N-Q - ASEF

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number		811-03826



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)

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


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


Date of fiscal year end:		04/30

Date of reporting period:		07/31/14

Item 1. Schedule of Investments.

Invesco American Value Fund

Quarterly Schedule of Portfolio Holdings

July 31, 2014

LOGO


invesco.com/us		VK-AMVA-QTR-1 7/14		Invesco Advisers, Inc.

Schedule of Investments ^(a)

July 31, 2014

(Unaudited)


	Shares		Value

Common Stocks–94.58%

Aerospace & Defense–2.14%

Textron Inc.		1,211,342	$	44,056,509

Air Freight & Logistics–1.04%

UTi Worldwide, Inc. ^(b)		2,260,173		21,381,237

Alternative Carriers–2.52%

tw telecom inc. ^(b)		1,274,886		51,938,856

Apparel Retail–3.70%

Ascena Retail Group, Inc. ^(b)		3,295,109		52,919,451
Express, Inc. ^(b)		1,506,568		23,442,198
				76,361,649

Application Software–6.21%

Cadence Design Systems, Inc. ^(b)		3,535,525		59,502,886
Citrix Systems, Inc. ^(b)		1,011,034		68,477,333
				127,980,219

Asset Management & Custody Banks–3.24%

American Capital Ltd. ^(b)		1,330,671		20,172,973
Northern Trust Corp.		697,897		46,682,330
				66,855,303

Auto Parts & Equipment–5.03%

Dana Holding Corp.		1,922,160		43,017,941
Johnson Controls, Inc.		1,284,514		60,680,441
				103,698,382

Automotive Retail–1.79%

Advance Auto Parts, Inc.		305,058		36,945,574

Building Products–2.23%

Owens Corning Inc.		1,347,238		45,873,454

Communications Equipment–2.10%

Ciena Corp. ^(b)		2,213,094		43,221,726

Diversified Banks–2.67%

Comerica Inc.		1,096,671		55,118,684

Diversified Chemicals–2.33%

Eastman Chemical Co.		610,042		48,059,109

Electric Utilities–1.92%

Edison International		722,568		39,596,726

Health Care Equipment–2.01%

CareFusion Corp. ^(b)		948,472		41,533,589

Health Care Facilities–7.48%

Brookdale Senior Living Inc. ^(b)		1,238,483		42,913,436


	Shares		Value

Health Care Facilities–(continued)

HealthSouth Corp.		1,389,678	$	53,266,358
Universal Health Services, Inc. -Class B		544,516		58,045,405
				154,225,199

Heavy Electrical Equipment–2.09%

Babcock & Wilcox Co. (The)		1,386,563		43,038,915

Human Resource & Employment Services–2.32%

Robert Half International, Inc.		982,329		47,790,306

Industrial Machinery–6.17%

Ingersoll-Rand PLC		804,213		47,279,682
Pentair PLC (United Kingdom)		421,518		27,006,658
Snap-on Inc.		439,772		52,860,595
				127,146,935

Insurance Brokers–4.50%

Arthur J. Gallagher & Co.		463,341		20,850,345
Marsh & McLennan Cos., Inc.		818,223		41,541,182
Willis Group Holdings PLC		747,376		30,455,572
				92,847,099

Investment Banking & Brokerage–2.17%

Stifel Financial Corp. ^(b)		978,209		44,792,190

IT Consulting & Other Services–2.63%

Teradata Corp. ^(b)		1,285,698		54,205,028

Life Sciences Tools & Services–1.56%

PerkinElmer, Inc.		695,957		32,167,133

Multi-Sector Holdings–0.31%

FNFV Group ^(b)		394,949		6,461,373

Multi-Utilities–0.96%

CenterPoint Energy, Inc.		810,048		19,700,367

Oil & Gas Equipment & Services–1.88%

AMEC PLC (United Kingdom)		2,024,593		38,700,687

Oil & Gas Exploration & Production–1.95%

Newfield Exploration Co. ^(b)		995,799		40,130,700

Oil & Gas Storage & Transportation–2.77%

ONEOK, Inc.		243,975		15,719,309
Williams Cos., Inc. (The)		728,983		41,282,307
				57,001,616

Packaged Foods & Meats–3.09%

ConAgra Foods, Inc.		2,111,245		63,611,812

Paper Packaging–1.03%

Sealed Air Corp.		659,553		21,184,842

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

Invesco American Value Fund


	Shares		Value

Personal Products–0.18%

Avon Products, Inc.		279,209	$	3,685,559

Property & Casualty Insurance–3.75%

ACE Ltd.		403,675		40,407,868
FNF Group		1,361,748		36,916,988
				77,324,856

Real Estate Operating Companies–2.50%

Forest City Enterprises, Inc. -Class A ^(b)		2,683,796		51,448,369

Regional Banks–5.82%

BB&T Corp.		1,267,540		46,924,331
Wintrust Financial Corp.		957,266		44,350,133
Zions Bancorp.		993,229		28,624,860
				119,899,324

Specialty Chemicals–1.93%

W.R. Grace & Co. ^(b)		436,148		39,689,468

Technology Hardware, Storage & Peripherals–0.56%

Diebold, Inc.		308,339		11,618,213
Total Common Stocks (Cost $1,599,162,116)				1,949,291,008

Money Market Funds–6.08%

Liquid Assets Portfolio –Institutional Class ^(c)		62,665,065		62,665,065
Premier Portfolio –Institutional Class ^(c)		62,665,065		62,665,065
Total Money Market Funds (Cost $125,330,130)				125,330,130
TOTAL INVESTMENTS–100.66% (Cost $1,724,492,246)				2,074,621,138
OTHER ASSETS LESS LIABILITIES–(0.66)%				(13,525,489)
NET ASSETS–100.00%			$	2,061,095,649

Notes to Schedule of Investments:

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

^(b)	Non-income producing security.

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

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

Invesco American Value Fund

Notes to Quarterly Schedule of Portfolio Holdings

July 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

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

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

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

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

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

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/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.

Invesco American Value Fund

A.	Security Valuations – (continued)

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

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

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

The Fund 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 Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

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

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

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

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.

Invesco American Value Fund

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

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

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

NOTE 2 — Additional Valuation Information

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


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

The following is a summary of the tiered valuation input levels, as of July 31, 2014. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total
Equity Securities	$	2,035,920,451	$	38,700,687	$	—	$	2,074,621,138
Forward Foreign Currency Contracts*		—		276,068		—		276,068
Total Investments	$	2,035,920,451	$	38,976,755	$	—	$	2,074,897,206

* Unrealized appreciation.

Invesco American Value Fund

NOTE 3 — Derivative Investments

Open Forward Foreign Currency Contracts at Period-End

Settlement

Date

Contract to

Notional

Unrealized

Appreciation

Counterparty

Deliver

Receive

Value

8/29/2014

State Street Bank & Trust Co.

GBP

9,144,961

USD

15,573,549

15,435,270

$ 138,279

8/29/2014

Bank of New York Co., Inc. (The)

GBP

9,091560

USD

15,482,926

15,345,137

137,789

Total forward foreign currency contracts - Currency Risk

$ 276,068

Currency Abbreviations:

GBP — British Pound Sterling

USD — U.S. Dollar

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended July 31, 2014 was $306,684,131 and $204,092,858, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	386,395,713
Aggregate unrealized (depreciation) of investment securities		(36,967,696)
Net unrealized appreciation of investment securities	$	349,428,017
Cost of investments for tax purposes is $1,725,193,121.

Invesco American Value Fund

Invesco Comstock Fund

Quarterly Schedule of Portfolio Holdings

July 31, 2014

LOGO


invesco.com/us		VK-COM-QTR-1 7/14		Invesco Advisers, Inc.

Schedule of Investments^(a)

July 31, 2014

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–96.87%

Aerospace & Defense–1.76%

Honeywell International Inc.		982,924	$	90,261,911
Textron Inc.		3,783,165		137,593,711
				227,855,622

Aluminum–1.13%

Alcoa Inc.		8,917,965		146,165,446

Application Software–1.64%

Autodesk, Inc. ^(b)		1,383,859		73,828,877
Citrix Systems, Inc. ^(b)		2,032,216		137,641,990
				211,470,867

Asset Management & Custody Banks–3.50%

Bank of New York Mellon Corp. (The)		7,123,847		278,114,987
State Street Corp.		2,470,908		174,050,759
				452,165,746

Auto Parts & Equipment–1.20%

Johnson Controls, Inc.		3,284,195		155,145,372

Automobile Manufacturers–1.77%

General Motors Co.		6,753,231		228,394,272

Cable & Satellite–2.70%

Comcast Corp. -Class A		3,418,417		183,671,545
Time Warner Cable Inc.		1,140,848		165,537,045
				349,208,590

Communications Equipment–1.83%

Cisco Systems, Inc.		9,385,815		236,804,113

Department Stores–1.06%

Kohl’s Corp.		2,566,892		137,431,398

Diversified Banks–11.16%

Bank of America Corp.		13,312,167		203,010,547
Citigroup Inc.		10,662,151		521,485,806
JPMorgan Chase & Co.		6,753,299		389,462,753
U.S. Bancorp		1,194,277		50,195,462
Wells Fargo & Co.		5,466,256		278,232,430
				1,442,386,998

Drug Retail–1.55%

CVS Caremark Corp.		2,620,345		200,089,544

Electric Utilities–1.49%

FirstEnergy Corp.		1,690,018		52,745,462
PPL Corp.		4,242,484		139,959,547
				192,705,009


	Shares		Value

Electrical Components & Equipment–1.02%

Emerson Electric Co.		2,076,487	$	132,168,398

Electronic Components–0.88%

Corning Inc.		5,812,049		114,206,763

General Merchandise Stores–0.76%

Target Corp.		1,648,783		98,250,979

Health Care Distributors–0.47%

Cardinal Health, Inc.		855,617		61,304,958

Health Care Services–0.69%

Express Scripts Holding Co. ^(b)		1,273,074		88,669,604

Hotels, Resorts & Cruise Lines–1.75%

Carnival Corp.		6,249,592		226,360,222

Housewares & Specialties–0.65%

Newell Rubbermaid Inc.		2,603,468		84,560,641

Industrial Conglomerates–2.01%

General Electric Co.		10,303,127		259,123,644

Industrial Machinery–1.25%

Ingersoll-Rand PLC		2,739,410		161,049,914

Integrated Oil & Gas–9.25%

BP PLC -ADR (United Kingdom)		5,235,585		256,386,597
Chevron Corp.		1,400,140		180,954,094
Occidental Petroleum Corp.		1,595,478		155,894,155
Royal Dutch Shell PLC -ADR (United Kingdom)		3,606,308		295,104,184
Suncor Energy, Inc. (Canada)		7,459,059		306,343,553
				1,194,682,583

Integrated Telecommunication Services–1.81%

AT&T Inc.		1,262,581		44,935,258
Verizon Communications Inc.		2,676,961		134,972,374
Vivendi S.A. (France)		2,173,158		54,514,459
				234,422,091

Internet Software & Services–2.12%

eBay Inc. ^(b)		3,808,132		201,069,370
Yahoo! Inc. ^(b)		2,039,124		73,021,030
				274,090,400

Investment Banking & Brokerage–2.37%

Goldman Sachs Group, Inc. (The)		669,883		115,802,674
Morgan Stanley		5,868,383		189,783,506
				305,586,180

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

Invesco Comstock Fund


	Shares		Value

Life & Health Insurance–2.01%

Aflac, Inc.		1,278,557	$	76,380,995
MetLife, Inc.		3,478,970		182,993,822
				259,374,817

Managed Health Care–2.98%

UnitedHealth Group Inc.		2,939,796		238,270,466
WellPoint, Inc.		1,336,852		146,799,718
				385,070,184

Movies & Entertainment–4.02%

Time Warner Inc.		1,175,599		97,598,229
Twenty-First Century Fox, Inc. -Class B		4,860,975		153,898,469
Viacom Inc. -Class B		3,232,420		267,224,161
				518,720,859

Multi-Utilities–0.69%

PG&E Corp.		1,992,586		89,008,817

Oil & Gas Drilling–0.41%

Noble Corp. PLC		1,675,180		52,550,397

Oil & Gas Equipment & Services–5.05%

Halliburton Co.		3,375,804		232,896,718
Weatherford International PLC ^(b)		18,750,135		419,440,520
				652,337,238

Oil & Gas Exploration & Production–2.50%

Murphy Oil Corp.		2,717,226		168,821,252
QEP Resources Inc.		4,648,041		153,617,755
				322,439,007

Packaged Foods & Meats–2.89%

ConAgra Foods, Inc.		6,097,653		183,722,285
Mondelez International Inc. -Class A		2,630,585		94,701,060
Unilever N.V. -New York Shares (Netherlands)		2,295,017		94,394,049
				372,817,394

Paper Products–0.93%

International Paper Co.		2,536,240		120,471,400

Pharmaceuticals–9.02%

Bristol-Myers Squibb Co.		2,941,877		148,917,814
GlaxoSmithKline PLC –ADR (United Kingdom)		1,173,612		56,767,612
Merck & Co., Inc.		4,723,802		268,028,525
Novartis AG (Switzerland)		2,373,655		207,183,508
Pfizer Inc.		6,356,920		182,443,604
Roche Holding AG -ADR (Switzerland)		3,022,160		109,970,056
Sanofi -ADR (France)		3,685,736		192,653,421
				1,165,964,540

Property & Casualty Insurance–2.11%

Allstate Corp. (The)		3,922,690		229,281,230
Travelers Cos., Inc. (The)		478,287		42,835,384
				272,116,614


	Shares		Value

Regional Banks–2.49%

Fifth Third Bancorp		6,697,101	$	137,156,629
PNC Financial Services Group, Inc. (The)		2,227,534		183,905,207
				321,061,836

Semiconductors–1.16%

Intel Corp.		4,435,249		150,310,589

Systems Software–2.93%

Microsoft Corp.		5,377,580		232,096,353
Symantec Corp.		6,178,913		146,193,081
				378,289,434

Technology Hardware, Storage & Peripherals–1.86%

Hewlett-Packard Co.		6,755,869		240,576,495
Total Common Stocks & Other Equity Interests (Cost $9,265,188,734)				12,515,408,975

Money Market Funds–3.22%

Liquid Assets Portfolio – Institutional Class ^(c)		208,437,559		208,437,559
Premier Portfolio –Institutional Class ^(c)		208,437,559		208,437,559
Total Money Market Funds (Cost $416,875,118)				416,875,118
TOTAL INVESTMENTS–100.09% (Cost $9,682,063,852)				12,932,284,093
OTHER ASSETS LESS LIABILITIES–(0.09)%				(12,137,752)
NET ASSETS–100.00%			$	12,920,146,341

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

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

Invesco Comstock Fund

Notes to Quarterly Schedule of Portfolio Holdings

July 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Comstock Fund

A.	Security Valuations – (continued)

volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

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

The Fund 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.

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

Invesco Comstock Fund

E.	Forward Foreign Currency Contracts – (continued)

NOTE 2 — Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total
Equity Securities	$	12,560,616,070	$	371,668,023	$	—	$	12,932,284,093
Forward Foreign Currency Contracts*		—		16,593,474		—		16,593,474
Total Investments	$	12,560,616,070	$	388,261,497	$	—	$	12,948,877,567
* Unrealized appreciation.

Invesco Comstock Fund

NOTE 3 — Derivative Investments


Open Forward Foreign Currency Contracts at Period-End
Settlement		Contract to							Notional		Unrealized
Date	Counterparty		Deliver			Receive		Value		Appreciation
08/15/2014	Barclays Capital Inc.	CAD		68,020,875	USD		63,167,994	$	62,362,650	$	805,344
08/15/2014	CIBC World Markets Corp.	CAD		68,020,874	USD		63,138,383		62,362,649		775,734
08/15/2014	Deutsche Bank AG	CAD		68,020,875	USD		63,195,459		62,362,649		832,810
08/15/2014	Goldman Sachs & Co.	CAD		70,762,966	USD		65,706,826		64,876,643		830,183
08/15/2014	Barclays Capital Inc.	CHF		62,355,182	USD		69,467,470		68,617,904		849,566
08/15/2014	CIBC World Markets Corp.	CHF		62,355,185	USD		69,450,606		68,617,907		832,699
08/15/2014	Deutsche Bank AG	CHF		62,020,290	USD		69,085,298		68,249,376		835,922
08/15/2014	Goldman Sachs & Co.	CHF		62,355,182	USD		69,450,990		68,617,904		833,086
08/15/2014	Barclays Capital Inc.	EUR		79,562,833	USD		107,716,141		106,533,758		1,182,383
08/15/2014	CIBC World Markets Corp.	EUR		79,277,847	USD		107,314,458		106,152,165		1,162,293
08/15/2014	Deutsche Bank AG	EUR		79,562,832	USD		107,706,115		106,533,757		1,172,358
08/15/2014	Goldman Sachs & Co.	EUR		79,562,832	USD		107,699,432		106,533,757		1,165,675
08/15/2014	RBC Capital Markets Corp.	EUR		79,562,832	USD		107,716,140		106,533,757		1,182,383
08/15/2014	Barclays Capital Inc.	GBP		40,767,520	USD		69,860,608		68,816,226		1,044,382
08/15/2014	CIBC World Markets Corp.	GBP		39,894,289	USD		68,383,998		67,342,198		1,041,800
08/15/2014	Deutsche Bank AG	GBP		39,894,289	USD		68,363,612		67,342,198		1,021,414
08/15/2014	Goldman Sachs & Co.	GBP		39,894,291	USD		68,367,644		67,342,202		1,025,442
Total open forward foreign currency contracts – Currency Risk										$	16,593,474


Currency Abbreviations:

CAD — Canadian Dollar		GBP — British Pound Sterling

CHF — Swiss Franc		USD — U.S. Dollar

EUR — Euro

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended July 31, 2014 was $644,749,628 and $192,551,878 respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

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


Aggregate unrealized appreciation of investment securities	$	3,504,235,726
Aggregate unrealized (depreciation) of investment securities		(263,836,696)
Net unrealized appreciation of investment securities	$	3,240,399,030
Cost of investments for tax purposes is $ 9,691,885,063.

Invesco Comstock Fund

Invesco Dividend Income Fund

Quarterly Schedule of Portfolio Holdings

July 31, 2014

LOGO


invesco.com/us		I-DIVI-QTR-1 7/14		Invesco Advisers, Inc.

Schedule of Investments^(a)

July 31, 2014

(Unaudited)


	Shares		Value

Common Stocks–90.73%

Aerospace & Defense–5.76%

General Dynamics Corp.		81,989	$	9,573,855
Lockheed Martin Corp.		129,773		21,668,198
				31,242,053

Air Freight & Logistics–1.02%

United Parcel Service, Inc. -Class B		56,927		5,527,042

Asset Management & Custody Banks–2.45%

Federated Investors, Inc. -Class B		470,858		13,287,613

Auto Parts & Equipment–0.92%

Johnson Controls, Inc.		105,543		4,985,851

Drug Retail–1.61%

Walgreen Co.		126,916		8,728,013

Electric Utilities–12.01%

American Electric Power Co., Inc.		87,326		4,540,079
Duke Energy Corp.		192,528		13,887,045
Exelon Corp.		162,892		5,062,683
Pepco Holdings, Inc.		657,477		17,653,257
Pinnacle West Capital Corp.		219,020		11,715,380
Portland General Electric Co.		209,056		6,675,158
Xcel Energy, Inc.		184,078		5,669,602
				65,203,204

Food Distributors–2.08%

Sysco Corp.		315,745		11,268,939

Gas Utilities–3.67%

AGL Resources Inc.		244,143		12,607,545
WGL Holdings Inc.		186,875		7,284,387
				19,891,932

General Merchandise Stores–1.69%

Target Corp.		153,629		9,154,752

Heavy Electrical Equipment–1.07%

ABB Ltd. (Switzerland)		253,024		5,821,350

Household Products–3.02%

Kimberly-Clark Corp.		71,990		7,477,601
Procter & Gamble Co. (The)		115,477		8,928,682
				16,406,283

Integrated Oil & Gas–5.00%

Exxon Mobil Corp.		46,223		4,573,303
Royal Dutch Shell PLC -Class B (United Kingdom)		247,789		10,674,964
Total S.A. (France)		184,097		11,874,042
				27,122,309


	Shares		Value

Integrated Telecommunication Services–7.21%

AT&T Inc.		317,576	$	11,302,531
CenturyLink Inc.		304,868		11,963,020
Deutsche Telekom AG (Germany)		282,278		4,571,643
Verizon Communications Inc.		223,904		11,289,240
				39,126,434

Life & Health Insurance–0.79%

Prudential Financial, Inc.		49,458		4,301,362

Multi-Utilities–9.61%

CMS Energy Corp.		281,099		8,132,194
Dominion Resources, Inc.		112,237		7,591,711
DTE Energy Co.		92,274		6,811,667
National Grid PLC (United Kingdom)		533,109		7,677,972
Public Service Enterprise Group Inc.		259,968		9,143,074
Sempra Energy		49,600		4,945,616
TECO Energy, Inc.		450,191		7,860,335
				52,162,569

Packaged Foods & Meats–7.79%

Campbell Soup Co.		327,243		13,610,036
General Mills, Inc.		260,396		13,058,860
Kraft Foods Group, Inc.		291,130		15,600,201
				42,269,097

Paper Packaging–2.39%

Avery Dennison Corp.		75,459		3,562,420
Sonoco Products Co.		240,809		9,425,264
				12,987,684

Pharmaceuticals–7.27%

Bristol-Myers Squibb Co.		129,585		6,559,593
Eli Lilly and Co.		201,335		12,293,515
Johnson & Johnson		124,339		12,445,091
Merck & Co., Inc.		144,175		8,180,489
				39,478,688

Property & Casualty Insurance–0.83%

Travelers Cos., Inc. (The)		50,182		4,494,300

Regional Banks–3.38%

Cullen/Frost Bankers, Inc.		112,931		8,805,230
M&T Bank Corp.		78,412		9,527,058
				18,332,288

Restaurants–1.54%

Darden Restaurants, Inc.		178,517		8,345,670

Semiconductors–3.13%

Linear Technology Corp.		179,546		7,924,263
Microchip Technology Inc.		200,989		9,048,525
				16,972,788

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

Invesco Dividend Income Fund


	Shares		Value

Soft Drinks–2.04%

Coca-Cola Co. (The)		282,420	$	11,096,282

Tobacco–4.45%

Altria Group, Inc.		362,579		14,720,707
Philip Morris International Inc.		114,774		9,412,616
				24,133,323
Total Common Stocks (Cost $397,238,368)				492,339,826

Money Market Funds–9.37%

Liquid Assets Portfolio –Institutional Class ^(b)		25,426,096		25,426,096
Premier Portfolio –Institutional Class ^(b)		25,426,096		25,426,096
Total Money Market Funds (Cost $50,852,192)				50,852,192
TOTAL INVESTMENTS–100.10% (Cost $448,090,560)				543,192,018
OTHER ASSETS LESS LIABILITIES–(0.10)%				(536,381)
NET ASSETS–100.00%			$	542,655,637

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

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

Invesco Dividend Income Fund

Notes to Quarterly Schedule of Portfolio Holdings

July 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Dividend Income Fund

A.	Security Valuations – (continued)

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

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

The Fund 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.

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

Invesco Dividend Income Fund

E.	Forward Foreign Currency Contracts – (continued)

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

NOTE 2 — Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total
Equity Securities	$	502,572,047	$	40,619,971	$	—	$	543,192,018
Forward Foreign Currency Contracts*		—		98,344		—		98,344
Total Investments	$	502,572,047	$	40,718,315	$	—	$	543,290,362

* Unrealized appreciation.

NOTE 3 — Derivative Investments

Open Forward Foreign Currency Contracts at Period-End

Settlement
Date

Contract to

Notional
Value

Unrealized
Appreciation

Counterparty

Deliver

Receive

09/16/2014

Citigroup Global Markets Inc.

EUR

3,388,976

USD

4,587,199

4,538,370

48,829

09/16/2014

Deutsche Bank AG.

EUR

3,387,927

USD

4,586,481

4,536,966

49,515

Total open forward foreign currency contracts - Currency Risk

98,344

Currency Abbreviations:

EUR – Euro

USD — U.S. Dollar

Invesco Dividend Income Fund

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended July 31, 2014 was $29,546,754 and $4,357,658, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	97,931,169
Aggregate unrealized (depreciation) of investment securities		(2,832,821)
Net unrealized appreciation of investment securities	$	95,098,348
Cost of investments for tax purposes is $448,093,670.

Invesco Dividend Income Fund

Invesco Energy Fund

Quarterly Schedule of Portfolio Holdings

July 31, 2014

LOGO


invesco.com/us		I-ENE-QTR-1 7/14		Invesco Advisers, Inc.

Schedule of Investments^(a)

July 31, 2014

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–93.41%

Diversified Chemicals–1.23%

Dow Chemical Co. (The)		341,607	$	17,445,870

Integrated Oil & Gas–26.53%

BG Group PLC (United Kingdom)		1,489,507		29,384,919
BP PLC -ADR (United Kingdom)		737,834		36,131,731
Cenovus Energy Inc. (Canada)		1,184,257		36,376,013
Chevron Corp.		449,114		58,043,493
Exxon Mobil Corp.		534,842		52,917,268
Galp Energia, SGPS, S.A. (Portugal)		630,663		11,170,921
Occidental Petroleum Corp.		499,389		48,795,299
Royal Dutch Shell PLC -ADR (United Kingdom)		611,270		50,020,224
Suncor Energy, Inc. (Canada)		1,283,479		52,702,334
				375,542,202

Oil & Gas Drilling–4.22%

Ensco PLC -Class A^(b)		677,769		34,329,000
Helmerich & Payne, Inc.		238,843		25,379,457
				59,708,457

Oil & Gas Equipment & Services–16.64%

Cameron International Corp. ^(c)		506,272		35,899,748
Halliburton Co.		662,382		45,697,734
National Oilwell Varco Inc.		245,674		19,909,421
Oceaneering International, Inc.		81,788		5,554,223
Schlumberger Ltd.		439,166		47,601,203
Superior Energy Services, Inc.		404,500		13,591,200
Tidewater Inc.		619,801		29,297,993
Weatherford International PLC ^(c)		1,696,562		37,952,092
				235,503,614

Oil & Gas Exploration & Production–40.32%

Anadarko Petroleum Corp.		483,848		51,699,159
Apache Corp.		732,997		75,249,472
Cabot Oil & Gas Corp.		475,009		15,651,546
Canadian Natural Resources Ltd. (Canada)		1,257,179		54,804,841
Cobalt International Energy, Inc. ^(c)		969,845		15,536,917
Concho Resources Inc.^(c)		251,861		35,462,029
Devon Energy Corp.		792,511		59,834,580
EOG Resources, Inc.		380,746		41,668,842
EQT Corp.		124,200		11,652,444
Marathon Oil Corp.		735,083		28,484,466
Noble Energy, Inc.		421,548		28,028,726
Range Resources Corp.		170,096		12,857,557
Rosetta Resources, Inc. ^(c)		205,729		10,506,580
Southwestern Energy Co.^(c)		925,210		37,545,022
Tullow Oil PLC (United Kingdom)		1,235,976		15,140,487
Ultra Petroleum Corp. ^(b)(c)		1,342,889		30,779,016
Whiting Petroleum Corp. ^(c)		519,365		45,958,609
				570,860,293


	Shares		Value

Oil & Gas Refining & Marketing–4.33%

Marathon Petroleum Corp.		311,334	$	25,990,162
Phillips 66		434,996		35,282,526
				61,272,688

Trading Companies & Distributors–0.14%

NOW Inc. ^(b)(c)		61,418		1,977,045
Total Common Stocks & Other Equity Interests (Cost $906,103,620)				1,322,310,169

Money Market Funds–6.97%

Liquid Assets Portfolio –Institutional Class ^(d)		49,364,297		49,364,297
Premier Portfolio –Institutional Class ^(d)		49,364,297		49,364,297
Total Money Market Funds (Cost $98,728,594)				98,728,594
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.38% (Cost $1,004,832,214)				1,421,038,763

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–1.82%

Liquid Assets Portfolio - Institutional Class (Cost $25,779,674)^(d)(e)		25,779,674		25,779,674
TOTAL INVESTMENTS–102.20% (Cost $1,030,611,888)				1,446,818,437
OTHER ASSETS LESS LIABILITIES–(2.20)%				(31,134,204)
NET ASSETS–100%			$	1,415,684,233

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

Invesco Energy Fund

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 July 31, 2014.

^(c)	Non-income producing security.

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

^(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 1D. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of July 31, 2014.


Counterparty	Gross Amount of Securities on Loan at Value	Cash Collateral Received for Securities Loaned*	Net Amount
State Street Bank and Trust Co.	$23,948,481	$(23,948,481)	$ —
*Amount does not include excess collateral received.

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

Invesco Energy Fund

Notes to Quarterly Schedule of Portfolio Holdings

July 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Energy Fund

A.	Security Valuations – (continued)

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

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.

Invesco Energy Fund

E.	Foreign Currency Translations – (continued)

exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.

G.	Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.

The businesses in which the Fund invests may be adversely affected by foreign, federal or state regulations governing energy production, distribution and sale. Although individual security selection drives the performance of the Fund, short-term fluctuations in commodity prices may cause price fluctuations in its shares.

NOTE 2 — Additional Valuation Information


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

Invesco Energy Fund


	Level 1		Level 2		Level 3		Total
Equity Securities	$	1,391,122,110	$	55,696,327	$	—	$	1,446,818,437

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended July 31, 2014 was $71,957,927 and $82,329,669, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

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


Aggregate unrealized appreciation of investment securities	$	419,719,245
Aggregate unrealized (depreciation) of investment securities		(7,491,155)
Net unrealized appreciation of investment securities	$	412,228,090
Cost of investments for tax purposes is $1,034,590,347.

Invesco Energy Fund

Invesco Gold & Precious Metals Fund

Quarterly Schedule of Portfolio Holdings

July 31, 2014

LOGO


invesco.com/us		I-GPM-QTR-1 7/14		Invesco Advisers, Inc.

Schedule of Investments

July 31, 2014

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–95.28%

Brazil–4.84%

Yamana Gold Inc.		2,113,911	$	18,010,522

Canada–66.90%

Agnico Eagle Mines Ltd. ^(a)		487,038		18,112,943
Alamos Gold Inc.		1,014,893		9,029,132
B2Gold Corp. ^(a)(b)		3,589,564		9,284,207
Barrick Gold Corp.		669,158		12,098,377
Continental Gold Ltd. ^(b)		2,027,373		7,177,529
Detour Gold Corp. ^(b)		1,283,230		14,464,731
Eldorado Gold Corp.		2,374,858		17,621,390
Franco-Nevada Corp. ^(a)		362,312		20,499,887
Goldcorp, Inc.		622,239		17,049,349
Ivanhoe Mines Ltd. -Class A ^(a)(b)		2,313,181		3,203,617
Ivanhoe Mines Ltd. -Wts. expiring 12/10/15^(b)		2,088,713		421,459
Kinross Gold Corp. ^(b)		2,660,557		10,639,300
Lydian International, Ltd. ^(a)(b)		4,687,150		5,072,766
New Gold Inc. ^(b)		2,388,907		14,701,977
Orezone Gold Corp. ^(b)		167,000		127,130
Osisko Gold Royalties Ltd. ^(b)		136,774		1,950,689
Pan American Silver Corp. ^(a)		576,713		8,466,147
Platinum Group Metals Ltd. ^(a)(b)		3,381,162		3,628,322
Pretium Resources Inc. ^(a)(b)		386,156		2,642,139
Rubicon Minerals Corp. ^(b)		6,213,359		9,175,005
Sandstorm Gold Ltd. ^(a)(b)		595,220		4,007,076
SEMAFO Inc. ^(b)		1,828,301		7,898,099
Silver Wheaton Corp. ^(b)		620,863		16,210,733
Torex Gold Resources Inc. ^(b)		13,560,357		18,904,652
Torex Gold Resources Inc. -Wts. expiring 08/12/14^(b)		1,977,500		36,274
Turquoise Hill Resources Ltd. ^(a)(b)		4,705,348		16,356,295
				248,779,225

Mali–4.03%

Randgold Resources Ltd. -ADR		173,875		14,977,593

Mexico–2.97%

Fresnillo PLC		705,368		11,041,769

South Africa–0.58%

Gold Fields Ltd. -ADR		543,894		2,142,942

United States–15.96%

Boart Longyear Ltd. ^(a)(b)		9,575,359		1,622,651
iShares^® Gold Trust - ETF ^(b)		890,700		11,062,494
Newmont Mining Corp.		485,838		12,102,225
SPDR^® Gold Trust - ETF ^(b)		122,500		15,115,275
Stillwater Mining Co. ^(b)		486,761		8,713,022


	Shares		Value

United States–(continued)

Tahoe Resources Inc. ^(b)		405,529	$	10,745,421
				59,361,088
Total Common Stocks & Other Equity Interests (Cost $389,401,034)				354,313,139

Money Market Funds–5.05%

Liquid Assets Portfolio –Institutional Class ^(c)		9,394,932		9,394,932
Premier Portfolio –Institutional Class ^(c)		9,394,933		9,394,933
Total Money Market Funds (Cost $18,789,865)				18,789,865
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.33% (Cost $408,190,899)				373,103,004

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–7.18%

Liquid Assets Portfolio - Institutional Class (Cost $26,690,241)^(c)(d)		26,690,241		26,690,241
TOTAL INVESTMENTS–107.51% (Cost $434,881,140)				399,793,245
OTHER ASSETS LESS LIABILITIES–(7.51)%				(27,913,197)
NET ASSETS–100.00%			$	371,880,048

Investment Abbreviations:


ADR		—American Depositary Receipt
ETF		—Exchange-Traded Fund
SPDR		—Standard & Poor’s Depositary Receipt
Wts.		—Warrants

Notes to Schedule of Investments:

^(a)	All or a portion of this security was out on loan at July 31, 2014.

^(b)	Non-income producing security.

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

^(d)

Counterparty

Gross

Amount of
Securities on
Loan at Value

Cash
Collateral
Received for
Securities
Loaned*

Net
Amount

Brown Brothers

Harriman

$ 24,597,529

$(24,597,529)

$ —

*Amount does not include excess collateral received.

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

Invesco Gold & Precious Metals Fund

Notes to Quarterly Schedule of Portfolio Holdings

July 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Gold & Precious Metals Fund

A.	Security Valuations – (continued)

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

Invesco Gold & Precious Metals Fund

E.	Foreign Currency Translations – (continued)

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.

G.	Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.

The Fund may invest a large percentage of its assets in a limited number of securities or other instruments, which could negatively affect the value of the Fund.

Fluctuations in the price of gold and precious metals may affect the profitability of companies in the gold and precious metals sector. Changes in the political or economic conditions of countries where companies in the gold and precious metals sector are located may have a direct effect on the price of gold and precious metals.

NOTE 2 — Additional Valuation Information


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

Invesco Gold & Precious Metals Fund


	Level 1		Level 2		Level 3		Total
Brazil	$	18,010,522	$	—	$	—	$	18,010,522
Canada		248,779,225		—		—		248,779,225
Mali		14,977,593		—		—		14,977,593
Mexico		—		11,041,769		—		11,041,769
South Africa		2,142,942		—		—		2,142,942
United States		103,218,543		1,622,651		—		104,841,194
Total Investments	$	387,128,825	$	12,664,420	$	—	$	399,793,245

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended July 31, 2014 was $38,925,029 and $20,917,348, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	43,536,105
Aggregate unrealized (depreciation) of investment securities		(110,903,904)
Net unrealized appreciation (depreciation) of investment securities	$	(67,367,799)
Cost of investments for tax purposes is $467,161,044.

Invesco Gold & Precious Metals Fund

Invesco Mid Cap Growth Fund

Quarterly Schedule of Portfolio Holdings

July 31, 2014

LOGO


invesco.com/us		VK-MCG-QTR-1 7/14		Invesco Advisers, Inc.

Schedule of Investments^(a)

July 31, 2014

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–97.59%

Aerospace & Defense–1.92%

B/E Aerospace, Inc. ^(b)		413,087	$	35,170,227
DigitalGlobe Inc. ^(b)(c)		755,551		19,757,659
				54,927,886

Airlines–1.54%

Delta Air Lines, Inc.		1,175,217		44,023,629

Apparel, Accessories & Luxury Goods–2.27%

Michael Kors Holdings Ltd. ^(b)		272,815		22,228,966
Under Armour, Inc. -Class A ^(b)(c)		639,150		42,663,263
				64,892,229

Application Software–1.92%

Aspen Technology, Inc. ^(b)		742,733		32,264,322
Cadence Design Systems, Inc. ^(b)		1,344,581		22,629,298
				54,893,620

Asset Management & Custody Banks–2.65%

Affiliated Managers Group, Inc. ^(b)		145,065		28,904,201
Ameriprise Financial, Inc.		391,812		46,860,715
				75,764,916

Auto Parts & Equipment–0.72%

Gentherm Inc. ^(b)		489,822		20,499,051

Automobile Manufacturers–1.08%

Tesla Motors, Inc. ^(b)		138,899		31,016,147

Automotive Retail–1.75%

O’Reilly Automotive, Inc. ^(b)		334,492		50,173,800

Biotechnology–4.10%

Alexion Pharmaceuticals, Inc. ^(b)		284,722		45,267,951
Medivation Inc. ^(b)		689,661		51,193,536
Synageva BioPharma Corp. ^(b)(c)		303,792		20,782,410
				117,243,897

Building Products–3.36%

A.O. Smith Corp.		727,363		33,967,852
Lennox International Inc.		490,148		41,819,427
Owens Corning Inc.		594,974		20,258,865
				96,046,144

Casinos & Gaming–2.01%

Wynn Resorts Ltd.		269,230		57,399,836


	Shares		Value

Commodity Chemicals–1.10%

LyondellBasell Industries N.V. -Class A		296,680	$	31,522,250

Communications Equipment–1.27%

Palo Alto Networks, Inc. ^(b)		447,491		36,184,122

Computer & Electronics Retail–0.60%

Best Buy Co., Inc.		574,162		17,069,836

Construction & Engineering–2.28%

Foster Wheeler AG (Switzerland)		1,153,644		38,024,106
MasTec Inc. ^(b)		997,108		27,111,367
				65,135,473

Construction Machinery & Heavy Trucks–0.45%

Manitowoc Co., Inc. (The)		483,733		12,847,948

Consumer Electronics–1.88%

Harman International Industries, Inc.		496,101		53,851,764

Consumer Finance–1.67%

Discover Financial Services		782,398		47,773,222

Data Processing & Outsourced Services–1.40%

Alliance Data Systems Corp. ^(b)		152,138		39,904,276

Distillers & Vintners–1.68%

Constellation Brands, Inc. -Class A ^(b)		578,336		48,152,255

Distributors–1.48%

LKQ Corp. ^(b)		1,618,737		42,338,066

Diversified Support Services–0.88%

KAR Auction Services Inc.		861,367		25,246,667

Electrical Components & Equipment–1.73%

AMETEK, Inc.		569,638		27,735,674
Rockwell Automation, Inc.		194,833		21,755,053
				49,490,727

Electronic Components–1.96%

Amphenol Corp. -Class A		582,502		56,019,217

Electronic Equipment & Instruments–1.41%

Cognex Corp. ^(b)		980,719		40,189,865

Food Retail–0.80%

Kroger Co. (The)		468,557		22,949,922

Health Care Facilities–1.98%

Universal Health Services, Inc. -Class B		531,002		56,604,813

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

Invesco Mid Cap Growth Fund


	Shares		Value

Health Care Services–2.68%

Omnicare, Inc.		527,847	$	32,990,438
Team Health Holdings, Inc. ^(b)		771,862		43,648,796
				76,639,234

Homebuilding–0.91%

Lennar Corp. -Class A		720,845		26,116,214

Household Appliances–0.72%

Whirlpool Corp.		144,309		20,584,236

Household Products–0.46%

Church & Dwight Co., Inc.		204,450		13,121,601

Housewares & Specialties–1.36%

Jarden Corp. ^(b)		695,372		38,871,295

Industrial Conglomerates–1.19%

Carlisle Cos. Inc.		426,704		34,144,854

Industrial Machinery–3.05%

Flowserve Corp.		644,047		47,685,240
ITT Corp.		858,283		39,455,269
				87,140,509

Internet Retail–0.68%

Netflix Inc. ^(b)		46,017		19,452,306

Internet Software & Services–3.22%

Cornerstone OnDemand, Inc. ^(b)		575,340		24,072,226
Pandora Media Inc. ^(b)		1,253,981		31,500,003
Yelp Inc. ^(b)		542,971		36,465,932
				92,038,161

Investment Banking & Brokerage–0.80%

Lazard Ltd. -Class A		438,010		22,907,923

IT Consulting & Other Services–0.93%

Gartner, Inc. ^(b)		388,500		26,581,170

Leisure Products–1.18%

Brunswick Corp.		837,743		33,786,175

Life Sciences Tools & Services–1.69%

Illumina, Inc. ^(b)		301,393		48,195,755

Movies & Entertainment–1.51%

Cinemark Holdings, Inc.		1,313,336		43,077,421

Oil & Gas Equipment & Services–2.61%

Baker Hughes Inc.		610,179		41,962,010
Superior Energy Services, Inc.		968,209		32,531,822
				74,493,832

Oil & Gas Exploration & Production–2.95%

Cimarex Energy Co.		198,704		27,623,830
EQT Corp.		312,126		29,283,661
Stone Energy Corp. ^(b)		721,028		27,435,116
				84,342,607


	Shares		Value

Packaged Foods & Meats–1.56%

Mead Johnson Nutrition Co.		486,274	$	44,464,895

Pharmaceuticals–4.97%

Actavis PLC ^(b)		295,954		63,411,104
Pacira Pharmaceuticals, Inc. ^(b)(c)		372,874		34,304,408
Shire PLC -ADR (Ireland)		180,049		44,382,079
				142,097,591

Railroads–0.54%

Kansas City Southern		142,792		15,572,895

Regional Banks–1.34%

SVB Financial Group ^(b)		351,703		38,342,661

Semiconductor Equipment–1.18%

Applied Materials, Inc.		1,606,686		33,676,139

Semiconductors–4.51%

Atmel Corp. ^(b)		2,283,337		18,723,363
Cavium Inc. ^(b)		505,161		23,565,761
Integrated Device Technology, Inc. ^(b)		1,945,716		27,940,482
NXP Semiconductors N.V. (Netherlands)^(b)		943,830		58,847,800
				129,077,406

Specialized Finance–1.95%

Intercontinental Exchange, Inc.		289,856		55,716,120

Specialty Chemicals–2.59%

PPG Industries, Inc.		266,268		52,816,921
Valspar Corp. (The)		282,124		21,173,406
				73,990,327

Specialty Stores–2.03%

Signet Jewelers Ltd.		195,963		19,947,074
Tractor Supply Co.		614,261		38,188,606
				58,135,680

Systems Software–1.42%

ServiceNow, Inc. ^(b)		691,827		40,679,428

Trading Companies & Distributors–0.76%

United Rentals, Inc. ^(b)		204,085		21,612,601

Trucking–0.99%

J.B. Hunt Transport Services, Inc.		367,909		28,424,649

Wireless Telecommunication Services–1.92%

SBA Communications Corp. - Class A ^(b)		514,497		55,015,164
Total Common Stocks & Other Equity Interests (Cost $2,174,594,966)				2,790,460,427

Money Market Funds–0.92%

Liquid Assets Portfolio –Institutional Class ^(d)		13,174,076		13,174,076
Premier Portfolio –Institutional Class ^(d)		13,174,076		13,174,076
Total Money Market Funds (Cost $26,348,152)				26,348,152

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

Invesco Mid Cap Growth Fund


	Shares		Value
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–98.51% (Cost $2,200,943,118)			$	2,816,808,579

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–1.17%

Liquid Assets Portfolio - Institutional Class (Cost $33,315,470)^(d)(e)		33,315,470		33,315,470
TOTAL INVESTMENTS–99.68% (Cost $2,234,258,588)				2,850,124,049
OTHER ASSETS LESS LIABILITIES–0.32%				9,247,253
NET ASSETS–100.00%			$	2,859,371,302

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 July 31, 2014.

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

^(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 1D.

The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of July 31, 2014.


Counterparty	Gross Amount of Securities on Loan at Value		Cash Collateral Received for Securities Loaned*			Net Amount
Brown Brothers Harriman		$33,014,101	$	(33,014,101	)	$	—

*Amount does not include excess collateral received.

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

Invesco Mid Cap Growth Fund

Notes to Quarterly Schedule of Portfolio Holdings

July 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Mid Cap Growth Fund

A.	Security Valuations – (continued)

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

Invesco Mid Cap Growth Fund

E.	Foreign Currency Translations – (continued)

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.

NOTE 2 — Additional Valuation Information


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

As of July 31, 2014, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

Invesco Mid Cap Growth Fund

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended July 31, 2014 was $495,360,876 and $644,182,615, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	673,187,371
Aggregate unrealized (depreciation) of investment securities		(58,640,335)
Net unrealized appreciation of investment securities	$	614,547,036
Cost of investments for tax purposes is $2,235,577,013.

Invesco Mid Cap Growth Fund

Invesco Small Cap Value Fund

Quarterly Schedule of Portfolio Holdings

July 31, 2014

LOGO


invesco.com/us		VK-SCV-QTR-1 7/14		Invesco Advisers, Inc.

Schedule of Investments^(a)

January 31, 2014

(Unaudited)


	Shares		Value

Common Stocks–96.53%

Air Freight & Logistics–1.01%

UTi Worldwide, Inc. ^(b)		3,683,600	$	34,846,856

Apparel Retail–6.61%

Abercrombie & Fitch Co. -Class A ^(c)		3,683,074		144,892,131
Guess?, Inc.		3,195,666		83,119,273
				228,011,404

Apparel, Accessories & Luxury Goods–1.66%

Quiksilver, Inc. ^(b)(c)		19,123,908		57,180,485

Asset Management & Custody Banks–1.10%

Waddell & Reed Financial, Inc. -Class A		717,100		37,855,709

Auto Parts & Equipment–3.20%

Dana Holding Corp.		1,640,235		36,708,459
Faurecia (France)		1,547,200		54,480,092
Modine Manufacturing Co. ^(b)		1,395,547		19,216,682
				110,405,233

Building Products–1.31%

Owens Corning Inc.		862,000		29,351,100
Ply Gem Holdings Inc. ^(b)		1,893,367		15,771,747
				45,122,847

Construction & Engineering–1.44%

Aegion Corp. ^(b)(c)		2,172,486		49,771,654

Construction Machinery & Heavy Trucks–2.28%

Terex Corp.		747,100		25,782,421
WABCO Holdings Inc. ^(b)		541,500		52,785,420
				78,567,841

Consumer Electronics–1.73%

Harman International Industries, Inc.		549,859		59,687,194

Data Processing & Outsourced Services–1.48%

Broadridge Financial Solutions Inc.		1,266,700		51,136,679

Electronic Components–2.58%

Belden Inc.		1,308,853		88,871,119

Electronic Manufacturing Services–4.99%

Flextronics International Ltd. ^(b)		7,308,500		75,935,315
Jabil Circuit, Inc.		876,414		17,493,223
KEMET Corp. ^(b)(c)		3,744,102		18,458,423
Methode Electronics, Inc.		228,589		7,310,276


	Shares		Value

Electronic Manufacturing Services–(continued)

Sanmina Corp. ^(b)		2,265,382	$	52,760,747
				171,957,984

Environmental & Facilities Services–1.39%

Clean Harbors, Inc. ^(b)		832,320		47,966,602

Health Care Equipment–0.96%

Integra LifeSciences Holdings Corp. ^(b)		700,400		33,212,968

Health Care Facilities–2.16%

Brookdale Senior Living Inc. ^(b)		2,154,700		74,660,355

Health Care Services–1.93%

AMN Healthcare Services, Inc. ^(b)		318,424		4,171,354
Chemed Corp.		611,800		62,311,830
				66,483,184

Health Care Supplies–3.35%

Alere, Inc. ^(b)		2,886,823		115,472,920

Homebuilding–0.28%

Installed Building Products Inc. ^(b)		866,450		9,600,266

Human Resource & Employment Services–3.73%

Insperity, Inc.		1,123,700		35,857,267
Manpowergroup Inc.		1,192,873		92,912,878
				128,770,145

Industrial Machinery–2.57%

Briggs & Stratton Corp.		1,584,700		29,047,551
ESCO Technologies Inc.		319,695		10,725,767
Kennametal Inc.		1,152,300		48,719,244
				88,492,562

Internet Software & Services–1.48%

Conversant, Inc. ^(b)		2,186,100		51,089,157

Investment Banking & Brokerage–7.31%

E*TRADE Financial Corp. ^(b)		5,461,200		114,794,424
FXCM, Inc. -Class A		2,261,500		30,801,630
LPL Financial Holdings, Inc.		2,239,753		106,343,472
				251,939,526

IT Consulting & Other Services–2.48%

CIBER, Inc. ^(b)(c)		6,751,300		23,562,037
iGATE Corp. ^(b)		1,732,830		61,827,374
				85,389,411

Leisure Products–1.55%

Callaway Golf Co. ^(c)		5,061,038		38,463,889
JAKKS Pacific, Inc. ^(b)(c)		2,423,100		15,120,144
				53,584,033

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

Invesco Small Cap Value Fund


	Shares		Value

Life & Health Insurance–1.97%

CNO Financial Group, Inc.		4,201,888	$	67,986,548

Life Sciences Tools & Services–1.39%

PerkinElmer, Inc.		1,039,400		48,041,068

Movies & Entertainment–0.50%

SFX Entertainment, Inc. ^(b)		2,498,895		17,117,431

Office Services & Supplies–0.97%

ACCO Brands Corp. ^(b)		5,042,712		33,382,753

Oil & Gas Equipment & Services–1.72%

ION Geophysical Corp. ^(b)		6,114,743		22,930,286
McDermott International, Inc. ^(b)		4,990,900		36,433,570
				59,363,856

Oil & Gas Exploration & Production–1.60%

Goodrich Petroleum Corp. ^(b)(c)		2,859,106		55,066,382

Paper Packaging–2.25%

Sealed Air Corp.		2,417,273		77,642,809

Personal Products–1.45%

Elizabeth Arden, Inc. ^(b)(c)		2,432,717		50,186,952

Property & Casualty Insurance–2.70%

AmTrust Financial Services, Inc.		2,185,200		93,176,928

Regional Banks–6.02%

First Horizon National Corp.		6,639,467		78,212,922
First Niagara Financial Group, Inc.		5,906,512		50,796,003
Zions Bancorp.		2,724,000		78,505,680
				207,514,605

Reinsurance–2.36%

Reinsurance Group of America, Inc.		412,494		33,106,768
Validus Holdings, Ltd.		1,320,400		48,234,212
				81,340,980

Research & Consulting Services–2.72%

Dun & Bradstreet Corp. (The)		160,400		17,648,812
FTI Consulting, Inc. ^(b)		578,318		21,374,633
Resources Connection Inc. ^(c)		3,627,670		54,777,817
				93,801,262

Semiconductor Equipment–1.79%

Brooks Automation, Inc.		2,665,784		27,137,681
Lam Research Corp.		495,517		34,686,190
				61,823,871

Semiconductors–3.28%

Lattice Semiconductor Corp. ^(b)		1,859,450		12,718,638
Microsemi Corp. ^(b)		746,365		17,897,833
ON Semiconductor Corp. ^(b)		9,656,700		82,661,352
				113,277,823

Specialized Consumer Services–1.53%

ServiceMaster Global Holdings, Inc. ^(b)		3,006,464		52,823,573


	Shares		Value

Specialized Finance–1.97%

NASDAQ OMX Group, Inc. (The)		1,610,100	$	67,930,119

Steel–1.84%

Allegheny Technologies, Inc.		1,681,600		63,312,240

Technology Distributors–0.62%

CDW Corp.		691,174		21,350,365

Trading Companies & Distributors–1.27%

AerCap Holdings N.V. (Netherlands)^(b)		1,002,670		43,746,492
Total Common Stocks (Cost $2,488,992,619)				3,328,962,191

Money Market Funds–3.63%

Liquid Assets Portfolio –Institutional Class ^(d)		62,618,509		62,618,509
Premier Portfolio –Institutional Class ^(d)		62,618,508		62,618,508
Total Money Market Funds (Cost $125,237,017)				125,237,017
TOTAL INVESTMENTS–100.16% (Cost $2,614,229,636)				3,454,199,208
OTHER ASSETS LESS LIABILITIES–(0.16)%				(5,467,477	)
NET ASSETS–100.00%			$	3,448,731,731

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)

Affiliated company during the period. The Investment Company Act of 1940 defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The aggregate value of these securities as of July 31, 2014 was $507,479,914, which represented 14.71% of the Fund’s Net Assets. See Note 3.

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

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

Invesco Small Cap Value Fund

Notes to Quarterly Schedule of Portfolio Holdings

July 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Small Cap Value Fund

A.	Security Valuations – (continued)

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

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.

Invesco Small Cap Value Fund

E.	Forward Foreign Currency Contracts – (continued)

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

NOTE 2 — Additional Valuation Information


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


	Level 1		Level 2		Level 3		Total
Equity Securities	$	3,399,719,116	$	54,480,092	$	—	$	3,454,199,208

Invesco Small Cap Value Fund

NOTE 3 — Investments in Other Affiliates

The Investment Company Act of 1940, as amended (the “1940 Act”), defines affiliates as those issuances in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the 1940 Act) of that issuer. The following is a summary of the investments in other affiliates for the three months ended July 31, 2014.


	Value 04/30/14		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value 07/31/14		Interest / Dividend Income
Abercrombie & Fitch Co.	$	135,389,800	$	-	$	-	$	9,502,331	$	-	$	144,892,131	$	736,615
Aegion Corp.		55,376,668		-		-		(5,605,014)		-		49,771,654		-
Callaway Golf Co.		44,081,641		-		-		(5,617,752)		-		38,463,889		50,610
CIBER, Inc.		29,165,616		-		-		(5,603,579)		-		23,562,037		-
Elizabeth Arden, Inc.		51,817,949		23,614,718		-		(25,245,715)		-		50,186,952		-
Goodrich Petroleum Corp.		97,219,563		-		(28,859,256)		(28,206,729)		14,912,804		55,066,382		-
JAKKS Pacific, Inc.		21,226,356		-		-		(6,106,212)		-		15,120,144		-
KEMET Corp.		18,757,951		-		-		(299,528)		-		18,458,423		-
Quiksilver, Inc		37,702,734		50,522,796		-		(31,045,045)		-		57,180,485		-
Resources Connection Inc.		49,372,589		-		-		5,405,228		-		54,777,817		253,937
Total	$	540,110,867	$	74,137,514	$	(28,859,256)	$	(92,822,015)	$	14,912,804	$	507,479,914	$	1,041,162

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended July 31, 2014 was $388,775,166 and $334,242,550, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	940,628,756
Aggregate unrealized (depreciation) of investment securities		(105,620,432)
Net unrealized appreciation of investment securities	$	835,008,324
Cost of investments for tax purposes is $2,619,190,884.

Invesco Small Cap Value Fund

Invesco Technology Fund

Quarterly Schedule of Portfolio Holdings

July 31, 2014

LOGO


invesco.com/us		I-TEC-QTR-1 7/14		Invesco Advisers, Inc.

Schedule of Investments^(a)

July 31, 2014

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–99.81%

Application Software–7.29%

Aspen Technology, Inc. ^(b)		161,332	$	7,008,262
Monitise PLC (United Kingdom)^(b)(c)		20,014,736		15,362,508
salesforce.com, inc. ^(b)		489,325		26,545,881
SS&C Technologies Holdings, Inc. ^(b)		81,083		3,511,705
				52,428,356

Biotechnology–12.05%

Alkermes PLC ^(b)		213,586		9,132,937
Amgen Inc.		74,380		9,475,268
Biogen Idec Inc. ^(b)		42,956		14,364,057
Celgene Corp. ^(b)		167,323		14,582,200
Gilead Sciences, Inc. ^(b)		426,768		39,070,610
				86,625,072

Cable & Satellite–3.73%

DISH Network Corp. -Class A ^(b)		433,417		26,811,176

Communications Equipment–9.05%

ARRIS Group Inc. ^(b)		592,010		20,228,982
F5 Networks, Inc. ^(b)		123,324		13,885,049
Palo Alto Networks, Inc. ^(b)		138,871		11,229,109
QUALCOMM, Inc.		267,613		19,723,078
				65,066,218

Consumer Electronics–0.47%

Harman International Industries, Inc.		31,408		3,409,338

Data Processing & Outsourced Services–9.23%

Alliance Data Systems Corp. ^(b)		81,921		21,487,059
MasterCard, Inc. -Class A		382,763		28,381,876
Visa Inc. -Class A		78,283		16,518,496
				66,387,431

Electronic Manufacturing Services–0.36%

Sanmina Corp. ^(b)		110,232		2,567,303

Health Care Technology–1.88%

IMS Health Holdings, Inc. ^(b)(c)		517,843		13,515,702

Home Entertainment Software–1.19%

Activision Blizzard, Inc.		383,529		8,583,379

Internet Retail–4.60%

Amazon.com, Inc. ^(b)		36,125		11,306,764
Priceline Group Inc. (The) ^(b)		15,275		18,978,424
TripAdvisor Inc. ^(b)		29,111		2,760,887
				33,046,075


	Shares		Value

Internet Software & Services–16.92%

Facebook Inc. -Class A ^(b)		584,020	$	42,429,053
Google Inc. -Class A ^(b)		45,592		26,422,844
Google Inc. -Class C ^(b)		45,592		26,060,387
Yelp Inc. ^(b)		398,214		26,744,052
				121,656,336

IT Consulting & Other Services–1.27%

Cognizant Technology Solutions Corp. -Class A ^(b)		186,680		9,156,654

Life Sciences Tools & Services–1.86%

Thermo Fisher Scientific, Inc.		109,910		13,354,065

Pharmaceuticals–2.67%

Actavis PLC ^(b)		55,442		11,879,003
Bristol-Myers Squibb Co.		145,255		7,352,808
				19,231,811

Semiconductor Equipment–0.96%

Applied Materials, Inc.		329,672		6,909,925

Semiconductors–11.60%

ARM Holdings PLC -ADR (United Kingdom)		81,142		3,469,632
Atmel Corp. ^(b)		906,971		7,437,162
Avago Technologies Ltd. (Singapore)		247,902		17,199,441
Lattice Semiconductor Corp. ^(b)		740,845		5,067,380
Micron Technology, Inc. ^(b)		228,322		6,975,237
NXP Semiconductors N.V. (Netherlands)^(b)		350,347		21,844,135
Skyworks Solutions, Inc.		206,168		10,465,088
Synaptics Inc. ^(b)		47,618		3,439,448
Texas Instruments Inc.		162,435		7,512,619
				83,410,142

Systems Software–3.89%

ServiceNow, Inc. ^(b)		162,612		9,561,586
VMware, Inc. -Class A ^(b)(c)		185,583		18,439,527
				28,001,113

Technology Hardware, Storage & Peripherals–7.43%

Apple Inc.		505,851		48,344,180
Cray, Inc. ^(b)		191,330		5,074,072
				53,418,252

Wireless Telecommunication Services–3.36%

Sprint Corp. ^(b)		3,287,999		24,166,793
Total Common Stocks & Other Equity Interests (Cost $495,892,030)				717,745,141

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

Invesco Technology Fund


Shares		Value

Money Market Funds–1.32%

Liquid Assets Portfolio –Institutional Class ^(d)	4,722,861	$	4,722,861
Premier Portfolio –Institutional Class ^(d)	4,722,860		4,722,860
Total Money Market Funds (Cost $9,445,721)			9,445,721
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–101.13% (Cost $505,337,751)			727,190,862
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–2.93%

Liquid Assets Portfolio - Institutional Class (Cost $21,088,280)^(d)(e)	21,088,280		21,088,280
TOTAL INVESTMENTS–104.06% (Cost $526,426,031)			748,279,142
OTHER ASSETS LESS LIABILITIES–(4.06)%			(29,176,050	)
NET ASSETS–100.00%		$	719,103,092

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 July 31, 2014.

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

^(e)


Counterparty	Gross Amount of Securities on Loan at Value	Cash Collateral Received for Securities Loaned*	Net Amount
Brown Brothers Harriman	$ 19,910,129	$(19,910,129)	$—

*Amount does not include excess collateral received.

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

Invesco Technology Fund

Notes to Quarterly Schedule of Portfolio Holdings

July 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Technology Fund

A.	Security Valuations – (continued)

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

Invesco Technology Fund

E.	Foreign Currency Translations – (continued)

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.

G.	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.

NOTE 2 — Additional Valuation Information


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

Invesco Technology Fund


	Level 1		Level 2		Level 3		Total
Equity Securities	$	732,916,634	$	15,362,508	$	—	$	748,279,142

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended July 31, 2014 was $122,066,347 and $132,407,200, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	235,052,955
Aggregate unrealized (depreciation) of investment securities		(13,486,251	)
Net unrealized appreciation of investment securities	$	221,566,704
Cost of investments for tax purposes is $526,712,438.

Invesco Technology Fund

Invesco Technology Sector Fund

Quarterly Schedule of Portfolio Holdings

July 31, 2014

LOGO


invesco.com/us		MS-TECH-QTR-1 7/14		Invesco Advisers, Inc.

Schedule of Investments^(a)

July 31, 2014

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–100.17%

Application Software–7.31%

Aspen Technology, Inc. ^(b)		21,860	$	949,599
Monitise PLC (United Kingdom)^(b)(c)		2,699,776		2,072,240
salesforce.com, inc. ^(b)		65,789		3,569,053
SS&C Technologies Holdings, Inc. ^(b)		10,969		475,067
				7,065,959

Biotechnology–12.10%

Alkermes PLC ^(b)		28,838		1,233,113
Amgen Inc.		10,045		1,279,633
Biogen Idec Inc. ^(b)		5,801		1,939,796
Celgene Corp. ^(b)		22,595		1,969,154
Gilead Sciences, Inc. ^(b)		57,663		5,279,048
				11,700,744

Cable & Satellite–3.74%

DISH Network Corp. -Class A ^(b)		58,545		3,621,594

Communications Equipment–9.10%

ARRIS Group Inc. ^(b)		80,367		2,746,140
F5 Networks, Inc. ^(b)		16,663		1,876,087
Palo Alto Networks, Inc. ^(b)		18,727		1,514,265
QUALCOMM, Inc.		36,138		2,663,371
				8,799,863

Consumer Electronics–0.48%

Harman International Industries, Inc.		4,247		461,012

Data Processing & Outsourced Services–9.23%

Alliance Data Systems Corp. ^(b)		11,053		2,899,091
MasterCard, Inc. -Class A		51,240		3,799,446
Visa Inc. -Class A		10,554		2,227,000
				8,925,537

Electronic Manufacturing Services–0.36%

Sanmina Corp. ^(b)		14,884		346,648

Health Care Technology–1.89%

IMS Health Holdings, Inc. ^(b)		70,079		1,829,062

Home Entertainment Software–1.20%

Activision Blizzard, Inc.		51,786		1,158,971

Internet Retail–4.59%

Amazon.com, Inc. ^(b)		4,818		1,507,986
Priceline Group Inc. (The) ^(b)		2,063		2,563,174
TripAdvisor Inc. ^(b)		3,931		372,816
				4,443,976


	Shares		Value

Internet Software & Services–17.02%

Facebook Inc. -Class A ^(b)		78,879	$	5,730,559
Google Inc. -Class A ^(b)		6,186		3,585,096
Google Inc. -Class C ^(b)		6,186		3,535,918
Yelp Inc. ^(b)		53,774		3,611,462
				16,463,035

IT Consulting & Other Services–1.28%

Cognizant Technology Solutions Corp. -Class A ^(b)		25,206		1,236,354

Life Sciences Tools & Services–1.86%

Thermo Fisher Scientific, Inc.		14,843		1,803,424

Pharmaceuticals–2.68%

Actavis PLC ^(b)		7,486		1,603,950
Bristol-Myers Squibb Co.		19,612		992,760
				2,596,710

Semiconductor Equipment–0.97%

Applied Materials, Inc.		44,531		933,370

Semiconductors–11.63%

ARM Holdings PLC -ADR (United Kingdom)		11,231		480,238
Atmel Corp. ^(b)		122,464		1,004,205
Avago Technologies Ltd. (Singapore)		34,413		2,387,574
Lattice Semiconductor Corp. ^(b)		103,354		706,941
Micron Technology, Inc. ^(b)		30,832		941,918
NXP Semiconductors N.V. (Netherlands)^(b)		46,314		2,887,678
Skyworks Solutions, Inc.		27,940		1,418,234
Synaptics Inc. ^(b)		6,430		464,439
Texas Instruments Inc.		20,737		959,086
				11,250,313

Systems Software–3.91%

ServiceNow, Inc. ^(b)		21,917		1,288,719
VMware, Inc. -Class A ^(b)		25,044		2,488,372
				3,777,091

Technology Hardware, Storage & Peripherals–7.47%

Apple Inc.		68,203		6,518,160
Cray, Inc. ^(b)		26,686		707,713
				7,225,873

Wireless Telecommunication Services–3.35%

Sprint Corp. ^(b)		441,113		3,242,181
Total Common Stocks & Other Equity Interests (Cost $73,401,304)				96,881,717

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

Invesco Technology Sector Fund


	Shares		Value

Money Market Funds–1.34%

Liquid Assets Portfolio –Institutional Class ^(d)		649,021	$	649,021
Premier Portfolio –Institutional Class ^(d)		649,021		649,021
Total Money Market Funds (Cost $1,298,042)				1,298,042
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–101.51% (Cost $74,699,346)				98,179,759

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–1.77%

Liquid Assets Portfolio - Institutional Class (Cost $1,715,380)^(d)(e)		1,715,380		1,715,380
TOTAL INVESTMENTS–103.28% (Cost $76,414,726)				99,895,139
OTHER ASSETS LESS LIABILITIES–(3.28)%				(3,171,196)
NET ASSETS–100.00%			$	96,723,943

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 July 31, 2014.

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

^(e)

Counterparty

Gross

Amount of
Securities
on Loan at

Value

Cash Collateral
Received for
Securities

Loaned*

Net
Amount

Brown

Brothers

Harriman

$1,572,496

$(1,572,496)

$ —

*Amount does not include excess collateral received.

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

Invesco Technology Sector Fund

Notes to Quarterly Schedule of Portfolio Holdings

July 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Technology Sector Fund

A.	Security Valuations – (continued)

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

Invesco Technology Sector Fund

E.	Foreign Currency Translations – (continued)

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.

G.	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.

NOTE 2 — Additional Valuation Information


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

Invesco Technology Sector Fund


	Level 1		Level 2		Level 3	Total
Equity Securities		$ 97,822,899		$ 2,072,240	$ —		$ 99,895,139

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended July 31, 2014 was $16,313,256 and $17,654,392 respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	25,301,893
Aggregate unrealized (depreciation) of investment securities		(1,850,657)
Net unrealized appreciation of investment securities	$	23,451,236
Cost of investments for tax purposes is $ 76,443,903.

Invesco Technology Sector Fund

Invesco Value Opportunities Fund

Quarterly Schedule of Portfolio Holdings

July 31, 2014

LOGO


invesco.com/us		VK-VOPP-QTR-1 7/14		Invesco Advisers, Inc.

Schedule of Investments^(a)

July 31, 2014

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–96.50%

Advertising–2.83%

Omnicom Group Inc.		401,355	$	28,090,836

Air Freight & Logistics–1.27%

UTi Worldwide, Inc. ^(b)		1,337,739		12,655,011

Application Software–1.16%

Synopsys, Inc. ^(b)		306,200		11,565,174

Asset Management & Custody Banks–1.37%

Bank of New York Mellon Corp. (The)		348,120		13,590,605

Automobile Manufacturers–1.59%

Nissan Motor Co., Ltd. (Japan)^(c)		1,603,500		15,813,146

Cable & Satellite–2.54%

Time Warner Cable Inc.		174,202		25,276,710

Coal & Consumable Fuels–1.60%

Peabody Energy Corp. ^(c)		1,047,029		15,883,430

Communications Equipment–1.51%

Cisco Systems, Inc.		595,100		15,014,373

Consumer Finance–1.63%

Synchrony Financial ^(b)		703,600		16,182,800

Department Stores–4.47%

Macy’s, Inc.		515,672		29,800,685
Nordstrom, Inc.		210,900		14,600,607
				44,401,292

Diversified Banks–18.89%

Bank of America Corp.		1,513,866		23,086,457
Citigroup Inc.		637,721		31,190,934
Comerica Inc.		278,435		13,994,143
JPMorgan Chase & Co.		1,008,664		58,169,653
U.S. Bancorp		339,438		14,266,579
Wells Fargo & Co.		922,825		46,971,792
				187,679,558

Electronic Components–1.19%

Corning Inc.		601,400		11,817,510

Food Retail–1.49%

Kroger Co. (The)		302,472		14,815,079

General Merchandise Stores–1.27%

Target Corp.		210,842		12,564,075

Household Products–1.43%

Procter & Gamble Co. (The)		183,960		14,223,787


	Shares		Value

Industrial Conglomerates–2.03%

General Electric Co.		799,845	$	20,116,102

Integrated Oil & Gas–15.27%

Chevron Corp.		289,929		37,470,424
Exxon Mobil Corp.		134,482		13,305,649
Petroleo Brasileiro S.A. -ADR (Brazil)		1,787,475		28,492,352
Royal Dutch Shell PLC –ADR (United Kingdom)		565,888		46,306,615
Total S.A. -ADR (France)		405,500		26,154,750
				151,729,790

Integrated Telecommunication Services–1.08%

Verizon Communications Inc.		212,219		10,700,082

Investment Banking & Brokerage–3.91%

Goldman Sachs Group, Inc. (The)		92,287		15,953,654
Morgan Stanley		707,620		22,884,431
				38,838,085

Life & Health Insurance–5.77%

Aflac, Inc.		237,700		14,200,198
MetLife, Inc.		382,000		20,093,200
Unum Group		670,274		23,010,506
				57,303,904

Managed Health Care–4.43%

UnitedHealth Group Inc.		261,243		21,173,745
WellPoint, Inc.		207,658		22,802,925
				43,976,670

Marine–0.55%

Diana Shipping Inc. (Greece)^(b)		555,415		5,415,296

Oil & Gas Drilling–0.82%

Noble Corp. PLC		260,277		8,164,889

Personal Products–0.99%

Nu Skin Enterprises, Inc. -Class A		167,800		9,848,182

Pharmaceuticals–4.46%

Bristol-Myers Squibb Co.		274,105		13,875,195
Novartis AG (Switzerland)		212,300		18,530,519
Pfizer Inc.		414,700		11,901,890
				44,307,604

Property & Casualty Insurance–4.67%

Allied World Assurance Co. Holdings AG		212,503		7,652,233
Allstate Corp. (The)		467,319		27,314,795
Chubb Corp. (The)		131,180		11,374,618
				46,341,646

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

Invesco Value Opportunities Fund


	Shares		Value

Regional Banks–0.76%

Investors Bancorp, Inc.		733,219	$	7,588,817

Steel–1.40%

POSCO -ADR (South Korea)		172,104		13,911,166

Systems Software–1.98%

Oracle Corp.		487,900		19,706,281

Technology Distributors–1.51%

CDW Corp.		484,019		14,951,347

Technology Hardware, Storage & Peripherals–1.97%

Hewlett-Packard Co.		550,161		19,591,233

Wireless Telecommunication Services–0.66%

Vodafone Group PLC -ADR (United Kingdom)		198,103		6,580,982
Total Common Stocks & Other Equity Interests (Cost $695,600,243)				958,645,462

Money Market Funds–4.99%

Liquid Assets Portfolio – Institutional Class ^(d)		24,774,290		24,774,290
Premier Portfolio –Institutional Class ^(d)		24,774,289		24,774,289
Total Money Market Funds (Cost $49,548,579)				49,548,579
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–101.49% (Cost $745,148,822)				1,008,194,041

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–1.25%

Liquid Asset Portfolio - Institutional Class (Cost $12,407,728)^(d)(e)		12,407,728		12,407,728
TOTAL INVESTMENTS–102.74% (Cost $757,556,550)				1,020,601,769
OTHER ASSETS LESS LIABILITIES–(2.74)%				(27,262,498)
NET ASSETS–100.00%			$	993,339,271

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 July 31, 2014.

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

^(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 1D.

The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of July 31, 2014.

Counterparty

Gross
Amount of
Securities
on Loan at
Value

Cash
Collateral
Received
for
Securities
Loaned*

Net

Amount

State Street

Bank and Trust

Co.

11,950,314

(11,950,314

)

—

*Amount does not include excess collateral received.

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

Invesco Value Opportunities Fund

Notes to Quarterly Schedule of Portfolio Holdings

July 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

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

Invesco Value Opportunities Fund

A.	Security Valuations – (continued)

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

Invesco Value Opportunities Fund

E.	Foreign Currency Translations – (continued)

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.

NOTE 2 — Additional Valuation Information


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


	Level 1		Level 2		Level 3	Total
Equity Securities	$	986,258,104	$	34,343,665	$ —	$	1,020,601,769

Invesco Value Opportunities Fund

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended July 31, 2014 was $34,269,023 and $48,820,090, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	292,211,544
Aggregate unrealized (depreciation) of investment securities		(37,134,911)
Net unrealized appreciation of investment securities	$	255,076,633
Cost of investments for tax purposes is $765,525,136.

Invesco Value Opportunities Fund

Item 2. Controls and Procedures.

(a)

As of August 20, 2014, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of August 20, 2014, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Sector Funds (Invesco Sector Funds)


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

Date:		September 29, 2014

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


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

Date:		September 29, 2014


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

Date:		September 29, 2014

EXHIBIT INDEX

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