;&nbsp;&nbsp;4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | &nbsp;&nbsp;&nbsp;4.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;4.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd., H Shares | &nbsp;&nbsp;&nbsp;3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti PLC | &nbsp;&nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Star Resources Ltd. | &nbsp;&nbsp;&nbsp;2.96% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718681.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Small Cap Value Fund

### Class A: VSCAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Value Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Small Cap Value Fund<br> (Class A) | $59 | 1.05% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7572179274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICON PLC | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;1.92% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717890.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_2624.jpg)

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

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

![TSR_logo](images_2625.jpg)

### Invesco Small Cap Value Fund

### Class C: VSMCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Value Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Small Cap Value Fund<br> (Class C) | $101 | 1.80% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7572179274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICON PLC | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;1.92% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717919.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_2624.jpg)

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

VK-SCV-SAR-C **Invesco Small Cap Value Fund**

![TSR_logo](images_2625.jpg)

### Invesco Small Cap Value Fund

### Class R: VSRAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Value Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Small Cap Value Fund<br> (Class R) | $73 | 1.30% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7572179274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICON PLC | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;1.92% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718034.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_2624.jpg)

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

VK-SCV-SAR-R **Invesco Small Cap Value Fund**

![TSR_logo](images_2625.jpg)

### Invesco Small Cap Value Fund

### Class Y: VSMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Value Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Small Cap Value Fund<br> (Class Y) | $45 | 0.80% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7572179274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICON PLC | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;1.92% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717962.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_2624.jpg)

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

VK-SCV-SAR-Y **Invesco Small Cap Value Fund**

![TSR_logo](images_2625.jpg)

### Invesco Small Cap Value Fund

### Class R6: SMVSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Small Cap Value Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Small Cap Value Fund<br> (Class R6) | $38 | 0.68% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7572179274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | &nbsp;&nbsp;&nbsp;2.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICON PLC | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;1.92% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9717991.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_2624.jpg)

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

VK-SCV-SAR-R6 **Invesco Small Cap Value Fund**

![TSR_logo](images_2625.jpg)

### Invesco Technology Fund

### Class A: ITYAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Technology Fund<br> (Class A) | $62 | 1.00% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2241552133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;9.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718063.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_2624.jpg)

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

I-TEC-SAR-A **Invesco Technology Fund**

![TSR_logo](images_2625.jpg)

### Invesco Technology Fund

### Class C: ITHCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Technology Fund<br> (Class C) | $108 | 1.75% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2241552133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;9.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718106.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_2624.jpg)

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

I-TEC-SAR-C **Invesco Technology Fund**

![TSR_logo](images_2625.jpg)

### Invesco Technology Fund

### Class R: ITYRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment<sup>▼</sup>** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Technology Fund<br>(Class R) | $11 | 1.25% |

---

---

| | |
|:---|:---|
| **<sup>▼</sup>**  | *For the period September 30, 2025 (commencement of operations) to October 31, 2025. Expenses for a full reporting period would be higher.* |
| *\** | **Annualized.**  |

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2241552133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;9.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9723888.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_2624.jpg)

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

I-TEC-SAR-R **Invesco Technology Fund**

![TSR_logo](images_2625.jpg)

### Invesco Technology Fund

### Class Y: ITYYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Technology Fund<br> (Class Y) | $46 | 0.75% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2241552133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;9.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718135.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_2624.jpg)

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

I-TEC-SAR-Y **Invesco Technology Fund**

![TSR_logo](images_2625.jpg)

### Invesco Technology Fund

### Investor Class: FTCHX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Technology Fund<br> (Investor Class) | $55 | 0.89% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2241552133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;9.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718178.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_2624.jpg)

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

I-TEC-SAR-INV **Invesco Technology Fund**

![TSR_logo](images_2625.jpg)

### Invesco Technology Fund

### Class R5: FTPIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Technology Fund<br> (Class R5) | $44 | 0.72% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2241552133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;9.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718207.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_2624.jpg)

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

I-TEC-SAR-R5 **Invesco Technology Fund**

![TSR_logo](images_2625.jpg)

### Invesco Technology Fund

### Class R6: FTPSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Technology Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Technology Fund<br> (Class R6) | $39 | 0.64% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2241552133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;9.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc., Class A | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. | &nbsp;&nbsp;&nbsp;2.22% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718250.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_2624.jpg)

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

I-TEC-SAR-R6 **Invesco Technology Fund**

![TSR_logo](images_2625.jpg)

### Invesco Value Opportunities Fund

### Class A: VVOAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Value Opportunities Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Value Opportunities Fund<br> (Class A) | $560.99%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5791741999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;2.12% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718279.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_2624.jpg)

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

VK-VOPP-SAR-A **Invesco Value Opportunities Fund**

![TSR_logo](images_2625.jpg)

### Invesco Value Opportunities Fund

### Class C: VVOCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Value Opportunities Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Value Opportunities Fund<br> (Class C) | $951.70%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5791741999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;2.12% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718321.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_2624.jpg)

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

VK-VOPP-SAR-C **Invesco Value Opportunities Fund**

![TSR_logo](images_2625.jpg)

### Invesco Value Opportunities Fund

### Class R: VVORX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Value Opportunities Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Value Opportunities Fund<br> (Class R) | $701.24%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5791741999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;2.12% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718352.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_2624.jpg)

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

VK-VOPP-SAR-R **Invesco Value Opportunities Fund**

![TSR_logo](images_2625.jpg)

### Invesco Value Opportunities Fund

### Class Y: VVOIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Value Opportunities Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Value Opportunities Fund<br> (Class Y) | $420.74%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5791741999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;2.12% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718393.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_2624.jpg)

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

VK-VOPP-SAR-Y **Invesco Value Opportunities Fund**

![TSR_logo](images_2625.jpg)

### Invesco Value Opportunities Fund

### Class R5: VVONX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Value Opportunities Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Value Opportunities Fund<br> (Class R5) | $400.71%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5791741999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;2.12% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718424.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_2624.jpg)

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

VK-VOPP-SAR-R5 **Invesco Value Opportunities Fund**

![TSR_logo](images_2625.jpg)

### Invesco Value Opportunities Fund

### Class R6: VVOSX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| October 31, 2025
This semi-annual shareholder report contains important information about Invesco Value Opportunities Fund (the "Fund") for the period May 1, 2025 to October 31, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.

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

---

| | |
|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** |
| Invesco Value Opportunities Fund<br> (Class R6) | $350.63%<sup>†</sup> |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5791741999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

### What Comprised The Fund's Holdings?
(as of October 31, 2025)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;2.12% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9718465.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_2624.jpg)

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

VK-VOPP-SAR-R6 **Invesco Value Opportunities Fund**

------

(b) Not applicable.

------

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

------

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

------

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

------

Item 5. Audit Committee of Listed Registrants.

Not applicable.

------

Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](imgefcf41861.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Comstock Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_c2829b30-13cd-4fd4-964b-59804349c870_SOI-Continued-34_1) | Schedule of Investments |
| [5](#xx_c2829b30-13cd-4fd4-964b-59804349c870_FS-Continued-34_1) | Financial Statements |
| [8](#xx_c2829b30-13cd-4fd4-964b-59804349c870_FS-Continued-34_4) | Financial Highlights |
| [9](#xx_c2829b30-13cd-4fd4-964b-59804349c870_NTF-Continued-34_1) | Notes to Financial Statements |
| [16](#xx_c2829b30-13cd-4fd4-964b-59804349c870_AOC-Continued-34_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_c2829b30-13cd-4fd4-964b-59804349c870_OIRSR-Continued-34_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*October 31, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–95.05%** | **Common Stocks & Other Equity Interests–95.05%** | **Common Stocks & Other Equity Interests–95.05%** |
| **Aerospace & Defense–1.24%** | **Aerospace & Defense–1.24%** | **Aerospace & Defense–1.24%** |
| Textron, Inc. | 1996504 | &nbsp;&nbsp; $161337488 |
| **Air Freight & Logistics–1.83%** | **Air Freight & Logistics–1.83%** | **Air Freight & Logistics–1.83%** |
| FedEx Corp. | 936361 | &nbsp;&nbsp; 237667149 |
| **Asset Management & Custody Banks–2.08%** | **Asset Management & Custody Banks–2.08%** | **Asset Management & Custody Banks–2.08%** |
| State Street Corp. | 2335889 | &nbsp;&nbsp; 270168922 |
| **Biotechnology–0.49%** | **Biotechnology–0.49%** | **Biotechnology–0.49%** |
| Regeneron Pharmaceuticals, Inc. | 98103 | &nbsp;&nbsp; 63943535 |
| **Brewers–0.91%** | **Brewers–0.91%** | **Brewers–0.91%** |
| Anheuser-Busch InBev S.A./N.V. <br> (Belgium) | 1931345 | &nbsp;&nbsp; 117768009 |
| **Broadline Retail–1.23%** | **Broadline Retail–1.23%** | **Broadline Retail–1.23%** |
| eBay, Inc. | 1961130 | &nbsp;&nbsp; 159459480 |
| **Building Products–1.51%** | **Building Products–1.51%** | **Building Products–1.51%** |
| Johnson Controls International PLC | 1713378 | &nbsp;&nbsp; 195993309 |
| **Cable & Satellite–1.84%** | **Cable & Satellite–1.84%** | **Cable & Satellite–1.84%** |
| Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup>  | 651542 | &nbsp;&nbsp; 152356581 |
| Comcast Corp., Class A | 3113797 | &nbsp;&nbsp; 86672540 |
|  |  | &nbsp;&nbsp; 239029121 |
| **Casinos & Gaming–0.52%** | **Casinos & Gaming–0.52%** | **Casinos & Gaming–0.52%** |
| Las Vegas Sands Corp. | 1141006 | &nbsp;&nbsp; 67718706 |
| **Communications Equipment–3.05%** | **Communications Equipment–3.05%** | **Communications Equipment–3.05%** |
| Cisco Systems, Inc. | 4573252 | &nbsp;&nbsp; 334350454 |
| F5, Inc.<sup>(b)</sup>  | 245479 | &nbsp;&nbsp; 62118461 |
|  |  | &nbsp;&nbsp; 396468915 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **2.45%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **2.45%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **2.45%** |
| Caterpillar, Inc.<sup>(c)</sup>  | 297224 | &nbsp;&nbsp; 171575526 |
| Wabtec Corp. | 719424 | &nbsp;&nbsp; 147079043 |
|  |  | &nbsp;&nbsp; 318654569 |
| **Consumer Finance–0.40%** | **Consumer Finance–0.40%** | **Consumer Finance–0.40%** |
| Capital One Financial Corp. | 239289 | &nbsp;&nbsp; 52641187 |
| **Diversified Banks–9.77%** | **Diversified Banks–9.77%** | **Diversified Banks–9.77%** |
| Bank of America Corp. | 8860934 | &nbsp;&nbsp; 473616922 |
| Citigroup, Inc. | 2420742 | &nbsp;&nbsp; 245051713 |
| Fifth Third Bancorp | 4147707 | &nbsp;&nbsp; 172627566 |
| Wells Fargo & Co. | 4345094 | &nbsp;&nbsp; 377892825 |
|  |  | &nbsp;&nbsp; 1269189026 |
| **Electric Utilities–0.87%** | **Electric Utilities–0.87%** | **Electric Utilities–0.87%** |
| Evergy, Inc.<sup>(c)</sup>  | 1467566 | &nbsp;&nbsp; 112723744 |
| **Electrical Components & Equipment–2.72%** | **Electrical Components & Equipment–2.72%** | **Electrical Components & Equipment–2.72%** |
| Eaton Corp. PLC | 455249 | &nbsp;&nbsp; 173704809 |
| Emerson Electric Co. | 1284609 | &nbsp;&nbsp; 179292878 |
|  |  | &nbsp;&nbsp; 352997687 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Fertilizers & Agricultural Chemicals–0.53%** | **Fertilizers & Agricultural Chemicals–0.53%** | **Fertilizers & Agricultural Chemicals–0.53%** |
| Corteva, Inc. | 1110926 | &nbsp;&nbsp; $68255293 |
| **Food Distributors–1.55%** | **Food Distributors–1.55%** | **Food Distributors–1.55%** |
| Sysco Corp. | 2716267 | &nbsp;&nbsp; 201764313 |
| **Footwear–0.80%** | **Footwear–0.80%** | **Footwear–0.80%** |
| NIKE, Inc., Class B | 1602218 | &nbsp;&nbsp; 103487261 |
| **Health Care Distributors–0.63%** | **Health Care Distributors–0.63%** | **Health Care Distributors–0.63%** |
| Henry Schein, Inc.<sup>(b)(c)</sup>  | 1304895 | &nbsp;&nbsp; 82469364 |
| **Health Care Equipment–2.47%** | **Health Care Equipment–2.47%** | **Health Care Equipment–2.47%** |
| Becton, Dickinson and Co. | 639160 | &nbsp;&nbsp; 114224284 |
| GE HealthCare Technologies, Inc. | 1090741 | &nbsp;&nbsp; 81751038 |
| Medtronic PLC | 1377949 | &nbsp;&nbsp; 124979974 |
|  |  | &nbsp;&nbsp; 320955296 |
| **Health Care Services–2.71%** | **Health Care Services–2.71%** | **Health Care Services–2.71%** |
| CVS Health Corp. | 4504627 | &nbsp;&nbsp; 352036600 |
| **Household Products–3.61%** | **Household Products–3.61%** | **Household Products–3.61%** |
| Clorox Co. (The) | 896593 | &nbsp;&nbsp; 100830849 |
| Kimberly-Clark Corp. | 1439618 | &nbsp;&nbsp; 172336671 |
| Reckitt Benckiser Group PLC (United <br> Kingdom) | 2563406 | &nbsp;&nbsp; 196072478 |
|  |  | &nbsp;&nbsp; 469239998 |
| **Integrated Oil & Gas–4.58%** | **Integrated Oil & Gas–4.58%** | **Integrated Oil & Gas–4.58%** |
| Chevron Corp. | 1936734 | &nbsp;&nbsp; 305461687 |
| Exxon Mobil Corp. | 1007728 | &nbsp;&nbsp; 115243774 |
| Suncor Energy, Inc. (Canada) | 4390914 | &nbsp;&nbsp; 174802286 |
|  |  | &nbsp;&nbsp; 595507747 |
| **Interactive Media & Services–4.61%** | **Interactive Media & Services–4.61%** | **Interactive Media & Services–4.61%** |
| Alphabet, Inc., Class A | 1436929 | &nbsp;&nbsp; 404050066 |
| Meta Platforms, Inc., Class A | 300320 | &nbsp;&nbsp; 194712472 |
|  |  | &nbsp;&nbsp; 598762538 |
| **Investment Banking & Brokerage–0.55%** | **Investment Banking & Brokerage–0.55%** | **Investment Banking & Brokerage–0.55%** |
| Goldman Sachs Group, Inc. (The) | 90908 | &nbsp;&nbsp; 71760048 |
| **IT Consulting & Other Services–2.11%** | **IT Consulting & Other Services–2.11%** | **IT Consulting & Other Services–2.11%** |
| Cognizant Technology Solutions Corp., <br> Class A | 2815543 | &nbsp;&nbsp; 205196774 |
| DXC Technology Co.<sup>(b)(c)</sup>  | 4842161 | &nbsp;&nbsp; 68758686 |
|  |  | &nbsp;&nbsp; 273955460 |
| **Life & Health Insurance–0.95%** | **Life & Health Insurance–0.95%** | **Life & Health Insurance–0.95%** |
| MetLife, Inc. | 1552590 | &nbsp;&nbsp; 123927734 |
| **Life Sciences Tools & Services–1.44%** | **Life Sciences Tools & Services–1.44%** | **Life Sciences Tools & Services–1.44%** |
| ICON PLC<sup>(b)</sup>  | 639896 | &nbsp;&nbsp; 109946931 |
| IQVIA Holdings, Inc.<sup>(b)</sup>  | 354415 | &nbsp;&nbsp; 76716671 |
|  |  | &nbsp;&nbsp; 186663602 |
| **Managed Health Care–2.97%** | **Managed Health Care–2.97%** | **Managed Health Care–2.97%** |
| Elevance Health, Inc. | 617046 | &nbsp;&nbsp; 195726991 |
| Humana, Inc. | 302184 | &nbsp;&nbsp; 84064567 |

---

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. | 311836 | &nbsp;&nbsp; $106510704 |
|  |  | &nbsp;&nbsp; 386302262 |
| **Movies & Entertainment–1.26%** | **Movies & Entertainment–1.26%** | **Movies & Entertainment–1.26%** |
| Universal Music Group N.V. <br> (Netherlands) | 2349727 | &nbsp;&nbsp; 63024328 |
| Walt Disney Co. (The) | 897855 | &nbsp;&nbsp; 101116430 |
|  |  | &nbsp;&nbsp; 164140758 |
| **Multi-Utilities–3.09%** | **Multi-Utilities–3.09%** | **Multi-Utilities–3.09%** |
| Dominion Energy, Inc. | 2721679 | &nbsp;&nbsp; 159735340 |
| Sempra | 2635723 | &nbsp;&nbsp; 242328373 |
|  |  | &nbsp;&nbsp; 402063713 |
| **Oil & Gas Equipment & Services–0.57%** | **Oil & Gas Equipment & Services–0.57%** | **Oil & Gas Equipment & Services–0.57%** |
| Tenaris S.A. | 3705903 | &nbsp;&nbsp; 73654313 |
| **Oil & Gas Exploration & Production–1.70%** | **Oil & Gas Exploration & Production–1.70%** | **Oil & Gas Exploration & Production–1.70%** |
| ConocoPhillips | 1746678 | &nbsp;&nbsp; 155209807 |
| EQT Corp. | 1235183 | &nbsp;&nbsp; 66181105 |
|  |  | &nbsp;&nbsp; 221390912 |
| **Paper & Plastic Packaging Products & Materials–0.87%** | **Paper & Plastic Packaging Products & Materials–0.87%** | **Paper & Plastic Packaging Products & Materials–0.87%** |
| International Paper Co.<sup>(c)</sup>  | 2943308 | &nbsp;&nbsp; 113729421 |
| **Pharmaceuticals–6.12%** | **Pharmaceuticals–6.12%** | **Pharmaceuticals–6.12%** |
| AstraZeneca PLC (United Kingdom) | 1088101 | &nbsp;&nbsp; 179480660 |
| Bristol-Myers Squibb Co. | 1593369 | &nbsp;&nbsp; 73406510 |
| Johnson & Johnson | 969435 | &nbsp;&nbsp; 183097188 |
| Merck & Co., Inc. | 2029941 | &nbsp;&nbsp; 174534327 |
| Sanofi S.A., ADR<sup>(c)</sup>  | 3658925 | &nbsp;&nbsp; 185068427 |
|  |  | &nbsp;&nbsp; 795587112 |
| **Property & Casualty Insurance–1.92%** | **Property & Casualty Insurance–1.92%** | **Property & Casualty Insurance–1.92%** |
| Allstate Corp. (The) | 450337 | &nbsp;&nbsp; 86248542 |
| American International Group, Inc. | 2068959 | &nbsp;&nbsp; 163365003 |
|  |  | &nbsp;&nbsp; 249613545 |
| **Regional Banks–4.33%** | **Regional Banks–4.33%** | **Regional Banks–4.33%** |
| Citizens Financial Group, Inc. | 4364956 | &nbsp;&nbsp; 222045312 |
| Huntington Bancshares, Inc. | 12716352 | &nbsp;&nbsp; 196340475 |
| M&T Bank Corp. | 787258 | &nbsp;&nbsp; 144753128 |
|  |  | &nbsp;&nbsp; 563138915 |
| **Research & Consulting Services–0.88%** | **Research & Consulting Services–0.88%** | **Research & Consulting Services–0.88%** |
| TransUnion | 1402161 | &nbsp;&nbsp; 113827430 |
| **Restaurants–3.12%** | **Restaurants–3.12%** | **Restaurants–3.12%** |
| Domino's Pizza, Inc.<sup>(c)</sup>  | 309689 | &nbsp;&nbsp; 123398679 |
| Restaurant Brands International, Inc. <br> (Canada) | 2248023 | &nbsp;&nbsp; 147650978 |
| Starbucks Corp. | 1661212 | &nbsp;&nbsp; 134342214 |
|  |  | &nbsp;&nbsp; 405391871 |
| **Semiconductors–3.61%** | **Semiconductors–3.61%** | **Semiconductors–3.61%** |
| Intel Corp.<sup>(b)</sup>  | 4028121 | &nbsp;&nbsp; 161084559 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** | **Semiconductors–(continued)** |
| NXP Semiconductors N.V. <br> (Netherlands)<sup>(c)</sup>  | NXP Semiconductors N.V. <br> (Netherlands)<sup>(c)</sup>  | 981767 | &nbsp;&nbsp; $205307115 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 566615 | &nbsp;&nbsp; 102500653 |
|  |  |  | &nbsp;&nbsp; 468892327 |
| **Soft Drinks & Non-alcoholic Beverages–0.73%** | **Soft Drinks & Non-alcoholic Beverages–0.73%** | **Soft Drinks & Non-alcoholic Beverages–0.73%** | **Soft Drinks & Non-alcoholic Beverages–0.73%** |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | 1384970 | &nbsp;&nbsp; 95424433 |
| **Specialty Chemicals–1.24%** | **Specialty Chemicals–1.24%** | **Specialty Chemicals–1.24%** | **Specialty Chemicals–1.24%** |
| International Flavors & Fragrances, <br> Inc.<sup>(b)</sup>  | International Flavors & Fragrances, <br> Inc.<sup>(b)</sup>  | 2557505 | &nbsp;&nbsp; 161046090 |
| **Systems Software–2.91%** | **Systems Software–2.91%** | **Systems Software–2.91%** | **Systems Software–2.91%** |
| Microsoft Corp. | Microsoft Corp. | 730887 | &nbsp;&nbsp; 378460597 |
| **Telecom Tower REITs–0.77%** | **Telecom Tower REITs–0.77%** | **Telecom Tower REITs–0.77%** | **Telecom Tower REITs–0.77%** |
| SBA Communications Corp., Class A | SBA Communications Corp., Class A | 524316 | &nbsp;&nbsp; 100396028 |
| **Tobacco–1.51%** | **Tobacco–1.51%** | **Tobacco–1.51%** | **Tobacco–1.51%** |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 1361056 | &nbsp;&nbsp; 196441212 |
| Total Common Stocks & Other Equity Interests <br> (Cost $8,120,004,179) | Total Common Stocks & Other Equity Interests <br> (Cost $8,120,004,179) | Total Common Stocks & Other Equity Interests <br> (Cost $8,120,004,179) | &nbsp;&nbsp; 12354047040 |
| **Exchange-Traded Funds–0.85%** | **Exchange-Traded Funds–0.85%** | **Exchange-Traded Funds–0.85%** | **Exchange-Traded Funds–0.85%** |
| Invesco Comstock Contrarian Equity <br> ETF <br>(Cost $100,579,500)<sup>(d)</sup>  | Invesco Comstock Contrarian Equity <br> ETF <br>(Cost $100,579,500)<sup>(d)</sup>  | 3925000 | &nbsp;&nbsp; 109902748 |
| **Money Market Funds–4.03%** | **Money Market Funds–4.03%** | **Money Market Funds–4.03%** | **Money Market Funds–4.03%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.06%<sup>(d)(e)</sup>  | Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.06%<sup>(d)(e)</sup>  | 183519541 | &nbsp;&nbsp; 183519541 |
| Invesco Treasury Portfolio, <br> Institutional Class, 3.96%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 3.96%<sup>(d)(e)</sup>  | 340457853 | &nbsp;&nbsp; 340457853 |
| Total Money Market Funds <br> (Cost $523,977,394) | Total Money Market Funds <br> (Cost $523,977,394) | Total Money Market Funds <br> (Cost $523,977,394) | &nbsp;&nbsp; 523977394 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments <br> purchased with cash collateral <br> from securities on <br> loan)-99.93% <br> (Cost $8,744,561,073)<br>|  |  | &nbsp;&nbsp; 12987927182 |
| **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–2.63%** | **Money Market Funds–2.63%** | **Money Market Funds–2.63%** | **Money Market Funds–2.63%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | 91993096 | &nbsp;&nbsp; 91993096 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, <br> 4.30%<sup>(d)(e)(f)</sup>  | 250231608 | &nbsp;&nbsp; 250306677 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $342,299,773) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $342,299,773) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan <br> (Cost $342,299,773) | &nbsp;&nbsp; 342299773 |
| TOTAL INVESTMENTS IN SECURITIES–102.56% <br> (Cost $9,086,860,846) | TOTAL INVESTMENTS IN SECURITIES–102.56% <br> (Cost $9,086,860,846) | TOTAL INVESTMENTS IN SECURITIES–102.56% <br> (Cost $9,086,860,846) | &nbsp;&nbsp; 13330226955 |
| OTHER ASSETS LESS LIABILITIES—(2.56)% | OTHER ASSETS LESS LIABILITIES—(2.56)% | OTHER ASSETS LESS LIABILITIES—(2.56)% | &nbsp;&nbsp; (332951112)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $12997275843 |

---

Investment Abbreviations:

ADR – American Depositary Receipt <br> ETF – Exchange-Traded Fund <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 October 31, 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 six months ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $136938919 | &nbsp;&nbsp; $331987225 | &nbsp;&nbsp; $(285406603) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $183519541 | &nbsp;&nbsp; $3324630 |
| Invesco Treasury Portfolio, Institutional Class | 253950983 | &nbsp;&nbsp; 616547704 | &nbsp;&nbsp; (530040834) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 340457853 | &nbsp;&nbsp; 6105722 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 11554815 | &nbsp;&nbsp; 870026510 | &nbsp;&nbsp; (789588229) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 91993096 | &nbsp;&nbsp; 1,264,262\* |
| Invesco Private Prime Fund | 30133600 | &nbsp;&nbsp; 1816449013 | &nbsp;&nbsp; (1596292457) | &nbsp;&nbsp; 2690 | &nbsp;&nbsp; 13831 | &nbsp;&nbsp; 250306677 | &nbsp;&nbsp; 3,502,727\* |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| Invesco Comstock Contrarian Equity ETF | - | &nbsp;&nbsp; 100579500 | &nbsp;&nbsp; - | &nbsp;&nbsp; 9323248 | &nbsp;&nbsp; - | &nbsp;&nbsp; 109902748 | &nbsp;&nbsp; 903967 |
| Total | $432578317 | &nbsp;&nbsp; $3735589952 | &nbsp;&nbsp; $(3201328123) | &nbsp;&nbsp; $9325938 | &nbsp;&nbsp; $13831 | &nbsp;&nbsp; $976179915 | &nbsp;&nbsp; $15101308 |

---

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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** |  |  |  |  |  |  |
| 11/07/2025 | Barclays Bank PLC | CAD | 231864549 | USD | 166463013 | &nbsp;&nbsp;&nbsp; $1112973 |
| 11/07/2025 | Deutsche Bank AG | EUR | 13988277 | USD | 16414373 | &nbsp;&nbsp;&nbsp; 288063 |
| 11/07/2025 | Goldman Sachs International | EUR | 4130039 | USD | 4811388 | &nbsp;&nbsp;&nbsp; 50095 |
| 12/08/2025 | Goldman Sachs International | EUR | 189100499 | USD | 219124931 | &nbsp;&nbsp;&nbsp; 739216 |
| 11/07/2025 | J.P. Morgan Chase Bank, N.A. | GBP | 137992197 | USD | 185799028 | &nbsp;&nbsp;&nbsp; 4517536 |
| 12/08/2025 | J.P. Morgan Chase Bank, N.A. | GBP | 141843337 | USD | 186452641 | &nbsp;&nbsp;&nbsp; 101414 |
| 11/07/2025 | Royal Bank of Canada | EUR | 176984444 | USD | 208379360 | &nbsp;&nbsp;&nbsp; 4343795 |
| 11/07/2025 | Royal Bank of Canada | GBP | 7001526 | USD | 9440472 | &nbsp;&nbsp;&nbsp; 242510 |
| 12/08/2025 | Royal Bank of Canada | CAD | 226868088 | USD | 162480484 | &nbsp;&nbsp;&nbsp; 436094 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 11831696 |
| **Currency Risk** |  |  |  |  |  |  |
| 11/07/2025 | Canadian Imperial Bank of Commerce | USD | 3563630 | CAD | 4996462 | &nbsp;&nbsp;&nbsp; (493)<br>|
| 11/07/2025 | Goldman Sachs International | USD | 225697951 | EUR | 195102760 | &nbsp;&nbsp;&nbsp; (774782)<br>|
| 11/07/2025 | J.P. Morgan Chase Bank, N.A. | USD | 190658355 | GBP | 144993723 | &nbsp;&nbsp;&nbsp; (178901)<br>|
| 11/07/2025 | Royal Bank of Canada | USD | 162222444 | CAD | 226868088 | &nbsp;&nbsp;&nbsp; (435541)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (1389717)<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; $10441979 |

---

---

| | |
|:---|:---|
| 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**

*October 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $8,120,004,179)\*<br>| &nbsp;&nbsp; $12354047040 |
| Investments in affiliates, at value <br>(Cost $966,856,667)<br>| &nbsp;&nbsp; 976179915 |
| Other investments: |  |
| Unrealized appreciation on forward foreign <br> currency contracts outstanding<br>| &nbsp;&nbsp; 11831696 |
| Foreign currencies, at value (Cost $558,647) | &nbsp;&nbsp; 552842 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 5498737 |
| Dividends | &nbsp;&nbsp; 9954240 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 889319 |
| Other assets | &nbsp;&nbsp; 126329 |
| Total assets | &nbsp;&nbsp; 13359080118 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign <br> currency contracts outstanding<br>| &nbsp;&nbsp; 1389717 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 5252135 |
| Fund shares reacquired | &nbsp;&nbsp; 6479285 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 342299773 |
| Accrued fees to affiliates | &nbsp;&nbsp; 4998177 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 4475 |
| Accrued other operating expenses | &nbsp;&nbsp; 437789 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 942924 |
| Total liabilities | &nbsp;&nbsp; 361804275 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $12997275843 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $7873097509 |
| Distributable earnings | &nbsp;&nbsp; 5124178334 |
|  | &nbsp;&nbsp; $12997275843 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $7140740081 |
| Class C | &nbsp;&nbsp; $101930399 |
| Class R | &nbsp;&nbsp; $157688094 |
| Class Y | &nbsp;&nbsp; $2941019045 |
| Class R5 | &nbsp;&nbsp; $397002073 |
| Class R6 | &nbsp;&nbsp; $2258896151 |
| **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; 225301933 |
| Class C | &nbsp;&nbsp; 3213138 |
| Class R | &nbsp;&nbsp; 4973696 |
| Class Y | &nbsp;&nbsp; 92816249 |
| Class R5 | &nbsp;&nbsp; 12545007 |
| Class R6 | &nbsp;&nbsp; 71421105 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $31.69 |
| Maximum offering price per share <br>(Net asset value of $31.69 ÷ 94.50%)<br>| &nbsp;&nbsp; $33.53 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.72 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.70 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.69 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.65 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.63 |

---

\* At October 31, 2025, securities with an aggregate value of $335,639,412 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 six months ended October 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $3,071,503) | &nbsp;&nbsp; $144576091 |
| Dividends from affiliates (includes net securities lending income of $327,330) | &nbsp;&nbsp; 10661649 |
| Foreign withholding tax claims | &nbsp;&nbsp; 810581 |
| Total investment income | &nbsp;&nbsp; 156048321 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 23743381 |
| Administrative services fees | &nbsp;&nbsp; 882814 |
| Custodian fees | &nbsp;&nbsp; 32396 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 8778001 |
| Class C | &nbsp;&nbsp; 506492 |
| Class R | &nbsp;&nbsp; 382127 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 6829306 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 207994 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 303622 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 53766 |
| Registration and filing fees | &nbsp;&nbsp; 154876 |
| Reports to shareholders | &nbsp;&nbsp; 286266 |
| Professional services fees | &nbsp;&nbsp; 81230 |
| Other | &nbsp;&nbsp; 70682 |
| Total expenses | &nbsp;&nbsp; 42312953 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (487069)<br>|
| Net expenses | &nbsp;&nbsp; 41825884 |
| Net investment income | &nbsp;&nbsp; 114222437 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 468487764 |
| Affiliated investment securities | &nbsp;&nbsp; 13831 |
| Foreign currencies | &nbsp;&nbsp; 284165 |
| Forward foreign currency contracts | &nbsp;&nbsp; (20796751)<br>|
|  | &nbsp;&nbsp; 447989009 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1031711344 |
| Affiliated investment securities | &nbsp;&nbsp; 9325938 |
| Foreign currencies | &nbsp;&nbsp; (128081)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 26806417 |
|  | &nbsp;&nbsp; 1067715618 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1515704627 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1629927064 |

---

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 six months ended October 31, 2025 and the year ended April 30, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,** <br>**2025**<br>| **April 30,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $114222437 | &nbsp;&nbsp; $209416062 |
| Net realized gain | &nbsp;&nbsp; 447989009 | &nbsp;&nbsp; 970258737 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1067715618 | &nbsp;&nbsp; (402924084)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1629927064 | &nbsp;&nbsp; 776750715 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (53923221)<br>| &nbsp;&nbsp; (636789377)<br>|
| Class C | &nbsp;&nbsp; (403120)<br>| &nbsp;&nbsp; (8580379)<br>|
| Class R | &nbsp;&nbsp; (979880)<br>| &nbsp;&nbsp; (13496605)<br>|
| Class Y | &nbsp;&nbsp; (25141952)<br>| &nbsp;&nbsp; (241617288)<br>|
| Class R5 | &nbsp;&nbsp; (3790328)<br>| &nbsp;&nbsp; (40423990)<br>|
| Class R6 | &nbsp;&nbsp; (20343778)<br>| &nbsp;&nbsp; (189819692)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (104582279)<br>| &nbsp;&nbsp; (1130727331)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (164746116)<br>| &nbsp;&nbsp; 168637086 |
| Class C | &nbsp;&nbsp; (3338061)<br>| &nbsp;&nbsp; (2638560)<br>|
| Class R | &nbsp;&nbsp; (1322651)<br>| &nbsp;&nbsp; 6433725 |
| Class Y | &nbsp;&nbsp; 68164057 | &nbsp;&nbsp; 397385583 |
| Class R5 | &nbsp;&nbsp; (38605880)<br>| &nbsp;&nbsp; (14392750)<br>|
| Class R6 | &nbsp;&nbsp; 68400572 | &nbsp;&nbsp; 202321622 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (71448079)<br>| &nbsp;&nbsp; 757746706 |
| Net increase in net assets | &nbsp;&nbsp; 1453896706 | &nbsp;&nbsp; 403770090 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 11543379137 | &nbsp;&nbsp; 11139609047 |
| End of period | &nbsp;&nbsp; $12997275843 | &nbsp;&nbsp; $11543379137 |

---

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

**7**

**Invesco Comstock Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<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** |
| Six months ended 10/31/25 | $27.99 | $0.26 | $3.68 | $3.94 | $(0.24)<br>| $— | $(0.24)<br>| $31.69 | 14.09<br> %<br>| &nbsp;&nbsp; $7140740 | 0.77 %<sup>(d)</sup><br>| 0.78 %<sup>(d)</sup><br>| 1.69 %<sup>(d)</sup><br>| 11<br> %<br>|
| 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 | &nbsp;&nbsp; 6456380 | 0.79 | 0.79 | 1.65 | 26 |
| 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** |
| Six months ended 10/31/25 | 28.02 | 0.14 | 3.68 | 3.82 | (0.12)<br>|  | (0.12)<br>| 31.72 | 13.66 | &nbsp;&nbsp; 101930 | 1.52 <br><sup>(d)</sup><br>| 1.53 <br><sup>(d)</sup><br>| 0.94 <br><sup>(d)</sup><br>| 11 |
| 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>(e)</sup><br>| &nbsp;&nbsp; 93034 | 1.51 <br><sup>(e)</sup><br>| 1.51 <br><sup>(e)</sup><br>| 0.93 <br><sup>(e)</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>(e)</sup><br>| &nbsp;&nbsp; 91597 | 1.56 <br><sup>(e)</sup><br>| 1.56 <br><sup>(e)</sup><br>| 1.00 <br><sup>(e)</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** |
| Six months ended 10/31/25 | 28.00 | 0.22 | 3.68 | 3.90 | (0.20)<br>|  | (0.20)<br>| 31.70 | 13.95 | &nbsp;&nbsp; 157688 | 1.02 <br><sup>(d)</sup><br>| 1.03 <br><sup>(d)</sup><br>| 1.44 <br><sup>(d)</sup><br>| 11 |
| 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** |
| Six months ended 10/31/25 | 27.98 | 0.30 | 3.69 | 3.99 | (0.28)<br>|  | (0.28)<br>| 31.69 | 14.27 | &nbsp;&nbsp; 2941019 | 0.52 <br><sup>(d)</sup><br>| 0.53 <br><sup>(d)</sup><br>| 1.94 <br><sup>(d)</sup><br>| 11 |
| 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** |
| Six months ended 10/31/25 | 27.94 | 0.30 | 3.69 | 3.99 | (0.28)<br>|  | (0.28)<br>| 31.65 | 14.31 | &nbsp;&nbsp; 397002 | 0.49 <br><sup>(d)</sup><br>| 0.50 <br><sup>(d)</sup><br>| 1.97 <br><sup>(d)</sup><br>| 11 |
| 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** |
| Six months ended 10/31/25 | 27.93 | 0.31 | 3.68 | 3.99 | (0.29)<br>|  | (0.29)<br>| 31.63 | 14.32 | &nbsp;&nbsp; 2258896 | 0.42 <br><sup>(d)</sup><br>| 0.43 <br><sup>(d)</sup><br>| 2.04 <br><sup>(d)</sup><br>| 11 |
| 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> Annualized.

<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 0.97% 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**

*October 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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 six months ended October 31, 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** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is

**10**

**Invesco Comstock Fund**

------

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.

**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 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 six months ended October 31, 2025, the Fund paid the Adviser $13,318 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.

**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.

**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% |

---

**11**

**Invesco Comstock Fund**

------

For the six months ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.37%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., 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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2025, the Adviser waived advisory fees of $455,971.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 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 six months ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2025, IDI advised the Fund that IDI retained $379,890 in front-end sales commissions from the sale of Class A shares and $11,032 and $3,871 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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; $11724047252 | &nbsp;&nbsp;&nbsp;&nbsp; $629999788 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12354047040 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 109902748 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109902748 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 523977394 | &nbsp;&nbsp;&nbsp;&nbsp; 342299773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 866277167 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 12357927394 | &nbsp;&nbsp;&nbsp;&nbsp; 972299561 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13330226955 |

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**12**

**Invesco Comstock Fund**

------

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <br>**Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11831696 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11831696 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1389717)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1389717)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10441979 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10441979 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $12357927394 | &nbsp;&nbsp;&nbsp;&nbsp; $982741540 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13340668934 |

---

\* Unrealized appreciation (depreciation).

**NOTE 4—Derivative Investments**

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

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

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

The table below summarizes the value of the Fund's derivative investments, detailed by primary risk exposure, held as of October 31, 2025:

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $11831696 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $11831696 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(1389717)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(1389717)<br>|

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**Offsetting Assets and Liabilities**

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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>|
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $1112973 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1112973 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1112973 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (493)<br>| &nbsp;&nbsp;&nbsp; (493)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (493)<br>|
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp; 288063 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 288063 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 288063 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 789311 | &nbsp;&nbsp;&nbsp; (774782)<br>| &nbsp;&nbsp;&nbsp; 14529 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14529 |
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 4618950 | &nbsp;&nbsp;&nbsp; (178901)<br>| &nbsp;&nbsp;&nbsp; 4440049 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4440049 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 5022399 | &nbsp;&nbsp;&nbsp; (435541)<br>| &nbsp;&nbsp;&nbsp; 4586858 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4586858 |
| Total | &nbsp;&nbsp;&nbsp; $11831696 | &nbsp;&nbsp;&nbsp; $(1389717)<br>| &nbsp;&nbsp;&nbsp; $10441979 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10441979 |

---

**Effect of Derivative Investments for the six months ended October 31, 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; $(20796751)<br>|

---

**13**

**Invesco Comstock Fund**

------

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on**<br> **Statement of Operations**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Currency**<br> **Risk**<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $26806417 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $6009666 |

---

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; $802373874 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $31,098.

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

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of 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 six months ended October 31, 2025 was $1,310,254,128 and $1,493,343,859, respectively. As of October 31, 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; $4566013403 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (361176657)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $4204836746 |

---

Cost of investments for tax purposes is $9,135,832,188.

**14**

**Invesco Comstock Fund**

------

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025** | **Year ended** <br>**April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6588206 | &nbsp;&nbsp;&nbsp; $202163555 | &nbsp;&nbsp;&nbsp; 14549405 | &nbsp;&nbsp;&nbsp; $433442679 |
| Class C | &nbsp;&nbsp;&nbsp; 363380 | &nbsp;&nbsp;&nbsp; 11109595 | &nbsp;&nbsp;&nbsp; 625390 | &nbsp;&nbsp;&nbsp; 18501014 |
| Class R | &nbsp;&nbsp;&nbsp; 569896 | &nbsp;&nbsp;&nbsp; 17581888 | &nbsp;&nbsp;&nbsp; 1261585 | &nbsp;&nbsp;&nbsp; 37955190 |
| Class Y | &nbsp;&nbsp;&nbsp; 11071394 | &nbsp;&nbsp;&nbsp; 339000436 | &nbsp;&nbsp;&nbsp; 25581587 | &nbsp;&nbsp;&nbsp; 759155434 |
| Class R5 | &nbsp;&nbsp;&nbsp; 817921 | &nbsp;&nbsp;&nbsp; 25110457 | &nbsp;&nbsp;&nbsp; 1604117 | &nbsp;&nbsp;&nbsp; 47951407 |
| Class R6 | &nbsp;&nbsp;&nbsp; 8038995 | &nbsp;&nbsp;&nbsp; 246650990 | &nbsp;&nbsp;&nbsp; 14784698 | &nbsp;&nbsp;&nbsp; 438729771 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1564190 | &nbsp;&nbsp;&nbsp; 48186010 | &nbsp;&nbsp;&nbsp; 19654599 | &nbsp;&nbsp;&nbsp; 582527040 |
| Class C | &nbsp;&nbsp;&nbsp; 12138 | &nbsp;&nbsp;&nbsp; 374494 | &nbsp;&nbsp;&nbsp; 274501 | &nbsp;&nbsp;&nbsp; 8147960 |
| Class R | &nbsp;&nbsp;&nbsp; 31769 | &nbsp;&nbsp;&nbsp; 979337 | &nbsp;&nbsp;&nbsp; 454894 | &nbsp;&nbsp;&nbsp; 13493404 |
| Class Y | &nbsp;&nbsp;&nbsp; 671916 | &nbsp;&nbsp;&nbsp; 20696402 | &nbsp;&nbsp;&nbsp; 7116513 | &nbsp;&nbsp;&nbsp; 210865291 |
| Class R5 | &nbsp;&nbsp;&nbsp; 122899 | &nbsp;&nbsp;&nbsp; 3779571 | &nbsp;&nbsp;&nbsp; 1365248 | &nbsp;&nbsp;&nbsp; 40403705 |
| Class R6 | &nbsp;&nbsp;&nbsp; 632740 | &nbsp;&nbsp;&nbsp; 19453582 | &nbsp;&nbsp;&nbsp; 6239007 | &nbsp;&nbsp;&nbsp; 184510999 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 211399 | &nbsp;&nbsp;&nbsp; 6494205 | &nbsp;&nbsp;&nbsp; 484852 | &nbsp;&nbsp;&nbsp; 14506553 |
| Class C | &nbsp;&nbsp;&nbsp; (211241)<br>| &nbsp;&nbsp;&nbsp; (6494205)<br>| &nbsp;&nbsp;&nbsp; (484574)<br>| &nbsp;&nbsp;&nbsp; (14506553)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (13748155)<br>| &nbsp;&nbsp;&nbsp; (421589886)<br>| &nbsp;&nbsp;&nbsp; (28894158)<br>| &nbsp;&nbsp;&nbsp; (861839186)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (271946)<br>| &nbsp;&nbsp;&nbsp; (8327945)<br>| &nbsp;&nbsp;&nbsp; (497414)<br>| &nbsp;&nbsp;&nbsp; (14780981)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (649853)<br>| &nbsp;&nbsp;&nbsp; (19883876)<br>| &nbsp;&nbsp;&nbsp; (1509630)<br>| &nbsp;&nbsp;&nbsp; (45014869)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (9540841)<br>| &nbsp;&nbsp;&nbsp; (291532781)<br>| &nbsp;&nbsp;&nbsp; (19275312)<br>| &nbsp;&nbsp;&nbsp; (572635142)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (2174062)<br>| &nbsp;&nbsp;&nbsp; (67495908)<br>| &nbsp;&nbsp;&nbsp; (3442840)<br>| &nbsp;&nbsp;&nbsp; (102747862)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (6461860)<br>| &nbsp;&nbsp;&nbsp; (197704000)<br>| &nbsp;&nbsp;&nbsp; (14097548)<br>| &nbsp;&nbsp;&nbsp; (420919148)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (2361115)<br>| &nbsp;&nbsp;&nbsp; $(71448079)<br>| &nbsp;&nbsp;&nbsp; 25794920 | &nbsp;&nbsp;&nbsp; $757746706 |

---

<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 36% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

**15**

**Invesco Comstock Fund**

------

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

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Comstock Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

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

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

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

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

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other

**16**

**Invesco Comstock Fund**

------

performance metrics, which did not change its conclusions.

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

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

The Board also compared the Fund's advisory fee rate before the application of advisory fee waivers/expense limitations to the effective advisory fee rates before the application of advisory fee waivers/expense limitations of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2024.

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

&nbsp;&nbsp;&nbsp;&nbsp;

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

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

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for providing administrative, transfer agency and distribution services to the Fund. The Board received comparative information regarding

fees charged for these services, including information provided by Broadridge and other independent sources. The Board reviewed the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board noted that these services are provided to the Fund pursuant to written contracts that are reviewed and subject to approval on an annual basis by the Board based on its reasonable business judgement and in accordance with applicable regulatory guidance.

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

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

**17**

**Invesco Comstock Fund**

------

The Board considered information provided by Invesco Advisers related to the performance of Invesco Advisers as securities lending agent, including a summary of the securities lending services provided to the Fund by Invesco Advisers and the compensation paid to Invesco Advisers for such services, as well as any revenues generated for the Fund in connection with such securities lending activity and the allocation of such revenue between the Fund and Invesco Advisers.

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**18**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**19**

**Invesco Comstock Fund**

------

![](imgefcf41861.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

VK-COM-NCSRS

------

![](img27a348451.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Comstock Select Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_5ae91337-cda9-439f-99f9-9fce340d9003_SOI-Continued-770_1) | Schedule of Investments |
| [4](#xx_5ae91337-cda9-439f-99f9-9fce340d9003_FS-Continued-770_1) | Financial Statements |
| [7](#xx_5ae91337-cda9-439f-99f9-9fce340d9003_FS-Continued-770_4) | Financial Highlights |
| [8](#xx_5ae91337-cda9-439f-99f9-9fce340d9003_NTF-Continued-770_1) | Notes to Financial Statements |
| [14](#xx_5ae91337-cda9-439f-99f9-9fce340d9003_AOC-Continued-770_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_5ae91337-cda9-439f-99f9-9fce340d9003_OIRSR-Continued-770_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*October 31, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.51%** | **Common Stocks & Other Equity Interests–97.51%** | **Common Stocks & Other Equity Interests–97.51%** |
| **Aerospace & Defense–3.97%** | **Aerospace & Defense–3.97%** | **Aerospace & Defense–3.97%** |
| Textron, Inc. | 384608 | &nbsp;&nbsp; $31080173 |
| **Air Freight & Logistics–3.87%** | **Air Freight & Logistics–3.87%** | **Air Freight & Logistics–3.87%** |
| FedEx Corp. | 119344 | &nbsp;&nbsp; 30291894 |
| **Asset Management & Custody Banks–4.83%** | **Asset Management & Custody Banks–4.83%** | **Asset Management & Custody Banks–4.83%** |
| State Street Corp. | 327299 | &nbsp;&nbsp; 37855402 |
| **Brewers–3.31%** | **Brewers–3.31%** | **Brewers–3.31%** |
| Anheuser-Busch InBev S.A./N.V. <br> (Belgium) | 425796 | &nbsp;&nbsp; 25963848 |
| **Cable & Satellite–2.22%** | **Cable & Satellite–2.22%** | **Cable & Satellite–2.22%** |
| Charter Communications, Inc., <br> Class A<sup>(b)</sup>  | 74443 | &nbsp;&nbsp; 17407751 |
| **Communications Equipment–3.78%** | **Communications Equipment–3.78%** | **Communications Equipment–3.78%** |
| Cisco Systems, Inc. | 405213 | &nbsp;&nbsp; 29625122 |
| **Diversified Banks–7.54%** | **Diversified Banks–7.54%** | **Diversified Banks–7.54%** |
| Bank of America Corp. | 745239 | &nbsp;&nbsp; 39833025 |
| Wells Fargo & Co. | 221160 | &nbsp;&nbsp; 19234285 |
|  |  | &nbsp;&nbsp; 59067310 |
| **Footwear–2.64%** | **Footwear–2.64%** | **Footwear–2.64%** |
| NIKE, Inc., Class B | 320790 | &nbsp;&nbsp; 20719826 |
| **Health Care Equipment–3.51%** | **Health Care Equipment–3.51%** | **Health Care Equipment–3.51%** |
| Becton, Dickinson and Co. | 153713 | &nbsp;&nbsp; 27470050 |
| **Health Care Services–6.30%** | **Health Care Services–6.30%** | **Health Care Services–6.30%** |
| CVS Health Corp. | 632123 | &nbsp;&nbsp; 49400412 |
| **Household Products–5.64%** | **Household Products–5.64%** | **Household Products–5.64%** |
| Kimberly-Clark Corp. | 137669 | &nbsp;&nbsp; 16480356 |
| Reckitt Benckiser Group PLC (United <br> Kingdom) | 362216 | &nbsp;&nbsp; 27705556 |
|  |  | &nbsp;&nbsp; 44185912 |
| **Integrated Oil & Gas–5.79%** | **Integrated Oil & Gas–5.79%** | **Integrated Oil & Gas–5.79%** |
| Chevron Corp. | 159667 | &nbsp;&nbsp; 25182679 |
| Suncor Energy, Inc. (Canada) | 508138 | &nbsp;&nbsp; 20228974 |
|  |  | &nbsp;&nbsp; 45411653 |
| **Interactive Media & Services–4.01%** | **Interactive Media & Services–4.01%** | **Interactive Media & Services–4.01%** |
| Alphabet, Inc., Class A | 72703 | &nbsp;&nbsp; 20443357 |
| Meta Platforms, Inc., Class A | 16923 | &nbsp;&nbsp; 10972027 |
|  |  | &nbsp;&nbsp; 31415384 |
| **IT Consulting & Other Services–3.18%** | **IT Consulting & Other Services–3.18%** | **IT Consulting & Other Services–3.18%** |
| Cognizant Technology Solutions Corp., <br> Class A | 341588 | &nbsp;&nbsp; 24894933 |
| **Managed Health Care–3.26%** | **Managed Health Care–3.26%** | **Managed Health Care–3.26%** |
| Elevance Health, Inc. | 80522 | &nbsp;&nbsp; 25541578 |
| **Movies & Entertainment–2.61%** | **Movies & Entertainment–2.61%** | **Movies & Entertainment–2.61%** |
| Walt Disney Co. (The) | 181859 | &nbsp;&nbsp; 20480961 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Multi-Utilities–2.19%** | **Multi-Utilities–2.19%** | **Multi-Utilities–2.19%** | **Multi-Utilities–2.19%** |
| Dominion Energy, Inc.<sup>(c)</sup>  | Dominion Energy, Inc.<sup>(c)</sup>  | 292900 | &nbsp;&nbsp; $17190301 |
| **Oil & Gas Exploration & Production–2.11%** | **Oil & Gas Exploration & Production–2.11%** | **Oil & Gas Exploration & Production–2.11%** | **Oil & Gas Exploration & Production–2.11%** |
| ConocoPhillips | ConocoPhillips | 186531 | &nbsp;&nbsp; 16575145 |
| **Pharmaceuticals–7.04%** | **Pharmaceuticals–7.04%** | **Pharmaceuticals–7.04%** | **Pharmaceuticals–7.04%** |
| Merck & Co., Inc. | Merck & Co., Inc. | 361020 | &nbsp;&nbsp; 31040500 |
| Sanofi S.A., ADR | Sanofi S.A., ADR | 477738 | &nbsp;&nbsp; 24163988 |
|  |  |  | &nbsp;&nbsp; 55204488 |
| **Regional Banks–7.01%** | **Regional Banks–7.01%** | **Regional Banks–7.01%** | **Regional Banks–7.01%** |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | 490949 | &nbsp;&nbsp; 24974576 |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | 1938619 | &nbsp;&nbsp; 29932277 |
|  |  |  | &nbsp;&nbsp; 54906853 |
| **Research & Consulting Services–2.55%** | **Research & Consulting Services–2.55%** | **Research & Consulting Services–2.55%** | **Research & Consulting Services–2.55%** |
| TransUnion<sup>(c)</sup>  | TransUnion<sup>(c)</sup>  | 245799 | &nbsp;&nbsp; 19953963 |
| **Semiconductors–7.28%** | **Semiconductors–7.28%** | **Semiconductors–7.28%** | **Semiconductors–7.28%** |
| Intel Corp.<sup>(b)</sup>  | Intel Corp.<sup>(b)</sup>  | 781605 | &nbsp;&nbsp; 31256384 |
| NXP Semiconductors N.V. (Netherlands) | NXP Semiconductors N.V. (Netherlands) | 123243 | &nbsp;&nbsp; 25772576 |
|  |  |  | &nbsp;&nbsp; 57028960 |
| **Systems Software–2.87%** | **Systems Software–2.87%** | **Systems Software–2.87%** | **Systems Software–2.87%** |
| Microsoft Corp. | Microsoft Corp. | 43410 | &nbsp;&nbsp; 22478132 |
| Total Common Stocks & Other Equity Interests <br> (Cost $684,524,621) | Total Common Stocks & Other Equity Interests <br> (Cost $684,524,621) | Total Common Stocks & Other Equity Interests <br> (Cost $684,524,621) | &nbsp;&nbsp; 764150051 |
| **Money Market Funds–2.33%** | **Money Market Funds–2.33%** | **Money Market Funds–2.33%** | **Money Market Funds–2.33%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | 6375826 | &nbsp;&nbsp; 6375826 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | 11857981 | &nbsp;&nbsp; 11857981 |
| Total Money Market Funds (Cost $18,233,807) | Total Money Market Funds (Cost $18,233,807) | Total Money Market Funds (Cost $18,233,807) | &nbsp;&nbsp; 18233807 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.84% <br> (Cost $702,758,428)<br>|  |  | &nbsp;&nbsp; 782383858 |
| **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–3.29%** | **Money Market Funds–3.29%** | **Money Market Funds–3.29%** | **Money Market Funds–3.29%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | 7161188 | &nbsp;&nbsp; 7161188 |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup>  | 18640993 | &nbsp;&nbsp; 18646585 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $25,807,924) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $25,807,924) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $25,807,924) | &nbsp;&nbsp; 25807773 |
| TOTAL INVESTMENTS IN SECURITIES–103.13% <br> (Cost $728,566,352) | TOTAL INVESTMENTS IN SECURITIES–103.13% <br> (Cost $728,566,352) | TOTAL INVESTMENTS IN SECURITIES–103.13% <br> (Cost $728,566,352) | &nbsp;&nbsp; 808191631 |
| OTHER ASSETS LESS LIABILITIES—(3.13)% | OTHER ASSETS LESS LIABILITIES—(3.13)% | OTHER ASSETS LESS LIABILITIES—(3.13)% | &nbsp;&nbsp; (24563883)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $783627748 |

---

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

**2**

**Invesco Comstock Select Fund**

------

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

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

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 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 six months ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $8579500 | &nbsp;&nbsp; $29805015 | &nbsp;&nbsp; $(32008689) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6375826 | &nbsp;&nbsp; $154293 |
| Invesco Treasury Portfolio, Institutional Class | 15950519 | &nbsp;&nbsp; 55352171 | &nbsp;&nbsp; (59444709) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11857981 | &nbsp;&nbsp; 284234 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 7824996 | &nbsp;&nbsp; 61524924 | &nbsp;&nbsp; (62188732) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7161188 | &nbsp;&nbsp; 36,938\* |
| Invesco Private Prime Fund | 20104144 | &nbsp;&nbsp; 117107607 | &nbsp;&nbsp; (118563082) | (27) | &nbsp;&nbsp; (2057) | &nbsp;&nbsp; 18646585 | &nbsp;&nbsp; 94,755\* |
| Total | $52459159 | &nbsp;&nbsp; $263789717 | &nbsp;&nbsp; $(272205212) | &nbsp;&nbsp; $(27) | &nbsp;&nbsp; $(2057) | &nbsp;&nbsp; $44041580 | &nbsp;&nbsp; $570220 |

---

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

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

*October 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $684,524,621)\*<br>| &nbsp;&nbsp; $764150051 |
| Investments in affiliated money market funds, at value <br> (Cost $44,041,731)<br>| &nbsp;&nbsp; 44041580 |
| Cash | &nbsp;&nbsp; 1000000 |
| Foreign currencies, at value (Cost $99,613) | &nbsp;&nbsp; 99612 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 196402 |
| Dividends | &nbsp;&nbsp; 716139 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 120924 |
| Other assets | &nbsp;&nbsp; 64291 |
| Total assets | &nbsp;&nbsp; 810388999 |
| **Liabilities:** |  |
| Payable for: |  |
| Dividends | &nbsp;&nbsp; 56 |
| Fund shares reacquired | &nbsp;&nbsp; 409304 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 25807924 |
| Accrued fees to affiliates | &nbsp;&nbsp; 338567 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 42010 |
| Accrued other operating expenses | &nbsp;&nbsp; 42466 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 120924 |
| Total liabilities | &nbsp;&nbsp; 26761251 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $783627748 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $614626015 |
| Distributable earnings | &nbsp;&nbsp; 169001733 |
|  | &nbsp;&nbsp; $783627748 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $605059551 |
| Class C | &nbsp;&nbsp; $25489537 |
| Class R | &nbsp;&nbsp; $48225303 |
| Class Y | &nbsp;&nbsp; $69530188 |
| Class R5 | &nbsp;&nbsp; $10771 |
| Class R6 | &nbsp;&nbsp; $35312398 |
| **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; 17551407 |
| Class C | &nbsp;&nbsp; 815845 |
| Class R | &nbsp;&nbsp; 1458284 |
| Class Y | &nbsp;&nbsp; 1928617 |
| Class R5 | &nbsp;&nbsp; 313 |
| Class R6 | &nbsp;&nbsp; 983615 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $34.47 |
| Maximum offering price per share <br>(Net asset value of $34.47 ÷ 94.50%)<br>| &nbsp;&nbsp; $36.48 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.24 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $33.07 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $36.05 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $34.41 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $35.90 |

---

\* At October 31, 2025, securities with an aggregate value of $25,470,594 were 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 six months ended October 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $3872 |
| Dividends (net of foreign withholding taxes of $98,775) | &nbsp;&nbsp; 8726940 |
| Dividends from affiliated money market funds (includes net securities lending income of $18,129) | &nbsp;&nbsp; 456656 |
| Foreign withholding tax claims | &nbsp;&nbsp; 87363 |
| Total investment income | &nbsp;&nbsp; 9274831 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1966762 |
| Administrative services fees | &nbsp;&nbsp; 54036 |
| Custodian fees | &nbsp;&nbsp; 2558 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 717332 |
| Class C | &nbsp;&nbsp; 127314 |
| Class R | &nbsp;&nbsp; 118604 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 449891 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 5446 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 7126 |
| Registration and filing fees | &nbsp;&nbsp; 53752 |
| Reports to shareholders | &nbsp;&nbsp; 24994 |
| Professional services fees | &nbsp;&nbsp; 38449 |
| Other | &nbsp;&nbsp; 9681 |
| Total expenses | &nbsp;&nbsp; 3575947 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (29054)<br>|
| Net expenses | &nbsp;&nbsp; 3546893 |
| Net investment income | &nbsp;&nbsp; 5727938 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 51715959 |
| Affiliated investment securities | &nbsp;&nbsp; (2057)<br>|
| Foreign currencies | &nbsp;&nbsp; 63228 |
|  | &nbsp;&nbsp; 51777130 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 46719232 |
| Affiliated investment securities | &nbsp;&nbsp; (27)<br>|
| Foreign currencies | &nbsp;&nbsp; (15797)<br>|
|  | &nbsp;&nbsp; 46703408 |
| Net realized and unrealized gain | &nbsp;&nbsp; 98480538 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $104208476 |

---

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 six months ended October 31, 2025 and the year ended April 30, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,** <br>**2025**<br>| **April 30,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $5727938 | &nbsp;&nbsp; $12553578 |
| Net realized gain | &nbsp;&nbsp; 51777130 | &nbsp;&nbsp; 130222229 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 46703408 | &nbsp;&nbsp; (110363635)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 104208476 | &nbsp;&nbsp; 32412172 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (4292013)<br>| &nbsp;&nbsp; (87893521)<br>|
| Class C | &nbsp;&nbsp; (88787)<br>| &nbsp;&nbsp; (4117944)<br>|
| Class R | &nbsp;&nbsp; (280480)<br>| &nbsp;&nbsp; (7176971)<br>|
| Class Y | &nbsp;&nbsp; (527158)<br>| &nbsp;&nbsp; (11154394)<br>|
| Class R5 | &nbsp;&nbsp; (92)<br>| &nbsp;&nbsp; (1693)<br>|
| Class R6 | &nbsp;&nbsp; (309687)<br>| &nbsp;&nbsp; (5190260)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (5498217)<br>| &nbsp;&nbsp; (115534783)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (22752537)<br>| &nbsp;&nbsp; 27607168 |
| Class C | &nbsp;&nbsp; (1708631)<br>| &nbsp;&nbsp; (1367422)<br>|
| Class R | &nbsp;&nbsp; (2266440)<br>| &nbsp;&nbsp; 3272160 |
| Class Y | &nbsp;&nbsp; (531753)<br>| &nbsp;&nbsp; (18237559)<br>|
| Class R6 | &nbsp;&nbsp; (2536470)<br>| &nbsp;&nbsp; 1842867 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (29795831)<br>| &nbsp;&nbsp; 13117214 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 68914428 | &nbsp;&nbsp; (70005397)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 714713320 | &nbsp;&nbsp; 784718717 |
| End of period | &nbsp;&nbsp; $783627748 | &nbsp;&nbsp; $714713320 |

---

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

**6**

**Invesco Comstock Select Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<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** |
| Six months ended 10/31/25 | $30.22 | $0.25 | $4.24 | $4.49 | $(0.24)<br>| $— | $(0.24)<br>| $34.47 | 14.89 %<sup>(d)</sup><br>| &nbsp;&nbsp; $605060 | 0.92 %<sup>(d)(e)</sup><br>| 0.92 %<sup>(d)(e)</sup><br>| 1.49 %<sup>(d)(e)</sup><br>| 27<br> %<br>|
| 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 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 551224 | 0.92 <br><sup>(d)</sup><br>| 0.93 <br><sup>(d)</sup><br>| 1.61 <br><sup>(d)</sup><br>| 70 |
| 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** |
| Six months ended 10/31/25 | 27.39 | 0.11 | 3.85 | 3.96 | (0.11)<br>|  | (0.11)<br>| 31.24 | 14.45 | &nbsp;&nbsp; 25490 | 1.68 <br><sup>(e)</sup><br>| 1.68 <br><sup>(e)</sup><br>| 0.73 <br><sup>(e)</sup><br>| 27 |
| 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** |
| Six months ended 10/31/25 | 28.99 | 0.20 | 4.07 | 4.27 | (0.19)<br>|  | (0.19)<br>| 33.07 | 14.75 | &nbsp;&nbsp; 48225 | 1.18 <br><sup>(e)</sup><br>| 1.18 <br><sup>(e)</sup><br>| 1.23 <br><sup>(e)</sup><br>| 27 |
| 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** |
| Six months ended 10/31/25 | 31.60 | 0.30 | 4.44 | 4.74 | (0.29)<br>|  | (0.29)<br>| 36.05 | 15.04 | &nbsp;&nbsp; 69530 | 0.68 <br><sup>(e)</sup><br>| 0.68 <br><sup>(e)</sup><br>| 1.73 <br><sup>(e)</sup><br>| 27 |
| 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** |
| Six months ended 10/31/25 | 30.16 | 0.30 | 4.24 | 4.54 | (0.29)<br>|  | (0.29)<br>| 34.41 | 15.10 | &nbsp;&nbsp; 11 | 0.59 <br><sup>(e)</sup><br>| 0.59 <br><sup>(e)</sup><br>| 1.82 <br><sup>(e)</sup><br>| 27 |
| 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** |
| Six months ended 10/31/25 | 31.47 | 0.32 | 4.42 | 4.74 | (0.31)<br>|  | (0.31)<br>| 35.90 | 15.08 | &nbsp;&nbsp; 35312 | 0.59 <br><sup>(e)</sup><br>| 0.59 <br><sup>(e)</sup><br>| 1.82 <br><sup>(e)</sup><br>| 27 |
| 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 |

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

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

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

<sup>(d)</sup> The total return, ratios of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended October 31, 2025 and the years ended April 30, 2025, 2024, 2023, 2022 and 2021. 

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

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

**7**

**Invesco Comstock Select Fund**

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**Notes to Financial Statements**

*October 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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**

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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, 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 six months ended October 31, 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** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is

**9**

**Invesco Comstock Select Fund**

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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.

**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 six months ended October 31, 2025, the Fund paid the Adviser $2,110 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 six months ended October 31, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., 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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2025, the Adviser waived advisory fees of $13,805.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. ("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively, the "Plans"). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2025, IDI advised the Fund that IDI retained $24,176 in front-end sales commissions from the sale of Class A shares and $0 and $396 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's

**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 October 31, 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; $710480647 | &nbsp;&nbsp;&nbsp;&nbsp; $53669404 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $764150051 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 18233807 | &nbsp;&nbsp;&nbsp;&nbsp; 25807773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44041580 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $728714454 | &nbsp;&nbsp;&nbsp;&nbsp; $79477177 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $808191631 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $15,249.

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

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of 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 six months ended October 31, 2025 was $198,798,380 and $220,769,335, respectively. As of October 31, 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; $125066476 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (45771685)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $79294791 |

---

Cost of investments for tax purposes is $728,896,840.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025** | **Year ended** <br>**April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 500365 | &nbsp;&nbsp;&nbsp; $16540853 | &nbsp;&nbsp;&nbsp; 1066864 | &nbsp;&nbsp;&nbsp; $35878929 |
| Class C | &nbsp;&nbsp;&nbsp; 58283 | &nbsp;&nbsp;&nbsp; 1768821 | &nbsp;&nbsp;&nbsp; 125365 | &nbsp;&nbsp;&nbsp; 3850664 |
| Class R | &nbsp;&nbsp;&nbsp; 74725 | &nbsp;&nbsp;&nbsp; 2384485 | &nbsp;&nbsp;&nbsp; 195021 | &nbsp;&nbsp;&nbsp; 6324648 |
| Class Y | &nbsp;&nbsp;&nbsp; 305277 | &nbsp;&nbsp;&nbsp; 10737197 | &nbsp;&nbsp;&nbsp; 497195 | &nbsp;&nbsp;&nbsp; 17066186 |
| Class R6 | &nbsp;&nbsp;&nbsp; 76230 | &nbsp;&nbsp;&nbsp; 2648069 | &nbsp;&nbsp;&nbsp; 436023 | &nbsp;&nbsp;&nbsp; 14754028 |

---

**12**

**Invesco Comstock Select Fund**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **October 31, 2025**<sup>(a)</sup> | **Six months ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 121014 | &nbsp;&nbsp;&nbsp; $4054721 | &nbsp;&nbsp;&nbsp; 2594778 | &nbsp;&nbsp;&nbsp; $83907283 |
| Class C | &nbsp;&nbsp;&nbsp; 2887 | &nbsp;&nbsp;&nbsp; 87648 | &nbsp;&nbsp;&nbsp; 139057 | &nbsp;&nbsp;&nbsp; 4074003 |
| Class R | &nbsp;&nbsp;&nbsp; 8698 | &nbsp;&nbsp;&nbsp; 279614 | &nbsp;&nbsp;&nbsp; 230975 | &nbsp;&nbsp;&nbsp; 7166021 |
| Class Y | &nbsp;&nbsp;&nbsp; 12269 | &nbsp;&nbsp;&nbsp; 429849 | &nbsp;&nbsp;&nbsp; 281880 | &nbsp;&nbsp;&nbsp; 9537679 |
| Class R6 | &nbsp;&nbsp;&nbsp; 8452 | &nbsp;&nbsp;&nbsp; 294778 | &nbsp;&nbsp;&nbsp; 149949 | &nbsp;&nbsp;&nbsp; 5051097 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 38054 | &nbsp;&nbsp;&nbsp; 1265896 | &nbsp;&nbsp;&nbsp; 96931 | &nbsp;&nbsp;&nbsp; 3252963 |
| Class C | &nbsp;&nbsp;&nbsp; (41983)<br>| &nbsp;&nbsp;&nbsp; (1265896)<br>| &nbsp;&nbsp;&nbsp; (106355)<br>| &nbsp;&nbsp;&nbsp; (3252963)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1350502)<br>| &nbsp;&nbsp;&nbsp; (44614007)<br>| &nbsp;&nbsp;&nbsp; (2845302)<br>| &nbsp;&nbsp;&nbsp; (95432007)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (76432)<br>| &nbsp;&nbsp;&nbsp; (2299204)<br>| &nbsp;&nbsp;&nbsp; (195563)<br>| &nbsp;&nbsp;&nbsp; (6039126)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (156473)<br>| &nbsp;&nbsp;&nbsp; (4930539)<br>| &nbsp;&nbsp;&nbsp; (316639)<br>| &nbsp;&nbsp;&nbsp; (10218509)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (347087)<br>| &nbsp;&nbsp;&nbsp; (11698799)<br>| &nbsp;&nbsp;&nbsp; (1280357)<br>| &nbsp;&nbsp;&nbsp; (44841424)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (159433)<br>| &nbsp;&nbsp;&nbsp; (5479317)<br>| &nbsp;&nbsp;&nbsp; (525286)<br>| &nbsp;&nbsp;&nbsp; (17962258)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (925656)<br>| &nbsp;&nbsp;&nbsp; $(29795831)<br>| &nbsp;&nbsp;&nbsp; 544536 | &nbsp;&nbsp;&nbsp; $13117214 |

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<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**

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

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Comstock Select Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

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

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

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

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

**14**

**Invesco Comstock Select Fund**

------

performance as well as other performance metrics, which did not change its conclusions.

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

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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

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

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

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending

arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco Comstock Select Fund**

------

![](img27a348451.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

O-VAL-NCSRS

------

![](img45a66e1e1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Dividend Income Fund**

Nasdaq:

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

------

---

| | |
|:---|:---|
| [2](#xx_9a236d75-261e-41f8-9489-f42f5051f9b2_SOI-Continued-12_1) | Schedule of Investments |
| [4](#xx_9a236d75-261e-41f8-9489-f42f5051f9b2_FS-Continued-12_1) | Financial Statements |
| [7](#xx_9a236d75-261e-41f8-9489-f42f5051f9b2_FS-Continued-12_4) | Financial Highlights |
| [8](#xx_9a236d75-261e-41f8-9489-f42f5051f9b2_NTF-Continued-12_1) | Notes to Financial Statements |
| [14](#xx_9a236d75-261e-41f8-9489-f42f5051f9b2_AOC-Continued-12_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_9a236d75-261e-41f8-9489-f42f5051f9b2_OIRSR-Continued-12_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*October 31, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–97.60%** | **Common Stocks & Other Equity Interests–97.60%** | **Common Stocks & Other Equity Interests–97.60%** |
| **Aerospace & Defense–1.85%** | **Aerospace & Defense–1.85%** | **Aerospace & Defense–1.85%** |
| Airbus SE (France) | 93626 | &nbsp;&nbsp; $23085459 |
| Northrop Grumman Corp. | 76805 | &nbsp;&nbsp; 44811877 |
|  |  | &nbsp;&nbsp; 67897336 |
| **Agricultural & Farm Machinery–1.36%** | **Agricultural & Farm Machinery–1.36%** | **Agricultural & Farm Machinery–1.36%** |
| Deere & Co. | 108210 | &nbsp;&nbsp; 49952982 |
| **Apparel Retail–0.72%** | **Apparel Retail–0.72%** | **Apparel Retail–0.72%** |
| Ross Stores, Inc. | 165208 | &nbsp;&nbsp; 26254855 |
| **Application Software–1.32%** | **Application Software–1.32%** | **Application Software–1.32%** |
| Salesforce, Inc. | 185504 | &nbsp;&nbsp; 48307097 |
| **Asset Management & Custody Banks–1.81%** | **Asset Management & Custody Banks–1.81%** | **Asset Management & Custody Banks–1.81%** |
| BlackRock, Inc. | 38025 | &nbsp;&nbsp; 41173850 |
| KKR & Co., Inc., Class A | 212351 | &nbsp;&nbsp; 25127494 |
|  |  | &nbsp;&nbsp; 66301344 |
| **Biotechnology–1.12%** | **Biotechnology–1.12%** | **Biotechnology–1.12%** |
| AbbVie, Inc. | 189112 | &nbsp;&nbsp; 41233981 |
| **Building Products–1.04%** | **Building Products–1.04%** | **Building Products–1.04%** |
| Johnson Controls International PLC | 334813 | &nbsp;&nbsp; 38299259 |
| **Cable & Satellite–0.76%** | **Cable & Satellite–0.76%** | **Cable & Satellite–0.76%** |
| Comcast Corp., Class A | 997882 | &nbsp;&nbsp; 27776046 |
| **Communications Equipment–2.33%** | **Communications Equipment–2.33%** | **Communications Equipment–2.33%** |
| Cisco Systems, Inc. | 1169245 | &nbsp;&nbsp; 85483502 |
| **Construction Materials–1.35%** | **Construction Materials–1.35%** | **Construction Materials–1.35%** |
| CRH PLC | 414643 | &nbsp;&nbsp; 49383981 |
| **Consumer Staples Merchandise Retail–2.80%** | **Consumer Staples Merchandise Retail–2.80%** | **Consumer Staples Merchandise Retail–2.80%** |
| Walmart, Inc. | 1015591 | &nbsp;&nbsp; 102757497 |
| **Diversified Banks–10.47%** | **Diversified Banks–10.47%** | **Diversified Banks–10.47%** |
| Bank of America Corp. | 1930156 | &nbsp;&nbsp; 103166838 |
| Fifth Third Bancorp | 672125 | &nbsp;&nbsp; 27973842 |
| JPMorgan Chase & Co. | 462290 | &nbsp;&nbsp; 143827665 |
| PNC Financial Services Group, Inc. <br> (The) | 242760 | &nbsp;&nbsp; 44315838 |
| Wells Fargo & Co. | 747016 | &nbsp;&nbsp; 64967982 |
|  |  | &nbsp;&nbsp; 384252165 |
| **Electric Utilities–2.87%** | **Electric Utilities–2.87%** | **Electric Utilities–2.87%** |
| Entergy Corp. | 500817 | &nbsp;&nbsp; 48123505 |
| PPL Corp. | 1569986 | &nbsp;&nbsp; 57335889 |
|  |  | &nbsp;&nbsp; 105459394 |
| **Electrical Components & Equipment–2.77%** | **Electrical Components & Equipment–2.77%** | **Electrical Components & Equipment–2.77%** |
| Eaton Corp. PLC | 168662 | &nbsp;&nbsp; 64354673 |
| Emerson Electric Co. | 267658 | &nbsp;&nbsp; 37357027 |
|  |  | &nbsp;&nbsp; 101711700 |
| **Electronic Manufacturing Services–0.95%** | **Electronic Manufacturing Services–0.95%** | **Electronic Manufacturing Services–0.95%** |
| TE Connectivity PLC (Switzerland) | 140836 | &nbsp;&nbsp; 34787900 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Food Distributors–1.13%** | **Food Distributors–1.13%** | **Food Distributors–1.13%** |
| Sysco Corp. | 558537 | &nbsp;&nbsp; $41488128 |
| **Health Care Distributors–1.24%** | **Health Care Distributors–1.24%** | **Health Care Distributors–1.24%** |
| Cencora, Inc. | 134745 | &nbsp;&nbsp; 45518208 |
| **Health Care Equipment–2.80%** | **Health Care Equipment–2.80%** | **Health Care Equipment–2.80%** |
| Abbott Laboratories | 421102 | &nbsp;&nbsp; 52056629 |
| Medtronic PLC | 560554 | &nbsp;&nbsp; 50842248 |
|  |  | &nbsp;&nbsp; 102898877 |
| **Health Care Services–1.38%** | **Health Care Services–1.38%** | **Health Care Services–1.38%** |
| CVS Health Corp. | 645341 | &nbsp;&nbsp; 50433399 |
| **Home Improvement Retail–2.99%** | **Home Improvement Retail–2.99%** | **Home Improvement Retail–2.99%** |
| Lowe's Cos., Inc. | 461249 | &nbsp;&nbsp; 109837224 |
| **Hotels, Resorts & Cruise Lines–1.56%** | **Hotels, Resorts & Cruise Lines–1.56%** | **Hotels, Resorts & Cruise Lines–1.56%** |
| Marriott International, Inc., Class A | 220037 | &nbsp;&nbsp; 57337242 |
| **Household Products–3.02%** | **Household Products–3.02%** | **Household Products–3.02%** |
| Colgate-Palmolive Co. | 516035 | &nbsp;&nbsp; 39760497 |
| Procter & Gamble Co. (The) | 473176 | &nbsp;&nbsp; 71151475 |
|  |  | &nbsp;&nbsp; 110911972 |
| **Industrial Gases–0.66%** | **Industrial Gases–0.66%** | **Industrial Gases–0.66%** |
| Air Products and Chemicals, Inc. | 100188 | &nbsp;&nbsp; 24304607 |
| **Industrial Machinery & Supplies & Components–2.19%** | **Industrial Machinery & Supplies & Components–2.19%** | **Industrial Machinery & Supplies & Components–2.19%** |
| Parker-Hannifin Corp. | 103897 | &nbsp;&nbsp; 80294719 |
| **Industrial REITs–1.39%** | **Industrial REITs–1.39%** | **Industrial REITs–1.39%** |
| Prologis, Inc. | 411385 | &nbsp;&nbsp; 51048765 |
| **Insurance Brokers–0.71%** | **Insurance Brokers–0.71%** | **Insurance Brokers–0.71%** |
| Marsh & McLennan Cos., Inc. | 147017 | &nbsp;&nbsp; 26191079 |
| **Integrated Oil & Gas–2.36%** | **Integrated Oil & Gas–2.36%** | **Integrated Oil & Gas–2.36%** |
| Chevron Corp. | 549839 | &nbsp;&nbsp; 86720607 |
| **Integrated Telecommunication Services–1.42%** | **Integrated Telecommunication Services–1.42%** | **Integrated Telecommunication Services–1.42%** |
| AT&T, Inc. | 2100635 | &nbsp;&nbsp; 51990716 |
| **Investment Banking & Brokerage–3.16%** | **Investment Banking & Brokerage–3.16%** | **Investment Banking & Brokerage–3.16%** |
| Charles Schwab Corp. (The) | 678195 | &nbsp;&nbsp; 64102991 |
| Morgan Stanley | 317108 | &nbsp;&nbsp; 52005712 |
|  |  | &nbsp;&nbsp; 116108703 |
| **Life Sciences Tools & Services–1.08%** | **Life Sciences Tools & Services–1.08%** | **Life Sciences Tools & Services–1.08%** |
| Danaher Corp. | 183459 | &nbsp;&nbsp; 39513399 |
| **Movies & Entertainment–1.31%** | **Movies & Entertainment–1.31%** | **Movies & Entertainment–1.31%** |
| Walt Disney Co. (The) | 425682 | &nbsp;&nbsp; 47940307 |
| **Multi-Utilities–3.73%** | **Multi-Utilities–3.73%** | **Multi-Utilities–3.73%** |
| CMS Energy Corp. | 727569 | &nbsp;&nbsp; 53512700 |
| Public Service Enterprise Group, Inc. | 666784 | &nbsp;&nbsp; 53716119 |
| Sempra | 322153 | &nbsp;&nbsp; 29618747 |
|  |  | &nbsp;&nbsp; 136847566 |
| **Oil & Gas Exploration & Production–1.31%** | **Oil & Gas Exploration & Production–1.31%** | **Oil & Gas Exploration & Production–1.31%** |
| ConocoPhillips | 540721 | &nbsp;&nbsp; 48048468 |

---

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–1.04%** | **Oil & Gas Refining & Marketing–1.04%** | **Oil & Gas Refining & Marketing–1.04%** |
| Valero Energy Corp. | 225220 | &nbsp;&nbsp; $38188303 |
| **Oil & Gas Storage & Transportation–1.24%** | **Oil & Gas Storage & Transportation–1.24%** | **Oil & Gas Storage & Transportation–1.24%** |
| Williams Cos., Inc. (The) | 783370 | &nbsp;&nbsp; 45333622 |
| **Packaged Foods & Meats–0.69%** | **Packaged Foods & Meats–0.69%** | **Packaged Foods & Meats–0.69%** |
| McCormick & Co., Inc. | 396212 | &nbsp;&nbsp; 25420962 |
| **Paper & Plastic Packaging Products & Materials–0.89%** | **Paper & Plastic Packaging Products & Materials–0.89%** | **Paper & Plastic Packaging Products & Materials–0.89%** |
| Smurfit WestRock PLC | 438000 | &nbsp;&nbsp; 16170960 |
| Sonoco Products Co. | 410222 | &nbsp;&nbsp; 16642707 |
|  |  | &nbsp;&nbsp; 32813667 |
| **Pharmaceuticals–5.88%** | **Pharmaceuticals–5.88%** | **Pharmaceuticals–5.88%** |
| AstraZeneca PLC (United Kingdom) | 251522 | &nbsp;&nbsp; 41488184 |
| Bristol-Myers Squibb Co. | 744115 | &nbsp;&nbsp; 34281378 |
| Johnson & Johnson | 569695 | &nbsp;&nbsp; 107598295 |
| Merck & Co., Inc. | 375429 | &nbsp;&nbsp; 32279385 |
|  |  | &nbsp;&nbsp; 215647242 |
| **Property & Casualty Insurance–4.44%** | **Property & Casualty Insurance–4.44%** | **Property & Casualty Insurance–4.44%** |
| American International Group, Inc. | 709076 | &nbsp;&nbsp; 55988641 |
| Chubb Ltd. | 222144 | &nbsp;&nbsp; 61520559 |
| Hartford Insurance Group, Inc. (The) | 366942 | &nbsp;&nbsp; 45566858 |
|  |  | &nbsp;&nbsp; 163076058 |
| **Rail Transportation–1.38%** | **Rail Transportation–1.38%** | **Rail Transportation–1.38%** |
| Union Pacific Corp. | 230490 | &nbsp;&nbsp; 50793081 |
| **Restaurants–2.81%** | **Restaurants–2.81%** | **Restaurants–2.81%** |
| McDonald's Corp. | 277612 | &nbsp;&nbsp; 82847749 |
| Yum! Brands, Inc. | 147202 | &nbsp;&nbsp; 20344789 |
|  |  | &nbsp;&nbsp; 103192538 |
| **Semiconductor Materials & Equipment–1.46%** | **Semiconductor Materials & Equipment–1.46%** | **Semiconductor Materials & Equipment–1.46%** |
| Lam Research Corp. | 338976 | &nbsp;&nbsp; 53375161 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Semiconductors–2.55%** | **Semiconductors–2.55%** | **Semiconductors–2.55%** |
| Broadcom, Inc. | 94493 | &nbsp;&nbsp; $34927447 |
| NXP Semiconductors N.V. (Netherlands) | 123540 | &nbsp;&nbsp; 25834685 |
| Texas Instruments, Inc. | 203037 | &nbsp;&nbsp; 32782354 |
|  |  | &nbsp;&nbsp; 93544486 |
| **Soft Drinks & Non-alcoholic Beverages–1.65%** | **Soft Drinks & Non-alcoholic Beverages–1.65%** | **Soft Drinks & Non-alcoholic Beverages–1.65%** |
| Coca-Cola Co. (The) | 876923 | &nbsp;&nbsp; 60419995 |
| **Specialty Chemicals–0.71%** | **Specialty Chemicals–0.71%** | **Specialty Chemicals–0.71%** |
| DuPont de Nemours, Inc. | 320130 | &nbsp;&nbsp; 26138615 |
| **Systems Software–2.87%** | **Systems Software–2.87%** | **Systems Software–2.87%** |
| Microsoft Corp. | 168168 | &nbsp;&nbsp; 87079072 |
| Oracle Corp. | 69536 | &nbsp;&nbsp; 18260849 |
|  |  | &nbsp;&nbsp; 105339921 |
| **Telecom Tower REITs–1.20%** | **Telecom Tower REITs–1.20%** | **Telecom Tower REITs–1.20%** |
| Crown Castle, Inc. | 488283 | &nbsp;&nbsp; 44052892 |
| **Tobacco–1.83%** | **Tobacco–1.83%** | **Tobacco–1.83%** |
| Philip Morris International, Inc. | 465745 | &nbsp;&nbsp; 67220976 |
| Total Common Stocks & Other Equity Interests <br> (Cost $2,619,504,874) | Total Common Stocks & Other Equity Interests <br> (Cost $2,619,504,874) | &nbsp;&nbsp; 3581850544 |
| **Money Market Funds–2.27%** | **Money Market Funds–2.27%** | **Money Market Funds–2.27%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(b)(c)</sup>  | 29165396 | &nbsp;&nbsp; 29165396 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(b)(c)</sup>  | 54154582 | &nbsp;&nbsp; 54154582 |
| Total Money Market Funds (Cost $83,319,978) | Total Money Market Funds (Cost $83,319,978) | &nbsp;&nbsp; 83319978 |
| TOTAL INVESTMENTS IN SECURITIES–99.87% <br> (Cost $2,702,824,852) | TOTAL INVESTMENTS IN SECURITIES–99.87% <br> (Cost $2,702,824,852) | &nbsp;&nbsp; 3665170522 |
| OTHER ASSETS LESS LIABILITIES—0.13% | OTHER ASSETS LESS LIABILITIES—0.13% | &nbsp;&nbsp; 4700257 |
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $3669870779 |

---

Investment Abbreviations:

REIT – Real Estate Investment Trust

Notes to Schedule of Investments:

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

<sup>(b)</sup> Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $40867319 | &nbsp;&nbsp; $121572442 | &nbsp;&nbsp; $(133274365) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $29165396 | &nbsp;&nbsp; $714874 |
| Invesco Treasury Portfolio, Institutional Class | 75886724 | &nbsp;&nbsp; 225777392 | &nbsp;&nbsp; (247509534) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 54154582 | &nbsp;&nbsp; 1314957 |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | - | &nbsp;&nbsp; 35091147 | &nbsp;&nbsp; (35091147) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 25,666\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 89572397 | &nbsp;&nbsp; (89576281) | &nbsp;&nbsp; - | &nbsp;&nbsp; 3884 | &nbsp;&nbsp; - | &nbsp;&nbsp; 71,013\* |
| Total | $116754043 | &nbsp;&nbsp; $472013378 | &nbsp;&nbsp; $(505451327) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3884 | &nbsp;&nbsp; $83319978 | &nbsp;&nbsp; $2126510 |

---

\* 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 October 31, 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**

*October 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $2,619,504,874)<br>| &nbsp;&nbsp; $3581850544 |
| Investments in affiliated money market funds, at value <br> (Cost $83,319,978)<br>| &nbsp;&nbsp; 83319978 |
| Foreign currencies, at value (Cost $975) | &nbsp;&nbsp; 983 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 873434 |
| Dividends | &nbsp;&nbsp; 7795996 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 283604 |
| Other assets | &nbsp;&nbsp; 85534 |
| Total assets | &nbsp;&nbsp; 3674210073 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 2244940 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1555223 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 33712 |
| Accrued other operating expenses | &nbsp;&nbsp; 157873 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 347546 |
| Total liabilities | &nbsp;&nbsp; 4339294 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $3669870779 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2349301484 |
| Distributable earnings | &nbsp;&nbsp; 1320569295 |
|  | &nbsp;&nbsp; $3669870779 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $2884384924 |
| Class C | &nbsp;&nbsp; $101782285 |
| Class R | &nbsp;&nbsp; $103644876 |
| Class Y | &nbsp;&nbsp; $302176931 |
| Investor Class | &nbsp;&nbsp; $73562778 |
| Class R5 | &nbsp;&nbsp; $1269520 |
| Class R6 | &nbsp;&nbsp; $203049465 |
| **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; 102430080 |
| Class C | &nbsp;&nbsp; 3557653 |
| Class R | &nbsp;&nbsp; 3680888 |
| Class Y | &nbsp;&nbsp; 10595526 |
| Investor Class | &nbsp;&nbsp; 2578613 |
| Class R5 | &nbsp;&nbsp; 45059 |
| Class R6 | &nbsp;&nbsp; 7200257 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $28.16 |
| Maximum offering price per share <br>(Net asset value of $28.16 ÷ 94.50%)<br>| &nbsp;&nbsp; $29.80 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.61 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.16 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.52 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.53 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.17 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.20 |

---

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 six months ended October 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $184,423) | &nbsp;&nbsp; $41463161 |
| Dividends from affiliated money market funds (includes net securities lending income of $3,827) | &nbsp;&nbsp; 2033658 |
| Total investment income | &nbsp;&nbsp; 43496819 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 9768112 |
| Administrative services fees | &nbsp;&nbsp; 258112 |
| Custodian fees | &nbsp;&nbsp; 11758 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3467099 |
| Class C | &nbsp;&nbsp; 533992 |
| Class R | &nbsp;&nbsp; 259730 |
| Investor Class | &nbsp;&nbsp; 91376 |
| Transfer agent fees — A, C, R, Y and Investor Class | &nbsp;&nbsp; 1980649 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 902 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 29808 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 26400 |
| Registration and filing fees | &nbsp;&nbsp; 73198 |
| Reports to shareholders | &nbsp;&nbsp; 99443 |
| Professional services fees | &nbsp;&nbsp; 45680 |
| Other | &nbsp;&nbsp; 31726 |
| Total expenses | &nbsp;&nbsp; 16677985 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (116809)<br>|
| Net expenses | &nbsp;&nbsp; 16561176 |
| Net investment income | &nbsp;&nbsp; 26935643 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 122632330 |
| Affiliated investment securities | &nbsp;&nbsp; 3884 |
| Foreign currencies | &nbsp;&nbsp; 88756 |
|  | &nbsp;&nbsp; 122724970 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 264657461 |
| Foreign currencies | &nbsp;&nbsp; (21179)<br>|
|  | &nbsp;&nbsp; 264636282 |
| Net realized and unrealized gain | &nbsp;&nbsp; 387361252 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $414296895 |

---

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 six months ended October 31, 2025 and the year ended April 30, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,** <br>**2025**<br>| **April 30,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $26935643 | &nbsp;&nbsp; $55644559 |
| Net realized gain | &nbsp;&nbsp; 122724970 | &nbsp;&nbsp; 283357917 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 264636282 | &nbsp;&nbsp; (85016894)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 414296895 | &nbsp;&nbsp; 253985582 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; (18617619)<br>| &nbsp;&nbsp; (193787689)<br>|
| Class C | &nbsp;&nbsp; (291462)<br>| &nbsp;&nbsp; (7381762)<br>|
| Class R | &nbsp;&nbsp; (537411)<br>| &nbsp;&nbsp; (6805603)<br>|
| Class Y | &nbsp;&nbsp; (2310690)<br>| &nbsp;&nbsp; (22313268)<br>|
| Investor Class | &nbsp;&nbsp; (467658)<br>| &nbsp;&nbsp; (4846095)<br>|
| Class R5 | &nbsp;&nbsp; (13433)<br>| &nbsp;&nbsp; (132427)<br>|
| Class R6 | &nbsp;&nbsp; (1632641)<br>| &nbsp;&nbsp; (14376689)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; (23870914)<br>| &nbsp;&nbsp; (249643533)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (116763199)<br>| &nbsp;&nbsp; (55808155)<br>|
| Class C | &nbsp;&nbsp; (12448404)<br>| &nbsp;&nbsp; (42083966)<br>|
| Class R | &nbsp;&nbsp; (4615418)<br>| &nbsp;&nbsp; (5046639)<br>|
| Class Y | &nbsp;&nbsp; (16699598)<br>| &nbsp;&nbsp; (46086344)<br>|
| Investor Class | &nbsp;&nbsp; (2228108)<br>| &nbsp;&nbsp; (667582)<br>|
| Class R5 | &nbsp;&nbsp; (778307)<br>| &nbsp;&nbsp; 89754 |
| Class R6 | &nbsp;&nbsp; (10652982)<br>| &nbsp;&nbsp; (5441248)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (164186016)<br>| &nbsp;&nbsp; (155044180)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 226239965 | &nbsp;&nbsp; (150702131)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 3443630814 | &nbsp;&nbsp; 3594332945 |
| End of period | &nbsp;&nbsp; $3669870779 | &nbsp;&nbsp; $3443630814 |

---

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

**6**

**Invesco Dividend Income Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<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** |
| Six months ended 10/31/25 | $25.26 | $0.20 | $2.88 | $3.08 | $(0.18)<br>| $— | $(0.18)<br>| $28.16 | 12.21 %<sup>(d)</sup><br>| &nbsp;&nbsp; $2884385 | 0.91 %<sup>(d)(e)</sup><br>| 0.91 %<sup>(d)(e)</sup><br>| 1.45 %<sup>(d)(e)</sup><br>| 14<br> %<br>|
| 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 <br><sup>(d)</sup><br>| &nbsp;&nbsp; 2695058 | 0.92 <br><sup>(d)</sup><br>| 0.92 <br><sup>(d)</sup><br>| 1.51 <br><sup>(d)</sup><br>| 54 |
| 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** |
| Six months ended 10/31/25 | 25.67 | 0.10 | 2.92 | 3.02 | (0.08)<br>|  | (0.08)<br>| 28.61 | 11.76 | &nbsp;&nbsp; 101782 | 1.67 <br><sup>(e)</sup><br>| 1.67 <br><sup>(e)</sup><br>| 0.69 <br><sup>(e)</sup><br>| 14 |
| 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** |
| Six months ended 10/31/25 | 25.26 | 0.17 | 2.87 | 3.04 | (0.14)<br>|  | (0.14)<br>| 28.16 | 12.07 | &nbsp;&nbsp; 103645 | 1.17 <br><sup>(e)</sup><br>| 1.17 <br><sup>(e)</sup><br>| 1.19 <br><sup>(e)</sup><br>| 14 |
| 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** |
| Six months ended 10/31/25 | 25.58 | 0.24 | 2.91 | 3.15 | (0.21)<br>|  | (0.21)<br>| 28.52 | 12.35 | &nbsp;&nbsp; 302177 | 0.67 <br><sup>(e)</sup><br>| 0.67 <br><sup>(e)</sup><br>| 1.69 <br><sup>(e)</sup><br>| 14 |
| 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** |
| Six months ended 10/31/25 | 25.59 | 0.20 | 2.92 | 3.12 | (0.18)<br>|  | (0.18)<br>| 28.53 | 12.21 | &nbsp;&nbsp; 73563 | 0.92 <br><sup>(e)</sup><br>| 0.92 <br><sup>(e)</sup><br>| 1.44 <br><sup>(e)</sup><br>| 14 |
| 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** |
| Six months ended 10/31/25 | 25.27 | 0.24 | 2.87 | 3.11 | (0.21)<br>|  | (0.21)<br>| 28.17 | 12.34 | &nbsp;&nbsp; 1270 | 0.66 <br><sup>(e)</sup><br>| 0.66 <br><sup>(e)</sup><br>| 1.70 <br><sup>(e)</sup><br>| 14 |
| 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** |
| Six months ended 10/31/25 | 25.30 | 0.25 | 2.87 | 3.12 | (0.22)<br>|  | (0.22)<br>| 28.20 | 12.37 | &nbsp;&nbsp; 203049 | 0.59 <br><sup>(e)</sup><br>| 0.59 <br><sup>(e)</sup><br>| 1.77 <br><sup>(e)</sup><br>| 14 |
| 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 six months ended October 31, 2025 and the years ended April 30, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

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

**7**

**Invesco Dividend Income Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. Class Y 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.

Investor Class and Class R5 shares are closed to new investors.

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. 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

**8**

**Invesco Dividend Income Fund**

------

investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

**B.** **Securities Transactions and Investment Income** — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. 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.** **Expenses** – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to Class R5 and Class R6 are allocated based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Lending** – The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not

**9**

**Invesco Dividend Income Fund**

------

increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2025, the Fund paid the Adviser fees for securities lending agent services, which were less than $500. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated 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 $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% |

---

For the six months ended October 31, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., 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).

**10**

**Invesco Dividend Income 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, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2025, the Adviser waived advisory fees of $63,190.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 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 six months ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2025, IDI advised the Fund that IDI retained $108,751 in front-end sales commissions from the sale of Class A shares and $1,472 and $1,095 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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; $3517276901 | &nbsp;&nbsp;&nbsp;&nbsp; $64573643 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3581850544 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 83319978 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83319978 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $3600596879 | &nbsp;&nbsp;&nbsp;&nbsp; $64573643 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3665170522 |

---

**11**

**Invesco Dividend Income Fund**

------

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $53,619.

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

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of 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 six months ended October 31, 2025 was $484,728,945 and $581,816,434, respectively. As of October 31, 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; $1020886476 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (67015085)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $953871391 |

---

Cost of investments for tax purposes is $2,711,299,131.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025** | **Year ended** <br>**April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1990077 | &nbsp;&nbsp;&nbsp; $54510227 | &nbsp;&nbsp;&nbsp; 4632596 | &nbsp;&nbsp;&nbsp; $122017814 |
| Class C | &nbsp;&nbsp;&nbsp; 233062 | &nbsp;&nbsp;&nbsp; 6455121 | &nbsp;&nbsp;&nbsp; 471510 | &nbsp;&nbsp;&nbsp; 12633605 |
| Class R | &nbsp;&nbsp;&nbsp; 196305 | &nbsp;&nbsp;&nbsp; 5365429 | &nbsp;&nbsp;&nbsp; 434520 | &nbsp;&nbsp;&nbsp; 11461672 |
| Class Y | &nbsp;&nbsp;&nbsp; 565610 | &nbsp;&nbsp;&nbsp; 15744079 | &nbsp;&nbsp;&nbsp; 1309499 | &nbsp;&nbsp;&nbsp; 34930136 |
| Investor Class | &nbsp;&nbsp;&nbsp; 33250 | &nbsp;&nbsp;&nbsp; 922111 | &nbsp;&nbsp;&nbsp; 43227 | &nbsp;&nbsp;&nbsp; 1148858 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1076 | &nbsp;&nbsp;&nbsp; 29982 | &nbsp;&nbsp;&nbsp; 2037 | &nbsp;&nbsp;&nbsp; 53288 |
| Class R6 | &nbsp;&nbsp;&nbsp; 363276 | &nbsp;&nbsp;&nbsp; 9981522 | &nbsp;&nbsp;&nbsp; 1124341 | &nbsp;&nbsp;&nbsp; 29560104 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 604260 | &nbsp;&nbsp;&nbsp; 16577784 | &nbsp;&nbsp;&nbsp; 6720486 | &nbsp;&nbsp;&nbsp; 177291669 |
| Class C | &nbsp;&nbsp;&nbsp; 10007 | &nbsp;&nbsp;&nbsp; 278538 | &nbsp;&nbsp;&nbsp; 262981 | &nbsp;&nbsp;&nbsp; 7046119 |
| Class R | &nbsp;&nbsp;&nbsp; 19474 | &nbsp;&nbsp;&nbsp; 534149 | &nbsp;&nbsp;&nbsp; 256883 | &nbsp;&nbsp;&nbsp; 6775926 |
| Class Y | &nbsp;&nbsp;&nbsp; 57871 | &nbsp;&nbsp;&nbsp; 1607394 | &nbsp;&nbsp;&nbsp; 680483 | &nbsp;&nbsp;&nbsp; 18174112 |
| Investor Class | &nbsp;&nbsp;&nbsp; 14715 | &nbsp;&nbsp;&nbsp; 408935 | &nbsp;&nbsp;&nbsp; 170695 | &nbsp;&nbsp;&nbsp; 4560708 |
| Class R5 | &nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp; 13339 | &nbsp;&nbsp;&nbsp; 4986 | &nbsp;&nbsp;&nbsp; 131579 |
| Class R6 | &nbsp;&nbsp;&nbsp; 53987 | &nbsp;&nbsp;&nbsp; 1482908 | &nbsp;&nbsp;&nbsp; 510843 | &nbsp;&nbsp;&nbsp; 13493829 |

---

**12**

**Invesco Dividend Income Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **October 31, 2025**<sup>(a)</sup> | **Six months ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 365125 | &nbsp;&nbsp;&nbsp; $10030661 | &nbsp;&nbsp;&nbsp; 1444850 | &nbsp;&nbsp;&nbsp; $38288093 |
| Class C | &nbsp;&nbsp;&nbsp; (359342)<br>| &nbsp;&nbsp;&nbsp; (10030661)<br>| &nbsp;&nbsp;&nbsp; (1422703)<br>| &nbsp;&nbsp;&nbsp; (38288093)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (7216736)<br>| &nbsp;&nbsp;&nbsp; (197881871)<br>| &nbsp;&nbsp;&nbsp; (14908969)<br>| &nbsp;&nbsp;&nbsp; (393405731)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (327558)<br>| &nbsp;&nbsp;&nbsp; (9151402)<br>| &nbsp;&nbsp;&nbsp; (879421)<br>| &nbsp;&nbsp;&nbsp; (23475597)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (383968)<br>| &nbsp;&nbsp;&nbsp; (10514996)<br>| &nbsp;&nbsp;&nbsp; (883017)<br>| &nbsp;&nbsp;&nbsp; (23284237)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (1234844)<br>| &nbsp;&nbsp;&nbsp; (34051071)<br>| &nbsp;&nbsp;&nbsp; (3710880)<br>| &nbsp;&nbsp;&nbsp; (99190592)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (128655)<br>| &nbsp;&nbsp;&nbsp; (3559154)<br>| &nbsp;&nbsp;&nbsp; (239055)<br>| &nbsp;&nbsp;&nbsp; (6377148)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (29425)<br>| &nbsp;&nbsp;&nbsp; (821628)<br>| &nbsp;&nbsp;&nbsp; (3611)<br>| &nbsp;&nbsp;&nbsp; (95113)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (808159)<br>| &nbsp;&nbsp;&nbsp; (22117412)<br>| &nbsp;&nbsp;&nbsp; (1830080)<br>| &nbsp;&nbsp;&nbsp; (48495181)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (5980105)<br>| &nbsp;&nbsp;&nbsp; $(164186016)<br>| &nbsp;&nbsp;&nbsp; (5807799)<br>| &nbsp;&nbsp;&nbsp; $(155044180)<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**

------

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

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Dividend Income Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

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

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

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

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

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period, the third quintile for the three year period and the fifth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one and five year periods and was above the performance of the Index for the three year period. The Board considered that the Fund's defensive positioning relative to the peer group and stock selection (i.e., not holding certain large cap stocks) detracted from the Fund's relative performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that

**14**

**Invesco Dividend Income Fund**

------

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

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

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in

its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco Dividend Income Fund**

------

![](img45a66e1e1.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

I-DIVI-NCSRS

------

![](img6905886c1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Energy Fund**

Nasdaq:

A: IENAX ■ C: IEFCX ■ R: IEFRX ■ Y: IENYX ■ Investor: FSTEX ■ R5: IENIX ■ R6: IENSX

------

---

| | |
|:---|:---|
| [2](#xx_50c179e3-52df-4536-8b4f-a87e37899c8e_SOI-Continued-35_1) | Schedule of Investments |
| [4](#xx_50c179e3-52df-4536-8b4f-a87e37899c8e_FS-Continued-35_1) | Financial Statements |
| [7](#xx_50c179e3-52df-4536-8b4f-a87e37899c8e_FS-Continued-35_4) | Financial Highlights |
| [8](#xx_50c179e3-52df-4536-8b4f-a87e37899c8e_NTF-Continued-35_1) | Notes to Financial Statements |
| [14](#xx_50c179e3-52df-4536-8b4f-a87e37899c8e_AOC-Continued-35_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [17](#xx_50c179e3-52df-4536-8b4f-a87e37899c8e_OIRSR-Continued-35_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*October 31, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.95%** | **Common Stocks & Other Equity Interests–98.95%** | **Common Stocks & Other Equity Interests–98.95%** |
| **Integrated Oil & Gas–49.78%** | **Integrated Oil & Gas–49.78%** | **Integrated Oil & Gas–49.78%** |
| BP PLC, ADR | 511486 | &nbsp;&nbsp; $17968503 |
| Chevron Corp. | 343173 | &nbsp;&nbsp; 54125246 |
| Exxon Mobil Corp. | 511182 | &nbsp;&nbsp; 58458773 |
| Shell PLC, ADR (United Kingdom)<sup>(b)</sup>  | 486342 | &nbsp;&nbsp; 36436743 |
| Suncor Energy, Inc. (Canada) | 613644 | &nbsp;&nbsp; 24435505 |
| TotalEnergies SE (France) | 284630 | &nbsp;&nbsp; 17770880 |
|  |  | &nbsp;&nbsp; 209195650 |
| **Multi-Utilities–1.78%** | **Multi-Utilities–1.78%** | **Multi-Utilities–1.78%** |
| Sempra | 81294 | &nbsp;&nbsp; 7474170 |
| **Oil & Gas Drilling–1.39%** | **Oil & Gas Drilling–1.39%** | **Oil & Gas Drilling–1.39%** |
| Noble Corp. PLC<sup>(b)</sup>  | 198358 | &nbsp;&nbsp; 5821807 |
| **Oil & Gas Equipment & Services–10.93%** | **Oil & Gas Equipment & Services–10.93%** | **Oil & Gas Equipment & Services–10.93%** |
| Atlas Energy Solutions, Inc.<sup>(b)</sup>  | 301475 | &nbsp;&nbsp; 3732260 |
| Baker Hughes Co., Class A | 101651 | &nbsp;&nbsp; 4920925 |
| SLB Ltd. | 496642 | &nbsp;&nbsp; 17908911 |
| Tenaris S.A. | 973822 | &nbsp;&nbsp; 19354578 |
|  |  | &nbsp;&nbsp; 45916674 |
| **Oil & Gas Exploration & Production–20.37%** | **Oil & Gas Exploration & Production–20.37%** | **Oil & Gas Exploration & Production–20.37%** |
| Canadian Natural Resources Ltd. <br> (Canada) | 629380 | &nbsp;&nbsp; 20134955 |
| ConocoPhillips | 247850 | &nbsp;&nbsp; 22023951 |
| Diamondback Energy, Inc. | 83447 | &nbsp;&nbsp; 11948776 |
| EQT Corp. | 146502 | &nbsp;&nbsp; 7849577 |
| Expand Energy Corp. | 78579 | &nbsp;&nbsp; 8117996 |
| Permian Resources Corp. | 660932 | &nbsp;&nbsp; 8301306 |
| Tourmaline Oil Corp. (Canada) | 164372 | &nbsp;&nbsp; 7229766 |
|  |  | &nbsp;&nbsp; 85606327 |
| **Oil & Gas Refining & Marketing–7.56%** | **Oil & Gas Refining & Marketing–7.56%** | **Oil & Gas Refining & Marketing–7.56%** |
| Marathon Petroleum Corp. | 82865 | &nbsp;&nbsp; 16151217 |
| Phillips 66 Co. | 114767 | &nbsp;&nbsp; 15624380 |
|  |  | &nbsp;&nbsp; 31775597 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Oil & Gas Storage & Transportation–5.97%** | **Oil & Gas Storage & Transportation–5.97%** | **Oil & Gas Storage & Transportation–5.97%** | **Oil & Gas Storage & Transportation–5.97%** |
| Cheniere Energy, Inc. | Cheniere Energy, Inc. | 48702 | &nbsp;&nbsp; $10324824 |
| South Bow Corp. (Canada) | South Bow Corp. (Canada) | 569061 | &nbsp;&nbsp; 14760571 |
|  |  |  | &nbsp;&nbsp; 25085395 |
| **Specialty Chemicals–1.17%** | **Specialty Chemicals–1.17%** | **Specialty Chemicals–1.17%** | **Specialty Chemicals–1.17%** |
| Albemarle Corp. | Albemarle Corp. | 50094 | &nbsp;&nbsp; 4920734 |
| Total Common Stocks & Other Equity Interests <br> (Cost $387,798,058) | Total Common Stocks & Other Equity Interests <br> (Cost $387,798,058) | Total Common Stocks & Other Equity Interests <br> (Cost $387,798,058) | &nbsp;&nbsp; 415796354 |
| **Money Market Funds–1.14%** | **Money Market Funds–1.14%** | **Money Market Funds–1.14%** | **Money Market Funds–1.14%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(c)(d)</sup>  | 1670443 | &nbsp;&nbsp; 1670443 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(c)(d)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(c)(d)</sup>  | 3102285 | &nbsp;&nbsp; 3102285 |
| Total Money Market Funds (Cost $4,772,728) | Total Money Market Funds (Cost $4,772,728) | Total Money Market Funds (Cost $4,772,728) | &nbsp;&nbsp; 4772728 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-100.09% <br> (Cost $392,570,786)<br>|  |  | &nbsp;&nbsp; 420569082 |
| **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–5.56%** | **Money Market Funds–5.56%** | **Money Market Funds–5.56%** | **Money Market Funds–5.56%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(c)(d)(e)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(c)(d)(e)</sup>  | 6505108 | &nbsp;&nbsp; 6505108 |
| Invesco Private Prime Fund, 4.30%<sup>(c)(d)(e)</sup>  | Invesco Private Prime Fund, 4.30%<sup>(c)(d)(e)</sup>  | 16869383 | &nbsp;&nbsp; 16874444 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $23,379,595) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $23,379,595) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $23,379,595) | &nbsp;&nbsp; 23379552 |
| TOTAL INVESTMENTS IN SECURITIES–105.65% <br> (Cost $415,950,381) | TOTAL INVESTMENTS IN SECURITIES–105.65% <br> (Cost $415,950,381) | TOTAL INVESTMENTS IN SECURITIES–105.65% <br> (Cost $415,950,381) | &nbsp;&nbsp; 443948634 |
| OTHER ASSETS LESS LIABILITIES—(5.65)% | OTHER ASSETS LESS LIABILITIES—(5.65)% | OTHER ASSETS LESS LIABILITIES—(5.65)% | &nbsp;&nbsp; (23753334)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $420195300 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

<sup>(b)</sup> All or a portion of this security was out on loan at October 31, 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 six months ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional <br> Class<br>| $2767125 | &nbsp;&nbsp; $9164894 | &nbsp;&nbsp; $(10261576) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1670443 | &nbsp;&nbsp; $38054 |
| Invesco Treasury Portfolio, Institutional Class | 5138980 | &nbsp;&nbsp; 17020516 | &nbsp;&nbsp; (19057211) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3102285 | &nbsp;&nbsp; 70076 |

---

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

**2**

**Invesco Energy Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $5159115 | &nbsp;&nbsp; $225888752 | &nbsp;&nbsp; $(224542759) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6505108 | &nbsp;&nbsp; $236,977\* |
| Invesco Private Prime Fund | 13427118 | &nbsp;&nbsp; 421483654 | &nbsp;&nbsp; (418039364) | (43) | &nbsp;&nbsp; 3079 | &nbsp;&nbsp; 16874444 | &nbsp;&nbsp; 642,485\* |
| Total | $26492338 | &nbsp;&nbsp; $673557816 | &nbsp;&nbsp; $(671900910) | &nbsp;&nbsp; $(43) | &nbsp;&nbsp; $3079 | &nbsp;&nbsp; $28152280 | &nbsp;&nbsp; $987592 |

---

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

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 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 1J. 

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

**3**

**Invesco Energy Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $387,798,058)\*<br>| &nbsp;&nbsp; $415796354 |
| Investments in affiliated money market funds, at value <br> (Cost $28,152,323)<br>| &nbsp;&nbsp; 28152280 |
| Foreign currencies, at value (Cost $5,410) | &nbsp;&nbsp; 5385 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 129536 |
| Dividends | &nbsp;&nbsp; 81006 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 224496 |
| Other assets | &nbsp;&nbsp; 68157 |
| Total assets | &nbsp;&nbsp; 444457214 |
| **Liabilities:** |  |
| Payable for: |  |
| Fund shares reacquired | &nbsp;&nbsp; 308230 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 23379595 |
| Accrued fees to affiliates | &nbsp;&nbsp; 287815 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1017 |
| Accrued other operating expenses | &nbsp;&nbsp; 55262 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 229995 |
| Total liabilities | &nbsp;&nbsp; 24261914 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $420195300 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $594728083 |
| Distributable earnings (loss) | &nbsp;&nbsp; (174532783)<br>|
|  | &nbsp;&nbsp; $420195300 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $269539536 |
| Class C | &nbsp;&nbsp; $15758218 |
| Class R | &nbsp;&nbsp; $83480 |
| Class Y | &nbsp;&nbsp; $42867898 |
| Investor Class | &nbsp;&nbsp; $76980309 |
| Class R5 | &nbsp;&nbsp; $4579408 |
| Class R6 | &nbsp;&nbsp; $10386451 |

---

---

| | |
|:---|:---|
| **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; 8589138 |
| Class C | &nbsp;&nbsp; 615446 |
| Class R | &nbsp;&nbsp; 2661 |
| Class Y | &nbsp;&nbsp; 1357762 |
| Investor Class | &nbsp;&nbsp; 2464682 |
| Class R5 | &nbsp;&nbsp; 140594 |
| Class R6 | &nbsp;&nbsp; 318510 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $31.38 |
| Maximum offering price per share <br>(Net asset value of $31.38 ÷ 94.50%)<br>| &nbsp;&nbsp; $33.21 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.60 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.37 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.57 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $31.23 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $32.57 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $32.61 |

---

\* At October 31, 2025, securities with an aggregate value of $22,934,822 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 six months ended October 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $340,519) | &nbsp;&nbsp; $8219721 |
| Dividends from affiliated money market funds (includes net securities lending income of $60,904) | &nbsp;&nbsp; 169034 |
| Total investment income | &nbsp;&nbsp; 8388755 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 1551707 |
| Administrative services fees | &nbsp;&nbsp; 31057 |
| Custodian fees | &nbsp;&nbsp; 4524 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 339345 |
| Class C | &nbsp;&nbsp; 83560 |
| Class R | &nbsp;&nbsp; 8 |
| Investor Class | &nbsp;&nbsp; 97217 |
| Transfer agent fees — A, C, R, Y and Investor Class | &nbsp;&nbsp; 402671 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 2206 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1391 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 11766 |
| Registration and filing fees | &nbsp;&nbsp; 47262 |
| Reports to shareholders | &nbsp;&nbsp; 28441 |
| Professional services fees | &nbsp;&nbsp; 39731 |
| Other | &nbsp;&nbsp; 9574 |
| Total expenses | &nbsp;&nbsp; 2650460 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (13641)<br>|
| Net expenses | &nbsp;&nbsp; 2636819 |
| Net investment income | &nbsp;&nbsp; 5751936 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 9201679 |
| Affiliated investment securities | &nbsp;&nbsp; 3079 |
| Foreign currencies | &nbsp;&nbsp; (5112)<br>|
|  | &nbsp;&nbsp; 9199646 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 42049270 |
| Affiliated investment securities | &nbsp;&nbsp; (43)<br>|
| Foreign currencies | &nbsp;&nbsp; 1862 |
|  | &nbsp;&nbsp; 42051089 |
| Net realized and unrealized gain | &nbsp;&nbsp; 51250735 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $57002671 |

---

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 six months ended October 31, 2025 and the year ended April 30, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,** <br>**2025**<br>| **April 30,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $5751936 | &nbsp;&nbsp; $10281631 |
| Net realized gain | &nbsp;&nbsp; 9199646 | &nbsp;&nbsp; 29456374 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 42051089 | &nbsp;&nbsp; (77475065)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 57002671 | &nbsp;&nbsp; (37737060)<br>|
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (10517930)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (826503)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (1990895)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (3092584)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (214683)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (358335)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (17000930)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (19893141)<br>| &nbsp;&nbsp; (22786401)<br>|
| Class C | &nbsp;&nbsp; (2823937)<br>| &nbsp;&nbsp; (4454542)<br>|
| Class R | &nbsp;&nbsp; 82370 | &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; (1700370)<br>| &nbsp;&nbsp; (17390852)<br>|
| Investor Class | &nbsp;&nbsp; (6010542)<br>| &nbsp;&nbsp; (8522207)<br>|
| Class R5 | &nbsp;&nbsp; (122427)<br>| &nbsp;&nbsp; (1668917)<br>|
| Class R6 | &nbsp;&nbsp; 285256 | &nbsp;&nbsp; 2568900 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (30182791)<br>| &nbsp;&nbsp; (52254019)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 26819880 | &nbsp;&nbsp; (106992009)<br>|
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 393375420 | &nbsp;&nbsp; 500367429 |
| End of period | &nbsp;&nbsp; $420195300 | &nbsp;&nbsp; $393375420 |

---

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

**6**

**Invesco Energy Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<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** |
| Six months ended 10/31/25 | $27.34 | $0.41 | $3.63 | $4.04 | $— | $31.38 | 14.78<br> %<br>| $269540 | 1.25 %<sup>(d)</sup><br>| 1.26 %<sup>(d)</sup><br>| 2.71 %<sup>(d)</sup><br>| 8<br> %<br>|
| 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 | 1.24 | 2.23 | 23 |
| 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** |
| Six months ended 10/31/25 | 22.39 | 0.24 | 2.97 | 3.21 |  | 25.60 | 14.34 | 15758 | 2.00 <br><sup>(d)</sup><br>| 2.01 <br><sup>(d)</sup><br>| 1.96 <br><sup>(d)</sup><br>| 8 |
| 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 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** |
| Period ended 10/31/25<sup>(e)</sup> <br>| 31.50 | 0.06 | (0.19 )<sup>(f)</sup><br>| (0.13)<br>|  | 31.37 | 0.67 | 83 | 1.50 <br><sup>(d)</sup><br>| 1.51 <br><sup>(d)</sup><br>| 2.46 <br><sup>(d)</sup><br>| 8 |
| **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** |
| Six months ended 10/31/25 | 27.47 | 0.45 | 3.65 | 4.10 |  | 31.57 | 14.92 | 42868 | 1.00 <br><sup>(d)</sup><br>| 1.01 <br><sup>(d)</sup><br>| 2.96 <br><sup>(d)</sup><br>| 8 |
| 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** |
| Six months ended 10/31/25 | 27.21 | 0.41 | 3.61 | 4.02 |  | 31.23 | 14.77 | 76980 | 1.25 <br><sup>(d)</sup><br>| 1.26 <br><sup>(d)</sup><br>| 2.71 <br><sup>(d)</sup><br>| 8 |
| 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** |
| Six months ended 10/31/25 | 28.33 | 0.48 | 3.76 | 4.24 |  | 32.57 | 14.97 | 4579 | 0.91 <br><sup>(d)</sup><br>| 0.91 <br><sup>(d)</sup><br>| 3.05 <br><sup>(d)</sup><br>| 8 |
| 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** |
| Six months ended 10/31/25 | 28.35 | 0.49 | 3.77 | 4.26 |  | 32.61 | 15.03 | 10386 | 0.84 <br><sup>(d)</sup><br>| 0.84 <br><sup>(d)</sup><br>| 3.12 <br><sup>(d)</sup><br>| 8 |
| 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.

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

<sup>(e)</sup> Commencement Date of September 30, 2025.

<sup>(f)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

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

**7**

**Invesco Energy Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. On September 30, 2025, the fund began offering Class R shares.Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Investor Class and Class R5 shares are closed to new investors.

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. 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

**8**

**Invesco Energy Fund**

------

investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

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

**9**

**Invesco Energy Fund**

------

or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2025, the Fund paid the Adviser $1,579 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** - 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 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.

**10**

**Invesco Energy Fund**

------

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

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

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $350 million | &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% |

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For the six months ended October 31, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., 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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2025, the Adviser waived advisory fees of $3,347.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 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 R Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.50% of the average daily net assets of Class R shares. 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 six months ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2025, IDI advised the Fund that IDI retained $25,173 in front-end sales commissions from the sale of Class A shares and $73 and $843 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

**11**

**Invesco Energy Fund**

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Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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; $378670896 | &nbsp;&nbsp;&nbsp;&nbsp; $37125458 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $415796354 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 4772728 | &nbsp;&nbsp;&nbsp;&nbsp; 23379552 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28152280 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $383443624 | &nbsp;&nbsp;&nbsp;&nbsp; $60505010 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $443948634 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $10,294.

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

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund had a capital loss carryforward as of 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; $— | &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 six months ended October 31, 2025 was $31,554,869 and $53,243,153, respectively. As of October 31, 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; $41686303 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (13746626)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $27939677 |

---

Cost of investments for tax purposes is $416,008,957.

**12**

**Invesco Energy Fund**

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**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025** | **Year ended** <br>**April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 541019 | &nbsp;&nbsp;&nbsp; $16277730 | &nbsp;&nbsp;&nbsp; 1116879 | &nbsp;&nbsp;&nbsp; $33412087 |
| Class C | &nbsp;&nbsp;&nbsp; 32297 | &nbsp;&nbsp;&nbsp; 795354 | &nbsp;&nbsp;&nbsp; 121358 | &nbsp;&nbsp;&nbsp; 2974653 |
| Class R | &nbsp;&nbsp;&nbsp; 2661 | &nbsp;&nbsp;&nbsp; 82370 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 173431 | &nbsp;&nbsp;&nbsp; 5274055 | &nbsp;&nbsp;&nbsp; 597784 | &nbsp;&nbsp;&nbsp; 18016822 |
| Investor Class | &nbsp;&nbsp;&nbsp; 99307 | &nbsp;&nbsp;&nbsp; 2994480 | &nbsp;&nbsp;&nbsp; 241633 | &nbsp;&nbsp;&nbsp; 7231404 |
| Class R5 | &nbsp;&nbsp;&nbsp; 19368 | &nbsp;&nbsp;&nbsp; 612802 | &nbsp;&nbsp;&nbsp; 42592 | &nbsp;&nbsp;&nbsp; 1326829 |
| Class R6 | &nbsp;&nbsp;&nbsp; 49282 | &nbsp;&nbsp;&nbsp; 1554028 | &nbsp;&nbsp;&nbsp; 173352 | &nbsp;&nbsp;&nbsp; 5332933 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 338839 | &nbsp;&nbsp;&nbsp; 9724794 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 31720 | &nbsp;&nbsp;&nbsp; 747640 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 54670 | &nbsp;&nbsp;&nbsp; 1575049 |
| Investor Class | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 99087 | &nbsp;&nbsp;&nbsp; 2829919 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7152 | &nbsp;&nbsp;&nbsp; 212409 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11253 | &nbsp;&nbsp;&nbsp; 334447 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 25429 | &nbsp;&nbsp;&nbsp; 767187 | &nbsp;&nbsp;&nbsp; 76815 | &nbsp;&nbsp;&nbsp; 2312712 |
| Class C | &nbsp;&nbsp;&nbsp; (31118)<br>| &nbsp;&nbsp;&nbsp; (767187)<br>| &nbsp;&nbsp;&nbsp; (93254)<br>| &nbsp;&nbsp;&nbsp; (2312712)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1226068)<br>| &nbsp;&nbsp;&nbsp; (36938058)<br>| &nbsp;&nbsp;&nbsp; (2281306)<br>| &nbsp;&nbsp;&nbsp; (68235994)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (116406)<br>| &nbsp;&nbsp;&nbsp; (2852104)<br>| &nbsp;&nbsp;&nbsp; (238199)<br>| &nbsp;&nbsp;&nbsp; (5864123)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (228136)<br>| &nbsp;&nbsp;&nbsp; (6974425)<br>| &nbsp;&nbsp;&nbsp; (1247796)<br>| &nbsp;&nbsp;&nbsp; (36982723)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (298946)<br>| &nbsp;&nbsp;&nbsp; (9005022)<br>| &nbsp;&nbsp;&nbsp; (625217)<br>| &nbsp;&nbsp;&nbsp; (18583530)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (23763)<br>| &nbsp;&nbsp;&nbsp; (735229)<br>| &nbsp;&nbsp;&nbsp; (105359)<br>| &nbsp;&nbsp;&nbsp; (3208155)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (40599)<br>| &nbsp;&nbsp;&nbsp; (1268772)<br>| &nbsp;&nbsp;&nbsp; (100449)<br>| &nbsp;&nbsp;&nbsp; (3098480)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (1022242)<br>| &nbsp;&nbsp;&nbsp; $(30182791)<br>| &nbsp;&nbsp;&nbsp; (1778446)<br>| &nbsp;&nbsp;&nbsp; $(52254019)<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**

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

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Energy Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

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

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

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

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

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the MSCI World Energy Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one and three year periods and the third quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

**14**

**Invesco Energy Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints

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

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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

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

The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through "soft dollar" arrangements. The Board noted

that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers' or the Affiliated Sub-Advisers' expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

The Board also received information about commissions that an affiliated broker may receive for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers advised the Board of the benefits to the Fund of executing trades through the affiliated broker and that such trades

**15**

**Invesco Energy Fund**

------

were executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**16**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**17**

**Invesco Energy Fund**

------

![](img6905886c1.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

I-ENE-NCSRS

------

![](imgfa2973671.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Gold & Special Minerals Fund**

Nasdaq:

A: OPGSX ■ C: OGMCX ■ R: OGMNX ■ Y: OGMYX ■ R5: IOGYX ■ R6: OGMIX

------

---

| | |
|:---|:---|
| [2](#xx_3441db61-b320-4cb6-bdc0-042230562880_SOI-Continued-765_1) | Consolidated Schedule of Investments |
| [5](#xx_3441db61-b320-4cb6-bdc0-042230562880_FS-Continued-765_1) | Consolidated Financial Statements |
| [8](#xx_3441db61-b320-4cb6-bdc0-042230562880_FS-Continued-765_4) | Consolidated Financial Highlights |
| [9](#xx_3441db61-b320-4cb6-bdc0-042230562880_NTF-Continued-765_1) | Notes to Consolidated Financial Statements |
| [17](#xx_3441db61-b320-4cb6-bdc0-042230562880_AOC-Continued-765_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_3441db61-b320-4cb6-bdc0-042230562880_OIRSR-Continued-765_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

**Consolidated Schedule of Investments** 

*October 31, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Common Stocks & Other Equity Interests–94.71%** | **Common Stocks & Other Equity Interests–94.71%** | **Common Stocks & Other Equity Interests–94.71%** |
| **Australia–13.59%** | **Australia–13.59%** | **Australia–13.59%** |
| Capricorn Metals Ltd.<sup>(a)</sup>  | 2465815 | &nbsp;&nbsp; $20762546 |
| Catalyst Metals Ltd.<sup>(a)</sup>  | 1177441 | &nbsp;&nbsp; 5208101 |
| Emerald Resources NL<sup>(a)</sup>  | 3 | &nbsp;&nbsp; 9 |
| Evolution Mining Ltd. | 11770488 | &nbsp;&nbsp; 83294614 |
| Firefinch Ltd.<sup>(b)</sup>  | 12910104 | &nbsp;&nbsp; 8 |
| Genesis Minerals Ltd.<sup>(a)</sup>  | 6629362 | &nbsp;&nbsp; 25222048 |
| Greatland Resources Ltd.<sup>(a)</sup>  | 976956 | &nbsp;&nbsp; 4564974 |
| Northern Star Resources Ltd. | 6554457 | &nbsp;&nbsp; 105689522 |
| OceanaGold Corp. | 2550067 | &nbsp;&nbsp; 57035829 |
| Ora Banda Mining Ltd.<sup>(a)</sup>  | 6154689 | &nbsp;&nbsp; 4844319 |
| Pantoro Gold Ltd.<sup>(a)</sup>  | 717848 | &nbsp;&nbsp; 2397410 |
| Perenti Ltd. | 1367790 | &nbsp;&nbsp; 2422560 |
| Perseus Mining Ltd. | 12837343 | &nbsp;&nbsp; 40745323 |
| Ramelius Resources Ltd. | 11828148 | &nbsp;&nbsp; 25588880 |
| Regis Resources Ltd. | 10958909 | &nbsp;&nbsp; 46005539 |
| Resolute Mining Ltd.<sup>(a)</sup>  | 31678132 | &nbsp;&nbsp; 19716414 |
| Vault Minerals Ltd.<sup>(a)</sup>  | 48097682 | &nbsp;&nbsp; 22866265 |
| West African Resources Ltd.<sup>(a)(b)</sup>  | 9989572 | &nbsp;&nbsp; 17882979 |
| Westgold Resources Ltd. | 457747 | &nbsp;&nbsp; 1586461 |
|  |  | &nbsp;&nbsp; 485833801 |
| **Brazil–4.41%** | **Brazil–4.41%** | **Brazil–4.41%** |
| Wheaton Precious Metals Corp. | 1632943 | &nbsp;&nbsp; 157611658 |
| **Canada–42.37%** | **Canada–42.37%** | **Canada–42.37%** |
| Agnico Eagle Mines Ltd. | 2310406 | &nbsp;&nbsp; 371536389 |
| Alamos Gold, Inc., Class A<sup>(c)</sup>  | 2170318 | &nbsp;&nbsp; 66824091 |
| B2Gold Corp. | 7723275 | &nbsp;&nbsp; 33905177 |
| Barrick Mining Corp. | 5192177 | &nbsp;&nbsp; 170303407 |
| Centerra Gold, Inc. | 2550000 | &nbsp;&nbsp; 29871662 |
| Centerra Gold, Inc. | 377365 | &nbsp;&nbsp; 4426491 |
| DPM Metals, Inc. | 1398449 | &nbsp;&nbsp; 29912281 |
| Equinox Gold Corp.<sup>(a)</sup>  | 418595 | &nbsp;&nbsp; 4591987 |
| First Majestic Silver Corp. | 816561 | &nbsp;&nbsp; 10427484 |
| Fortuna Mining Corp.<sup>(a)</sup>  | 2960463 | &nbsp;&nbsp; 24483029 |
| Franco-Nevada Corp. | 859784 | &nbsp;&nbsp; 160461488 |
| G Mining Ventures Corp.<sup>(a)</sup>  | 559235 | &nbsp;&nbsp; 11008861 |
| IAMGOLD Corp.<sup>(a)</sup>  | 2385751 | &nbsp;&nbsp; 27626997 |
| K92 Mining, Inc.<sup>(a)</sup>  | 2740498 | &nbsp;&nbsp; 36440974 |
| Kinross Gold Corp. | 6693855 | &nbsp;&nbsp; 155565190 |
| Lundin Gold, Inc. | 1082084 | &nbsp;&nbsp; 73563659 |
| New Gold, Inc.<sup>(a)</sup>  | 5820111 | &nbsp;&nbsp; 42719615 |
| OR Royalties, Inc. | 1135592 | &nbsp;&nbsp; 36316232 |
| Orla Mining Ltd.<sup>(a)</sup>  | 430281 | &nbsp;&nbsp; 4439176 |
| Pan American Silver Corp. | 2619617 | &nbsp;&nbsp; 92236715 |
| Pan American Silver Corp., Rts., <br> expiring 02/22/2029<sup>(a)</sup>  | 2300100 | &nbsp;&nbsp; 874038 |
| SSR Mining, Inc. | 2567686 | &nbsp;&nbsp; 57926996 |
| Torex Gold Resources, Inc.<sup>(a)</sup>  | 657025 | &nbsp;&nbsp; 27142012 |
| Triple Flag Precious Metals Corp.<sup>(c)</sup>  | 293406 | &nbsp;&nbsp; 8148133 |
| Triple Flag Precious Metals Corp.<sup>(c)</sup>  | 72077 | &nbsp;&nbsp; 2000858 |
| Wesdome Gold Mines Ltd.<sup>(a)</sup>  | 2107372 | &nbsp;&nbsp; 31793513 |
|  |  | &nbsp;&nbsp; 1514546455 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **China–3.97%** | **China–3.97%** | **China–3.97%** |
| China Gold International Resources <br> Corp. Ltd. | 934900 | &nbsp;&nbsp; $15737116 |
| MMG Ltd.<sup>(a)</sup>  | 64000 | &nbsp;&nbsp; 56797 |
| Shandong Gold Mining Co. Ltd., H <br> Shares<sup>(d)</sup>  | 3709250 | &nbsp;&nbsp; 15549625 |
| Wanguo Gold Group Ltd. | 178000 | &nbsp;&nbsp; 700730 |
| Zijin Mining Group Co. Ltd., H Shares | 26566000 | &nbsp;&nbsp; 109903859 |
|  |  | &nbsp;&nbsp; 141948127 |
| **Colombia–0.24%** | **Colombia–0.24%** | **Colombia–0.24%** |
| Aris Mining Corp.<sup>(a)</sup>  | 874514 | &nbsp;&nbsp; 8654418 |
| **Indonesia–0.79%** | **Indonesia–0.79%** | **Indonesia–0.79%** |
| PT Aneka Tambang Tbk | 146555700 | &nbsp;&nbsp; 27260480 |
| PT Trimegah Bangun Persada Tbk | 10580800 | &nbsp;&nbsp; 795212 |
|  |  | &nbsp;&nbsp; 28055692 |
| **Ivory Coast–1.65%** | **Ivory Coast–1.65%** | **Ivory Coast–1.65%** |
| Endeavour Mining PLC | 1472121 | &nbsp;&nbsp; 58977205 |
| **Japan–0.10%** | **Japan–0.10%** | **Japan–0.10%** |
| ARE Holdings, Inc. | 223600 | &nbsp;&nbsp; 3550481 |
| **Mexico–1.43%** | **Mexico–1.43%** | **Mexico–1.43%** |
| Fresnillo PLC | 1664843 | &nbsp;&nbsp; 48685258 |
| Grupo Mexico S.A.B. de C.V., Class B | 296200 | &nbsp;&nbsp; 2560791 |
|  |  | &nbsp;&nbsp; 51246049 |
| **Peru–0.34%** | **Peru–0.34%** | **Peru–0.34%** |
| Compania de Minas Buenaventura <br> S.A.A., ADR | 526988 | &nbsp;&nbsp; 11999517 |
| Hochschild Mining PLC | 52297 | &nbsp;&nbsp; 227334 |
|  |  | &nbsp;&nbsp; 12226851 |
| **South Africa–6.34%** | **South Africa–6.34%** | **South Africa–6.34%** |
| Caledonia Mining Corp. PLC | 116360 | &nbsp;&nbsp; 3272043 |
| Gold Fields Ltd., ADR | 4112004 | &nbsp;&nbsp; 157942074 |
| Harmony Gold Mining Co. Ltd., ADR | 3254809 | &nbsp;&nbsp; 53736897 |
| Pan African Resources PLC | 10697463 | &nbsp;&nbsp; 11754183 |
|  |  | &nbsp;&nbsp; 226705197 |
| **Turkey–0.65%** | **Turkey–0.65%** | **Turkey–0.65%** |
| Eldorado Gold Corp.<sup>(a)</sup>  | 910006 | &nbsp;&nbsp; 23332554 |
| **United Kingdom–4.24%** | **United Kingdom–4.24%** | **United Kingdom–4.24%** |
| AngloGold Ashanti PLC<sup>(c)</sup>  | 628470 | &nbsp;&nbsp; 42736016 |
| AngloGold Ashanti PLC<sup>(c)</sup>  | 1602819 | &nbsp;&nbsp; 108991692 |
|  |  | &nbsp;&nbsp; 151727708 |
| **United States–14.59%** | **United States–14.59%** | **United States–14.59%** |
| Aura Minerals, Inc. | 22997 | &nbsp;&nbsp; 743493 |
| Coeur Mining, Inc.<sup>(a)</sup>  | 2507406 | &nbsp;&nbsp; 43052161 |
| Compass Minerals International, <br> Inc.<sup>(a)(c)</sup>  | 33199 | &nbsp;&nbsp; 575670 |
| Hecla Mining Co.<sup>(c)</sup>  | 826971 | &nbsp;&nbsp; 10643117 |
| Newmont Corp. | 5093307 | &nbsp;&nbsp; 412405068 |

---

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

**2**

**Invesco Gold & Special Minerals Fund**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **Shares** | &nbsp;&nbsp; <br> **Shares** | **Value** |
| **United States–(continued)** | **United States–(continued)** | **United States–(continued)** | **United States–(continued)** |
| Royal Gold, Inc. | Royal Gold, Inc. | 309933 | &nbsp;&nbsp; $54173189 |
|  |  |  | &nbsp;&nbsp; 521592698 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,873,421,748) | Total Common Stocks & Other Equity Interests <br> (Cost $1,873,421,748) | Total Common Stocks & Other Equity Interests <br> (Cost $1,873,421,748) | &nbsp;&nbsp; 3386008894 |
| **Exchange-Traded Funds–1.84%** | **Exchange-Traded Funds–1.84%** | **Exchange-Traded Funds–1.84%** | **Exchange-Traded Funds–1.84%** |
| **United States–1.84%** | **United States–1.84%** | **United States–1.84%** | **United States–1.84%** |
| SPDR<sup>®</sup> Gold Trust–ETF<sup>(a)</sup>  | SPDR<sup>®</sup> Gold Trust–ETF<sup>(a)</sup>  | 2000 | &nbsp;&nbsp; 736240 |
| VanEck Gold Miners ETF<sup>(c)</sup>  | VanEck Gold Miners ETF<sup>(c)</sup>  | 900000 | &nbsp;&nbsp; 64854000 |
|  | &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp; **Principal**<br> **Amount** |  |
| **Equity Linked Notes–1.40%** | **Equity Linked Notes–1.40%** | **Equity Linked Notes–1.40%** | **Equity Linked Notes–1.40%** |
| **Canada–0.38%** | **Canada–0.38%** | **Canada–0.38%** | **Canada–0.38%** |
| Canadian Imperial Bank of <br> Commerce (VanEck Gold Miners <br> ETF), 139.00%, 11/18/2025<sup>(d)</sup> <br>|  | $8101000 | &nbsp;&nbsp; 6901372 |
| Canadian Imperial Bank of <br> Commerce (VanEck Gold Miners <br> ETF), 114.10%, 11/25/2025<sup>(d)</sup> <br>|  | 6613000 | &nbsp;&nbsp; 6843205 |
|  |  |  | &nbsp;&nbsp; 13744577 |
| **United Kingdom–0.70%** | **United Kingdom–0.70%** | **United Kingdom–0.70%** | **United Kingdom–0.70%** |
| Barclays Bank PLC (VanEck Gold <br> Miners ETF), 99.60%, <br> 11/04/2025<sup>(d)</sup> <br>|  | 14783000 | &nbsp;&nbsp; 14905699 |
| Barclays PLC (VanEck Gold Miners <br> ETF), 96.55%, 11/12/2025<sup>(d)</sup> <br>|  | 9961000 | &nbsp;&nbsp; 10162112 |
|  |  |  | &nbsp;&nbsp; 25067811 |
| **United States–0.32%** | **United States–0.32%** | **United States–0.32%** | **United States–0.32%** |
| Wells Fargo & Co. (VanEck Gold <br> Miners ETF), 86.51%, <br> 12/01/2025<sup>(d)</sup> <br>|  | 11045000 | &nbsp;&nbsp; 11245787 |
| Total Equity Linked Notes (Cost $50,503,000) | Total Equity Linked Notes (Cost $50,503,000) | Total Equity Linked Notes (Cost $50,503,000) | &nbsp;&nbsp; 50058175 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br>**Shares** | &nbsp;&nbsp; <br>**Shares** | **Value** |
| **Money Market Funds–2.40%** | **Money Market Funds–2.40%** | **Money Market Funds–2.40%** | **Money Market Funds–2.40%** |
| Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.06%<sup>(e)(f)</sup>  | Invesco Government & Agency <br> Portfolio, Institutional Class, <br> 4.06%<sup>(e)(f)</sup>  | 30006760 | &nbsp;&nbsp; $30006760 |
| Invesco Treasury Portfolio, <br> Institutional Class, 3.96%<sup>(e)(f)</sup>  | Invesco Treasury Portfolio, <br> Institutional Class, 3.96%<sup>(e)(f)</sup>  | 55726814 | &nbsp;&nbsp; 55726814 |
| Total Money Market Funds (Cost $85,733,574) | Total Money Market Funds (Cost $85,733,574) | Total Money Market Funds (Cost $85,733,574) | &nbsp;&nbsp; 85733574 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding Investments <br> purchased with cash collateral <br> from securities on <br> loan)-100.35% <br> (Cost $2,065,863,718)<br>|  |  | &nbsp;&nbsp; 3587390883 |
| **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–0.71%** | **Money Market Funds–0.71%** | **Money Market Funds–0.71%** | **Money Market Funds–0.71%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(e)(f)(g)</sup>  | 6982142 | &nbsp;&nbsp; 6982142 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(e)(f)(g)</sup>  | Invesco Private Prime Fund, <br> 4.30%<sup>(e)(f)(g)</sup>  | 18354830 | &nbsp;&nbsp; 18360337 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $25,342,753) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $25,342,753) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $25,342,753) | &nbsp;&nbsp; 25342479 |
| TOTAL INVESTMENTS IN SECURITIES—101.06% <br> (Cost $2,091,206,471) | TOTAL INVESTMENTS IN SECURITIES—101.06% <br> (Cost $2,091,206,471) | TOTAL INVESTMENTS IN SECURITIES—101.06% <br> (Cost $2,091,206,471) | &nbsp;&nbsp; 3612733362 |
| OTHER ASSETS LESS LIABILITIES–(1.06)% | OTHER ASSETS LESS LIABILITIES–(1.06)% | OTHER ASSETS LESS LIABILITIES–(1.06)% | &nbsp;&nbsp; (37725161)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $3575008201 |

---

Investment Abbreviations:

---

| | |
|:---|:---|
| ADR | – American Depositary Receipt |
| ETF | – Exchange-Traded Fund |
| 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 this security was out on loan at October 31, 2025.

<sup>(d)</sup> Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2025 was $65,607,800, which represented 1.84% of the Fund's Net Assets. 

<sup>(e)</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 six months ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $24226916 | &nbsp;&nbsp; $165103746 | &nbsp;&nbsp; $(159323902) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $30006760 | &nbsp;&nbsp; $860156 |
| Invesco Treasury Portfolio, Institutional Class | 44992815 | &nbsp;&nbsp; 306621244 | &nbsp;&nbsp; (295887245) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 55726814 | &nbsp;&nbsp; 1582504 |

---

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

**3**

**Invesco Gold & Special Minerals Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $- | &nbsp;&nbsp; $287814535 | &nbsp;&nbsp; $(280832393) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6982142 | &nbsp;&nbsp; $306,671\* |
| Invesco Private Prime Fund | - | &nbsp;&nbsp; 574220154 | &nbsp;&nbsp; (555859543) | (274) | &nbsp;&nbsp; - | &nbsp;&nbsp; 18360337 | &nbsp;&nbsp; 873,120\* |
| Total | $69219731 | &nbsp;&nbsp; $1333759679 | &nbsp;&nbsp; $(1291903083) | &nbsp;&nbsp; $(274) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $111076053 | &nbsp;&nbsp; $3622451 |

---

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

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of October 31, 2025.

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

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**

*October 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,980,130,144)\*<br>| &nbsp;&nbsp; $3501657309 |
| Investments in affiliated money market funds, at value <br> (Cost $111,076,327)<br>| &nbsp;&nbsp; 111076053 |
| Cash | &nbsp;&nbsp; 1040386 |
| Foreign currencies, at value (Cost $1,845,056) | &nbsp;&nbsp; 1842027 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 3212494 |
| Dividends | &nbsp;&nbsp; 855415 |
| Interest | &nbsp;&nbsp; 1586909 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 160776 |
| Other assets | &nbsp;&nbsp; 97098 |
| Total assets | &nbsp;&nbsp; 3621528467 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 11045000 |
| Fund shares reacquired | &nbsp;&nbsp; 8356027 |
| Due to broker | &nbsp;&nbsp; 243099 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 25342753 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1207899 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 23968 |
| Accrued other operating expenses | &nbsp;&nbsp; 132849 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 168671 |
| Total liabilities | &nbsp;&nbsp; 46520266 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $3575008201 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2831777790 |
| Distributable earnings | &nbsp;&nbsp; 743230411 |
|  | &nbsp;&nbsp; $3575008201 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1535160028 |
| Class C | &nbsp;&nbsp; $103517347 |
| Class R | &nbsp;&nbsp; $264639192 |
| Class Y | &nbsp;&nbsp; $928188997 |
| Class R5 | &nbsp;&nbsp; $2935210 |
| Class R6 | &nbsp;&nbsp; $740567427 |
| **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; 30914790 |
| Class C | &nbsp;&nbsp; 2368868 |
| Class R | &nbsp;&nbsp; 5652094 |
| Class Y | &nbsp;&nbsp; 18624231 |
| Class R5 | &nbsp;&nbsp; 58841 |
| Class R6 | &nbsp;&nbsp; 14699937 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $49.66 |
| Maximum offering price per share <br>(Net asset value of $49.66 ÷ 94.50%)<br>| &nbsp;&nbsp; $52.55 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $43.70 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $46.82 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $49.84 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $49.88 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $50.38 |

---

\* At October 31, 2025, securities with an aggregate value of $24,522,295 were on loan to brokers. 

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 six months ended October 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Interest | &nbsp;&nbsp; $9932024 |
| Dividends (net of foreign withholding taxes of $1,576,317) | &nbsp;&nbsp; 23065135 |
| Dividends from affiliates (includes net securities lending income of $108,439) | &nbsp;&nbsp; 2551099 |
| Total investment income | &nbsp;&nbsp; 35548258 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 8408857 |
| Administrative services fees | &nbsp;&nbsp; 217166 |
| Custodian fees | &nbsp;&nbsp; 44002 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1605673 |
| Class C | &nbsp;&nbsp; 468911 |
| Class R | &nbsp;&nbsp; 555211 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 1623472 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 1131 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 68359 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 15932 |
| Registration and filing fees | &nbsp;&nbsp; 62971 |
| Reports to shareholders | &nbsp;&nbsp; 80713 |
| Professional services fees | &nbsp;&nbsp; 55827 |
| Other | &nbsp;&nbsp; 16579 |
| Total expenses | &nbsp;&nbsp; 13224804 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (76994)<br>|
| Net expenses | &nbsp;&nbsp; 13147810 |
| Net investment income | &nbsp;&nbsp; 22400448 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 652361936 |
| Foreign currencies | &nbsp;&nbsp; (7585)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; 10963 |
| Options written | &nbsp;&nbsp; (15777601)<br>|
|  | &nbsp;&nbsp; 636587713 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 417370272 |
| Affiliated investment securities | &nbsp;&nbsp; (274)<br>|
| Foreign currencies | &nbsp;&nbsp; (11336)<br>|
| Options written | &nbsp;&nbsp; 23477079 |
|  | &nbsp;&nbsp; 440835741 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1077423454 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1099823902 |

---

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 six months ended October 31, 2025 and the year ended April 30, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,** <br>**2025**<br>| **April 30,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $22400448 | &nbsp;&nbsp; $6223064 |
| Net realized gain | &nbsp;&nbsp; 636587713 | &nbsp;&nbsp; 311010320 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 440835741 | &nbsp;&nbsp; 454427452 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1099823902 | &nbsp;&nbsp; 771660836 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (7106191)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (451588)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (1020220)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (5258849)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (22650)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4144414)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (18003912)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (37869187)<br>| &nbsp;&nbsp; (62664427)<br>|
| Class C | &nbsp;&nbsp; (9365060)<br>| &nbsp;&nbsp; (19310437)<br>|
| Class R | &nbsp;&nbsp; 6654693 | &nbsp;&nbsp; 5067984 |
| Class Y | &nbsp;&nbsp; (24950672)<br>| &nbsp;&nbsp; (34947185)<br>|
| Class R5 | &nbsp;&nbsp; 224128 | &nbsp;&nbsp; 108766 |
| Class R6 | &nbsp;&nbsp; 28742256 | &nbsp;&nbsp; 3077537 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (36563842)<br>| &nbsp;&nbsp; (108667762)<br>|
| Net increase in net assets | &nbsp;&nbsp; 1063260060 | &nbsp;&nbsp; 644989162 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 2511748141 | &nbsp;&nbsp; 1866758979 |
| End of period | &nbsp;&nbsp; $3575008201 | &nbsp;&nbsp; $2511748141 |

---

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**

*(Unaudited)*

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<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** |
| Six months ended 10/31/25 | $34.55 | $0.29 | $14.82 | $15.11 | $— | $49.66 | 43.74 %<sup>(d)</sup><br>| $1535160 | 0.95 %<sup>(d)(e)</sup><br>| 0.95 %<sup>(d)(e)</sup><br>| 1.36 %<sup>(d)(e)</sup><br>| 69<br> %<br>|
| Year ended 04/30/25 | 24.37 | 0.06 | 10.34 | 10.40 | (0.22)<br>| 34.55 | 42.93 <br><sup>(d)</sup><br>| 1099366 | 1.05 <br><sup>(d)</sup><br>| 1.05 <br><sup>(d)</sup><br>| 0.20 <br><sup>(d)</sup><br>| 47 |
| 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** |
| Six months ended 10/31/25 | 30.52 | 0.11 | 13.07 | 13.18 |  | 43.70 | 43.18 | 103517 | 1.71 <br><sup>(e)</sup><br>| 1.71 <br><sup>(e)</sup><br>| 0.60 <br><sup>(e)</sup><br>| 69 |
| 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** |
| Six months ended 10/31/25 | 32.62 | 0.22 | 13.98 | 14.20 |  | 46.82 | 43.53 | 264639 | 1.21 <br><sup>(e)</sup><br>| 1.21 <br><sup>(e)</sup><br>| 1.10 <br><sup>(e)</sup><br>| 69 |
| 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** |
| Six months ended 10/31/25 | 34.63 | 0.34 | 14.87 | 15.21 |  | 49.84 | 43.92 | 928189 | 0.71 <br><sup>(e)</sup><br>| 0.71 <br><sup>(e)</sup><br>| 1.60 <br><sup>(e)</sup><br>| 69 |
| 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** |
| Six months ended 10/31/25 | 34.65 | 0.35 | 14.88 | 15.23 |  | 49.88 | 43.95 | 2935 | 0.67 <br><sup>(e)</sup><br>| 0.67 <br><sup>(e)</sup><br>| 1.64 <br><sup>(e)</sup><br>| 69 |
| 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** |
| Six months ended 10/31/25 | 34.98 | 0.37 | 15.03 | 15.40 |  | 50.38 | 44.03 | 740567 | 0.60 <br><sup>(e)</sup><br>| 0.60 <br><sup>(e)</sup><br>| 1.71 <br><sup>(e)</sup><br>| 69 |
| 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 six months ended October 31, 2025 and the years ended April 30, 2025, 2024, 2023, 2022 and 2021, respectively. 

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

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**

*October 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

Invesco Gold & Special Minerals Fund (the "Fund") is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the "Trust"). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco Gold & Special Minerals Fund (Cayman) Ltd. (the "Subsidiary"), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek to gain exposure to the commodity market through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in gold bullion and other precious metals, shares of exchange-traded funds that invest in gold bullion (Gold ETFs), commodity linked derivatives related to gold or other special mineral (including commodity futures, financial futures, options and swap contracts, and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions). The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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.

Equity-linked notes are valued using an independent pricing service provider whose calculations are based on various data points that are included in the trade terms.

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.

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**Invesco Gold & Special Minerals Fund**

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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 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

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**Invesco Gold & Special Minerals Fund**

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servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's consolidated financial statements.

**J.** **Equity-Linked Notes** – The Fund may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative-type instruments, in a single note form, that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund, or an index or basket of securities (underlying securities)) and one or more related equity derivatives, such as put or call options, or a combination thereof. Unlike a direct investment in equity securities, ELNs have a maturity date, potentially increasing the Fund's turnover rate, transaction costs and tax liability. Upon the maturity of an ELN, the Fund generally receives an interest coupon payment and the par value of the note plus or minus a return based on the performance of the underlying securities and the related equity derivatives. If the underlying securities have depreciated in value or if their price appreciates or depreciates outside of a preset range, depending on the type of ELN, the Fund may receive only the principal amount of the note or less than the principal amount of the note, or may even lose the entire principal invested in the ELN. Investments in ELNs possess the risks associated with the underlying securities, such as management risk, market risk and, as applicable, foreign securities and currency risks. In addition, as a note, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. An investment in an ELN also bears the risk that the ELN issuer will default or become bankrupt. In such an event, the Fund may have difficulty being repaid, or fail to be repaid, the principal amount of, or income from, its investment. As the holder of an ELN, the Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends.

ELNs utilized by the Fund may involve synthetic exposure to options that can create economic leverage risk which, depending on the performance of the underlying securities, could magnify or otherwise increase investment losses to the Fund and result in losses on the ELN that exceed the losses on the underlying securities. The economic leverage associated with investments in ELNs is distinguishable from indebtedness leverage in that it does not expose the Fund to losing more than the principal amount of the ELN. Should the prices of the underlying securities move in an unexpected manner, the Fund may not achieve the anticipated benefits of its ELN investments, and it may realize losses, which could be significant and could include the Fund's entire principal investment. In addition, investments in ELNs allow for enhanced yield but are subject to limited upside appreciation potential based on movements of the underlying securities. Investing in ELNs may be more costly to the Fund than if the Fund had invested in the underlying securities directly.

**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 Consolidated 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 Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2025, the Fund paid the Adviser $3,191 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 Consolidated 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 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

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**Invesco Gold & Special Minerals Fund**

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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.

**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 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.

**N.** **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.

**O.** **Put Options Purchased and Written** – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option's underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund's resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

**P.** **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.

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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\*** |
| 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% |

---

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

For the six months ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.55%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., 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, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2025, the Adviser waived advisory fees of $76,365.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 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 six months ended October 31, 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 customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 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 six months ended October 31, 2025, IDI advised the Fund that IDI retained $92,313 in front-end sales commissions from the sale of Class A shares and $37,331 and $1,574 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2025, the Fund incurred $7,950 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

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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 October 31, 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; $57035829 | &nbsp;&nbsp;&nbsp;&nbsp; $410914985 | &nbsp;&nbsp;&nbsp;&nbsp; $17882987 | &nbsp;&nbsp;&nbsp;&nbsp; $485833801 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 157611658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157611658 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 1514546455 | &nbsp;&nbsp;&nbsp;&nbsp; 13744577 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1528291032 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141948127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141948127 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 8654418 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8654418 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28055692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28055692 |
| Ivory Coast | &nbsp;&nbsp;&nbsp;&nbsp; 58977205 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58977205 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3550481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3550481 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 2560791 | &nbsp;&nbsp;&nbsp;&nbsp; 48685258 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51246049 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 11999517 | &nbsp;&nbsp;&nbsp;&nbsp; 227334 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12226851 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 214951014 | &nbsp;&nbsp;&nbsp;&nbsp; 11754183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 226705197 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; 23332554 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23332554 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 108991692 | &nbsp;&nbsp;&nbsp;&nbsp; 67803827 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176795519 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 587182938 | &nbsp;&nbsp;&nbsp;&nbsp; 11245787 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 598428725 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 85733574 | &nbsp;&nbsp;&nbsp;&nbsp; 25342479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111076053 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $2831577645 | &nbsp;&nbsp;&nbsp;&nbsp; $763272730 | &nbsp;&nbsp;&nbsp;&nbsp; $17882987 | &nbsp;&nbsp;&nbsp;&nbsp; $3612733362 |

---

**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.

**Effect of Derivative Investments for the six months ended October 31, 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 (Loss): |  |  |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; $10963 | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $10963 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (15777601)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15777601)<br>|
| Change in Net Unrealized Appreciation: |  |  |  |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 23477079 | &nbsp;&nbsp;&nbsp;&nbsp; 23477079 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $10963 | &nbsp;&nbsp;&nbsp;&nbsp; $7699478 | &nbsp;&nbsp;&nbsp;&nbsp; $7710441 |

---

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; $3120206 | &nbsp;&nbsp;&nbsp;&nbsp; $95551109 |
| Average contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27000 |

---

**14**

**Invesco Gold & Special Minerals Fund**

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $629.

**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—Tax Information**

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

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

The Fund had a capital loss carryforward as of April 30, 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 six months ended October 31, 2025 was $1,997,847,142 and $2,115,148,939, respectively. As of October 31, 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; $1451826683 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (9678364)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1442148319 |

---

Cost of investments for tax purposes is $2,170,585,043.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025** | **Year ended** <br>**April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 4133755 | &nbsp;&nbsp;&nbsp; $178712257 | &nbsp;&nbsp;&nbsp; 7058880 | &nbsp;&nbsp;&nbsp; $206135670 |
| Class C | &nbsp;&nbsp;&nbsp; 271516 | &nbsp;&nbsp;&nbsp; 10362583 | &nbsp;&nbsp;&nbsp; 486174 | &nbsp;&nbsp;&nbsp; 12558953 |
| Class R | &nbsp;&nbsp;&nbsp; 1054956 | &nbsp;&nbsp;&nbsp; 42967863 | &nbsp;&nbsp;&nbsp; 1988938 | &nbsp;&nbsp;&nbsp; 54540275 |
| Class Y | &nbsp;&nbsp;&nbsp; 2757810 | &nbsp;&nbsp;&nbsp; 117229310 | &nbsp;&nbsp;&nbsp; 5833250 | &nbsp;&nbsp;&nbsp; 169171248 |
| Class R5 | &nbsp;&nbsp;&nbsp; 13651 | &nbsp;&nbsp;&nbsp; 532304 | &nbsp;&nbsp;&nbsp; 71198 | &nbsp;&nbsp;&nbsp; 2075593 |
| Class R6 | &nbsp;&nbsp;&nbsp; 4286763 | &nbsp;&nbsp;&nbsp; 187127485 | &nbsp;&nbsp;&nbsp; 7156773 | &nbsp;&nbsp;&nbsp; 209184071 |

---

**15**

**Invesco Gold & Special Minerals Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **October 31, 2025**<sup>(a)</sup> | **Six months ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; 239557 | &nbsp;&nbsp;&nbsp; $6523127 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 16431 | &nbsp;&nbsp;&nbsp; 396306 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 39632 | &nbsp;&nbsp;&nbsp; 1019348 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 150270 | &nbsp;&nbsp;&nbsp; 4097851 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 826 | &nbsp;&nbsp;&nbsp; 22544 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 146043 | &nbsp;&nbsp;&nbsp; 4020553 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 157741 | &nbsp;&nbsp;&nbsp; 6836805 | &nbsp;&nbsp;&nbsp; 414873 | &nbsp;&nbsp;&nbsp; 11742719 |
| Class C | &nbsp;&nbsp;&nbsp; (178964)<br>| &nbsp;&nbsp;&nbsp; (6836805)<br>| &nbsp;&nbsp;&nbsp; (468421)<br>| &nbsp;&nbsp;&nbsp; (11742719)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (5199998)<br>| &nbsp;&nbsp;&nbsp; (223418249)<br>| &nbsp;&nbsp;&nbsp; (10006079)<br>| &nbsp;&nbsp;&nbsp; (287065943)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (336355)<br>| &nbsp;&nbsp;&nbsp; (12890838)<br>| &nbsp;&nbsp;&nbsp; (812582)<br>| &nbsp;&nbsp;&nbsp; (20522977)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (918910)<br>| &nbsp;&nbsp;&nbsp; (36313170)<br>| &nbsp;&nbsp;&nbsp; (1888693)<br>| &nbsp;&nbsp;&nbsp; (50491639)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (3211674)<br>| &nbsp;&nbsp;&nbsp; (142179982)<br>| &nbsp;&nbsp;&nbsp; (7175934)<br>| &nbsp;&nbsp;&nbsp; (208216284)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (7736)<br>| &nbsp;&nbsp;&nbsp; (308176)<br>| &nbsp;&nbsp;&nbsp; (70145)<br>| &nbsp;&nbsp;&nbsp; (1989371)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3600409)<br>| &nbsp;&nbsp;&nbsp; (158385229)<br>| &nbsp;&nbsp;&nbsp; (7177018)<br>| &nbsp;&nbsp;&nbsp; (210127087)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (777854)<br>| &nbsp;&nbsp;&nbsp; $(36563842)<br>| &nbsp;&nbsp;&nbsp; (3996027)<br>| &nbsp;&nbsp;&nbsp; $(108667762)<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.

**16**

**Invesco Gold & Special Minerals Fund**

------

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

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Gold & Special Minerals Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

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

As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as

part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight,

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

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Philadelphia Gold & Silver Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and three year periods, and the second quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund

**17**

**Invesco Gold & Special Minerals Fund**

------

performance as well as other performance metrics, which did not change its conclusions.

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

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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

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

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

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending

arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**19**

**Invesco Gold & Special Minerals Fund**

------

![](imgfa2973671.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

O-GSM-NCSRS

------

![](imgccced11a1.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Small Cap Value Fund**

Nasdaq:

A: VSCAX ■ C: VSMCX ■ R: VSRAX ■ Y: VSMIX ■ R6: SMVSX

------

---

| | |
|:---|:---|
| [2](#xx_c5e6ff7d-1db4-4354-baf3-036dcb650fed_SOI-Continued-38_1) | Schedule of Investments |
| [6](#xx_c5e6ff7d-1db4-4354-baf3-036dcb650fed_FS-Continued-38_1) | Financial Statements |
| [9](#xx_c5e6ff7d-1db4-4354-baf3-036dcb650fed_FS-Continued-38_4) | Financial Highlights |
| [10](#xx_c5e6ff7d-1db4-4354-baf3-036dcb650fed_NTF-Continued-38_1) | Notes to Financial Statements |
| [17](#xx_c5e6ff7d-1db4-4354-baf3-036dcb650fed_AOC-Continued-38_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [19](#xx_c5e6ff7d-1db4-4354-baf3-036dcb650fed_OIRSR-Continued-38_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*October 31, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–95.93%** | **Common Stocks & Other Equity Interests–95.93%** | **Common Stocks & Other Equity Interests–95.93%** |
| **Agricultural & Farm Machinery–1.16%** | **Agricultural & Farm Machinery–1.16%** | **Agricultural & Farm Machinery–1.16%** |
| AGCO Corp.<sup>(b)</sup>  | 853442 | &nbsp;&nbsp; $88041077 |
| **Application Software–0.22%** | **Application Software–0.22%** | **Application Software–0.22%** |
| Mitek Systems, Inc.<sup>(b)(c)</sup>  | 1821879 | &nbsp;&nbsp; 16779506 |
| **Asset Management & Custody Banks–0.40%** | **Asset Management & Custody Banks–0.40%** | **Asset Management & Custody Banks–0.40%** |
| WisdomTree, Inc.<sup>(b)</sup>  | 2515882 | &nbsp;&nbsp; 30089949 |
| **Building Products–0.17%** | **Building Products–0.17%** | **Building Products–0.17%** |
| Janus International Group, Inc.<sup>(b)(c)</sup>  | 1340343 | &nbsp;&nbsp; 12867293 |
| **Cargo Ground Transportation–3.38%** | **Cargo Ground Transportation–3.38%** | **Cargo Ground Transportation–3.38%** |
| ArcBest Corp. | 772632 | &nbsp;&nbsp; 57422010 |
| Knight-Swift Transportation Holdings, <br> Inc.<sup>(b)</sup>  | 480758 | &nbsp;&nbsp; 21691801 |
| Saia, Inc.<sup>(b)(c)</sup>  | 483145 | &nbsp;&nbsp; 141319913 |
| Werner Enterprises, Inc.<sup>(b)</sup>  | 1366427 | &nbsp;&nbsp; 35800387 |
|  |  | &nbsp;&nbsp; 256234111 |
| **Casinos & Gaming–1.04%** | **Casinos & Gaming–1.04%** | **Casinos & Gaming–1.04%** |
| PENN Entertainment, Inc.<sup>(b)(c)</sup>  | 4771431 | &nbsp;&nbsp; 78537754 |
| **Commodity Chemicals–0.12%** | **Commodity Chemicals–0.12%** | **Commodity Chemicals–0.12%** |
| Orion S.A. (Germany) | 1686854 | &nbsp;&nbsp; 8940326 |
| **Communications Equipment–0.66%** | **Communications Equipment–0.66%** | **Communications Equipment–0.66%** |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup>  | 247989 | &nbsp;&nbsp; 49984663 |
| **Construction & Engineering–1.90%** | **Construction & Engineering–1.90%** | **Construction & Engineering–1.90%** |
| AECOM | 946936 | &nbsp;&nbsp; 127220851 |
| Concrete Pumping Holdings, Inc.<sup>(b)</sup>  | 531254 | &nbsp;&nbsp; 3394713 |
| Orion Group Holdings, Inc.<sup>(c)</sup>  | 1207923 | &nbsp;&nbsp; 13009331 |
|  |  | &nbsp;&nbsp; 143624895 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **2.47%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **2.47%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **2.47%** |
| Astec Industries, Inc. | 216222 | &nbsp;&nbsp; 10060810 |
| NFI Group, Inc. (Canada)<sup>(c)</sup>  | 1346935 | &nbsp;&nbsp; 13771379 |
| Oshkosh Corp. | 795805 | &nbsp;&nbsp; 98114798 |
| Terex Corp. | 1408331 | &nbsp;&nbsp; 64811393 |
|  |  | &nbsp;&nbsp; 186758380 |
| **Construction Materials–0.48%** | **Construction Materials–0.48%** | **Construction Materials–0.48%** |
| James Hardie Industries PLC <br> (Australia)<sup>(c)</sup>  | 1728072 | &nbsp;&nbsp; 36168547 |
| **Copper–1.55%** | **Copper–1.55%** | **Copper–1.55%** |
| Capstone Copper Corp. (Canada)<sup>(c)</sup>  | 9857866 | &nbsp;&nbsp; 87997207 |
| ERO Copper Corp. (Brazil)<sup>(c)</sup>  | 1369202 | &nbsp;&nbsp; 29237888 |
|  |  | &nbsp;&nbsp; 117235095 |
| **Diversified Banks–0.86%** | **Diversified Banks–0.86%** | **Diversified Banks–0.86%** |
| Fifth Third Bancorp | 1570961 | &nbsp;&nbsp; 65383397 |
| **Diversified Chemicals–0.38%** | **Diversified Chemicals–0.38%** | **Diversified Chemicals–0.38%** |
| Huntsman Corp. | 3516416 | &nbsp;&nbsp; 29115924 |
| **Diversified Metals & Mining–3.45%** | **Diversified Metals & Mining–3.45%** | **Diversified Metals & Mining–3.45%** |
| Hudbay Minerals, Inc. (Canada) | 9195428 | &nbsp;&nbsp; 147126848 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** | **Diversified Metals & Mining–(continued)** |
| Teck Resources Ltd., Class B (Canada) | 2664082 | &nbsp;&nbsp; $114342399 |
|  |  | &nbsp;&nbsp; 261469247 |
| **Electric Utilities–2.36%** | **Electric Utilities–2.36%** | **Electric Utilities–2.36%** |
| NRG Energy, Inc. | 1038690 | &nbsp;&nbsp; 178509263 |
| **Electrical Components & Equipment–3.35%** | **Electrical Components & Equipment–3.35%** | **Electrical Components & Equipment–3.35%** |
| EnerSys<sup>(b)</sup>  | 831121 | &nbsp;&nbsp; 104854225 |
| Generac Holdings, Inc.<sup>(c)</sup>  | 259539 | &nbsp;&nbsp; 43607743 |
| Regal Rexnord Corp.<sup>(b)</sup>  | 744509 | &nbsp;&nbsp; 104893873 |
|  |  | &nbsp;&nbsp; 253355841 |
| **Electronic Components–3.97%** | **Electronic Components–3.97%** | **Electronic Components–3.97%** |
| Coherent Corp.<sup>(c)</sup>  | 2277682 | &nbsp;&nbsp; 300562917 |
| **Electronic Equipment & Instruments–1.04%** | **Electronic Equipment & Instruments–1.04%** | **Electronic Equipment & Instruments–1.04%** |
| Crane NXT Co.<sup>(b)</sup>  | 1241123 | &nbsp;&nbsp; 78501030 |
| **Electronic Manufacturing Services–0.35%** | **Electronic Manufacturing Services–0.35%** | **Electronic Manufacturing Services–0.35%** |
| Benchmark Electronics, Inc.<sup>(b)</sup>  | 612492 | &nbsp;&nbsp; 26839399 |
| **Environmental & Facilities Services–0.56%** | **Environmental & Facilities Services–0.56%** | **Environmental & Facilities Services–0.56%** |
| ABM Industries, Inc.<sup>(b)</sup>  | 984908 | &nbsp;&nbsp; 42351044 |
| **Fertilizers & Agricultural Chemicals–0.46%** | **Fertilizers & Agricultural Chemicals–0.46%** | **Fertilizers & Agricultural Chemicals–0.46%** |
| Mosaic Co. (The) | 1268278 | &nbsp;&nbsp; 34814231 |
| **Food Distributors–0.44%** | **Food Distributors–0.44%** | **Food Distributors–0.44%** |
| Performance Food Group Co.<sup>(c)</sup>  | 346841 | &nbsp;&nbsp; 33553398 |
| **Gold–1.93%** | **Gold–1.93%** | **Gold–1.93%** |
| Equinox Gold Corp. (Canada)<sup>(c)</sup>  | 6622300 | &nbsp;&nbsp; 72646631 |
| Royal Gold, Inc. | 420088 | &nbsp;&nbsp; 73427182 |
|  |  | &nbsp;&nbsp; 146073813 |
| **Health Care Equipment–4.19%** | **Health Care Equipment–4.19%** | **Health Care Equipment–4.19%** |
| Globus Medical, Inc., Class A<sup>(c)</sup>  | 1835797 | &nbsp;&nbsp; 110863781 |
| Integer Holdings Corp.<sup>(c)</sup>  | 546500 | &nbsp;&nbsp; 35287505 |
| Integra LifeSciences Holdings Corp.<sup>(b)(c)</sup>  | 3130919 | &nbsp;&nbsp; 37602337 |
| LivaNova PLC<sup>(b)(c)</sup>  | 899839 | &nbsp;&nbsp; 47358527 |
| QuidelOrtho Corp.<sup>(b)(c)</sup>  | 3179348 | &nbsp;&nbsp; 85810602 |
|  |  | &nbsp;&nbsp; 316922752 |
| **Health Care Services–0.47%** | **Health Care Services–0.47%** | **Health Care Services–0.47%** |
| Fresenius Medical Care AG (Germany) | 664650 | &nbsp;&nbsp; 35683226 |
| **Hotels, Resorts & Cruise Lines–2.92%** | **Hotels, Resorts & Cruise Lines–2.92%** | **Hotels, Resorts & Cruise Lines–2.92%** |
| Expedia Group, Inc. | 577084 | &nbsp;&nbsp; 126958480 |
| Travel + Leisure Co. | 1498866 | &nbsp;&nbsp; 94098808 |
|  |  | &nbsp;&nbsp; 221057288 |
| **Human Resource & Employment Services–0.42%** | **Human Resource & Employment Services–0.42%** | **Human Resource & Employment Services–0.42%** |
| ManpowerGroup, Inc.<sup>(b)</sup>  | 769377 | &nbsp;&nbsp; 23589099 |
| TrueBlue, Inc.<sup>(b)(c)(d)</sup>  | 1779451 | &nbsp;&nbsp; 8434598 |
|  |  | &nbsp;&nbsp; 32023697 |
| **Industrial Machinery & Supplies & Components–4.67%** | **Industrial Machinery & Supplies & Components–4.67%** | **Industrial Machinery & Supplies & Components–4.67%** |
| Columbus McKinnon Corp. | 1383254 | &nbsp;&nbsp; 22450213 |
| Gates Industrial Corp. PLC<sup>(c)</sup>  | 2538694 | &nbsp;&nbsp; 56054364 |

---

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

**2**

**Invesco Small Cap Value Fund**

------

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Industrial Machinery & Supplies & Components–(continued)** | **Industrial Machinery & Supplies & Components–(continued)** | **Industrial Machinery & Supplies & Components–(continued)** |
| Konecranes OYJ (Finland) | 1184210 | &nbsp;&nbsp; $116890519 |
| Middleby Corp. (The)<sup>(b)(c)</sup>  | 513175 | &nbsp;&nbsp; 63751730 |
| Timken Co. (The)<sup>(b)</sup>  | 1205630 | &nbsp;&nbsp; 94654011 |
|  |  | &nbsp;&nbsp; 353800837 |
| **Interactive Media & Services–0.95%** | **Interactive Media & Services–0.95%** | **Interactive Media & Services–0.95%** |
| Match Group, Inc. | 2216781 | &nbsp;&nbsp; 71690698 |
| **Investment Banking & Brokerage–0.67%** | **Investment Banking & Brokerage–0.67%** | **Investment Banking & Brokerage–0.67%** |
| Lazard, Inc. | 1043898 | &nbsp;&nbsp; 50942222 |
| **Leisure Products–0.55%** | **Leisure Products–0.55%** | **Leisure Products–0.55%** |
| Polaris, Inc.<sup>(b)</sup>  | 628688 | &nbsp;&nbsp; 41556277 |
| **Life & Health Insurance–2.25%** | **Life & Health Insurance–2.25%** | **Life & Health Insurance–2.25%** |
| Globe Life, Inc. | 1296238 | &nbsp;&nbsp; 170468259 |
| **Life Sciences Tools & Services–4.74%** | **Life Sciences Tools & Services–4.74%** | **Life Sciences Tools & Services–4.74%** |
| Avantor, Inc.<sup>(b)(c)</sup>  | 8658785 | &nbsp;&nbsp; 102346839 |
| Charles River Laboratories International, <br> Inc.<sup>(c)</sup>  | 608103 | &nbsp;&nbsp; 109501107 |
| ICON PLC<sup>(b)(c)</sup>  | 856880 | &nbsp;&nbsp; 147229122 |
|  |  | &nbsp;&nbsp; 359077068 |
| **Metal, Glass & Plastic Containers–1.24%** | **Metal, Glass & Plastic Containers–1.24%** | **Metal, Glass & Plastic Containers–1.24%** |
| Crown Holdings, Inc. | 967606 | &nbsp;&nbsp; 94031951 |
| **Office Services & Supplies–0.28%** | **Office Services & Supplies–0.28%** | **Office Services & Supplies–0.28%** |
| MillerKnoll, Inc.<sup>(b)</sup>  | 1339155 | &nbsp;&nbsp; 20917601 |
| **Oil & Gas Drilling–0.30%** | **Oil & Gas Drilling–0.30%** | **Oil & Gas Drilling–0.30%** |
| Patterson-UTI Energy, Inc.<sup>(b)</sup>  | 3578225 | &nbsp;&nbsp; 22435471 |
| **Oil & Gas Equipment & Services–0.20%** | **Oil & Gas Equipment & Services–0.20%** | **Oil & Gas Equipment & Services–0.20%** |
| Helix Energy Solutions Group, Inc.<sup>(c)</sup>  | 2233662 | &nbsp;&nbsp; 15010209 |
| **Oil & Gas Exploration & Production–5.99%** | **Oil & Gas Exploration & Production–5.99%** | **Oil & Gas Exploration & Production–5.99%** |
| Advantage Energy Ltd. (Canada)<sup>(c)</sup>  | 5069227 | &nbsp;&nbsp; 40227084 |
| Antero Resources Corp.<sup>(c)</sup>  | 1213110 | &nbsp;&nbsp; 37497230 |
| ARC Resources Ltd. (Canada) | 3634890 | &nbsp;&nbsp; 67045456 |
| California Resources Corp. | 756018 | &nbsp;&nbsp; 35661369 |
| EQT Corp. | 579290 | &nbsp;&nbsp; 31038358 |
| Expand Energy Corp. | 820144 | &nbsp;&nbsp; 84729077 |
| Northern Oil and Gas, Inc.<sup>(b)</sup>  | 624934 | &nbsp;&nbsp; 13829790 |
| Range Resources Corp. | 1715608 | &nbsp;&nbsp; 60989864 |
| Tamarack Valley Energy Ltd. (Canada) | 8946337 | &nbsp;&nbsp; 39738818 |
| Whitecap Resources, Inc. (Canada) | 5801209 | &nbsp;&nbsp; 43181792 |
|  |  | &nbsp;&nbsp; 453938838 |
| **Paper & Plastic Packaging Products & Materials–1.03%** | **Paper & Plastic Packaging Products & Materials–1.03%** | **Paper & Plastic Packaging Products & Materials–1.03%** |
| Sealed Air Corp.<sup>(b)</sup>  | 2336781 | &nbsp;&nbsp; 78305531 |
| **Regional Banks–12.51%** | **Regional Banks–12.51%** | **Regional Banks–12.51%** |
| Citizens Financial Group, Inc. | 1756467 | &nbsp;&nbsp; 89351476 |
| East West Bancorp, Inc. | 1365035 | &nbsp;&nbsp; 138687556 |
| Five Star Bancorp | 315477 | &nbsp;&nbsp; 11202588 |
| Huntington Bancshares, Inc. | 7194714 | &nbsp;&nbsp; 111086384 |
| Pinnacle Financial Partners, Inc. | 1051904 | &nbsp;&nbsp; 89632740 |
| Renasant Corp.<sup>(b)</sup>  | 1791224 | &nbsp;&nbsp; 60238863 |
| SouthState Bank Corp. | 1073026 | &nbsp;&nbsp; 95123755 |
| Webster Financial Corp. | 2548019 | &nbsp;&nbsp; 145339004 |
| Western Alliance Bancorporation | 2670798 | &nbsp;&nbsp; 206586226 |
|  |  | &nbsp;&nbsp; 947248592 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Research & Consulting Services–3.16%** | **Research & Consulting Services–3.16%** | **Research & Consulting Services–3.16%** | **Research & Consulting Services–3.16%** |
| Amentum Holdings, Inc.<sup>(b)(c)</sup>  | Amentum Holdings, Inc.<sup>(b)(c)</sup>  | 3603168 | &nbsp;&nbsp; $80746995 |
| KBR, Inc. | KBR, Inc. | 2568847 | &nbsp;&nbsp; 110049406 |
| Science Applications International Corp. | Science Applications International Corp. | 513826 | &nbsp;&nbsp; 48150634 |
|  |  |  | &nbsp;&nbsp; 238947035 |
| **Semiconductor Materials & Equipment–6.20%** | **Semiconductor Materials & Equipment–6.20%** | **Semiconductor Materials & Equipment–6.20%** | **Semiconductor Materials & Equipment–6.20%** |
| Entegris, Inc.<sup>(b)</sup>  | Entegris, Inc.<sup>(b)</sup>  | 1762867 | &nbsp;&nbsp; 161425731 |
| Ichor Holdings Ltd.<sup>(b)(c)(d)</sup>  | Ichor Holdings Ltd.<sup>(b)(c)(d)</sup>  | 2728017 | &nbsp;&nbsp; 61871426 |
| MKS, Inc.<sup>(b)</sup>  | MKS, Inc.<sup>(b)</sup>  | 1327986 | &nbsp;&nbsp; 190844868 |
| Ultra Clean Holdings, Inc.<sup>(c)</sup>  | Ultra Clean Holdings, Inc.<sup>(c)</sup>  | 2018947 | &nbsp;&nbsp; 55339337 |
|  |  |  | &nbsp;&nbsp; 469481362 |
| **Semiconductors–3.84%** | **Semiconductors–3.84%** | **Semiconductors–3.84%** | **Semiconductors–3.84%** |
| Allegro MicroSystems, Inc. (Japan)<sup>(b)(c)</sup>  | Allegro MicroSystems, Inc. (Japan)<sup>(b)(c)</sup>  | 2123724 | &nbsp;&nbsp; 63541822 |
| Melexis N.V. (Belgium) | Melexis N.V. (Belgium) | 583412 | &nbsp;&nbsp; 41989859 |
| Penguin Solutions, Inc.<sup>(b)(c)</sup>  | Penguin Solutions, Inc.<sup>(b)(c)</sup>  | 1666925 | &nbsp;&nbsp; 37122420 |
| Rambus, Inc.<sup>(c)</sup>  | Rambus, Inc.<sup>(c)</sup>  | 1076038 | &nbsp;&nbsp; 110659748 |
| Silicon Motion Technology Corp., ADR <br> (Taiwan)<sup>(b)</sup>  | Silicon Motion Technology Corp., ADR <br> (Taiwan)<sup>(b)</sup>  | 385119 | &nbsp;&nbsp; 37784025 |
|  |  |  | &nbsp;&nbsp; 291097874 |
| **Silver–0.94%** | **Silver–0.94%** | **Silver–0.94%** | **Silver–0.94%** |
| Pan American Silver Corp. (Canada)<sup>(b)</sup>  | Pan American Silver Corp. (Canada)<sup>(b)</sup>  | 2024845 | &nbsp;&nbsp; 71294792 |
| **Specialized Finance–0.64%** | **Specialized Finance–0.64%** | **Specialized Finance–0.64%** | **Specialized Finance–0.64%** |
| Burford Capital Ltd. | Burford Capital Ltd. | 4872054 | &nbsp;&nbsp; 48476937 |
| **Specialty Chemicals–2.05%** | **Specialty Chemicals–2.05%** | **Specialty Chemicals–2.05%** | **Specialty Chemicals–2.05%** |
| Avient Corp. | Avient Corp. | 567493 | &nbsp;&nbsp; 18199500 |
| Element Solutions, Inc.<sup>(b)</sup>  | Element Solutions, Inc.<sup>(b)</sup>  | 5128744 | &nbsp;&nbsp; 137040040 |
|  |  |  | &nbsp;&nbsp; 155239540 |
| **Trading Companies & Distributors–3.02%** | **Trading Companies & Distributors–3.02%** | **Trading Companies & Distributors–3.02%** | **Trading Companies & Distributors–3.02%** |
| MSC Industrial Direct Co., Inc., Class A | MSC Industrial Direct Co., Inc., Class A | 841849 | &nbsp;&nbsp; 71481398 |
| WESCO International, Inc. | WESCO International, Inc. | 605173 | &nbsp;&nbsp; 157060549 |
|  |  |  | &nbsp;&nbsp; 228541947 |
| Total Common Stocks & Other Equity Interests <br> (Cost $6,102,953,363) | Total Common Stocks & Other Equity Interests <br> (Cost $6,102,953,363) | Total Common Stocks & Other Equity Interests <br> (Cost $6,102,953,363) | &nbsp;&nbsp; 7263981104 |
| **Exchange-Traded Funds–2.06%** | **Exchange-Traded Funds–2.06%** | **Exchange-Traded Funds–2.06%** | **Exchange-Traded Funds–2.06%** |
| Global X Copper Miners ETF<sup>(b)</sup>  | Global X Copper Miners ETF<sup>(b)</sup>  | 1312149 | &nbsp;&nbsp; 81038322 |
| Global X Uranium ETF<sup>(b)</sup>  | Global X Uranium ETF<sup>(b)</sup>  | 1365829 | &nbsp;&nbsp; 75284495 |
| Total Exchange-Traded Funds <br> (Cost $79,449,299) | Total Exchange-Traded Funds <br> (Cost $79,449,299) | Total Exchange-Traded Funds <br> (Cost $79,449,299) | &nbsp;&nbsp; 156322817 |
| **Money Market Funds–1.87%** | **Money Market Funds–1.87%** | **Money Market Funds–1.87%** | **Money Market Funds–1.87%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | 49700859 | &nbsp;&nbsp; 49700859 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | 91929740 | &nbsp;&nbsp; 91929740 |
| Total Money Market Funds (Cost $141,630,599) | Total Money Market Funds (Cost $141,630,599) | Total Money Market Funds (Cost $141,630,599) | &nbsp;&nbsp; 141630599 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.86% <br> (Cost $6,324,033,261)<br>|  |  | &nbsp;&nbsp; 7561934520 |
| **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–5.61%** | **Money Market Funds–5.61%** | **Money Market Funds–5.61%** | **Money Market Funds–5.61%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | 108828375 | &nbsp;&nbsp; 108828375 |

---

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)** |
| Invesco Private Prime Fund, <br> 4.30%<sup>(d)(e)(f)</sup>  | 315478899 | &nbsp;&nbsp; $315573543 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $424,407,150) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $424,407,150) | &nbsp;&nbsp; 424401918 |
| TOTAL INVESTMENTS IN SECURITIES–105.47% <br> (Cost $6,748,440,411) | TOTAL INVESTMENTS IN SECURITIES–105.47% <br> (Cost $6,748,440,411) | &nbsp;&nbsp; 7986336438 |
| OTHER ASSETS LESS LIABILITIES—(5.47)% | OTHER ASSETS LESS LIABILITIES—(5.47)% | &nbsp;&nbsp; (414157164)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $7572179274 |

---

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 October 31, 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 six months ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| $47578828 | &nbsp;&nbsp; $418058843 | &nbsp;&nbsp; $(415936812) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $49700859 | &nbsp;&nbsp; $1413420 |
| Invesco Treasury Portfolio, <br> Institutional Class<br>| 87988824 | &nbsp;&nbsp; 776394995 | &nbsp;&nbsp; (772454079) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 91929740 | &nbsp;&nbsp; 2591712 |
| **Investments Purchased with Cash** <br> **Collateral from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 88744817 | &nbsp;&nbsp; 647248451 | &nbsp;&nbsp; (627164893) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 108828375 | &nbsp;&nbsp; 2,724,803\* |
| Invesco Private Prime Fund | 239843403 | &nbsp;&nbsp; 1540503023 | &nbsp;&nbsp; (1464808344) | &nbsp;&nbsp; 3843 | &nbsp;&nbsp; 31618 | &nbsp;&nbsp; 315573543 | &nbsp;&nbsp; 7,463,160\* |
| **Investments in Other Affiliates:** |  |  |  |  |  |  |  |
| Endava PLC, ADR\*\* | 57887514 | &nbsp;&nbsp; 1663531 | &nbsp;&nbsp; (30754435) | &nbsp;&nbsp; 47161557 | &nbsp;&nbsp; (75958167) | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Ichor Holdings Ltd.\*\*\* | 6640482 | &nbsp;&nbsp; 50656911 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4574033 | &nbsp;&nbsp; - | &nbsp;&nbsp; 61871426 | &nbsp;&nbsp; - |
| QuidelOrtho Corp.\*\* | 101722099 | &nbsp;&nbsp; 54957952 | &nbsp;&nbsp; (62486670) | &nbsp;&nbsp; 35347703 | &nbsp;&nbsp; (43730482) | &nbsp;&nbsp; 85810602 | &nbsp;&nbsp; - |
| TrueBlue, Inc. | 7467265 | &nbsp;&nbsp; 316484 | &nbsp;&nbsp; - | &nbsp;&nbsp; 650849 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8434598 | &nbsp;&nbsp; - |
| Total | $637873232 | &nbsp;&nbsp; $3489800190 | &nbsp;&nbsp; $(3373605233) | &nbsp;&nbsp; $87737985 | &nbsp;&nbsp; $(119657031) | &nbsp;&nbsp; $722149143 | &nbsp;&nbsp; $14193095 |

---

---

| | |
|:---|:---|
| \* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not <br> include rebates and fees paid to lending agent or premiums received from borrowers, if any.<br>|
| \*\* | At October 31, 2025, this security was no longer an affiliate of the Fund. |
| <sup>\*\*\*</sup> <br>| As of April 30, 2025, this security was not considered as an affiliate of the Fund. |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| 11/07/2025 | Barclays Bank PLC | EUR | 2597291 | USD | 3017117 | &nbsp;&nbsp;&nbsp; $22844 |
| 11/07/2025 | Goldman Sachs International | EUR | 10898799 | USD | 12710674 | &nbsp;&nbsp;&nbsp; 146052 |
| 12/08/2025 | Goldman Sachs International | EUR | 168511717 | USD | 195267165 | &nbsp;&nbsp;&nbsp; 658732 |
| 11/07/2025 | Merrill Lynch International | EUR | 1816209 | USD | 2109944 | &nbsp;&nbsp;&nbsp; 16138 |
| 11/07/2025 | Royal Bank of Canada | EUR | 165308035 | USD | 194461713 | &nbsp;&nbsp;&nbsp; 3887232 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 4730998 |

---

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

**4**

**Invesco Small Cap Value Fund**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** | **Open Forward Foreign Currency Contracts—(continued)** |
| **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** |  |  |  |  |  |  |
| 11/07/2025 | Goldman Sachs International | USD | 207131364 | EUR | 179026157 | &nbsp;&nbsp;&nbsp; $(742020)<br>|
| 11/07/2025 | Merrill Lynch International | USD | 1857721 | EUR | 1594177 | &nbsp;&nbsp;&nbsp; (19883)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (761903)<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; $3969095 |

---

Abbreviations: <br> EUR – Euro <br> USD – U.S. Dollar

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

**5**

**Invesco Small Cap Value Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $6,105,394,733)\*<br>| &nbsp;&nbsp; $7349997897 |
| Investments in affiliates, at value <br>(Cost $643,045,678)<br>| &nbsp;&nbsp; 636338541 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 4730998 |
| Foreign currencies, at value (Cost $1,318,831) | &nbsp;&nbsp; 1313416 |
| Receivable for: |  |
| Fund shares sold | &nbsp;&nbsp; 18747998 |
| Dividends | &nbsp;&nbsp; 2961575 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 255639 |
| Other assets | &nbsp;&nbsp; 139994 |
| Total assets | &nbsp;&nbsp; 8014486058 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 761903 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 8751577 |
| Fund shares reacquired | &nbsp;&nbsp; 5982125 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 424407150 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1967601 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1708 |
| Accrued other operating expenses | &nbsp;&nbsp; 165823 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 268897 |
| Total liabilities | &nbsp;&nbsp; 442306784 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $7572179274 |

---

---

| | |
|:---|:---|
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $5730930201 |
| Distributable earnings | &nbsp;&nbsp; 1841249073 |
|  | &nbsp;&nbsp; $7572179274 |
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1118738805 |
| Class C | &nbsp;&nbsp; $40965345 |
| Class R | &nbsp;&nbsp; $29183806 |
| Class Y | &nbsp;&nbsp; $4569081488 |
| Class R6 | &nbsp;&nbsp; $1814209830 |
| **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; 43569154 |
| Class C | &nbsp;&nbsp; 3728203 |
| Class R | &nbsp;&nbsp; 1149306 |
| Class Y | &nbsp;&nbsp; 161411061 |
| Class R6 | &nbsp;&nbsp; 63307772 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $25.68 |
| Maximum offering price per share <br>(Net asset value of $25.68 ÷ 94.50%)<br>| &nbsp;&nbsp; $27.17 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $10.99 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $25.39 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.31 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $28.66 |

---

\* At October 31, 2025, securities with an aggregate value of $416,351,213 were on loan to brokers. 

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

**6**

**Invesco Small Cap Value Fund**

------

**Statement of Operations**

*For the six months ended October 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $1,004,542) | &nbsp;&nbsp; $41790428 |
| Dividends from affiliated money market funds (includes net securities lending income of $495,467) | &nbsp;&nbsp; 4500599 |
| Total investment income | &nbsp;&nbsp; 46291027 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 21940955 |
| Administrative services fees | &nbsp;&nbsp; 465993 |
| Custodian fees | &nbsp;&nbsp; 32347 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1365212 |
| Class C | &nbsp;&nbsp; 206605 |
| Class R | &nbsp;&nbsp; 69959 |
| Transfer agent fees — A, C, R and Y | &nbsp;&nbsp; 4155612 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 204048 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 33938 |
| Registration and filing fees | &nbsp;&nbsp; 109867 |
| Reports to shareholders | &nbsp;&nbsp; 201369 |
| Professional services fees | &nbsp;&nbsp; 55821 |
| Other | &nbsp;&nbsp; 36086 |
| Total expenses | &nbsp;&nbsp; 28877812 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (133470)<br>|
| Net expenses | &nbsp;&nbsp; 28744342 |
| Net investment income | &nbsp;&nbsp; 17546685 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 379706891 |
| Affiliated investment securities | &nbsp;&nbsp; (119657031)<br>|
| Foreign currencies | &nbsp;&nbsp; (59517)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (13310059)<br>|
|  | &nbsp;&nbsp; 246680284 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1012956440 |
| Affiliated investment securities | &nbsp;&nbsp; 87737985 |
| Foreign currencies | &nbsp;&nbsp; 1120 |
| Forward foreign currency contracts | &nbsp;&nbsp; 3969095 |
|  | &nbsp;&nbsp; 1104664640 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1351344924 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1368891609 |

---

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

**7**

**Invesco Small Cap Value Fund**

------

**Statement of Changes in Net Assets**

*For the six months ended October 31, 2025 and the year ended April 30, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,** <br>**2025**<br>| **April 30,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $17546685 | &nbsp;&nbsp; $29409904 |
| Net realized gain | &nbsp;&nbsp; 246680284 | &nbsp;&nbsp; 716516665 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1104664640 | &nbsp;&nbsp; (744839377)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1368891609 | &nbsp;&nbsp; 1087192 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (86002586)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (7311672)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (2074768)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (264218689)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (88824084)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (448431799)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (66613932)<br>| &nbsp;&nbsp; (42216875)<br>|
| Class C | &nbsp;&nbsp; (5325237)<br>| &nbsp;&nbsp; (1173549)<br>|
| Class R | &nbsp;&nbsp; (536792)<br>| &nbsp;&nbsp; 1222431 |
| Class Y | &nbsp;&nbsp; 144298873 | &nbsp;&nbsp; 1310702283 |
| Class R6 | &nbsp;&nbsp; 234421723 | &nbsp;&nbsp; 505831906 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 306244635 | &nbsp;&nbsp; 1774366196 |
| Net increase in net assets | &nbsp;&nbsp; 1675136244 | &nbsp;&nbsp; 1327021589 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 5897043030 | &nbsp;&nbsp; 4570021441 |
| End of period | &nbsp;&nbsp; $7572179274 | &nbsp;&nbsp; $5897043030 |

---

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

**8**

**Invesco Small Cap Value Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<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** |
| Six months ended 10/31/25 | $20.93 | $0.03 | $4.72 | $4.75 | $— | $— | $— | $25.68 | 22.69<br> %<br>| &nbsp;&nbsp; $1118739 | 1.05 %<sup>(d)</sup><br>| 1.05 %<sup>(d)</sup><br>| 0.27 %<sup>(d)</sup><br>| 33<br> %<br>|
| 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 | &nbsp;&nbsp; 969304 | 1.07 | 1.07 | 0.29 | 52 |
| 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** |
| Six months ended 10/31/25 | 8.99 | (0.03)<br>| 2.03 | 2.00 |  |  |  | 10.99 | 22.25 | &nbsp;&nbsp; 40965 | 1.80 <br><sup>(d)</sup><br>| 1.80 <br><sup>(d)</sup><br>| (0.48 )<sup>(d)</sup><br>| 33 |
| 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>(e)</sup><br>| &nbsp;&nbsp; 17598 | 1.81 <br><sup>(e)</sup><br>| 1.81 <br><sup>(e)</sup><br>| (0.45 )<sup>(e)</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** |
| Six months ended 10/31/25 | 20.72 | 0.00 | 4.67 | 4.67 |  |  |  | 25.39 | 22.54 | &nbsp;&nbsp; 29184 | 1.30 <br><sup>(d)</sup><br>| 1.30 <br><sup>(d)</sup><br>| 0.02 <br><sup>(d)</sup><br>| 33 |
| 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>(f)</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** |
| Six months ended 10/31/25 | 23.04 | 0.07 | 5.20 | 5.27 |  |  |  | 28.31 | 22.87 | &nbsp;&nbsp; 4569081 | 0.80 <br><sup>(d)</sup><br>| 0.80 <br><sup>(d)</sup><br>| 0.52 <br><sup>(d)</sup><br>| 33 |
| 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** |
| Six months ended 10/31/25 | 23.31 | 0.09 | 5.26 | 5.35 |  |  |  | 28.66 | 22.95 | &nbsp;&nbsp; 1814210 | 0.68 <br><sup>(d)</sup><br>| 0.68 <br><sup>(d)</sup><br>| 0.64 <br><sup>(d)</sup><br>| 33 |
| 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 |

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

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

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

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

<sup>(e)</sup> The total return, 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>(f)</sup> Amount represents less than $(0.005).

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

**9**

**Invesco Small Cap Value Fund**

------

**Notes to Financial Statements**

*October 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

The Fund 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.

**10**

**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** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

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

**11**

**Invesco Small Cap Value 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 six months ended October 31, 2025, the Fund paid the Adviser $24,311 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% |

---

For the six months ended October 31, 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 Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., 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. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

**12**

**Invesco Small Cap Value Fund**

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Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2025, the Adviser waived advisory fees of $123,327.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 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 six months ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2025, IDI advised the Fund that IDI retained $27,793 in front-end sales commissions from the sale of Class A shares and $457 and $1,336 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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; $7069417500 | &nbsp;&nbsp;&nbsp;&nbsp; $194563604 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7263981104 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 156322817 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156322817 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 141630599 | &nbsp;&nbsp;&nbsp;&nbsp; 424401918 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 566032517 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 7367370916 | &nbsp;&nbsp;&nbsp;&nbsp; 618965522 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7986336438 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4730998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4730998 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (761903)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (761903)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3969095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3969095 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $7367370916 | &nbsp;&nbsp;&nbsp;&nbsp; $622934617 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7990305533 |

---

\* 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

**13**

**Invesco Small Cap Value Fund**

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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** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $4730998 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $4730998 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(761903)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(761903)<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 October 31, 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>|
| Barclays Bank PLC | &nbsp;&nbsp;&nbsp; $22844 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $22844 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $22844 |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; 804784 | &nbsp;&nbsp;&nbsp; (742020)<br>| &nbsp;&nbsp;&nbsp; 62764 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 62764 |
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 16138 | &nbsp;&nbsp;&nbsp; (19883)<br>| &nbsp;&nbsp;&nbsp; (3745)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3745)<br>|
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 3887232 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3887232 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3887232 |
| Total | &nbsp;&nbsp;&nbsp; $4730998 | &nbsp;&nbsp;&nbsp; $(761903)<br>| &nbsp;&nbsp;&nbsp; $3969095 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3969095 |

---

**Effect of Derivative Investments for the six months ended October 31, 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; $(13310059)<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3969095 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(9340964)<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; $648407138 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $10,143.

**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

**14**

**Invesco Small Cap Value Fund**

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period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. *Trustees' and Officers' Fees and Benefits* include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund had 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; $5214168 | &nbsp;&nbsp;&nbsp;&nbsp; $1119483 | &nbsp;&nbsp;&nbsp;&nbsp; $6333651 |

---

\*

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

**NOTE 9—Investment Transactions**

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2025 was $2,640,957,176 and $2,216,138,685, respectively. As of October 31, 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; $1590991086 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (416666485)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1174324601 |

---

Cost of investments for tax purposes is $6,815,980,932.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025** | **Year ended** <br>**April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1511387 | &nbsp;&nbsp;&nbsp; $36174134 | &nbsp;&nbsp;&nbsp; 5337156 | &nbsp;&nbsp;&nbsp; $126302210 |
| Class C | &nbsp;&nbsp;&nbsp; 148067 | &nbsp;&nbsp;&nbsp; 1560027 | &nbsp;&nbsp;&nbsp; 529400 | &nbsp;&nbsp;&nbsp; 5745665 |
| Class R | &nbsp;&nbsp;&nbsp; 87197 | &nbsp;&nbsp;&nbsp; 2084445 | &nbsp;&nbsp;&nbsp; 244408 | &nbsp;&nbsp;&nbsp; 5717007 |
| Class Y | &nbsp;&nbsp;&nbsp; 30733096 | &nbsp;&nbsp;&nbsp; 817228755 | &nbsp;&nbsp;&nbsp; 82354434 | &nbsp;&nbsp;&nbsp; 2128704624 |
| Class R6 | &nbsp;&nbsp;&nbsp; 15666257 | &nbsp;&nbsp;&nbsp; 418125945 | &nbsp;&nbsp;&nbsp; 27680345 | &nbsp;&nbsp;&nbsp; 722403741 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3297619 | &nbsp;&nbsp;&nbsp; 80824648 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 640558 | &nbsp;&nbsp;&nbsp; 6764287 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 84311 | &nbsp;&nbsp;&nbsp; 2048759 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8217061 | &nbsp;&nbsp;&nbsp; 221531958 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3054204 | &nbsp;&nbsp;&nbsp; 83257605 |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 40876 | &nbsp;&nbsp;&nbsp; 1002325 | &nbsp;&nbsp;&nbsp; 137575 | &nbsp;&nbsp;&nbsp; 3216467 |
| Class C | &nbsp;&nbsp;&nbsp; (95360)<br>| &nbsp;&nbsp;&nbsp; (1002325)<br>| &nbsp;&nbsp;&nbsp; (306951)<br>| &nbsp;&nbsp;&nbsp; (3216467)<br>|

---

**15**

**Invesco Small Cap Value Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **October 31, 2025**<sup>(a)</sup> | **Six months ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4302899)<br>| &nbsp;&nbsp;&nbsp; $(103790391)<br>| &nbsp;&nbsp;&nbsp; (10754490)<br>| &nbsp;&nbsp;&nbsp; $(252560200)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (571607)<br>| &nbsp;&nbsp;&nbsp; (5882939)<br>| &nbsp;&nbsp;&nbsp; (996547)<br>| &nbsp;&nbsp;&nbsp; (10467034)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (109057)<br>| &nbsp;&nbsp;&nbsp; (2621237)<br>| &nbsp;&nbsp;&nbsp; (283180)<br>| &nbsp;&nbsp;&nbsp; (6543335)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (25407782)<br>| &nbsp;&nbsp;&nbsp; (672929882)<br>| &nbsp;&nbsp;&nbsp; (41292902)<br>| &nbsp;&nbsp;&nbsp; (1039534299)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (6796242)<br>| &nbsp;&nbsp;&nbsp; (183704222)<br>| &nbsp;&nbsp;&nbsp; (11512787)<br>| &nbsp;&nbsp;&nbsp; (299829440)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 10903933 | &nbsp;&nbsp;&nbsp; $306244635 | &nbsp;&nbsp;&nbsp; 66430214 | &nbsp;&nbsp;&nbsp; $1774366196 |

---

<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.

**16**

**Invesco Small Cap Value Fund**

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

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Small Cap Value Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

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

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

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

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

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell 2000® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

**17**

**Invesco Small Cap Value Fund**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board considered information from Invesco Advisers regarding the levels of the Fund's breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant

assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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

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

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

regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**18**

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**19**

**Invesco Small Cap Value Fund**

------

![](imgccced11a1.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

VK-SCV-NCSRS

------

![](imgb47c9a631.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Technology Fund**

Nasdaq:

A: ITYAX ■ C: ITHCX ■ R: ITYRX ■ Y: ITYYX ■ Investor: FTCHX ■ R5: FTPIX ■ R6: FTPSX

------

---

| | |
|:---|:---|
| [2](#xx_7061fc44-2d20-4e6c-9ea4-8632d24b2498_SOI-Continued-39_1) | Schedule of Investments |
| [4](#xx_7061fc44-2d20-4e6c-9ea4-8632d24b2498_FS-Continued-39_1) | Financial Statements |
| [7](#xx_7061fc44-2d20-4e6c-9ea4-8632d24b2498_FS-Continued-39_4) | Financial Highlights |
| [8](#xx_7061fc44-2d20-4e6c-9ea4-8632d24b2498_NTF-Continued-39_1) | Notes to Financial Statements |
| [14](#xx_7061fc44-2d20-4e6c-9ea4-8632d24b2498_AOC-Continued-39_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [16](#xx_7061fc44-2d20-4e6c-9ea4-8632d24b2498_OIRSR-Continued-39_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*October 31, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–98.90%** | **Common Stocks & Other Equity Interests–98.90%** | **Common Stocks & Other Equity Interests–98.90%** |
| **Aerospace & Defense–4.55%** | **Aerospace & Defense–4.55%** | **Aerospace & Defense–4.55%** |
| AeroVironment, Inc.<sup>(b)(c)</sup>  | 55449 | &nbsp;&nbsp; $20511139 |
| Axon Enterprise, Inc.<sup>(b)</sup>  | 27682 | &nbsp;&nbsp; 20269591 |
| Curtiss-Wright Corp. | 38326 | &nbsp;&nbsp; 22831948 |
| General Electric Co. | 70773 | &nbsp;&nbsp; 21865318 |
| Rocket Lab Corp.<sup>(b)(c)</sup>  | 262465 | &nbsp;&nbsp; 16530046 |
|  |  | &nbsp;&nbsp; 102008042 |
| **Application Software–6.56%** | **Application Software–6.56%** | **Application Software–6.56%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 74472 | &nbsp;&nbsp; 47463240 |
| Cadence Design Systems, Inc.<sup>(b)</sup>  | 100353 | &nbsp;&nbsp; 33988558 |
| Datadog, Inc., Class A<sup>(b)</sup>  | 245483 | &nbsp;&nbsp; 39967087 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup>  | 128068 | &nbsp;&nbsp; 25673792 |
|  |  | &nbsp;&nbsp; 147092677 |
| **Automobile Manufacturers–1.01%** | **Automobile Manufacturers–1.01%** | **Automobile Manufacturers–1.01%** |
| Tesla, Inc.<sup>(b)</sup>  | 49391 | &nbsp;&nbsp; 22549955 |
| **Broadline Retail–2.18%** | **Broadline Retail–2.18%** | **Broadline Retail–2.18%** |
| Amazon.com, Inc.<sup>(b)</sup>  | 199953 | &nbsp;&nbsp; 48832522 |
| **Communications Equipment–4.22%** | **Communications Equipment–4.22%** | **Communications Equipment–4.22%** |
| Arista Networks, Inc.<sup>(b)</sup>  | 371289 | &nbsp;&nbsp; 58548562 |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup>  | 178435 | &nbsp;&nbsp; 35965359 |
|  |  | &nbsp;&nbsp; 94513921 |
| **Construction & Engineering–1.18%** | **Construction & Engineering–1.18%** | **Construction & Engineering–1.18%** |
| Comfort Systems USA, Inc. | 27387 | &nbsp;&nbsp; 26444339 |
| **Electric Utilities–0.99%** | **Electric Utilities–0.99%** | **Electric Utilities–0.99%** |
| Constellation Energy Corp. | 58822 | &nbsp;&nbsp; 22175894 |
| **Electrical Components & Equipment–1.01%** | **Electrical Components & Equipment–1.01%** | **Electrical Components & Equipment–1.01%** |
| Vertiv Holdings Co., Class A | 117742 | &nbsp;&nbsp; 22707722 |
| **Electronic Components–1.87%** | **Electronic Components–1.87%** | **Electronic Components–1.87%** |
| Amphenol Corp., Class A | 300301 | &nbsp;&nbsp; 41843941 |
| **Electronic Equipment & Instruments–1.23%** | **Electronic Equipment & Instruments–1.23%** | **Electronic Equipment & Instruments–1.23%** |
| Advanced Energy Industries, Inc. | 135343 | &nbsp;&nbsp; 27438086 |
| **Electronic Manufacturing Services–2.61%** | **Electronic Manufacturing Services–2.61%** | **Electronic Manufacturing Services–2.61%** |
| Flex Ltd.<sup>(b)</sup>  | 543426 | &nbsp;&nbsp; 33974994 |
| TTM Technologies, Inc.<sup>(b)</sup>  | 364756 | &nbsp;&nbsp; 24511603 |
|  |  | &nbsp;&nbsp; 58486597 |
| **Heavy Electrical Equipment–1.00%** | **Heavy Electrical Equipment–1.00%** | **Heavy Electrical Equipment–1.00%** |
| GE Vernova, Inc. | 38333 | &nbsp;&nbsp; 22430172 |
| **Interactive Home Entertainment–0.84%** | **Interactive Home Entertainment–0.84%** | **Interactive Home Entertainment–0.84%** |
| Roblox Corp., Class A<sup>(b)</sup>  | 166070 | &nbsp;&nbsp; 18885480 |
| **Interactive Media & Services–7.40%** | **Interactive Media & Services–7.40%** | **Interactive Media & Services–7.40%** |
| Alphabet, Inc., Class A | 377613 | &nbsp;&nbsp; 106181000 |
| Meta Platforms, Inc., Class A | 55495 | &nbsp;&nbsp; 35980183 |
| Reddit, Inc., Class A<sup>(b)</sup>  | 113771 | &nbsp;&nbsp; 23772450 |
|  |  | &nbsp;&nbsp; 165933633 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Internet Services & Infrastructure–9.53%** | **Internet Services & Infrastructure–9.53%** | **Internet Services & Infrastructure–9.53%** |
| Cloudflare, Inc., Class A<sup>(b)</sup>  | 164183 | &nbsp;&nbsp; $41587554 |
| CoreWeave, Inc., Class A<sup>(b)(c)</sup>  | 166581 | &nbsp;&nbsp; 22273546 |
| MongoDB, Inc.<sup>(b)</sup>  | 138604 | &nbsp;&nbsp; 49872491 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup>  | 292408 | &nbsp;&nbsp; 50838055 |
| Snowflake, Inc., Class A<sup>(b)</sup>  | 178599 | &nbsp;&nbsp; 49093293 |
|  |  | &nbsp;&nbsp; 213664939 |
| **Investment Banking & Brokerage–1.34%** | **Investment Banking & Brokerage–1.34%** | **Investment Banking & Brokerage–1.34%** |
| Robinhood Markets, Inc., Class A<sup>(b)</sup>  | 205202 | &nbsp;&nbsp; 30119550 |
| **Movies & Entertainment–0.61%** | **Movies & Entertainment–0.61%** | **Movies & Entertainment–0.61%** |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup>  | 20918 | &nbsp;&nbsp; 13707984 |
| **Restaurants–0.75%** | **Restaurants–0.75%** | **Restaurants–0.75%** |
| DoorDash, Inc., Class A<sup>(b)</sup>  | 65771 | &nbsp;&nbsp; 16730169 |
| **Semiconductor Materials & Equipment–6.86%** | **Semiconductor Materials & Equipment–6.86%** | **Semiconductor Materials & Equipment–6.86%** |
| ASML Holding N.V., New York Shares <br> (Netherlands) | 33355 | &nbsp;&nbsp; 35330617 |
| Lam Research Corp. | 304311 | &nbsp;&nbsp; 47916810 |
| Nova Ltd. (Israel)<sup>(b)</sup>  | 101240 | &nbsp;&nbsp; 34891354 |
| Teradyne, Inc. | 196244 | &nbsp;&nbsp; 35669309 |
|  |  | &nbsp;&nbsp; 153808090 |
| **Semiconductors–29.35%** | **Semiconductors–29.35%** | **Semiconductors–29.35%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup>  | 250031 | &nbsp;&nbsp; 64037940 |
| Broadcom, Inc. | 298689 | &nbsp;&nbsp; 110404415 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup>  | 131165 | &nbsp;&nbsp; 24609177 |
| Impinj, Inc.<sup>(b)(c)</sup>  | 129302 | &nbsp;&nbsp; 26139692 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup>  | 467257 | &nbsp;&nbsp; 34091071 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup>  | 166183 | &nbsp;&nbsp; 24616688 |
| Monolithic Power Systems, Inc. | 48444 | &nbsp;&nbsp; 48686220 |
| NVIDIA Corp. | 1052057 | &nbsp;&nbsp; 213031022 |
| Rambus, Inc.<sup>(b)</sup>  | 62343 | &nbsp;&nbsp; 6411354 |
| SiTime Corp.<sup>(b)(c)</sup>  | 103722 | &nbsp;&nbsp; 30042040 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan) | 252478 | &nbsp;&nbsp; 75851966 |
|  |  | &nbsp;&nbsp; 657921585 |
| **Systems Software–8.35%** | **Systems Software–8.35%** | **Systems Software–8.35%** |
| Microsoft Corp. | 201586 | &nbsp;&nbsp; 104383247 |
| Oracle Corp. | 161775 | &nbsp;&nbsp; 42483733 |
| Zscaler, Inc.<sup>(b)</sup>  | 121818 | &nbsp;&nbsp; 40338812 |
|  |  | &nbsp;&nbsp; 187205792 |
| **Technology Hardware, Storage & Peripherals–5.46%** | **Technology Hardware, Storage & Peripherals–5.46%** | **Technology Hardware, Storage & Peripherals–5.46%** |
| Apple, Inc. | 217632 | &nbsp;&nbsp; 58841164 |
| Pure Storage, Inc., Class A<sup>(b)</sup>  | 275527 | &nbsp;&nbsp; 27194515 |
| Western Digital Corp. | 241302 | &nbsp;&nbsp; 36245973 |
|  |  | &nbsp;&nbsp; 122281652 |
| Total Common Stocks & Other Equity Interests <br> (Cost $1,390,671,709) | Total Common Stocks & Other Equity Interests <br> (Cost $1,390,671,709) | &nbsp;&nbsp; 2216782742 |
| **Money Market Funds–0.14%** | **Money Market Funds–0.14%** | **Money Market Funds–0.14%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | 1067659 | &nbsp;&nbsp; 1067659 |

---

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–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | 1987865 | &nbsp;&nbsp; $1987865 |
| Total Money Market Funds (Cost $3,055,524) | Total Money Market Funds (Cost $3,055,524) | Total Money Market Funds (Cost $3,055,524) | &nbsp;&nbsp; 3055524 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from securities <br> on loan)-99.04% <br> (Cost $1,393,727,233)<br>|  |  | &nbsp;&nbsp; 2219838266 |
| **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–3.86%** | **Money Market Funds–3.86%** | **Money Market Funds–3.86%** | **Money Market Funds–3.86%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | 24041247 | &nbsp;&nbsp; 24041247 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Money Market Funds–(continued)** | **Money Market Funds–(continued)** | **Money Market Funds–(continued)** |
| Invesco Private Prime Fund, 4.30%<sup>(d)(e)(f)</sup>  | 62552013 | &nbsp;&nbsp; $62570778 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $86,613,933) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $86,613,933) | &nbsp;&nbsp; 86612025 |
| TOTAL INVESTMENTS IN SECURITIES–102.90% <br> (Cost $1,480,341,166) | TOTAL INVESTMENTS IN SECURITIES–102.90% <br> (Cost $1,480,341,166) | &nbsp;&nbsp; 2306450291 |
| OTHER ASSETS LESS LIABILITIES—(2.90)% | OTHER ASSETS LESS LIABILITIES—(2.90)% | &nbsp;&nbsp; (64898158)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $2241552133 |

---

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

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

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 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 six months ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<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>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market Funds:** |  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $8931042 | &nbsp;&nbsp; $96260090 | &nbsp;&nbsp; $(104123473) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1067659 | &nbsp;&nbsp; $109295 |
| Invesco Treasury Portfolio, Institutional Class | 16924052 | &nbsp;&nbsp; 178768739 | &nbsp;&nbsp; (193704926) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1987865 | &nbsp;&nbsp; 205022 |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | 1874972 | &nbsp;&nbsp; 133578665 | &nbsp;&nbsp; (111412390) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 24041247 | &nbsp;&nbsp; 199,074\* |
| Invesco Private Prime Fund | 4876355 | &nbsp;&nbsp; 317907312 | &nbsp;&nbsp; (260209109) | &nbsp;&nbsp; (1908) | &nbsp;&nbsp; (1872) | &nbsp;&nbsp; 62570778 | &nbsp;&nbsp; 537,620\* |
| Total | $32606421 | &nbsp;&nbsp; $726514806 | &nbsp;&nbsp; $(669449898) | &nbsp;&nbsp; $(1908) | &nbsp;&nbsp; $(1872) | &nbsp;&nbsp; $89667549 | &nbsp;&nbsp; $1051011 |

---

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

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

*October 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $1,390,671,709)\*<br>| &nbsp;&nbsp; $2216782742 |
| Investments in affiliated money market funds, at value <br> (Cost $89,669,457)<br>| &nbsp;&nbsp; 89667549 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 56375559 |
| Fund shares sold | &nbsp;&nbsp; 795100 |
| Dividends | &nbsp;&nbsp; 214692 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 185442 |
| Other assets | &nbsp;&nbsp; 85496 |
| Total assets | &nbsp;&nbsp; 2364106580 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 33898774 |
| Dividends | &nbsp;&nbsp; 394 |
| Fund shares reacquired | &nbsp;&nbsp; 871668 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 86613933 |
| Accrued fees to affiliates | &nbsp;&nbsp; 863943 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1132 |
| Accrued other operating expenses | &nbsp;&nbsp; 110582 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 194021 |
| Total liabilities | &nbsp;&nbsp; 122554447 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $2241552133 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $968142512 |
| Distributable earnings | &nbsp;&nbsp; 1273409621 |
|  | &nbsp;&nbsp; $2241552133 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $1267673319 |
| Class C | &nbsp;&nbsp; $64060531 |
| Class R | &nbsp;&nbsp; $54169 |
| Class Y | &nbsp;&nbsp; $77383596 |
| Investor Class | &nbsp;&nbsp; $819500406 |
| Class R5 | &nbsp;&nbsp; $1481764 |
| Class R6 | &nbsp;&nbsp; $11398348 |
| **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; 16328591 |
| Class C | &nbsp;&nbsp; 1405144 |
| Class R | &nbsp;&nbsp; 698 |
| Class Y | &nbsp;&nbsp; 947193 |
| Investor Class | &nbsp;&nbsp; 10551212 |
| Class R5 | &nbsp;&nbsp; 13942 |
| Class R6 | &nbsp;&nbsp; 106714 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $77.64 |
| Maximum offering price per share <br>(Net asset value of $77.64 ÷ 94.50%)<br>| &nbsp;&nbsp; $82.16 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $45.59 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $77.61 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $81.70 |
| Investor Class: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $77.67 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $106.28 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $106.81 |

---

\* At October 31, 2025, securities with an aggregate value of $85,229,370 were 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 six months ended October 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $131,391) | &nbsp;&nbsp; $3321933 |
| Dividends from affiliated money market funds (includes net securities lending income of $52,042) | &nbsp;&nbsp; 366359 |
| Total investment income | &nbsp;&nbsp; 3688292 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 5765862 |
| Administrative services fees | &nbsp;&nbsp; 122973 |
| Custodian fees | &nbsp;&nbsp; 4997 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 1369295 |
| Class C | &nbsp;&nbsp; 279267 |
| Class R | &nbsp;&nbsp; 12 |
| Investor Class | &nbsp;&nbsp; 491510 |
| Transfer agent fees— A, C, R, Y and Investor | &nbsp;&nbsp; 1230069 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 640 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 1059 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 16724 |
| Registration and filing fees | &nbsp;&nbsp; 68038 |
| Reports to shareholders | &nbsp;&nbsp; 66594 |
| Professional services fees | &nbsp;&nbsp; 41365 |
| Other | &nbsp;&nbsp; 14615 |
| Total expenses | &nbsp;&nbsp; 9473020 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (45319)<br>|
| Net expenses | &nbsp;&nbsp; 9427701 |
| Net investment income (loss) | &nbsp;&nbsp; (5739409)<br>|
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 322132847 |
| Affiliated investment securities | &nbsp;&nbsp; (1872)<br>|
| Foreign currencies | &nbsp;&nbsp; 3111 |
|  | &nbsp;&nbsp; 322134086 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 378533239 |
| Affiliated investment securities | &nbsp;&nbsp; (1908)<br>|
| Foreign currencies | &nbsp;&nbsp; 1024 |
|  | &nbsp;&nbsp; 378532355 |
| Net realized and unrealized gain | &nbsp;&nbsp; 700666441 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $694927032 |

---

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 six months ended October 31, 2025 and the year ended April 30, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,** <br>**2025**<br>| **April 30,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(5739409)<br>| &nbsp;&nbsp; $(9708260)<br>|
| Net realized gain | &nbsp;&nbsp; 322134086 | &nbsp;&nbsp; 237307886 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 378532355 | &nbsp;&nbsp; (90702181)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 694927032 | &nbsp;&nbsp; 136897445 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (125129178)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (10175093)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (7660207)<br>|
| Investor Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (83890657)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (125244)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (439719)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (227420098)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (13557910)<br>| &nbsp;&nbsp; 89704695 |
| Class C | &nbsp;&nbsp; (659159)<br>| &nbsp;&nbsp; 7782101 |
| Class R | &nbsp;&nbsp; 51060 | &nbsp;&nbsp; — |
| Class Y | &nbsp;&nbsp; 2746709 | &nbsp;&nbsp; 1368128 |
| Investor Class | &nbsp;&nbsp; (26198762)<br>| &nbsp;&nbsp; 35733933 |
| Class R5 | &nbsp;&nbsp; (33605)<br>| &nbsp;&nbsp; 330460 |
| Class R6 | &nbsp;&nbsp; 345684 | &nbsp;&nbsp; 3889744 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (37305983)<br>| &nbsp;&nbsp; 138809061 |
| Net increase in net assets | &nbsp;&nbsp; 657621049 | &nbsp;&nbsp; 48286408 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 1583931084 | &nbsp;&nbsp; 1535644676 |
| End of period | &nbsp;&nbsp; $2241552133 | &nbsp;&nbsp; $1583931084 |

---

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

**6**

**Invesco Technology Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<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** |
| Six months ended 10/31/25 | $53.82 | $(0.21)<br>| $24.03 | $23.82 | $— | $77.64 | 44.26<br> %<br>| $1267673 | 1.00 %<sup>(d)</sup><br>| 1.00 %<sup>(d)</sup><br>| (0.62 )%<sup>(d)</sup><br>| 96<br> %<br>|
| Year ended 04/30/25 | 55.86 | (0.36)<br>| 6.71 | 6.35 | (8.39)<br>| 53.82 | 8.71 | 890132 | 1.02 | 1.03 | (0.60)<br>| 134 |
| 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** |
| Six months ended 10/31/25 | 31.72 | (0.27)<br>| 14.14 | 13.87 |  | 45.59 | 43.73 | 64061 | 1.75 <br><sup>(d)</sup><br>| 1.75 <br><sup>(d)</sup><br>| (1.37 )<sup>(d)</sup><br>| 96 |
| Year ended 04/30/25 | 35.78 | (0.50)<br>| 4.83 | 4.33 | (8.39)<br>| 31.72 | 7.90 | 45095 | 1.76 | 1.77 | (1.34)<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>(e)</sup><br>| 37022 | 1.74 <br><sup>(e)</sup><br>| 1.74 <br><sup>(e)</sup><br>| (1.47 )<sup>(e)</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>(e)</sup><br>| 56566 | 1.84 <br><sup>(e)</sup><br>| 1.84 <br><sup>(e)</sup><br>| (1.45 )<sup>(e)</sup><br>| 59 |
| **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** |
| Period ended 10/31/25<sup>(f)</sup> <br>| 72.73 | (0.06)<br>| 4.94 | 4.88 |  | 77.61 | 6.71 | 54 | 1.25 <br><sup>(d)</sup><br>| 1.25 <br><sup>(d)</sup><br>| (0.87 )<sup>(d)</sup><br>| 96 |
| **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** |
| Six months ended 10/31/25 | 56.56 | (0.13)<br>| 25.27 | 25.14 |  | 81.70 | 44.45 | 77384 | 0.75 <br><sup>(d)</sup><br>| 0.75 <br><sup>(d)</sup><br>| (0.37 )<sup>(d)</sup><br>| 96 |
| 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** |
| Six months ended 10/31/25 | 53.81 | (0.17)<br>| 24.03 | 23.86 |  | 77.67 | 44.34 <br><sup>(g)</sup><br>| 819500 | 0.89 <br><sup>(d)(g)</sup><br>| 0.89 <br><sup>(d)(g)</sup><br>| (0.51 )<sup>(d)(g)</sup><br>| 96 |
| Year ended 04/30/25 | 55.80 | (0.30)<br>| 6.70 | 6.40 | (8.39)<br>| 53.81 | 8.81 <br><sup>(g)</sup><br>| 588776 | 0.91 <br><sup>(g)</sup><br>| 0.92 <br><sup>(g)</sup><br>| (0.49 )<sup>(g)</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>(g)</sup><br>| 582882 | 0.96 <br><sup>(g)</sup><br>| 0.97 <br><sup>(g)</sup><br>| (0.47 )<sup>(g)</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>(g)</sup><br>| 443544 | 1.00 <br><sup>(g)</sup><br>| 1.00 <br><sup>(g)</sup><br>| (0.30 )<sup>(g)</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>(g)</sup><br>| 514752 | 0.91 <br><sup>(g)</sup><br>| 0.91 <br><sup>(g)</sup><br>| (0.64 )<sup>(g)</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>(g)</sup><br>| 698143 | 1.00 <br><sup>(g)</sup><br>| 1.00 <br><sup>(g)</sup><br>| (0.61 )<sup>(g)</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** |
| Six months ended 10/31/25 | 73.57 | (0.16)<br>| 32.87 | 32.71 |  | 106.28 | 44.46 | 1482 | 0.72 <br><sup>(d)</sup><br>| 0.72 <br><sup>(d)</sup><br>| (0.34 )<sup>(d)</sup><br>| 96 |
| 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** |
| Six months ended 10/31/25 | 73.91 | (0.12)<br>| 33.02 | 32.90 |  | 106.81 | 44.51 | 11398 | 0.64 <br><sup>(d)</sup><br>| 0.64 <br><sup>(d)</sup><br>| (0.26 )<sup>(d)</sup><br>| 96 |
| 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> Annualized.

<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 0.99%, 0.97% and 0.99% for the year ended April 30, 2025, 2022 and 2021, respectively. 

<sup>(f)</sup> Commencement Date of September 30, 2025.

<sup>(g)</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%, 0.14%, 0.12%, 0.14% and 0.15% for the six months ended October 31, 2025 and 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**

*October 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. On September 30, 2025, the fund began offering Class R shares.Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges ("CDSC"). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for eight years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the "Conversion Feature"). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the eighth anniversary after a purchase of Class C shares.

Investor Class and Class R5 shares are closed to new investors.

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid or ask price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using prices provided by an independent pricing service they may be considered fair valued. Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. 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

**8**

**Invesco Technology Fund**

------

investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

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

**9**

**Invesco Technology Fund**

------

or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2025, the Fund paid the Adviser $2,229 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 six months ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.59%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the "Affiliated

**10**

**Invesco Technology Fund**

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Sub-Advisers") the Adviser, not the Fund, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Fund based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).

The Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund's average daily net assets (the "boundary limits"). In determining the Adviser's obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2025, the Adviser waived advisory fees of $9,488.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 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 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, up to 0.50% of the average daily net assets of Class R 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 six months ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2025, IDI advised the Fund that IDI retained $112,681 in front-end sales commissions from the sale of Class A shares and $1,715 and $1,726 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2025, the Fund incurred $66,540 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 October 31, 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; $2216782742 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2216782742 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 3055524 | &nbsp;&nbsp;&nbsp;&nbsp; 86612025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89667549 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $2219838266 | &nbsp;&nbsp;&nbsp;&nbsp; $86612025 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2306450291 |

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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 six months ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $35,831.

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

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

**NOTE 6—Cash Balances**

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

**NOTE 7—Tax Information**

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

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

The Fund did not have a capital loss carryforward as of 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 six months ended October 31, 2025 was $1,845,020,313 and $1,887,770,348, respectively. As of October 31, 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; $826937743 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (6370977)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $820566766 |

---

Cost of investments for tax purposes is $1,485,883,525.

**NOTE 9—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025** | **Year ended** <br>**April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 954835 | &nbsp;&nbsp;&nbsp; $64073176 | &nbsp;&nbsp;&nbsp; 1900589 | &nbsp;&nbsp;&nbsp; $115835488 |
| Class C | &nbsp;&nbsp;&nbsp; 197975 | &nbsp;&nbsp;&nbsp; 7845895 | &nbsp;&nbsp;&nbsp; 367902 | &nbsp;&nbsp;&nbsp; 13813646 |
| Class R | &nbsp;&nbsp;&nbsp; 698 | &nbsp;&nbsp;&nbsp; 51060 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Class Y | &nbsp;&nbsp;&nbsp; 176677 | &nbsp;&nbsp;&nbsp; 12253457 | &nbsp;&nbsp;&nbsp; 273651 | &nbsp;&nbsp;&nbsp; 17429833 |
| Investor Class | &nbsp;&nbsp;&nbsp; 156430 | &nbsp;&nbsp;&nbsp; 10608001 | &nbsp;&nbsp;&nbsp; 309122 | &nbsp;&nbsp;&nbsp; 18532515 |
| Class R5 | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 20176 | &nbsp;&nbsp;&nbsp; 4992 | &nbsp;&nbsp;&nbsp; 397058 |
| Class R6 | &nbsp;&nbsp;&nbsp; 18095 | &nbsp;&nbsp;&nbsp; 1712856 | &nbsp;&nbsp;&nbsp; 62252 | &nbsp;&nbsp;&nbsp; 4930579 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1807770 | &nbsp;&nbsp;&nbsp; 118155928 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 256093 | &nbsp;&nbsp;&nbsp; 9892865 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 95788 | &nbsp;&nbsp;&nbsp; 6573965 |
| Investor Class | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1194575 | &nbsp;&nbsp;&nbsp; 78029658 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1321 | &nbsp;&nbsp;&nbsp; 117884 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4356 | &nbsp;&nbsp;&nbsp; 390499 |

---

**12**

**Invesco Technology Fund**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **October 31, 2025**<sup>(a)</sup> | **Six months ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 43966 | &nbsp;&nbsp;&nbsp; $2961768 | &nbsp;&nbsp;&nbsp; 84692 | &nbsp;&nbsp;&nbsp; $5168757 |
| Class C | &nbsp;&nbsp;&nbsp; (74741)<br>| &nbsp;&nbsp;&nbsp; (2961768)<br>| &nbsp;&nbsp;&nbsp; (138493)<br>| &nbsp;&nbsp;&nbsp; (5168757)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1209879)<br>| &nbsp;&nbsp;&nbsp; (80592854)<br>| &nbsp;&nbsp;&nbsp; (2494995)<br>| &nbsp;&nbsp;&nbsp; (149455478)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (139585)<br>| &nbsp;&nbsp;&nbsp; (5543286)<br>| &nbsp;&nbsp;&nbsp; (294020)<br>| &nbsp;&nbsp;&nbsp; (10755653)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (135799)<br>| &nbsp;&nbsp;&nbsp; (9506748)<br>| &nbsp;&nbsp;&nbsp; (366450)<br>| &nbsp;&nbsp;&nbsp; (22635670)<br>|
| Investor Class | &nbsp;&nbsp;&nbsp; (546832)<br>| &nbsp;&nbsp;&nbsp; (36806763)<br>| &nbsp;&nbsp;&nbsp; (1008823)<br>| &nbsp;&nbsp;&nbsp; (60828240)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (643)<br>| &nbsp;&nbsp;&nbsp; (53781)<br>| &nbsp;&nbsp;&nbsp; (2153)<br>| &nbsp;&nbsp;&nbsp; (184482)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (14310)<br>| &nbsp;&nbsp;&nbsp; (1367172)<br>| &nbsp;&nbsp;&nbsp; (17713)<br>| &nbsp;&nbsp;&nbsp; (1431334)<br>|
| Net increase (decrease) in share activity | &nbsp;&nbsp;&nbsp; (572893)<br>| &nbsp;&nbsp;&nbsp; $(37305983)<br>| &nbsp;&nbsp;&nbsp; 2040456 | &nbsp;&nbsp;&nbsp; $138809061 |

---

<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 Technology Fund**

------

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

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Technology Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

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

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

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

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

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the S&P North American Technology Sector Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the third quintile for the three year period, and the fourth quintile for the five year period (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period, and below the performance of the Index for the three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well

**14**

**Invesco Technology Fund**

------

as other performance metrics, which did not change its conclusions.

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

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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

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

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

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending

arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of 1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**15**

**Invesco Technology Fund**

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**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**16**

**Invesco Technology Fund**

------

![](imgb47c9a631.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

I-TEC-NCSRS

------

![](img3fb033851.jpg)

------

**Semi-Annual Financial Statements and Other Information**

**October 31, 2025**

**Invesco Value Opportunities Fund**

Nasdaq:

A: VVOAX ■ C: VVOCX ■ R: VVORX ■ Y: VVOIX ■ R5: VVONX ■ R6: VVOSX

------

---

| | |
|:---|:---|
| [2](#xx_41efc351-7983-4aba-b652-7bf33b9fbec5_SOI-Continued-41_1) | Schedule of Investments |
| [5](#xx_41efc351-7983-4aba-b652-7bf33b9fbec5_FS-Continued-41_1) | Financial Statements |
| [8](#xx_41efc351-7983-4aba-b652-7bf33b9fbec5_FS-Continued-41_4) | Financial Highlights |
| [9](#xx_41efc351-7983-4aba-b652-7bf33b9fbec5_NTF-Continued-41_1) | Notes to Financial Statements |
| [16](#xx_41efc351-7983-4aba-b652-7bf33b9fbec5_AOC-Continued-41_1) | Approval of Investment Advisory and Sub-Advisory Contracts |
| [18](#xx_41efc351-7983-4aba-b652-7bf33b9fbec5_OIRSR-Continued-41_1) | Other Information Required in Form N-CSR (Items 8-11)  |

---

------

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

*October 31, 2025*

*(Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests–96.19%** | **Common Stocks & Other Equity Interests–96.19%** | **Common Stocks & Other Equity Interests–96.19%** |
| **Agricultural & Farm Machinery–1.20%** | **Agricultural & Farm Machinery–1.20%** | **Agricultural & Farm Machinery–1.20%** |
| AGCO Corp. | 674415 | &nbsp;&nbsp; $69572651 |
| **Application Software–0.56%** | **Application Software–0.56%** | **Application Software–0.56%** |
| AppLovin Corp., Class A<sup>(b)</sup>  | 50748 | &nbsp;&nbsp; 32343223 |
| **Cargo Ground Transportation–2.96%** | **Cargo Ground Transportation–2.96%** | **Cargo Ground Transportation–2.96%** |
| Knight-Swift Transportation Holdings, <br> Inc. | 1407851 | &nbsp;&nbsp; 63522237 |
| Saia, Inc.<sup>(b)(c)</sup>  | 369212 | &nbsp;&nbsp; 107994510 |
|  |  | &nbsp;&nbsp; 171516747 |
| **Coal & Consumable Fuels–0.74%** | **Coal & Consumable Fuels–0.74%** | **Coal & Consumable Fuels–0.74%** |
| Cameco Corp. (Canada) | 419320 | &nbsp;&nbsp; 42858697 |
| **Communications Equipment–0.65%** | **Communications Equipment–0.65%** | **Communications Equipment–0.65%** |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup>  | 186198 | &nbsp;&nbsp; 37530069 |
| **Construction & Engineering–2.81%** | **Construction & Engineering–2.81%** | **Construction & Engineering–2.81%** |
| AECOM | 982809 | &nbsp;&nbsp; 132040389 |
| MasTec, Inc.<sup>(b)</sup>  | 151116 | &nbsp;&nbsp; 30851843 |
|  |  | &nbsp;&nbsp; 162892232 |
| **Construction Machinery & Heavy Transportation Equipment–**<br> **1.29%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.29%** | **Construction Machinery & Heavy Transportation Equipment–**<br> **1.29%** |
| Oshkosh Corp. | 603713 | &nbsp;&nbsp; 74431776 |
| **Construction Materials–0.48%** | **Construction Materials–0.48%** | **Construction Materials–0.48%** |
| James Hardie Industries PLC <br> (Australia)<sup>(b)</sup>  | 1323736 | &nbsp;&nbsp; 27705794 |
| **Copper–1.58%** | **Copper–1.58%** | **Copper–1.58%** |
| Freeport-McMoRan, Inc. | 2198273 | &nbsp;&nbsp; 91667985 |
| **Diversified Banks–2.52%** | **Diversified Banks–2.52%** | **Diversified Banks–2.52%** |
| Fifth Third Bancorp | 1220921 | &nbsp;&nbsp; 50814732 |
| U.S. Bancorp | 2040133 | &nbsp;&nbsp; 95233408 |
|  |  | &nbsp;&nbsp; 146048140 |
| **Diversified Chemicals–0.36%** | **Diversified Chemicals–0.36%** | **Diversified Chemicals–0.36%** |
| Huntsman Corp. | 2490440 | &nbsp;&nbsp; 20620843 |
| **Diversified Metals & Mining–2.21%** | **Diversified Metals & Mining–2.21%** | **Diversified Metals & Mining–2.21%** |
| Anglo American PLC (South Africa) | 962717 | &nbsp;&nbsp; 36422106 |
| Teck Resources Ltd., Class B (Canada) | 2136721 | &nbsp;&nbsp; 91708065 |
|  |  | &nbsp;&nbsp; 128130171 |
| **Electric Utilities–2.40%** | **Electric Utilities–2.40%** | **Electric Utilities–2.40%** |
| NRG Energy, Inc. | 809671 | &nbsp;&nbsp; 139150058 |
| **Electrical Components & Equipment–4.22%** | **Electrical Components & Equipment–4.22%** | **Electrical Components & Equipment–4.22%** |
| Generac Holdings, Inc.<sup>(b)</sup>  | 196663 | &nbsp;&nbsp; 33043317 |
| Regal Rexnord Corp.<sup>(c)</sup>  | 564799 | &nbsp;&nbsp; 79574531 |
| Vertiv Holdings Co., Class A | 683037 | &nbsp;&nbsp; 131730516 |
|  |  | &nbsp;&nbsp; 244348364 |
| **Electronic Components–3.99%** | **Electronic Components–3.99%** | **Electronic Components–3.99%** |
| Coherent Corp.<sup>(b)</sup>  | 1751152 | &nbsp;&nbsp; 231082018 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | **Value** |
| **Environmental & Facilities Services–2.05%** | **Environmental & Facilities Services–2.05%** | **Environmental & Facilities Services–2.05%** |
| Rentokil Initial PLC (United Kingdom) | 21242952 | &nbsp;&nbsp; $118566419 |
| **Fertilizers & Agricultural Chemicals–0.98%** | **Fertilizers & Agricultural Chemicals–0.98%** | **Fertilizers & Agricultural Chemicals–0.98%** |
| Corteva, Inc. | 507134 | &nbsp;&nbsp; 31158313 |
| Mosaic Co. (The) | 933780 | &nbsp;&nbsp; 25632261 |
|  |  | &nbsp;&nbsp; 56790574 |
| **Food Distributors–0.62%** | **Food Distributors–0.62%** | **Food Distributors–0.62%** |
| Performance Food Group Co.<sup>(b)</sup>  | 369273 | &nbsp;&nbsp; 35723470 |
| **Gold–3.02%** | **Gold–3.02%** | **Gold–3.02%** |
| Agnico Eagle Mines Ltd. (Canada) | 481188 | &nbsp;&nbsp; 77379842 |
| Newmont Corp. | 1202139 | &nbsp;&nbsp; 97337195 |
|  |  | &nbsp;&nbsp; 174717037 |
| **Health Care Equipment–6.60%** | **Health Care Equipment–6.60%** | **Health Care Equipment–6.60%** |
| Globus Medical, Inc., Class A<sup>(b)</sup>  | 1403820 | &nbsp;&nbsp; 84776690 |
| Hologic, Inc.<sup>(b)</sup>  | 1637250 | &nbsp;&nbsp; 121009147 |
| Medtronic PLC | 966715 | &nbsp;&nbsp; 87681050 |
| Zimmer Biomet Holdings, Inc. | 880901 | &nbsp;&nbsp; 88583405 |
|  |  | &nbsp;&nbsp; 382050292 |
| **Health Care Services–0.51%** | **Health Care Services–0.51%** | **Health Care Services–0.51%** |
| Fresenius Medical Care AG (Germany) | 546274 | &nbsp;&nbsp; 29327945 |
| **Hotels, Resorts & Cruise Lines–2.65%** | **Hotels, Resorts & Cruise Lines–2.65%** | **Hotels, Resorts & Cruise Lines–2.65%** |
| Expedia Group, Inc. | 591329 | &nbsp;&nbsp; 130092380 |
| Travel + Leisure Co. | 374942 | &nbsp;&nbsp; 23538859 |
|  |  | &nbsp;&nbsp; 153631239 |
| **Industrial Machinery & Supplies & Components–0.84%** | **Industrial Machinery & Supplies & Components–0.84%** | **Industrial Machinery & Supplies & Components–0.84%** |
| Middleby Corp. (The)<sup>(b)</sup>  | 392708 | &nbsp;&nbsp; 48786115 |
| **Insurance Brokers–1.63%** | **Insurance Brokers–1.63%** | **Insurance Brokers–1.63%** |
| Willis Towers Watson PLC | 300580 | &nbsp;&nbsp; 94111597 |
| **Integrated Oil & Gas–0.67%** | **Integrated Oil & Gas–0.67%** | **Integrated Oil & Gas–0.67%** |
| Cenovus Energy, Inc. (Canada) | 2282597 | &nbsp;&nbsp; 38621541 |
| **Interactive Home Entertainment–2.36%** | **Interactive Home Entertainment–2.36%** | **Interactive Home Entertainment–2.36%** |
| Electronic Arts, Inc. | 683814 | &nbsp;&nbsp; 136803829 |
| **Interactive Media & Services–0.89%** | **Interactive Media & Services–0.89%** | **Interactive Media & Services–0.89%** |
| Match Group, Inc. | 1600971 | &nbsp;&nbsp; 51775402 |
| **Investment Banking & Brokerage–0.58%** | **Investment Banking & Brokerage–0.58%** | **Investment Banking & Brokerage–0.58%** |
| Goldman Sachs Group, Inc. (The) | 42509 | &nbsp;&nbsp; 33555329 |
| **Life & Health Insurance–2.10%** | **Life & Health Insurance–2.10%** | **Life & Health Insurance–2.10%** |
| Globe Life, Inc. | 926858 | &nbsp;&nbsp; 121891096 |
| **Life Sciences Tools & Services–4.68%** | **Life Sciences Tools & Services–4.68%** | **Life Sciences Tools & Services–4.68%** |
| Avantor, Inc.<sup>(b)(c)</sup>  | 6595096 | &nbsp;&nbsp; 77954035 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup>  | 464365 | &nbsp;&nbsp; 83618206 |
| ICON PLC<sup>(b)</sup>  | 637037 | &nbsp;&nbsp; 109455697 |
|  |  | &nbsp;&nbsp; 271027938 |
| **Metal, Glass & Plastic Containers–1.18%** | **Metal, Glass & Plastic Containers–1.18%** | **Metal, Glass & Plastic Containers–1.18%** |
| Crown Holdings, Inc. | 703981 | &nbsp;&nbsp; 68412874 |

---

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–5.11%** | **Oil & Gas Exploration & Production–5.11%** | **Oil & Gas Exploration & Production–5.11%** |
| Antero Resources Corp.<sup>(b)</sup>  | 1412663 | &nbsp;&nbsp; $43665414 |
| ARC Resources Ltd. (Canada) | 3009530 | &nbsp;&nbsp; 55510706 |
| EQT Corp. | 1690354 | &nbsp;&nbsp; 90569167 |
| Expand Energy Corp. | 554681 | &nbsp;&nbsp; 57304094 |
| Range Resources Corp. | 1377301 | &nbsp;&nbsp; 48963051 |
|  |  | &nbsp;&nbsp; 296012432 |
| **Oil & Gas Refining & Marketing–1.59%** | **Oil & Gas Refining & Marketing–1.59%** | **Oil & Gas Refining & Marketing–1.59%** |
| Phillips 66 Co. | 675564 | &nbsp;&nbsp; 91971283 |
| **Paper & Plastic Packaging Products & Materials–1.04%** | **Paper & Plastic Packaging Products & Materials–1.04%** | **Paper & Plastic Packaging Products & Materials–1.04%** |
| Sealed Air Corp.<sup>(c)</sup>  | 1802671 | &nbsp;&nbsp; 60407505 |
| **Regional Banks–7.84%** | **Regional Banks–7.84%** | **Regional Banks–7.84%** |
| Citizens Financial Group, Inc. | 1608153 | &nbsp;&nbsp; 81806743 |
| Huntington Bancshares, Inc. | 8156661 | &nbsp;&nbsp; 125938846 |
| Pinnacle Financial Partners, Inc. | 702445 | &nbsp;&nbsp; 59855339 |
| Webster Financial Corp. | 1185578 | &nbsp;&nbsp; 67625369 |
| Western Alliance Bancorporation | 1538686 | &nbsp;&nbsp; 119017362 |
|  |  | &nbsp;&nbsp; 454243659 |
| **Research & Consulting Services–3.73%** | **Research & Consulting Services–3.73%** | **Research & Consulting Services–3.73%** |
| Amentum Holdings, Inc.<sup>(b)(c)</sup>  | 2397059 | &nbsp;&nbsp; 53718092 |
| Jacobs Solutions, Inc. | 509345 | &nbsp;&nbsp; 79361044 |
| KBR, Inc. | 1930122 | &nbsp;&nbsp; 82686427 |
|  |  | &nbsp;&nbsp; 215765563 |
| **Semiconductor Materials & Equipment–4.67%** | **Semiconductor Materials & Equipment–4.67%** | **Semiconductor Materials & Equipment–4.67%** |
| Entegris, Inc.<sup>(c)</sup>  | 1342989 | &nbsp;&nbsp; 122977503 |
| MKS, Inc.<sup>(c)</sup>  | 1027975 | &nbsp;&nbsp; 147730287 |
|  |  | &nbsp;&nbsp; 270707790 |
| **Semiconductors–7.21%** | **Semiconductors–7.21%** | **Semiconductors–7.21%** |
| Marvell Technology, Inc. | 1415815 | &nbsp;&nbsp; 132718498 |
| Microchip Technology, Inc. | 1736059 | &nbsp;&nbsp; 108364803 |
| Rambus, Inc.<sup>(b)</sup>  | 837258 | &nbsp;&nbsp; 86103613 |
| STMicroelectronics N.V., New York <br> Shares (France)<sup>(c)</sup>  | 3683803 | &nbsp;&nbsp; 90142659 |
|  |  | &nbsp;&nbsp; 417329573 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
| **Silver–0.94%** | **Silver–0.94%** | **Silver–0.94%** | **Silver–0.94%** |
| Pan American Silver Corp. (Canada) | Pan American Silver Corp. (Canada) | 1549741 | &nbsp;&nbsp; $54566381 |
| **Trading Companies & Distributors–2.12%** | **Trading Companies & Distributors–2.12%** | **Trading Companies & Distributors–2.12%** | **Trading Companies & Distributors–2.12%** |
| WESCO International, Inc. | WESCO International, Inc. | 473030 | &nbsp;&nbsp; 122765476 |
| **Transaction & Payment Processing Services–2.61%** | **Transaction & Payment Processing Services–2.61%** | **Transaction & Payment Processing Services–2.61%** | **Transaction & Payment Processing Services–2.61%** |
| Fidelity National Information Services, <br> Inc. | Fidelity National Information Services, <br> Inc. | 1960988 | &nbsp;&nbsp; 122600970 |
| Fiserv, Inc.<sup>(b)</sup>  | Fiserv, Inc.<sup>(b)</sup>  | 432189 | &nbsp;&nbsp; 28822684 |
|  |  |  | &nbsp;&nbsp; 151423654 |
| Total Common Stocks & Other Equity Interests <br> (Cost $4,400,181,448) | Total Common Stocks & Other Equity Interests <br> (Cost $4,400,181,448) | Total Common Stocks & Other Equity Interests <br> (Cost $4,400,181,448) | &nbsp;&nbsp; 5570884781 |
| **Money Market Funds–3.80%** | **Money Market Funds–3.80%** | **Money Market Funds–3.80%** | **Money Market Funds–3.80%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | Invesco Government & Agency Portfolio, <br> Institutional Class, 4.06%<sup>(d)(e)</sup>  | 77101976 | &nbsp;&nbsp; 77101976 |
| Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | Invesco Treasury Portfolio, Institutional <br> Class, 3.96%<sup>(d)(e)</sup>  | 143052251 | &nbsp;&nbsp; 143052251 |
| Total Money Market Funds (Cost $220,154,226) | Total Money Market Funds (Cost $220,154,226) | Total Money Market Funds (Cost $220,154,226) | &nbsp;&nbsp; 220154227 |
| TOTAL INVESTMENTS IN SECURITIES <br> (excluding investments purchased <br> with cash collateral from <br> securities on loan)-99.99% <br> (Cost $4,620,335,674)<br>|  |  | &nbsp;&nbsp; 5791039008 |
| **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–1.12%** | **Money Market Funds–1.12%** | **Money Market Funds–1.12%** | **Money Market Funds–1.12%** |
| Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | Invesco Private Government Fund, <br> 4.13%<sup>(d)(e)(f)</sup>  | 18089366 | &nbsp;&nbsp; 18089366 |
| Invesco Private Prime Fund, <br> 4.30%<sup>(d)(e)(f)</sup>  | Invesco Private Prime Fund, <br> 4.30%<sup>(d)(e)(f)</sup>  | 46873978 | &nbsp;&nbsp; 46888040 |
| Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $64,977,406) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $64,977,406) | Total Investments Purchased with Cash Collateral <br> from Securities on Loan (Cost $64,977,406) | &nbsp;&nbsp; 64977406 |
| TOTAL INVESTMENTS IN SECURITIES–101.11% <br> (Cost $4,685,313,080) | TOTAL INVESTMENTS IN SECURITIES–101.11% <br> (Cost $4,685,313,080) | TOTAL INVESTMENTS IN SECURITIES–101.11% <br> (Cost $4,685,313,080) | &nbsp;&nbsp; 5856016414 |
| OTHER ASSETS LESS LIABILITIES—(1.11)% | OTHER ASSETS LESS LIABILITIES—(1.11)% | OTHER ASSETS LESS LIABILITIES—(1.11)% | &nbsp;&nbsp; (64274415)<br>|
| NET ASSETS–100.00% | NET ASSETS–100.00% | NET ASSETS–100.00% | &nbsp;&nbsp; $5791741999 |

---

Notes to Schedule of Investments:

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

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

<sup>(c)</sup> All or a portion of this security was out on loan at October 31, 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 six months ended October 31, 2025. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**April 30, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**October 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class<br>| $67359235 | &nbsp;&nbsp; $392473134 | &nbsp;&nbsp; $(382730393) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $77101976 | &nbsp;&nbsp; $1510956 |
| Invesco Treasury Portfolio, Institutional Class | 124958591 | &nbsp;&nbsp; 728878678 | &nbsp;&nbsp; (710785018) | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 143052251 | &nbsp;&nbsp; 2775460 |

---

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

**3**

**Invesco Value Opportunities Fund**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **April 30, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **October 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government Fund | $29173171 | &nbsp;&nbsp; $423896084 | &nbsp;&nbsp; $(434979889) | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $18089366 | &nbsp;&nbsp; $1,100,654\* |
| Invesco Private Prime Fund | 75946251 | &nbsp;&nbsp; 1102951975 | &nbsp;&nbsp; (1132027834) | &nbsp;&nbsp; 4462 | &nbsp;&nbsp; 13186 | &nbsp;&nbsp; 46888040 | &nbsp;&nbsp; 3,041,998\* |
| Total | $297437248 | &nbsp;&nbsp; $2648199871 | &nbsp;&nbsp; $(2660523134) | &nbsp;&nbsp; $4462 | &nbsp;&nbsp; $13186 | &nbsp;&nbsp; $285131633 | &nbsp;&nbsp; $8429068 |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |
| 11/07/2025 | Goldman Sachs International | EUR | 1305594 | USD | 1517654 | &nbsp;&nbsp;&nbsp; $12506 |
| 11/07/2025 | Goldman Sachs International | GBP | 1155073 | USD | 1542515 | &nbsp;&nbsp;&nbsp; 25086 |
| 12/08/2025 | Goldman Sachs International | EUR | 25347114 | USD | 29371602 | &nbsp;&nbsp;&nbsp; 99085 |
| 11/07/2025 | J.P. Morgan Chase Bank, N.A. | EUR | 502572 | USD | 581726 | &nbsp;&nbsp;&nbsp; 2339 |
| 11/07/2025 | J.P. Morgan Chase Bank, N.A. | GBP | 70336405 | USD | 94688045 | &nbsp;&nbsp;&nbsp; 2286528 |
| 12/08/2025 | J.P. Morgan Chase Bank, N.A. | GBP | 119516729 | USD | 157104382 | &nbsp;&nbsp;&nbsp; 85451 |
| 11/07/2025 | Merrill Lynch International | EUR | 360541 | USD | 420928 | &nbsp;&nbsp;&nbsp; 5281 |
| 11/07/2025 | Morgan Stanley and Co. International PLC | GBP | 2975746 | USD | 3997614 | &nbsp;&nbsp;&nbsp; 88351 |
| 11/07/2025 | Royal Bank of Canada | EUR | 24964722 | USD | 29388749 | &nbsp;&nbsp;&nbsp; 608304 |
| 11/07/2025 | Royal Bank of Canada | GBP | 51933449 | USD | 69062396 | &nbsp;&nbsp;&nbsp; 836994 |
| Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | Subtotal—Appreciation | &nbsp;&nbsp;&nbsp; 4049925 |
| **Currency Risk** |  |  |  |  |  |  |
| 11/07/2025 | Goldman Sachs International | USD | 29985070 | EUR | 25920701 | &nbsp;&nbsp;&nbsp; (102529)<br>|
| 11/07/2025 | Goldman Sachs International | USD | 2664697 | GBP | 1998194 | &nbsp;&nbsp;&nbsp; (39653)<br>|
| 11/07/2025 | J.P. Morgan Chase Bank, N.A. | USD | 735217 | EUR | 628215 | &nbsp;&nbsp;&nbsp; (10982)<br>|
| 11/07/2025 | J.P. Morgan Chase Bank, N.A. | USD | 158738199 | GBP | 120742632 | &nbsp;&nbsp;&nbsp; (117604)<br>|
| 12/08/2025 | J.P. Morgan Chase Bank, N.A. | USD | 2691173 | GBP | 2047593 | &nbsp;&nbsp;&nbsp; (1083)<br>|
| 11/07/2025 | Merrill Lynch International | USD | 324657 | EUR | 278600 | &nbsp;&nbsp;&nbsp; (3475)<br>|
| 11/07/2025 | Merrill Lynch International | USD | 2504849 | GBP | 1870830 | &nbsp;&nbsp;&nbsp; (47124)<br>|
| 11/07/2025 | Royal Bank of Canada | USD | 356146 | EUR | 305913 | &nbsp;&nbsp;&nbsp; (3476)<br>|
| 11/07/2025 | Royal Bank of Canada | USD | 2353200 | GBP | 1789017 | &nbsp;&nbsp;&nbsp; (2953)<br>|
| Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | Subtotal—Depreciation | &nbsp;&nbsp;&nbsp; (328879)<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; $3721046 |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| EUR | – Euro |
| GBP | – British Pound Sterling |
| USD | – U.S. Dollar |

---

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

**4**

**Invesco Value Opportunities Fund**

------

**Statement of Assets and Liabilities**

*October 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in unaffiliated securities, at value <br>(Cost $4,400,181,448)\*<br>| &nbsp;&nbsp; $5570884781 |
| Investments in affiliated money market funds, at value <br> (Cost $285,131,632)<br>| &nbsp;&nbsp; 285131633 |
| Other investments: |  |
| Unrealized appreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 4049925 |
| Cash | &nbsp;&nbsp; 1646 |
| Foreign currencies, at value (Cost $346,120) | &nbsp;&nbsp; 346540 |
| Receivable for: |  |
| Investments sold | &nbsp;&nbsp; 33779696 |
| Fund shares sold | &nbsp;&nbsp; 6114994 |
| Dividends | &nbsp;&nbsp; 2422305 |
| Investment for trustee deferred compensation and <br> retirement plans<br>| &nbsp;&nbsp; 721060 |
| Other assets | &nbsp;&nbsp; 115593 |
| Total assets | &nbsp;&nbsp; 5903568173 |
| **Liabilities:** |  |
| Other investments: |  |
| Unrealized depreciation on forward foreign currency <br> contracts outstanding<br>| &nbsp;&nbsp; 328879 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 41506875 |
| Fund shares reacquired | &nbsp;&nbsp; 2358926 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 64977406 |
| Accrued fees to affiliates | &nbsp;&nbsp; 1727380 |
| Accrued trustees' and officers' fees and benefits | &nbsp;&nbsp; 1360 |
| Accrued other operating expenses | &nbsp;&nbsp; 87928 |
| Trustee deferred compensation and retirement plans | &nbsp;&nbsp; 837420 |
| Total liabilities | &nbsp;&nbsp; 111826174 |
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $5791741999 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $4084185988 |
| Distributable earnings | &nbsp;&nbsp; 1707556011 |
|  | &nbsp;&nbsp; $5791741999 |

---

---

| | |
|:---|:---|
| **Net Assets:** | **Net Assets:** |
| Class A | &nbsp;&nbsp; $3038506128 |
| Class C | &nbsp;&nbsp; $70196504 |
| Class R | &nbsp;&nbsp; $105389795 |
| Class Y | &nbsp;&nbsp; $1416458327 |
| Class R5 | &nbsp;&nbsp; $21879150 |
| Class R6 | &nbsp;&nbsp; $1139312095 |
| **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; 125458057 |
| Class C | &nbsp;&nbsp; 3275150 |
| Class R | &nbsp;&nbsp; 4452621 |
| Class Y | &nbsp;&nbsp; 57952881 |
| Class R5 | &nbsp;&nbsp; 884721 |
| Class R6 | &nbsp;&nbsp; 45931996 |
| Class A: |  |
| Net asset value per share | &nbsp;&nbsp; $24.22 |
| Maximum offering price per share <br>(Net asset value of $24.22 ÷ 94.50%)<br>| &nbsp;&nbsp; $25.63 |
| Class C: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $21.43 |
| Class R: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $23.67 |
| Class Y: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.44 |
| Class R5: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.73 |
| Class R6: |  |
| Net asset value and offering price per share | &nbsp;&nbsp; $24.80 |

---

\* At October 31, 2025, securities with an aggregate value of $63,707,817 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 six months ended October 31, 2025*

*(Unaudited)* 

---

| | |
|:---|:---|
| **Investment income:** |  |
| Dividends (net of foreign withholding taxes of $634,268) | &nbsp;&nbsp; $31618249 |
| Dividends from affiliated money market funds (includes net securities lending income of $185,833) | &nbsp;&nbsp; 4472249 |
| Non-cash dividend income | &nbsp;&nbsp; 4166387 |
| Total investment income | &nbsp;&nbsp; 40256885 |
| **Expenses:** |  |
| Advisory fees | &nbsp;&nbsp; 15701028 |
| Administrative services fees | &nbsp;&nbsp; 352573 |
| Custodian fees | &nbsp;&nbsp; 16146 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp; 3619878 |
| Class C | &nbsp;&nbsp; 325489 |
| Class R | &nbsp;&nbsp; 258275 |
| Transfer agent fees— A, C, R and Y | &nbsp;&nbsp; 2803806 |
| Transfer agent fees — R5 | &nbsp;&nbsp; 10361 |
| Transfer agent fees — R6 | &nbsp;&nbsp; 119569 |
| Trustees' and officers' fees and benefits | &nbsp;&nbsp; 41980 |
| Registration and filing fees | &nbsp;&nbsp; 120414 |
| Reports to shareholders | &nbsp;&nbsp; 126945 |
| Professional services fees | &nbsp;&nbsp; 48805 |
| Other | &nbsp;&nbsp; 28442 |
| Total expenses | &nbsp;&nbsp; 23573711 |
| Less: Fees waived and/or expense offset arrangement(s) | &nbsp;&nbsp; (178577)<br>|
| Net expenses | &nbsp;&nbsp; 23395134 |
| Net investment income | &nbsp;&nbsp; 16861751 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 311347956 |
| Affiliated investment securities | &nbsp;&nbsp; 13186 |
| Foreign currencies | &nbsp;&nbsp; 60263 |
| Forward foreign currency contracts | &nbsp;&nbsp; (5296060)<br>|
|  | &nbsp;&nbsp; 306125345 |
| Change in net unrealized appreciation of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 732134494 |
| Affiliated investment securities | &nbsp;&nbsp; 4462 |
| Foreign currencies | &nbsp;&nbsp; 1061 |
| Forward foreign currency contracts | &nbsp;&nbsp; 3721046 |
|  | &nbsp;&nbsp; 735861063 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1041986408 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $1058848159 |

---

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 six months ended October 31, 2025 and the year ended April 30, 2025*

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **October 31,** <br>**2025**<br>| **April 30,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $16861751 | &nbsp;&nbsp; $18532873 |
| Net realized gain | &nbsp;&nbsp; 306125345 | &nbsp;&nbsp; 525028803 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 735861063 | &nbsp;&nbsp; (276461393)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1058848159 | &nbsp;&nbsp; 267100283 |
| **Distributions to shareholders from distributable earnings:** |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (205802538)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (5196763)<br>|
| Class R | &nbsp;&nbsp; — | &nbsp;&nbsp; (6756717)<br>|
| Class Y | &nbsp;&nbsp; — | &nbsp;&nbsp; (58273111)<br>|
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1570749)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (49521488)<br>|
| Total distributions from distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (327121366)<br>|
| **Share transactions–net:** |  |  |
| Class A | &nbsp;&nbsp; (102038305)<br>| &nbsp;&nbsp; 84861277 |
| Class C | &nbsp;&nbsp; (3697422)<br>| &nbsp;&nbsp; 1092529 |
| Class R | &nbsp;&nbsp; (5229215)<br>| &nbsp;&nbsp; 9190451 |
| Class Y | &nbsp;&nbsp; 185272294 | &nbsp;&nbsp; 628866590 |
| Class R5 | &nbsp;&nbsp; (957723)<br>| &nbsp;&nbsp; 2033758 |
| Class R6 | &nbsp;&nbsp; 164033024 | &nbsp;&nbsp; 267437479 |
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 237382653 | &nbsp;&nbsp; 993482084 |
| Net increase in net assets | &nbsp;&nbsp; 1296230812 | &nbsp;&nbsp; 933461001 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 4495511187 | &nbsp;&nbsp; 3562050186 |
| End of period | &nbsp;&nbsp; $5791741999 | &nbsp;&nbsp; $4495511187 |

---

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

**7**

**Invesco Value Opportunities Fund**

------

**Financial Highlights**

*(Unaudited)*

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

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<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** |
| Six months ended 10/31/25 | $19.65 | $0.06 | $4.51 | $4.57 | $— | $— | $— | $24.22 | 23.26<br> %<br>| &nbsp;&nbsp; $3038506 | 0.99 %<sup>(d)</sup><br>| 1.00 %<sup>(d)</sup><br>| 0.53 %<sup>(d)</sup><br>| 32<br> %<br>|
| 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 | &nbsp;&nbsp; 2555019 | 1.01 | 1.01 | 0.36 | 53 |
| 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** |
| Six months ended 10/31/25 | 17.45 | (0.02)<br>| 4.00 | 3.98 |  |  |  | 21.43 | 22.81 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 70197 | 1.70 <br><sup>(d)(e)</sup><br>| 1.71 <br><sup>(d)(e)</sup><br>| (0.18 )<sup>(d)(e)</sup><br>| 32 |
| 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>(e)</sup><br>| &nbsp;&nbsp; 59750 | 1.79 <br><sup>(e)</sup><br>| 1.79 <br><sup>(e)</sup><br>| (0.15 )<sup>(e)</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>(e)</sup><br>| &nbsp;&nbsp; 60082 | 1.80 <br><sup>(e)</sup><br>| 1.80 <br><sup>(e)</sup><br>| 0.40 <br><sup>(e)</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>(e)</sup><br>| &nbsp;&nbsp; 12906 | 1.89 <br><sup>(e)</sup><br>| 1.89 <br><sup>(e)</sup><br>| (0.22 )<sup>(e)</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** |
| Six months ended 10/31/25 | 19.23 | 0.03 | 4.41 | 4.44 |  |  |  | 23.67 | 23.09 | &nbsp;&nbsp; 105390 | 1.24 <br><sup>(d)</sup><br>| 1.25 <br><sup>(d)</sup><br>| 0.28 <br><sup>(d)</sup><br>| 32 |
| 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** |
| Six months ended 10/31/25 | 19.81 | 0.09 | 4.54 | 4.63 |  |  |  | 24.44 | 23.37 | &nbsp;&nbsp; 1416458 | 0.74 <br><sup>(d)</sup><br>| 0.75 <br><sup>(d)</sup><br>| 0.78 <br><sup>(d)</sup><br>| 32 |
| 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** |
| Six months ended 10/31/25 | 20.04 | 0.09 | 4.60 | 4.69 |  |  |  | 24.73 | 23.40 | &nbsp;&nbsp; 21879 | 0.71 <br><sup>(d)</sup><br>| 0.72 <br><sup>(d)</sup><br>| 0.81 <br><sup>(d)</sup><br>| 32 |
| 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** |
| Six months ended 10/31/25 | 20.09 | 0.10 | 4.61 | 4.71 |  |  |  | 24.80 | 23.44 | &nbsp;&nbsp; 1139312 | 0.63 <br><sup>(d)</sup><br>| 0.64 <br><sup>(d)</sup><br>| 0.89 <br><sup>(d)</sup><br>| 32 |
| 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> Annualized.

<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 0.96%, 0.97%, 0.97% and 0.92% for the six months ended October 31, 2025 and 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**

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**Notes to Financial Statements**

*October 31, 2025*

*(Unaudited)*

**NOTE 1—Significant Accounting Policies**

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

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

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

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**

------

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

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

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

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

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

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

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

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

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

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

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

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

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

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

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

**10**

**Invesco Value Opportunities Fund**

------

experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Dividends from affiliated money market funds* on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities.

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a securities lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2025, the Fund paid the Adviser $11,781 in fees for securities lending agent services. Fees paid to the Adviser for securities lending agent services, if any, are included in *Dividends from affiliated money market funds* on the Statement of Operations.

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

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

The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause the Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that the Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of the Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statement of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate** |
| First $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 six months ended October 31, 2025, the effective advisory fee rate incurred by the Fund was 0.59%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A., 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

**11**

**Invesco Value Opportunities Fund**

------

sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Invesco may amend and/or terminate these boundary limits at any time in its sole discretion and will inform the Board of Trustees of any such changes. The Adviser did not waive fees and/or reimburse expenses during the period under these boundary limits.

Further, the Adviser has contractually agreed, through at least August 31, 2027, to waive the advisory fee payable by the Fund in an amount equal to the advisory fees earned by the Adviser and/or its affiliates on underlying affiliated investments, including 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2025, the Adviser waived advisory fees of $133,560.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Administrative services fees*. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund's custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. ("IIS") pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust's Board of Trustees. For the six months ended October 31, 2025, expenses incurred under the agreement are shown in the Statement of Operations as *Transfer agent fees*.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.("IDI") to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A, Class C and Class R shares (collectively the "Plans"). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority ("FINRA") impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2025, expenses incurred under the Plans are shown in the Statement of Operations as *Distribution fees*.

Front-end sales commissions and CDSC (collectively, the "sales charges") are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2025, IDI advised the Fund that IDI retained $127,112 in front-end sales commissions from the sale of Class A shares and $4,380 and $3,672 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

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

**NOTE 3—Additional Valuation Information**

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

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of October 31, 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; $5386568311 | &nbsp;&nbsp;&nbsp;&nbsp; $184316470 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5570884781 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 220154227 | &nbsp;&nbsp;&nbsp;&nbsp; 64977406 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 285131633 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 5606722538 | &nbsp;&nbsp;&nbsp;&nbsp; 249293876 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5856016414 |
| **Other Investments - Assets\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4049925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4049925 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (328879)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (328879)<br>|
| **Total Other Investments** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3721046 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3721046 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $5606722538 | &nbsp;&nbsp;&nbsp;&nbsp; $253014922 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5859737460 |

---

\* Unrealized appreciation (depreciation).

**12**

**Invesco Value Opportunities Fund**

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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.

---

| | |
|:---|:---|
|  | **Value** |
| **Derivative Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized appreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $4049925 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $4049925 |
|  | **Value** |
| **Derivative Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Risk**<br>|
| Unrealized depreciation on forward foreign currency contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; $(328879)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp;&nbsp;&nbsp; $(328879)<br>|

---

The table below reflects the Fund's exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 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>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp; $136677 | &nbsp;&nbsp;&nbsp; $(142182)<br>| &nbsp;&nbsp;&nbsp; $(5505)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(5505)<br>|
| J.P. Morgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp; 2374318 | &nbsp;&nbsp;&nbsp; (129669)<br>| &nbsp;&nbsp;&nbsp; 2244649 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2244649 |
| Merrill Lynch International | &nbsp;&nbsp;&nbsp; 5281 | &nbsp;&nbsp;&nbsp; (50599)<br>| &nbsp;&nbsp;&nbsp; (45318)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (45318)<br>|
| Morgan Stanley and Co. International PLC | &nbsp;&nbsp;&nbsp; 88351 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 88351 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 88351 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp; 1445298 | &nbsp;&nbsp;&nbsp; (6429)<br>| &nbsp;&nbsp;&nbsp; 1438869 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1438869 |
| Total | &nbsp;&nbsp;&nbsp; $4049925 | &nbsp;&nbsp;&nbsp; $(328879)<br>| &nbsp;&nbsp;&nbsp; $3721046 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3721046 |

---

**Effect of Derivative Investments for the six months ended October 31, 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; $(5296060)<br>|
| Change in Net Unrealized Appreciation: |  |
| Forward foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3721046 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $(1575014)<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; $456950304 |

---

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

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2025, the Fund received credits from this arrangement, which resulted in the reduction of the Fund's total expenses of $45,017.

**13**

**Invesco Value Opportunities Fund**

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

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

**NOTE 7—Cash Balances**

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

**NOTE 8—Tax Information**

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

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

The Fund had 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 six months ended October 31, 2025 was $1,966,004,921 and $1,600,550,162, respectively. As of October 31, 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; $1304826114 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp;&nbsp;&nbsp; (166481355)<br>|
| Net unrealized appreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp; $1138344759 |

---

Cost of investments for tax purposes is $4,721,392,701.

**NOTE 10—Share Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Six months ended** <br>**October 31, 2025**<sup>(a)</sup>  | **Year ended** <br>**April 30, 2025** | **Year ended** <br>**April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Sold:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 4606725 | &nbsp;&nbsp;&nbsp; $104277789 | &nbsp;&nbsp;&nbsp; 12076900 | &nbsp;&nbsp;&nbsp; $257486202 |
| Class C | &nbsp;&nbsp;&nbsp; 332054 | &nbsp;&nbsp;&nbsp; 6654209 | &nbsp;&nbsp;&nbsp; 785339 | &nbsp;&nbsp;&nbsp; 14872498 |
| Class R | &nbsp;&nbsp;&nbsp; 372847 | &nbsp;&nbsp;&nbsp; 8205404 | &nbsp;&nbsp;&nbsp; 1139023 | &nbsp;&nbsp;&nbsp; 23479856 |
| Class Y | &nbsp;&nbsp;&nbsp; 17195437 | &nbsp;&nbsp;&nbsp; 396799111 | &nbsp;&nbsp;&nbsp; 38245304 | &nbsp;&nbsp;&nbsp; 829179377 |
| Class R5 | &nbsp;&nbsp;&nbsp; 84139 | &nbsp;&nbsp;&nbsp; 1963392 | &nbsp;&nbsp;&nbsp; 405470 | &nbsp;&nbsp;&nbsp; 8681743 |
| Class R6 | &nbsp;&nbsp;&nbsp; 11122223 | &nbsp;&nbsp;&nbsp; 259140653 | &nbsp;&nbsp;&nbsp; 16780122 | &nbsp;&nbsp;&nbsp; 359586744 |
| **Issued as reinvestment of dividends:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8717267 | &nbsp;&nbsp;&nbsp; 194830950 |
| Class C | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 254873 | &nbsp;&nbsp;&nbsp; 5074520 |
| Class R | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 308337 | &nbsp;&nbsp;&nbsp; 6749496 |
| Class Y | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2349190 | &nbsp;&nbsp;&nbsp; 52856784 |
| Class R5 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 68924 | &nbsp;&nbsp;&nbsp; 1568712 |
| Class R6 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2132385 | &nbsp;&nbsp;&nbsp; 48661033 |

---

**14**

**Invesco Value Opportunities Fund**

------

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** | **Summary of Share Activity** |
|  | **Six months ended**<br> **October 31, 2025**<sup>(a)</sup> | **Six months ended**<br> **October 31, 2025**<sup>(a)</sup> | **Year ended**<br> **April 30, 2025** | **Year ended**<br> **April 30, 2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| **Automatic conversion of Class C shares to Class A shares:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 145150 | &nbsp;&nbsp;&nbsp; $3323952 | &nbsp;&nbsp;&nbsp; 374239 | &nbsp;&nbsp;&nbsp; $7980416 |
| Class C | &nbsp;&nbsp;&nbsp; (163790)<br>| &nbsp;&nbsp;&nbsp; (3323952)<br>| &nbsp;&nbsp;&nbsp; (419146)<br>| &nbsp;&nbsp;&nbsp; (7980416)<br>|
| **Reacquired:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (9314962)<br>| &nbsp;&nbsp;&nbsp; (209640046)<br>| &nbsp;&nbsp;&nbsp; (17754595)<br>| &nbsp;&nbsp;&nbsp; (375436291)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (352054)<br>| &nbsp;&nbsp;&nbsp; (7027679)<br>| &nbsp;&nbsp;&nbsp; (579746)<br>| &nbsp;&nbsp;&nbsp; (10874073)<br>|
| Class R | &nbsp;&nbsp;&nbsp; (593195)<br>| &nbsp;&nbsp;&nbsp; (13434619)<br>| &nbsp;&nbsp;&nbsp; (1016665)<br>| &nbsp;&nbsp;&nbsp; (21038901)<br>|
| Class Y | &nbsp;&nbsp;&nbsp; (9245419)<br>| &nbsp;&nbsp;&nbsp; (211526817)<br>| &nbsp;&nbsp;&nbsp; (11967968)<br>| &nbsp;&nbsp;&nbsp; (253169571)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (127568)<br>| &nbsp;&nbsp;&nbsp; (2921115)<br>| &nbsp;&nbsp;&nbsp; (382661)<br>| &nbsp;&nbsp;&nbsp; (8216697)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (4081596)<br>| &nbsp;&nbsp;&nbsp; (95107629)<br>| &nbsp;&nbsp;&nbsp; (6396364)<br>| &nbsp;&nbsp;&nbsp; (140810298)<br>|
| Net increase in share activity | &nbsp;&nbsp;&nbsp; 9979991 | &nbsp;&nbsp;&nbsp; $237382653 | &nbsp;&nbsp;&nbsp; 45120228 | &nbsp;&nbsp;&nbsp; $993482084 |

---

<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 29% 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**

------

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

At meetings held on June 16, 2025, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Value Opportunities Fund's (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH\*, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2025. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

**The Board's Evaluation Process**

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

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

are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 6, 2025 and June 16-18, 2025, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

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

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

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco

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

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

*B.* *Fund Investment Performance*

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

The Board compared the Fund's investment performance over multiple time periods ending December 31, 2024 to the performance of funds in the Broadridge performance universe and against the Russell Midcap® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

**16**

**Invesco Value Opportunities Fund**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

The Board noted that Invesco Advisers has voluntarily agreed to waive fees and/or limit expenses of the Fund for an indefinite period until further notice to the Board in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

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

*D.* *Economies of Scale and Breakpoints*

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund's advisory fee schedule, which generally operate to reduce the Fund's expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.

*E.* *Profitability and Financial Resources*

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates

provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual fund-by-fund basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts. The Board noted the cyclical and competitive nature of the global asset management industry.

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

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

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

The Board considered that the Fund's uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 under the Investment Company Act of

1940 (collectively referred to as "affiliated money market funds") advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund's investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

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

\* Effective as of August 29, 2025, Invesco Asset Management Deutschland GmbH merged into Invesco Management S.A.

**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>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

**18**

**Invesco Value Opportunities Fund**

------

![](img3fb033851.jpg)

SEC file number(s): 811-03826 and 002-85905

Invesco Distributors, Inc.

VK-VOPP-NCSRS

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

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

------

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

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

------

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

Not applicable.

------

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

Not applicable.

------

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

Not applicable.

------

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

None.

------

Item 16. Controls and Procedures.

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

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

------

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

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

[(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).

(a)(4) Not applicable.

(a)(5) Not applicable.

[(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: January 5, 2026

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

By: <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: January 5, 2026

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> 

Name: Adrien Deberghes

Title: Principal Financial Officer

Date: January 5, 2026

------

## 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>&nbsp;&nbsp;&nbsp;&nbsp; January 5, 2026</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; <u>/s/ Glenn Brightman</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; 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; Principal Executive Officer

------

#### 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>January 5, 2026</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;&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>/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;&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;&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 October 31, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: January 5, 2026  | /s/ Glenn Brightman  |
|  | Glenn Brightman <br> Principal Executive Officer  |

---

------

#### 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 October 31, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: January 5, 2026  | /s/ Adrien Deberghes  |
|  | Adrien Deberghes <br> Principal Financial Officer  |

---

------