N-CSRS

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    11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919        

Date of fiscal year end:	4/30
Date of reporting period:	10/31/2023

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Semiannual Report to Shareholders October 31, 2023

Invesco Comstock Fund

Nasdaq:

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

2	Fund Performance
4	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses
19	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/23 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-1.76	%
Class C Shares	-2.10
Class R Shares	-1.88
Class Y Shares	-1.64
Class R5 Shares	-1.62
Class R6 Shares	-1.59
S&P 500 Index▼ (Broad Market Index)	1.39
Russell 1000 Value Index▼ (Style-Specific Index)	-4.22
Lipper Large-Cap Value Funds Index∎ (Peer Group Index)	-1.73
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Russell 1000® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Comstock Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (10/7/68)	10.47	%
10 Years	7.63
5 Years	7.35
1 Year	-4.23
Class C Shares
Inception (10/26/93)	9.35	%
10 Years	7.61
5 Years	7.78
1 Year	-0.27
Class R Shares
Inception (10/1/02)	8.79	%
10 Years	7.97
5 Years	8.29
1 Year	1.09
Class Y Shares
Inception (10/29/04)	7.90	%
10 Years	8.52
5 Years	8.84
1 Year	1.61
Class R5 Shares
Inception (6/1/10)	11.08	%
10 Years	8.59
5 Years	8.90
1 Year	1.65
Class R6 Shares
Inception (9/24/12)	10.33	%
10 Years	8.68
5 Years	8.98
1 Year	1.68

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

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

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

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

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

3 Invesco Comstock Fund

Schedule of Investments^(a)

October 31, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.36%
Aerospace & Defense–1.08%
Textron, Inc.		1,350,267	$	102,620,292
Air Freight & Logistics–1.87%
FedEx Corp.		739,166		177,473,757
Apparel, Accessories & Luxury Goods–0.59%
Ralph Lauren Corp.(b)		502,233		56,516,280
Asset Management & Custody Banks–1.79%
State Street Corp.		2,629,623		169,952,535
Automobile Manufacturers–1.24%
General Motors Co.		4,186,274		118,052,927
Biotechnology–0.29%
AbbVie, Inc.		192,347		27,155,550
Broadline Retail–0.76%
eBay, Inc.		1,849,561		72,558,278
Building Products–1.68%
Johnson Controls International PLC		3,259,103		159,761,229
Cable & Satellite–1.96%
Charter Communications, Inc., Class A(b)(c)		187,443		75,502,040
Comcast Corp., Class A		2,679,630		110,641,923
				186,143,963
Casinos & Gaming–1.32%
Las Vegas Sands Corp.		2,636,683		125,136,975
Communications Equipment–3.36%
Cisco Systems, Inc.		3,738,020		194,862,983
F5, Inc.(c)		818,838		124,127,652
				318,990,635
Construction Machinery & Heavy Transportation Equipment– 2.73%
Caterpillar, Inc.		562,296		127,107,011
Wabtec Corp.		1,245,703		132,069,432
				259,176,443
Diversified Banks–8.13%
Bank of America Corp.		7,807,423		205,647,522
Citigroup, Inc.		2,654,597		104,830,035
Fifth Third Bancorp		4,016,752		95,237,190
JPMorgan Chase & Co.		936,083		130,171,702
Wells Fargo & Co.		5,935,630		236,060,005
				771,946,454
Electrical Components & Equipment–3.03%
Eaton Corp. PLC		676,285		140,606,414
Emerson Electric Co.		1,653,365		147,099,884
				287,706,298
Fertilizers & Agricultural Chemicals–1.11%
CF Industries Holdings, Inc.(b)		1,320,196		105,325,237

	Shares		Value
Food Distributors–1.25%
Sysco Corp.		1,785,625	$	118,726,206
Health Care Distributors–1.02%
Henry Schein, Inc.(c)		1,487,184		96,637,216
Health Care Equipment–2.51%
Baxter International, Inc.		1,589,698		51,553,906
Becton, Dickinson and Co.		371,529		93,915,101
Medtronic PLC		1,321,351		93,234,526
				238,703,533
Health Care Facilities–0.93%
Universal Health Services, Inc., Class B		703,519		88,566,007
Health Care Services–1.72%
CVS Health Corp.		2,370,883		163,614,636
Health Care Supplies–0.38%
DENTSPLY SIRONA, Inc.		1,188,135		36,131,185
Hotels, Resorts & Cruise Lines–0.36%
Booking Holdings, Inc.(c)		12,232		34,121,898
Household Products–1.34%
Kimberly-Clark Corp.		1,060,585		126,888,389
Industrial Conglomerates–1.22%
General Electric Co.		1,065,478		115,742,875
Integrated Oil & Gas–6.01%
Chevron Corp.		1,519,592		221,450,142
Exxon Mobil Corp.		1,142,555		120,939,447
Shell PLC, ADR (Netherlands)		631,191		41,115,782
Suncor Energy, Inc. (Canada)		5,790,097		187,599,143
				571,104,514
Interactive Media & Services–4.24%
Alphabet, Inc., Class A(c)		1,279,952		158,816,444
Meta Platforms, Inc., Class A(c)		810,098		244,058,225
				402,874,669
Investment Banking & Brokerage–1.62%
Goldman Sachs Group, Inc. (The)		383,090		116,309,955
Morgan Stanley		527,923		37,387,507
				153,697,462
IT Consulting & Other Services–2.35%
Cognizant Technology Solutions Corp., Class A		2,003,690		129,177,894
DXC Technology Co.(b)(c)		4,643,271		93,654,776
				222,832,670
Life & Health Insurance–0.95%
MetLife, Inc.		1,506,782		90,421,988
Managed Health Care–3.25%
Elevance Health, Inc.		471,032		212,006,793
Humana, Inc.		184,231		96,479,932
				308,486,725

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

4 Invesco Comstock Fund

	Shares		Value
Movies & Entertainment–1.31%
Walt Disney Co. (The)(b)(c)		1,016,536	$	82,939,172
Warner Bros Discovery, Inc.(b)(c)		4,132,521		41,077,259
				124,016,431
Multi-line Insurance–2.35%
American International Group, Inc.		3,641,880		223,283,663
Multi-Utilities–1.23%
Dominion Energy, Inc.		2,892,292		116,617,213
Oil & Gas Exploration & Production–4.64%
ConocoPhillips		1,232,063		146,369,084
Hess Corp.		661,564		95,529,842
Marathon Oil Corp.		3,934,953		107,463,566
Pioneer Natural Resources Co.		380,645		90,974,155
				440,336,647
Oil & Gas Storage & Transportation–0.80%
Cheniere Energy, Inc.		458,431		76,292,087
Packaged Foods & Meats–1.39%
Kraft Heinz Co. (The)		3,208,810		100,949,163
Tyson Foods, Inc., Class A(b)		677,878		31,419,645
				132,368,808
Paper & Plastic Packaging Products & Materials–1.43%
International Paper Co.(b)		4,029,965		135,930,719
Personal Care Products–0.86%
Haleon PLC (United Kingdom)		20,294,102		81,226,284
Pharmaceuticals–5.69%
Bristol-Myers Squibb Co.		1,527,921		78,733,769
Johnson & Johnson		975,451		144,698,401
Merck & Co., Inc.		1,514,126		155,500,740
Sanofi, ADR(b)		3,577,355		161,875,314
				540,808,224
Property & Casualty Insurance–0.97%
Allstate Corp. (The)		722,451		92,567,647
Regional Banks–2.60%
Citizens Financial Group, Inc.		3,174,249		74,372,654
Huntington Bancshares, Inc.		9,502,749		91,701,528
M&T Bank Corp.		715,998		80,728,774
				246,802,956
Restaurants–0.90%
Starbucks Corp.		924,149		85,243,504
Semiconductors–4.50%
Intel Corp.		3,615,942		131,981,883

	Shares		Value
Semiconductors–(continued)
NXP Semiconductors N.V. (China)		854,832	$	147,398,682
QUALCOMM, Inc.		1,357,879		147,995,232
				427,375,797
Soft Drinks & Non-alcoholic Beverages–2.06%
Coca-Cola Co. (The)		1,496,511		84,537,906
Keurig Dr Pepper, Inc.		3,660,503		111,023,056
				195,560,962
Systems Software–2.49%
Microsoft Corp.		700,868		236,970,480
Telecom Tower REITs–0.34%
SBA Communications Corp., Class A		157,113		32,778,485
Tobacco–2.63%
Philip Morris International, Inc.		2,799,787		249,629,009
Wireless Telecommunication Services–1.08%
T-Mobile US, Inc.(b)(c)		713,895		102,700,935
Total Common Stocks & Other Equity Interests (Cost $6,901,342,853)				9,247,576,677
Money Market Funds–2.68%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)		89,079,266		89,079,266
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(d)(e)		63,258,205		63,277,183
Invesco Treasury Portfolio, Institutional Class, 5.27%(d)(e)		101,804,876		101,804,876
Total Money Market Funds (Cost $254,136,267)				254,161,325
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $7,155,479,120)				9,501,738,002
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.84%
Invesco Private Government Fund, 5.32%(d)(e)(f)		24,073,234		24,073,234
Invesco Private Prime Fund, 5.53%(d)(e)(f)		56,092,159		56,097,768
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $80,170,534)				80,171,002
TOTAL INVESTMENTS IN SECURITIES–100.88% (Cost $7,235,649,654)				9,581,909,004
OTHER ASSETS LESS LIABILITIES–(0.88)%				(83,171,117	)
NET ASSETS–100.00%			$	9,498,737,887

Investment Abbreviations:

ADR  - American Depositary Receipt

REIT - Real Estate Investment Trust

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

5 Invesco Comstock Fund

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at October 31, 2023.

^(c)  Non-income producing security.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2023.

	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	140,569,059	$	193,374,804	$	(244,864,597	)		$            -	$	-		$  89,079,266		$2,165,106
Invesco Liquid Assets Portfolio, Institutional Class		100,056,598		138,124,859		(174,903,283	)		(25,553)		24,562		63,277,183		1,569,873
Invesco Treasury Portfolio, Institutional Class		160,650,353		220,999,776		(279,845,253	)		-		-		101,804,876		2,470,372
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		29,449,199		367,119,428		(372,495,393	)		-		-		24,073,234		688,761*
Invesco Private Prime Fund		68,502,855		768,221,486		(780,605,424	)		468		(21,617)		56,097,768		1,840,426*
Total	$	499,228,064	$	1,687,840,353	$	(1,852,713,950	)		$(25,085)	$	2,945		$334,332,327		$8,734,538

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

Open Forward Foreign Currency Contracts
						Unrealized
Settlement		Contract to				Appreciation
Date	Counterparty	Deliver		Receive		(Depreciation)
Currency Risk
11/21/2023	Barclays Bank PLC	USD	1,236,117	GBP	1,019,977	$	3,748
11/21/2023	Royal Bank of Canada	CAD	134,213,944	USD	98,159,980		1,351,025
11/21/2023	Royal Bank of Canada	EUR	86,491,020	USD	92,375,369		789,833
11/21/2023	Royal Bank of Canada	GBP	51,384,094	USD	62,971,824		510,258
Subtotal–Appreciation							2,654,864
Currency Risk
11/21/2023	Deutsche Bank AG	EUR	2,575,541	USD	2,720,219		(7,027	)
11/21/2023	Goldman Sachs International	USD	18,403,535	EUR	17,323,550		(59,589	)
11/21/2023	Royal Bank of Canada	EUR	4,195,164	USD	4,438,060		(4,209	)
11/21/2023	State Street Bank & Trust Co.	USD	2,296,722	CAD	3,165,830		(13,199	)
Subtotal–Depreciation							(84,024	)
Total Forward Foreign Currency Contracts						$	2,570,840

Abbreviations:

CAD - Canadian Dollar

EUR - Euro

GBP - British Pound Sterling

USD - U.S. Dollar

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

6 Invesco Comstock Fund

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2023

Financials	18.41	%
Health Care	15.79
Information Technology	12.70
Industrials	11.61
Energy	11.45
Consumer Staples	9.52
Communication Services	8.59
Consumer Discretionary	5.18
Materials	2.54
Other Sectors, Each Less than 2% of Net Assets	1.57
Money Market Funds Plus Other Assets Less Liabilities	2.64

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

7 Invesco Comstock Fund

Statement of Assets and Liabilities

October 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $6,901,342,853)*	$	9,247,576,677
Investments in affiliated money market funds, at value (Cost $334,306,801)		334,332,327
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		2,654,864
Foreign currencies, at value (Cost $475,053)		475,930
Receivable for:
Investments sold		4,411,687
Fund shares sold		5,600,234
Dividends		6,995,787
Investment for trustee deferred compensation and retirement plans		632,272
Other assets		168,056
Total assets		9,602,847,834
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		84,024
Payable for:
Investments purchased		5,740,250
Dividends		393
Fund shares reacquired		13,095,504
Collateral upon return of securities loaned		80,170,534
Accrued fees to affiliates		4,019,830
Accrued trustees’ and officers’ fees and benefits		7,528
Accrued other operating expenses		283,891
Trustee deferred compensation and retirement plans		707,993
Total liabilities		104,109,947
Net assets applicable to shares outstanding	$	9,498,737,887
Net assets consist of:
Shares of beneficial interest	$	6,533,689,899
Distributable earnings		2,965,047,988
	$	9,498,737,887

Net Assets:
Class A	$	5,702,693,004
Class C	$	87,306,680
Class R	$	121,224,036
Class Y	$	1,712,585,321
Class R5	$	350,490,014
Class R6	$	1,524,438,832
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		219,249,682
Class C		3,353,316
Class R		4,658,825
Class Y		65,854,293
Class R5		13,492,746
Class R6		58,715,192
Class A:
Net asset value per share	$	26.01
Maximum offering price per share (Net asset value of $26.01 ÷ 94.50%)	$	27.52
Class C:
Net asset value and offering price per share	$	26.04
Class R:
Net asset value and offering price per share	$	26.02
Class Y:
Net asset value and offering price per share	$	26.01
Class R5:
Net asset value and offering price per share	$	25.98
Class R6:
Net asset value and offering price per share	$	25.96

* At October 31, 2023, securities with an aggregate value of $79,124,217 were on loan to brokers.

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

8 Invesco Comstock Fund

Statement of Operations

For the six months ended October 31, 2023

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,900,063)	$	122,753,359
Dividends from affiliated money market funds (includes net securities lending income of $363,273)		6,568,624
Total investment income		129,321,983
Expenses:
Advisory fees		19,046,138
Administrative services fees		708,601
Custodian fees		60,530
Distribution fees:
Class A		7,546,128
Class C		459,438
Class R		325,937
Transfer agent fees – A, C, R and Y		5,671,985
Transfer agent fees – R5		193,108
Transfer agent fees – R6		238,784
Trustees’ and officers’ fees and benefits		73,899
Registration and filing fees		195,136
Reports to shareholders		265,942
Professional services fees		61,905
Other		63,178
Total expenses		34,910,709
Less: Fees waived and/or expense offset arrangement(s)		(167,756	)
Net expenses		34,742,953
Net investment income		94,579,030
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		362,140,030
Affiliated investment securities		2,945
Foreign currencies		360,829
Forward foreign currency contracts		8,229,726
		370,733,530
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(632,498,183	)
Affiliated investment securities		(25,085	)
Foreign currencies		(40,541	)
Forward foreign currency contracts		2,475,473
		(630,088,336	)
Net realized and unrealized gain (loss)		(259,354,806	)
Net increase (decrease) in net assets resulting from operations	$	(164,775,776	)

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

9 Invesco Comstock Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)

	October 31, 2023			April 30, 2023
Operations:
Net investment income	$	94,579,030		$	184,778,077
Net realized gain		370,733,530			714,979,975
Change in net unrealized appreciation (depreciation)		(630,088,336	)		(548,753,335	)
Net increase (decrease) in net assets resulting from operations		(164,775,776	)		351,004,717
Distributions to shareholders from distributable earnings:
Class A		(52,531,902	)		(717,802,335	)
Class C		(496,222	)		(11,193,908	)
Class R		(973,823	)		(15,359,958	)
Class Y		(17,363,852	)		(203,571,979	)
Class R5		(3,894,747	)		(47,541,834	)
Class R6		(16,691,066	)		(180,493,564	)
Total distributions from distributable earnings		(91,951,612	)		(1,175,963,578	)
Share transactions–net:
Class A		(168,462,572	)		453,340,136
Class C		(9,128,059	)		13,456,075
Class R		(9,225,764	)		11,182,732
Class Y		16,365,443			297,608,254
Class R5		(31,745,473	)		15,548,187
Class R6		2,646,476			247,465,077
Net increase (decrease) in net assets resulting from share transactions		(199,549,949	)		1,038,600,461
Net increase (decrease) in net assets		(456,277,337	)		213,641,600
Net assets:
Beginning of period		9,955,015,224			9,741,373,624
End of period	$	9,498,737,887		$	9,955,015,224

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

10 Invesco Comstock Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/23		$26.71		$0.24		$(0.70	)		$(0.46	)		$(0.24	)		$      –			$(0.24	)		$26.01		(1.76	)%		$5,702,693		0.80	%(d)		0.80	%(d)		1.78	%(d)		10	%
Year ended 04/30/23		29.17		0.50		0.50			1.00			(0.52	)		(2.94	)		(3.46	)		26.71		3.54			6,023,409		0.81			0.81			1.79			21
Year ended 04/30/22		29.09		0.46		2.19			2.65			(0.42	)		(2.15	)		(2.57	)		29.17		9.29			6,077,682		0.80			0.80			1.52			20
Year ended 04/30/21		18.95		0.40		10.24			10.64			(0.50	)		–			(0.50	)		29.09		56.89			5,900,704		0.82			0.82			1.74			19
Year ended 04/30/20		25.18		0.51		(4.88	)		(4.37	)		(0.52	)		(1.34	)		(1.86	)		18.95		(18.76	)		4,512,553		0.82			0.83			2.16			30
Year ended 04/30/19		26.67		0.46		0.23			0.69			(0.41	)		(1.77	)		(2.18	)		25.18		3.51			6,350,025		0.80			0.81			1.79			23
Class C
Six months ended 10/31/23		26.74		0.15		(0.71	)		(0.56	)		(0.14	)		–			(0.14	)		26.04		(2.10	)(e)		87,307		1.51	(d)(e)		1.51	(d)(e)		1.07	(d)(e)		10
Year ended 04/30/23		29.18		0.29		0.51			0.80			(0.30	)		(2.94	)		(3.24	)		26.74		2.78			98,735		1.56			1.56			1.04			21
Year ended 04/30/22		29.10		0.23		2.19			2.42			(0.19	)		(2.15	)		(2.34	)		29.18		8.46			93,877		1.55			1.55			0.77			20
Year ended 04/30/21		18.95		0.23		10.25			10.48			(0.33	)		–			(0.33	)		29.10		55.82	(e)		91,597		1.56	(e)		1.56	(e)		1.00	(e)		19
Year ended 04/30/20		25.16		0.35		(4.87	)		(4.52	)		(0.35	)		(1.34	)		(1.69	)		18.95		(19.32	)(e)		96,492		1.49	(e)		1.50	(e)		1.49	(e)		30
Year ended 04/30/19		26.66		0.27		0.21			0.48			(0.21	)		(1.77	)		(1.98	)		25.16		2.68	(e)		158,707		1.54	(e)		1.55	(e)		1.05	(e)		23
Class R
Six months ended 10/31/23		26.72		0.21		(0.71	)		(0.50	)		(0.20	)		–			(0.20	)		26.02		(1.88	)		121,224		1.05	(d)		1.05	(d)		1.53	(d)		10
Year ended 04/30/23		29.17		0.43		0.51			0.94			(0.45	)		(2.94	)		(3.39	)		26.72		3.30			133,624		1.06			1.06			1.54			21
Year ended 04/30/22		29.09		0.39		2.18			2.57			(0.34	)		(2.15	)		(2.49	)		29.17		9.01			133,669		1.05			1.05			1.27			20
Year ended 04/30/21		18.95		0.34		10.24			10.58			(0.44	)		–			(0.44	)		29.09		56.50			139,451		1.07			1.07			1.49			19
Year ended 04/30/20		25.17		0.45		(4.87	)		(4.42	)		(0.46	)		(1.34	)		(1.80	)		18.95		(18.95	)		133,186		1.07			1.08			1.91			30
Year ended 04/30/19		26.67		0.40		0.21			0.61			(0.34	)		(1.77	)		(2.11	)		25.17		3.20			212,843		1.05			1.06			1.54			23
Class Y
Six months ended 10/31/23		26.71		0.28		(0.71	)		(0.43	)		(0.27	)		–			(0.27	)		26.01		(1.64	)		1,712,585		0.55	(d)		0.55	(d)		2.03	(d)		10
Year ended 04/30/23		29.17		0.57		0.50			1.07			(0.59	)		(2.94	)		(3.53	)		26.71		3.81			1,744,439		0.56			0.56			2.04			21
Year ended 04/30/22		29.09		0.54		2.19			2.73			(0.50	)		(2.15	)		(2.65	)		29.17		9.57			1,589,325		0.55			0.55			1.77			20
Year ended 04/30/21		18.95		0.45		10.25			10.70			(0.56	)		–			(0.56	)		29.09		57.28			1,511,312		0.57			0.57			1.99			19
Year ended 04/30/20		25.18		0.57		(4.88	)		(4.31	)		(0.58	)		(1.34	)		(1.92	)		18.95		(18.54	)		1,179,055		0.57			0.58			2.41			30
Year ended 04/30/19		26.68		0.52		0.22			0.74			(0.47	)		(1.77	)		(2.24	)		25.18		3.73			1,765,456		0.55			0.56			2.04			23
Class R5
Six months ended 10/31/23		26.68		0.28		(0.70	)		(0.42	)		(0.28	)		–			(0.28	)		25.98		(1.62	)		350,490		0.51	(d)		0.51	(d)		2.07	(d)		10
Year ended 04/30/23		29.14		0.58		0.50			1.08			(0.60	)		(2.94	)		(3.54	)		26.68		3.88			390,922		0.51			0.51			2.09			21
Year ended 04/30/22		29.06		0.55		2.19			2.74			(0.51	)		(2.15	)		(2.66	)		29.14		9.63			408,406		0.50			0.50			1.82			20
Year ended 04/30/21		18.93		0.47		10.23			10.70			(0.57	)		–			(0.57	)		29.06		57.39			529,916		0.50			0.50			2.06			19
Year ended 04/30/20		25.16		0.58		(4.87	)		(4.29	)		(0.60	)		(1.34	)		(1.94	)		18.93		(18.50	)		440,298		0.50			0.51			2.48			30
Year ended 04/30/19		26.66		0.54		0.22			0.76			(0.49	)		(1.77	)		(2.26	)		25.16		3.80			665,081		0.48			0.49			2.11			23
Class R6
Six months ended 10/31/23		26.66		0.29		(0.70	)		(0.41	)		(0.29	)		–			(0.29	)		25.96		(1.59	)		1,524,439		0.44	(d)		0.44	(d)		2.14	(d)		10
Year ended 04/30/23		29.13		0.60		0.49			1.09			(0.62	)		(2.94	)		(3.56	)		26.66		3.91			1,563,887		0.44			0.44			2.16			21
Year ended 04/30/22		29.05		0.57		2.19			2.76			(0.53	)		(2.15	)		(2.68	)		29.13		9.72			1,438,415		0.43			0.43			1.89			20
Year ended 04/30/21		18.92		0.48		10.24			10.72			(0.59	)		–			(0.59	)		29.05		57.56			1,538,111		0.42			0.42			2.14			19
Year ended 04/30/20		25.16		0.60		(4.88	)		(4.28	)		(0.62	)		(1.34	)		(1.96	)		18.92		(18.46	)		2,268,887		0.41			0.42			2.57			30
Year ended 04/30/19		26.66		0.56		0.22			0.78			(0.51	)		(1.77	)		(2.28	)		25.16		3.90			2,962,672		0.39			0.40			2.20			23

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.96%, 0.99%, 0.92% and 0.99% for the six months ended October 31, 2023 and the years ended April 30, 2021, 2020 and 2019, respectively.

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

11 Invesco Comstock Fund

Notes to Financial Statements

October 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid 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.

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

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

12 Invesco Comstock Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a 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

13 Invesco Comstock Fund

consistent with the federal securities laws. For the six months ended October 31, 2023, the Fund paid the Adviser $10,924 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.

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

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

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

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

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

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		0.500%
Next $ 1 billion		0.450%
Next $ 1 billion		0.400%
Over $3 billion		0.350%

For the six months ended October 31, 2023, the effective advisory fee rate incurred by the Fund was 0.38%.

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

Effective July 1, 2023, 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”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2023, the Adviser waived advisory fees of $139,540.

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, 2023, 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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

14 Invesco Comstock Fund

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $293,722 in front-end sales commissions from the sale of Class A shares and $8,304 and $2,916 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2023, the Fund incurred $30,873 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	9,166,350,393	$	81,226,284			$–	$	9,247,576,677
Money Market Funds		254,161,325		80,171,002			–		334,332,327
Total Investments in Securities		9,420,511,718		161,397,286			–		9,581,909,004
Other Investments - Assets*
Forward Foreign Currency Contracts		–		2,654,864			–		2,654,864
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(84,024	)		–		(84,024	)
Total Other Investments		–		2,570,840			–		2,570,840
Total Investments	$	9,420,511,718	$	163,968,126			$–	$	9,584,479,844

* 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, 2023:

	Value
	Currency
Derivative Assets	Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	2,654,864
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements	$	2,654,864

15 Invesco Comstock Fund

	Value
	Currency
Derivative Liabilities	Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(84,024	)
Derivatives not subject to master netting agreements		–
Total Derivative Liabilities subject to master netting agreements	$	(84,024	)

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, 2023.

	Financial Derivative Assets		Financial Derivative Liabilities				Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts	Net Value of Derivatives			Non-Cash	Cash	Net Amount
Barclays Bank PLC		$       3,748	$          –		$       3,748		$–	$–		$       3,748
Deutsche Bank AG		–	(7,027)		(7,027	)	–	–		(7,027	)
Goldman Sachs International		–	(59,589)		(59,589	)	–	–		(59,589	)
Royal Bank of Canada		2,651,116	(4,209)		2,646,907		–	–		2,646,907
State Street Bank & Trust Co.		–	(13,199)		(13,199	)	–	–		(13,199	)
Total		$2,654,864	$(84,024)		$2,570,840		$–	$–		$2,570,840

Effect of Derivative Investments for the six months ended October 31, 2023

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

	Location of Gain on
	Statement of Operations
	Currency
	Risk
Realized Gain:
Forward foreign currency contracts		$  8,229,726
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		2,475,473
Total		$10,705,199

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

	Forward
	Foreign Currency
	Contracts
Average notional value		$330,334,791

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $28,216.

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.

16 Invesco Comstock Fund

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, 2023.

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, 2023 was $959,154,614 and $1,017,425,622, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$2,679,594,570
Aggregate unrealized (depreciation) of investments	(416,477,048	)
Net unrealized appreciation of investments	$2,263,117,522

Cost of investments for tax purposes is $7,321,362,322.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2023(a)						April 30, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		6,032,530		$	163,423,999			17,238,616		$	481,081,312
Class C		214,097			5,809,376			1,196,491			33,599,312
Class R		439,527			11,945,380			1,189,118			33,169,894
Class Y		9,471,315			257,408,887			21,825,600			609,727,823
Class R5		719,111			19,438,162			1,906,241			53,163,516
Class R6		7,949,699			215,724,285			19,207,625			534,469,338
Issued as reinvestment of dividends:
Class A		1,748,494			47,190,036			24,529,238			657,005,818
Class C		16,996			459,480			390,349			10,482,679
Class R		36,053			973,567			572,851			15,357,697
Class Y		509,727			13,754,419			6,215,736			166,364,562
Class R5		143,863			3,876,538			1,775,373			47,451,853
Class R6		591,997			15,946,980			6,495,386			173,505,725
Automatic conversion of Class C shares to Class A shares:
Class A		149,437			4,012,389			418,692			11,548,349
Class C		(149,308	)		(4,012,389	)		(418,383	)		(11,548,349	)
Reacquired:
Class A		(14,162,017	)		(383,088,996	)		(25,071,795	)		(696,295,343	)
Class C		(420,513	)		(11,384,526	)		(693,550	)		(19,077,567	)
Class R		(816,770	)		(22,144,711	)		(1,343,816	)		(37,344,859	)
Class Y		(9,440,487	)		(254,797,863	)		(17,214,667	)		(478,484,131	)
Class R5		(2,023,455	)		(55,060,173	)		(3,043,428	)		(85,067,182	)
Class R6		(8,476,906	)		(229,024,789	)		(16,435,127	)		(460,509,986	)
Net increase (decrease) in share activity		(7,466,610	)	$	(199,549,949	)		38,740,550		$	1,038,600,461

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17 Invesco Comstock Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$982.40	$3.99	$1,021.11	$4.06	0.80%
Class C	1,000.00	979.00	7.51	1,017.55	7.66	1.51
Class R	1,000.00	981.20	5.23	1,019.86	5.33	1.05
Class Y	1,000.00	983.60	2.74	1,022.37	2.80	0.55
Class R5	1,000.00	983.80	2.54	1,022.57	2.59	0.51
Class R6	1,000.00	984.10	2.19	1,022.92	2.24	0.44

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

18 Invesco Comstock Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 first quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent an investment process change in

19 Invesco Comstock Fund

September 2020. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board requested and received additional information regarding the Fund’s actual 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 contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

    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 difficulty 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’ 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 realized as to that 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 determination that the services are required for the operation of the Fund.

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

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

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

20 Invesco Comstock Fund

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.

21 Invesco Comstock Fund

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

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2023

Invesco Comstock Select Fund

Nasdaq:

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

2	Fund Performance
4	Schedule of Investments
6	Financial Statements
9	Financial Highlights
10	Notes to Financial Statements
15	Fund Expenses
16	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/23 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-3.59	%
Class C Shares	-3.93
Class R Shares	-3.70
Class Y Shares	-3.45
Class R5 Shares	-3.38
Class R6 Shares	-3.42
S&P 500 Index▼*	1.39
Russell 1000 Value Index▼*	-4.22
Source(s): ▼RIMES Technologies Corp.
*Effective August 28, 2023, the Fund changed its broad-based securities market benchmark from the Russell 1000 Value Index to the S&P 500 Index. The Fund believes the S&P 500 Index is an appropriate benchmark for evaluating the Fund’s performance against the overall applicable market.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Russell 1000® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Comstock Select Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (9/16/85)	9.29	%
10 Years	7.62
5 Years	8.33
1 Year	-2.04
Class C Shares
Inception (5/1/96)	6.94	%
10 Years	7.58
5 Years	8.75
1 Year	1.99
Class R Shares
Inception (3/1/01)	6.58	%
10 Years	7.96
5 Years	9.29
1 Year	3.39
Class Y Shares
Inception (12/16/96)	7.33	%
10 Years	8.49
5 Years	9.83
1 Year	3.89
Class R5 Shares
10 Years	8.40	%
5 Years	9.91
1 Year	4.03
Class R6 Shares
Inception (2/28/12)	9.95	%
10 Years	8.66
5 Years	9.97
1 Year	3.99

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

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

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

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

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

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

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

3 Invesco Comstock Select Fund

Schedule of Investments^(a)

October 31, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–91.39%
Air Freight & Logistics–3.37%
FedEx Corp.		96,761	$	23,232,316
Broadline Retail–3.04%
eBay, Inc.		535,062		20,990,482
Building Products–3.21%
Johnson Controls International PLC(b)		452,446		22,178,903
Casinos & Gaming–3.39%
Las Vegas Sands Corp.		492,458		23,372,057
Communications Equipment–6.63%
Cisco Systems, Inc.		442,110		23,047,195
F5, Inc.(c)		149,992		22,737,287
				45,784,482
Diversified Banks–7.98%
Bank of America Corp.		823,951		21,702,869
Wells Fargo & Co.		839,296		33,378,802
				55,081,671
Electrical Components & Equipment–2.53%
Emerson Electric Co.		196,016		17,439,543
Food Distributors–3.46%
Sysco Corp.		358,890		23,862,596
Health Care Equipment–5.34%
Becton, Dickinson and Co.		61,884		15,643,038
Medtronic PLC		300,722		21,218,944
				36,861,982
Integrated Oil & Gas–11.14%
Chevron Corp.		149,426		21,775,851
Exxon Mobil Corp.		125,517		13,285,974
Shell PLC, ADR (Netherlands)		167,890		10,936,355
Suncor Energy, Inc. (Canada)		953,387		30,889,739
				76,887,919
Interactive Media & Services–4.09%
Alphabet, Inc., Class A(c)		109,243		13,554,871
Meta Platforms, Inc., Class A(c)		48,754		14,688,118
				28,242,989
IT Consulting & Other Services–2.65%
Cognizant Technology Solutions Corp., Class A		283,133		18,253,584
Managed Health Care–5.27%
Elevance Health, Inc.		80,809		36,371,323
Multi-line Insurance–3.60%
American International Group, Inc.		405,485		24,860,285

Investment Abbreviations:

ADR – American Depositary Receipt

	Shares		Value
Personal Care Products–2.25%
Haleon PLC (United Kingdom)		3,885,754	$	15,552,566
Pharmaceuticals–6.82%
Merck & Co., Inc.		152,821		15,694,716
Sanofi, ADR		693,059		31,360,920
				47,055,636
Regional Banks–4.88%
Citizens Financial Group, Inc.		832,858		19,513,863
M&T Bank Corp.		125,773		14,180,906
				33,694,769
Semiconductors–2.98%
Intel Corp.		563,102		20,553,223
Soft Drinks & Non-alcoholic Beverages–5.97%
Coca-Cola Co. (The)		280,994		15,873,351
Keurig Dr Pepper, Inc.		834,244		25,302,621
				41,175,972
Systems Software–2.79%
Microsoft Corp.		56,934		19,249,955
Total Common Stocks & Other Equity Interests (Cost $581,356,993)				630,702,253
Money Market Funds–8.39%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)		20,259,946		20,259,946
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(d)(e)		14,482,342		14,486,687
Invesco Treasury Portfolio, Institutional Class, 5.27%(d)(e)		23,154,224		23,154,224
Total Money Market Funds (Cost $57,897,412)				57,900,857
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.78% (Cost $639,254,405)				688,603,110
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.08%
Invesco Private Government Fund, 5.32%(d)(e)(f)		158,720		158,720
Invesco Private Prime Fund, 5.53%(d)(e)(f)		408,439		408,480
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $567,200)				567,200
TOTAL INVESTMENTS IN SECURITIES–99.86% (Cost $639,821,605)				689,170,310
OTHER ASSETS LESS LIABILITIES–0.14%				992,226
NET ASSETS–100.00%			$	690,162,536

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

4 Invesco Comstock Select Fund

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at October 31, 2023.

^(c)  Non-income producing security.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2023.

	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	9,164,368	$	37,516,433	$	(26,420,855	)		$    -		$         -	$	20,259,946	$	383,344
Invesco Liquid Assets Portfolio, Institutional Class		6,560,689		26,797,450		(18,872,039	)		907		(320)		14,486,687		275,865
Invesco Treasury Portfolio, Institutional Class		10,473,564		42,875,923		(30,195,263	)		-		-		23,154,224		429,286
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		8,340,882		(8,182,162	)		-		-		158,720		5,328*
Invesco Private Prime Fund		-		20,331,052		(19,921,492	)		-		(1,080)		408,480		15,958*
Total	$	26,198,621	$	135,861,740	$	(103,591,811	)		$907		$(1,400)	$	58,468,057	$	1,109,781

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2023

Health Care	17.43	%
Financials	16.46
Information Technology	15.05
Consumer Staples	11.68
Energy	11.14
Industrials	9.11
Consumer Discretionary	6.43
Communication Services	4.09
Money Market Funds Plus Other Assets Less Liabilities	8.61

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

5 Invesco Comstock Select Fund

Statement of Assets and Liabilities

October 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $581,356,993)*	$	630,702,253
Investments in affiliated money market funds, at value (Cost $58,464,612)		58,468,057
Cash		1,000,000
Foreign currencies, at value (Cost $85,090)		85,108
Receivable for:
Fund shares sold		607,431
Dividends		768,877
Investment for trustee deferred compensation and retirement plans		106,069
Other assets		70,865
Total assets		691,808,660
Liabilities:
Payable for:
Fund shares reacquired		553,329
Collateral upon return of securities loaned		567,200
Accrued fees to affiliates		300,697
Accrued trustees’ and officers’ fees and benefits		64,903
Accrued other operating expenses		53,926
Trustee deferred compensation and retirement plans		106,069
Total liabilities		1,646,124
Net assets applicable to shares outstanding	$	690,162,536
Net assets consist of:
Shares of beneficial interest	$	608,674,281
Distributable earnings		81,488,255
	$	690,162,536

Net Assets:
Class A	$	516,788,033
Class C	$	27,338,560
Class R	$	40,347,513
Class Y	$	80,617,700
Class R5	$	9,475
Class R6	$	25,061,255
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		17,047,398
Class C		979,038
Class R		1,377,880
Class Y		2,560,754
Class R5		313
Class R6		798,769
Class A:
Net asset value per share	$	30.31
Maximum offering price per share (Net asset value of $30.31 ÷ 94.50%)	$	32.07
Class C:
Net asset value and offering price per share	$	27.92
Class R:
Net asset value and offering price per share	$	29.28
Class Y:
Net asset value and offering price per share	$	31.48
Class R5:
Net asset value and offering price per share	$	30.27
Class R6:
Net asset value and offering price per share	$	31.37

* At October 31, 2023, security with a value of $558,828 was on loan to brokers.

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

6 Invesco Comstock Select Fund

Statement of Operations

For the six months ended October 31, 2023

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $228,302)	$	8,691,232
Dividends from affiliated money market funds (includes net securities lending income of $7,763)		1,096,258
Total investment income		9,787,490
Expenses:
Advisory fees		1,864,832
Administrative services fees		51,374
Custodian fees		2,809
Distribution fees:
Class A		664,894
Class C		150,364
Class R		108,093
Transfer agent fees – A, C, R and Y		443,021
Transfer agent fees – R5		2
Transfer agent fees – R6		3,488
Trustees’ and officers’ fees and benefits		14,196
Registration and filing fees		56,732
Reports to shareholders		1,993
Professional services fees		8,914
Other		9,742
Total expenses		3,380,454
Less: Fees waived and/or expense offset arrangement(s)		(38,342	)
Net expenses		3,342,112
Net investment income		6,445,378
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		7,602,464
Affiliated investment securities		(1,400	)
Foreign currencies		4,046
		7,605,110
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(40,018,200	)
Affiliated investment securities		907
Foreign currencies		17
		(40,017,276	)
Net realized and unrealized gain (loss)		(32,412,166	)
Net increase (decrease) in net assets resulting from operations	$	(25,966,788	)

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

7 Invesco Comstock Select Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)

	October 31, 2023			April 30, 2023
Operations:
Net investment income	$	6,445,378		$	8,965,899
Net realized gain		7,605,110			70,908,163
Change in net unrealized appreciation (depreciation)		(40,017,276	)		(25,260,343	)
Net increase (decrease) in net assets resulting from operations		(25,966,788	)		54,613,719
Distributions to shareholders from distributable earnings:
Class A		(3,102,692	)		(78,352,475	)
Class C		(57,285	)		(4,667,309	)
Class R		(188,536	)		(6,002,660	)
Class Y		(528,415	)		(8,560,097	)
Class R5		(73	)		(1,643	)
Class R6		(165,098	)		(2,122,214	)
Total distributions from distributable earnings		(4,042,099	)		(99,706,398	)
Share transactions–net:
Class A		(9,529,620	)		54,311,924
Class C		(2,110,781	)		2,016,797
Class R		(366,255	)		5,796,323
Class Y		16,851,172			19,704,735
Class R6		5,783,322			11,427,606
Net increase in net assets resulting from share transactions		10,627,838			93,257,385
Net increase (decrease) in net assets		(19,381,049	)		48,164,706
Net assets:
Beginning of period		709,543,585			661,378,879
End of period	$	690,162,536		$	709,543,585

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

8 Invesco Comstock Select Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Six months ended 10/31/23		$31.62		$0.29		$ (1.42	)		$ (1.13	)		$(0.18	)		$      –			$(0.18	)		$30.31		(3.59	)%(e)		$   516,788		0.92	%(e)(f)		0.93	%(e)(f)		1.79	%(e)(f)		82	%
Year ended 04/30/23		34.11		0.45		2.19			2.64			(0.45	)		(4.68	)		(5.13	)		31.62		8.36	(e)		548,500		1.01	(e)		1.02	(e)		1.37	(e)		57
Year ended 04/30/22		33.66		0.40		1.87			2.27			(0.38	)		(1.44	)		(1.82	)		34.11		6.88	(e)		530,151		0.91	(e)		0.92	(e)		1.15	(e)		54
Year ended 04/30/21		21.50		0.46		12.39			12.85			(0.69	)		–			(0.69	)		33.66		60.66	(e)		546,503		0.93	(e)		1.04	(e)		1.75	(e)		46
Six months ended 04/30/20		33.81		0.29		(5.00	)		(4.71	)		(0.29	)		(7.31	)		(7.60	)		21.50		(19.00	)		388,558		0.93	(f)		0.97	(f)		2.17	(f)		11
Year ended 10/31/19		35.63		0.58		2.00			2.58			(0.56	)		(3.84	)		(4.40	)		33.81		8.66			524,705		0.93			0.95			1.79			129
Year ended 10/31/18		37.62		0.51		(0.32	)		0.19			(0.52	)		(1.66	)		(2.18	)		35.63		0.35			500,866		0.93			0.93			1.37			45
Class C
Six months ended 10/31/23		29.12		0.15		(1.29	)		(1.14	)		(0.06	)		–			(0.06	)		27.92		(3.93	)		27,339		1.68	(f)		1.69	(f)		1.03	(f)		82
Year ended 04/30/23		31.76		0.18		2.04			2.22			(0.18	)		(4.68	)		(4.86	)		29.12		7.51			30,601		1.77			1.78			0.61			57
Year ended 04/30/22		31.44		0.13		1.74			1.87			(0.11	)		(1.44	)		(1.55	)		31.76		6.05			31,095		1.67			1.68			0.39			54
Year ended 04/30/21		20.08		0.24		11.58			11.82			(0.46	)		–			(0.46	)		31.44		59.49			30,455		1.68			1.80			1.00			46
Six months ended 04/30/20		32.01		0.18		(4.64	)		(4.46	)		(0.16	)		(7.31	)		(7.47	)		20.08		(19.29	)		27,325		1.68	(f)		1.73	(f)		1.41	(f)		11
Year ended 10/31/19		33.95		0.32		1.89			2.21			(0.31	)		(3.84	)		(4.15	)		32.01		7.86			40,759		1.68			1.69			1.03			129
Year ended 10/31/18		35.96		0.22		(0.31	)		(0.09	)		(0.26	)		(1.66	)		(1.92	)		33.95		(0.44	)		96,108		1.69			1.69			0.62			45
Class R
Six months ended 10/31/23		30.54		0.24		(1.36	)		(1.12	)		(0.14	)		–			(0.14	)		29.28		(3.70	)		40,348		1.18	(f)		1.19	(f)		1.53	(f)		82
Year ended 04/30/23		33.10		0.35		2.12			2.47			(0.35	)		(4.68	)		(5.03	)		30.54		8.05			42,402		1.27			1.28			1.11			57
Year ended 04/30/22		32.70		0.30		1.82			2.12			(0.28	)		(1.44	)		(1.72	)		33.10		6.62			39,500		1.17			1.18			0.89			54
Year ended 04/30/21		20.89		0.38		12.04			12.42			(0.61	)		–			(0.61	)		32.70		60.24			39,590		1.18			1.30			1.50			46
Six months ended 04/30/20		33.04		0.25		(4.85	)		(4.60	)		(0.24	)		(7.31	)		(7.55	)		20.89		(19.11	)		27,340		1.18	(f)		1.23	(f)		1.92	(f)		11
Year ended 10/31/19		34.91		0.49		1.96			2.45			(0.48	)		(3.84	)		(4.32	)		33.04		8.41			36,469		1.18			1.20			1.54			129
Year ended 10/31/18		36.91		0.41		(0.32	)		0.09			(0.43	)		(1.66	)		(2.09	)		34.91		0.08			38,411		1.18			1.18			1.12			45
Class Y
Six months ended 10/31/23		32.83		0.34		(1.46	)		(1.12	)		(0.23	)		–			(0.23	)		31.48		(3.45	)		80,618		0.68	(f)		0.69	(f)		2.03	(f)		82
Year ended 04/30/23		35.26		0.54		2.26			2.80			(0.55	)		(4.68	)		(5.23	)		32.83		8.58			67,601		0.77			0.78			1.61			57
Year ended 04/30/22		34.75		0.50		1.93			2.43			(0.48	)		(1.44	)		(1.92	)		35.26		7.13			50,894		0.67			0.68			1.39			54
Year ended 04/30/21		22.19		0.54		12.80			13.34			(0.78	)		–			(0.78	)		34.75		61.10			45,879		0.68			0.80			2.00			46
Six months ended 04/30/20		34.70		0.34		(5.21	)		(4.87	)		(0.33	)		(7.31	)		(7.64	)		22.19		(18.95	)		29,843		0.68	(f)		0.73	(f)		2.41	(f)		11
Year ended 10/31/19		36.44		0.68		2.07			2.75			(0.65	)		(3.84	)		(4.49	)		34.70		8.97			70,677		0.68			0.71			2.03			129
Year ended 10/31/18		38.43		0.62		(0.34	)		0.28			(0.61	)		(1.66	)		(2.27	)		36.44		0.55			72,317		0.68			0.68			1.61			45
Class R5
Six months ended 10/31/23		31.56		0.34		(1.40	)		(1.06	)		(0.23	)		–			(0.23	)		30.27		(3.38	)		9		0.58	(f)		0.59	(f)		2.13	(f)		82
Year ended 04/30/23		34.07		0.56		2.18			2.74			(0.57	)		(4.68	)		(5.25	)		31.56		8.71			10		0.66			0.67			1.72			57
Year ended 04/30/22		33.62		0.52		1.87			2.39			(0.50	)		(1.44	)		(1.94	)		34.07		7.24			11		0.57			0.58			1.49			54
Year ended 04/30/21		21.47		0.55		12.38			12.93			(0.78	)		–			(0.78	)		33.62		61.27			11		0.57			0.60			2.11			46
Six months ended 04/30/20		33.80		0.34		(5.02	)		(4.68	)		(0.34	)		(7.31	)		(7.65	)		21.47		(18.88	)		7		0.57	(f)		0.57	(f)		2.52	(f)		11
Period ended 10/31/19(g)		31.94		0.31		1.93			2.24			(0.38	)		–			(0.38	)		33.80		7.03			11		0.57	(f)		0.57	(f)		2.15	(f)		129
Class R6
Six months ended 10/31/23		32.72		0.35		(1.46	)		(1.11	)		(0.24	)		–			(0.24	)		31.37		(3.42	)		25,061		0.58	(f)		0.59	(f)		2.13	(f)		82
Year ended 04/30/23		35.16		0.57		2.25			2.82			(0.58	)		(4.68	)		(5.26	)		32.72		8.70			20,430		0.66			0.67			1.72			57
Year ended 04/30/22		34.65		0.54		1.93			2.47			(0.52	)		(1.44	)		(1.96	)		35.16		7.26			9,729		0.55			0.58			1.51			54
Year ended 04/30/21		22.13		0.51		12.83			13.34			(0.82	)		–			(0.82	)		34.65		61.33			6,606		0.52			0.58			2.16			46
Six months ended 04/30/20		34.63		0.36		(5.19	)		(4.83	)		(0.36	)		(7.31	)		(7.67	)		22.13		(18.88	)		444,138		0.52	(f)		0.54	(f)		2.58	(f)		11
Year ended 10/31/19		36.38		0.73		2.06			2.79			(0.70	)		(3.84	)		(4.54	)		34.63		9.13			656,678		0.52			0.52			2.20			129
Year ended 10/31/18		38.37		0.68		(0.33	)		0.35			(0.68	)		(1.66	)		(2.34	)		36.38		0.75			1,039,697		0.52			0.52			1.78			45

^(a)  Calculated using average shares outstanding.

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

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

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

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended October 31, 2023 and the years ended April 30, 2023, 2022 and 2021.

^(f)  Annualized.

^(g)  Commencement date after the close of business on May 24, 2019.

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

9 Invesco Comstock Select Fund

Notes to Financial Statements

October 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid 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.

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

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

10 Invesco Comstock Select Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a 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

11 Invesco Comstock Select Fund

consistent with the federal securities laws. For the six months ended October 31, 2023, the Fund paid the Adviser $855 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.

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

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

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

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

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

L. Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate*
First $300 million		0.625%
Next $100 million		0.500%
Next $4.6 billion		0.450%
Over $5 billion		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, 2023, the effective advisory fee rate incurred by the Fund was 0.52%.

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

Effective July 1, 2023, 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”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2023, the Adviser waived advisory fees of $22,910.

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, 2023, 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.

12 Invesco Comstock Select Fund

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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

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

For the six months ended October 31, 2023, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2023, IDI advised the Fund that IDI retained $31,633 in front-end sales commissions from the sale of Class A shares and $339 and $253 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2023, the Fund incurred $67,188 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	615,149,687	$	15,552,566		$–	$	630,702,253
Money Market Funds		57,900,857		567,200		–		58,468,057
Total Investments	$	673,050,544	$	16,119,766		$–	$	689,170,310

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $15,432.

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.

13 Invesco Comstock Select Fund

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, 2023.

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, 2023 was $555,605,147 and $575,143,392, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 65,346,996
Aggregate unrealized (depreciation) of investments	(16,523,864	)
Net unrealized appreciation of investments	$ 48,823,132

Cost of investments for tax purposes is $640,347,178.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2023(a)						April 30, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		937,223		$	29,884,711			1,586,678		$	51,386,921
Class C		131,909			3,882,160			219,346			6,676,668
Class R		145,656			4,455,896			229,855			7,224,026
Class Y		1,129,680			37,667,626			1,159,693			38,046,106
Class R6		323,113			10,694,902			469,934			15,551,913
Issued as reinvestment of dividends:
Class A		92,273			2,932,471			2,444,925			75,045,448
Class C		1,925			56,399			163,203			4,617,392
Class R		6,128			188,154			201,700			5,981,536
Class Y		13,513			445,790			169,752			5,405,107
Class R6		4,792			157,521			63,109			2,002,369
Automatic conversion of Class C shares to Class A shares:
Class A		43,469			1,379,293			89,090			2,866,421
Class C		(47,201	)		(1,379,293	)		(96,230	)		(2,866,421	)
Reacquired:
Class A		(1,374,460	)		(43,726,095	)		(2,312,576	)		(74,986,866	)
Class C		(158,313	)		(4,670,047	)		(214,580	)		(6,410,842	)
Class R		(162,268	)		(5,010,305	)		(236,518	)		(7,409,239	)
Class Y		(641,451	)		(21,262,244	)		(713,888	)		(23,746,478	)
Class R6		(153,527	)		(5,069,101	)		(185,393	)		(6,126,676	)
Net increase in share activity		292,461		$	10,627,838			3,038,100		$	93,257,385

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 6% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

14 Invesco Comstock Select Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses     Paid During     Period2	Ending       Account Value       (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$964.10	$4.54	$1,020.51	$4.67	0.92%
Class C	1,000.00	960.70	8.28	1,016.69	8.52	1.68
Class R	1,000.00	963.00	5.82	1,019.20	5.99	1.18
Class Y	1,000.00	965.50	3.36	1,021.72	3.46	0.68
Class R5	1,000.00	966.20	2.87	1,022.22	2.95	0.58
Class R6	1,000.00	965.80	2.87	1,022.22	2.95	0.58

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

15 Invesco Comstock Select Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Comstock Select Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 first quintile of its performance universe for the one and three year periods and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above

16 Invesco Comstock Select Fund

the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board further considered that the Fund underwent an investment process change in February 2020. The Board also considered that, in July 2022, it had approved a change in the Fund’s classification from “diversified” to “non-diversified” for purposes of the 1940 Act and that such change was subsequently approved by the Fund’s shareholders and went into effect in November 2022. The Board considered that as a non-diversified fund, the Fund can invest a greater percentage of its assets in a smaller number of issuers or any one issuer than a diversified fund and that it had discussed with management the potential benefits of such change on the Fund’s performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

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

    The Board also considered the fees charged by Invesco Advisers and its affiliates to other client accounts that are similarly managed. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to that provided by Invesco Advisers and its affiliates to certain other types of client accounts, including, among others: management of cash flows as a result of redemptions and purchases; necessary infrastructure such as officers, office space, technology, legal and distribution; oversight of service providers; costs and business risks associated with launching new funds and sponsoring and maintaining the product line; and compliance with

federal and state laws and regulations. Invesco Advisers also advised the Board that many of the similarly managed client accounts have all-inclusive fee structures, which are not easily un-bundled.

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

    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 difficulty 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’ 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 realized as to that 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 determination that the services are required for the operation of the Fund.

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

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

    The Board considered that Invesco Advisers may serve as the Fund’s affiliated securities lending agent and evaluated the benefits realized by Invesco Advisers when serving in such role, including the compensation received. The Board considered

17 Invesco Comstock Select Fund

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.

18 Invesco Comstock Select Fund

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2023

Invesco Dividend Income Fund

Nasdaq:

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

2	Fund Performance
4	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
17	Fund Expenses
18	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/23 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-5.73	%
Class C Shares	-6.11
Class R Shares	-5.89
Class Y Shares	-5.62
Investor Class Shares	-5.73
Class R5 Shares	-5.60
Class R6 Shares	-5.56
S&P 500 Index▼ (Broad Market Index)	1.39
Russell 1000 Value Index▼ (Style-Specific Index)	-4.22
Lipper Equity Income Funds Index∎ (Peer Group Index)	-3.74
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Russell 1000® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Lipper Equity Income Funds Index is an unmanaged index considered representative of equity income funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Dividend Income Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	7.28	%
10 Years	6.31
5 Years	4.17
1 Year	-8.16
Class C Shares
Inception (2/14/00)	4.16	%
10 Years	6.27
5 Years	4.55
1 Year	-4.53
Class R Shares
10 Years	6.64	%
5 Years	5.08
1 Year	-3.12
Class Y Shares
Inception (10/3/08)	7.98	%
10 Years	7.18
5 Years	5.60
1 Year	-2.62
Investor Class Shares
Inception (6/2/86)	7.98	%
10 Years	6.91
5 Years	5.35
1 Year	-2.86
Class R5 Shares
Inception (10/25/05)	7.52	%
10 Years	7.22
5 Years	5.65
1 Year	-2.56
Class R6 Shares
Inception (9/24/12)	8.03	%
10 Years	7.30
5 Years	5.74
1 Year	-2.49

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

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

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

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

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

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

3 Invesco Dividend Income Fund

Schedule of Investments^(a)

October 31, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.60%
Aerospace & Defense–2.14%
Lockheed Martin Corp.		86,188	$	39,184,512
Northrop Grumman Corp.		66,404		31,304,838
				70,489,350
Air Freight & Logistics–0.72%
United Parcel Service, Inc., Class B		167,491		23,658,104
Asset Management & Custody Banks–2.10%
BlackRock, Inc.		52,643		32,232,256
State Street Corp.		575,815		37,214,923
				69,447,179
Automobile Manufacturers–0.47%
Bayerische Motoren Werke AG (Germany)		168,116		15,587,923
Building Products–1.33%
Trane Technologies PLC		230,697		43,903,946
Cable & Satellite–2.29%
Comcast Corp., Class A		1,827,528		75,458,631
Construction Machinery & Heavy Transportation Equipment– 1.31%
Caterpillar, Inc.		190,831		43,137,348
Construction Materials–0.83%
CRH PLC		511,555		27,404,001
Consumer Staples Merchandise Retail–4.07%
Target Corp.		318,000		35,231,220
Walmart, Inc.		606,101		99,042,964
				134,274,184
Diversified Banks–6.02%
Bank of America Corp.		2,938,066		77,388,658
Fifth Third Bancorp		1,456,349		34,530,035
JPMorgan Chase & Co.		623,229		86,666,225
				198,584,918
Electric Utilities–1.73%
Entergy Corp.		335,914		32,110,019
PPL Corp.		1,017,442		24,998,550
				57,108,569
Electrical Components & Equipment–2.12%
ABB Ltd. (Switzerland)		989,488		33,269,330
Emerson Electric Co.		413,137		36,756,799
				70,026,129
Electronic Manufacturing Services–0.87%
TE Connectivity Ltd.		242,367		28,562,951
Financial Exchanges & Data–2.10%
CME Group, Inc., Class A		324,508		69,269,478
Food Distributors–1.22%
Sysco Corp.		604,125		40,168,271

	Shares		Value
Gas Utilities–1.01%
National Fuel Gas Co.(b)		656,904	$	33,469,259
Gold–0.62%
Newmont Corp.(b)		541,643		20,295,363
Health Care Equipment–5.53%
Baxter International, Inc.		483,247		15,671,700
Becton, Dickinson and Co.		297,888		75,300,129
Medtronic PLC		733,238		51,737,273
Zimmer Biomet Holdings, Inc.		381,131		39,793,888
				182,502,990
Health Care Services–1.71%
CVS Health Corp.		817,818		56,437,620
Heavy Electrical Equipment–0.00%
Accelleron Industries AG (Switzerland)		1		25
Home Improvement Retail–1.08%
Lowe’s Cos., Inc.		187,610		35,752,838
Household Products–1.44%
Colgate-Palmolive Co.		634,360		47,653,123
Human Resource & Employment Services–0.77%
Automatic Data Processing, Inc.		115,980		25,309,156
Industrial Machinery & Supplies & Components–1.58%
Parker-Hannifin Corp.		141,660		52,259,791
Industrial REITs–1.39%
Prologis, Inc.		456,574		45,999,830
Integrated Oil & Gas–4.91%
Chevron Corp.		582,420		84,876,066
Exxon Mobil Corp.		727,515		77,007,463
				161,883,529
Integrated Telecommunication Services–1.67%
Deutsche Telekom AG (Germany)		2,539,844		55,036,981
Investment Banking & Brokerage–1.31%
Charles Schwab Corp. (The)		831,625		43,277,765
IT Consulting & Other Services–2.80%
Accenture PLC, Class A		165,907		49,289,310
International Business Machines Corp.		297,984		43,100,406
				92,389,716
Multi-line Insurance–1.06%
American International Group, Inc.		571,746		35,053,747
Multi-Utilities–3.83%
Ameren Corp.		317,301		24,022,859
Public Service Enterprise Group, Inc.		1,236,724		76,244,034
WEC Energy Group, Inc.		321,387		26,157,688
				126,424,581
Oil & Gas Exploration & Production–3.25%
ConocoPhillips		581,594		69,093,367

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

4 Invesco Dividend Income Fund

	Shares		Value
Oil & Gas Exploration & Production–(continued)
Marathon Oil Corp.		1,401,441	$	38,273,354
				107,366,721
Oil & Gas Storage & Transportation–0.62%
Enbridge, Inc. (Canada)		635,355		20,360,682
Packaged Foods & Meats–2.44%
Kraft Heinz Co. (The)		933,781		29,376,750
Nestle S.A. (Switzerland)		474,158		51,154,012
				80,530,762
Paper & Plastic Packaging Products & Materials–0.64%
Sonoco Products Co.		410,222		21,253,602
Pharmaceuticals–7.63%
AstraZeneca PLC (United Kingdom)		404,080		50,508,254
Johnson & Johnson		660,176		97,930,508
Merck & Co., Inc.		1,005,718		103,287,238
				251,726,000
Property & Casualty Insurance–5.84%
Chubb Ltd.		374,968		80,475,633
Hartford Financial Services Group, Inc. (The)		916,372		67,307,524
Travelers Cos., Inc. (The)		267,975		44,869,734
				192,652,891
Rail Transportation–1.66%
Union Pacific Corp.		263,614		54,728,903
Regional Banks–1.25%
M&T Bank Corp.		367,308		41,413,977
Restaurants–3.22%
McDonald’s Corp.		274,625		71,998,436
Starbucks Corp.		372,097		34,322,228
				106,320,664
Semiconductor Materials & Equipment–0.99%
Lam Research Corp.		55,356		32,561,506
Semiconductors–1.95%
Analog Devices, Inc.		297,218		46,761,308
Broadcom, Inc.		20,934		17,613,239
				64,374,547

Investment Abbreviations:

REIT – Real Estate Investment Trust

	Shares		Value
Soft Drinks & Non-alcoholic Beverages–2.04%
Coca-Cola Co. (The)		1,193,569	$	67,424,713
Specialty Chemicals–2.24%
DuPont de Nemours, Inc.(b)		498,745		36,348,536
PPG Industries, Inc.		304,791		37,419,191
				73,767,727
Systems Software–2.40%
Microsoft Corp.		234,410		79,256,365
Timber REITs–1.07%
Weyerhaeuser Co.(b)		1,233,317		35,383,865
Tobacco–2.33%
Philip Morris International, Inc.		862,383		76,890,068
Total Common Stocks & Other Equity Interests (Cost $2,806,914,314)				3,286,840,289
Money Market Funds–0.75%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(c)(d)		8,599,326		8,599,326
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(c)(d)		6,134,271		6,136,112
Invesco Treasury Portfolio, Institutional Class, 5.27%(c)(d)		9,827,801		9,827,801
Total Money Market Funds (Cost $24,562,012)				24,563,239
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.35% (Cost $2,831,476,326)				3,311,403,528
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.36%
Invesco Private Government Fund, 5.32%(c)(d)(e)		12,596,840		12,596,840
Invesco Private Prime Fund, 5.53%(c)(d)(e) 32,397,927				32,401,167
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $45,000,082)				44,998,007
TOTAL INVESTMENTS IN SECURITIES–101.71% (Cost $2,876,476,408)				3,356,401,535
OTHER ASSETS LESS LIABILITIES–(1.71)%				(56,348,297	)
NET ASSETS–100.00%			$	3,300,053,238

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

5 Invesco Dividend Income Fund

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at October 31, 2023.

^(c)  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, 2023.

	Value April 30, 2023	Purchases at Cost	Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)	Value October 31, 2023	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$ 39,324,600	$ 142,037,062	$	(172,762,336	)	$          -	$          -	$  8,599,326	$   881,505
Invesco Liquid Assets Portfolio, Institutional Class	28,085,718	101,455,045		(123,401,669	)	866	(3,848)	6,136,112	641,862
Invesco Treasury Portfolio, Institutional Class	44,942,400	162,328,071		(197,442,670	)	-	-	9,827,801	1,004,952
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	26,609,123	170,216,076		(184,228,359	)	-	-	12,596,840	245,927*
Invesco Private Prime Fund	68,423,459	440,104,725		(476,123,401	)	(2,075)	(1,541)	32,401,167	672,130*
Total	$207,385,300	$1,016,140,979	$	(1,153,958,435	)	$(1,209)	$(5,389)	$69,561,246	$3,446,376

* 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.

^(d)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2023

Financials	19.69%
Health Care	14.87
Consumer Staples	13.54
Industrials	11.62
Information Technology	9.00
Energy	8.78
Utilities	6.58
Consumer Discretionary	4.78
Materials	4.32
Communication Services	3.95
Real Estate	2.47
Money Market Funds Plus Other Assets Less Liabilities	0.40

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

6 Invesco Dividend Income Fund

Statement of Assets and Liabilities

October 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $2,806,914,314)*	$	3,286,840,289
Investments in affiliated money market funds, at value (Cost $69,562,094)		69,561,246
Cash		7,096
Foreign currencies, at value (Cost $2,289)		1,811
Receivable for:
Fund shares sold		562,103
Dividends		4,463,948
Foreign withholding tax claims		386,872
Investment for trustee deferred compensation and retirement plans		244,909
Other assets		94,105
Total assets		3,362,162,379
Liabilities:
Payable for:
Investments purchased		13,366,470
Dividends		30
Fund shares reacquired		1,820,404
Collateral upon return of securities loaned		45,000,082
Accrued fees to affiliates		1,457,336
Accrued trustees’ and officers’ fees and benefits		52,139
Accrued other operating expenses		103,071
Trustee deferred compensation and retirement plans		309,609
Total liabilities		62,109,141
Net assets applicable to shares outstanding	$	3,300,053,238
Net assets consist of:
Shares of beneficial interest	$	2,700,794,594
Distributable earnings		599,258,644
	$	3,300,053,238

Net Assets:
Class A	$	2,507,084,448
Class C	$	147,968,962
Class R	$	95,170,799
Class Y	$	302,642,240
Investor Class	$	61,996,832
Class R5	$	1,672,073
Class R6	$	183,517,884
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		109,735,788
Class C		6,382,109
Class R		4,165,916
Class Y		13,093,946
Investor Class		2,681,607
Class R5		73,156
Class R6		8,022,087
Class A:
Net asset value per share	$	22.85
Maximum offering price per share (Net asset value of $22.85 ÷ 94.50%)	$	24.18
Class C:
Net asset value and offering price per share	$	23.18
Class R:
Net asset value and offering price per share	$	22.85
Class Y:
Net asset value and offering price per share	$	23.11
Investor Class:
Net asset value and offering price per share	$	23.12
Class R5:
Net asset value and offering price per share	$	22.86
Class R6:
Net asset value and offering price per share	$	22.88

* At October 31, 2023, securities with an aggregate value of $44,018,560 were on loan to brokers.

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

7 Invesco Dividend Income Fund

Statement of Operations

For the six months ended October 31, 2023

(Unaudited)

Investment income:
Interest	$	79,512
Dividends (net of foreign withholding taxes of $573,219)		48,912,185
Dividends from affiliated money market funds (includes net securities lending income of $241,720)		2,770,039
Foreign withholding tax claims		613,638
Total investment income		52,375,374
Expenses:
Advisory fees		9,575,073
Administrative services fees		259,999
Custodian fees		18,168
Distribution fees:
Class A		3,263,899
Class C		855,387
Class R		258,361
Investor Class		83,545
Transfer agent fees – A, C, R, Y and Investor Class		2,046,974
Transfer agent fees – R5		871
Transfer agent fees – R6		30,330
Trustees’ and officers’ fees and benefits		33,236
Registration and filing fees		86,171
Reports to shareholders		109,214
Professional services fees		45,556
Other		36,867
Total expenses		16,703,651
Less: Fees waived and/or expense offset arrangement(s)		(113,146	)
Net expenses		16,590,505
Net investment income		35,784,869
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		45,821,045
Affiliated investment securities		(5,389	)
Foreign currencies		4,402
		45,820,058
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(284,620,140	)
Affiliated investment securities		(1,209	)
Foreign currencies		(63,641	)
		(284,684,990	)
Net realized and unrealized gain (loss)		(238,864,932	)
Net increase (decrease) in net assets resulting from operations	$	(203,080,063	)

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

8 Invesco Dividend Income Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)

	October 31, 2023			April 30, 2023
Operations:
Net investment income	$	35,784,869		$	68,728,985
Net realized gain		45,820,058			120,710,304
Change in net unrealized appreciation (depreciation)		(284,684,990	)		(119,631,776	)
Net increase (decrease) in net assets resulting from operations		(203,080,063	)		69,807,513
Distributions to shareholders from distributable earnings:
Class A		(28,957,253	)		(158,822,155	)
Class C		(1,167,401	)		(9,749,575	)
Class R		(964,479	)		(5,849,789	)
Class Y		(3,905,848	)		(19,369,867	)
Investor Class		(708,418	)		(3,888,879	)
Class R5		(20,899	)		(92,826	)
Class R6		(2,481,136	)		(13,170,241	)
Total distributions from distributable earnings		(38,205,434	)		(210,943,332	)
Share transactions–net:
Class A		(116,430,610	)		23,874,589
Class C		(24,932,952	)		(36,937,633	)
Class R		(5,919,992	)		393,670
Class Y		(7,217,583	)		8,563,525
Investor Class		(1,996,942	)		(1,130,168	)
Class R5		84,665			334,978
Class R6		(15,764,635	)		(1,503,594	)
Net increase (decrease) in net assets resulting from share transactions		(172,178,049	)		(6,404,633	)
Net increase (decrease) in net assets		(413,463,546	)		(147,540,452	)
Net assets:
Beginning of period		3,713,516,784			3,861,057,236
End of period	$	3,300,053,238		$	3,713,516,784

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

9 Invesco Dividend Income Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/23		$24.50		$0.24		$(1.63	)		$(1.39	)		$(0.26	)		$        -			$(0.26	)		$22.85		(5.73	)%(d)		$2,507,084		0.93	%(d)(e)		0.93	%(d)(e)		1.98	%(d)(e)		18	%
Year ended 04/30/23		25.42		0.46		0.03			0.49			(0.44	)		(0.97	)		(1.41	)		24.50		2.01	(d)		2,806,537		0.92	(d)		0.92	(d)		1.85	(d)		17
Year ended 04/30/22		25.62		0.48		1.00			1.48			(0.47	)		(1.21	)		(1.68	)		25.42		5.95	(d)		2,887,737		0.93	(d)		0.93	(d)		1.84	(d)		38
Year ended 04/30/21		20.11		0.47		5.53			6.00			(0.49	)		-			(0.49	)		25.62		30.23	(d)		2,921,798		0.97	(d)		0.97	(d)		2.10	(d)		4
Year ended 04/30/20		22.70		0.51		(2.33	)		(1.82	)		(0.52	)		(0.25	)		(0.77	)		20.11		(8.30	)		2,506,397		1.05			1.06			2.31			47
Year ended 04/30/19		22.98		0.58		1.45			2.03			(0.60	)		(1.71	)		(2.31	)		22.70		9.51			764,037		1.06			1.06			2.54			4
Class C
Six months ended 10/31/23		24.86		0.15		(1.66	)		(1.51	)		(0.17	)		-			(0.17	)		23.18		(6.11	)		147,969		1.69	(e)		1.69	(e)		1.22	(e)		18
Year ended 04/30/23		25.78		0.27		0.04			0.31			(0.26	)		(0.97	)		(1.23	)		24.86		1.23			184,187		1.68			1.68			1.09			17
Year ended 04/30/22		25.97		0.29		1.01			1.30			(0.28	)		(1.21	)		(1.49	)		25.78		5.13			229,596		1.69			1.69			1.08			38
Year ended 04/30/21		20.38		0.30		5.61			5.91			(0.32	)		-			(0.32	)		25.97		29.29			285,321		1.73			1.73			1.34			4
Year ended 04/30/20		23.01		0.35		(2.37	)		(2.02	)		(0.36	)		(0.25	)		(0.61	)		20.38		(9.02	)		385,968		1.80			1.81			1.56			47
Year ended 04/30/19		23.28		0.42		1.46			1.88			(0.44	)		(1.71	)		(2.15	)		23.01		8.65			152,988		1.81			1.81			1.79			4
Class R
Six months ended 10/31/23		24.50		0.21		(1.63	)		(1.42	)		(0.23	)		-			(0.23	)		22.85		(5.85	)		95,171		1.19	(e)		1.19	(e)		1.72	(e)		18
Year ended 04/30/23		25.42		0.39		0.04			0.43			(0.38	)		(0.97	)		(1.35	)		24.50		1.74			108,030		1.18			1.18			1.59			17
Year ended 04/30/22		25.62		0.42		1.00			1.42			(0.41	)		(1.21	)		(1.62	)		25.42		5.68			111,671		1.19			1.19			1.58			38
Year ended 04/30/21		20.11		0.41		5.53			5.94			(0.43	)		-			(0.43	)		25.62		29.89			110,667		1.23			1.23			1.84			4
Period ended 04/30/20(f)		20.18		0.01		(0.08	)		(0.07	)		-			-			-			20.11		(0.35	)		97,560		1.20	(e)		1.21	(e)		2.16	(e)		47
Class Y
Six months ended 10/31/23		24.78		0.27		(1.65	)		(1.38	)		(0.29	)		-			(0.29	)		23.11		(5.62	)		302,642		0.69	(e)		0.69	(e)		2.22	(e)		18
Year ended 04/30/23		25.71		0.52		0.03			0.55			(0.51	)		(0.97	)		(1.48	)		24.78		2.22			331,823		0.68			0.68			2.09			17
Year ended 04/30/22		25.89		0.55		1.02			1.57			(0.54	)		(1.21	)		(1.75	)		25.71		6.24			335,608		0.69			0.69			2.08			38
Year ended 04/30/21		20.32		0.52		5.59			6.11			(0.54	)		-			(0.54	)		25.89		30.55			344,755		0.73			0.73			2.34			4
Year ended 04/30/20		22.94		0.57		(2.36	)		(1.79	)		(0.58	)		(0.25	)		(0.83	)		20.32		(8.09	)		330,421		0.81			0.82			2.55			47
Year ended 04/30/19		23.21		0.65		1.46			2.11			(0.67	)		(1.71	)		(2.38	)		22.94		9.76			248,641		0.81			0.81			2.79			4
Investor Class
Six months ended 10/31/23		24.79		0.24		(1.65	)		(1.41	)		(0.26	)		-			(0.26	)		23.12		(5.73	)		61,997		0.94	(e)		0.94	(e)		1.97	(e)		18
Year ended 04/30/23		25.71		0.46		0.03			0.49			(0.44	)		(0.97	)		(1.41	)		24.79		1.99			68,495		0.93			0.93			1.84			17
Year ended 04/30/22		25.89		0.48		1.02			1.50			(0.47	)		(1.21	)		(1.68	)		25.71		5.96			72,230		0.94			0.94			1.83			38
Year ended 04/30/21		20.31		0.47		5.59			6.06			(0.48	)		-			(0.48	)		25.89		30.25			73,628		0.98			0.98			2.09			4
Year ended 04/30/20		22.93		0.52		(2.37	)		(1.85	)		(0.52	)		(0.25	)		(0.77	)		20.31		(8.32	)		62,298		1.06			1.07			2.30			47
Year ended 04/30/19		23.20		0.59		1.46			2.05			(0.61	)		(1.71	)		(2.32	)		22.93		9.49			76,436		1.06			1.06			2.54			4
Class R5
Six months ended 10/31/23		24.51		0.27		(1.63	)		(1.36	)		(0.29	)		-			(0.29	)		22.86		(5.60	)		1,672		0.67	(e)		0.67	(e)		2.24	(e)		18
Year ended 04/30/23		25.43		0.52		0.04			0.56			(0.51	)		(0.97	)		(1.48	)		24.51		2.30			1,709		0.65			0.65			2.12			17
Year ended 04/30/22		25.63		0.55		1.00			1.55			(0.54	)		(1.21	)		(1.75	)		25.43		6.24			1,425		0.66			0.66			2.11			38
Year ended 04/30/21		20.11		0.53		5.54			6.07			(0.55	)		-			(0.55	)		25.63		30.66			2,337		0.66			0.66			2.41			4
Year ended 04/30/20		22.71		0.58		(2.34	)		(1.76	)		(0.59	)		(0.25	)		(0.84	)		20.11		(8.05	)		2,159		0.75			0.76			2.61			47
Year ended 04/30/19		22.99		0.65		1.45			2.10			(0.67	)		(1.71	)		(2.38	)		22.71		9.82			1,863		0.77			0.77			2.83			4
Class R6
Six months ended 10/31/23		24.53		0.28		(1.63	)		(1.35	)		(0.30	)		-			(0.30	)		22.88		(5.56	)		183,518		0.60	(e)		0.60	(e)		2.31	(e)		18
Year ended 04/30/23		25.45		0.54		0.04			0.58			(0.53	)		(0.97	)		(1.50	)		24.53		2.36			212,736		0.58			0.58			2.19			17
Year ended 04/30/22		25.65		0.57		1.00			1.57			(0.56	)		(1.21	)		(1.77	)		25.45		6.31			222,790		0.59			0.59			2.18			38
Year ended 04/30/21		20.13		0.55		5.54			6.09			(0.57	)		-			(0.57	)		25.65		30.75			241,970		0.58			0.58			2.49			4
Year ended 04/30/20		22.73		0.60		(2.34	)		(1.74	)		(0.61	)		(0.25	)		(0.86	)		20.13		(7.97	)		245,526		0.66			0.67			2.70			47
Year ended 04/30/19		23.00		0.67		1.46			2.13			(0.69	)		(1.71	)		(2.40	)		22.73		9.96			252,176		0.69			0.69			2.91			4

^{(a) Calculated using average shares outstanding.}

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

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

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

^(e)  Annualized.

^(f)  Commencement date of April 17, 2020.

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

10 Invesco Dividend Income Fund

Notes to Financial Statements

October 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid 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.

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

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

11 Invesco Dividend Income Fund

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

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

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

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

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

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

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

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

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

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

F. Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to 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, 2023, the Fund did not enter into any closing agreements.

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

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

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

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

12 Invesco Dividend Income Fund

Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from 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, 2023, the Fund paid the Adviser $9,194 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.

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 $500 million		0.6325%
Next $500 million		0.6125%
Next $600 million		0.6000%
Next $400 million		0.5325%
Next $2 billion		0.4500%
Next $2 billion		0.4000%
Next $2 billion		0.3750%
Over $8 billion		0.3500%

For the six months ended October 31, 2023, the effective advisory fee rate incurred by the Fund was 0.53%.

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

Effective July 1, 2023, 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”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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.

13 Invesco Dividend Income Fund

Further, the Adviser has contractually agreed, through at least June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2023, the Adviser waived advisory fees of $56,115.

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, 2023, 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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, the Class R Plan and the Investor Class Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares, at the annual rate of 0.50% of the average daily net assets of Class R shares and at the annual rate of 0.25% of the average daily net assets of the Investor Class shares, respectively. The fees are accrued daily and paid monthly. Of the 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $108,296 in front-end sales commissions from the sale of Class A shares and $2,294 and $1,959 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2023, the Fund incurred $12,375 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	3,081,283,764	$	205,556,525		$-	$	3,286,840,289
Money Market Funds		24,563,239		44,998,007		-		69,561,246
Total Investments	$	3,105,847,003	$	250,554,532		$-	$	3,356,401,535

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $57,031.

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

14 Invesco Dividend Income Fund

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, 2023.

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, 2023 was $624,518,685 and $642,951,068, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 611,429,644
Aggregate unrealized (depreciation) of investments	(144,440,988	)
Net unrealized appreciation of investments	$ 466,988,656

Cost of investments for tax purposes is $2,889,412,879.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2023(a)						April 30, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		1,975,081		$	47,569,896			8,181,316		$	200,683,459
Class C		255,488			6,234,780			972,600			24,236,210
Class R		212,114			5,118,218			656,699			16,075,677
Class Y		1,321,904			32,344,723			2,635,776			65,539,290
Investor Class		20,400			498,334			58,743			1,461,846
Class R5		4,202			102,342			45,834			1,124,670
Class R6		469,907			11,351,749			1,930,894			47,461,479
Issued as reinvestment of dividends:
Class A		1,077,580			25,922,788			5,915,820			145,153,119
Class C		44,385			1,083,899			368,543			9,190,731
Class R		39,855			958,606			237,176			5,821,671
Class Y		120,460			2,931,494			615,182			15,267,997
Investor Class		25,919			630,760			140,333			3,483,582
Class R5		863			20,770			3,758			92,172
Class R6		95,441			2,299,270			507,581			12,463,250
Automatic conversion of Class C shares to Class A shares:
Class A		638,442			15,213,631			1,413,759			34,438,742
Class C		(629,147	)		(15,213,631	)		(1,393,440	)		(34,438,742	)

15 Invesco Dividend Income Fund

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2023(a)						April 30, 2023
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(8,511,055	)	$	(205,136,925	)		(14,553,365	)	$	(356,400,731	)
Class C		(696,840	)		(17,038,000	)		(1,444,857	)		(35,925,832	)
Class R		(495,937	)		(11,996,816	)		(877,380	)		(21,503,678	)
Class Y		(1,736,480	)		(42,493,800	)		(2,918,473	)		(72,243,762	)
Investor Class		(127,509	)		(3,126,036	)		(245,831	)		(6,075,596	)
Class R5		(1,643	)		(38,447	)		(35,884	)		(881,864	)
Class R6		(1,215,070	)		(29,415,654	)		(2,519,174	)		(61,428,323	)
Net increase (decrease) in share activity		(7,111,640	)	$	(172,178,049	)		(304,390	)	$	(6,404,633	)

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

16 Invesco Dividend Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
	Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)1	Expenses Paid During Period2	Ending Account Value (10/31/23)	Expenses Paid During Period2
Class A	$1,000.00	$942.70	$4.54	$1,020.46	$4.72	0.93%
Class C	1,000.00	938.90	8.24	1,016.64	8.57	1.69
Class R	1,000.00	941.10	5.81	1,019.15	6.04	1.19
Class Y	1,000.00	943.80	3.37	1,021.67	3.51	0.69
Investor Class	1,000.00	942.70	4.59	1,020.41	4.77	0.94
Class R5	1,000.00	944.00	3.27	1,021.77	3.40	0.67
Class R6	1,000.00	944.40	2.93	1,022.12	3.05	0.60

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

17 Invesco Dividend Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the Dow Jones U.S. Select Dividend Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that the Fund underwent a portfolio

18 Invesco Dividend Income Fund

management team change and investment process change in March 2021, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective April 2020. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2022.

    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 difficulty 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’ 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 realized as to that 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 determination that the services are required for the operation of the Fund.

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

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

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

19 Invesco Dividend Income Fund

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

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

20 Invesco Dividend Income Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

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∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2023

Invesco Energy Fund

Nasdaq:

A: IENAX ∎ C: IEFCX ∎ Y: IENYX ∎ Investor: FSTEX ∎ R5: IENIX ∎ R6: IENSX

2	Fund Performance
4	Schedule of Investments
6	Financial Statements
9	Financial Highlights
10	Notes to Financial Statements
16	Fund Expenses
17	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/23 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.75	%
Class C Shares	2.39
Class Y Shares	2.85
Investor Class Shares	2.76
Class R5 Shares	2.94
Class R6 Shares	2.97
S&P 500 Index▼ (Broad Market Index)	1.39
MSCI World Energy Index▼ (Style-Specific Index)	1.95
Lipper Natural Resource Funds Index∎ (Peer Group Index)	5.50
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The MSCI World Energy Index is designed to capture the performance of energy stocks across developed market countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.
The Lipper Natural Resource Funds Index is an unmanaged index considered representative of natural resource funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Energy Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	5.10	%
10 Years	-2.25
5 Years	5.59
1 Year	-6.28
Class C Shares
Inception (2/14/00)	6.30	%
10 Years	-2.28
5 Years	6.01
1 Year	-2.53
Class Y Shares
Inception (10/3/08)	1.74	%
10 Years	-1.45
5 Years	7.06
1 Year	-0.61
Investor Class Shares
Inception (1/19/84)	6.83	%
10 Years	-1.69
5 Years	6.80
1 Year	-0.84
Class R5 Shares
Inception (1/31/06)	1.52	%
10 Years	-1.27
5 Years	7.28
1 Year	-0.49
Class R6 Shares
10 Years	-1.38	%
5 Years	7.33
1 Year	-0.45

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

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

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

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

3 Invesco Energy Fund

Schedule of Investments^(a)

October 31, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.19%
Fertilizers & Agricultural Chemicals–4.04%
CF Industries Holdings, Inc.		253,843	$	20,251,595
Integrated Oil & Gas–47.29%
BP PLC, ADR (United Kingdom)		427,981		15,655,545
Chevron Corp.		355,656		51,829,749
Equinor ASA (Norway)		154,163		5,156,854
Exxon Mobil Corp.		681,270		72,112,429
Shell PLC, ADR (Netherlands)		586,133		38,180,704
Suncor Energy, Inc. (Canada)		929,714		30,108,856
TotalEnergies SE (France)		356,323		23,864,180
				236,908,317
Multi-Utilities–1.56%
Dominion Energy, Inc.		193,423		7,798,815
Oil & Gas Drilling–2.07%
Helmerich & Payne, Inc.(b)		261,976		10,366,390
Oil & Gas Equipment & Services–5.20%
Baker Hughes Co., Class A		429,942		14,798,604
Halliburton Co.(b)		286,444		11,268,707
				26,067,311
Oil & Gas Exploration & Production–28.45%
APA Corp.		230,039		9,137,149
Canadian Natural Resources Ltd. (Canada)		165,019		10,478,870
ConocoPhillips		406,961		48,346,967
Diamondback Energy, Inc.		94,032		15,075,210
EOG Resources, Inc.		97,432		12,300,790
Hess Corp.		71,267		10,290,955
Marathon Oil Corp.		896,967		24,496,169
Pioneer Natural Resources Co.		51,762		12,371,118
				142,497,228

	Shares		Value
Oil & Gas Refining & Marketing–6.94%
Marathon Petroleum Corp.		133,047	$	20,123,359
Phillips 66		128,407		14,647,386
				34,770,745
Oil & Gas Storage & Transportation–3.64%
Cheniere Energy, Inc.		109,663		18,250,116
Total Common Stocks & Other Equity Interests (Cost $441,604,046)				496,910,517
Money Market Funds–0.88%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(c)(d)		1,541,675		1,541,675
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(c)(d)		1,101,022		1,101,353
Invesco Treasury Portfolio, Institutional Class, 5.27%(c)(d)		1,761,914		1,761,914
Total Money Market Funds (Cost $4,404,832)				4,404,942
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–100.07% (Cost $446,008,878)				501,315,459
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.80%
Invesco Private Government Fund, 5.32%(c)(d)(e)		2,535,006		2,535,006
Invesco Private Prime Fund, 5.53%(c)(d)(e)		6,519,907		6,520,559
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,055,901)				9,055,565
TOTAL INVESTMENTS IN SECURITIES–101.87% (Cost $455,064,779)				510,371,024
OTHER ASSETS LESS LIABILITIES–(1.87)%				(9,391,994	)
NET ASSETS–100.00%			$	500,979,030

Investment Abbreviations:

ADR - American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  All or a portion of this security was out on loan at October 31, 2023.

^(c)  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, 2023.

	Value April 30, 2023		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	1,233,295	$	20,663,620	$	(20,355,240	)	$	-	$	-	$	1,541,675	$	46,415
Invesco Liquid Assets Portfolio, Institutional Class		880,190		14,759,728		(14,538,687	)		97		25		1,101,353		32,995
Invesco Treasury Portfolio, Institutional Class		1,409,480		23,615,566		(23,263,132	)		-		-		1,761,914		51,866

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

4 Invesco Energy Fund

	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value October 31, 2023		Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$	425,430	$	77,759,760	$	(75,650,184)	$	-	$	-	$	2,535,006	$	54,518*
Invesco Private Prime Fund		1,093,963		207,320,213		(201,890,974)		(336)		(2,307)		6,520,559		145,630*
Total	$	5,042,358	$	344,118,887	$	(335,698,217)	$	(239)	$	(2,282)	$	13,460,507	$	331,424

* 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.

^(d)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J.

Portfolio Composition

By industry, based on Net Assets

as of October 31, 2023

Integrated Oil & Gas	47.29	%
Oil & Gas Exploration & Production	28.45
Oil & Gas Refining & Marketing	6.94
Oil & Gas Equipment & Services	5.20
Fertilizers & Agricultural Chemicals	4.04
Oil & Gas Storage & Transportation	3.64
Oil & Gas Drilling	2.07
Multi-Utilities	1.56
Money Market Funds Plus Other Assets Less Liabilities	0.81

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

5 Invesco Energy Fund

Statement of Assets and Liabilities

October 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $441,604,046)*	$	496,910,517
Investments in affiliated money market funds, at value (Cost $13,460,733)		13,460,507
Foreign currencies, at value (Cost $294,535)		290,364
Receivable for:
Fund shares sold		199,538
Dividends		94,609
Investment for trustee deferred compensation and retirement plans		159,109
Other assets		61,043
Total assets		511,175,687
Liabilities:
Payable for:
Fund shares reacquired		542,586
Collateral upon return of securities loaned		9,055,901
Accrued fees to affiliates		347,352
Accrued trustees’ and officers’ fees and benefits		1,594
Accrued other operating expenses		80,984
Trustee deferred compensation and retirement plans		168,240
Total liabilities		10,196,657
Net assets applicable to shares outstanding	$	500,979,030
Net assets consist of:
Shares of beneficial interest	$	712,906,908
Distributable earnings (loss)		(211,927,878	)
	$	500,979,030

Net Assets:
Class A	$	315,713,742
Class C	$	26,248,776
Class Y	$	56,156,122
Investor Class	$	88,920,356
Class R5	$	6,435,908
Class R6	$	7,504,126
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		10,971,425
Class C		1,095,632
Class Y		1,942,851
Investor Class		3,103,915
Class R5		216,286
Class R6		252,004
Class A:
Net asset value per share	$	28.78
Maximum offering price per share (Net asset value of $28.78 ÷ 94.50%)	$	30.46
Class C:
Net asset value and offering price per share	$	23.96
Class Y:
Net asset value and offering price per share	$	28.90
Investor Class:
Net asset value and offering price per share	$	28.65
Class R5:
Net asset value and offering price per share	$	29.76
Class R6:
Net asset value and offering price per share	$	29.78

* At October 31, 2023, securities with an aggregate value of $8,923,090 were on loan to brokers.

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

6 Invesco Energy Fund

Statement of Operations

For the six months ended October 31, 2023

(Unaudited)

Investment income:
Interest	$	9,235
Dividends (net of foreign withholding taxes of $320,214)		9,520,792
Dividends from affiliated money market funds (includes net securities lending income of $15,996)		147,272
Foreign withholding tax claims		164,871
Total investment income		9,842,170
Expenses:
Advisory fees		1,845,032
Administrative services fees		36,946
Custodian fees		6,518
Distribution fees:
Class A		405,294
Class C		137,983
Investor Class		113,086
Transfer agent fees – A, C, Y and Investor Class		554,453
Transfer agent fees – R5		3,531
Transfer agent fees – R6		1,153
Trustees’ and officers’ fees and benefits		13,421
Registration and filing fees		60,008
Reports to shareholders		93,281
Professional services fees		48,987
Other		8,709
Total expenses		3,328,402
Less: Fees waived and/or expense offset arrangement(s)		(13,218	)
Net expenses		3,315,184
Net investment income		6,526,986
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		22,007,632
Affiliated investment securities		(2,282	)
Foreign currencies		(14,685	)
		21,990,665
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(17,848,517	)
Affiliated investment securities		(239	)
Foreign currencies		4,085
		(17,844,671	)
Net realized and unrealized gain		4,145,994
Net increase in net assets resulting from operations	$	10,672,980

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

7 Invesco Energy Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)

	October 31, 2023			April 30, 2023
Operations:
Net investment income	$	6,526,986		$	14,672,377
Net realized gain		21,990,665			97,722,330
Change in net unrealized appreciation (depreciation)		(17,844,671	)		(54,921,241	)
Net increase in net assets resulting from operations		10,672,980			57,473,466
Distributions to shareholders from distributable earnings:
Class A		–			(3,341,210	)
Class C		–			(264,688	)
Class Y		–			(833,212	)
Investor Class		–			(917,828	)
Class R5		–			(98,706	)
Class R6		–			(104,548	)
Total distributions from distributable earnings		–			(5,560,192	)
Share transactions-net:
Class A		(44,348,957	)		19,371,103
Class C		(5,956,473	)		3,098,926
Class Y		(8,909,259	)		(26,668,416	)
Investor Class		(8,830,594	)		(11,218,126	)
Class R5		(2,074,359	)		1,100,040
Class R6		(1,654,673	)		925,000
Net increase (decrease) in net assets resulting from share transactions		(71,774,315	)		(13,391,473	)
Net increase (decrease) in net assets		(61,101,335	)		38,521,801
Net assets:
Beginning of period		562,080,365			523,558,564
End of period	$	500,979,030		$	562,080,365

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

8 Invesco Energy Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/23		$28.01		$0.36		$ 0.41			$ 0.77			$       -			$28.78		2.75	%		$315,714		1.29	%(d)		1.29	%(d)		2.54	%(d)		11	%
Year ended 04/30/23		25.05		0.69		2.52			3.21			(0.25	)		28.01		12.85			353,050		1.29			1.29			2.52			52
Year ended 04/30/22		15.57		0.43		9.39			9.82			(0.34	)		25.05		63.83			301,546		1.36			1.36			2.22			18
Year ended 04/30/21		11.54		0.25		4.05			4.30			(0.27	)		15.57		37.77			166,204		1.56			1.56			2.00			68
Year ended 04/30/20		21.05		0.41		(9.64	)		(9.23	)		(0.28	)		11.54		(44.30	)		121,102		1.45			1.45			2.42			16
Year ended 04/30/19		25.91		0.29		(4.61	)		(4.32	)		(0.54	)		21.05		(16.48	)		248,396		1.32			1.32			1.25			17
Class C
Six months ended 10/31/23		23.40		0.21		0.35			0.56			-			23.96		2.39			26,249		2.04	(d)		2.04	(d)		1.79	(d)		11
Year ended 04/30/23		21.06		0.41		2.11			2.52			(0.18	)		23.40		11.99			31,807		2.04			2.04			1.77			52
Year ended 04/30/22		13.18		0.24		7.91			8.15			(0.27	)		21.06		62.54			26,493		2.11			2.11			1.47			18
Year ended 04/30/21		9.82		0.13		3.44			3.57			(0.21	)		13.18		36.87			12,763		2.31			2.31			1.25			68
Year ended 04/30/20		17.99		0.24		(8.22	)		(7.98	)		(0.19	)		9.82		(44.72	)		13,868		2.20			2.20			1.67			16
Year ended 04/30/19		22.17		0.10		(3.93	)		(3.83	)		(0.35	)		17.99		(17.14	)		33,036		2.07			2.07			0.50			17
Class Y
Six months ended 10/31/23		28.10		0.40		0.40			0.80			-			28.90		2.85			56,156		1.04	(d)		1.04	(d)		2.79	(d)		11
Year ended 04/30/23		25.10		0.76		2.54			3.30			(0.30	)		28.10		13.16			64,238		1.04			1.04			2.77			52
Year ended 04/30/22		15.59		0.49		9.39			9.88			(0.37	)		25.10		64.20			85,631		1.11			1.11			2.47			18
Year ended 04/30/21		11.54		0.28		4.06			4.34			(0.29	)		15.59		38.14			29,497		1.31			1.31			2.25			68
Year ended 04/30/20		21.04		0.45		(9.64	)		(9.19	)		(0.31	)		11.54		(44.17	)		14,398		1.20			1.20			2.67			16
Year ended 04/30/19		25.93		0.35		(4.63	)		(4.28	)		(0.61	)		21.04		(16.29	)		38,550		1.07			1.07			1.50			17
Investor Class
Six months ended 10/31/23		27.88		0.36		0.41			0.77			-			28.65		2.76			88,920		1.29	(d)		1.29	(d)		2.54	(d)		11
Year ended 04/30/23		24.94		0.69		2.50			3.19			(0.25	)		27.88		12.82			95,589		1.29			1.29			2.52			52
Year ended 04/30/22		15.51		0.43		9.34			9.77			(0.34	)		24.94		63.76			96,027		1.36			1.36			2.22			18
Year ended 04/30/21		11.49		0.25		4.04			4.29			(0.27	)		15.51		37.85			61,754		1.56			1.56			2.00			68
Year ended 04/30/20		20.96		0.40		(9.59	)		(9.19	)		(0.28	)		11.49		(44.30	)		47,046		1.45			1.45			2.42			16
Year ended 04/30/19		25.80		0.29		(4.59	)		(4.30	)		(0.54	)		20.96		(16.47	)		97,716		1.32			1.32			1.25			17
Class R5
Six months ended 10/31/23		28.91		0.42		0.43			0.85			-			29.76		2.94			6,436		0.92	(d)		0.92	(d)		2.91	(d)		11
Year ended 04/30/23		25.81		0.81		2.60			3.41			(0.31	)		28.91		13.26			8,359		0.95			0.95			2.86			52
Year ended 04/30/22		16.02		0.53		9.65			10.18			(0.39	)		25.81		64.39			6,352		0.97			0.97			2.61			18
Year ended 04/30/21		11.83		0.32		4.19			4.51			(0.32	)		16.02		38.69			2,488		0.99			0.99			2.57			68
Year ended 04/30/20		21.54		0.50		(9.87	)		(9.37	)		(0.34	)		11.83		(44.03	)		2,371		0.96			0.96			2.91			16
Year ended 04/30/19		26.53		0.40		(4.73	)		(4.33	)		(0.66	)		21.54		(16.12	)		6,052		0.90			0.90			1.67			17
Class R6
Six months ended 10/31/23		28.92		0.43		0.43			0.86			-			29.78		2.97			7,504		0.85	(d)		0.85	(d)		2.98	(d)		11
Year ended 04/30/23		25.82		0.83		2.60			3.43			(0.33	)		28.92		13.30			9,037		0.88			0.88			2.93			52
Year ended 04/30/22		16.02		0.56		9.63			10.19			(0.39	)		25.82		64.51			7,509		0.91			0.91			2.67			18
Year ended 04/30/21		11.83		0.34		4.17			4.51			(0.32	)		16.02		38.69			1,050		0.99			0.99			2.57			68
Year ended 04/30/20		21.53		0.49		(9.85	)		(9.36	)		(0.34	)		11.83		(44.00	)		357		0.96			0.96			2.91			16
Year ended 04/30/19		26.52		0.39		(4.72	)		(4.33	)		(0.66	)		21.53		(16.11	)		473		0.89			0.89			1.68			17

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Annualized.

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

9 Invesco Energy Fund

Notes to Financial Statements

October 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

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

    The Fund’s investment objective is long-term growth of capital.

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid 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.

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

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

10 Invesco Energy Fund

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

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

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

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

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

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

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

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

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

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

F. 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, 2023, the Fund did not enter into any closing agreements.

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

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

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

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

11 Invesco Energy 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, 2023, fees paid to the Adviser 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.

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 – Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.

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.

12 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:

Average Daily Net Assets	Rate
First $350 million		0.750%
Next $350 million		0.650%
Next $1.3 billion		0.550%
Next $2 billion		0.450%
Next $2 billion		0.400%
Next $2 billion		0.375%
Over $8 billion		0.350%

    For the six months ended October 31, 2023, the effective advisory fee rate incurred by the Fund was 0.72%.

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

    Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

    For the six months ended October 31, 2023, the Adviser waived advisory fees of $2,553.

    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, 2023, 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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2023, 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, 2023, IDI advised the Fund that IDI retained $24,929 in front-end sales commissions from the sale of Class A shares and $1,941 and $3,007 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

    For the six months ended October 31, 2023, the Fund incurred $2,623 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.

13 Invesco Energy Fund

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, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	467,889,483	$	29,021,034		$–	$	496,910,517
Money Market Funds		4,404,942		9,055,565		–		13,460,507
Total Investments	$	472,294,425	$	38,076,599		$–	$	510,371,024

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $10,665.

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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$862,110	$304,226,909	$305,089,019

* 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, 2023 was $56,248,694 and $122,608,575, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$76,315,146
Aggregate unrealized (depreciation) of investments	(21,325,358	)
Net unrealized appreciation of investments	$54,989,788

    Cost of investments for tax purposes is $455,381,236.

14 Invesco Energy Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2023(a)						April 30, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		730,944		$	20,711,016			5,202,207		$	143,039,733
Class C		52,326			1,246,901			762,031			17,633,468
Class Y		302,035			8,676,219			2,338,989			64,185,403
Investor Class		199,503			5,601,990			1,570,683			42,120,094
Class R5		20,586			605,770			196,129			5,385,830
Class R6		57,253			1,652,370			224,880			6,366,684
Issued as reinvestment of dividends:
Class A		-			-			113,992			3,118,777
Class C		-			-			10,704			245,326
Class Y		-			-			24,611			674,832
Investor Class		-			-			31,416			855,764
Class R5		-			-			3,496			98,628
Class R6		-			-			3,382			95,413
Automatic conversion of Class C shares to Class A shares:
Class A		37,144			1,048,914			118,325			3,278,354
Class C		(44,547	)		(1,048,914	)		(141,333	)		(3,278,354	)
Reacquired:
Class A		(2,402,822	)		(66,108,887	)		(4,867,160	)		(130,065,761	)
Class C		(271,270	)		(6,154,460	)		(530,214	)		(11,501,514	)
Class Y		(645,577	)		(17,585,478	)		(3,488,118	)		(91,528,651	)
Investor Class		(523,998	)		(14,432,584	)		(2,024,491	)		(54,193,984	)
Class R5		(93,458	)		(2,680,129	)		(156,519	)		(4,384,418	)
Class R6		(117,771	)		(3,307,043	)		(206,573	)		(5,537,097	)
Net increase (decrease) in share activity		(2,699,652	)	$	(71,774,315	)		(813,563	)	$	(13,391,473	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% 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 Energy Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,027.50	$ 6.57	$1,018.65	$ 6.55	1.29%
Class C	1,000.00	1,023.90	10.38	1,014.88	10.33	2.04
Class Y	1,000.00	1,028.50	5.30	1,019.91	5.28	1.04
Investor Class	1,000.00	1,027.60	6.57	1,018.65	6.55	1.29
Class R5	1,000.00	1,029.40	4.69	1,020.51	4.67	0.92
Class R6	1,000.00	1,029.70	4.34	1,020.86	4.32	0.85

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

16 Invesco Energy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the MSCI World Energy Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the third quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board considered that, in July 2022, it had approved a change in the Fund’s

17 Invesco Energy Fund

classification from “diversified” to “non-diversified” for purposes of the 1940 Act and that such change was subsequently approved by the Fund’s shareholders and went into effect in December 2022. The Board considered that as a non-diversified fund, the Fund can invest a greater percentage of its assets in a smaller number of issuers or any one issuer than a diversified fund and that it had discussed with management the potential benefits of such change on the Fund’s performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

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

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

    The Board also 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 difficulty 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’ 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 realized as to that 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 determination that the services are required for the operation of the Fund.

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

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

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

18 Invesco Energy Fund

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.

19 Invesco Energy Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2023

Invesco Gold & Special Minerals Fund

Nasdaq:

A: OPGSX ∎ C: OGMCX ∎ R: OGMNX ∎ Y: OGMYX ∎ R5: IOGYX ∎ R6: OGMIX

2	Fund Performance
4	Consolidated Schedule of Investments
8	Consolidated Financial Statements
11	Consolidated Financial Highlights
12	Notes to Consolidated Financial Statements
19	Fund Expenses
20	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/23 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-17.74	%
Class C Shares	-18.04
Class R Shares	-17.84
Class Y Shares	-17.63
Class R5 Shares	-17.58
Class R6 Shares	-17.57
MSCI World Index▼	-1.59
Source(s): ▼RIMES Technologies Corp.
The MSCI World Index is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Gold & Special Minerals Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (7/19/83)	5.35	%
10 Years	2.05
5 Years	8.54
1 Year	7.14
Class C Shares
Inception (11/1/95)	5.02	%
10 Years	2.00
5 Years	8.93
1 Year	11.51
Class R Shares
Inception (3/1/01)	7.37	%
10 Years	2.37
5 Years	9.47
1 Year	13.05
Class Y Shares
Inception (9/7/10)	-3.18	%
10 Years	2.88
5 Years	10.01
1 Year	13.60
Class R5 Shares
10 Years	2.79	%
5 Years	10.11
1 Year	13.77
Class R6 Shares
Inception (10/26/12)	-2.91	%
10 Years	3.05
5 Years	10.20
1 Year	13.78

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

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

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

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

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

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

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

3 Invesco Gold & Special Minerals Fund

Consolidated Schedule of Investments

October 31, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–100.27%
Australia–23.58%
Allkem Ltd.(a)		4,884,765	$	29,965,606
Bellevue Gold Ltd.(a)		48,333,252		44,169,598
De Grey Mining Ltd.(a)		62,177,193		47,129,599
Emerald Resources NL(a)		1,960,000		3,225,581
Evolution Mining Ltd.		17,878,806		40,339,216
Firefinch Ltd.(a)		12,910,104		737,057
Genesis Minerals Ltd.(a)		4,410,000		4,081,743
Gold Road Resources Ltd.		28,033,275		33,682,726
Mineral Resources Ltd.		547,195		20,303,237
Northern Star Resources Ltd.		11,288,895		83,571,560
OceanaGold Corp.		15,760,300		26,366,610
Perseus Mining Ltd.		5,270,000		5,693,327
Ramelius Resources Ltd.		26,868,612		28,190,859
Silver Lake Resources Ltd.(a)		32,281,900		21,287,763
				388,744,482
Bosnia Hercegovina–0.07%
Adriatic Metals PLC, CDI(a)		540,000		1,168,357
Brazil–2.35%
Wheaton Precious Metals Corp.		918,035		38,786,979
Burkina Faso–2.22%
Endeavour Mining PLC		1,792,966		36,680,328
Canada–48.93%
Agnico Eagle Mines Ltd.(b)(c)		1,561,395		73,245,039
Agnico Eagle Mines Ltd.(b)(c)		411,574		19,303,244
Alamos Gold, Inc., Class A		3,551,108		43,962,717
Arizona Metals Corp.(a)		3,795,300		7,197,865
Artemis Gold, Inc.(a)		4,994,241		18,331,124
Aya Gold & Silver, Inc.(a)		3,125,082		16,924,006
B2Gold Corp.		10,012,000		32,338,760
Barrick Gold Corp.(b)		5,401,499		86,315,955
Calibre Mining Corp., Class C(a)		19,183,168		19,919,785
Cameco Corp.		20,000		818,200
Capstone Copper Corp.(a)		2,310,000		7,862,412
Centerra Gold, Inc.		880,000		4,473,770
Coppernico Metals, Inc.(d)		3,028,200		359,599
Dundee Precious Metals, Inc.		1,040,000		6,817,090
Filo Corp.(a)		235,000		3,060,465
Foran Mining Corp.(a)		730,000		2,279,358
Franco-Nevada Corp.		304,302		36,987,908
Hudbay Minerals, Inc.		230,000		1,002,800
i-80 Gold Corp.(a)		2,640,000		3,636,128
IAMGOLD Corp.(a)		1,110,000		2,819,400
Ivanhoe Mines Ltd., Class A(a)		7,655,365		56,418,122
K92 Mining, Inc.(a)		8,102,630		29,214,458
Karora Resources, Inc.(a)(e)		11,613,332		34,586,668
Kinross Gold Corp.		5,415,925		28,216,969
Lithium Americas Corp.(a)		872,000		5,842,400
Lithium Americas Corp.(a)		932,000		5,153,960
Lundin Gold, Inc.		3,153,815		38,025,446
MAG Silver Corp.(a)		1,454,322		14,557,763
NexGen Energy Ltd.(a)		370,000		2,233,207

	Shares		Value
Canada–(continued)
Novagold Resources, Inc.(a)		900,000	$	3,168,000
Orla Mining Ltd.(a)		5,511,621		16,891,573
Osisko Gold Royalties Ltd.		2,305,339		28,171,243
Pan American Silver Corp.		1,266,682		18,506,224
Pan American Silver Corp., Rts., expiring 02/22/2029(a)		2,300,100		1,152,350
Rupert Resources Ltd.(a)		3,110,412		7,065,295
Sandstorm Gold Ltd.		4,159,055		18,965,291
SilverCrest Metals, Inc.(a)		4,546,667		22,524,321
Skeena Resources Ltd.(a)		2,094,336		7,551,238
Solaris Resources, Inc.(a)		1,202,071		4,750,207
SSR Mining, Inc.		2,693,133		37,380,686
Torex Gold Resources, Inc.(a)		281,000		2,709,191
Triple Flag Precious Metals Corp.		1,551,682		19,726,810
Wesdome Gold Mines Ltd.(a)		3,060,000		16,372,958
				806,840,005
China–2.57%
Zijin Mining Group Co. Ltd., H Shares		27,280,000		42,376,542
Colombia–0.45%
Aris Mining Corp.(a)		2,968,423		7,384,936
South Africa–2.87%
Gold Fields Ltd., ADR		2,077,241		27,045,678
Sibanye Stillwater Ltd., ADR		3,982,587		20,231,542
				47,277,220
Turkey–1.70%
Eldorado Gold Corp.(a)		2,591,502		28,014,137
United Kingdom–1.28%
AngloGold Ashanti Ltd.		1,186,100		21,160,024
United States–13.51%
Albemarle Corp.		18,000		2,282,040
Alcoa Corp.		431,000		11,050,840
A-Mark Precious Metals, Inc.		170,000		4,603,600
Aura Minerals, Inc.		2,067,825		13,897,335
Freeport-McMoRan, Inc.		2,146,000		72,491,880
Hecla Mining Co.		1,735,304		7,062,687
Ivanhoe Electric, Inc.(a)		1,434,082		14,685,000
Newmont Corp.(b)		1,659,914		62,196,977
Ormat Technologies, Inc.		191,500		11,784,910
Piedmont Lithium, Inc.(a)		390,585		10,729,370
Royal Gold, Inc.		114,300		11,924,919
				222,709,558
Zambia–0.74%
First Quantum Minerals Ltd.		1,047,000		12,132,893
Total Common Stocks & Other Equity Interests (Cost $1,431,139,851)				1,653,275,461
Exchange-Traded Funds–0.01%
United States–0.01%
SPDR® Gold Trust-ETF(a) (Cost $155,058)		1,000		184,090

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

4 Invesco Gold & Special Minerals Fund

	Shares		Value
Money Market Funds–0.78%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(e)(f)		4,508,476	$	4,508,476
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(e)(f)		3,219,506		3,220,472
Invesco Treasury Portfolio, Institutional Class, 5.27%(e)(f)		5,152,544		5,152,544
Total Money Market Funds (Cost $12,880,856)				12,881,492
TOTAL INVESTMENTS IN SECURITIES–101.06% (Cost $1,444,175,765)				1,666,341,043
OTHER ASSETS LESS LIABILITIES–(1.06)%				(17,418,650	)
NET ASSETS–100.00%			$	1,648,922,393

Investment Abbreviations:

ADR  - American Depositary Receipt

CDI  - CREST Depository Interest

Rts.  - Rights

Notes to Consolidated Schedule of Investments:

^(a)  Non-income producing security.

^(b)  All or a portion of the value pledged and/or designated as collateral to cover margin requirements for open options contracts. See Note 1K and Note 1L.

^(c)  The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.

^(d)  Security valued using significant unobservable inputs (Level 3). See Note 3.

^(e)  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, 2023.

	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	15,954,071	$	38,847,551	$	(50,293,146)	$	-	$	-		$  4,508,476		$191,008
Invesco Liquid Assets Portfolio, Institutional Class		11,395,882		27,748,252		(35,923,676)		(706)		720		3,220,472		138,066
Invesco Treasury Portfolio, Institutional Class		18,233,224		44,397,202		(57,477,882)		-		-		5,152,544		217,944
Investments in Other Affiliates:
Karora Resources, Inc.		41,429,428		125,100		-		(6,967,860)		-		34,586,668		-
Total	$	87,012,605	$	111,118,105	$	(143,694,704)	$	(6,968,566)	$	720	$	47,468,160		$547,018

^(f) The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

Open Exchange-Traded Equity Options Written(a)
Description	Type of Contract	Expiration Date	Number of Contracts		Exercise Price			Notional Value*			Value
Equity Risk
Agnico Eagle Mines Ltd.	Call	11/17/2023		4,000		USD	70.00		USD	28,000,000	$	(10,000	)
Agnico Eagle Mines Ltd.	Call	03/15/2024		4,000		CAD	76.00		CAD	30,400,000		(500,451	)
Alamos Gold, Inc.	Call	01/19/2024		3,000		USD	15.00		USD	4,500,000		(60,000	)
Alcoa Corp.	Call	01/19/2024		3,000		USD	35.00		USD	10,500,000		(135,000	)
AngloGold Ashanti Ltd.	Call	01/19/2024		2,000		USD	28.00		USD	5,600,000		(20,000	)
Barrick Gold Corp.	Call	03/15/2024		2,000		USD	17.00		USD	3,400,000		(189,000	)
Endeavour Mining PLC	Call	03/15/2024		3,000		CAD	32.00		CAD	9,600,000		(208,762	)
Filo Corp.	Call	01/19/2024		1,900		CAD	25.00		CAD	4,750,000		(34,938	)
First Quantum Minerals Ltd.	Call	03/15/2024		3,000		CAD	36.00		CAD	10,800,000		(162,250	)
Franco-Nevada Corp.	Call	01/19/2024		2,000		USD	185.00		USD	37,000,000		(260,000	)
Gold Fields Ltd.	Call	04/19/2024		3,000		USD	16.00		USD	4,800,000		(217,500	)
Ivanhoe Mines Ltd.	Call	12/15/2023		6,000		CAD	15.00		CAD	9,000,000		(17,307	)
Lithium Americas Corp.	Call	11/17/2023		1,000		USD	27.50		USD	2,750,000		(2,500	)
Lundin Gold, Inc.	Call	11/17/2023		2,000		CAD	18.00		CAD	3,600,000		(28,844	)
Lundin Gold, Inc.	Call	03/15/2024		4,000		CAD	18.00		CAD	7,200,000		(245,178	)

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

5 Invesco Gold & Special Minerals Fund

Open Exchange-Traded Equity Options Written(a)–(continued)
Description	Type of Contract	Expiration Date	Number of Contracts		Exercise Price			Notional Value*			Value
MAG Silver Corp.	Call	11/17/2023		3,000		USD	15.00		USD	4,500,000	$	(7,500	)
Mineral Resources Ltd.	Call	12/21/2023		4,000		AUD	67.00		AUD	26,800,000		(218,216	)
Northern Star Resources Ltd.	Call	01/18/2024		5,000		AUD	13.50		AUD	6,750,000		(82,465	)
Ormat Technologies, Inc.	Call	12/15/2023		1,800		USD	90.00		USD	16,200,000		(13,500	)
Pan American Silver Corp.	Call	01/19/2024		4,000		USD	18.00		USD	7,200,000		(140,000	)
Piedmont Lithium, Inc.	Call	11/17/2023		2,900		USD	85.00		USD	24,650,000		(7,250	)
Royal Gold, Inc.	Call	01/19/2024		1,000		USD	130.00		USD	13,000,000		(72,500	)
Wheaton Precious Metals Corp.	Call	12/15/2023		2,000		USD	50.00		USD	10,000,000		(50,000	)
Wheaton Precious Metals Corp.	Call	01/19/2024		3,000		USD	50.00		USD	15,000,000		(180,000	)
Zijin Mining Group Co. Ltd.	Call	03/27/2024		10,000		HKD	14.00		HKD	280,000,000		(1,354,589	)
Subtotal - Equity Call Options Written												(4,217,750	)
Equity Risk
Agnico Eagle Mines Ltd.	Put	11/17/2023		2,000		USD	45.00		USD	9,000,000		(110,000	)
Agnico Eagle Mines Ltd.	Put	03/15/2024		2,000		CAD	55.00		CAD	11,000,000		(204,074	)
Albemarle Corp.	Put	12/15/2023		1,200		USD	145.00		USD	17,400,000		(2,526,000	)
Alcoa Corp.	Put	01/19/2024		1,000		USD	28.00		USD	2,800,000		(375,000	)
A-Mark Precious Metals, Inc.	Put	03/15/2024		1,000		USD	25.00		USD	2,500,000		(125,000	)
AngloGold Ashanti Ltd.	Put	01/19/2024		2,000		USD	20.00		USD	4,000,000		(550,000	)
B2Gold Corp.	Put	04/19/2024		5,000		USD	3.00		USD	1,500,000		(125,000	)
Barrick Gold Corp.	Put	03/15/2024		2,000		USD	16.00		USD	3,200,000		(240,000	)
Cameco Corp.	Put	03/15/2024		2,000		USD	31.00		USD	6,200,000		(161,000	)
Endeavour Mining PLC	Put	03/15/2024		1,000		CAD	26.00		CAD	2,600,000		(96,989	)
Filo Corp.	Put	01/19/2024		1,000		CAD	19.00		CAD	1,900,000		(155,039	)
First Quantum Minerals Ltd.	Put	03/15/2024		2,000		CAD	24.00		CAD	4,800,000		(1,384,532	)
Freeport-McMoRan, Inc.	Put	01/19/2024		1,000		USD	32.00		USD	3,200,000		(145,500	)
Gold Fields Ltd.	Put	04/19/2024		3,000		USD	11.00		USD	3,300,000		(195,000	)
Hudbay Minerals, Inc.	Put	01/19/2024		3,000		USD	5.00		USD	1,500,000		(225,000	)
Ivanhoe Electric, Inc.	Put	04/19/2024		1,000		USD	10.00		USD	1,000,000		(95,000	)
Ivanhoe Mines Ltd.	Put	12/15/2023		3,000		CAD	12.00		CAD	3,600,000		(405,625	)
Kinross Gold Corp.	Put	02/16/2024		3,000		USD	5.00		USD	1,500,000		(99,000	)
Lithium Americas Corp.	Put	11/17/2023		2,000		USD	17.50		USD	3,500,000		(2,160,000	)
MAG Silver Corp.	Put	11/17/2023		1,542		USD	12.50		USD	1,927,500		(397,065	)
Mineral Resources Ltd.	Put	12/21/2023		1,000		AUD	57.00		AUD	5,700,000		(195,380	)
MP Materials Corp.	Put	12/15/2023		1,000		USD	17.50		USD	1,750,000		(190,000	)
Newmont Corp.	Put	01/19/2024		1,500		USD	37.50		USD	5,625,000		(324,750	)
Novagold Resources, Inc.	Put	03/15/2024		3,000		USD	4.00		USD	1,200,000		(202,500	)
Ormat Technologies, Inc.	Put	12/15/2023		1,000		USD	75.00		USD	7,500,000		(1,435,000	)
Pan American Silver Corp.	Put	01/19/2024		1,000		USD	14.00		USD	1,400,000		(85,000	)
Piedmont Lithium, Inc.	Put	11/17/2023		1,000		USD	35.00		USD	3,500,000		(805,000	)
Royal Gold, Inc.	Put	01/19/2024		1,000		USD	95.00		USD	9,500,000		(220,000	)
Sibanye Stillwater Ltd.	Put	04/19/2024		2,000		USD	7.50		USD	1,500,000		(500,000	)
SSR Mining, Inc.	Put	01/19/2024		1,000		USD	14.00		USD	1,400,000		(95,000	)
Torex Gold Resources, Inc.	Put	01/19/2024		2,000		CAD	14.00		CAD	2,800,000		(223,544	)
Wheaton Precious Metals Corp.	Put	12/15/2023		1,500		USD	40.00		USD	6,000,000		(150,000	)
Subtotal - Equity Put Options Written												(14,200,998	)
Total Open Exchange-Traded Equity Options Written											$	(18,418,748	)

^(a)  Open Exchange-Traded Options Written collateralized by $79,714 cash held with Morgan Stanley.

* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.

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

6 Invesco Gold & Special Minerals Fund

Abbreviations:

AUD  –Australian Dollar

CAD  –Canadian Dollar

HKD  –Hong Kong Dollar

USD  –U.S. Dollar

Portfolio Composition

By industry, based on Net Assets

as of October 31, 2023

Gold	76.34	%
Diversified Metals & Mining	9.62
Copper	5.55
Silver	3.49
Precious Metals & Minerals	2.57
Industry Type Each Less Than 1% of Net Assets	1.59
Money Market Funds Plus Other Assets Less Liabilities	0.84

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

7 Invesco Gold & Special Minerals Fund

Consolidated Statement of Assets and Liabilities

October 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,401,116,809)	$	1,618,872,883
Investments in affiliates, at value (Cost $43,058,956)		47,468,160
Cash collateral – exchange-traded options contracts		79,714
Cash		1,071,106
Foreign currencies, at value (Cost $1,615,642)		1,592,585
Receivable for:
Investments sold		3,206,452
Fund shares sold		1,052,965
Dividends		1,224,160
Investment for trustee deferred compensation and retirement plans		125,855
Other assets		70,953
Total assets		1,674,764,833
Liabilities:
Other investments:
Options written, at value (premiums received $15,204,212)		18,418,748
Payable for:
Investments purchased		2,245,748
Fund shares reacquired		3,609,489
Due to broker		429,333
Accrued fees to affiliates		865,756
Accrued trustees’ and officers’ fees and benefits		38,409
Accrued other operating expenses		98,859
Trustee deferred compensation and retirement plans		136,098
Total liabilities		25,842,440
Net assets applicable to shares outstanding	$	1,648,922,393
Net assets consist of:
Shares of beneficial interest	$	3,079,422,290
Distributable earnings (loss)		(1,430,499,897	)
	$	1,648,922,393

Net Assets:
Class A	$	726,432,999
Class C	$	69,221,029
Class R	$	107,993,038
Class Y	$	447,240,436
Class R5	$	1,373,797
Class R6	$	296,661,094
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		35,910,007
Class C		3,866,264
Class R		5,649,275
Class Y		22,049,980
Class R5		67,663
Class R6		14,462,685
Class A:
Net asset value per share	$	20.23
Maximum offering price per share (Net asset value of $20.23 ÷ 94.50%)	$	21.41
Class C:
Net asset value and offering price per share	$	17.90
Class R:
Net asset value and offering price per share	$	19.12
Class Y:
Net asset value and offering price per share	$	20.28
Class R5:
Net asset value and offering price per share	$	20.30
Class R6:
Net asset value and offering price per share	$	20.51

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

8 Invesco Gold & Special Minerals Fund

Consolidated Statement of Operations

For the six months ended October 31, 2023

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,430,217)	$	12,904,697
Dividends from affiliates		547,018
Total investment income		13,451,715
Expenses:
Advisory fees		5,657,110
Administrative services fees		133,512
Custodian fees		65,322
Distribution fees:
Class A		1,006,521
Class C		413,623
Class R		309,735
Transfer agent fees – A, C, R and Y		1,529,693
Transfer agent fees – R5		614
Transfer agent fees – R6		49,971
Trustees’ and officers’ fees and benefits		22,616
Registration and filing fees		63,712
Reports to shareholders		90,936
Professional services fees		39,007
Other		18,520
Total expenses		9,400,892
Less: Fees waived and/or expense offset arrangement(s)		(12,412	)
Net expenses		9,388,480
Net investment income		4,063,235
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		(18,481,235	)
Affiliated investment securities		720
Foreign currencies		(28,177	)
Option contracts written		25,222,377
		6,713,685
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(353,060,522	)
Affiliated investment securities		(6,968,566	)
Foreign currencies		(12,572	)
Option contracts written		(9,356,990	)
		(369,398,650	)
Net realized and unrealized gain (loss)		(362,684,965	)
Net increase (decrease) in net assets resulting from operations	$	(358,621,730	)

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

9 Invesco Gold & Special Minerals Fund

Consolidated Statement of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)

	October 31, 2023			April 30, 2023
Operations:
Net investment income	$	4,063,235		$	9,438,773
Net realized gain (loss)		6,713,685			(256,121,886	)
Change in net unrealized appreciation (depreciation)		(369,398,650	)		34,155,590
Net increase (decrease) in net assets resulting from operations		(358,621,730	)		(212,527,523	)
Distributions to shareholders from distributable earnings:
Class A		–			(3,777,806	)
Class R		–			(185,799	)
Class Y		–			(3,820,437	)
Class R5		–			(4,070	)
Class R6		–			(2,622,908	)
Total distributions from distributable earnings		–			(10,411,020	)
Share transactions–net:
Class A		(38,484,183	)		(49,378,469	)
Class C		(7,753,686	)		(10,841,252	)
Class R		(5,102,160	)		(5,748,846	)
Class Y		(23,440,156	)		(38,913,355	)
Class R5		453,971			(701,763	)
Class R6		17,476,573			15,804,056
Net increase (decrease) in net assets resulting from share transactions		(56,849,641	)		(89,779,629	)
Net increase (decrease) in net assets		(415,471,371	)		(312,718,172	)
Net assets:
Beginning of period		2,064,393,764			2,377,111,936
End of period	$	1,648,922,393		$	2,064,393,764

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

10 Invesco Gold & Special Minerals Fund

Consolidated Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net     investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/23		$24.58		$ 0.04			$(4.39	)		$(4.35	)		$     –			$20.23		(17.70	)%(d)		$   726,433		1.09	%(d)(e)		1.09	%(d)(e)		0.34	%(d)(e)		11	%
Year ended 04/30/23		26.81		0.09			(2.22	)		(2.13	)		(0.10	)		24.58		(7.90	)(d)		924,057		1.06	(d)		1.06	(d)		0.43	(d)		30
Year ended 04/30/22		27.70		0.05			(0.01	)		0.04			(0.93	)		26.81		0.43	(d)		1,070,962		1.05	(d)		1.05	(d)		0.19	(d)		32
Year ended 04/30/21		21.77		0.06			6.30			6.36			(0.43	)		27.70		29.28	(d)		1,098,007		1.05	(d)		1.05	(d)		0.21	(d)		43
Ten months ended 04/30/20		17.87		0.02			3.94			3.96			(0.06	)		21.77		22.21			705,341		1.17	(e)		1.20	(e)		0.13	(e)		44
Year ended 06/30/19		15.51		0.00			2.36			2.36			–			17.87		15.22			532,925		1.17			1.18			0.00			35
Year ended 06/30/18		16.28		(0.06	)		(0.25	)		(0.31	)		(0.46	)		15.51		(1.88	)		490,065		1.16			1.17			(0.39	)		44
Class C
Six months ended 10/31/23		21.84		(0.04	)		(3.90	)		(3.94	)		–			17.90		(18.04	)		69,221		1.85	(e)		1.85	(e)		(0.42	)(e)		11
Year ended 04/30/23		23.89		(0.06	)		(1.99	)		(2.05	)		–			21.84		(8.58	)		93,031		1.82			1.82			(0.33	)		30
Year ended 04/30/22		24.98		(0.14	)		(0.02	)		(0.16	)		(0.93	)		23.89		(0.34	)		116,380		1.81			1.81			(0.57	)		32
Year ended 04/30/21		19.68		(0.14	)		5.70			5.56			(0.26	)		24.98		28.27			128,089		1.81			1.81			(0.55	)		43
Ten months ended 04/30/20		16.20		(0.09	)		3.57			3.48			–			19.68		21.48			99,528		1.92	(e)		1.96	(e)		(0.62	)(e)		44
Year ended 06/30/19		14.17		(0.10	)		2.13			2.03			–			16.20		14.33			88,904		1.92			1.93			(0.76	)		35
Year ended 06/30/18		14.91		(0.17	)		(0.22	)		(0.39	)		(0.35	)		14.17		(2.62	)		121,350		1.92			1.93			(1.15	)		44
Class R
Six months ended 10/31/23		23.26		0.01			(4.15	)		(4.14	)		–			19.12		(17.80	)		107,993		1.35	(e)		1.35	(e)		0.08	(e)		11
Year ended 04/30/23		25.35		0.04			(2.10	)		(2.06	)		(0.03	)		23.26		(8.10	)		136,937		1.32			1.32			0.17			30
Year ended 04/30/22		26.32		(0.02	)		(0.02	)		(0.04	)		(0.93	)		25.35		0.14			157,476		1.31			1.31			(0.07	)		32
Year ended 04/30/21		20.69		(0.01	)		5.98			5.97			(0.34	)		26.32		28.90			153,232		1.31			1.31			(0.05	)		43
Ten months ended 04/30/20		16.98		(0.02	)		3.75			3.73			(0.02	)		20.69		21.99			125,316		1.42	(e)		1.46	(e)		(0.12	)(e)		44
Year ended 06/30/19		14.77		(0.04	)		2.25			2.21			–			16.98		14.96			113,589		1.42			1.43			(0.25	)		35
Year ended 06/30/18		15.54		(0.10	)		(0.25	)		(0.35	)		(0.42	)		14.77		(2.23	)		114,608		1.42			1.43			(0.65	)		44
Class Y
Six months ended 10/31/23		24.61		0.07			(4.40	)		(4.33	)		–			20.28		(17.59	)		447,240		0.85	(e)		0.85	(e)		0.58	(e)		11
Year ended 04/30/23		26.86		0.15			(2.24	)		(2.09	)		(0.16	)		24.61		(7.68	)		568,856		0.82			0.82			0.67			30
Year ended 04/30/22		27.69		0.12			(0.02	)		0.10			(0.93	)		26.86		0.64			675,653		0.81			0.81			0.43			32
Year ended 04/30/21		21.78		0.12			6.31			6.43			(0.52	)		27.69		29.57			600,958		0.81			0.81			0.45			43
Ten months ended 04/30/20		17.88		0.06			3.93			3.99			(0.09	)		21.78		22.41			349,290		0.92	(e)		0.96	(e)		0.38	(e)		44
Year ended 06/30/19		15.48		0.04			2.36			2.40			–			17.88		15.50			229,569		0.92			0.93			0.24			35
Year ended 06/30/18		16.26		(0.02	)		(0.25	)		(0.27	)		(0.51	)		15.48		(1.65	)		147,282		0.92			0.93			(0.15	)		44
Class R5
Six months ended 10/31/23		24.63		0.08			(4.41	)		(4.33	)		–			20.30		(17.58	)		1,374		0.75	(e)		0.75	(e)		0.68	(e)		11
Year ended 04/30/23		26.89		0.17			(2.24	)		(2.07	)		(0.19	)		24.63		(7.60	)		1,144		0.73			0.73			0.76			30
Year ended 04/30/22		27.69		0.14			(0.01	)		0.13			(0.93	)		26.89		0.75			2,164		0.72			0.72			0.52			32
Year ended 04/30/21		21.79		0.16			6.31			6.47			(0.57	)		27.69		29.75			141		0.69			0.69			0.57			43
Ten months ended 04/30/20		17.87		0.08			3.95			4.03			(0.11	)		21.79		22.65			30		0.77	(e)		0.77	(e)		0.53	(e)		44
Period ended 06/30/19(f)		14.75		0.01			3.11			3.12			–			17.87		21.15			12		0.80	(e)		0.80	(e)		0.35	(e)		35
Class R6
Six months ended 10/31/23		24.87		0.09			(4.45	)		(4.36	)		–			20.51		(17.53	)		296,661		0.68	(e)		0.68	(e)		0.75	(e)		11
Year ended 04/30/23		27.15		0.18			(2.25	)		(2.07	)		(0.21	)		24.87		(7.52	)		340,370		0.66			0.66			0.83			30
Year ended 04/30/22		27.94		0.16			(0.02	)		0.14			(0.93	)		27.15		0.78			354,476		0.65			0.65			0.59			32
Year ended 04/30/21		21.98		0.16			6.37			6.53			(0.57	)		27.94		29.79			293,817		0.66			0.66			0.60			43
Ten months ended 04/30/20		18.03		0.09			3.98			4.07			(0.12	)		21.98		22.65			197,933		0.74	(e)		0.74	(e)		0.56	(e)		44
Year ended 06/30/19		15.58		0.06			2.39			2.45			–			18.03		15.73			133,853		0.75			0.76			0.41			35
Year ended 06/30/18		16.37		0.00			(0.26	)		(0.26	)		(0.53	)		15.58		(1.53	)		104,921		0.75			0.75			0.02			44

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended 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.

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

^(e)  Annualized.

^(f)  Commencement date after the close of business on May 24, 2019.

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

11 Invesco Gold & Special Minerals Fund

Notes to Consolidated Financial Statements

October 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

Invesco Gold & Special Minerals Fund (the “Fund”) is a series portfolio of AIM Sector Funds (Invesco Sector Funds) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company authorized to issue an unlimited number of shares of beneficial interest. Information presented in these consolidated financial statements pertains only to the Fund and the Invesco Gold & Special Minerals Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. Matters affecting the Fund or each class will be voted on exclusively by the shareholders of the Fund or each class.

The Fund will seek to gain exposure to the commodity market through investments in the Subsidiary. The Subsidiary was organized by the Fund to invest in gold bullion and other precious metals, shares of exchange-traded funds that invest in gold bullion (Gold ETFs), commodity linked derivatives related to gold or other special mineral (including commodity futures, financial futures, options and swap contracts, and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions). The Fund may invest up to 25% of its total assets in the Subsidiary.

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

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

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

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

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

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

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

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

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse.

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

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

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

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

12 Invesco Gold & Special Minerals Fund

other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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

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

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

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

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

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

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

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

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

The Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

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

G. Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation.

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the consolidated financial statements are released to print.

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

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

13 Invesco Gold & Special Minerals Fund

unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

K. Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability in the Consolidated Statement of Assets and Liabilities. The amount of the liability is subsequently “marked-to-market” to reflect the current market value of the option written. If a written covered call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written covered call option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. Realized and unrealized gains and losses on call options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Option contracts written. A risk in writing a covered call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised.

When the Fund buys a call option, an amount equal to the premium paid by the Fund is recorded as an investment on the Consolidated Statement of Assets and Liabilities. The amount of the investment is subsequently “marked-to-market” to reflect the current value of the option purchased. Realized and unrealized gains and losses on call options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

L. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the underlying portfolio securities. The Fund may write put options to earn additional income in the form of option premiums if it expects the price of the underlying instrument to remain stable or rise during the option period so that the option will not be exercised. The risk in this strategy is that the price of the underlying securities may decline by an amount greater than the premium received. Put options written are reported as a liability in the Consolidated Statement of Assets and Liabilities. Realized and unrealized gains and losses on put options purchased and put options written are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities and Option contracts written, respectively. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

M. Other Risks – The Subsidiary will seek to gain exposure to gold bullion and other precious metals, Gold ETFs, commodity-linked derivatives related to gold or other special minerals (including commodity futures, financial futures, options and swap contracts), and certain fixed income securities and other investments that may serve as margin or collateral for its derivatives positions. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940. Accordingly, the Fund may invest a greater portion of its assets in the securities of a single issuer or limited number of issuers than a “diversified” fund. To the extent that the Fund invests a higher percentage of its assets in the securities of a single issuer or limited number of issuers, the Fund is more subject to the risks associated with and developments affecting that issuer or limited number of issuers than a fund that invests more widely.

14 Invesco Gold & Special Minerals 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:

Average Daily Net Assets	Rate*
Up to $200 million		0.750%
Next $150 million		0.720%
Next $350 million		0.680%
Next $1.3 billion		0.560%
Next $2 billion		0.460%
Next $2 billion		0.410%
Next $2 billion		0.385%
Next $8 billion		0.360%

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

For the six months ended October 31, 2023, the effective advisory fee rate incurred by the Fund was 0.60%.

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

Effective July 1, 2023, 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”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended October 31, 2023, the Adviser waived advisory fees of $11,860.

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, 2023, 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, 2023, 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $49,335 in front-end sales commissions from the sale of Class A shares and $975 and $3,651 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2023, the Fund incurred $31,512 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when

15 Invesco Gold & Special Minerals Fund

market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

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

The following is a summary of the tiered valuation input levels, as of October 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
Australia	$	26,366,610		$	362,377,872	$	–	$	388,744,482
Bosnia Hercegovina		–			1,168,357		–		1,168,357
Brazil		38,786,979			–		–		38,786,979
Burkina Faso		36,680,328			–		–		36,680,328
Canada		806,480,406			–		359,599		806,840,005
China		–			42,376,542		–		42,376,542
Colombia		7,384,936			–		–		7,384,936
South Africa		47,277,220			–		–		47,277,220
Turkey		28,014,137			–		–		28,014,137
United Kingdom		21,160,024			–		–		21,160,024
United States		222,893,648			–		–		222,893,648
Zambia		12,132,893			–		–		12,132,893
Money Market Funds		12,881,492			–		–		12,881,492
Total Investments in Securities		1,260,058,673			405,922,771		359,599		1,666,341,043
Other Investments - Liabilities*
Options Written		(18,418,748	)		–		–		(18,418,748	)
Total Investments	$	1,241,639,925		$	405,922,771		$359,599	$	1,647,922,295

* Options written are shown at value.

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2023:

	Value
	Equity
Derivative Liabilities	Risk
Options written, at value – Exchange-Traded	$	(18,418,748	)
Derivatives not subject to master netting agreements		18,418,748
Total Derivative Liabilities subject to master netting agreements	$	–

Effect of Derivative Investments for the six months ended October 31, 2023

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
	Consolidated Statement of Operations
	Equity
	Risk
Realized Gain:
Options written		$25,222,377

16 Invesco Gold & Special Minerals Fund

	Location of Gain (Loss) on
	Consolidated Statement of Operations
	Equity
	Risk
Change in Net Unrealized Appreciation (Depreciation):
Options written		$(9,356,990)
Total		$15,865,387

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

	Equity
	Options
	Written
Average notional value	$	457,622,094
Average contracts		152,906

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $552.

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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	244,108,519	$	1,344,540,853	$	1,588,649,372

* 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, 2023 was $202,368,422 and $215,853,321, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$ 334,842,956
Aggregate unrealized (depreciation) of investments	(203,842,491	)
Net unrealized appreciation of investments	$ 131,000,465

Cost of investments for tax purposes is $1,516,921,830.

17 Invesco Gold & Special Minerals Fund

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2023(a)						April 30, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		2,741,576		$	61,995,876			7,174,707		$	156,993,090
Class C		237,666			4,815,185			752,893			14,825,588
Class R		693,026			14,847,775			1,679,267			34,709,397
Class Y		2,250,869			51,048,943			9,661,675			210,274,225
Class R5		44,453			947,489			32,221			775,134
Class R6		3,069,609			69,968,439			6,728,378			148,650,412
Issued as reinvestment of dividends:
Class A		-			-			160,276			3,421,902
Class R		-			-			9,168			185,372
Class Y		-			-			139,194			2,973,187
Class R5		-			-			187			4,000
Class R6		-			-			119,172			2,570,535
Automatic conversion of Class C shares to Class A shares:
Class A		173,468			3,826,458			327,581			7,079,647
Class C		(195,717	)		(3,826,458	)		(368,386	)		(7,079,647	)
Reacquired:
Class A		(4,602,548	)		(104,306,517	)		(10,015,837	)		(216,873,108	)
Class C		(436,182	)		(8,742,413	)		(996,151	)		(18,587,193	)
Class R		(932,063	)		(19,949,935	)		(2,011,492	)		(40,643,615	)
Class Y		(3,312,907	)		(74,489,099	)		(11,841,667	)		(252,160,767	)
Class R5		(23,221	)		(493,518	)		(66,464	)		(1,480,897	)
Class R6		(2,292,820	)		(52,491,866	)		(6,217,403	)		(135,416,891	)
Net increase (decrease) in share activity		(2,584,791	)	$	(56,849,641	)		(4,732,681	)	$	(89,779,629	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

18 Invesco Gold & Special Minerals Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses     Paid During     Period	Ending     Account Value     (10/31/23)2	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$822.60	$4.99	$1,019.66	$5.53	1.09%
Class C	1,000.00	819.60	8.46	1,015.84	9.37	1.85
Class R	1,000.00	821.60	6.18	1,018.35	6.85	1.35
Class Y	1,000.00	823.70	3.90	1,020.86	4.32	0.85
Class R5	1,000.00	824.20	3.44	1,021.37	3.81	0.75
Class R6	1,000.00	824.30	3.12	1,021.72	3.46	0.68

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

19 Invesco Gold & Special Minerals Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Gold & Special Minerals Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

Officer. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 fifth 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below

20 Invesco Gold & Special Minerals Fund

the performance of the Index for the one, three and five year periods. The Board considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board considered that the Fund’s positioning in certain names in gold sub-industries detracted from the Fund’s performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective in 2020. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

    The Board also 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 difficulty 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’ 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 realized as to that 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 determination that the services are required for the operation of the Fund.

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

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

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

21 Invesco Gold & Special Minerals Fund

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.

22 Invesco Gold & Special Minerals Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2023

Invesco Small Cap Value Fund

Nasdaq:

A: VSCAX ∎ C: VSMCX ∎ R: VSRAX ∎ Y: VSMIX ∎ R6: SMVSX

2	Fund Performance
4	Schedule of Investments
8	Financial Statements
11	Financial Highlights
12	Notes to Financial Statements
18	Fund Expenses
19	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/23 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.58	%
Class C Shares	3.25
Class R Shares	3.48
Class Y Shares	3.71
Class R6 Shares	3.78
S&P 500 Index▼ (Broad Market Index)	1.39
Russell 2000 Value Index▼ (Style-Specific Index)	-3.44
Lipper Small-Cap Value Funds Index∎ (Peer Group Index)	-0.41
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc. The S&P 500® Index is an unmanaged index considered representative of the US stock market.   The Russell 2000® Value Index is an unmanaged index considered representative of small-cap value stocks. The Russell 2000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.   The Lipper Small-Cap Value Funds Index is an unmanaged index considered representative of small-cap value funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Small Cap Value Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (6/21/99)	10.23	%
10 Years	8.41
5 Years	11.88
1 Year	0.63
Class C Shares
Inception (6/21/99)	10.22	%
10 Years	8.38
5 Years	12.37
1 Year	4.89
Class R Shares
10 Years	8.75	%
5 Years	12.87
1 Year	6.28
Class Y Shares
Inception (8/12/05)	10.11	%
10 Years	9.30
5 Years	13.44
1 Year	6.78
Class R6 Shares
10 Years	9.32	%
5 Years	13.62
1 Year	6.95

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

Class R shares incepted on April 17, 2020. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value restated to reflect the higher 12b-1 fees applicable to Class R shares.

Class R6 shares incepted on February 7, 2017. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

fluctuate so that you may have a gain or loss when you sell shares.

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

The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

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

3 Invesco Small Cap Value Fund

Schedule of Investments^(a)

October 31, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.33%
Aerospace & Defense–5.55%
Hensoldt AG (Germany)		979,808	$	28,988,313
Huntington Ingalls Industries, Inc.		118,300		26,004,706
Leonardo DRS, Inc.(b)(c)		1,868,736		35,636,795
Leonardo S.p.A. (Italy)		4,608,200		69,521,691
				160,151,505
Application Software–0.12%
Cerence, Inc.(b)(c)		230,700		3,532,017
Automotive Parts & Equipment–0.62%
Dana, Inc.		1,558,196		17,888,090
Coal & Consumable Fuels–1.64%
Cameco Corp. (Canada)		717,600		29,357,016
NexGen Energy Ltd. (Canada)(b)		1,783,500		10,764,662
NexGen Energy Ltd. (Canada)(b)(c)		1,217,500		7,365,875
				47,487,553
Commodity Chemicals–1.41%
Cabot Corp.(c)		300,100		19,950,648
Orion S.A. (Germany)		1,026,900		20,846,070
				40,796,718
Communications Equipment–2.88%
Harmonic, Inc.(b)(c)		2,165,800		23,368,982
Lumentum Holdings, Inc.(b)(c)		1,524,972		59,794,152
				83,163,134
Construction & Engineering–5.46%
AECOM		610,918		46,765,773
Concrete Pumping Holdings, Inc.(b)		563,800		3,963,514
HOCHTIEF AG (Germany)		191,800		19,810,369
MasTec, Inc.(b)		733,100		43,575,464
Orion Group Holdings, Inc.(b)		679,800		3,263,040
Primoris Services Corp.		1,334,734		40,122,104
				157,500,264
Construction Machinery & Heavy Transportation Equipment–2.26%
Astec Industries, Inc.		214,978		8,607,719
Manitowoc Co., Inc. (The)(b)		937,700		12,002,560
Oshkosh Corp.		269,500		23,643,235
REV Group, Inc.		712,900		10,151,696
Terex Corp.		237,100		10,859,180
				65,264,390
Copper–1.05%
Capstone Copper Corp. (Canada)(b)		6,560,500		22,329,591
ERO Copper Corp. (Brazil)(b)(c)		584,900		7,937,853
				30,267,444
Diversified Chemicals–1.45%
Huntsman Corp.		1,793,763		41,848,491
Diversified Metals & Mining–2.59%
Hudbay Minerals, Inc. (Canada)		6,788,700		29,598,732

	Shares		Value
Diversified Metals & Mining–(continued)
Teck Resources Ltd., Class B (Canada)		1,279,200	$	45,206,928
				74,805,660
Education Services–2.43%
Adtalem Global Education, Inc.(b)(c)		1,107,900		57,389,220
Grand Canyon Education, Inc.(b)(c)		108,700		12,862,471
				70,251,691
Electric Utilities–2.24%
NRG Energy, Inc.		1,527,200		64,722,736
Electrical Components & Equipment–3.57%
EnerSys		458,800		39,264,104
Vertiv Holdings Co.		1,623,400		63,750,918
				103,015,022
Electronic Components–1.71%
Coherent Corp.(b)(c)		1,666,100		49,316,560
Electronic Manufacturing Services–1.81%
Benchmark Electronics, Inc.		492,000		11,911,320
Flex Ltd.(b)		1,568,500		40,341,820
				52,253,140
Environmental & Facilities Services–0.02%
Li-Cycle Holdings Corp. (Canada)(b)(c)		349,715		468,618
Food Distributors–2.64%
Performance Food Group Co.(b)		679,800		39,265,248
US Foods Holding Corp.(b)		948,571		36,937,355
				76,202,603
Gold–0.26%
Kinross Gold Corp. (Canada)(c)		1,427,900		7,439,359
Health Care Distributors–1.30%
Henry Schein, Inc.(b)		578,600		37,597,428
Health Care Facilities–1.72%
Select Medical Holdings Corp.		903,100		20,527,463
Universal Health Services, Inc., Class B		230,500		29,017,645
				49,545,108
Health Care Services–0.47%
Fresenius Medical Care AG & Co. KGaA (Germany)		410,003		13,611,888
Hotels, Resorts & Cruise Lines–3.15%
Expedia Group, Inc.(b)		566,100		53,943,669
Travel + Leisure Co.		1,091,176		37,132,719
				91,076,388
Household Products–2.02%
Spectrum Brands Holdings, Inc.		773,759		58,279,528
Human Resource & Employment Services–1.85%
Kelly Services, Inc., Class A		348,610		6,222,688
ManpowerGroup, Inc.		558,700		39,092,239

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

4 Invesco Small Cap Value Fund

	Shares		Value
Human Resource & Employment Services–(continued)
TrueBlue, Inc.(b)		734,600	$	8,132,022
				53,446,949
Independent Power Producers & Energy Traders–2.02%
Vistra Corp.		1,782,900		58,336,488
Industrial Machinery & Supplies & Components–0.33%
Gates Industrial Corp. PLC(b)		863,800		9,432,696
IT Consulting & Other Services–0.52%
Converge Technology Solutions Corp. (Canada)		7,531,000		14,988,686
Life Sciences Tools & Services–1.81%
Avantor, Inc.(b)		3,000,000		52,290,000
Managed Health Care–1.46%
Molina Healthcare, Inc.(b)(c)		126,300		42,051,585
Office Services & Supplies–1.02%
Interface, Inc.		363,420		3,230,804
MillerKnoll, Inc.		797,800		18,748,300
Steelcase, Inc., Class A		677,700		7,393,707
				29,372,811
Oil & Gas Drilling–0.70%
Patterson-UTI Energy, Inc.(c)		1,580,787		20,075,995
Oil & Gas Exploration & Production–13.65%
Advantage Energy Ltd. (Canada)(b)		3,467,300		25,178,086
APA Corp.		1,059,400		42,079,368
ARC Resources Ltd. (Canada)		3,756,700		60,437,698
Crescent Point Energy Corp. (Canada)		4,927,900		39,515,593
Enerplus Corp. (Canada)		1,528,600		25,848,689
Kosmos Energy Ltd. (Ghana)(b)		6,901,300		49,965,412
Northern Oil and Gas, Inc.(c)		1,696,380		65,039,209
Ovintiv, Inc.(c)		608,900		29,227,200
Southwestern Energy Co.(b)(c)		5,782,300		41,227,799
Tamarack Valley Energy Ltd. (Canada)(c)		5,141,000		15,533,290
				394,052,344
Oil & Gas Storage & Transportation–1.38%
New Fortress Energy, Inc.(c)		1,317,023		39,905,797
Paper & Plastic Packaging Products & Materials–0.89%
Sealed Air Corp.		839,100		25,835,889
Passenger Ground Transportation–0.09%
Mobico Group PLC (United Kingdom)		3,590,860		2,729,066
Regional Banks–7.05%
Five Star Bancorp		335,054		6,523,501
Huntington Bancshares, Inc.		4,169,458		40,235,270
Pinnacle Financial Partners, Inc.		1,045,700		65,209,852
Texas Capital Bancshares, Inc.(b)		408,000		22,464,480
Webster Financial Corp.		1,142,500		43,380,725
Western Alliance Bancorporation		625,900		25,724,490
				203,538,318
Research & Consulting Services–1.92%
KBR, Inc.(c)		951,300		55,318,095
Restaurants–1.15%
Cheesecake Factory, Inc. (The)(c)		980,847		30,474,916

	Shares		Value
Restaurants–(continued)
Marston’s PLC (United Kingdom)(b)		7,656,649	$	2,708,227
				33,183,143
Semiconductor Materials & Equipment–2.24%
Ichor Holdings Ltd.(b)(c)		495,080		12,010,641
MKS Instruments, Inc.(c)		473,913		31,117,127
Ultra Clean Holdings, Inc.(b)		896,800		21,397,648
				64,525,416
Semiconductors–2.55%
MaxLinear, Inc.(b)		2,648,050		40,250,360
Silicon Motion Technology Corp., ADR (Taiwan)(b)		624,829		33,478,338
				73,728,698
Silver–1.14%
Pan American Silver Corp. (Canada)		2,249,613		32,866,846
Specialized Finance–0.74%
Burford Capital Ltd.		1,707,126		21,236,647
Specialty Chemicals–0.94%
Element Solutions, Inc.(c)		1,485,900		27,087,957
Steel–1.54%
Carpenter Technology Corp.(c)		709,930		44,526,810
Trading Companies & Distributors–1.97%
Air Lease Corp., Class A		847,900		29,362,777
DXP Enterprises, Inc.(b)		216,191		7,047,827
WESCO International, Inc.		158,800		20,358,160
				56,768,764
Total Common Stocks & Other Equity Interests (Cost $2,647,025,373)				2,751,784,335
Exchange-Traded Funds–0.90%
Global X Uranium ETF (Cost $19,370,495)(c)		962,300		25,828,132
Money Market Funds–3.33%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)		33,787,782		33,787,782
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(d)(e)		23,759,390		23,766,518
Invesco Treasury Portfolio, Institutional Class, 5.27%(d)(e)		38,614,607		38,614,607
Total Money Market Funds (Cost $96,163,651)				96,168,907
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.56% (Cost $2,762,559,519)				2,873,781,374
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–8.15%
Invesco Private Government Fund, 5.32%(d)(e)(f)		65,890,856		65,890,856

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

5 Invesco Small Cap Value Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 5.53%(d)(e)(f)		169,456,657	$	169,473,603
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $235,358,545)				235,364,459
TOTAL INVESTMENTS IN SECURITIES–107.71% (Cost $2,997,918,064)				3,109,145,833
OTHER ASSETS LESS LIABILITIES–(7.71)%				(222,490,875	)
NET ASSETS–100.00%			$	2,886,654,958

Investment Abbreviations:

ADR  - American Depositary Receipt

ETF   - Exchange-Traded Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at October 31, 2023.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2023.

	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation		Realized Gain		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  14,518,112		$   189,466,697		$   (170,197,027)		$           -		$          -		$  33,787,782		$     623,208
Invesco Liquid Assets Portfolio, Institutional Class		9,998,880		135,333,355		(121,569,306)		2,534		1,055		23,766,518		444,975
Invesco Treasury Portfolio, Institutional Class		16,592,129		216,533,368		(194,510,890)		-		-		38,614,607		710,969
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		61,733,491		381,159,275		(377,001,910)		-		-		65,890,856		1,741,482*
Invesco Private Prime Fund		159,859,183		814,385,091		(804,798,254)		10,022		17,561		169,473,603		4,619,365*
Total		$262,701,795		$1,736,877,786		$(1,668,077,387)		$12,556		$18,616		$331,533,366		$  8,139,999

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

Open Forward Foreign Currency Contracts
Settlement Date		Contract to				Unrealized Appreciation (Depreciation)
	Counterparty	Deliver		Receive
Currency Risk
11/15/2023	Royal Bank of Canada	GBP	221,654	USD	269,566	$       137
11/15/2023	Royal Bank of Canada	USD	825,633	GBP	680,125	1,085
11/15/2023	UBS AG	EUR	146,799,668	USD	155,833,279	424,220
11/15/2023	UBS AG	GBP	5,134,929	USD	6,306,340	64,636
11/15/2023	UBS AG	USD	8,040,892	EUR	7,617,850	23,723
Subtotal–Appreciation						513,801
Currency Risk
11/15/2023	Barclays Bank PLC	USD	7,954,583	EUR	7,509,531	(4,639)
11/15/2023	Royal Bank of Canada	USD	9,926,042	EUR	9,344,796	(33,200)

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

6 Invesco Small Cap Value Fund

Open Forward Foreign Currency Contracts–(continued)
Settlement Date		Contract to				Unrealized Appreciation (Depreciation)
	Counterparty	Deliver		Receive
11/15/2023	Royal Bank of Canada	USD	328,868	GBP	270,501	$        (63)
Subtotal–Depreciation						(37,902)
Total Forward Foreign Currency Contracts						$475,899

Abbreviations:

EUR   -  Euro

GBP   -  British Pound Sterling

USD   -  U.S. Dollar

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2023

Industrials	24.02	%
Energy	17.37
Information Technology	11.83
Materials	11.28
Financials	7.79
Consumer Discretionary	7.36
Health Care	6.76
Consumer Staples	4.66
Utilities	4.26
Other Sectors, Each Less than 2% of Net Assets	0.90
Money Market Funds Plus Other Assets Less Liabilities	3.77

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

7 Invesco Small Cap Value Fund

Statement of Assets and Liabilities

October 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $2,666,395,868)*	$	2,777,612,467
Investments in affiliated money market funds, at value (Cost $331,522,196)		331,533,366
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		513,801
Foreign currencies, at value (Cost $750,775)		739,798
Receivable for:
Investments sold		592,294
Fund shares sold		18,786,920
Dividends		1,850,633
Investment for trustee deferred compensation and retirement plans		175,347
Other assets		114,282
Total assets		3,131,918,908
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		37,902
Payable for:
Fund shares reacquired		8,522,191
Collateral upon return of securities loaned		235,358,545
Accrued fees to affiliates		1,113,930
Accrued trustees’ and officers’ fees and benefits		3,066
Accrued other operating expenses		38,373
Trustee deferred compensation and retirement plans		189,943
Total liabilities		245,263,950
Net assets applicable to shares outstanding	$	2,886,654,958

Net assets consist of:
Shares of beneficial interest	$	2,631,212,331
Distributable earnings		255,442,627
	$	2,886,654,958
Net Assets:
Class A	$	809,601,474
Class C	$	30,180,947
Class R	$	17,077,022
Class Y	$	1,516,296,991
Class R6	$	513,498,524
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		45,093,629
Class C		3,396,587
Class R		958,542
Class Y		77,508,871
Class R6		25,972,559
Class A:
Net asset value per share	$	17.95
Maximum offering price per share (Net asset value of $17.95 ÷ 94.50%)	$	18.99
Class C:
Net asset value and offering price per share	$	8.89
Class R:
Net asset value and offering price per share	$	17.82
Class Y:
Net asset value and offering price per share	$	19.56
Class R6:
Net asset value and offering price per share	$	19.77

* At October 31, 2023, securities with an aggregate value of $231,964,022 were on loan to brokers.

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

8 Invesco Small Cap Value Fund

Statement of Operations

For the six months ended October 31, 2023

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $546,886)	$	20,246,872
Dividends from affiliated money market funds (includes net securities lending income of $192,183)		1,971,335
Total investment income		22,218,207
Expenses:
Advisory fees		9,107,691
Administrative services fees		203,113
Custodian fees		17,406
Distribution fees:
Class A		1,051,545
Class C		150,185
Class R		42,720
Transfer agent fees – A, C, R and Y		2,257,824
Transfer agent fees – R6		74,990
Trustees’ and officers’ fees and benefits		27,676
Registration and filing fees		132,693
Reports to shareholders		97,469
Professional services fees		33,231
Other		19,326
Total expenses		13,215,869
Less: Fees waived and/or expense offset arrangement(s)		(41,265	)
Net expenses		13,174,604
Net investment income		9,043,603
Realized and unrealized gain (loss) from:
Net realized gain from:
Unaffiliated investment securities		78,658,461
Affiliated investment securities		18,616
Foreign currencies		1,922
Forward foreign currency contracts		5,368,459
		84,047,458
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(3,703,430	)
Affiliated investment securities		12,556
Foreign currencies		(26,682	)
Forward foreign currency contracts		1,060,555
		(2,657,001	)
Net realized and unrealized gain		81,390,457
Net increase in net assets resulting from operations	$	90,434,060

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

9 Invesco Small Cap Value Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)

	October 31,			April 30,
	2023			2023
Operations:
Net investment income	$	9,043,603		$	18,287,865
Net realized gain		84,047,458			97,788,633
Change in net unrealized appreciation (depreciation)		(2,657,001	)		(23,733,520	)
Net increase in net assets resulting from operations		90,434,060			92,342,978
Distributions to shareholders from distributable earnings:
Class A		–			(71,798,839	)
Class C		–			(4,955,135	)
Class R		–			(1,274,881	)
Class Y		–			(115,989,366	)
Class R6		–			(32,077,278	)
Total distributions from distributable earnings		–			(226,095,499	)
Share transactions–net:
Class A		(16,418,565	)		120,945,262
Class C		(2,865,865	)		13,206,738
Class R		1,288,132			4,726,898
Class Y		49,498,730			398,772,213
Class R6		75,532,637			221,460,575
Net increase in net assets resulting from share transactions		107,035,069			759,111,686
Net increase in net assets		197,469,129			625,359,165
Net assets:
Beginning of period		2,689,185,829			2,063,826,664
End of period	$	2,886,654,958		$	2,689,185,829

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

10 Invesco Small Cap Value Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/23		$17.33		$ 0.04			$  0.54			$  0.58			$ 0.04			$      –			$ 0.04			$17.95		3.58	%		$   809,601		1.11	%(d)		1.11	%(d)		0.43	%(d)		28	%
Year ended 04/30/23		18.37		0.10			0.62			0.72			(0.06	)		(1.70	)		(1.76	)		17.33		4.09			798,428		1.09			1.09			0.58			51
Year ended 04/30/22		20.84		0.01			0.62			0.63			(0.00	)		(3.10	)		(3.10	)		18.37		3.75			721,429		1.09			1.09			0.11			79
Year ended 04/30/21		9.62		0.03			11.24			11.27			(0.05	)		–			(0.05	)		20.84		117.30			687,428		1.12			1.12			0.24			71
Year ended 04/30/20		14.10		0.02			(4.14	)		(4.12	)		–			(0.36	)		(0.36	)		9.62		(30.02	)		372,448		1.13			1.13			0.16			47
Year ended 04/30/19		18.53		(0.04	)		(1.22	)		(1.26	)		–			(3.17	)		(3.17	)		14.10		(3.16	)		662,115		1.12			1.12			(0.22	)		43
Class C
Six months ended 10/31/23		8.61		(0.01	)		0.26			0.25			0.03			–			0.03			8.89		3.25	(e)		30,181		1.83	(d)(e)		1.83	(d)(e)		(0.29	)(d)(e)		28
Year ended 04/30/23		10.00		(0.02	)		0.33			0.31			(0.00	)		(1.70	)		(1.70	)		8.61		3.36			32,363		1.84			1.84			(0.17	)		51
Year ended 04/30/22		12.85		(0.07	)		0.32			0.25			(0.00	)		(3.10	)		(3.10	)		10.00		2.99			23,397		1.84			1.84			(0.64	)		79
Year ended 04/30/21		5.96		(0.04	)		6.94			6.90			(0.01	)		–			(0.01	)		12.85		115.93	(e)		17,598		1.81	(e)		1.81	(e)		(0.45	)(e)		71
Year ended 04/30/20		8.93		(0.04	)		(2.57	)		(2.61	)		–			(0.36	)		(0.36	)		5.96		(30.50	)(e)		10,133		1.84	(e)		1.84	(e)		(0.55	)(e)		47
Year ended 04/30/19		13.29		(0.11	)		(1.08	)		(1.19	)		–			(3.17	)		(3.17	)		8.93		(3.98	)		22,059		1.87			1.87			(0.97	)		43
Class R
Six months ended 10/31/23		17.22		0.02			0.55			0.57			0.03			–			0.03			17.82		3.48			17,077		1.36	(d)		1.36	(d)		0.18	(d)		28
Year ended 04/30/23		18.28		0.06			0.61			0.67			(0.03	)		(1.70	)		(1.73	)		17.22		3.83			15,241		1.34			1.34			0.33			51
Year ended 04/30/22		20.79		(0.03	)		0.62			0.59			(0.00	)		(3.10	)		(3.10	)		18.28		3.52			11,315		1.34			1.34			(0.14	)		79
Year ended 04/30/21		9.61		(0.00	)(f)		11.21			11.21			(0.03	)		–			(0.03	)		20.79		116.81			9,140		1.37			1.37			(0.01	)		71
Period ended 04/30/20(g)		8.49		(0.00	)(f)		1.12			1.12			–			–			–			9.61		13.19			3,866		1.37	(d)		1.37	(d)		(0.08	)(d)		47
Class Y
Six months ended 10/31/23		18.86		0.07			0.59			0.66			0.04			–			0.04			19.56		3.71			1,516,297		0.86	(d)		0.86	(d)		0.68	(d)		28
Year ended 04/30/23		19.84		0.16			0.66			0.82			(0.10	)		(1.70	)		(1.80	)		18.86		4.31			1,416,555		0.84			0.84			0.83			51
Year ended 04/30/22		22.23		0.08			0.67			0.75			(0.04	)		(3.10	)		(3.14	)		19.84		4.06			1,085,935		0.84			0.84			0.36			79
Year ended 04/30/21		10.25		0.07			11.98			12.05			(0.07	)		–			(0.07	)		22.23		117.78			812,019		0.87			0.87			0.49			71
Year ended 04/30/20		14.95		0.06			(4.40	)		(4.34	)		–			(0.36	)		(0.36	)		10.25		(29.79	)		457,857		0.88			0.88			0.41			47
Year ended 04/30/19		19.37		0.01			(1.26	)		(1.25	)		–			(3.17	)		(3.17	)		14.95		(2.97	)		875,875		0.87			0.87			0.03			43
Class R6
Six months ended 10/31/23		19.05		0.09			0.59			0.68			0.04			–			0.04			19.77		3.78			513,499		0.70	(d)		0.70	(d)		0.84	(d)		28
Year ended 04/30/23		20.01		0.19			0.68			0.87			(0.13	)		(1.70	)		(1.83	)		19.05		4.50			426,599		0.70			0.70			0.97			51
Year ended 04/30/22		22.39		0.11			0.67			0.78			(0.06	)		(3.10	)		(3.16	)		20.01		4.17			221,751		0.70			0.70			0.50			79
Year ended 04/30/21		10.31		0.09			12.07			12.16			(0.08	)		–			(0.08	)		22.39		118.25			78,279		0.73			0.73			0.63			71
Year ended 04/30/20		15.02		0.08			(4.43	)		(4.35	)		–			(0.36	)		(0.36	)		10.31		(29.71	)		60,628		0.70			0.70			0.59			47
Year ended 04/30/19		19.41		0.03			(1.25	)		(1.22	)		–			(3.17	)		(3.17	)		15.02		(2.80	)		65,409		0.71			0.71			0.19			43

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $23,823,797 in connection with the acquisition of Invesco Oppenheimer Small Cap Value Fund into the Fund.

^(d)  Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.97%, 0.94% and 0.99% for the six months ended October 31, 2023 and the years ended April 30, 2021 and 2020, respectively.

^(f)  Amount represents less than $(0.005).

^(g)  Commencement date of April 17, 2020.

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

11 Invesco Small Cap Value Fund

Notes to Financial Statements

October 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid 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.

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

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

12 Invesco Small Cap Value Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a 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, 2023, the Fund paid the Adviser $11,490 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.

13 Invesco Small Cap Value Fund

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

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 500 million		0.670%
Next $500 million		0.645%
Over $1 billion		0.620%

For the six months ended October 31, 2023, the effective advisory fee rate incurred by the Fund was 0.63%.

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

Effective July 1, 2023, 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”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2023, the Adviser waived advisory fees of $32,173.

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, 2023, 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, 2023, 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

14 Invesco Small Cap Value Fund

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, 2023, 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, 2023, IDI advised the Fund that IDI retained $66,934 in front-end sales commissions from the sale of Class A shares and $2,314 and $12,546 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2023, the Fund incurred $84,996 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$2,614,414,781		$137,369,554			$–		$2,751,784,335
Exchange-Traded Funds		25,828,132		–			–		25,828,132
Money Market Funds		96,168,907		235,364,459			–		331,533,366
Total Investments in Securities		2,736,411,820		372,734,013			–		3,109,145,833
Other Investments - Assets*
Forward Foreign Currency Contracts		–		513,801			–		513,801
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(37,902	)		–		(37,902	)
Total Other Investments		–		475,899			–		475,899
Total Investments		$2,736,411,820		$373,209,912			$–		$3,109,621,732

* 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, 2023:

	Value
	Currency
Derivative Assets	Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	513,801
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements	$	513,801

15 Invesco Small Cap Value Fund

	Value
	Currency
Derivative Liabilities	Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(37,902	)
Derivatives not subject to master netting agreements		–
Total Derivative Liabilities subject to master netting agreements	$	(37,902	)

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, 2023.

	Financial		Financial
	Derivative		Derivative						Collateral
	Assets		Liabilities						(Received)/Pledged
	Forward Foreign		Forward Foreign			Net Value of					Net
Counterparty	Currency Contracts		Currency Contracts			Derivatives			Non-Cash	Cash	Amount
Barclays Bank PLC		$           –		$  (4,639	)		$   (4,639	)	$–	$–	$	(4,639	)
Royal Bank of Canada		1,222		(33,263	)		(32,041	)	–	–		(32,041	)
UBS AG		512,579		–			512,579		–	–		512,579
Total		$513,801		$(37,902	)		$475,899		$–	$–	$	475,899

Effect of Derivative Investments for the six months ended October 31, 2023

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

	Location of Gain on
	Statement of Operations
	Currency
	Risk
Realized Gain:
Forward foreign currency contracts		$5,368,459
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		1,060,555
Total		$6,429,014

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

	Forward
	Foreign Currency
	Contracts
Average notional value		$143,996,479

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $9,092.

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.

16 Invesco Small Cap Value Fund

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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	5,569,001	$	1,119,483	$	6,688,484

* 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, 2023 was $874,672,941 and $790,073,946, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	380,844,266
Aggregate unrealized (depreciation) of investments		(275,460,631	)
Net unrealized appreciation of investments	$	105,383,635

Cost of investments for tax purposes is $3,004,238,097.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2023(a)						April 30, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		3,721,947		$	69,331,800			11,231,349		$	203,041,369
Class C		662,004			6,175,944			1,909,727			18,175,305
Class R		195,001			3,543,726			309,010			5,549,466
Class Y		20,837,055			417,869,168			51,152,710			996,010,001
Class R6		8,213,525			168,468,713			15,858,483			310,382,838
Issued as reinvestment of dividends:
Class A		-			-			3,995,064			67,956,014
Class C		-			-			559,784			4,741,369
Class R		-			-			75,348			1,274,881
Class Y		-			-			5,183,189			95,889,004
Class R6		-			-			1,637,428			30,570,788
Automatic conversion of Class C shares to Class A shares:
Class A		46,666			845,994			85,885			1,540,040
Class C		(94,109	)		(845,994	)		(166,840	)		(1,540,040	)
Reacquired:
Class A		(4,738,247	)		(86,596,359	)		(8,515,585	)		(151,592,161	)
Class C		(930,133	)		(8,195,815	)		(882,740	)		(8,169,896	)
Class R		(121,366	)		(2,255,594	)		(118,347	)		(2,097,449	)
Class Y		(18,424,797	)		(368,370,438	)		(35,985,175	)		(693,126,792	)
Class R6		(4,636,096	)		(92,936,076	)		(6,183,012	)		(119,493,051	)
Net increase in share activity		4,731,450		$	107,035,069			40,146,278		$	759,111,686

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 57% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17 Invesco Small Cap Value Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning      Account Value      (05/01/23)	Ending      Account Value      (10/31/23)1	Expenses        Paid During        Period2	Ending      Account Value      (10/31/23)	Expenses        Paid During        Period2	Annualized         Expense Ratio
Class A	$1,000.00	$1,035.80	$5.68	$1,019.56	$5.63	1.11%
Class C	1,000.00	1,032.50	9.35	1,015.94	9.27	1.83
Class R	1,000.00	1,034.80	6.96	1,018.30	6.90	1.36
Class Y	1,000.00	1,037.10	4.40	1,020.81	4.37	0.86
Class R6	1,000.00	1,037.80	3.59	1,021.62	3.56	0.70

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

18 Invesco Small Cap Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. 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, b-Committees, that meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). The Sub-Committees meet regularly with portfolio managers for their assigned Invesco Funds and other members of management to review information about investment performance and portfolio attributes of these funds. The Board has established additional standing and ad hoc committees that meet regularly throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process for the Invesco Funds’ investment advisory 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, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

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

process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, 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.

19 Invesco Small Cap Value Fund

The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund-by-fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board requested and considered additional information from management regarding the Fund’s actual 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 contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

    The Board 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 difficulty 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’ 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 realized as to that 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 determination that the services are required for the operation of the Fund.

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

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

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

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

20 Invesco Small Cap Value Fund

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Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2023

Invesco Technology Fund

Nasdaq:

A: ITYAX ∎ C: ITHCX ∎ Y: ITYYX ∎ Investor: FTCHX ∎ R5: FTPIX ∎ R6: FTPSX

2	Fund Performance
4	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	Fund Expenses
17	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/23 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.15	%
Class C Shares	7.72
Class Y Shares	8.27
Investor Class Shares	8.19
Class R5 Shares	8.33
Class R6 Shares	8.36
NASDAQ Composite Total Return Index▼* (Broad Market Index)	5.54
S&P 500 Index▼* (Broad Market Index)	1.39
S&P North American Technology Sector Index▼ (Style-Specific Index)	10.78
Lipper Science & Technology Funds Index∎ (Peer Group Index)	6.12
Source(s): ▼Bloomberg LP; ∎Lipper Inc.
*Effective August 28, 2023, the Fund changed its broad-based securities market benchmark from the NASDAQ Composite Total Return Index to the S&P 500 Index. The Fund believes the S&P 500 Index is an appropriate benchmark for evaluating the Fund’s performance against the overall applicable market.
The NASDAQ Composite Total Return Index is a broad-based, market index of the common stocks and similar securities listed on the Nasdaq stock market.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The S&P North American Technology Sector Index represents US securities classified under the GICS® information technology sector as well as the internet & direct marketing retail, interactive home entertainment, and interactive media and services sub-industries.
The Lipper Science & Technology Funds Index is an unmanaged index considered representative of science and technology funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Technology Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	5.98	%
10 Years	10.15
5 Years	7.46
1 Year	12.25
Class C Shares
Inception (2/14/00)	0.58	%
10 Years	10.11
5 Years	7.87
1 Year	16.86
Class Y Shares
Inception (10/3/08)	12.04	%
10 Years	11.05
5 Years	8.95
1 Year	19.07
Investor Class Shares
Inception (1/19/84)	9.99	%
10 Years	10.88
5 Years	8.80
1 Year	18.91
Class R5 Shares
Inception (12/21/98)	5.97	%
10 Years	11.24
5 Years	9.05
1 Year	19.17
Class R6 Shares
10 Years	11.07	%
5 Years	9.11
1 Year	19.27

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

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

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

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

3 Invesco Technology Fund

Schedule of Investments^(a)

October 31, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.86%
Advertising–2.03%
Trade Desk, Inc. (The), Class A(b)		341,879	$	24,259,734
Aerospace & Defense–3.09%
Airbus SE (France)		67,897		9,081,767
Axon Enterprise, Inc.(b)		46,818		9,573,813
TransDigm Group, Inc.(b)		22,099		18,299,961
				36,955,541
Application Software–15.65%
Adobe, Inc.(b)		71,675		38,135,401
Braze, Inc., Class A(b)(c)		151,574		6,454,021
Confluent, Inc., Class A(b)(c)		454,486		13,139,190
Datadog, Inc., Class A(b)(c)		72,853		5,935,334
Guidewire Software, Inc.(b)		69,446		6,259,168
HubSpot, Inc.(b)		35,676		15,118,419
Manhattan Associates, Inc.(b)		61,421		11,975,867
Procore Technologies, Inc.(b)(c)		224,389		13,707,924
Samsara, Inc., Class A(b)		636,762		14,690,099
Sprout Social, Inc., Class A(b)(c)		61,404		2,657,565
Synopsys, Inc.(b)		84,287		39,567,689
Workday, Inc., Class A(b)		92,272		19,534,905
				187,175,582
Automobile Manufacturers–0.77%
Tesla, Inc.(b)		45,683		9,174,974
Automotive Parts & Equipment–0.54%
Mobileye Global, Inc., Class A (Israel)(b)(c)		179,766		6,412,253
Broadline Retail–4.21%
Amazon.com, Inc.(b)		281,754		37,498,640
MercadoLibre, Inc. (Brazil)(b)		10,410		12,916,103
				50,414,743
Cargo Ground Transportation–0.30%
Saia, Inc.(b)		10,174		3,647,277
Casinos & Gaming–0.87%
DraftKings, Inc., Class A(b)(c)		377,333		10,421,937
Construction & Engineering–0.61%
Comfort Systems USA, Inc.		39,926		7,260,543
Education Services–0.97%
Duolingo, Inc.(b)(c)		79,298		11,581,473
Electrical Components & Equipment–0.85%
Eaton Corp. PLC		49,155		10,219,816
Electronic Components–0.74%
Amphenol Corp., Class A		110,499		8,900,694
Electronic Manufacturing Services–1.55%
Flex Ltd.(b)		721,183		18,548,827
Health Care Equipment–0.68%
DexCom, Inc.(b)		92,208		8,190,837

	Shares		Value
Health Care Technology–0.73%
Veeva Systems, Inc., Class A(b)		45,533	$	8,774,664
Industrial Machinery & Supplies & Components–0.53%
Parker-Hannifin Corp.		17,058		6,292,867
Interactive Home Entertainment–0.72%
Take-Two Interactive Software, Inc.(b)		64,671		8,649,746
Interactive Media & Services–10.73%
Alphabet, Inc., Class A(b)		467,836		58,049,091
Meta Platforms, Inc., Class A(b)		233,259		70,273,939
				128,323,030
Internet Services & Infrastructure–2.75%
MongoDB, Inc.(b)		58,893		20,293,939
Shopify, Inc., Class A (Canada)(b)		204,587		9,654,460
Snowflake, Inc., Class A(b)		20,631		2,994,177
				32,942,576
Movies & Entertainment–3.47%
Atlanta Braves Holdings, Inc., Series C(b)		4,441		154,458
Liberty Media Corp.-Liberty Formula One(b)		96,487		6,241,744
Liberty Media Corp.-Liberty Live, Series C(b)		6,563		209,163
Netflix, Inc.(b)		62,367		25,675,870
TKO Group Holdings, Inc.(c)		112,024		9,183,728
				41,464,963
Passenger Ground Transportation–1.05%
Uber Technologies, Inc.(b)		290,692		12,581,150
Semiconductor Materials & Equipment–3.14%
Applied Materials, Inc.		69,252		9,165,502
Entegris, Inc.		162,101		14,271,372
Lam Research Corp.		23,951		14,088,458
				37,525,332
Semiconductors–15.40%
Advanced Micro Devices, Inc.(b)		118,081		11,630,978
Broadcom, Inc.		44,346		37,311,394
Lattice Semiconductor Corp.(b)(c)		203,251		11,302,788
Monolithic Power Systems, Inc.		43,663		19,287,694
NVIDIA Corp.		191,760		78,199,728
ON Semiconductor Corp.(b)(c)		123,390		7,729,150
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		217,716		18,791,068
				184,252,800
Systems Software–17.28%
CrowdStrike Holdings, Inc., Class A(b)		92,556		16,361,124
CyberArk Software Ltd.(b)		59,722		9,772,908
Microsoft Corp.		298,128		100,800,058
Oracle Corp.		261,755		27,065,467
Palo Alto Networks, Inc.(b)		80,759		19,626,052
ServiceNow, Inc.(b)		56,802		33,050,244
				206,675,853

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

4 Invesco Technology Fund

	Shares		Value
Technology Distributors–1.00%
CDW Corp.		59,758	$	11,975,503
Technology Hardware, Storage & Peripherals–3.14%
Apple, Inc.		219,712		37,520,218
Trading Companies & Distributors–0.25%
W.W. Grainger, Inc.		4,176		3,047,770
Transaction & Payment Processing Services–2.81%
Mastercard, Inc., Class A		36,779		13,841,777
Visa, Inc., Class A(c)		83,920		19,729,592
				33,571,369
Total Common Stocks & Other Equity Interests (Cost $826,385,905)				1,146,762,072
Money Market Funds–4.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)		16,778,408		16,778,408
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(d)(e)		12,410,462		12,414,185
Invesco Treasury Portfolio, Institutional Class, 5.27%(d)(e)		19,175,324		19,175,324
Total Money Market Funds (Cost $48,366,444)				48,367,917
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)–99.90% (Cost $874,752,349)				1,195,129,989

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.92%
Invesco Private Government Fund, 5.32%(d)(e)(f)		19,829,960	$	19,829,960
Invesco Private Prime Fund, 5.53%(d)(e)(f)		50,999,769		51,004,869
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $70,834,314)				70,834,829
TOTAL INVESTMENTS IN SECURITIES–105.82% (Cost $945,586,663)				1,265,964,818
OTHER ASSETS LESS LIABILITIES–(5.82)%				(69,627,543	)
NET ASSETS–100.00%			$	1,196,337,275

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at October 31, 2023.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2023.

	Value April 30, 2023			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)			Value October 31, 2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	5,835,409		$	61,183,531		$	(50,240,532	)		$	-		$	-		$	16,778,408		$	174,743
Invesco Liquid Assets Portfolio, Institutional Class			4,597,308			43,702,522			(35,886,094	)			483			(34)			12,414,185			136,191
Invesco Treasury Portfolio, Institutional Class			6,669,039			69,924,035			(57,417,750	)			-			-			19,175,324			195,109
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			15,785,224			142,588,757			(138,544,021	)			-			-			19,829,960			579,270*
Invesco Private Prime Fund			40,590,577			352,471,557			(342,062,866	)			928			4,673			51,004,869			1,547,186*
Total		$	73,477,557		$	669,870,402		$	(624,151,263	)		$	1,411		$	4,639		$	119,202,746		$	2,632,499

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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

5 Invesco Technology Fund

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2023

Information Technology	60.64	%
Communication Services	16.94
Consumer Discretionary	7.36
Industrials	6.69
Financials	2.81
Health Care	1.42
Money Market Funds Plus Other Assets Less Liabilities	4.14

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

6 Invesco Technology Fund

Statement of Assets and Liabilities

October 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $826,385,905)*	$	1,146,762,072
Investments in affiliated money market funds, at value (Cost $119,200,758)		119,202,746
Foreign currencies, at value (Cost $524)		502
Receivable for:
Investments sold		2,033,141
Fund shares sold		188,035
Dividends		274,791
Investment for trustee deferred compensation and retirement plans		131,333
Other assets		54,170
Total assets		1,268,646,790
Liabilities:
Payable for:
Fund shares reacquired		666,419
Collateral upon return of securities loaned		70,834,314
Accrued fees to affiliates		558,903
Accrued trustees’ and officers’ fees and benefits		1,905
Accrued other operating expenses		104,176
Trustee deferred compensation and retirement plans		143,798
Total liabilities		72,309,515
Net assets applicable to shares outstanding	$	1,196,337,275
Net assets consist of:
Shares of beneficial interest	$	868,132,826
Distributable earnings		328,204,449
	$	1,196,337,275

Net Assets:
Class A	$	656,390,340
Class C	$	32,882,291
Class Y	$	35,722,441
Investor Class	$	467,780,668
Class R5	$	482,598
Class R6	$	3,078,937
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		15,034,256
Class C		1,166,259
Class Y		785,925
Investor Class		10,733,219
Class R5		8,392
Class R6		53,375
Class A:
Net asset value per share	$	43.66
Maximum offering price per share (Net asset value of $43.66 ÷ 94.50%)	$	46.20
Class C:
Net asset value and offering price per share	$	28.19
Class Y:
Net asset value and offering price per share	$	45.45
Investor Class:
Net asset value and offering price per share	$	43.58
Class R5:
Net asset value and offering price per share	$	57.51
Class R6:
Net asset value and offering price per share	$	57.69

* At October 31, 2023, securities with an aggregate value of $69,910,785 were on loan to brokers.

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

7 Invesco Technology Fund

Statement of Operations

For the six months ended October 31, 2023

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $58,051)	$	2,145,302
Dividends from affiliated money market funds (includes net securities lending income of $183,009)		689,052
Total investment income		2,834,354
Expenses:
Advisory fees		3,965,363
Administrative services fees		87,613
Custodian fees		4,621
Distribution fees:
Class A		861,403
Class C		172,336
Investor Class		413,249
Transfer agent fees – A, C, Y and Investor		1,022,918
Transfer agent fees – R5		255
Transfer agent fees – R6		453
Trustees’ and officers’ fees and benefits		16,731
Registration and filing fees		49,401
Reports to shareholders		121,320
Professional services fees		28,328
Other		12,251
Total expenses		6,756,242
Less: Fees waived and/or expense offset arrangement(s)		(41,528	)
Net expenses		6,714,714
Net investment income (loss)		(3,880,360	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		33,306,209
Affiliated investment securities		4,639
Foreign currencies		(20,651	)
		33,290,197
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		61,397,483
Affiliated investment securities		1,411
Foreign currencies		(3,565	)
		61,395,329
Net realized and unrealized gain		94,685,526
Net increase in net assets resulting from operations	$	90,805,166

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

8 Invesco Technology Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)

	October 31, 2023			April 30, 2023
Operations:
Net investment income (loss)	$	(3,880,360	)	$	(4,267,208	)
Net realized gain (loss)		33,290,197			(10,688,020	)
Change in net unrealized appreciation (depreciation)		61,395,329			(96,060,092	)
Net increase (decrease) in net assets resulting from operations		90,805,166			(111,015,320	)
Distributions to shareholders from distributable earnings:
Class A		–			(8,480,586	)
Class C		–			(629,186	)
Class Y		–			(481,970	)
Investor Class		–			(6,284,245	)
Class R5		–			(5,774	)
Class R6		–			(20,093	)
Total distributions from distributable earnings		–			(15,901,854	)
Share transactions–net:
Class A		7,309,593			(26,687,914	)
Class C		1,294,143			(3,474,883	)
Class Y		(1,067,989	)		(7,558,270	)
Investor Class		(12,692,071	)		(21,571,417	)
Class R5		(10,728	)		(19,449	)
Class R6		573,452			1,021,731
Net increase (decrease) in net assets resulting from share transactions		(4,593,600	)		(58,290,202	)
Net increase (decrease) in net assets		86,211,566			(185,207,376	)
Net assets:
Beginning of period		1,110,125,709			1,295,333,085
End of period	$	1,196,337,275		$	1,110,125,709

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

9 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 value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Distributions from net realized gains				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/23		$	40.36		$	(0.15	)		$	3.45			$	3.30			$	-			$	43.66		8.18	%		$	656,390		1.08	%(d)		1.09	%(d)		(0.63	)%(d)		44	%
Year ended 04/30/23			44.73			(0.17	)			(3.63	)			(3.80	)			(0.57	)			40.36		(8.37	)			600,500		1.13			1.13			(0.43	)		142
Year ended 04/30/22			72.50			(0.49	)			(10.69	)			(11.18	)			(16.59	)			44.73		(20.67	)			695,429		1.02			1.02			(0.75	)		95
Year ended 04/30/21			50.35			(0.46	)			27.38				26.92				(4.77	)			72.50		54.37				927,620		1.10			1.10			(0.71	)		59
Year ended 04/30/20			49.68			(0.29	)			5.71				5.42				(4.75	)			50.35		11.31				572,351		1.19			1.19			(0.58	)		38
Year ended 04/30/19			46.98			(0.34	)			6.66				6.32				(3.62	)			49.68		14.87				443,050		1.23			1.23			(0.71	)		48
Class C
Six months ended 10/31/23			26.16			(0.21	)			2.24				2.03				-				28.19		7.76				32,882		1.83	(d)		1.84	(d)		(1.38	)(d)		44
Year ended 04/30/23			29.46			(0.31	)			(2.42	)			(2.73	)			(0.57	)			26.16		(9.08	)			29,413		1.88			1.88			(1.18	)		142
Year ended 04/30/22			53.59			(0.68	)			(6.86	)			(7.54	)			(16.59	)			29.46		(21.24	)(e)			37,022		1.74	(e)		1.74	(e)		(1.47	)(e)		95
Year ended 04/30/21			38.38			(0.72	)			20.70				19.98				(4.77	)			53.59		53.20	(e)			56,566		1.84	(e)		1.84	(e)		(1.45	)(e)		59
Year ended 04/30/20			39.21			(0.51	)			4.43				3.92				(4.75	)			38.38		10.47				32,723		1.94			1.94			(1.33	)		38
Year ended 04/30/19			38.15			(0.57	)			5.25				4.68				(3.62	)			39.21		13.98				28,217		1.98			1.98			(1.46	)		48
Class Y
Six months ended 10/31/23			41.97			(0.09	)			3.57				3.48				-				45.45		8.29				35,722		0.83	(d)		0.84	(d)		(0.38	)(d)		44
Year ended 04/30/23			46.37			(0.07	)			(3.76	)			(3.83	)			(0.57	)			41.97		(8.14	)			33,882		0.88			0.88			(0.18	)		142
Year ended 04/30/22			74.39			(0.34	)			(11.09	)			(11.43	)			(16.59	)			46.37		(20.46	)			46,149		0.77			0.77			(0.50	)		95
Year ended 04/30/21			51.45			(0.31	)			28.02				27.71				(4.77	)			74.39		54.75				62,294		0.85			0.85			(0.46	)		59
Year ended 04/30/20			50.55			(0.17	)			5.82				5.65				(4.75	)			51.45		11.57				36,341		0.94			0.94			(0.33	)		38
Year ended 04/30/19			47.62			(0.22	)			6.77				6.55				(3.62	)			50.55		15.16				32,658		0.98			0.98			(0.46	)		48
Investor Class
Six months ended 10/31/23			40.27			(0.13	)			3.44				3.31				-				43.58		8.22	(f)			467,781		1.00	(d)(f)		1.01	(d)(f)		(0.55	)(d)(f)		44
Year ended 04/30/23			44.58			(0.12	)			(3.62	)			(3.74	)			(0.57	)			40.27		(8.26	)(f)			443,544		1.00	(f)		1.00	(f)		(0.30	)(f)		142
Year ended 04/30/22			72.24			(0.42	)			(10.65	)			(11.07	)			(16.59	)			44.58		(20.59	)(f)			514,752		0.91	(f)		0.91	(f)		(0.64	)(f)		95
Year ended 04/30/21			50.13			(0.39	)			27.27				26.88				(4.77	)			72.24		54.53	(f)			698,143		1.00	(f)		1.00	(f)		(0.61	)(f)		59
Year ended 04/30/20			49.44			(0.24	)			5.68				5.44				(4.75	)			50.13		11.41	(f)			483,563		1.09	(f)		1.09	(f)		(0.48	)(f)		38
Year ended 04/30/19			46.71			(0.28	)			6.63				6.35				(3.62	)			49.44		15.02	(f)			475,857		1.11	(f)		1.11	(f)		(0.59	)(f)		48
Class R5
Six months ended 10/31/23			53.08			(0.10	)			4.53				4.43				-				57.51		8.34				483		0.78	(d)		0.78	(d)		(0.33	)(d)		44
Year ended 04/30/23			58.42			(0.05	)			(4.72	)			(4.77	)			(0.57	)			53.08		(8.07	)			453		0.79			0.79			(0.09	)		142
Year ended 04/30/22			89.51			(0.38	)			(14.12	)			(14.50	)			(16.59	)			58.42		(20.43	)			520		0.72			0.72			(0.45	)		95
Year ended 04/30/21			61.17			(0.32	)			33.43				33.11				(4.77	)			89.51		54.88				794		0.77			0.77			(0.38	)		59
Year ended 04/30/20			59.18			(0.12	)			6.86				6.74				(4.75	)			61.17		11.74				267		0.81			0.81			(0.20	)		38
Year ended 04/30/19			55.03			(0.16	)			7.93				7.77				(3.62	)			59.18		15.34				263		0.81			0.81			(0.29	)		48
Class R6
Six months ended 10/31/23			53.22			(0.08	)			4.55				4.47				-				57.69		8.40				3,079		0.71	(d)		0.71	(d)		(0.26	)(d)		44
Year ended 04/30/23			58.54			(0.01	)			(4.74	)			(4.75	)			(0.57	)			53.22		(8.02	)			2,334		0.72			0.72			(0.02	)		142
Year ended 04/30/22			89.60			(0.32	)			(14.15	)			(14.47	)			(16.59	)			58.54		(20.37	)			1,460		0.65			0.65			(0.38	)		95
Year ended 04/30/21			61.21			(0.29	)			33.45				33.16				(4.77	)			89.60		54.93				1,647		0.74			0.74			(0.35	)		59
Year ended 04/30/20			59.20			(0.10	)			6.86				6.76				(4.75	)			61.21		11.77				545		0.77			0.77			(0.16	)		38
Year ended 04/30/19			55.04			(0.15	)			7.93				7.78				(3.62	)			59.20		15.36				483		0.80			0.80			(0.28	)		48

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $50,768,823 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Technology Sector Fund into the Fund.

^(d)  Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.97% and 0.99% for the year ended April 30, 2022 and 2021, respectively.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.17%, 0.12%, 0.14%, 0.15%, 0.15% and 0.13% for the six months ended October 31, 2023 and the years ended April 30, 2023, 2022, 2021, 2020 and 2019, respectively.

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

10 Invesco Technology Fund

Notes to Financial Statements

October 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term growth of capital.

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid 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.

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

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

11 Invesco Technology Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a 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

12 Invesco Technology Fund

consistent with the federal securities laws. For the six months ended October 31, 2023, the Fund paid the Adviser $13,171 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.

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

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

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

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

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

L. Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

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		0.670%
Next $500 million		0.640%
Next $1 billion		0.520%
Next $2 billion		0.450%
Next $2 billion		0.400%
Next $2 billion		0.375%
Over $8 billion		0.350%

For the six months ended October 31, 2023, the effective advisory fee rate incurred by the Fund was 0.63%.

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

Effective July 1, 2023, the Adviser has agreed, for an indefinite period, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “boundary limits”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2023, the Adviser waived advisory fees of $9,450.

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, 2023, 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

13 Invesco Technology Fund

(“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, 2023, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plans payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2023, 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, 2023, IDI advised the Fund that IDI retained $67,566 in front-end sales commissions from the sale of Class A shares and $3,929 and $2,126 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2023, the Fund incurred $12,935 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,137,680,305	$	9,081,767		$–	$	1,146,762,072
Money Market Funds		48,367,917		70,834,829		–		119,202,746
Total Investments	$	1,186,048,222	$	79,916,596		$–	$	1,265,964,818

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $32,078.

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.

14 Invesco Technology Fund

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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration		$	10,895,919		$	–		$	10,895,919

* 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, 2023 was $545,452,472 and $575,137,030, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	344,335,216
Aggregate unrealized (depreciation) of investments		(32,751,673	)
Net unrealized appreciation of investments	$	311,583,543
Cost of investments for tax purposes is $954,381,275.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended October 31, 2023(a)						Year ended April 30, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		1,082,680		$	49,579,426			1,492,652		$	59,794,545
Class C		221,512			6,594,657			326,522			8,541,652
Class Y		113,911			5,396,627			205,849			8,636,636
Investor Class		190,241			8,773,480			263,201			10,511,644
Class R5		442			25,393			1,580			79,272
Class R6		18,660			1,121,392			31,780			1,681,803
Issued as reinvestment of dividends:
Class A		-			-			220,620			8,039,076
Class C		-			-			25,783			610,811
Class Y		-			-			11,153			422,234
Investor Class		-			-			163,393			5,939,318
Class R5		-			-			109			5,194
Class R6		-			-			403			19,321
Automatic conversion of Class C shares to Class A shares:
Class A		38,891			1,747,171			70,604			2,774,024
Class C		(60,118	)		(1,747,171	)		(108,110	)		(2,774,024	)
Reacquired:
Class A		(965,732	)		(44,017,004	)		(2,451,473	)		(97,295,559	)
Class C		(119,369	)		(3,553,343	)		(376,717	)		(9,853,322	)
Class Y		(135,373	)		(6,464,616	)		(404,891	)		(16,617,140	)
Investor Class		(470,648	)		(21,465,551	)		(960,051	)		(38,022,379	)
Class R5		(582	)		(36,121	)		(2,057	)		(103,915	)
Class R6		(9,132	)		(547,940	)		(13,276	)		(679,393	)
Net increase (decrease) in share activity		(94,617	)	$	(4,593,600	)		(1,502,926	)	$	(58,290,202	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

15 Invesco Technology Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning      Account Value       (05/01/23)	Ending     Account Value       (10/31/23)1	Expenses     Paid During       Period	Ending     Account Value       (10/31/23)1	Expenses     Paid During      Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,081.50	$5.65	$1,019.71	$5.48	1.08%
Class C	1,000.00	1,077.20	9.56	1,015.94	9.27	1.83
Class Y	1,000.00	1,082.70	4.35	1,020.96	4.22	0.83
Investor Class	1,000.00	1,081.90	5.23	1,020.11	5.08	1.00
Class R5	1,000.00	1,083.30	4.08	1,021.22	3.96	0.78
Class R6	1,000.00	1,083.60	3.72	1,021.57	3.61	0.71

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

16 Invesco Technology Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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 by Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the NASDAQ Composite Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and five year periods and the fifth quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board considered that security selection in and overweight and underweight

17 Invesco Technology Fund

exposures to certain sectors and technology industries negatively impacted the Fund’s relative performance. The Board also considered that the Fund underwent a portfolio management team change and investment process change in November 2022, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

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

    The Board 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 difficulty 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’ 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 realized as to that 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 determination that the services are required for the operation of the Fund.

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

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

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

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

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

18 Invesco Technology Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2023

Invesco Value Opportunities Fund

Nasdaq:

A: VVOAX ∎ C: VVOCX ∎ R: VVORX ∎ Y: VVOIX ∎ R5: VVONX ∎ R6: VVOSX

2	Fund Performance
4	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
18	Fund Expenses
19	Approval of Investment Advisory and Sub-Advisory Contracts

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

Unless otherwise noted, all data is provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/23 to 10/31/23, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.50	%
Class C Shares	2.17
Class R Shares	2.34
Class Y Shares	2.68
Class R5 Shares	2.65
Class R6 Shares	2.71
S&P 500 Index▼ (Broad Market Index)	1.39
Russell Midcap Value Index▼ (Style-Specific Index)	-5.69
Lipper Mid-Cap Value Funds Index∎ (Peer Group Index)	-3.84
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.   The Russell Midcap® Value Index is an unmanaged index considered representative of mid-cap value stocks. The Russell Midcap Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.   The Lipper Mid-Cap Value Funds Index is an unmanaged index considered representative of mid-cap value funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Value Opportunities Fund

Average Annual Total Returns
As of 10/31/23, including maximum applicable sales charges
Class A Shares
Inception (6/25/01)	5.99	%
10 Years	7.07
5 Years	9.22
1 Year	-2.80
Class C Shares
Inception (6/25/01)	5.98	%
10 Years	7.07
5 Years	9.70
1 Year	1.21
Class R Shares
Inception (5/23/11)	8.50	%
10 Years	7.41
5 Years	10.19
1 Year	2.55
Class Y Shares
Inception (3/23/05)	6.53	%
10 Years	7.94
5 Years	10.75
1 Year	3.12
Class R5 Shares
Inception (5/23/11)	9.22	%
10 Years	8.09
5 Years	10.88
1 Year	3.14
Class R6 Shares
10 Years	7.97	%
5 Years	10.92
1 Year	3.27

Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

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

    Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

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

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

    The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

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

3 Invesco Value Opportunities Fund

Schedule of Investments^(a)

October 31, 2023

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.87%
Aerospace & Defense–4.18%
Huntington Ingalls Industries, Inc.		194,000	$	42,645,080
Leonardo S.p.A. (Italy)		4,756,000		71,751,478
				114,396,558
Automotive Parts & Equipment–1.11%
Dana, Inc.		2,652,868		30,454,925
Coal & Consumable Fuels–1.75%
Cameco Corp. (Canada)		1,173,344		48,001,503
Communications Equipment–1.74%
Lumentum Holdings, Inc.(b)(c)		1,214,500		47,620,545
Construction & Engineering–4.72%
AECOM(c)		740,526		56,687,265
HOCHTIEF AG (Germany)		293,600		30,324,944
MasTec, Inc.(b)		712,000		42,321,280
				129,333,489
Construction Machinery & Heavy Transportation Equipment– 1.01%
Oshkosh Corp.		315,546		27,682,851
Copper–1.70%
Freeport-McMoRan, Inc.		1,378,000		46,548,840
Diversified Chemicals–1.48%
Huntsman Corp.		1,733,100		40,433,223
Diversified Metals & Mining–1.91%
Teck Resources Ltd., Class B (Canada)		1,476,800		52,190,112
Electric Utilities–2.29%
NRG Energy, Inc.		1,483,100		62,853,778
Electrical Components & Equipment–2.30%
Vertiv Holdings Co.		1,604,614		63,013,192
Electronic Components–1.75%
Coherent Corp.(b)(c)		1,618,200		47,898,720
Electronic Manufacturing Services–1.98%
Flex Ltd.(b)		2,113,623		54,362,383
Food Distributors–3.56%
Performance Food Group Co.(b)		782,654		45,206,095
US Foods Holding Corp.(b)		1,344,916		52,371,029
				97,577,124
Gold–1.87%
Agnico Eagle Mines Ltd. (Canada)		1,091,370		51,196,167
Health Care Distributors–1.85%
Henry Schein, Inc.(b)		780,100		50,690,898
Health Care Facilities–1.03%
Universal Health Services, Inc., Class B		223,810		28,175,441
Health Care Services–3.18%
Cigna Group (The)		239,200		73,960,640

	Shares		Value
Health Care Services–(continued)
Fresenius Medical Care AG & Co. KGaA (Germany)		392,900	$	13,044,077
				87,004,717
Hotels, Resorts & Cruise Lines–2.65%
Expedia Group, Inc.(b)(c)		617,800		58,870,162
Travel + Leisure Co.		402,132		13,684,552
				72,554,714
Household Products–2.07%
Spectrum Brands Holdings, Inc.(c)		754,271		56,811,692
Human Resource & Employment Services–0.94%
ManpowerGroup, Inc.		367,704		25,728,249
Independent Power Producers & Energy Traders–2.18%
Vistra Corp.		1,822,600		59,635,472
Insurance Brokers–2.34%
Willis Towers Watson PLC		272,000		64,162,080
Integrated Oil & Gas–2.04%
Cenovus Energy, Inc. (Canada)		2,934,300		55,986,444
Investment Banking & Brokerage–1.43%
Goldman Sachs Group, Inc. (The)		129,000		39,165,690
Life Sciences Tools & Services–2.36%
Avantor, Inc.(b)(c)		3,708,600		64,640,898
Managed Health Care–6.05%
Centene Corp.(b)(c)		1,396,721		96,345,815
Molina Healthcare, Inc.(b)(c)		208,300		69,353,485
				165,699,300
Metal, Glass & Plastic Containers–0.87%
Crown Holdings, Inc.(c)		297,300		23,962,380
Oil & Gas Exploration & Production–10.51%
APA Corp.		1,581,800		62,829,096
ARC Resources Ltd. (Canada)		4,303,300		69,231,385
EQT Corp.(c)		1,031,400		43,710,732
Murphy Oil Corp.		659,700		29,600,739
Ovintiv, Inc.(c)		907,600		43,564,800
Southwestern Energy Co.(b)(c)		5,461,700		38,941,921
				287,878,673
Oil & Gas Refining & Marketing–1.43%
Phillips 66(c)		343,400		39,171,638
Oil & Gas Storage & Transportation–1.86%
New Fortress Energy, Inc.(c)		1,681,150		50,938,845
Paper & Plastic Packaging Products & Materials–0.89%
Sealed Air Corp.		794,700		24,468,813
Regional Banks–5.28%
Huntington Bancshares, Inc.		4,986,199		48,116,820
Pinnacle Financial Partners, Inc.		816,500		50,916,940

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

4 Invesco Value Opportunities Fund

	Shares		Value
Regional Banks–(continued)
Webster Financial Corp.		1,198,332	$	45,500,666
				144,534,426
Research & Consulting Services–5.03%
Jacobs Solutions, Inc.		462,900		61,704,570
KBR, Inc.(c)		1,306,000		75,943,900
				137,648,470
Semiconductor Materials & Equipment–2.07%
Applied Materials, Inc.		90,600		11,990,910
Lam Research Corp.		23,100		13,587,882
MKS Instruments, Inc.		474,623		31,163,746
				56,742,538
Semiconductors–1.41%
Skyworks Solutions, Inc.		444,600		38,564,604
Silver–1.06%
Pan American Silver Corp. (Canada)		1,978,572		28,906,937
Trading Companies & Distributors–2.72%
Air Lease Corp., Class A		1,341,600		46,459,608
WESCO International, Inc.		219,300		28,114,260
				74,573,868
Transaction & Payment Processing Services–2.27%
Fidelity National Information Services, Inc.		1,265,200		62,133,972
Total Common Stocks & Other Equity Interests (Cost $2,574,724,867)				2,653,344,169

	Shares		Value
Money Market Funds–3.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.27%(d)(e)		29,200,596	$	29,200,596
Invesco Liquid Assets Portfolio, Institutional Class, 5.40%(d)(e)		20,716,404		20,722,619
Invesco Treasury Portfolio, Institutional Class, 5.27%(d)(e)		33,372,110		33,372,110
Total Money Market Funds (Cost $83,291,683)				83,295,325
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $2,658,016,550)				2,736,639,494
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.23%
Invesco Private Government Fund, 5.32%(d)(e)(f)		32,458,868		32,458,868
Invesco Private Prime Fund, 5.53%(d)(e)(f)		83,484,452		83,492,800
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $115,951,387)				115,951,668
TOTAL INVESTMENTS IN SECURITIES–104.14% (Cost $2,773,967,937)				2,852,591,162
OTHER ASSETS LESS LIABILITIES–(4.14)%				(113,354,929	)
NET ASSETS–100.00%			$	2,739,236,233

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at October 31, 2023.

^(d)  Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2023.

	Value April 30, 2023		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2023		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  33,035,494		$   160,853,801		$  (164,688,700)		$       1		$         -		$  29,200,596		$     574,700
Invesco Liquid Assets Portfolio, Institutional Class		23,460,147		114,895,573		(117,634,786)		(520)		2,205		20,722,619		415,803
Invesco Treasury Portfolio, Institutional Class		37,754,851		183,832,916		(188,215,657)		-		-		33,372,110		655,564
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		28,820,789		326,502,574		(322,864,495)		-		-		32,458,868		1,018,224*
Invesco Private Prime Fund		69,737,895		659,285,139		(645,539,255)		1,803		7,218		83,492,800		2,695,746*
Total		$192,809,176		$1,445,370,003		$(1,438,942,893)		$1,284		$9,423		$199,246,993		$  5,360,037

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2023.

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

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

5 Invesco Value Opportunities Fund

Open Forward Foreign Currency Contracts
								Unrealized
Settlement		Contract to						Appreciation
Date	Counterparty	Deliver			Receive			(Depreciation)
Currency Risk
11/15/2023	Barclays Bank PLC		EUR	7,465,670		USD	7,934,743		$  31,232
11/15/2023	J.P. Morgan Chase Bank, N.A.		USD	11,405,628		EUR	10,795,047		22,519
11/15/2023	Merrill Lynch International		EUR	2,010,358		USD	2,133,459		5,199
11/15/2023	UBS AG		EUR	137,896,514		USD	146,382,252		398,492
11/15/2023	UBS AG		USD	8,847,109		EUR	8,381,651		26,102
Subtotal–Appreciation									483,544
Currency Risk
11/15/2023	Barclays Bank PLC		USD	7,752,949		EUR	7,319,178		(4,522)
11/15/2023	Royal Bank of Canada		USD	11,635,932		EUR	10,954,558		(38,919)
Subtotal–Depreciation									(43,441)
Total Forward Foreign Currency Contracts									$440,103

Abbreviations:

EUR – Euro

USD – U.S. Dollar

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2023

Industrials	20.90	%
Energy	17.60
Health Care	14.46
Financials	11.32
Materials	9.77
Information Technology	8.95
Consumer Staples	5.64
Utilities	4.47
Consumer Discretionary	3.76
Money Market Funds Plus Other Assets Less Liabilities	3.13

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

6 Invesco Value Opportunities Fund

Statement of Assets and Liabilities

October 31, 2023

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $2,574,724,867)*	$	2,653,344,169
Investments in affiliated money market funds, at value (Cost $199,243,070)		199,246,993
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		483,544
Foreign currencies, at value (Cost $568,433)		568,353
Receivable for:
Investments sold		1,644,455
Fund shares sold		1,782,868
Dividends		2,115,163
Investment for trustee deferred compensation and retirement plans		565,707
Other assets		78,105
Total assets		2,859,829,357
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		43,441
Payable for:
Fund shares reacquired		2,654,480
Collateral upon return of securities loaned		115,951,387
Accrued fees to affiliates		1,215,202
Accrued trustees’ and officers’ fees and benefits		3,293
Accrued other operating expenses		38,635
Trustee deferred compensation and retirement plans		686,686
Total liabilities		120,593,124
Net assets applicable to shares outstanding	$	2,739,236,233
Net assets consist of:
Shares of beneficial interest	$	2,668,337,477
Distributable earnings		70,898,756
	$	2,739,236,233

Net Assets:
Class A	$	2,016,472,896
Class C	$	53,105,089
Class R	$	67,680,522
Class Y	$	287,342,357
Class R5	$	10,120,382
Class R6	$	304,514,987
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		129,142,833
Class C		3,761,887
Class R		4,414,228
Class Y		18,303,197
Class R5		638,024
Class R6		19,163,539
Class A:
Net asset value per share	$	15.61
Maximum offering price per share (Net asset value of $15.61 ÷ 94.50%)	$	16.52
Class C:
Net asset value and offering price per share	$	14.12
Class R:
Net asset value and offering price per share	$	15.33
Class Y:
Net asset value and offering price per share	$	15.70
Class R5:
Net asset value and offering price per share	$	15.86
Class R6:
Net asset value and offering price per share	$	15.89

* At October 31, 2023, securities with an aggregate value of $113,315,367 were on loan to brokers.

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

7 Invesco Value Opportunities Fund

Statement of Operations

For the six months ended October 31, 2023

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $653,818)	$	24,007,588
Dividends from affiliated money market funds (includes net securities lending income of $101,424)		1,747,491
Total investment income		25,755,079
Expenses:
Advisory fees		8,978,674
Administrative services fees		254,115
Custodian fees		11,367
Distribution fees:
Class A		2,663,086
Class C		294,536
Class R		180,517
Transfer agent fees – A, C, R and Y		2,162,856
Transfer agent fees – R5		5,302
Transfer agent fees – R6		48,539
Trustees’ and officers’ fees and benefits		24,952
Registration and filing fees		76,213
Reports to shareholders		69,365
Professional services fees		31,205
Other		15,275
Total expenses		14,816,002
Less: Fees waived and/or expense offset arrangement(s)		(79,432	)
Net expenses		14,736,570
Net investment income		11,018,509
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		72,079,412
Affiliated investment securities		9,423
Foreign currencies		(19,259	)
Forward foreign currency contracts		5,672,303
		77,741,879
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(15,414,365	)
Affiliated investment securities		1,284
Foreign currencies		(14,229	)
Forward foreign currency contracts		634,979
		(14,792,331	)
Net realized and unrealized gain		62,949,548
Net increase in net assets resulting from operations	$	73,968,057

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

8 Invesco Value Opportunities Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2023 and the year ended April 30, 2023

(Unaudited)

	October 31, 2023			April 30, 2023
Operations:
Net investment income	$	11,018,509		$	18,249,429
Net realized gain		77,741,879			22,265,718
Change in net unrealized appreciation (depreciation)		(14,792,331	)		(177,868,717	)
Net increase (decrease) in net assets resulting from operations		73,968,057			(137,353,570	)
Distributions to shareholders from distributable earnings:
Class A		–			(68,612,556	)
Class C		–			(1,654,187	)
Class R		–			(1,280,060	)
Class Y		–			(11,608,802	)
Class R5		–			(28,476	)
Class R6		–			(24,873,218	)
Total distributions from distributable earnings		–			(108,057,299	)
Share transactions–net:
Class A		(112,494,370	)		1,517,501,777
Class C		(8,386,611	)		49,167,618
Class R		(4,867,940	)		65,002,994
Class Y		3,654,038			179,925,533
Class R5		451,978			9,856,926
Class R6		(28,483,096	)		108,688,495
Net increase (decrease) in net assets resulting from share transactions		(150,126,001	)		1,930,143,343
Net increase (decrease) in net assets		(76,157,944	)		1,684,732,474
Net assets:
Beginning of period		2,815,394,177			1,130,661,703
End of period	$	2,739,236,233		$	2,815,394,177

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

9 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 value, beginning of period		Net investment income (loss)(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/23		$15.23		$ 0.06			$ 0.32			$ 0.38			$       –			$       –			$       –			$15.61		2.50	%		$2,016,473		1.08	%(d)		1.08	%(d)		0.70	%(d)		25	%
Year ended 04/30/23		16.52		0.18			0.07			0.25			(0.12	)		(1.42	)		(1.54	)		15.23		1.09			2,074,880		1.08			1.08			1.12			70
Year ended 04/30/22		17.34		0.08			0.60			0.68			(0.10	)		(1.40	)		(1.50	)		16.52		4.01			739,860		1.11			1.11			0.44			65
Year ended 04/30/21		9.44		0.06			7.87			7.93			(0.03	)		–			(0.03	)		17.34		84.15			726,801		1.22			1.22			0.45			62
Year ended 04/30/20		12.84		0.03			(3.18	)(e)		(3.15	)		–			(0.25	)		(0.25	)		9.44		(25.02	)(e)		440,826		1.21			1.21			0.27			41
Year ended 04/30/19		14.24		0.00			0.18			0.18			–			(1.58	)		(1.58	)		12.84		3.58			658,685		1.21			1.21			0.02			51
Class C
Six months ended 10/31/23		13.82		(0.00	)		0.30			0.30			–			–			–			14.12		2.17			53,105		1.83	(d)		1.83	(d)		(0.05	)(d)		25
Year ended 04/30/23		15.14		0.06			0.06			0.12			(0.02	)		(1.42	)		(1.44	)		13.82		0.37	(f)		60,082		1.80	(f)		1.80	(f)		0.40	(f)		70
Year ended 04/30/22		16.04		(0.05	)		0.55			0.50			–			(1.40	)		(1.40	)		15.14		3.16			16,682		1.86			1.86			(0.31	)		65
Year ended 04/30/21		8.77		(0.02	)		7.29			7.27			–			–			–			16.04		82.90	(f)		12,906		1.89	(f)		1.89	(f)		(0.22	)(f)		62
Year ended 04/30/20		12.02		(0.04	)		(2.96	)(e)		(3.00	)		–			(0.25	)		(0.25	)		8.77		(25.48	)(e)(f)		10,107		1.85	(f)		1.85	(f)		(0.37	)(f)		41
Year ended 04/30/19		13.54		(0.09	)		0.15			0.06			–			(1.58	)		(1.58	)		12.02		2.83	(f)		17,027		1.92	(f)		1.92	(f)		(0.69	)(f)		51
Class R
Six months ended 10/31/23		14.97		0.04			0.32			0.36			–			–			–			15.33		2.40			67,681		1.33	(d)		1.33	(d)		0.45	(d)		25
Year ended 04/30/23		16.27		0.14			0.06			0.20			(0.08	)		(1.42	)		(1.50	)		14.97		0.82			70,744		1.33			1.33			0.87			70
Year ended 04/30/22		17.09		0.03			0.60			0.63			(0.05	)		(1.40	)		(1.45	)		16.27		3.73			12,018		1.36			1.36			0.19			65
Year ended 04/30/21		9.31		0.03			7.75			7.78			–			–			–			17.09		83.57			10,385		1.47			1.47			0.20			62
Year ended 04/30/20		12.69		0.00			(3.13	)(e)		(3.13	)		–			(0.25	)		(0.25	)		9.31		(25.16	)(e)		6,362		1.46			1.46			0.02			41
Year ended 04/30/19		14.13		(0.03	)		0.17			0.14			–			(1.58	)		(1.58	)		12.69		3.32			10,898		1.46			1.46			(0.23	)		51
Class Y
Six months ended 10/31/23		15.29		0.08			0.33			0.41			–			–			–			15.70		2.68			287,342		0.83	(d)		0.83	(d)		0.95	(d)		25
Year ended 04/30/23		16.58		0.22			0.07			0.29			(0.16	)		(1.42	)		(1.58	)		15.29		1.33			276,929		0.83			0.83			1.37			70
Year ended 04/30/22		17.42		0.12			0.61			0.73			(0.17	)		(1.40	)		(1.57	)		16.58		4.25			123,154		0.86			0.86			0.69			65
Year ended 04/30/21		9.49		0.09			7.91			8.00			(0.07	)		–			(0.07	)		17.42		84.48			81,115		0.97			0.97			0.70			62
Year ended 04/30/20		12.86		0.06			(3.18	)(e)		(3.12	)		–			(0.25	)		(0.25	)		9.49		(24.74	)(e)		23,760		0.96			0.96			0.52			41
Year ended 04/30/19		14.23		0.04			0.17			0.21			–			(1.58	)		(1.58	)		12.86		3.80			37,469		0.96			0.96			0.27			51
Class R5
Six months ended 10/31/23		15.45		0.08			0.33			0.41			–			–			–			15.86		2.65			10,120		0.76	(d)		0.76	(d)		1.02	(d)		25
Year ended 04/30/23		16.74		0.22			0.08			0.30			(0.17	)		(1.42	)		(1.59	)		15.45		1.37			9,322		0.78			0.78			1.42			70
Year ended 04/30/22		17.58		0.13			0.62			0.75			(0.19	)		(1.40	)		(1.59	)		16.74		4.35			311		0.81			0.81			0.74			65
Year ended 04/30/21		9.58		0.11			7.98			8.09			(0.09	)		–			(0.09	)		17.58		84.70			714		0.84			0.84			0.83			62
Year ended 04/30/20		12.95		0.08			(3.20	)(e)		(3.12	)		–			(0.25	)		(0.25	)		9.58		(24.57	)(e)		406		0.80			0.80			0.68			41
Year ended 04/30/19		14.29		0.05			0.19			0.24			–			(1.58	)		(1.58	)		12.95		4.01			2,212		0.84			0.84			0.39			51
Class R6
Six months ended 10/31/23		15.47		0.09			0.33			0.42			–			–			–			15.89		2.71			304,515		0.69	(d)		0.69	(d)		1.09	(d)		25
Year ended 04/30/23		16.75		0.24			0.08			0.32			(0.18	)		(1.42	)		(1.60	)		15.47		1.50			323,438		0.71			0.71			1.49			70
Year ended 04/30/22		17.60		0.14			0.62			0.76			(0.21	)		(1.40	)		(1.61	)		16.75		4.38			238,636		0.74			0.74			0.81			65
Year ended 04/30/21		9.59		0.11			8.00			8.11			(0.10	)		–			(0.10	)		17.60		84.81			47,501		0.78			0.78			0.89			62
Year ended 04/30/20		12.97		0.09			(3.22	)(e)		(3.13	)		–			(0.25	)		(0.25	)		9.59		(24.61	)(e)		25,226		0.75			0.75			0.73			41
Year ended 04/30/19		14.31		0.06			0.18			0.24			–			(1.58	)		(1.58	)		12.97		4.00			32,666		0.79			0.79			0.44			51

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended 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.

^(d)  Annualized.

^(e)  Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(3.28), $(3.06), $(3.23), $(3.28), $(3.30) and $(3.32) for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Total returns would have been lower.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.97%, 0.92%, 0.89% and 0.96% for the years ended April 30, 2023, 2021, 2020 and 2019, respectively.

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

10 Invesco Value Opportunities Fund

Notes to Financial Statements

October 31, 2023

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange is generally valued at its trade price or official closing price that day as of the close of the exchange where the security is principally traded, or lacking any trades or official closing price on a particular day, the security may be valued at the closing bid 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.

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

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

11 Invesco Value Opportunities Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Adviser serves as an affiliated securities lending agent for the Fund. The Bank of New York Mellon also serves as a 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

12 Invesco Value Opportunities Fund

consistent with the federal securities laws. For the six months ended October 31, 2023, the Fund paid the Adviser $6,847 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.

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

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

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million		0.695%
Next $250 million		0.670%
Next $500 million		0.645%
Next $1.5 billion		0.610%
Next $3.5 billion		0.560%
Next $4 billion		0.545%
Over $10 billion		0.520%

For the six months ended October 31, 2023, the effective advisory fee rate incurred by the Fund was 0.62%.

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (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).

Effective July 1, 2023, 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”). Prior to July 1, 2023, the same boundary limits were in effect with an expiration date of June 30, 2023. 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 June 30, 2025, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2023, the Adviser waived advisory fees of $34,705.

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, 2023, 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

13 Invesco Value Opportunities Fund

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2023, 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 a maximum annual rate of 1.00% of the average daily net assets of Class C shares and up to 0.50% of the average net assets of Class R shares. Prior to February 10, 2023, the Fund pursuant to the Class R Plan, paid 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, 2023, 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, 2023, IDI advised the Fund that IDI retained $75,381 in front-end sales commissions from the sale of Class A shares and $3,031 and $998 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2023, the Fund incurred $59,695 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

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

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

The following is a summary of the tiered valuation input levels, as of October 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$2,538,223,670		$115,120,499			$–		$2,653,344,169
Money Market Funds		83,295,325		115,951,668			–		199,246,993
Total Investments in Securities		2,621,518,995		231,072,167			–		2,852,591,162
Other Investments - Assets*
Forward Foreign Currency Contracts		–		483,544			–		483,544
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(43,441	)		–		(43,441	)
Total Other Investments		–		440,103			–		440,103
Total Investments		$2,621,518,995		$231,512,270			$–		$2,853,031,265

* 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
	Currency
Derivative Assets	Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	483,544
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements	$	483,544

14 Invesco Value Opportunities Fund

	Value
	Currency
Derivative Liabilities	Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(43,441	)
Derivatives not subject to master netting agreements		–
Total Derivative Liabilities subject to master netting agreements	$	(43,441	)

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, 2023.

	Financial Derivative Assets	Financial Derivative Liabilities		Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts	Forward Foreign Currency Contracts	Net Value of Derivatives	Non-Cash	Cash	Net Amount
Barclays Bank PLC	$  31,232	$  (4,522)	$  26,710	$–	$–	$	26,710
J.P. Morgan Chase Bank, N.A.	22,519	–	22,519	–	–		22,519
Merrill Lynch International	5,199	–	5,199	–	–		5,199
Royal Bank of Canada	–	(38,919)	(38,919)	–	–		(38,919	)
UBS AG	424,594	–	424,594	–	–		424,594
Total	$483,544	$(43,441)	$440,103	$–	$–		$440,103

Effect of Derivative Investments for the six months ended October 31, 2023

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

	Location of Gain on Statement of Operations
	Currency
	Risk
Realized Gain:
Forward foreign currency contracts	$5,672,303
Change in Net Unrealized Appreciation:
Forward foreign currency contracts	634,979
Total	$6,307,282

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

	Forward Foreign Currency Contracts
Average notional value	$139,519,726

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, 2023, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $44,727.

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.

15 Invesco Value Opportunities Fund

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, 2023, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	77,832,743	$	11,557,922	$	89,390,665

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

NOTE 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, 2023 was $647,489,815 and $790,074,591, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	291,830,835
Aggregate unrealized (depreciation) of investments		(219,786,365	)
Net unrealized appreciation of investments	$	72,044,470

Cost of investments for tax purposes is $2,780,986,795.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2023(a)						April 30, 2023
	Shares			Amount			Shares			Amount
Sold:
Class A		2,825,068		$	45,276,724			5,708,709		$	91,615,505
Class C		227,367			3,333,428			409,186			6,012,929
Class R		299,337			4,680,946			513,995			8,036,177
Class Y		3,025,655			48,857,052			8,514,047			138,761,080
Class R5		179,669			2,811,418			40,918			648,953
Class R6		1,639,603			26,633,154			5,722,008			91,725,786
Issued as reinvestment of dividends:
Class A		-			-			4,027,358			64,357,184
Class C		-			-			107,987			1,570,130
Class R		-			-			81,301			1,278,864
Class Y		-			-			632,536			10,139,560
Class R5		-			-			1,164			18,852
Class R6		-			-			1,511,522			24,501,770
Automatic conversion of Class C shares to Class A shares:
Class A		212,894			3,388,627			220,950			3,420,139
Class C		(235,043	)		(3,388,627	)		(243,066	)		(3,420,139	)
Issued in connection with acquisitions:(b)
Class A		-			-			90,760,772			1,504,034,870
Class C		-			-			3,342,631			50,339,180
Class R		-			-			3,881,097			63,270,433
Class Y		-			-			8,110,851			134,901,684
Class R5		-			-			611,702			10,275,987
Class R6		-			-			3,529,313			59,357,533

16 Invesco Value Opportunities Fund

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2023(a)						April 30, 2023
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(10,119,269	)	$	(161,159,721	)		(9,278,577	)	$	(145,925,921	)
Class C		(577,154	)		(8,331,412	)		(371,583	)		(5,334,482	)
Class R		(609,285	)		(9,548,886	)		(490,787	)		(7,582,480	)
Class Y		(2,828,601	)		(45,203,014	)		(6,578,317	)		(103,876,791	)
Class R5		(145,107	)		(2,359,440	)		(68,928	)		(1,086,866	)
Class R6		(3,382,578	)		(55,116,250	)		(4,100,984	)		(66,896,594	)
Net increase (decrease) in share activity		(9,487,444	)	$	(150,126,001	)		116,595,805		$	1,930,143,343

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  After the close of business on February 10, 2023, the Fund acquired all the net assets of Invesco American Value Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on September 20, 2022. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 110,236,366 shares of the Fund for 62,423,301 shares outstanding of the Target Fund as of the close of business on February 10, 2023. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, February 10, 2023. The Target Fund’s net assets as of the close of business on February 10, 2023 of $1,822,179,687, including $133,143,707 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,284,207,818 and $3,106,387,505 immediately after the acquisition.

The pro forma results of operations for the year ended April 30, 2023 assuming the reorganization had been completed on May 1, 2022, the beginning of the annual reporting period are as follows:

Net investment income	$	32,887,684
Net realized/unrealized gains		3,468,110
Change in net assets resulting from operations	$	36,355,794

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Fund’s Statement of Operations since February 11, 2023.

17 Invesco Value Opportunities Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2023 through October 31, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (05/01/23)	Ending     Account Value     (10/31/23)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/23)	Expenses       Paid During       Period2	Annualized        Expense  Ratio
Class A	$1,000.00	$1,025.00	$5.50	$1,019.71	$5.48	1.08%
Class C	1,000.00	1,021.70	9.30	1,015.94	9.27	1.83
Class R	1,000.00	1,023.40	6.76	1,018.45	6.75	1.33
Class Y	1,000.00	1,026.80	4.23	1,020.96	4.22	0.83
Class R5	1,000.00	1,026.50	3.87	1,021.32	3.86	0.76
Class R6	1,000.00	1,027.10	3.52	1,021.67	3.51	0.69

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2023 through October 31, 2023, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

²  Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 184/366 to reflect the most recent fiscal half year.

18 Invesco Value Opportunities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 13, 2023, 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, 2023. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on May 2, 2023 and June 13, 2023, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel. Also, as part of the contract renewal process, the independent Trustees reviewed and considered information provided in response to follow-up requests for information submitted by the independent Trustees to management. The independent Trustees met and discussed those follow-up responses with legal counsel to the independent Trustees and the Senior Officer.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 13, 2023.

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 considered recent senior management changes at Invesco and Invesco Advisers, including the appointment of new Co-Heads of Investments, that had been presented to and discussed with the Board. 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 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 observed that Invesco Advisers’ systems preparedness and ongoing investment enabled Invesco Advisers to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2022 to the performance of funds in the Broadridge performance universe and against the S&P Composite 1500^® 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 and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one, three and five year periods. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that

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

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

    The Board 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 difficulty 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’ 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 realized as to that 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 determination that the services are required for the operation of the Fund.

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money

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

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

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

20 Invesco Value Opportunities Fund

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∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

(b) Not applicable.

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of December 14, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 14, 2023, 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1) Not applicable.

13(a) (2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.

13(a) (3) Not applicable.

13(a) (4) Not applicable.

13(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:    AIM Sector Funds (Invesco Sector Funds)

By:	/s/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	January 3, 2024

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

By:	/s/ Glenn Brightman
	Glenn Brightman
	Principal Executive Officer
Date:	January 3, 2024

By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	January 3, 2024

EX-99.CERT

I, Glenn Brightman, Principal Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Sector Funds (Invesco Sector Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(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; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(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: January 3, 2024	/s/ Glenn Brightman
	Glenn Brightman, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of AIM Sector Funds (Invesco Sector Funds);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(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; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(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: January 3, 2024	/s/ Adrien Deberghes
	Adrien Deberghes, Principal Financial Officer

EX-99.906CERT

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Sector Funds (Invesco Sector Funds) (the “Company”) on Form N-CSR for the period ended October 31, 2023, 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. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)        The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)        The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: January 3, 2024	/s/ Glenn Brightman
	Glenn Brightman, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Sector Funds (Invesco Sector Funds) (the “Company”) on Form N-CSR for the period ended October 31 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)        The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)        The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: January 3, 2024	/s/ Adrien Deberghes
	Adrien Deberghes, Principal Financial Officer