UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number	811-03826
AIM Sector Funds (Invesco Sector Funds)
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Address of principal executive offices) (Zip code)
Sheri Morris     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:	10/31/20

Item 1. Reports to Stockholders.

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

	Semiannual Report to Shareholders	October 31, 2020
	Invesco American Value Fund
	Nasdaq:
	A: MSAVX ◾  C: MSVCX ◾  R: MSARX ◾  Y: MSAIX ◾  R5: MSAJX ◾  R6: MSAFX

2              Letters to Shareholders

3             Fund Performance

5             Schedule of Investments

8             Financial Statements

11           Financial Highlights

12           Notes to Financial Statements

17           Fund Expenses

18           Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco
provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.     On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett Independent Chair Invesco Funds Board of Trustees
Andrew Schlossberg	Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.     All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.
Sincerely,
Andrew Schlossberg Head of the Americas, Senior Managing Director, Invesco Ltd.

2                         Invesco American Value Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	12.19	%
Class C Shares	11.77
Class R Shares	12.05
Class Y Shares	12.33
Class R5 Shares	12.40
Class R6 Shares	12.40
S&P 500 Indexq (Broad Market Index)	13.29
Russell Midcap Value Indexq (Style-Specific Index)	13.64
Lipper Mid-Cap Value Funds Index∎ (Peer Group Index)	13.43
Source(s): qRIMES Technologies Corp.; ∎ Lipper Inc.
The S&P 500®Index is an unmanaged index considered representative of the US stock market. The Russell Midcap®Value Index is an unmanaged index considered representative of mid-cap value stocks. The Russell Midcap Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. The Lipper Mid-Cap Value Funds Index is an unmanaged index considered representative of mid-cap value funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

your Fund’s investment strategies, holdings and performance.

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

3                         Invesco American Value Fund

Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (10/18/93)	7.90	%
10 Years	6.37
5 Years	0.56
1 Year	-14.44
Class C Shares
Inception (10/18/93)	7.88	%
10 Years	6.35
5 Years	0.97
1 Year	-11.03
Class R Shares
Inception (3/20/07)	4.63	%
10 Years	6.70
5 Years	1.44
1 Year	-9.70
Class Y Shares
Inception (2/7/06)	6.05	%
10 Years	7.23
5 Years	1.95
1 Year	-9.26
Class R5 Shares
Inception (6/1/10)	7.97	%
10 Years	7.36
5 Years	2.05
1 Year	-9.15
Class R6 Shares
10 Years	7.34	%
5 Years	2.13
1 Year	-9.10

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

    Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

4                         Invesco American Value Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.95%
Agricultural & Farm Machinery–2.25%
AGCO Corp.		443,251	$	34,143,625
Apparel, Accessories & Luxury Goods–2.45%
Tapestry, Inc.		1,675,010		37,235,472
Asset Management & Custody Banks–1.33%
Ares Management Corp., Class A		478,608		20,245,118
Automotive Retail–2.12%
Advance Auto Parts, Inc.		218,318		32,153,875
Broadcasting–0.99%
Nexstar Media Group, Inc., Class A		182,414		15,030,914
Building Products–5.10%
Johnson Controls International PLC		1,083,767		45,745,805
Owens Corning		483,312		31,642,437
				77,388,242
Communications Equipment–2.61%
Ciena Corp.(b)		1,005,937		39,623,859
Consumer Finance–2.25%
Ally Financial, Inc.		1,276,696		34,062,249
Copper–1.83%
Freeport-McMoRan, Inc.(b)		1,601,189		27,764,617
Distributors–2.45%
LKQ Corp.(b)		1,164,055		37,238,120
Diversified Chemicals–2.17%
Eastman Chemical Co.		408,014		32,983,852
Electric Utilities–8.54%
Edison International		560,228		31,395,177
Entergy Corp.		367,006		37,148,347
Evergy, Inc.		688,459		38,002,937
Exelon Corp.		577,305		23,028,697
				129,575,158
Electronic Equipment & Instruments–3.73%
Keysight Technologies, Inc.(b)		318,596		33,411,163
Vontier Corp.(b)		805,319		23,144,868
				56,556,031
Food Distributors–1.88%
Performance Food Group Co.(b)		848,328		28,512,304
Food Retail–3.49%
Casey’s General Stores, Inc.		100,621		16,961,682
Kroger Co. (The)		1,116,537		35,963,657
				52,925,339
General Merchandise Stores–2.19%
Dollar Tree, Inc.(b)		368,054		33,242,637
Health Care Distributors–1.59%
Henry Schein, Inc.(b)		378,561		24,068,908

	Shares		Value
Health Care Facilities–2.41%
Encompass Health Corp.		596,330	$	36,560,992
Health Care Services–0.80%
AMN Healthcare Services, Inc.(b)		186,944		12,203,704
Health Care Technology–2.14%
Cerner Corp.		266,681		18,691,671
HMS Holdings Corp.(b)		517,005		13,762,673
				32,454,344
Hotels, Resorts & Cruise Lines–2.23%
Wyndham Hotels & Resorts, Inc.		726,375		33,783,701
Industrial Machinery–1.88%
Kennametal, Inc.		920,935		28,548,985
Industrial REITs–2.12%
First Industrial Realty Trust, Inc.		807,299		32,138,573
Insurance Brokers–4.61%
Arthur J. Gallagher & Co.		366,586		38,018,634
Willis Towers Watson PLC		175,215		31,973,233
				69,991,867
Interactive Home Entertainment–1.36%
Take-Two Interactive Software, Inc.(b)		133,250		20,643,090
Investment Banking & Brokerage–1.72%
Stifel Financial Corp.		446,833		26,121,857
IT Consulting & Other Services–3.06%
Science Applications International Corp.		608,895		46,501,311
Life & Health Insurance–1.56%
Athene Holding Ltd., Class A(b)		737,652		23,663,876
Managed Health Care–2.50%
Centene Corp.(b)		642,223		37,955,379
Marine–2.17%
Kirby Corp.(b)		855,419		32,925,077
Office REITs–1.00%
Hudson Pacific Properties, Inc.		790,537		15,225,743
Oil & Gas Exploration & Production–2.67%
Parsley Energy, Inc., Class A		4,039,556		40,435,956
Other Diversified Financial Services–2.29%
Voya Financial, Inc.		726,228		34,808,108
Regional Banks–6.31%
KeyCorp		1,923,417		24,965,953
TCF Financial Corp.		942,750		25,652,227
Wintrust Financial Corp.		460,507		22,670,760
Zions Bancorporation N.A.		697,436		22,506,260
				95,795,200
Residential REITs–2.90%
American Homes 4 Rent, Class A		1,224,535		34,617,604

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

5                         Invesco American Value Fund

	Shares		Value
Residential REITs–(continued)
UDR, Inc.		300,240	$	9,379,498
				43,997,102
Semiconductor Equipment–0.52%
KLA Corp.		39,792		7,846,187
Specialized REITs–2.09%
Life Storage, Inc.		278,399		31,779,246
Specialty Chemicals–2.15%
W.R. Grace & Co.		751,458		32,680,908
Trucking–2.49%
Knight-Swift Transportation Holdings, Inc.		995,303		37,811,561
Total Common Stocks & Other Equity Interests (Cost $1,351,108,530)				1,486,623,087

	Shares		Value
Money Market Funds–2.12%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d)		8,941,430	$	8,941,430
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%(c)(d)		13,021,983		13,027,192
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		10,218,778		10,218,778
Total Money Market Funds (Cost $32,183,123)				32,187,400
TOTAL INVESTMENTS IN SECURITIES–100.07% (Cost $1,383,291,653)				1,518,810,487
OTHER ASSETS LESS LIABILITIES–(0.07)%				(1,004,180	)
NET ASSETS–100.00%			$	1,517,806,307

Investment Abbreviations:

REIT – Real Estate Investment Trust

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 issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.

	Value April 30, 2020			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	9,614,409		$	58,343,325		$	(59,016,304)		$         -			$      -		$  8,941,430		$  3,399
Invesco Liquid Assets Portfolio, Institutional Class			13,510,814			41,673,804			(42,154,503)		(3,320)			397		13,027,192		16,945
Invesco Treasury Portfolio, Institutional Class			10,987,896			66,678,086			(67,447,204)		-			-		10,218,778		3,155
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			2,982,315			39,803,719			(42,786,034)		-			-		-		1,039*
Invesco Private Prime Fund			-			7,633,244			(7,633,738)		-			494		-		525*
Total		$	37,095,434		$	214,132,178		$	(219,037,783)		$(3,320	)		$891		$32,187,400		$25,063

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

^(d)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

6                         Invesco American Value Fund

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2020

Financials	20.07	%
Industrials	13.89
Consumer Discretionary	11.44
Information Technology	9.92
Health Care	9.44
Utilities	8.54
Real Estate	8.11
Materials	6.16
Consumer Staples	5.37
Energy	2.66
Communication Services	2.35
Money Market Funds Plus Other Assets Less Liabilities	2.05

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

7                         Invesco American Value Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,351,108,530)	$	1,486,623,087
Investments in affiliated money market funds, at value (Cost $32,183,123)		32,187,400
Cash		3,715
Receivable for:
Investments sold		17,341,727
Fund shares sold		376,636
Dividends		926,791
Investment for trustee deferred compensation and retirement plans		349,119
Other assets		70,005
Total assets		1,537,878,480
Liabilities:
Payable for:
Investments purchased		16,104,315
Fund shares reacquired		2,357,694
Accrued fees to affiliates		702,552
Accrued trustees’ and officers’ fees and benefits		545
Accrued other operating expenses		419,777
Trustee deferred compensation and retirement plans		487,290
Total liabilities		20,072,173
Net assets applicable to shares outstanding	$	1,517,806,307
Net assets consist of:
Shares of beneficial interest	$	1,552,658,370
Distributable earnings (loss)		(34,852,063	)
	$	1,517,806,307

Net Assets:
Class A	$	1,195,524,360
Class C	$	62,039,499
Class R	$	50,809,247
Class Y	$	149,517,834
Class R5	$	11,127,536
Class R6	$	48,787,831
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		41,246,362
Class C		2,732,864
Class R		1,767,993
Class Y		5,111,495
Class R5		379,967
Class R6		1,666,186
Class A:
Net asset value per share	$	28.98
Maximum offering price per share (Net asset value of $28.98 ÷ 94.50%)	$	30.67
Class C:
Net asset value and offering price per share	$	22.70
Class R:
Net asset value and offering price per share	$	28.74
Class Y:
Net asset value and offering price per share	$	29.25
Class R5:
Net asset value and offering price per share	$	29.29
Class R6:
Net asset value and offering price per share	$	29.28

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

8                         Invesco American Value Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)

Investment income:
Dividends	$	13,373,289
Dividends from affiliated money market funds (includes securities lending income of $10,040)		33,539
Total investment income		13,406,828
Expenses:
Advisory fees		5,298,247
Administrative services fees		95,417
Custodian fees		14,074
Distribution fees:
Class A		1,546,437
Class C		330,921
Class R		134,388
Transfer agent fees – A, C, R and Y		1,929,344
Transfer agent fees – R5		3,685
Transfer agent fees – R6		10,608
Trustees’ and officers’ fees and benefits		16,674
Registration and filing fees		45,473
Reports to shareholders		141,893
Professional services fees		28,216
Other		23,333
Total expenses		9,618,710
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(478,828	)
Net expenses		9,139,882
Net investment income		4,266,946
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(26,822,486	)
Change in net unrealized appreciation of investment securities		202,881,115
Net realized and unrealized gain		176,058,629
Net increase in net assets resulting from operations	$	180,325,575

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

9                         Invesco American Value Fund

Statement of Changes in Net Assets
For the six months ended October 31, 2020 and the year ended April 30, 2020
(Unaudited)
	October 31,			April 30,
	2020			2020
Operations:
Net investment income	$	4,266,946		$	5,812,647
Net realized gain (loss)		(26,822,486	)		(82,387,814	)
Change in net unrealized appreciation (depreciation)		202,881,115			(117,274,283	)
Net increase (decrease) in net assets resulting from operations		180,325,575			(193,849,450	)
Distributions to shareholders from distributable earnings:
Class A		—			(24,288,764	)
Class C		—			(870,901	)
Class R		—			(518,214	)
Class Y		—			(4,491,736	)
Class R5		—			(564,068	)
Class R6		—			(2,218,029	)
Total distributions from distributable earnings		—			(32,951,712	)
Share transactions–net:
Class A		(111,971,266	)		468,527,083
Class C		(12,775,261	)		41,755,082
Class R		(6,599,869	)		34,074,724
Class Y		(23,900,486	)		27,656,769
Class R5		(1,286,763	)		(12,488,212	)
Class R6		(8,400,850	)		(2,609,087	)
Net increase (decrease) in net assets resulting from share transactions		(164,934,495	)		556,916,359
Net increase in net assets		15,391,080			330,115,197
Net assets:
Beginning of period		1,502,415,227			1,172,300,030
End of period	$	1,517,806,307		$	1,502,415,227

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

10                         Invesco American Value Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/20		$	25.84		$	0.08			$	3.06			$	3.14			$	–			$	–			$	–			$	28.98		12.15	%		$	1,195,524		1.16	%(d)		1.22	%(d)		0.53	%(d)		27	%
Year ended 04/30/20			34.02			0.17				(7.29	)			(7.12	)			–				(1.06	)			(1.06	)			25.84		(21.65	)			1,167,164		1.21			1.21			0.53			38
Year ended 04/30/19			38.47			0.13				(0.69	)			(0.56	)			(0.14	)			(3.75	)			(3.89	)			34.02		(0.03	)			871,220		1.19			1.19			0.37			38
Year ended 04/30/18			38.52			0.07				4.37				4.44				(0.24	)			(4.25	)			(4.49	)			38.47		12.11				938,346		1.19			1.19			0.19			44
Year ended 04/30/17			34.01			0.20				4.70				4.90				(0.08	)			(0.31	)			(0.39	)			38.52		14.40				1,031,600		1.21			1.21			0.53			42
Year ended 04/30/16			40.44			0.09				(4.06	)			(3.97	)			(0.01	)			(2.45	)			(2.46	)			34.01		(9.62	)			1,122,286		1.19			1.20			0.26			28
Class C
Six months ended 10/31/20			20.31			(0.02	)			2.41				2.39				–				–				–				22.70		11.77	(e)			62,039		1.87	(d)(e)		1.94	(d)(e)		(0.18	)(d)(e)		27
Year ended 04/30/20			27.15			(0.05	)			(5.73	)			(5.78	)			–				(1.06	)			(1.06	)			20.31		(22.20	)(e)			67,089		1.93	(e)		1.93	(e)		(0.19	)(e)		38
Year ended 04/30/19			31.66			(0.11	)			(0.65	)			(0.76	)			–				(3.75	)			(3.75	)			27.15		(0.77	)(e)			29,562		1.91	(e)		1.91	(e)		(0.35	)(e)		38
Year ended 04/30/18			32.44			(0.17	)			3.64				3.47				–				(4.25	)			(4.25	)			31.66		11.30	(e)			82,217		1.92	(e)		1.92	(e)		(0.54	)(e)		44
Year ended 04/30/17			28.83			(0.06	)			3.98				3.92				–				(0.31	)			(0.31	)			32.44		13.59	(e)			98,096		1.94	(e)		1.94	(e)		(0.20	)(e)		42
Year ended 04/30/16			34.95			(0.15	)			(3.52	)			(3.67	)			–				(2.45	)			(2.45	)			28.83		(10.28	)(e)			103,706		1.93	(e)		1.94	(e)		(0.48	)(e)		28
Class R
Six months ended 10/31/20			25.65			0.04				3.05				3.09				–				–				–				28.74		12.05				50,809		1.40	(d)		1.47	(d)		0.29	(d)		27
Year ended 04/30/20			33.86			0.09				(7.24	)			(7.15	)			–				(1.06	)			(1.06	)			25.65		(21.84	)			51,330		1.46			1.46			0.28			38
Year ended 04/30/19			38.24			0.04				(0.67	)			(0.63	)			–				(3.75	)			(3.75	)			33.86		(0.28	)			19,979		1.44			1.44			0.12			38
Year ended 04/30/18			38.26			(0.02	)			4.33				4.31				(0.08	)			(4.25	)			(4.33	)			38.24		11.81				25,189		1.44			1.44			(0.06	)		44
Year ended 04/30/17			33.80			0.10				4.67				4.77				–				(0.31	)			(0.31	)			38.26		14.11				46,937		1.46			1.46			0.28			42
Year ended 04/30/16			40.29			0.00				(4.04	)			(4.04	)			–				(2.45	)			(2.45	)			33.80		(9.82	)			66,207		1.44			1.45			0.01			28
Class Y
Six months ended 10/31/20			26.04			0.11				3.10				3.21				–				–				–				29.25		12.33				149,518		0.91	(d)		0.97	(d)		0.78	(d)		27
Year ended 04/30/20			34.28			0.25				(7.34	)			(7.09	)			(0.09	)			(1.06	)			(1.15	)			26.04		(21.46	)			154,826		0.96			0.96			0.78			38
Year ended 04/30/19			38.76			0.23				(0.71	)			(0.48	)			(0.25	)			(3.75	)			(4.00	)			34.28		0.21				155,238		0.94			0.94			0.62			38
Year ended 04/30/18			38.80			0.17				4.40				4.57				(0.36	)			(4.25	)			(4.61	)			38.76		12.38				208,223		0.94			0.94			0.44			44
Year ended 04/30/17			34.25			0.29				4.73				5.02				(0.16	)			(0.31	)			(0.47	)			38.80		14.66				375,626		0.96			0.96			0.78			42
Year ended 04/30/16			40.62			0.18				(4.07	)			(3.89	)			(0.03	)			(2.45	)			(2.48	)			34.25		(9.36	)			452,703		0.94			0.95			0.51			28
Class R5
Six months ended 10/31/20			26.06			0.13				3.10				3.23				–				–				–				29.29		12.39				11,128		0.78	(d)		0.78	(d)		0.91	(d)		27
Year ended 04/30/20			34.30			0.28				(7.33	)			(7.05	)			(0.13	)			(1.06	)			(1.19	)			26.06		(21.36	)			10,999		0.86			0.86			0.88			38
Year ended 04/30/19			38.80			0.26				(0.73	)			(0.47	)			(0.28	)			(3.75	)			(4.03	)			34.30		0.27				27,732		0.86			0.86			0.70			38
Year ended 04/30/18			38.84			0.20				4.43				4.63				(0.42	)			(4.25	)			(4.67	)			38.80		12.53				62,354		0.86			0.86			0.52			44
Year ended 04/30/17			34.29			0.33				4.74				5.07				(0.21	)			(0.31	)			(0.52	)			38.84		14.77				86,569		0.85			0.85			0.89			42
Year ended 04/30/16			40.63			0.22				(4.07	)			(3.85	)			(0.04	)			(2.45	)			(2.49	)			34.29		(9.26	)			128,357		0.82			0.83			0.63			28
Class R6
Six months ended 10/31/20			26.05			0.14				3.09				3.23				–				–				–				29.28		12.40				48,788		0.75	(d)		0.76	(d)		0.94	(d)		27
Year ended 04/30/20			34.31			0.30				(7.34	)			(7.04	)			(0.16	)			(1.06	)			(1.22	)			26.05		(21.32	)			51,007		0.79			0.79			0.95			38
Year ended 04/30/19			38.82			0.29				(0.73	)			(0.44	)			(0.32	)			(3.75	)			(4.07	)			34.31		0.37				68,568		0.78			0.78			0.78			38
Year ended 04/30/18			38.88			0.24				4.42				4.66				(0.47	)			(4.25	)			(4.72	)			38.82		12.59				140,889		0.77			0.77			0.61			44
Year ended 04/30/17			34.32			0.37				4.74				5.11				(0.24	)			(0.31	)			(0.55	)			38.88		14.88				165,781		0.76			0.76			0.98			42
Year ended 04/30/16			40.64			0.25				(4.07	)			(3.82	)			(0.05	)			(2.45	)			(2.50	)			34.32		(9.19	)			143,003		0.73			0.74			0.72			28

^(a) Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,227,064, $67,800, $53,317, $158,159, $11,644 and $52,120 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.97%, 0.97%, 0.97%, 0.97%,. 0.97% and 0.99% for the six months ended October 31, 2020 and the years ended April 30, 2020, 2019, 2018, 2017 and 2016, respectively.

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

11                         Invesco American Value Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund’s investment objective is long-term capital appreciation. Prior to October 28, 2019, the Fund’s investment objective was total return through growth of capital and current income.

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

A security listed or traded on an exchange (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 asked 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 asked prices. For purposes of determining net asset value (“NAV”) 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

12                          Invesco American Value Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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.

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

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

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

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

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

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

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

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

13                         Invesco American Value Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.67%.

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

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.16%, 1.90%, 1.40%, 0.91%, 0.80% and 0.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $18,689 and reimbursed class level expenses of $365,162, $23,762, $18,608, $47,167, $0 and $1,488 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

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

For the six months ended October 31, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $67,423 in front-end sales commissions from the sale of Class A shares and $1,325 and $2,370 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $20,743 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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

14                         Invesco American Value Fund

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 October 31, 2020, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,952.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

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

The Fund did not have a capital loss carryforward as of April 30, 2020.

NOTE 8–Investment Transactions

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 six months ended October 31, 2020 was $381,253,132 and $540,517,872, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$208,044,881
Aggregate unrealized (depreciation) of investments	(93,128,422)
Net unrealized appreciation of investments	$114,916,459

Cost of investments for tax purposes is $1,403,894,028.

NOTE 9–Share Information

			Summary of Share Activity
	Six months ended October 31, 2020(a)				Year ended April 30, 2020
	Shares		Amount		Shares		Amount
Sold:
Class A		1,205,606	$	34,099,003		1,823,677	$	54,440,993
Class C		150,511		3,355,980		128,877		3,081,383
Class R		134,799		3,791,793		125,562		3,611,631
Class Y		412,945		11,933,320		911,871		25,764,118
Class R5		30,549		866,071		91,826		2,923,009
Class R6		184,908		5,273,634		428,337		12,997,090

15                         Invesco American Value Fund

				Summary of Share Activity
	Six months ended October 31, 2020(a)						Year ended April 30, 2020
	Shares			Amount			Shares			Amount
Issued as reinvestment of dividends:
Class A		-		$	-			682,087		$	22,938,603
Class C		-			-			31,309			829,990
Class R		-			-			15,503			517,958
Class Y		-			-			108,841			3,685,363
Class R5		-			-			16,642			563,510
Class R6		-			-			64,204			2,173,295
Automatic conversion of Class C shares to Class A shares:
Class A		158,645			4,505,928			131,592			3,913,285
Class C		(202,198	)		(4,505,928	)		(166,308	)		(3,913,285	)
Issued in connection with acquisitions:(b)
Class A		-			-			23,172,250			580,253,329
Class C		-			-			2,625,561			51,703,112
Class R		-			-			1,559,009			38,757,955
Class Y		-			-			2,274,623			57,406,484
Class R5		-			-			283			7,147
Class R6		-			-			161,974			4,088,710
Reacquired:
Class A		(5,293,926	)		(150,576,197	)		(6,245,687	)		(193,019,127	)
Class C		(518,785	)		(11,625,313	)		(404,776	)		(9,946,118	)
Class R		(368,120	)		(10,391,662	)		(288,840	)		(8,812,820	)
Class Y		(1,246,654	)		(35,833,806	)		(1,878,805	)		(59,199,196	)
Class R5		(72,737	)		(2,152,834	)		(495,150	)		(15,981,878	)
Class R6		(476,935	)		(13,674,484	)		(695,026	)		(21,868,182	)
Net increase (decrease) in share activity		(5,901,392	)	$	(164,934,495	)		24,179,436		$	556,916,359

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Mid Cap Value Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 29,793,699 shares of the Fund for 21,659,372 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $732,216,736, including $(139,106,066) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $735,922,174 and $1,468,138,910 immediately after the acquisition.

The pro forma results of operations for the year ended April 30, 2020 assuming the reorganization had been completed on May 1, 2019, the beginning of the annual reporting period are as follows:

Net investment income	$	11,514,754
Net realized/unrealized gains (losses)		(419,973,271	)
Change in net assets resulting from operations	$	(408,458,517	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 18, 2020.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

16                         Invesco American Value Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2020 through October 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning Account Value (05/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (10/31/20)1	Expenses Paid During Period2	Ending Account Value (10/31/20)	Expenses Paid During Period2
Class A	$1,000.00	$1,121.90	$6.20	$1,019.36	$5.90	1.16%
Class C	1,000.00	1,117.70	9.98	1,015.78	9.50	1.87
Class R	1,000.00	1,120.50	7.48	1,018.15	7.12	1.40
Class Y	1,000.00	1,123.30	4.87	1,020.62	4.63	0.91
Class R5	1,000.00	1,124.00	4.18	1,021.27	3.97	0.78
Class R6	1,000.00	1,124.00	4.02	1,021.42	3.82	0.75

¹ The actual ending account value is based on the actual total return of the Fund for the period May 1, 2020 through October 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

17                         Invesco American Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco American Value Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment

analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® Value Index. The Board noted that performance of Class A shares of the Fund was in the third quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s valuation bias and tilt toward cyclical and interest rate sensitive names, underweight exposure to certain defensive sectors and stock selection in multiple sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was reasonably comparable to the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective April 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in

18                         Invesco American Value Fund

the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

19                         Invesco American Value Fund

Go paperless with eDelivery

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

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

◾ Fund reports and prospectuses

◾ Quarterly statements

◾ Daily confirmations

◾ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the
most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This
information is also available on the SEC website,sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to
individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the
US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional
money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-03826 and 002-85905 Invesco Distributors, Inc. VK-AMVA-SAR-1

	Semiannual Report to Shareholders	October 31, 2020
	Invesco Comstock Fund
	Nasdaq:
	A: ACSTX ◾ C: ACSYX ◾ R: ACSRX ◾ Y: ACSDX  ◾ R5: ACSHX  ◾ R6: ICSFX

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Bruce Crockett	Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco
provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.     On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett Independent Chair Invesco Funds Board of Trustees
Andrew Schlossberg	Dear Shareholders:
	This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.     All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.
Sincerely,
Andrew Schlossberg Head of the Americas, Senior Managing Director, Invesco Ltd.

2                         Invesco Comstock Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	6.33	%
Class C Shares	5.94
Class R Shares	6.19
Class Y Shares	6.51
Class R5 Shares	6.50
Class R6 Shares	6.55
S&P 500 Indexq (Broad Market Index)	13.29
Russell 1000 Value Indexq (Style-Specific Index)	7.06
Lipper Large-Cap Value Funds Index∎ (Peer Group Index)	8.26
Source(s): qRIMES Technologies Corp.; ∎ Lipper Inc.
The S&P 500®Index is an unmanaged index considered representative of the US stock market. The Russell 1000®Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. The Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes. A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                         Invesco Comstock Fund

Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (10/7/68)	10.05	%
10 Years	7.25
5 Years	2.46
1 Year	-17.68
Class C Shares
Inception (10/26/93)	8.43	%
10 Years	7.21
5 Years	2.87
1 Year	-14.33
Class R Shares
Inception (10/1/02)	7.39	%
10 Years	7.59
5 Years	3.37
1 Year	-13.08
Class Y Shares
Inception (10/29/04)	6.06	%
10 Years	8.13
5 Years	3.90
1 Year	-12.64
Class R5 Shares
Inception (6/1/10)	9.08	%
10 Years	8.24
5 Years	3.97
1 Year	-12.58
Class R6 Shares
10 Years	8.23	%
5 Years	4.07
1 Year	-12.54

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

    Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value and includes the 12b-1 fees applicable to Class A shares.

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

Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

4                         Invesco Comstock Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–97.00%
Aerospace & Defense–1.41%
Textron, Inc.		2,923,299	$	104,654,104
Agricultural Products–0.58%
Archer-Daniels-Midland Co.		931,003		43,049,579
Air Freight & Logistics–2.55%
FedEx Corp.		726,727		188,563,855
Application Software–0.90%
CDK Global, Inc.		1,553,543		66,957,703
Asset Management & Custody Banks–2.49%
Bank of New York Mellon Corp. (The)		3,620,128		124,387,598
State Street Corp.		1,011,374		59,569,929
				183,957,527
Automobile Manufacturers–2.32%
General Motors Co.(b)		4,964,760		171,433,163
Building Products–2.82%
Johnson Controls International PLC		3,185,708		134,468,734
Trane Technologies PLC		559,053		74,214,286
				208,683,020
Cable & Satellite–1.40%
Comcast Corp., Class A		2,454,709		103,686,908
Casinos & Gaming–0.70%
Las Vegas Sands Corp.		1,081,866		51,994,480
Communications Equipment–1.75%
Cisco Systems, Inc.		3,613,650		129,730,035
Construction Machinery & Heavy Trucks–2.18%
Caterpillar, Inc.		1,028,269		161,489,646
Consumer Finance–0.26%
Ally Financial, Inc.		717,560		19,144,501
Diversified Banks–9.15%
Bank of America Corp.		10,747,084		254,705,891
Citigroup, Inc.		5,933,030		245,746,102
JPMorgan Chase & Co.		1,110,041		108,828,420
Wells Fargo & Co.		3,163,672		67,860,764
				677,141,177
Electric Utilities–1.79%
Exelon Corp.		3,324,589		132,617,855
Electrical Components & Equipment–3.98%
Eaton Corp. PLC		1,496,877		155,360,864
Emerson Electric Co.		2,153,052		139,496,239
				294,857,103
Fertilizers & Agricultural Chemicals–3.01%
CF Industries Holdings, Inc.		3,371,771		93,094,598
Corteva, Inc.		3,921,939		129,345,548
				222,440,146

	Shares		Value
Health Care Distributors–3.01%
Cardinal Health, Inc.		544,311	$	24,924,001
Henry Schein, Inc.(b)		1,259,388		80,071,889
McKesson Corp.		799,627		117,936,986
				222,932,876
Health Care Facilities–2.94%
HCA Healthcare, Inc.		1,303,409		161,544,511
Universal Health Services, Inc., Class B		509,496		55,815,287
				217,359,798
Health Care Services–1.25%
CVS Health Corp.		1,644,853		92,259,805
Health Care Supplies–0.84%
DENTSPLY SIRONA, Inc.		1,314,177		62,016,013
Hotel & Resort REITs–0.72%
Host Hotels & Resorts, Inc.		5,070,423		53,138,033
Independent Power Producers & Energy Traders–1.28%
Vistra Corp.		5,472,484		95,057,047
Industrial Conglomerates–1.13%
General Electric Co.		11,321,383		84,004,662
Integrated Oil & Gas–3.12%
BP PLC, ADR (United Kingdom)		1,938,801		30,012,639
Chevron Corp.		1,926,864		133,917,048
Suncor Energy, Inc. (Canada)		5,900,131		66,612,479
				230,542,166
Integrated Telecommunication Services–1.36%
AT&T, Inc.		3,723,981		100,621,967
Internet & Direct Marketing Retail–1.64%
Booking Holdings, Inc.(b)		44,333		71,930,292
eBay, Inc.		1,034,136		49,255,898
				121,186,190
Investment Banking & Brokerage–3.70%
Goldman Sachs Group, Inc. (The)		554,499		104,822,491
Morgan Stanley		3,505,368		168,783,469
				273,605,960
IT Consulting & Other Services–2.09%
Cognizant Technology Solutions Corp., Class A		2,161,738		154,391,328
Life & Health Insurance–0.99%
MetLife, Inc.		1,940,305		73,440,544
Managed Health Care–2.51%
Anthem, Inc.		680,718		185,699,870
Multi-line Insurance–2.40%
American International Group, Inc.		5,636,742		177,501,006
Oil & Gas Exploration & Production–4.84%
Canadian Natural Resources Ltd. (Canada)		3,537,017		56,282,189
ConocoPhillips		862,756		24,692,077

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

5                         Invesco Comstock Fund

	Shares		Value
Oil & Gas Exploration & Production–(continued)
Devon Energy Corp.		5,711,101	$	51,000,132
Hess Corp.		2,329,582		86,707,042
Marathon Oil Corp.		13,833,532		54,780,787
Parsley Energy, Inc., Class A		5,096,305		51,014,013
Pioneer Natural Resources Co.		425,977		33,890,730
				358,366,970
Packaged Foods & Meats–1.48%
Kraft Heinz Co. (The)		1,691,315		51,737,326
Tyson Foods, Inc., Class A		1,006,136		57,581,163
				109,318,489
Paper Packaging–1.78%
International Paper Co.		3,013,053		131,821,069
Pharmaceuticals–5.54%
Bristol-Myers Squibb Co.		2,109,053		123,274,148
Johnson & Johnson		1,030,337		141,269,506
Sanofi, ADR (France)		3,205,831		145,224,144
				409,767,798
Property & Casualty Insurance–1.26%
Allstate Corp. (The)		1,050,117		93,197,884
Real Estate Services–0.42%
Jones Lang LaSalle, Inc.		273,965		30,919,690
Regional Banks–2.43%
Citizens Financial Group, Inc.		3,458,291		94,238,430
Fifth Third Bancorp		3,702,781		85,978,575
				180,217,005
Semiconductors–5.39%
Intel Corp.		2,798,904		123,935,469

	Shares		Value
Semiconductors–(continued)
NXP Semiconductors N.V. (Netherlands)		940,243	$	127,045,634
QUALCOMM, Inc.		1,198,422		147,837,338
				398,818,441
Specialty Chemicals–0.84%
DuPont de Nemours, Inc.		1,097,404		62,420,340
Systems Software–1.81%
Microsoft Corp.		662,258		134,087,377
Tobacco–4.38%
Altria Group, Inc.		2,966,132		107,018,042
Philip Morris International, Inc.		3,055,484		217,000,474
				324,018,516
Wireless Telecommunication Services–0.56%
Vodafone Group PLC (United Kingdom)		30,961,596		41,359,060
Total Common Stocks & Other Equity Interests (Cost $6,080,715,250)				7,178,470,706
Money Market Funds–3.08%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d)		79,312,120		79,312,120
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%(c)(d)		57,848,228		57,871,367
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		90,642,423		90,642,423
Total Money Market Funds (Cost $227,805,670)				227,825,910
TOTAL INVESTMENTS IN SECURITIES–100.08% (Cost $6,308,520,920) 7,406,296,616
OTHER ASSETS LESS LIABILITIES–(0.08)%				(5,943,719	)
NET ASSETS–100.00%			$	7,400,352,897

Investment Abbreviations:

ADR - American Depositary Receipt

REIT - Estate Investment Trust

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 issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.

	Value April 30, 2020			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	69,472,866		$	399,519,264		$	(389,680,010)		$	-		$	-		$	79,312,120		$	25,478
Invesco Liquid Assets Portfolio, Institutional Class			50,852,076			285,370,901			(278,342,864)			(26,245)			17,499			57,871,367			67,254
Invesco Treasury Portfolio, Institutional Class			79,397,562			456,593,444			(445,348,583)			-			-			90,642,423			24,411
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			124,345,495			(124,345,495)			-			-			-			943*
Invesco Private Prime Fund			-			59,224,332			(59,224,332)			-			-			-			866*
Total		$	199,722,504		$	1,325,053,436		$	(1,296,941,284)		$	(26,245)		$	17,499		$	227,825,910		$	118,952

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

6                         Invesco Comstock Fund

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

^(d)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

Open Forward Foreign Currency Contracts
Settlement Date		Contract to					Unrealized Appreciation (Depreciation)
	Counterparty	Deliver		Receive
Currency Risk
11/06/2020	Deutsche Bank AG	CAD	8,036,890		USD	6,119,412	$	86,966
11/06/2020	Deutsche Bank AG	EUR	69,818,139		USD	82,320,892		1,001,806
11/06/2020	Deutsche Bank AG	USD	9,025,734		GBP	6,982,328		20,048
11/06/2020	Goldman Sachs International	CAD	87,614,482		USD	66,023,641		260,686
11/06/2020	Goldman Sachs International	GBP	587,244		USD	765,864		5,074
11/06/2020	Goldman Sachs International	USD	12,072,733		GBP	9,330,024		14,550
11/06/2020	Royal Bank of Canada	EUR	2,027,843		USD	2,383,338		21,454
11/06/2020	Royal Bank of Canada	GBP	49,533,875		USD	64,244,940		72,553
11/06/2020	Royal Bank of Canada	USD	7,045,446		GBP	5,446,740		10,943
Subtotal-Appreciation								1,494,080
Currency Risk
11/06/2020	Deutsche Bank AG	USD	4,308,001		CAD	5,733,120		(4,752	)
11/06/2020	Deutsche Bank AG	USD	6,406,766		EUR	5,473,320		(31,842	)
11/06/2020	Deutsche Bank AG	USD	2,542,686		GBP	1,954,092		(11,111	)
11/06/2020	Goldman Sachs International	USD	2,458,981		CAD	3,243,025		(24,784	)
11/06/2020	Goldman Sachs International	USD	2,126,337		EUR	1,806,188		(22,620	)
11/06/2020	Royal Bank of Canada	GBP	1,405,443		USD	1,814,861		(5,926	)
11/06/2020	Royal Bank of Canada	USD	3,914,408		CAD	5,142,481		(54,489	)
11/06/2020	Royal Bank of Canada	USD	2,301,644		EUR	1,946,890		(34,048	)
11/06/2020	Royal Bank of Canada	USD	883,256		GBP	675,353		(8,320	)
Subtotal-Depreciation								(197,892	)
Total Forward Foreign Currency Contracts							$	1,296,188

Abbreviations:

CAD - Canadian Dollar

EUR - Euro

GBP - British Pound Sterling

USD - U.S. Dollar

Portfolio Composition

By sector, based on Net Assets
as of October 31, 2020

Financials	22.68	%
Health Care	16.08
Industrials	14.08
Information Technology	11.94
Energy	7.96
Consumer Staples	6.44
Materials	5.63
Consumer Discretionary	4.66
Communication Services	3.32
Utilities	3.08
Real Estate	1.13
Money Market Funds Plus Other Assets Less Liabilities	3.00

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

7                         Invesco Comstock Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $6,080,715,250)	$	7,178,470,706
Investments in affiliated money market funds, at value (Cost $227,805,670)		227,825,910
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		1,494,080
Cash		19,792
Foreign currencies, at value (Cost $621)		630
Receivable for:
Investments sold		3,562,462
Fund shares sold		6,332,725
Dividends		15,565,348
Investment for trustee deferred compensation and retirement plans		914,261
Other assets		163,595
Total assets		7,434,349,509
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		197,892
Payable for:
Investments purchased		277,813
Dividends		32
Fund shares reacquired		27,397,203
Accrued fees to affiliates		4,103,787
Accrued trustees’ and officers’ fees and benefits		8,551
Accrued other operating expenses		988,019
Trustee deferred compensation and retirement plans		1,023,315
Total liabilities		33,996,612
Net assets applicable to shares outstanding	$	7,400,352,897

Net assets consist of:
Shares of beneficial interest	$	6,589,180,796
Distributable earnings		811,172,101
	$	7,400,352,897
Net Assets:
Class A	$	4,373,556,748
Class C	$	79,323,512
Class R	$	111,979,801
Class Y	$	1,122,393,658
Class R5	$	425,469,963
Class R6	$	1,287,629,215
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		219,504,584
Class C		3,980,262
Class R		5,619,469
Class Y		56,329,945
Class R5		21,372,297
Class R6		64,700,565
Class A:
Net asset value per share	$	19.92
Maximum offering price per share
(Net asset value of $19.92 ÷ 94.50%)	$	21.08
Class C:
Net asset value and offering price per share	$	19.93
Class R:
Net asset value and offering price per share	$	19.93
Class Y:
Net asset value and offering price per share	$	19.93
Class R5:
Net asset value and offering price per share	$	19.91
Class R6:
Net asset value and offering price per share	$	19.90

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

8                         Invesco Comstock Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $696,996)	$	123,021,138
Dividends from affiliates (includes securities lending income of $14,094)		131,237
Total investment income		123,152,375
Expenses:
Advisory fees		15,708,795
Administrative services fees		589,581
Custodian fees		64,265
Distribution fees:
Class A		5,803,760
Class C		458,400
Class R		320,511
Transfer agent fees – A, C, R and Y		4,934,588
Transfer agent fees – R5		229,608
Transfer agent fees – R6		66,228
Trustees’ and officers’ fees and benefits		59,679
Registration and filing fees		92,412
Reports to shareholders		353,495
Professional services fees		31,383
Other		74,536
Total expenses		28,787,241
Less: Fees waived and/or expense offset arrangement(s)		(159,196	)
Net expenses		28,628,045
Net investment income		94,524,330
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(64,448,890	)
Foreign currencies		41,500
Forward foreign currency contracts		(16,913,669	)
		(81,321,059	)
Change in net unrealized appreciation of:
Investment securities		548,884,317
Foreign currencies		118,892
Forward foreign currency contracts		4,948,752
		553,951,961
Net realized and unrealized gain		472,630,902
Net increase in net assets resulting from operations	$	567,155,232

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

9                         Invesco Comstock Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)

	October 31, 2020			April 30, 2020
Operations:
Net investment income	$	94,524,330		$	250,574,947
Net realized gain (loss)		(81,321,059	)		2,880,894
Change in net unrealized appreciation (depreciation)		553,951,961			(2,237,358,914	)
Net increase (decrease) in net assets resulting from operations		567,155,232			(1,983,903,073	)
Distributions to shareholders from distributable earnings:
Class A		(51,106,449	)		(444,075,331	)
Class C		(669,353	)		(9,094,284	)
Class R		(1,260,517	)		(13,299,334	)
Class Y		(14,370,656	)		(123,114,106	)
Class R5		(5,712,241	)		(46,403,655	)
Class R6		(18,635,303	)		(215,265,417	)
Total distributions from distributable earnings		(91,754,519	)		(851,252,127	)
Share transactions–net:
Class A		(375,852,545	)		(313,779,950	)
Class C		(22,260,462	)		(27,862,399	)
Class R		(28,122,955	)		(33,881,844	)
Class Y		(119,054,588	)		(178,190,047	)
Class R5		(38,069,050	)		(78,157,119	)
Class R6		(1,122,158,884	)		(17,285,863	)
Net increase (decrease) in net assets resulting from share transactions		(1,705,518,484	)		(649,157,222	)
Net increase (decrease) in net assets		(1,230,117,771	)		(3,484,312,422	)
Net assets:
Beginning of period		8,630,470,668			12,114,783,090
End of period	$	7,400,352,897		$	8,630,470,668

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

10                         Invesco Comstock Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net Investment income(a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/20		$	18.95		$	0.22		$0.97			$1.19			$	(0.22	)		$	–			$	(0.22	)		$19.92		6.27	%		$4,373,557		0.83	%(d)		0.83	%(d)		2.21	%(d)		12	%
Year ended 04/30/20			25.18			0.51		(4.88	)		(4.37	)			(0.52	)			(1.34	)			(1.86	)		18.95		(18.76	)		4,512,553		0.82			0.83			2.16			30
Year ended 04/30/19			26.67			0.46		0.23			0.69				(0.41	)			(1.77	)			(2.18	)		25.18		3.51			6,350,025		0.80			0.81			1.79			23
Year ended 04/30/18			24.03			0.36		3.23			3.59				(0.36	)			(0.59	)			(0.95	)		26.67		15.09			6,433,646		0.81			0.81			1.38			14
Year ended 04/30/17			21.86			0.40		3.61			4.01				(0.49	)			(1.35	)			(1.84	)		24.03		18.56			6,350,463		0.84			0.84			1.75			18
Year ended 04/30/16			26.04			0.44		(2.29	)		(1.85	)			(0.36	)			(1.97	)			(2.33	)		21.86		(6.90	)		6,613,286		0.84			0.85			1.87			15
Class C
Six months ended 10/31/20			18.95			0.15		0.98			1.13				(0.15	)			–				(0.15	)		19.93		5.94			79,324		1.58	(d)		1.58	(d)		1.46	(d)		12
Year ended 04/30/20			25.16			0.35		(4.87	)		(4.52	)			(0.35	)			(1.34	)			(1.69	)		18.95		(19.32	)(e)		96,492		1.49	(e)		1.50	(e)		1.49	(e)		30
Year ended 04/30/19			26.66			0.27		0.21			0.48				(0.21	)			(1.77	)			(1.98	)		25.16		2.68	(e)		158,707		1.54	(e)		1.55	(e)		1.05	(e)		23
Year ended 04/30/18			24.02			0.16		3.24			3.40				(0.17	)			(0.59	)			(0.76	)		26.66		14.24	(e)		468,225		1.55	(e)		1.55	(e)		0.64	(e)		14
Year ended 04/30/17			21.85			0.23		3.61			3.84				(0.32	)			(1.35	)			(1.67	)		24.02		17.70			511,920		1.59			1.59			1.00			18
Year ended 04/30/16			26.03			0.27		(2.29	)		(2.02	)			(0.19	)			(1.97	)			(2.16	)		21.85		(7.59	)(e)		532,230		1.56	(e)		1.57	(e)		1.15	(e)		15
Class R
Six months ended 10/31/20			18.95			0.20		0.98			1.18				(0.20	)			–				(0.20	)		19.93		6.19			111,980		1.08	(d)		1.08	(d)		1.96	(d)		12
Year ended 04/30/20			25.17			0.45		(4.87	)		(4.42	)			(0.46	)			(1.34	)			(1.80	)		18.95		(18.95	)		133,186		1.07			1.08			1.91			30
Year ended 04/30/19			26.67			0.40		0.21			0.61				(0.34	)			(1.77	)			(2.11	)		25.17		3.20			212,843		1.05			1.06			1.54			23
Year ended 04/30/18			24.03			0.29		3.24			3.53				(0.30	)			(0.59	)			(0.89	)		26.67		14.80			265,368		1.06			1.06			1.13			14
Year ended 04/30/17			21.86			0.35		3.61			3.96				(0.44	)			(1.35	)			(1.79	)		24.03		18.27			324,055		1.09			1.09			1.50			18
Year ended 04/30/16			26.04			0.38		(2.29	)		(1.91	)			(0.30	)			(1.97	)			(2.27	)		21.86		(7.14	)		358,835		1.09			1.10			1.62			15
Class Y
Six months ended 10/31/20			18.95			0.25		0.98			1.23				(0.25	)			–				(0.25	)		19.93		6.46			1,122,394		0.58	(d)		0.58	(d)		2.46	(d)		12
Year ended 04/30/20			25.18			0.57		(4.88	)		(4.31	)			(0.58	)			(1.34	)			(1.92	)		18.95		(18.54	)		1,179,055		0.57			0.58			2.41			30
Year ended 04/30/19			26.68			0.52		0.22			0.74				(0.47	)			(1.77	)			(2.24	)		25.18		3.73			1,765,456		0.55			0.56			2.04			23
Year ended 04/30/18			24.03			0.41		3.25			3.66				(0.42	)			(0.59	)			(1.01	)		26.68		15.41			1,861,752		0.56			0.56			1.63			14
Year ended 04/30/17			21.86			0.46		3.61			4.07				(0.55	)			(1.35	)			(1.90	)		24.03		18.86			3,334,930		0.59			0.59			2.00			18
Year ended 04/30/16			26.04			0.49		(2.28	)		(1.79	)			(0.42	)			(1.97	)			(2.39	)		21.86		(6.67	)		3,034,620		0.59			0.60			2.12			15
Class R5
Six months ended 10/31/20			18.93			0.26		0.98			1.24				(0.26	)			–				(0.26	)		19.91		6.50			425,470		0.52	(d)		0.52	(d)		2.52	(d)		12
Year ended 04/30/20			25.16			0.58		(4.87	)		(4.29	)			(0.60	)			(1.34	)			(1.94	)		18.93		(18.50	)		440,298		0.50			0.51			2.48			30
Year ended 04/30/19			26.66			0.54		0.22			0.76				(0.49	)			(1.77	)			(2.26	)		25.16		3.80			665,081		0.48			0.49			2.11			23
Year ended 04/30/18			24.02			0.44		3.23			3.67				(0.44	)			(0.59	)			(1.03	)		26.66		15.46			735,462		0.50			0.50			1.69			14
Year ended 04/30/17			21.85			0.48		3.62			4.10				(0.58	)			(1.35	)			(1.93	)		24.02		18.98			741,550		0.51			0.51			2.08			18
Year ended 04/30/16			26.04			0.51		(2.29	)		(1.78	)			(0.44	)			(1.97	)			(2.41	)		21.85		(6.61	)		824,228		0.49			0.50			2.22			15
Class R6
Six months ended 10/31/20			18.92			0.26		0.98			1.24				(0.26	)			–				(0.26	)		19.90		6.55			1,287,629		0.43	(d)		0.43	(d)		2.61	(d)		12
Year ended 04/30/20			25.16			0.60		(4.88	)		(4.28	)			(0.62	)			(1.34	)			(1.96	)		18.92		(18.46	)		2,268,887		0.41			0.42			2.57			30
Year ended 04/30/19			26.66			0.56		0.22			0.78				(0.51	)			(1.77	)			(2.28	)		25.16		3.90			2,962,672		0.39			0.40			2.20			23
Year ended 04/30/18			24.01			0.47		3.24			3.71				(0.47	)			(0.59	)			(1.06	)		26.66		15.61			2,587,663		0.41			0.41			1.78			14
Year ended 04/30/17			21.85			0.50		3.61			4.11				(0.60	)			(1.35	)			(1.95	)		24.01		19.05			702,678		0.41			0.41			2.18			18
Year ended 04/30/16			26.03			0.54		(2.29	)		(1.75	)			(0.46	)			(1.97	)			(2.43	)		21.85		(6.48	)		624,206		0.39			0.40			2.32			15

^(a) Calculated using average shares outstanding.

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

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

^(d) Ratios are annualized and based on average daily net assets (000’s omitted) of $4,616,471, $90,990, $127,159, $1,177,479, $455,447 and $1,578,587 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e) The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.92%, 0.99%, 0.99% and 0.97% for the years ended April 30, 2020, 2019, 2018 and 2016, respectively.

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

11                Invesco Comstock Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

A security listed or traded on an exchange (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 asked 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 asked prices. For purposes of determining net asset value (“NAV”) 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

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

12                 Invesco Comstock Fund

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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.

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

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

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

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

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

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

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

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

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

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

13                         Invesco Comstock Fund

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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 the daily mark-to-market obligation for forward foreign currency contracts.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.39%.

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75% respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $156,263.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

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

For the six months ended October 31, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $167,511 in front-end sales commissions from the sale of Class A shares and $5,114 and $4,835 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $48,677 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

14                         Invesco Comstock Fund

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 October 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$7,137,111,646	$	41,359,060			$–	$	7,178,470,706
Money Market Funds		227,825,910		–			–		227,825,910
Total Investments in Securities		7,364,937,556		41,359,060			–		7,406,296,616
Other Investments - Assets*
Forward Foreign Currency Contracts		–		1,494,080			–		1,494,080
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(197,892	)		–		(197,892	)
Total Other Investments		–		1,296,188			–		1,296,188
Total Investments		$7,364,937,556	$	42,655,248			$–	$	7,407,592,804

*       Unrealized appreciation (depreciation).

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2020:

	Value
Derivative Assets	Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	1,494,080
Derivatives not subject to master netting agreements		-
Total Derivative Assets subject to master netting agreements	$	1,494,080
	Value
Derivative Liabilities	Currency Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(197,892	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(197,892	)

15                         Invesco Comstock Fund

Offsetting Assets and Liabilities

The table below reflects the Fund’s exposure to Counterparties subject to either an ISDA Master Agreement or other agreement for OTC derivative transactions as of October 31, 2020.

	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged
Counterparty	Forward Foreign Currency Contracts		Forward Foreign Currency Contracts			Net Value of Derivatives		Non-Cash	Cash	Net Amount
Deutsche Bank AG		$1,108,820		$  (47,705	)		$1,061,115	$-	$-		$1,061,115
Goldman Sachs International		280,310		(47,404	)		232,906	-	-		232,906
Royal Bank of Canada		104,950		(102,783	)		2,167	-	-		2,167
Total		$1,494,080		$(197,892	)		$1,296,188	$-	$-		$1,296,188

Effect of Derivative Investments for the six months ended October 31, 2020

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

	Location of Gain (Loss) on Statement of Operations
	Currency Risk
Realized Gain (Loss): Forward foreign currency contracts	$(16,913,669)
Change in Net Unrealized Appreciation: Forward foreign currency contracts	4,948,752
Total	$(11,964,917)

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

	Forward Foreign Currency Contracts
Average notional value	$323,734,122

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,933.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

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

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

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

The Fund did not have a capital loss carryforward as of April 30, 2020.

16                         Invesco Comstock Fund

NOTE 9–Investment Transactions

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 six months ended October 31, 2020 was $928,358,845 and $2,622,385,014, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis

Aggregate unrealized appreciation of investments	$	1,514,689,845
Aggregate unrealized (depreciation) of investments		(562,867,268	)
Net unrealized appreciation of investments	$	951,822,577

Cost of investments for tax purposes is $6,455,770,227.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended October 31, 2020(a)						Year ended April 30, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		5,388,788		$	107,922,342			14,823,340		$	326,476,393
Class C		299,963			5,962,140			836,730			18,364,258
Class R		447,705			8,891,876			1,147,738			25,029,054
Class Y		6,996,995			141,074,987			13,876,272			304,958,289
Class R5		2,491,339			49,580,487			4,014,780			88,821,947
Class R6		5,939,721			118,673,392			28,081,364			564,760,935
Issued as reinvestment of dividends:
Class A		2,280,170			46,489,205			17,277,921			410,084,725
Class C		29,562			603,044			350,528			8,411,761
Class R		61,818			1,260,096			557,959			13,298,890
Class Y		608,853			12,409,883			4,584,324			108,588,430
Class R5		280,316			5,711,172			1,955,495			46,230,230
Class R6		898,193			18,276,388			9,023,395			212,691,539
Automatic conversion of Class C shares to Class A shares:
Class A		460,647			9,276,170			580,431			13,695,611
Class C		(460,567	)		(9,276,170	)		(580,381	)		(13,695,611	)
Reacquired:
Class A		(26,809,317	)		(539,540,262	)		(46,728,046	)		(1,064,036,679	)
Class C		(979,707	)		(19,549,476	)		(1,823,064	)		(40,942,807	)
Class R		(1,918,936	)		(38,274,927	)		(3,131,685	)		(72,209,788	)
Class Y		(13,508,610	)		(272,539,458	)		(26,340,785	)		(591,736,766	)
Class R5		(4,659,416	)		(93,360,709	)		(9,143,407	)		(213,209,296	)
Class R6		(62,033,843	)		(1,259,108,664	)		(34,983,680	)		(794,738,337	)
Net increase (decrease) in share activity		(84,186,326	)	$	(1,705,518,484	)		(25,620,771	)	$	(649,157,222	)

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

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

17                         Invesco Comstock Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2020 through October 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning Account Value (05/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)		Annualized Expense Ratio
		Ending Account Value (10/31/20)1	Expenses Paid During Period2	Ending Account Value (10/31/20)	Expenses Paid During Period2
Class A	$1,000.00	$1,063.30	$4.32	$1,021.02	$4.23	0.83%
Class C	1,000.00	1,059.40	8.20	1,017.24	8.03	1.58
Class R	1,000.00	1,061.90	5.61	1,019.76	5.50	1.08
Class Y	1,000.00	1,065.10	3.02	1,022.28	2.96	0.58
Class R5	1,000.00	1,065.00	2.71	1,022.58	2.65	0.52
Class R6	1,000.00	1,065.50	2.24	1,023.04	2.19	0.43

¹ The actual ending account value is based on the actual total return of the Fund for the period May 1, 2020 through October 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

18                         Invesco Comstock Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of Invesco Comstock Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make

recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell 1000® Value Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that the Fund’s stock selection in and overweight exposure to certain sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the

19                         Invesco Comstock Fund

Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.

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

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/ waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2019.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

20                         Invesco Comstock Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-03826 and 002-85905         Invesco Distributors, Inc. VK-COM-SAR-1        

	Semiannual Report to Shareholders	October 31, 2020
	Invesco Comstock Select Fund
	Nasdaq: A: CGRWX ⬛ C: CGRCX ⬛ R: CGRNX ⬛ Y: CGRYX ⬛ R5: IOVVX ⬛ R6: OGRIX

2	Letters to Shareholders
3	Fund Performance
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	Fund Expenses
17	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it

charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                     Invesco Comstock Select Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	7.97%
Class C Shares	7.62
Class R Shares	7.85
Class Y Shares	8.12
Class R5 Shares	8.23
Class R6 Shares	8.22
Russell 1000 Value Index ▼	7.06
Source(s): ▼RIMES Technologies Corp.
The Russell 1000® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                     Invesco Comstock Select Fund

Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (9/16/85)	8.55	%
10 Years	6.15
5 Years	1.92
1 Year	-17.35
Class C Shares
Inception (5/1/96)	5.62	%
10 Years	6.11
5 Years	2.31
1 Year	-13.82
Class R Shares
Inception (3/1/01)	4.92	%
10 Years	6.48
5 Years	2.83
1 Year	-12.75
Class Y Shares
Inception (12/16/96)	5.98	%
10 Years	7.06
5 Years	3.33
1 Year	-12.37
Class R5 Shares
10 Years	6.81	%
5 Years	3.19
1 Year	-12.21
Class R6 Shares
Inception (2/28/12)	7.03	%
5 Years	3.51
1 Year	-12.21

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

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

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

of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

4                     Invesco Comstock Select Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–96.05%
Aerospace & Defense–2.63%
Textron, Inc.		348,000	$	12,458,400
Air Freight & Logistics–3.31%
FedEx Corp.		60,616		15,728,034
Application Software–2.62%
CDK Global, Inc.		288,317		12,426,463
Asset Management & Custody Banks–3.44%
Bank of New York Mellon Corp. (The)		475,442		16,336,187
Automobile Manufacturers–3.43%
General Motors Co.		471,585		16,283,830
Building Products–2.25%
Johnson Controls International PLC		253,048		10,681,156
Construction Machinery & Heavy Trucks–4.52%
Caterpillar, Inc.		136,639		21,459,155
Diversified Banks–9.61%
Bank of America Corp.		724,100		17,161,170
Citigroup, Inc.		686,108		28,418,593
				45,579,763
Electric Utilities–3.60%
Exelon Corp.		427,875		17,067,934
Electrical Components & Equipment–5.67%
Eaton Corp. PLC		100,502		10,431,103
Emerson Electric Co.		254,526		16,490,739
				26,921,842
Health Care Distributors–6.14%
Henry Schein, Inc.(b)		293,904		18,686,416
McKesson Corp.		70,679		10,424,446
				29,110,862
Health Care Facilities–3.45%
HCA Healthcare, Inc.		131,896		16,347,190
Integrated Oil & Gas–3.65%
Chevron Corp.		101,772		7,073,154
Suncor Energy, Inc. (Canada)		908,315		10,254,876
				17,328,030
Investment Banking & Brokerage–3.58%
Goldman Sachs Group, Inc. (The)		89,755		16,967,285

	Shares		Value
IT Consulting & Other Services–3.34%
Cognizant Technology Solutions Corp., Class A		222,135	$	15,864,882
Managed Health Care–4.18%
Anthem, Inc.		72,777		19,853,566
Multi-line Insurance–3.87%
American International Group, Inc.		582,488		18,342,547
Oil & Gas Exploration & Production–4.84%
Marathon Oil Corp.		3,032,994		12,010,656
Parsley Energy, Inc., Class A		1,092,481		10,935,735
				22,946,391
Pharmaceuticals–3.20%
Bristol-Myers Squibb Co.		259,731		15,181,277
Regional Banks–2.48%
Citizens Financial Group, Inc.		431,491		11,758,130
Semiconductors–8.64%
Intel Corp.		316,993		14,036,450
NXP Semiconductors N.V. (Netherlands)		109,832		14,840,500
QUALCOMM, Inc.		98,262		12,121,600
				40,998,550
Systems Software–2.16%
Microsoft Corp.		50,579		10,240,730
Tobacco–5.44%
Philip Morris International, Inc.		363,505		25,816,125
Total Common Stocks & Other Equity Interests (Cost $458,486,023)				455,698,329
Money Market Funds–3.61%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d)		6,001,409		6,001,409
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%(c)(d)		4,281,514		4,283,227
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		6,858,753		6,858,753
Total Money Market Funds (Cost $17,143,839)				17,143,389
TOTAL INVESTMENTS IN SECURITIES–99.66% (Cost $475,629,862)				472,841,718
OTHER ASSETS LESS LIABILITIES–0.34%				1,589,723
NET ASSETS–100.00%			$	474,431,441

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

5                     Invesco Comstock Select Fund

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.

	Value April 30, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	23,765,041		$	127,432,516		$	(145,196,148	)		$	-			$	-			$	6,001,409		$	5,110
Invesco Liquid Assets Portfolio, Institutional Class			-			73,801,803			(69,515,083	)			(449	)			(3,044	)			4,283,227			6,827
Invesco Treasury Portfolio, Institutional Class			-			118,082,885			(111,224,132	)			-				-				6,858,753			3,110
Total		$	23,765,041		$	319,317,204		$	(325,935,363	)		$	(449	)		$	(3,044	)		$	17,143,389		$	15,047

^(d)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2020

Financials	22.97	%
Industrials	18.39
Health Care	16.97
Information Technology	16.76
Energy	8.49
Consumer Staples	5.44
Utilities	3.60
Consumer Discretionary	3.43
Money Market Funds Plus Other Assets Less Liabilities	3.95

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

6                     Invesco Comstock Select Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $458,486,023)	$	455,698,329
Investments in affiliated money market funds, at value (Cost $17,143,839)		17,143,389
Cash		1,068,167
Foreign currencies, at value and cost		245
Receivable for:
Fund shares sold		135,081
Dividends		1,390,223
Interest		271
Investment for trustee deferred compensation and retirement plans		136,493
Other assets		55,619
Total assets		475,627,817
Liabilities:
Payable for:
Fund shares reacquired		573,257
Accrued fees to affiliates		235,489
Accrued trustees’ and officers’ fees and benefits		72,390
Accrued other operating expenses		178,747
Trustee deferred compensation and retirement plans		136,493
Total liabilities		1,196,376
Net assets applicable to shares outstanding	$	474,431,441
Net assets consist of:
Shares of beneficial interest	$	538,414,443
Distributable earnings (loss)		(63,983,002	)
	$	474,431,441

Net Assets:
Class A	$	386,976,496
Class C	$	25,194,048
Class R	$	27,243,357
Class Y	$	30,382,621
Class R5	$	7,190
Class R6	$	4,627,729
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		16,829,878
Class C		1,173,083
Class R		1,219,498
Class Y		1,280,116
Class R5		313
Class R6		195,550
Class A:
Net asset value per share	$	22.99
Maximum offering price per share (Net asset value of $22.99 ÷ 94.50%)	$	24.33
Class C:
Net asset value and offering price per share	$	21.48
Class R:
Net asset value and offering price per share	$	22.34
Class Y:
Net asset value and offering price per share	$	23.73
Class R5:
Net asset value and offering price per share	$	22.97
Class R6:
Net asset value and offering price per share	$	23.67

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

7                     Invesco Comstock Select Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $187,859)	$	11,496,212
Dividends from affiliated money market funds		15,047
Total investment income		11,511,259
Expenses:
Advisory fees		1,866,546
Administrative services fees		51,296
Custodian fees		6,795
Distribution fees:
Class A		486,605
Class C		139,242
Class R		71,197
Transfer agent fees – A, C, R and Y		563,915
Trustees’ and officers’ fees and benefits		13,942
Registration and filing fees		99,444
Reports to shareholders		57,609
Professional services fees		22,947
Other		(25,611	)
Total expenses		3,353,927
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(372,433	)
Net expenses		2,981,494
Net investment income		8,529,765
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(42,998,327	)
Foreign currencies		11,325
		(42,987,002	)
Change in net unrealized appreciation of investment securities		114,768,880
Net realized and unrealized gain		71,781,878
Net increase in net assets resulting from operations	$	80,311,643

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

8                     Invesco Comstock Select Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020, period ended April 30, 2020, and the year ended October 31, 2019

(Unaudited)

	Six Months Ended			Six Months Ended			Year Ended
	October 31, 2020			April 30, 2020			October 31, 2019
Operations:
Net investment income	$	8,529,765		$	13,290,790		$	27,977,694
Net realized gain (loss)		(42,987,002	)		(20,971,934	)		273,497,380
Change in net unrealized appreciation (depreciation)		114,768,880			(204,004,559	)		(185,596,619	)
Net increase (decrease) in net assets resulting from operations		80,311,643			(211,685,703	)		115,878,455
Distributions to shareholders from distributable earnings:
Class A		(3,943,358	)		(119,234,349	)		(61,845,162	)
Class C		(167,761	)		(9,257,960	)		(11,413,279	)
Class R		(240,820	)		(8,173,489	)		(4,727,389	)
Class Y		(335,122	)		(15,867,545	)		(8,984,172	)
Class R5		(84	)		(2,397	)		(120	)
Class R6		(2,440,113	)		(122,758,577	)		(119,301,253	)
Total distributions from distributable earnings		(7,127,258	)		(275,294,317	)		(206,271,375	)
Share transactions–net:
Class A		(28,729,077	)		76,804,592			44,557,789
Class C		(4,039,700	)		2,955,739			(49,742,879	)
Class R		(1,975,025	)		5,430,763			(232,706	)
Class Y		(1,445,967	)		(19,457,423	)		1,515,165
Class R5		–			–			10,000
Class R6		(479,773,710	)		9,158,200			(323,815,201	)
Net increase (decrease) in net assets resulting from share transactions		(515,963,479	)		74,891,871			(327,707,832	)
Net increase (decrease) in net assets		(442,779,094	)		(412,088,149	)		(418,100,752	)
Net assets:
Beginning of period		917,210,535			1,329,298,684			1,747,399,436
End of period	$	474,431,441		$	917,210,535		$	1,329,298,684

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

9                     Invesco Comstock Select Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income(a)			Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return(b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover(d)
Class A
Six months ended 10/31/20		$	21.50		$	0.26		$	1.46			$	1.72			$	(0.23	)		$	–			$	(0.23	)		$	22.99		7.97	%(e)		$	386,976		0.93	%(e)(f)		1.05	%(e)(f)		2.25	%(e)(f)		23	%
Six months ended 04/30/20			33.81			0.29			(5.00	)			(4.71	)			(0.29	)			(7.31	)			(7.60	)			21.50		(19.00	)			388,558		0.93	(g)		0.97	(g)		2.17	(g)		11
Year ended 10/31/19			35.63			0.58			2.00				2.58				(0.56	)			(3.84	)			(4.40	)			33.81		8.66				524,705		0.93			0.95			1.79			129
Year ended 10/31/18			37.62			0.51			(0.32	)			0.19				(0.52	)			(1.66	)			(2.18	)			35.63		0.35				500,866		0.93			0.93			1.37			45
Year ended 10/31/17			31.66			0.34			6.09				6.43				(0.47	)			–				(0.47	)			37.62		20.41				548,012		0.94			0.95			0.97			53
Year ended 10/31/16			31.64			0.37			0.04				0.41				(0.39	)			–				(0.39	)			31.66		1.33				514,425		0.96			0.96			1.21			64
Year ended 10/31/15			31.50			0.37			0.13				0.50				(0.36	)			–				(0.36	)			31.64		1.58				563,546		0.95			0.95			1.14			51
Class C
Six months ended 10/31/20			20.08			0.16			1.37				1.53				(0.13	)			–				(0.13	)			21.48		7.62				25,194		1.68	(f)		1.81	(f)		1.50	(f)		23
Six months ended 04/30/20			32.01			0.18			(4.64	)			(4.46	)			(0.16	)			(7.31	)			(7.47	)			20.08		(19.29	)			27,325		1.68	(g)		1.73	(g)		1.41	(g)		11
Year ended 10/31/19			33.95			0.32			1.89				2.21				(0.31	)			(3.84	)			(4.15	)			32.01		7.86				40,759		1.68			1.69			1.03			129
Year ended 10/31/18			35.96			0.22			(0.31	)			(0.09	)			(0.26	)			(1.66	)			(1.92	)			33.95		(0.44	)			96,108		1.69			1.69			0.62			45
Year ended 10/31/17			30.32			0.07			5.83				5.90				(0.26	)			–				(0.26	)			35.96		19.51				113,203		1.69			1.70			0.22			53
Year ended 10/31/16			30.32			0.13			0.04				0.17				(0.17	)			–				(0.17	)			30.32		0.58				112,170		1.71			1.71			0.46			64
Year ended 10/31/15			30.19			0.12			0.14				0.26				(0.13	)			–				(0.13	)			30.32		0.84				127,437		1.70			1.70			0.39			51
Class R
Six months ended 10/31/20			20.89			0.22			1.42				1.64				(0.19	)			–				(0.19	)			22.34		7.85				27,243		1.18	(f)		1.31	(f)		2.00	(f)		23
Six months ended 04/30/20			33.04			0.25			(4.85	)			(4.60	)			(0.24	)			(7.31	)			(7.55	)			20.89		(19.11	)			27,340		1.18	(g)		1.23	(g)		1.92	(g)		11
Year ended 10/31/19			34.91			0.49			1.96				2.45				(0.48	)			(3.84	)			(4.32	)			33.04		8.41				36,469		1.18			1.20			1.54			129
Year ended 10/31/18			36.91			0.41			(0.32	)			0.09				(0.43	)			(1.66	)			(2.09	)			34.91		0.08				38,411		1.18			1.18			1.12			45
Year ended 10/31/17			31.08			0.25			5.97				6.22				(0.39	)			–				(0.39	)			36.91		20.10				42,358		1.18			1.19			0.73			53
Year ended 10/31/16			31.06			0.29			0.04				0.33				(0.31	)			–				(0.31	)			31.08		1.11				38,801		1.20			1.20			0.96			64
Year ended 10/31/15			30.92			0.28			0.14				0.42				(0.28	)			–				(0.28	)			31.06		1.35				50,813		1.19			1.19			0.89			51
Class Y
Six months ended 10/31/20			22.19			0.30			1.50				1.80				(0.26	)			–				(0.26	)			23.73		8.12				30,383		0.68	(f)		0.81	(f)		2.50	(f)		23
Six months ended 04/30/20			34.70			0.34			(5.21	)			(4.87	)			(0.33	)			(7.31	)			(7.64	)			22.19		(18.95	)			29,843		0.68	(g)		0.73	(g)		2.41	(g)		11
Year ended 10/31/19			36.44			0.68			2.07				2.75				(0.65	)			(3.84	)			(4.49	)			34.70		8.97				70,677		0.68			0.71			2.03			129
Year ended 10/31/18			38.43			0.62			(0.34	)			0.28				(0.61	)			(1.66	)			(2.27	)			36.44		0.55				72,317		0.68			0.68			1.61			45
Year ended 10/31/17			32.33			0.44			6.22				6.66				(0.56	)			–				(0.56	)			38.43		20.71				142,547		0.69			0.71			1.20			53
Year ended 10/31/16			32.29			0.46			0.04				0.50				(0.46	)			–				(0.46	)			32.33		1.61				111,684		0.71			0.71			1.47			64
Year ended 10/31/15			32.14			0.45			0.14				0.59				(0.44	)			–				(0.44	)			32.29		1.83				107,097		0.70			0.70			1.38			51
Class R5
Six months ended 10/31/20			21.47			0.30			1.47				1.77				(0.27	)			–				(0.27	)			22.97		8.23				7		0.57	(f)		0.57	(f)		2.61	(f)		23
Six months ended 04/30/20			33.80			0.34			(5.02	)			(4.68	)			(0.34	)			(7.31	)			(7.65	)			21.47		(18.88	)			7		0.57	(g)		0.57	(g)		2.52	(g)		11
Period ended 10/31/19(h)			31.94			0.31			1.93				2.24				(0.38	)			–				(0.38	)			33.80		7.03				11		0.57	(g)		0.57	(g)		2.15	(g)		129
Class R6
Six months ended 10/31/20			22.13			0.31			1.51				1.82				(0.28	)			–				(0.28	)			23.67		8.22				4,628		0.52	(f)		0.57	(f)		2.66	(f)		23
Six months ended 04/30/20			34.63			0.36			(5.19	)			(4.83	)			(0.36	)			(7.31	)			(7.67	)			22.13		(18.88	)			444,138		0.52	(g)		0.54	(g)		2.58	(g)		11
Year ended 10/31/19			36.38			0.73			2.06				2.79				(0.70	)			(3.84	)			(4.54	)			34.63		9.13				656,678		0.52			0.52			2.20			129
Year ended 10/31/18			38.37			0.68			(0.33	)			0.35				(0.68	)			(1.66	)			(2.34	)			36.38		0.75				1,039,697		0.52			0.52			1.78			45
Year ended 10/31/17			32.28			0.50			6.21				6.71				(0.62	)			–				(0.62	)			38.37		20.92				1,336,915		0.51			0.52			1.39			53
Year ended 10/31/16			32.24			0.52			0.04				0.56				(0.52	)			–				(0.52	)			32.28		1.80				1,185,317		0.52			0.52			1.65			64
Year ended 10/31/15			32.09			0.51			0.14				0.65				(0.50	)			–				(0.50	)			32.24		2.03				1,234,068		0.51			0.51			1.57			51

^(a) Calculated using average shares outstanding.

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

^(c)  Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the six months ended April 30, 2020 and for the years ended October 31, 2019, 2018, 2017, 2016 and 2015, respectively.

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

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended October 31, 2020.

^(f)  Ratios are annualized and based on average daily net assets (000’s omitted) of $402,198, $27,621, $28,247, $30,609, $7 and $228,965 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(g)  Annualized.

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

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

10                     Invesco Comstock Select Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

A security listed or traded on an exchange (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 asked 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 asked prices. For purposes of determining net asset value (“NAV”) 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

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

11                     Invesco Comstock Select Fund

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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.

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

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

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

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

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

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

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

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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 the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts 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.

12                     Invesco Comstock Select Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

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

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.52%.

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

The Adviser has contractually agreed, through at least August 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.93%, 1.68%, 1.18%, 0.68%, 0.57% and 0.52% respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on August 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

The Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $67,799 and reimbursed class level expenses of $245,494, $18,157, $18,678, $20,428, $0 and $0 of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

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

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

For the six months ended October 31, 2020, expenses incurred under these agreements are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $18,850 in front-end sales commissions from the sale of Class A shares and $841 and $169 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $1,259 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets
(Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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.

13                     Invesco Comstock Select Fund

Level 2 -

Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

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 October 31, 2020, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,877.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Prior to May 5, 2020, the custodian was Citibank, N.A. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate. The Fund may not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of the Fund’s total assets, or when any borrowings from an Invesco Fund are outstanding.

NOTE 7–Tax Information

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

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

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

The Fund had a capital loss carryforward as of April 30, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	14,948,283	$	1,000,028	$	15,948,311

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $157,848,593 and $664,550,992, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	58,816,203
Aggregate unrealized (depreciation) of investments		(69,543,952	)
Net unrealized appreciation (depreciation) of investments	$	(10,727,749	)

Cost of investments for tax purposes is $483,569,467.

14                     Invesco Comstock Select Fund

NOTE 9–Share Information

							Summary of Share Activity
	Six months ended						Six months ended						Year ended
	October 31, 2020(a)						April 30, 2020						October 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Sold:
Class A		499,224		$	11,430,407			1,118,330		$	32,863,057			1,060,281		$	34,233,028
Class C		71,208			1,524,287			112,370			2,732,809			222,306			6,777,040
Class R		88,210			1,980,349			107,716			2,704,571			146,681			4,657,337
Class Y		350,906			8,320,238			462,083			12,039,021			562,025			18,728,830
Class R5(b)		-			-			-			-			313			10,000
Class R6		19,702			459,854			47,530			1,530,832			745,176			24,198,024
Issued as reinvestment of dividends:
Class A		161,707			3,759,447			4,119,323			114,686,768			1,923,295			59,082,109
Class C		7,477			162,645			346,858			9,060,327			388,781			11,265,659
Class R		10,614			239,872			298,062			8,075,878			151,671			4,548,819
Class Y		10,337			247,954			538,764			15,512,550			277,819			8,756,144
Class R6		103,361			2,440,076			4,296,191			122,758,577			3,803,013			119,301,253
Automatic conversion of Class C shares to Class A shares:
Class A		53,964			1,232,138			74,255			1,950,852			1,229,180			40,824,573
Class C		(57,777	)		(1,232,138	)		(79,346	)		(1,950,852	)		(1,297,309	)		(40,824,573	)
Reacquired:
Class A		(1,960,116	)		(45,151,069	)		(2,753,772	)		(72,696,085	)		(2,753,692	)		(89,581,921	)
Class C		(208,524	)		(4,494,494	)		(292,349	)		(6,886,545	)		(871,157	)		(26,961,005	)
Class R		(188,364	)		(4,195,246	)		(200,471	)		(5,349,686	)		(294,777	)		(9,438,862	)
Class Y		(426,161	)		(10,014,159	)		(1,692,830	)		(47,008,994	)		(787,167	)		(25,969,809	)
Class R6		(19,993,842	)		(482,673,640	)		(3,242,205	)		(115,131,209	)		(14,163,335	)		(467,314,478	)
Net increase (decrease) in share activity		(21,458,074	)	$	(515,963,479	)		3,260,509		$	74,891,871			(9,656,896	)	$	(327,707,832	)

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

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

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

15                     Invesco Comstock Select Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2020 through October 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				HYPOTHETICAL
				(5% annual return before
		ACTUAL		expenses)
	Beginning	Ending	Expenses	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Account Value	Paid During	Expense
	(05/01/20)	(10/31/20)1	Period2	(10/31/20)	Period2	Ratio
Class A	$1,000.00	$1,079.70	$4.88	$1,020.52	$4.74	0.93%
Class C	1,000.00	1,076.20	8.79	1,016.74	8.54	1.68
Class R	1,000.00	1,078.50	6.18	1,019.26	6.01	1.18
Class Y	1,000.00	1,081.20	3.57	1,021.78	3.47	0.68
Class R5	1,000.00	1,082.30	2.99	1,022.33	2.91	0.57
Class R6	1,000.00	1,082.20	2.73	1,022.58	2.65	0.52

¹ The actual ending account value is based on the actual total return of the Fund for the period May 1, 2020 through October 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

16                     Invesco Comstock Select Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Comstock Select Fund’s (formerly, Invesco Oppenheimer Value Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel

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

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Value Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the fourth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s valuation bias in momentum-driven markets impacted Fund performance. The Board further noted that the Fund underwent a portfolio management team change in June 2019, as well as a name change to better reflect the Fund’s investment philosophy and process, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative

17                     Invesco Comstock Select Fund

services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

    The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/ waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2019.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and

noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

    The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

18                     Invesco Comstock Select Fund

(This page intentionally left blank)

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-03826 and 002-85905                 Invesco Distributors, Inc.                  O-VAL-SAR-1

	Semiannual Report to Shareholders	October 31, 2020
	Invesco Dividend Income Fund
	Nasdaq:
	A: IAUTX ∎ C: IUTCX ∎ R: IRTCX ∎ Y: IAUYX ∎ Investor: FSTUX ∎ R5: FSIUX ∎ R6: IFUTX

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for

those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.     On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246. All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                                Invesco Dividend Income Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	4.08	%
Class C Shares	3.70
Class R Shares	3.94
Class Y Shares	4.22
Investor Class Shares	4.07
Class R5 Shares	4.28
Class R6 Shares	4.28
S&P 500 Indexq (Broad Market Index)	13.29
Dow Jones U.S. Select Dividend Index⬛ (Style-Specific Index)	5.23
Russell 1000 Value Indexq (Style-Specific Index)	7.06
Lipper Equity Income Funds Indext (Peer Group Index)	7.37
Source(s): qRIMES Technologies Corp.; ⬛FactSet Research Systems Inc.; tLipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.
The Dow Jones U.S. Select Dividend Index represent the country’s leading stocks by dividend yield.
The Russell 1000® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.
The Lipper Equity Income Funds Index is an unmanaged Index considered representative of equity income funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                                Invesco Dividend Income Fund

Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	7.10	%
10 Years	7.58
5 Years	3.06
1 Year	-11.80
Class C Shares
Inception (2/14/00)	3.56	%
10 Years	7.54
5 Years	3.45
1 Year	-8.30
Class R Shares
10 Years	7.92	%
5 Years	3.97
1 Year	-6.88
Class Y Shares
Inception (10/3/08)	7.80	%
10 Years	8.46
5 Years	4.49
1 Year	-6.44
Investor Class Shares
Inception (6/2/86)	7.94	%
10 Years	8.18
5 Years	4.22
1 Year	-6.69
Class R5 Shares
Inception (10/25/05)	7.28	%
10 Years	8.55
5 Years	4.55
1 Year	-6.35
Class R6 Shares
10 Years	8.50	%
5 Years	4.63
1 Year	-6.30

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

    Class R6 shares incepted on September 24, 2012. Performance shown prior to that date is that of Investor Class shares at net asset value and includes the 12b-1 fees applicable to Investor Class shares.

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

    Class A share performance reflects the maximum 5.50% sales charge, and Class C share performance reflects the applicable

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

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

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

4                                Invesco Dividend Income Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.25%
Aerospace & Defense–3.16%
General Dynamics Corp.		161,593	$	21,222,009
Lockheed Martin Corp.		250,256		87,622,133
				108,844,142
Asset Management & Custody Banks–0.83%
Waddell & Reed Financial, Inc., Class A		1,860,401		28,557,155
Automobile Manufacturers–1.27%
Bayerische Motoren Werke AG (Germany)		639,004		43,672,214
Brewers–1.69%
Molson Coors Beverage Co., Class B		1,645,054		58,004,604
Communications Equipment–1.03%
Cisco Systems, Inc.		990,566		35,561,319
Construction Machinery & Heavy Trucks–1.02%
Caterpillar, Inc.		223,756		35,140,880
Diversified Banks–1.16%
Bank of America Corp.		1,678,941		39,790,902
Electric Utilities–5.85%
Duke Energy Corp.		483,873		44,569,542
Entergy Corp.		334,268		33,834,607
Exelon Corp.		1,143,121		45,599,097
Pinnacle West Capital Corp.		395,461		32,257,754
Portland General Electric Co.		1,142,725		44,909,092
				201,170,092
Electrical Components & Equipment–3.49%
ABB Ltd. (Switzerland)		2,415,029		58,561,084
Emerson Electric Co.		947,008		61,356,648
				119,917,732
Food Distributors–0.86%
Sysco Corp.		537,216		29,713,417
Gas Utilities–3.10%
National Fuel Gas Co.		1,608,470		64,274,461
Southwest Gas Holdings, Inc.		641,655		42,169,567
				106,444,028
General Merchandise Stores–2.34%
Target Corp.		527,565		80,305,944
Health Care Equipment–0.82%
Medtronic PLC		280,126		28,172,272
Home Improvement Retail–2.00%
Lowe’s Cos., Inc.		435,244		68,812,077
Household Products–4.94%
Kimberly-Clark Corp.		332,354		44,066,817
Procter & Gamble Co. (The)		917,744		125,822,702
				169,889,519

	Shares		Value
Hypermarkets & Super Centers–1.27%
Walmart, Inc.		313,751	$	43,532,951
Industrial Machinery–2.47%
Kennametal, Inc.		1,349,750		41,842,250
Snap-on, Inc.		273,236		43,042,867
				84,885,117
Integrated Oil & Gas–2.79%
Chevron Corp.		354,308		24,624,406
Exxon Mobil Corp.		630,581		20,569,552
TOTAL SE (France)		1,681,304		50,914,721
				96,108,679
Integrated Telecommunication Services–5.04%
AT&T, Inc.		2,255,030		60,930,910
Deutsche Telekom AG (Germany)		1,491,689		22,715,741
Verizon Communications, Inc.		1,570,914		89,526,389
				173,173,040
IT Consulting & Other Services–1.09%
International Business Machines Corp.		336,751		37,601,617
Motorcycle Manufacturers–1.39%
Harley-Davidson, Inc.		1,449,106		47,646,605
Multi-line Insurance–1.01%
Hartford Financial Services Group, Inc. (The)		905,043		34,862,256
Multi-Utilities–6.30%
Dominion Energy, Inc.		1,168,978		93,915,693
National Grid PLC (United Kingdom)		5,905,472		70,288,882
Public Service Enterprise Group, Inc.		445,715		25,918,327
Sempra Energy		212,517		26,641,131
				216,764,033
Oil & Gas Storage & Transportation–1.19%
Enbridge, Inc. (Canada)		1,480,307		40,788,163
Packaged Foods & Meats–10.03%
Campbell Soup Co.		1,958,425		91,399,695
Conagra Brands, Inc.		1,227,020		43,056,132
General Mills, Inc.		1,683,570		99,532,658
Kraft Heinz Co. (The)		1,537,440		47,030,290
Nestle S.A. (Switzerland)		567,324		63,740,791
				344,759,566
Paper Packaging–1.98%
International Paper Co.		809,788		35,428,225
Sonoco Products Co.		668,260		32,671,232
				68,099,457
Pharmaceuticals–8.78%
AstraZeneca PLC (United Kingdom)		332,815		33,500,189
Bayer AG (Germany)		652,418		30,661,537
Eli Lilly and Co.		300,980		39,265,851
GlaxoSmithKline PLC (United Kingdom)		2,103,209		35,090,368
Johnson & Johnson		745,397		102,201,383

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

5                                Invesco Dividend Income Fund

	Shares		Value
Pharmaceuticals–(continued)
Merck & Co., Inc.		815,383	$	61,324,955
				302,044,283
Property & Casualty Insurance–2.94%
Chubb Ltd.		374,968		48,712,093
Travelers Cos., Inc. (The)		433,629		52,343,357
				101,055,450
Regional Banks–5.91%
Cullen/Frost Bankers, Inc.		476,741		33,500,590
Fifth Third Bancorp		2,091,889		48,573,663
M&T Bank Corp.		652,130		67,547,625
Regions Financial Corp.		4,029,940		53,598,202
				203,220,080
Restaurants–2.36%
McDonald’s Corp.		381,070		81,167,910
Semiconductors–0.63%
Microchip Technology, Inc.		205,304		21,573,344
Soft Drinks–2.38%
Coca-Cola Co. (The)		1,700,737		81,737,420
Specialized REITs–2.63%
Crown Castle International Corp.		319,497		49,905,432
Weyerhaeuser Co.		1,491,332		40,698,450
				90,603,882

	Shares		Value
Specialty Chemicals–1.50%
DuPont de Nemours, Inc.		907,632	$	51,626,108
Total Common Stocks & Other Equity Interests (Cost $3,006,810,164)				3,275,246,258
	Principal Amount
U.S. Dollar Denominated Bonds & Notes–0.02%
Tobacco–0.02%
Reynolds American, Inc. (United Kingdom), 7.00%, 08/04/2041 (Cost $358,613)(b)	$	354,000		454,554
	Shares
Money Market Funds–4.48%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d)		45,940,943		45,940,944
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%(c)(d)		55,675,906		55,698,177
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		52,503,935		52,503,935
Total Money Market Funds (Cost $154,129,665)				154,143,056
TOTAL INVESTMENTS IN SECURITIES–99.75% (Cost $3,161,298,442)				3,429,843,868
OTHER ASSETS LESS LIABILITIES–0.25%				8,761,720
NET ASSETS–100.00%			$	3,438,605,588

Investment Abbreviations:

REIT – Real Estate Investment Trust

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)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2020 represented less than 1% of the Fund’s Net Assets.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.

	Value April 30, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class	$	113,108,843	$	38,112,382	$	(105,280,281	)		$             -		$           -		$  45,940,944		$   23,758
Invesco Liquid Assets Portfolio, Institutional Class		103,684,370		27,223,130		(75,200,201	)		(29,917)		20,795		55,698,177		94,417
Invesco Treasury Portfolio, Institutional Class		129,267,249		43,557,008		(120,320,322	)		-		-		52,503,935		24,207
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		49,664,331		(49,664,331	)		-		-		-		923*
Invesco Private Prime Fund		-		16,553,972		(16,553,972	)		-		-		-		653*
Total	$	346,060,462	$	175,110,823	$	(367,019,107	)		$(29,917)		$20,795		$154,143,056		$ 143,958

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

^(d) The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

6                                Invesco Dividend Income Fund

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2020

Consumer Staples	21.18%
Utilities	15.25
Financials	11.85
Industrials	10.14
Health Care	9.60
Consumer Discretionary	9.35
Communication Services	5.04
Energy	3.98
Materials	3.48
Information Technology	2.76
Real Estate	2.64
Money Market Funds Plus Other Assets Less Liabilities	4.73

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

7                                Invesco Dividend Income Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $3,007,168,777)	$	3,275,700,812
Investments in affiliated money market funds, at value (Cost $154,129,665)		154,143,056
Cash		23,994
Foreign currencies, at value (Cost $514,618)		511,080
Receivable for:
Investments sold		6,242,281
Fund shares sold		1,208,066
Dividends		8,923,596
Interest		5,931
Investment for trustee deferred compensation and retirement plans		354,079
Other assets		91,057
Total assets		3,447,203,952
Liabilities:
Payable for:
Investments purchased		879,980
Fund shares reacquired		4,708,440
Accrued fees to affiliates		1,845,474
Accrued trustees’ and officers’ fees and benefits		50,848
Accrued other operating expenses		679,921
Trustee deferred compensation and retirement plans		433,701
Total liabilities		8,598,364
Net assets applicable to shares outstanding	$	3,438,605,588
Net assets consist of:
Shares of beneficial interest	$	3,231,507,343
Distributable earnings		207,098,245
	$	3,438,605,588

Net Assets:
Class A	$	2,446,900,934
Class C	$	326,100,206
Class R	$	95,405,652
Class Y	$	291,306,419
Investor Class	$	61,336,744
Class R5	$	2,101,965
Class R6	$	215,453,668
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		118,341,495
Class C		15,558,740
Class R		4,614,248
Class Y		13,940,063
Investor Class		2,935,776
Class R5		101,616
Class R6		10,407,529
Class A:
Net asset value per share	$	20.68
Maximum offering price per share (Net asset value of $20.68 ÷ 94.50%)	$	21.88
Class C:
Net asset value and offering price per share	$	20.96
Class R:
Net asset value and offering price per share	$	20.68
Class Y:
Net asset value and offering price per share	$	20.90
Investor Class:
Net asset value and offering price per share	$	20.89
Class R5:
Net asset value and offering price per share	$	20.69
Class R6:
Net asset value and offering price per share	$	20.70

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

8                                Invesco Dividend Income Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $800,579)	$	57,840,919
Dividends from affiliates (includes securities lending income of $16,719)		159,101
Interest		13,200
Total investment income		58,013,220
Expenses:
Advisory fees		9,743,277
Administrative services fees		258,926
Custodian fees		29,634
Distribution fees:
Class A		3,048,459
Class C		1,865,519
Class R		250,415
Investor Class		80,027
Transfer agent fees – A, C, R, Y and Investor Class		2,913,915
Transfer agent fees – R5		1,112
Transfer agent fees – R6		16,252
Trustees’ and officers’ fees and benefits		19,643
Registration and filing fees		58,487
Reports to shareholders		119,929
Professional services fees		27,096
Other		16,292
Total expenses		18,448,983
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(131,012	)
Net expenses		18,317,971
Net investment income		39,695,249
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(1,177,888	)
Foreign currencies		327,157
		(850,731	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		112,201,915
Foreign currencies		(60,170	)
		112,141,745
Net realized and unrealized gain		111,291,014
Net increase in net assets resulting from operations	$	150,986,263

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

9                                Invesco Dividend Income Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)

	October 31, 2020			April 30, 2020
Operations:
Net investment income	$	39,695,249		$	33,781,292
Net realized gain (loss)		(850,731	)		(38,887,461	)
Change in net unrealized appreciation (depreciation)		112,141,745			(113,179,834	)
Net increase (decrease) in net assets resulting from operations		150,986,263			(118,286,003	)
Distributions to shareholders from distributable earnings:
Class A		(30,583,849	)		(24,658,771	)
Class C		(3,061,687	)		(3,518,028	)
Class R		(1,065,025	)		–
Class Y		(4,213,481	)		(7,988,218	)
Investor Class		(750,640	)		(2,502,018	)
Class R5		(29,890	)		(91,517	)
Class R6		(3,338,723	)		(9,185,465	)
Total distributions from distributable earnings		(43,043,295	)		(47,944,017	)
Share transactions–net:
Class A		(132,828,428	)		1,831,924,956
Class C		(71,897,561	)		248,665,994
Class R		(5,010,276	)		97,930,979
Class Y		(49,165,868	)		105,989,387
Investor Class		(2,774,950	)		(5,694,878	)
Class R5		(123,484	)		541,771
Class R6		(37,865,791	)		21,058,742
Net increase (decrease) in net assets resulting from share transactions		(299,666,358	)		2,300,416,951
Net increase (decrease) in net assets		(191,723,390	)		2,134,186,931
Net assets:
Beginning of period		3,630,328,978			1,496,142,047
End of period	$	3,438,605,588		$	3,630,328,978

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

10                                Invesco Dividend Income Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/20		$20.11		$ 0.23		$ 0.59			$ 0.82			$(0.25	)		$      -			$(0.25	)		$20.68		4.08	%(d)		$2,446,901		0.96	%(d)(e)		0.97	%(d)(e)		2.20	%(d)(e)		2%
Year ended 04/30/20		22.70		0.51		(2.33	)		(1.82	)		(0.52	)		(0.25	)		(0.77	)		20.11		(8.30	)		2,506,397		1.05			1.06			2.31			47
Year ended 04/30/19		22.98		0.58		1.45			2.03			(0.60	)		(1.71	)		(2.31	)		22.70		9.51			764,037		1.06			1.06			2.54			4
Year ended 04/30/18		23.96		0.51		(0.42	)		0.09			(0.47	)		(0.60	)		(1.07	)		22.98		0.21			862,915		1.01			1.02			2.12			11
Year ended 04/30/17		22.32		0.41		1.80			2.21			(0.41	)		(0.16	)		(0.57	)		23.96		10.00			1,143,946		1.03			1.05			1.74			6
Year ended 04/30/16		21.03		0.40		1.77			2.17			(0.41	)		(0.47	)		(0.88	)		22.32		10.72			867,596		1.13			1.17			1.91			9
Class C
Six months ended 10/31/20		20.38		0.15		0.60			0.75			(0.17	)		-			(0.17	)		20.96		3.70			326,100		1.72	(e)		1.73	(e)		1.44	(e)		2
Year ended 04/30/20		23.01		0.35		(2.37	)		(2.02	)		(0.36	)		(0.25	)		(0.61	)		20.38		(9.02	)		385,968		1.80			1.81			1.56			47
Year ended 04/30/19		23.28		0.42		1.46			1.88			(0.44	)		(1.71	)		(2.15	)		23.01		8.65			152,988		1.81			1.81			1.79			4
Year ended 04/30/18		24.26		0.33		(0.42	)		(0.09	)		(0.29	)		(0.60	)		(0.89	)		23.28		(0.52	)		236,168		1.76			1.77			1.37			11
Year ended 04/30/17		22.60		0.24		1.82			2.06			(0.24	)		(0.16	)		(0.40	)		24.26		9.16			311,194		1.78			1.80			0.99			6
Year ended 04/30/16		21.28		0.25		1.80			2.05			(0.26	)		(0.47	)		(0.73	)		22.60		9.94			154,584		1.88			1.92			1.16			9
Class R
Six months ended 10/31/20		20.11		0.20		0.59			0.79			(0.22	)		-			(0.22	)		20.68		3.94			95,406		1.22	(e)		1.23	(e)		1.94	(e)		2
Period ended 04/30/20(f)		20.18		0.01		(0.08	)		(0.07	)		-			-			-			20.11		(0.35	)		97,560		1.20	(g)		1.21	(g)		2.16	(g)		47
Class Y
Six months ended 10/31/20		20.32		0.26		0.60			0.86			(0.28	)		-			(0.28	)		20.90		4.22			291,306		0.72	(e)		0.73	(e)		2.44	(e)		2
Year ended 04/30/20		22.94		0.57		(2.36	)		(1.79	)		(0.58	)		(0.25	)		(0.83	)		20.32		(8.09	)		330,421		0.81			0.82			2.55			47
Year ended 04/30/19		23.21		0.65		1.46			2.11			(0.67	)		(1.71	)		(2.38	)		22.94		9.76			248,641		0.81			0.81			2.79			4
Year ended 04/30/18		24.19		0.58		(0.43	)		0.15			(0.53	)		(0.60	)		(1.13	)		23.21		0.48			444,633		0.76			0.77			2.37			11
Year ended 04/30/17		22.53		0.47		1.82			2.29			(0.47	)		(0.16	)		(0.63	)		24.19		10.28			860,105		0.78			0.80			1.99			6
Year ended 04/30/16		21.22		0.47		1.78			2.25			(0.47	)		(0.47	)		(0.94	)		22.53		11.01			249,625		0.88			0.92			2.16			9
Investor Class
Six months ended 10/31/20		20.31		0.23		0.60			0.83			(0.25	)		-			(0.25	)		20.89		4.07			61,337		0.97	(e)		0.98	(e)		2.19	(e)		2
Year ended 04/30/20		22.93		0.52		(2.37	)		(1.85	)		(0.52	)		(0.25	)		(0.77	)		20.31		(8.32	)		62,298		1.06			1.07			2.30			47
Year ended 04/30/19		23.20		0.59		1.46			2.05			(0.61	)		(1.71	)		(2.32	)		22.93		9.49			76,436		1.06			1.06			2.54			4
Year ended 04/30/18		24.18		0.51		(0.42	)		0.09			(0.47	)		(0.60	)		(1.07	)		23.20		0.23			79,103		1.01			1.02			2.12			11
Year ended 04/30/17		22.52		0.41		1.82			2.23			(0.41	)		(0.16	)		(0.57	)		24.18		10.01			97,228		1.03			1.05			1.74			6
Year ended 04/30/16		21.22		0.41		1.78			2.19			(0.42	)		(0.47	)		(0.89	)		22.52		10.69			88,691		1.13			1.17			1.91			9
Class R5
Six months ended 10/31/20		20.11		0.26		0.60			0.86			(0.28	)		-			(0.28	)		20.69		4.28			2,102		0.65	(e)		0.66	(e)		2.51	(e)		2
Year ended 04/30/20		22.71		0.58		(2.34	)		(1.76	)		(0.59	)		(0.25	)		(0.84	)		20.11		(8.05	)		2,159		0.75			0.76			2.61			47
Year ended 04/30/19		22.99		0.65		1.45			2.10			(0.67	)		(1.71	)		(2.38	)		22.71		9.82			1,863		0.77			0.77			2.83			4
Year ended 04/30/18		23.97		0.58		(0.42	)		0.16			(0.54	)		(0.60	)		(1.14	)		22.99		0.51			1,914		0.72			0.73			2.41			11
Year ended 04/30/17		22.32		0.48		1.81			2.29			(0.48	)		(0.16	)		(0.64	)		23.97		10.38			2,376		0.72			0.74			2.05			6
Year ended 04/30/16		21.04		0.47		1.75			2.22			(0.47	)		(0.47	)		(0.94	)		22.32		10.98			551		0.84			0.85			2.20			9
Class R6
Six months ended 10/31/20		20.13		0.27		0.59			0.86			(0.29	)		-			(0.29	)		20.70		4.28			215,454		0.56	(e)		0.57	(e)		2.60	(e)		2
Year ended 04/30/20		22.73		0.60		(2.34	)		(1.74	)		(0.61	)		(0.25	)		(0.86	)		20.13		(7.97	)		245,526		0.66			0.67			2.70			47
Year ended 04/30/19		23.00		0.67		1.46			2.13			(0.69	)		(1.71	)		(2.40	)		22.73		9.96			252,176		0.69			0.69			2.91			4
Year ended 04/30/18		23.98		0.60		(0.42	)		0.18			(0.56	)		(0.60	)		(1.16	)		23.00		0.59			322,530		0.64			0.65			2.49			11
Year ended 04/30/17		22.34		0.50		1.80			2.30			(0.50	)		(0.16	)		(0.66	)		23.98		10.42			83,352		0.64			0.66			2.13			6
Year ended 04/30/16		21.05		0.49		1.77			2.26			(0.50	)		(0.47	)		(0.97	)		22.34		11.13			63,000		0.74			0.75			2.30			9

^(a)  Calculated using average shares outstanding.

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

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

^(d)  The total return, ratio of expenses to average net assets and ratio of net investment income to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended October 31, 2020.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $2,545,940, $370,062, $99,349, $319,401 , $63,500 , $2,206 and $237,919 for Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

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

^(g)  Annualized.

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

11                                Invesco Dividend Income Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The Fund currently consists of seven different classes of shares: Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

A security listed or traded on an exchange (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 asked 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 asked prices. For purposes of determining net asset value (“NAV”) 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

12                               Invesco Dividend Income Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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.

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

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

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

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

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

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

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

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

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

13                                Invesco Dividend Income Fund

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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 the daily mark-to-market obligation for forward foreign currency contracts.

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $500 million		0.633%
Next $500 million		0.613%
Next $600 million		0.600%
Next $400 million		0.533%
Next $2 billion		0.450%
Next $2 billion		0.400%
Next $2 billion		0.375%
Over $8 billion		0.350%

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.53%.

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

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 1.05%, 1.80%, 1.30%, 0.80%, 1.05%, 0.66% and 0.61%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $123,599 and reimbursed class level expenses of $0, $0, $0, $0, $0, $8 and $0 of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 0.25% of the average daily net assets of

14                                Invesco Dividend Income Fund

Investor Class shares. The Fund pursuant to the Class C Plan and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and at the annual rate of 0.50% of the average daily net assets of Class R shares, respectively. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $152,775 in front-end sales commissions from the sale of Class A shares and $3,329 and $5,657 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $4,830 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 October 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	2,866,100,731	$	409,145,527		$–	$3,275,246,258
U.S. Dollar Denominated Bonds & Notes		–		454,554		–	454,554
Money Market Funds		154,143,056		–		–	154,143,056
Total Investments	$	3,020,243,787	$	409,600,081		$–	$3,429,843,868

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $7,405.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

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

15                                Invesco Dividend Income Fund

The Fund had a capital loss carryforward as of April 30, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	10,605,098	$	33,701,406	$44,306,504

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $73,271,458 and $281,284,665, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	460,093,528
Aggregate unrealized (depreciation) of investments		(207,897,535	)
Net unrealized appreciation of investments	$	252,195,993

Cost of investments for tax purposes is $3,177,647,875.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended October 31, 2020(a)						Year ended April 30, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		3,908,139		$	81,468,352			3,812,090		$	81,632,098
Class C		714,789			15,095,017			554,738			11,968,892
Class R		314,395			6,557,446			11,114			224,671
Class Y		1,466,487			30,968,074			2,055,071			44,867,487
Investor Class		30,967			653,801			76,479			1,727,207
Class R5		9,474			200,279			40,185			877,287
Class R6		794,544			16,585,251			1,913,724			41,417,956
Issued as reinvestment of dividends:
Class A		1,317,315			27,549,361			981,064			21,890,282
Class C		131,345			2,779,638			133,337			3,027,051
Class R		50,650			1,059,067			-			-
Class Y		155,570			3,286,083			289,938			6,543,541
Investor Class		31,820			672,386			99,503			2,242,265
Class R5		1,416			29,626			4,103			91,461
Class R6		154,276			3,227,567			403,535			8,995,223
Automatic conversion of Class C shares to Class A shares:
Class A		1,338,237			28,022,993			284,086			6,110,263
Class C		(1,320,244	)		(28,022,993	)		(280,232	)		(6,110,263	)
Issued in connection with acquisitions:(b)
Class A		-			-			94,223,079			1,901,350,313
Class C		-			-			13,963,114			285,741,496
Class R		-			-			4,873,243			98,338,348
Class Y		-			-			8,117,361			165,532,230
Class R5		-			-			873			17,631
Class R6		-			-			1,882,299			38,019,462

16                                Invesco Dividend Income Fund

	Summary of Share Activity
	Six months ended October 31, 2020(a)						Year ended April 30, 2020
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(12,872,650	)	$	(269,869,134	)		(8,304,445	)	$	(179,058,000	)
Class C		(2,903,676	)		(61,749,223	)		(2,082,082	)		(45,961,182	)
Class R		(603,150	)		(12,626,789	)		(32,004	)		(632,040	)
Class Y		(3,943,096	)		(83,420,025	)		(5,039,052	)		(110,953,871	)
Investor Class		(193,802	)		(4,101,137	)		(442,281	)		(9,664,350	)
Class R5		(16,618	)		(353,389	)		(19,865	)		(444,608	)
Class R6		(2,738,741	)		(57,678,609	)		(3,097,835	)		(67,373,899	)
Net increase (decrease) in share activity		(14,172,553	)	$	(299,666,358	)		114,421,140		$	2,300,416,951

(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 21% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

(b) After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 123,059,969 shares of the Fund for 10,079,523 and 94,493,678 shares outstanding of Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund, respectively, as of the close of business on April 17, 2020. Shares of Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund’s net assets as of the close of business on April 17, 2020 of $203,484,378 and $2,285,515,102, respectively, including $17,399,010 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,175,677,851 and $3,664,677,331 immediately after the acquisition.

The pro forma results of operations for the year ended April 30, 2020 assuming the reorganization had been completed on May 1, 2019, the beginning of the annual reporting period are as follows:

Net investment income	$	98,767,428
Net realized/unrealized gains (losses)		(534,309,797	)
Change in net assets resulting from operations	$	(435,542,369	)

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of Invesco Oppenheimer Dividend Opportunity Fund and Invesco Oppenheimer Equity Income Fund that have been included in the Fund’s Statement of Operations since April 18, 2020.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

17                                Invesco Dividend Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2020 through October 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

	Beginning Account Value (05/01/20)	ACTUAL		HYPOTHETICAL (5% annual return before expenses)
		Ending Account Value (10/31/20)1	Expenses Paid During Period2	Ending Account Value (10/31/20)	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$1,040.80	$4.94	$1,020.37	$4.89	0.96%
Class C	1,000.00	1,037.00	8.83	1,016.53	8.74	1.72
Class R	1,000.00	1,039.40	6.27	1,019.06	6.21	1.22
Class Y	1,000.00	1,042.20	3.71	1,021.58	3.67	0.72
Investor Class	1,000.00	1,040.70	4.99	1,020.32	4.94	0.97
Class R5	1,000.00	1,042.80	3.35	1,021.93	3.31	0.65
Class R6	1,000.00	1,042.80	2.88	1,022.38	2.85	0.56

¹ The actual ending account value is based on the actual total return of the Fund for the period May 1, 2020 through October 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

18                                Invesco Dividend Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Dividend Income Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment

analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Dow Jones U.S. Select Dividend Index. The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and three year periods and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s defensive positioning and underweight exposure to certain sectors, as well as its cash levels, negatively impacted performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

19                                Invesco Dividend Income Fund

group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

The Board also compared the Fund’s effective advisory fee rate (the advisory fee rate after advisory fee waivers and before other expense limitations/ waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2019.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to certain Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the

services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize

information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

20                                Invesco Dividend Income Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.  

SEC file numbers: 811-03826 and 002-85905 Invesco Distributors, Inc.                      I-DIVI-SAR-1

	Semiannual Report to Shareholders	October 31, 2020
	Invesco Energy Fund
	Nasdaq:
	A: IENAX ∎ C: IEFCX ∎ Y: IENYX ∎ Investor: FSTEX ∎ R5: IENIX ∎ R6: IENSX

2	Letters to Shareholders
3	Fund Performance
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	Fund Expenses
17	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is

required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Andrew Schlossberg	Dear Shareholders:
	This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.
	Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”
	In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at

blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Energy Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	-21.49	%
Class C Shares	-21.79
Class Y Shares	-21.40
Investor Class Shares	-21.50
Class R5 Shares	-21.22
Class R6 Shares	-21.15
S&P 500 Indexq (Broad Market Index)	13.29
MSCI World Energy Indexq (Style-Specific Index)	-20.19
Lipper Natural Resource Funds Index⬛ (Peer Group Index)	-8.18
Source(s): qRIMES Technologies Corp.; ⬛Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The MSCI World Energy Index is designed to capture the performance of energy stocks across developed market countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Lipper Natural Resource Funds Index is an unmanaged index considered representative of natural resource funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                      Invesco Energy Fund

Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	-0.70	%
10 Years	-11.09
5 Years	-19.13
1 Year	-48.23
Class C Shares
Inception (2/14/00)	1.19	%
10 Years	-11.12
5 Years	-18.83
1 Year	-46.15
Class Y Shares
Inception (10/3/08)	-7.57	%
10 Years	-10.37
5 Years	-18.01
1 Year	-45.08
Investor Class Shares
Inception (1/19/84)	3.94	%
10 Years	-10.58
5 Years	-18.21
1 Year	-45.19
Class R5 Shares
Inception (1/31/06)	-6.22	%
10 Years	-10.21
5 Years	-17.82
1 Year	-44.87
Class R6 Shares
10 Years	-10.42	%
5 Years	-17.91
1 Year	-44.84

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

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

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

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

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

4                      Invesco Energy Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-96.91%
Integrated Oil & Gas-50.22%
BP PLC, ADR (United Kingdom)		317,740	$	4,918,615
Cenovus Energy, Inc. (Canada)		1,264,987		4,139,716
Chevron Corp.		204,151		14,188,494
Eni S.p.A. (Italy)		849,818		5,980,689
Equinor ASA (Norway)		546,101		7,005,918
Exxon Mobil Corp.		276,587		9,022,268
Galp Energia SGPS S.A. (Portugal)		712,724		5,779,978
Royal Dutch Shell PLC, Class A, ADR (United Kingdom)		256,903		6,563,872
Suncor Energy, Inc. (Canada)		475,557		5,364,874
TOTAL SE (France)		420,479		12,733,313
				75,697,737
Oil & Gas Equipment & Services-3.83%
Baker Hughes Co., Class A		221,785		3,275,764
Tenaris S.A., ADR		260,732		2,492,598
				5,768,362
Oil & Gas Exploration & Production-29.79%
Apache Corp.		341,120		2,831,296
Cabot Oil & Gas Corp.		316,899		5,637,633
Canadian Natural Resources Ltd. (Canada)		264,358		4,206,552
Concho Resources, Inc.		67,268		2,792,295
ConocoPhillips		189,971		5,436,970
Devon Energy Corp.		507,993		4,536,377
Diamondback Energy, Inc.		89,805		2,331,338
EQT Corp.		190,825		2,889,091
Hess Corp.		81,120		3,019,286

	Shares		Value
Oil & Gas Exploration & Production-(continued)
Marathon Oil Corp.		668,179	$	2,645,989
Parsley Energy, Inc., Class A		437,982		4,384,200
Pioneer Natural Resources Co.		52,664		4,189,948
				44,900,975
Oil & Gas Refining & Marketing-6.36%
Phillips 66		104,201		4,862,019
Valero Energy Corp.		122,633		4,734,860
				9,596,879
Oil & Gas Storage & Transportation-6.71%
Cheniere Energy, Inc.(b)		131,187		6,279,922
Plains All American Pipeline L.P.		614,093		3,838,081
				10,118,003
Total Common Stocks & Other Equity Interests (Cost $282,042,759)				146,081,956
Money Market Funds-3.15%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d)		1,698,435		1,698,435
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%(c)(d)		1,104,337		1,104,779
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		1,941,069		1,941,069
Total Money Market Funds (Cost $4,744,607)				4,744,283
TOTAL INVESTMENTS IN SECURITIES–100.06% (Cost $286,787,366)				150,826,239
OTHER ASSETS LESS LIABILITIES-(0.06)%				(92,596	)
NET ASSETS-100.00%			$	150,733,643

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)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.

	Value April 30, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,580,599		$	9,690,642		$	(11,572,806	)		$	-			$	-		$	1,698,435		$	946
Invesco Liquid Assets Portfolio, Institutional Class			2,449,148			6,921,888			(8,266,289	)			(921	)			953			1,104,779			2,452
Invesco Treasury Portfolio, Institutional Class			4,092,113			11,075,020			(13,226,064	)			-				-			1,941,069			829
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			48,260,528			(48,260,528	)			-				-			-			619*
Invesco Private Prime Fund			-			15,316,825			(15,317,158	)			-				333			-			561*
Total		$	10,121,860		$	91,264,903		$	(96,642,845	)		$	(921	)		$	1,286		$	4,744,283		$	5,407

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

5                        Invesco Energy Fund

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

^(d)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

Portfolio Composition

By industry, based on Net Assets

as of October 31, 2020

Integrated Oil & Gas	50.22	%
Oil & Gas Exploration & Production	29.79
Oil & Gas Storage & Transportation	6.71
Oil & Gas Refining & Marketing	6.36
Oil & Gas Equipment & Services	3.83
Money Market Funds Plus Other Assets Less Liabilities	3.09

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

6                        Invesco Energy Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $282,042,759)	$	146,081,956
Investments in affiliated money market funds, at value (Cost $4,744,607)		4,744,283
Cash		998
Foreign currencies, at value (Cost $78,172)		82,029
Receivable for:
Fund shares sold		174,829
Dividends		233,843
Investment for trustee deferred compensation and retirement plans		246,006
Other assets		50,823
Total assets		151,614,767
Liabilities:
Payable for:
Fund shares reacquired		258,597
Accrued fees to affiliates		227,484
Accrued other operating expenses		130,384
Trustee deferred compensation and retirement plans		264,659
Total liabilities		881,124
Net assets applicable to shares outstanding	$	150,733,643
Net assets consist of:
Shares of beneficial interest	$	705,779,304
Distributable earnings (loss)		(555,045,661	)
	$	150,733,643

Net Assets:
Class A	$	92,093,123
Class C	$	9,290,316
Class Y	$	11,236,692
Investor Class	$	36,142,728
Class R5	$	1,814,510
Class R6	$	156,274
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		10,169,172
Class C		1,209,533
Class Y		1,238,692
Investor Class		4,008,025
Class R5		194,770
Class R6		16,776
Class A:
Net asset value per share	$	9.06
Maximum offering price per share (Net asset value of $9.06 ÷ 94.50%)	$	9.59
Class C:
Net asset value and offering price per share	$	7.68
Class Y:
Net asset value and offering price per share	$	9.07
Investor Class:
Net asset value and offering price per share	$	9.02
Class R5:
Net asset value and offering price per share	$	9.32
Class R6:
Net asset value and offering price per share	$	9.32

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

7                        Invesco Energy Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $240,693)	$	3,985,291
Dividends from affiliated money market funds (includes securities lending income of $8,351)		12,578
Total investment income		3,997,869
Expenses:
Advisory fees		723,218
Administrative services fees		16,652
Custodian fees		7,769
Distribution fees:
Class A		146,687
Class C		64,964
Investor Class		57,283
Transfer agent fees – A, C, Y and Investor Class		441,369
Transfer agent fees – R5		1,149
Transfer agent fees – R6		111
Trustees’ and officers’ fees and benefits		10,042
Registration and filing fees		40,275
Reports to shareholders		44,799
Professional services fees		24,192
Other		9,539
Total expenses		1,588,049
Less: Fees waived and/or expense offset arrangement(s)		(3,967	)
Net expenses		1,584,082
Net investment income		2,413,787
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(121,682,986	)
Foreign currencies		60,535
		(121,622,451	)
Change in net unrealized appreciation of:
Investment securities		77,366,054
Foreign currencies		7,594
		77,373,648
Net realized and unrealized gain (loss)		(44,248,803	)
Net increase (decrease) in net assets resulting from operations	$	(41,835,016	)

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

8                        Invesco Energy Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)

	October 31, 2020			April 30, 2020
Operations:
Net investment income	$	2,413,787		$	7,252,128
Net realized gain (loss)		(121,622,451	)		(128,741,741	)
Change in net unrealized appreciation (depreciation)		77,373,648			(39,419,004	)
Net increase (decrease) in net assets resulting from operations		(41,835,016	)		(160,908,617	)
Distributions to shareholders from distributable earnings:
Class A		–			(2,840,957	)
Class C		–			(273,589	)
Class Y		–			(430,547	)
Investor Class		–			(1,179,125	)
Class R5		–			(70,758	)
Class R6		–			(9,338	)
Total distributions from distributable earnings		–			(4,804,314	)
Share transactions–net:
Class A		(3,523,131	)		(29,634,848	)
Class C		(1,867,468	)		(7,447,719	)
Class Y		(93,136	)		(10,082,858	)
Investor Class		(876,578	)		(10,795,182	)
Class R5		(39,989	)		(1,548,796	)
Class R6		(172,632	)		140,389
Net increase (decrease) in net assets resulting from share transactions		(6,572,934	)		(59,369,014	)
Net increase (decrease) in net assets		(48,407,950	)		(225,081,945	)
Net assets:
Beginning of period		199,141,593			424,223,538
End of period	$	150,733,643		$	199,141,593

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

9                        Invesco Energy Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income (a)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/20		$11.54		$0.14			$  (2.62	)		$  (2.48	)		$      –			$      –			$      –			$9.06		(21.49	)%		$92,093		1.62	%(d)		1.62	%(d)		2.54	%(d)		64	%
Year ended 04/30/20		21.05		0.41			(9.64	)		(9.23	)		(0.28	)		–			(0.28	)		11.54		(44.30	)		121,102		1.45			1.45			2.42			16
Year ended 04/30/19		25.91		0.29			(4.61	)		(4.32	)		(0.54	)		–			(0.54	)		21.05		(16.48	)		248,396		1.32			1.32			1.25			17
Year ended 04/30/18		24.54		0.49	(e)		1.44			1.93			(0.56	)		–			(0.56	)		25.91		8.08			323,247		1.33			1.33			2.07	(e)		9
Year ended 04/30/17		27.04		0.22			(2.41	)		(2.19	)		(0.31	)		–			(0.31	)		24.54		(8.29	)		393,998		1.27			1.27			0.84			22
Year ended 04/30/16		35.41		0.27			(8.28	)(f)		(8.01	)		(0.15	)		(0.21	)		(0.36	)		27.04		(22.45	)(f)		521,910		1.26			1.27			1.05			22
Class C
Six months ended 10/31/20		9.82		0.09			(2.23	)		(2.14	)		–			–			–			7.68		(21.79	)		9,290		2.37	(d)		2.37	(d)		1.79	(d)		64
Year ended 04/30/20		17.99		0.24			(8.22	)		(7.98	)		(0.19	)		–			(0.19	)		9.82		(44.72	)		13,868		2.20			2.20			1.67			16
Year ended 04/30/19		22.17		0.10			(3.93	)		(3.83	)		(0.35	)		–			(0.35	)		17.99		(17.14	)		33,036		2.07			2.07			0.50			17
Year ended 04/30/18		20.88		0.26	(e)		1.24			1.50			(0.21	)		–			(0.21	)		22.17		7.29			92,349		2.08			2.08			1.32	(e)		9
Year ended 04/30/17		23.05		0.02			(2.07	)		(2.05	)		(0.12	)		–			(0.12	)		20.88		(8.97	)		120,722		2.02			2.02			0.09			22
Year ended 04/30/16		30.39		0.06			(7.11	)(f)		(7.05	)		(0.08	)		(0.21	)		(0.29	)		23.05		(23.03	)(f)		156,964		2.01			2.02			0.30			22
Class Y
Six months ended 10/31/20		11.54		0.16			(2.63	)		(2.47	)		–			–			–			9.07		(21.40	)		11,237		1.37	(d)		1.37	(d)		2.79	(d)		64
Year ended 04/30/20		21.04		0.45			(9.64	)		(9.19	)		(0.31	)		–			(0.31	)		11.54		(44.17	)		14,398		1.20			1.20			2.67			16
Year ended 04/30/19		25.93		0.35			(4.63	)		(4.28	)		(0.61	)		–			(0.61	)		21.04		(16.29	)		38,550		1.07			1.07			1.50			17
Year ended 04/30/18		24.63		0.55	(e)		1.43			1.98			(0.68	)		–			(0.68	)		25.93		8.34			56,061		1.08			1.08			2.32	(e)		9
Year ended 04/30/17		27.12		0.29			(2.41	)		(2.12	)		(0.37	)		–			(0.37	)		24.63		(8.03	)		63,783		1.02			1.02			1.09			22
Year ended 04/30/16		35.47		0.34			(8.31	)(f)		(7.97	)		(0.17	)		(0.21	)		(0.38	)		27.12		(22.28	)(f)		50,706		1.01			1.02			1.30			22
Investor Class
Six months ended 10/31/20		11.49		0.14			(2.61	)		(2.47	)		–			–			–			9.02		(21.50	)		36,143		1.62	(d)		1.62	(d)		2.54	(d)		64
Year ended 04/30/20		20.96		0.40			(9.59	)		(9.19	)		(0.28	)		–			(0.28	)		11.49		(44.30	)		47,046		1.45			1.45			2.42			16
Year ended 04/30/19		25.80		0.29			(4.59	)		(4.30	)		(0.54	)		–			(0.54	)		20.96		(16.47	)		97,716		1.32			1.32			1.25			17
Year ended 04/30/18		24.44		0.49	(e)		1.43			1.92			(0.56	)		–			(0.56	)		25.80		8.07			136,141		1.33			1.33			2.07	(e)		9
Year ended 04/30/17		26.93		0.22			(2.40	)		(2.18	)		(0.31	)		–			(0.31	)		24.44		(8.29	)		159,402		1.27			1.27			0.84			22
Year ended 04/30/16		35.27		0.27			(8.25	)(f)		(7.98	)		(0.15	)		(0.21	)		(0.36	)		26.93		(22.45	)(f)		210,374		1.26			1.27			1.05			22
Class R5
Six months ended 10/31/20		11.83		0.18			(2.69	)		(2.51	)		–			–			–			9.32		(21.22	)		1,815		1.01	(d)		1.01	(d)		3.15	(d)		64
Year ended 04/30/20		21.54		0.50			(9.87	)		(9.37	)		(0.34)			–			(0.34	)		11.83		(44.03	)		2,371		0.96			0.96			2.91			16
Year ended 04/30/19		26.53		0.40			(4.73	)		(4.33	)		(0.66)			–			(0.66	)		21.54		(16.12	)		6,052		0.90			0.90			1.67			17
Year ended 04/30/18		25.23		0.61	(e)		1.46			2.07			(0.77)			–			(0.77	)		26.53		8.51			8,092		0.91			0.91			2.49	(e)		9
Year ended 04/30/17		27.77		0.34			(2.46	)		(2.12	)		(0.42)			–			(0.42	)		25.23		(7.88	)		8,871		0.86			0.86			1.25			22
Year ended 04/30/16		36.24		0.40			(8.48	)(f)		(8.08	)		(0.18)			(0.21	)		(0.39	)		27.77		(22.10	)(f)		22,298		0.84			0.85			1.47			22
Class R6
Six months ended 10/31/20		11.83		0.18			(2.69	)		(2.51	)		–			–			–			9.32		(21.22	)		156		1.01	(d)		1.01	(d)		3.15	(d)		64
Year ended 04/30/20		21.53		0.49			(9.85	)		(9.36	)		(0.34	)		–			(0.34	)		11.83		(44.00	)		357		0.96			0.96			2.91			16
Year ended 04/30/19		26.52		0.39			(4.72	)		(4.33	)		(0.66	)		–			(0.66	)		21.53		(16.11	)		473		0.89			0.89			1.68			17
Year ended 04/30/18		25.23		0.62	(e)		1.46			2.08			(0.79	)		–			(0.79	)		26.52		8.55			185		0.90			0.90			2.50	(e)		9
Year ended 04/30/17(g)		26.31		0.03			(1.11	)		(1.08	)		–			–			–			25.23		(4.11	)		10		0.81	(h)		0.81	(h)		1.30	(h)		22

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $116,393, $12,887, $14,054, $45,453 , $2,281 and $219 for Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(e)  Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the period. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $0.32 and 0.87%, $0.09 and 0.12%, $0.38 and 1.12%, $0.32 and 0.87%, $0.44 and 1.29% and $0.45 and 1.30% for Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(f)  Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(8.35), $(7.18), $(8.38), $(8.32) and $(8.55) for Class A, Class C, Class Y, Investor Class and Class R5 shares, respectively. Total returns would have been lower.

^(g)  Commencement date of April 4, 2017.

^(h)  Annualized.

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

10                        Invesco Energy Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

A security listed or traded on an exchange (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 asked 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 asked prices. For purposes of determining net asset value (“NAV”) 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

11                      Invesco Energy Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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.

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

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

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

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

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

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

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

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

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

12                      Invesco Energy Fund

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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 the daily mark-to-market obligation for forward foreign currency contracts.

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

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

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

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.75%.

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $2,924.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class C shares. The Fund, pursuant to the Investor Class Plan, reimburses IDI for its allocated share of expenses incurred pursuant to the Investor Class Plan for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Investor Class

13                      Invesco Energy Fund

shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $14,758 in front-end sales commissions from the sale of Class A shares and $1 and $1,152 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $762 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 October 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$114,582,058		$31,499,898		$–		$146,081,956
Money Market Funds		4,744,283		–		–		4,744,283
Total Investments		$119,326,341		$31,499,898		$–		$150,826,239

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,043.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

14                      Invesco Energy Fund

The Fund had a capital loss carryforward as of April 30, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	14,114,536	$	284,747,665	$	298,862,201

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $116,457,384 and $113,877,259, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	–
Aggregate unrealized (depreciation) of investments		(139,577,098	)
Net unrealized appreciation (depreciation) of investments	$	(139,577,098	)
Cost of investments for tax purposes is $290,403,337.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended October 31, 2020(a)						Year ended April 30, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		1,391,455		$	15,743,807			2,571,914		$	33,183,715
Class C		147,467			1,413,689			438,690			4,916,508
Class Y		226,227			2,507,234			401,217			6,062,809
Investor Class		517,323			5,777,031			728,308			9,831,497
Class R5		45,216			529,800			78,175			1,133,675
Class R6		17,137			176,492			22,344			399,123
Issued as reinvestment of dividends:
Class A		-			-			150,438			2,643,200
Class C		-			-			15,642			234,472
Class Y		-			-			20,797			364,981
Investor Class		-			-			64,785			1,133,096
Class R5		-			-			3,923			70,530
Class R6		-			-			511			9,175
Automatic conversion of Class C shares to Class A shares:
Class A		70,130			769,755			156,538			2,709,341
Class C		(82,568	)		(769,755	)		(183,578	)		(2,709,341	)
Reacquired:
Class A		(1,786,130	)		(20,036,693	)		(4,185,125	)		(68,171,104	)
Class C		(267,003	)		(2,511,402	)		(695,203	)		(9,889,358	)
Class Y		(234,708	)		(2,600,370	)		(1,007,003	)		(16,510,648	)
Investor Class		(603,580	)		(6,653,609	)		(1,361,486	)		(21,759,775	)
Class R5		(50,774	)		(569,789	)		(162,680	)		(2,753,001	)
Class R6		(30,559	)		(349,124	)		(14,614	)		(267,909	)
Net increase (decrease) in share activity		(640,367	)	$	(6,572,934	)		(2,956,407	)	$	(59,369,014	)

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

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

15                      Invesco Energy Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2020 through October 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

			ACTUAL				HYPOTHETICAL (5% annual return before expenses)
	Beginning     Account Value     (05/01/20)		Ending   Account Value     (10/31/20)1		Expenses     Paid During     Period2		Ending     Account Value     (10/31/20)		Expenses Paid During   Period2		Annualized       Expense Ratio
Class A		$1,000.00		$785.10		$7.29		$1,017.04		$8.24	1.62%
Class C		1,000.00		782.10		10.65		1,013.26		12.03	2.37
Class Y		1,000.00		786.00		6.17		1,018.30		6.97	1.37
Investor Class		1,000.00		785.00		7.29		1,017.04		8.24	1.62
Class R5		1,000.00		787.80		4.55		1,020.11		5.14	1.01
Class R6		1,000.00		788.50		4.55		1,020.11		5.14	1.01

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2020 through October 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

16                      Invesco Energy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Energy Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make

recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Canada Ltd. currently manages assets of the Fund.

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the MSCI World Energy Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s underweight exposure to and stock selection in certain energy sub-sectors detracted from Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

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

17                      Invesco Energy Fund

percentage of average daily net assets for each class of the Fund.

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

The Board also considered the services that may be provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the fees payable by Invesco Advisers to the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that Invesco Advisers retains overall responsibility for, and provides services to, sub-advised Invesco Funds, including oversight of the Affiliated Sub-Advisers as well as the additional services described herein other than day-to-day portfolio management.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund may benefit from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

18                      Invesco Energy Fund

(This page intentionally left blank)

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.  

SEC file numbers: 811-03826 and 002-85905 Invesco Distributors, Inc. I-ENE-SAR-1

	Semiannual Report to Shareholders	October 31, 2020
	Invesco Gold & Special Minerals Fund Effective September 30, 2020, Invesco Oppenheimer Gold & Special Minerals Fund was renamed Invesco Gold & Special Minerals Fund.
	Nasdaq:
	A: OPGSX ∎ C: OGMCX ∎ R: OGMNX ∎ Y: OGMYX ∎ R5: IOGYX ∎ R6: OGMIX

2 Letters to Shareholders

3 Fund Performance

5 Consolidated Schedule of Investments

9 Consolidated Financial Statements

12 Consolidated Financial Highlights

13 Notes to Consolidated Financial Statements

21 Fund Expenses

22 Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees

that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

    For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Gold & Special Minerals Fund

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	27.93	%
Class C Shares	27.39
Class R Shares	27.70
Class Y Shares	28.05
Class R5 Shares	28.13
Class R6 Shares	28.16
MSCI World Indexq	12.57
Source(s): qRIMES Technologies Corp.
The MSCI World Index (Net) is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                      Invesco Gold & Special Minerals Fund

Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (7/19/83)	6.54	%
10 Years	-3.25
5 Years	21.06
1 Year	36.68
Class C Shares
Inception (11/1/95)	6.76	%
10 Years	-3.28
5 Years	21.50
1 Year	42.42
Class R Shares
Inception (3/1/01)	10.04	%
10 Years	-2.97
5 Years	22.11
1 Year	44.14
Class Y Shares
Inception (9/7/10)	-1.66	%
10 Years	-2.48
5 Years	22.71
1 Year	44.85
Class R5 Shares
10 Years	-2.66	%
5 Years	22.56
1 Year	45.13
Class R6 Shares
Inception (10/26/12)	-0.93	%
5 Years	22.93
1 Year	45.19

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

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

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

figures do not reflect deduction of taxes a shareholder would pay on

Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

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

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

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

4                      Invesco Gold & Special Minerals Fund

Consolidated Schedule of Investments

October 31, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–100.45%
Australia–23.02%
Alkane Resources Ltd.(a)		8,500,000	$    7,388,798
Auteco Minerals Ltd.(a)		11,500,000	888,433
Bellevue Gold Ltd.(a)		21,563,252	17,302,611
Chalice Gold Mines Ltd.(a)		9,378,359	17,851,517
De Grey Mining Ltd.(a)		57,017,305	44,050,438
E2 Metals Ltd.(a)		470,000	232,678
Evolution Mining Ltd.		22,968,806	89,988,739
Gold Road Resources Ltd.(a)		22,323,275	20,793,352
Legend Mining Ltd.(a)		45,840,095	4,185,703
Lynas Corp. Ltd.(a)		1,030,000	2,058,796
Musgrave Minerals Ltd.(a)		22,570,000	7,789,655
Newcrest Mining Ltd.		1,174,968	24,259,511
Nickel Mines Ltd.		36,021,112	22,653,055
Northern Star Resources Ltd.		8,823,380	92,595,090
OceanaGold Corp.(a)		10,400,300	13,582,918
Pantoro Ltd.(a)		23,958,979	3,281,273
Perseus Mining Ltd.(a)		4,820,000	4,138,728
Ramelius Resources Ltd.		24,098,612	32,856,000
Red 5 Ltd.(a)		32,220,000	6,223,903
Resolute Mining Ltd.(a)		17,000,000	9,602,748
Rox Resources Ltd.(a)		7,800,000	295,947
Saracen Mineral Holdings Ltd.(a)		9,050,000	35,965,906
Silver Lake Resources Ltd.(a)		15,951,900	23,798,317
SolGold PLC(a)		19,400,000	8,629,134
Westgold Resources Ltd.(a)		19,654,853	35,675,896
			526,089,146
Brazil–1.21%
Wheaton Precious Metals Corp.		599,035	27,621,504
Canada–50.98%
Adventus Mining Corp.(a)		4,701,058	3,422,672
Agnico Eagle Mines Ltd.		1,273,095	100,943,703
Alamos Gold, Inc., Class A(b)		2,741,108	25,081,138
Americas Gold & Silver Corp.(a)		2,469,400	6,357,459
Artemis Gold, Inc.(a)(c)		708,144	2,604,448
Artemis Gold, Inc.(a)(c)		2,700,000	9,930,196
Ascot Resources Ltd.(a)		4,194,053	3,368,338
B2Gold Corp.(b)		9,362,000	60,291,280
Barrick Gold Corp.(b)		3,523,499	94,183,130
Battle North Gold Corp.(a)		210,000	286,872
Battle North Gold Corp.		2,500,956	3,461,823
Calibre Mining Corp., Class C(a)		2,358,189	3,840,929
Centerra Gold, Inc.		330,000	2,883,134
Dundee Precious Metals, Inc.		2,240,000	14,862,719
Equinox Gold Corp.(a)		3,057,278	32,560,011
Fiore Gold Ltd.(a)		837,482	942,898
Franco-Nevada Corp.		75,000	10,231,175
Freegold Ventures Ltd.(a)		1,500,000	900,698
Fury Gold Mines Ltd.(a)		2,245,933	2,695,120
Galway Metals, Inc.(a)		2,546,825	2,236,572
Gran Colombia Gold Corp.		820,000	3,655,933
Great Bear Resources Ltd.(a)		938,515	11,256,826
GT Gold Corp.(a)		6,003,800	5,723,055

	Shares		Value
Canada–(continued)
IAMGOLD Corp.(a)		5,299,000	$     19,447,330
Ivanhoe Mines Ltd., Class A(a)		23,597,582	92,810,425
K92 Mining, Inc.(a)		9,703,030	51,344,563
Karora Resources, Inc.(a)		4,917,777	12,217,850
Karora Resources, Inc., Wts., expiring 9/21/2021(a)		2,500,000	938,227
Kinross Gold Corp.		4,805,925	38,296,305
Kirkland Lake Gold Ltd.		2,203,233	100,379,977
Liberty Gold Corp.(a)		10,138,000	13,544,727
Lion One Metals Ltd.(a)		5,885,391	7,112,122
Lion One Metals Ltd.(a)(d)		1,650,451	1,994,465
Lion One Metals Ltd., Wts., expiring 8/21/2021(a)		825,225	183,554
Lundin Gold, Inc.(a)		4,118,815	34,315,730
MAG Silver Corp.(a)		513,522	8,699,063
Marathon Gold Corp.(a)		1,490,000	2,594,611
Maverix Metals, Inc.		1,438,100	7,523,498
McEwen Mining, Inc.(a)		1,700,000	1,651,380
Midas Gold Corp.(a)		2,581,000	2,208,467
Minera Alamos, Inc.(a)		4,628,743	2,362,490
Montage Gold Corp.		1,289,457	967,843
New Pacific Metals Corp.(a)		401,800	1,800,455
Nomad Royalty Co. Ltd.		235,529	215,676
Northern Dynasty Minerals, Ltd.(a)		1,020,300	904,496
Novagold Resources, Inc.(a)		280,000	2,900,800
Novo Resources Corp.(a)		1,080,000	2,602,117
Orla Mining Ltd.(a)		20,000	80,613
Osino Resources Corp.(a)(d)		7,911,551	7,304,066
Osino Resources Corp.(a)(e)		160,000	0
Osino Resources Corp.(a)		1,000,000	206,710
Osisko Gold Royalties Ltd.		1,975,339	22,084,290
Osisko Mining, Inc.(a)		1,819,453	5,011,929
Pan American Silver Corp.		551,000	17,521,800
Pan American Silver Corp., Rts. Expiring 2/22/2029(a)		2,300,100	1,656,072
Premier Gold Mines Ltd.(a)		3,810,000	7,835,623
Pretium Resources, Inc.(a)		1,200,000	14,636,343
Pure Gold Mining, Inc.(a)		7,779,461	13,605,152
Roxgold, Inc.(a)		12,877,093	16,720,987
Rupert Resources Ltd.(a)		2,016,128	7,747,936
Sandstorm Gold Ltd.(a)(b)		4,659,055	34,464,159
SilverCrest Metals, Inc.(a)		2,540,000	22,973,054
Skeena Resources Ltd.(a)		4,524,269	8,048,125
Sombrero Resources I(a)(e)		3,028,200	1,438,395
SSR Mining, Inc.(a)		1,480,333	27,400,964
Teranga Gold Corp.(a)		3,768,700	39,206,021
Tier One Metal, Inc.(a)(e)		3,028,200	1,438,395
Torex Gold Resources, Inc.(a)		2,390,000	32,218,269
Tudor Gold Corp.(a)		1,049,068	2,228,374
Victoria Gold Corp.(a)		90,000	988,291
Wallbridge Mining Co. Ltd.(a)		17,814,800	11,365,743
Wesdome Gold Mines Ltd.(a)		6,105,800	60,448,474
			1,165,366,085

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

5                      Invesco Gold & Special Minerals Fund

	Shares		Value
China–1.37%
Zhaojin Mining Industry Co. Ltd., H Shares		18,270,000	$	23,627,438
Zijin Mining Group Co. Ltd., H Shares		10,706,000		7,768,909
				31,396,347
Ivory Coast–1.60%
Endeavour Mining Corp.(a)		1,485,822		36,445,743
Mongolia–0.14%
Turquoise Hill Resources Ltd.(a)		395,000		3,100,750
Russia–0.03%
Petropavlovsk PLC(a)		2,100,000		726,800
South Africa–8.49%
Gold Fields Ltd., ADR		10,169,741		111,155,269
Harmony Gold Mining Co. Ltd., ADR(a)		4,990,000		24,500,900
Sibanye Stillwater Ltd., ADR		4,914,891		58,339,756
				193,995,925
Tanzania–4.64%
AngloGold Ashanti Ltd., ADR		4,587,100		106,145,494
Turkey–1.33%
Eldorado Gold Corp.(a)		2,431,502		30,466,720
United Kingdom–0.29%
Bushveld Minerals Ltd.(a)		8,300,000		1,214,791
Greatland Gold PLC(a)		18,400,000		5,495,760
				6,710,551

	Shares		Value
United States–7.25%
Argonaut Gold, Inc.(a)		320,000	$	595,661
Freeport-McMoRan, Inc.(a)		1,200,000		20,808,000
Newmont Corp.(b)		1,777,614		111,705,264
Royal Gold, Inc.		245,000		29,108,450
SPDR ® Gold Trust–ETF(a)		20,000		3,524,000
				165,741,375
Zambia–0.10%
First Quantum Minerals Ltd.		200,000		2,298,281
Total Common Stocks & Other Equity Interests (Cost $1,384,477,567)				2,296,104,721
Money Market Funds–0.36%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(f)		2,858,971		2,858,971
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%(d)(f)		2,039,838		2,040,654
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(f)		3,267,395		3,267,395
Total Money Market Funds (Cost $8,167,208)				8,167,020
TOTAL INVESTMENTS IN SECURITIES–100.81% (Cost $1,392,644,775)				2,304,271,741
OTHER ASSETS LESS LIABILITIES–(0.81)%				(18,406,025	)
NET ASSETS–100.00%			$	2,285,865,716

Investment Abbreviations:
ADR	– American Depositary Receipt
Rts.	– Rights
Wts.	– Warrants
Notes to Consolidated Schedule of Investments:

(a)	Non-income producing security.
(b)	All or a portion of the value pledged and/or designated as collateral to cover margin requirements for open options contracts. See Note 1K and Note 1L.
(c)	The Fund holds securities which have been issued by the same entity and that trade on separate exchanges.
(d)	Affiliated issuer. The issuer is affiliated by having an investment adviser that is under common control of Invesco Ltd. and/or the Investment Company Act of 1940, as amended (the “1940 Act”), defines “affiliated person” to include an issuer of 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 table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.

											Change in
											Unrealized				Realized
	Value			Purchases			Proceeds				Appreciation				Gain				Value
	April 30, 2020			at Cost			from Sales				(Depreciation)				(Loss)				October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	70,542,372		$	149,823,773		$	(217,507,174	)		$	-			$	-			$	2,858,971		$	9,374
Invesco Liquid Assets Portfolio, Institutional Class			-			102,016,831			(99,971,306	)			(188	)			(4,683	)			2,040,654			11,725
Invesco Treasury Portfolio, Institutional Class			-			164,001,759			(160,734,364	)			-				-				3,267,395			4,502
Investments in Other Affiliates:
Dacian Gold Ltd.			6,615,445			-			(7,132,013	)			13,810,156				(13,293,588	)			-			-
Lion One Metals Ltd.			-			2,484,499			-				(490,034	)			-				1,994,465			-
Osino Resources Corp.			2,935,968			2,594,998			-				1,773,100				-				7,304,066			-
Total		$	80,093,785		$	420,921,860		$	(485,344,857	)		$	15,093,034			$	(13,298,271	)		$	17,465,551		$	25,601

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

^(f)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

6                         Invesco Gold & Special Minerals Fund

Open Exchange-Traded Equity Options Written
																			Unrealized
	Type of	Expiration		Number of		Exercise				Premiums				Notional					Appreciation
Description	Contract	Date		Contracts		Price				Received				Value*		Value			(Depreciation)
Equity Risk
Agnico Eagle Mines Ltd.	Call		01/15/2021		2,000			$	100.00	$	(265,942	)		$	20,000,000	$	(220,000	)	$	45,942
Alamos Gold, Inc.	Call		01/15/2021		1,000				10.00		(54,993	)			1,000,000		(60,000	)		(5,007	)
Anglogold Ashanti Ltd.	Call		01/15/2021		1,000				35.00		(97,996	)			3,500,000		(25,000	)		72,996
Anglogold Ashanti Ltd.	Call		01/15/2021		3,000				33.00		(319,706	)			9,900,000		(105,000	)		214,706
B2gold Corp.	Call		01/15/2021		2,000				7.50		(87,927	)			1,500,000		(75,000	)		12,927
Dundee Precious Metals, Inc.	Call		01/15/2021		3,000		CAD		11.00		(151,573	)	CAD		3,300,000		(45,035	)		106,538
Eldorado Gold Corp.	Call		01/15/2021		2,000				16.00		(207,778	)			3,200,000		(105,000	)		102,778
Eldorado Gold Corp.	Call		01/15/2021		12,000				13.00		(1,648,099	)			15,600,000		(1,410,000	)		238,099
Endeavour Mining Corp.	Call		12/18/2020		5,000		CAD		40.00		(868,832	)	CAD		20,000,000		(215,792	)		653,040
Equinox Gold Corp.	Call		12/18/2020		1,000				15.00		(45,963	)			1,500,000		(10,000	)		35,963
First Quantum Minerals Ltd.	Call		01/15/2021		2,000		CAD		15.00		(206,303	)	CAD		3,000,000		(291,226	)		(84,923	)
Franco-Nevada Corp.	Call		11/20/2020		400		CAD		195.00		(116,649	)	CAD		7,800,000		(53,291	)		63,358
Freeport-McMoran, Inc.	Call		11/20/2020		1,000				18.00		(98,962	)			1,800,000		(71,500	)		27,462
Freeport-McMoran, Inc.	Call		11/20/2020		7,000				17.00		(885,730	)			11,900,000		(836,500	)		49,230
Gold Fields Ltd.	Call		01/15/2021		2,000				17.00		(232,823	)			3,400,000		(45,000	)		187,823
Harmony Gold Mining Co. Ltd.	Call		11/20/2020		6,000				7.00		(369,409	)			4,200,000		(60,000	)		309,409
Kinross Gold Corp.	Call		11/20/2020		5,000		CAD		11.00		(252,659	)	CAD		5,500,000		(159,499	)		93,160
Kinross Gold Corp.	Call		11/20/2020		4,000				10.00		(183,847	)			4,000,000		(30,000	)		153,847
Kirkland Lake Gold Ltd.	Call		01/15/2021		2,000		CAD		80.00		(173,583	)	CAD		16,000,000		(112,587	)		60,996
Kirkland Lake Gold Ltd.	Call		01/15/2021		2,000		CAD		76.00		(163,750	)	CAD		15,200,000		(165,128	)		(1,378	)
Lundin Gold, Inc.	Call		01/15/2021		2,000		CAD		14.00		(72,915	)	CAD		2,800,000		(33,776	)		39,139
MAG Silver Corp.	Call		11/20/2020		5,000				15.00		(1,001,993	)			7,500,000		(1,162,500	)		(160,507	)
Newcrest Mining Ltd.	Call		01/21/2021		2,500		AUD		35.00		(130,551	)	AUD		8,750,000		(52,718	)		77,833
Newmont Corp.	Call		01/15/2021		1,000				70.00		(128,961	)			7,000,000		(176,500	)		(47,539	)
Pan American Silver Corp.	Call		11/20/2020		2,000				38.00		(193,256	)			7,600,000		(88,000	)		105,256
Pretium Resources, Inc.	Call		12/18/2020		4,000		CAD		18.00		(237,995	)	CAD		7,200,000		(255,198	)		(17,203	)
Royal Gold, Inc.	Call		11/20/2020		1,000				130.00		(175,410	)			13,000,000		(182,500	)		(7,090	)
Sandstorm Gold Ltd.	Call		01/15/2021		4,000		CAD		12.00		(212,124	)	CAD		4,800,000		(97,575	)		114,549
Sibanye Stillwater Ltd.	Call		01/15/2021		1,000				17.50		(95,962	)			1,750,000		(27,500	)		68,462
SSR Mining, Inc.	Call		12/18/2020		2,000				24.00		(110,956	)			4,800,000		(55,000	)		55,956
Teranga Gold Corp.	Call		01/15/2021		1,000		CAD		16.00		(47,472	)	CAD		1,600,000		(37,529	)		9,943
Torex Gold Resources, Inc.	Call		01/15/2021		1,000		CAD		24.00		(55,345	)	CAD		2,400,000		(22,517	)		32,828
Wesdome Gold Mines Ltd.	Call		01/15/2021		2,000		CAD		15.00		(93,419	)	CAD		3,000,000		(56,294	)		37,125
Wheaton Precious Metals Corp.	Call		12/18/2020		3,000				65.00		(497,875	)			19,500,000		(61,500	)		436,375
Subtotal – Equity Call Options Written											(9,486,758	)					(6,404,665	)		3,082,093
Equity Risk
Agnico Eagle Mines Ltd.	Put		01/15/2021		1,000				65.00		(127,010	)			6,500,000		(142,500	)		(15,490	)
Alamos Gold, Inc.	Put		01/15/2021		1,000				7.50		(46,213	)			750,000		(27,500	)		18,713
Anglogold Ashanti Ltd.	Put		12/18/2020		3,000				24.00		(393,114	)			7,200,000		(727,500	)		(334,386	)
Barrick Gold Corp.	Put		12/18/2020		3,000				23.00		(329,129	)			6,900,000		(132,000	)		197,129
Barrick Gold Corp.	Put		01/15/2021		1,000				24.00		(99,022	)			2,400,000		(91,000	)		8,022
Dundee Precious Metals, Inc.	Put		01/15/2021		1,000		CAD		9.00		(38,046	)	CAD		900,000		(65,676	)		(27,630	)
Eldorado Gold Corp.	Put		01/15/2021		1,000				10.00		(111,962	)			1,000,000		(35,000	)		76,962
Endeavour Mining Corp.	Put		12/18/2020		4,000		CAD		29.00		(433,769	)	CAD		11,600,000		(322,750	)		111,019
Equinox Gold Corp.	Put		12/18/2020		1,000				12.50		(94,012	)			1,250,000		(215,000	)		(120,988	)
First Quantum Minerals Ltd.	Put		01/15/2021		1,000		CAD		11.00		(81,122	)	CAD		1,100,000		(32,650	)		48,472
Franco-Nevada Corp.	Put		01/15/2021		2,000				115.00		(621,765	)			23,000,000		(430,000	)		191,765
Gold Fields Ltd.	Put		01/15/2021		5,000				11.00		(536,109	)			5,500,000		(687,500	)		(151,391	)
Harmony Gold Mining Co. Ltd.	Put		11/20/2020		6,000				5.00		(242,200	)			3,000,000		(255,000	)		(12,800	)

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

7                         Invesco Gold & Special Minerals Fund

Open Exchange-Traded Equity Options Written–(continued)
																			Unrealized
	Type of	Expiration		Number of		Exercise				Premiums				Notional					Appreciation
Description	Contract	Date		Contracts		Price				Received				Value*		Value			(Depreciation)
Kinross Gold Corp.	Put		11/20/2020		4,000			$	8.00	$	(225,846	)		$	3,200,000	$	(210,000	)	$	15,846
Kirkland Lake Gold Ltd.	Put		01/15/2021		2,000		CAD		54.00		(248,540	)	CAD		10,800,000		(341,514	)		(92,974	)
Lundin Gold, Inc.	Put		01/15/2021		2,000		CAD		11.00		(80,511	)	CAD		2,200,000		(153,870	)		(73,359	)
Mag Silver Corp.	Put		11/20/2020		3,000				15.00		(435,743	)			4,500,000		(120,000	)		315,743
Newcrest Mining Ltd.	Put		01/21/2021		2,000		AUD		29.00		(129,453	)	AUD		5,800,000		(232,660	)		(103,207	)
Newmont Corp.	Put		01/15/2021		2,000				55.00		(433,319	)			11,000,000		(317,000	)		116,319
Northern Dynasty Minerals, Ltd.	Put		11/20/2020		9,997				1.00		(377,527	)			999,700		(274,918	)		102,609
Novagold Resources, Inc.	Put		12/18/2020		2,000				10.00		(240,041	)			2,000,000		(135,000	)		105,041
Pan American Silver Corp.	Put		11/20/2020		2,000				28.00		(165,593	)			5,600,000		(134,000	)		31,593
Royal Gold, Inc.	Put		11/20/2020		1,000				105.00		(192,960	)			10,500,000		(130,000	)		62,960
Sandstorm Gold, Ltd.	Put		01/15/2021		1,000				8.00		(98,062	)			800,000		(112,500	)		(14,438	)
Sibanye Stillwater Ltd.	Put		01/15/2021		1,000				10.00		(69,963	)			1,000,000		(70,000	)		(37	)
SSR Mining, Inc.	Put		12/18/2020		4,000				19.00		(689,540	)			7,600,000		(770,000	)		(80,460	)
Teranga Gold Corp.	Put		01/15/2021		1,000		CAD		12.00		(62,542	)	CAD		1,200,000		(50,664	)		11,878
Torex Gold Resources, Inc.	Put		01/15/2021		1,000		CAD		18.00		(74,299	)	CAD		1,800,000		(127,599	)		(53,300	)
Turquoise Hill Resources Ltd.	Put		12/18/2020		10,000				1.00		(192,979	)			1,000,000		(275,000	)		(82,021	)
Wesdome Gold Mines Ltd.	Put		01/15/2021		2,000		CAD		12.00		(96,071	)	CAD		2,400,000		(82,564	)		13,507
Wheaton Precious Metals Corp.	Put		12/18/2020		1,000				45.00		(170,810	)			4,500,000		(292,500	)		(121,690	)
Subtotal – Equity Put Options Written											(7,137,272	)					(6,993,865	)		143,407
Total Exchange-Traded Equity Options Written										$	(16,624,030	)				$	(13,398,530	)	$	3,225,500

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

Abbreviations:

AUD -Australian Dollar

CAD -Canadian Dollar

Portfolio Composition

By industry% of total net assets

Gold	86.53	%
Diversified Metals & Mining	10.41
Other Industries, Each Less than 2% of Net Assets	3.51
Money Market Funds Plus Other Assets Less Liabilities	(0.45	)

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

8                         Invesco Gold & Special Minerals Fund

Consolidated Statement of Assets and Liabilities

October 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $1,376,713,046)	$	2,286,806,190
Investments in affiliates, at value (Cost $15,931,729)		17,465,551
Cash		1,007,338
Foreign currencies, at value (Cost $1,034,194)		1,035,248
Receivable for:
Investments sold		626,249
Fund shares sold		6,172,484
Dividends		989,986
Investment for trustee deferred compensation and retirement plans		191,401
Other assets		505,432
Total assets		2,314,799,879
Liabilities:
Other investments:
Options written, at value (premiums received $16,624,030)		13,398,530
Payable for:
Investments purchased		6,914,834
Fund shares reacquired		6,157,150
Accrued fees to affiliates		1,719,121
Accrued trustees’ and officers’ fees and benefits		38,589
Accrued other operating expenses		506,845
Trustee deferred compensation and retirement plans		199,094
Total liabilities		28,934,163
Net assets applicable to shares outstanding	$	2,285,865,716
Net assets consist of:
Shares of beneficial interest	$	2,808,912,544
Distributable earnings (loss)		(523,046,828	)
	$	2,285,865,716

Net Assets:
Class A	$	1,099,694,514
Class C	$	148,428,278
Class R	$	164,217,870
Class Y	$	596,007,222
Class R5	$	74,808
Class R6	$	277,443,024
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		39,470,586
Class C		5,917,921
Class R		6,212,543
Class Y		21,361,695
Class R5		2,678
Class R6		9,844,916
Class A:
Net asset value per share	$	27.86
Maximum offering price per share (Net asset value of $27.86 ÷ 94.50%)	$	29.48
Class C:
Net asset value and offering price per share	$	25.08
Class R:
Net asset value and offering price per share	$	26.43
Class Y:
Net asset value and offering price per share	$	27.90
Class R5:
Net asset value and offering price per share	$	27.93
Class R6:
Net asset value and offering price per share	$	28.18

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

9                         Invesco Gold & Special Minerals Fund

Consolidated Statement of Operations

For the six months ended October 31, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $806,426)	$	11,228,430
Dividends from affiliated money market funds		25,601
Total investment income		11,254,031
Expenses:
Advisory fees		6,412,794
Administrative services fees		157,705
Custodian fees		61,742
Distribution fees:
Class A		1,313,198
Class C		732,316
Class R		408,614
Transfer agent fees – A, C, R and Y		1,955,144
Transfer agent fees – R5		10
Transfer agent fees – R6		42,188
Trustees’ and officers’ fees and benefits		1,910
Registration and filing fees		127,229
Reports to shareholders		78,638
Professional services fees		29,178
Other		8,028
Total expenses		11,328,694
Less: Fees waived and/or expense offset arrangement(s)		(17,701	)
Net expenses		11,310,993
Net investment income (loss)		(56,962	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		14,344,279
Affiliated investment securities		(13,298,271	)
Foreign currencies		(256,946	)
Forward foreign currency contracts		63,870
Option contracts written		42,368,458
		43,221,390
Change in net unrealized appreciation of:
Unaffiliated investment securities		387,291,716
Affiliated investment securities		15,093,034
Foreign currencies		432,154
Option contracts written		11,913,171
	414,730,075
Net realized and unrealized gain		457,951,465
Net increase in net assets resulting from operations	$	457,894,503

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

10                         Invesco Gold & Special Minerals Fund

Consolidated Statement of Changes in Net Assets

For the six months ended October 31, 2020, period ended April 30, 2020, and the year ended June 30, 2019

(Unaudited)

	Six Months Ended			Ten Months Ended			Year Ended
	October 31, 2020			April 30, 2020			June 30, 2019
Operations:
Net investment income (loss)	$	(56,962	)	$	1,801,363		$	(206,293	)
Net realized gain (loss)		43,221,390			74,701,169			(19,637,801	)
Change in net unrealized appreciation		414,730,075			153,999,209			161,478,360
Net increase in net assets resulting from operations		457,894,503			230,501,741			141,634,266
Distributions to shareholders from distributable earnings:
Class A		–			(1,841,453	)		–
Class R		–			(133,756	)		–
Class Y		–			(1,503,817	)		–
Class R5		–			(75	)		–
Class R6		–			(983,754	)		–
Total distributions from distributable earnings		–			(4,462,855	)		–
Share transactions–net:
Class A		163,515,489			66,614,819			(21,157,820	)
Class C		17,752,216			(7,079,595	)		(45,910,870	)
Class R		3,642,057			(10,950,941	)		(15,199,193	)
Class Y		142,448,189			72,743,264			50,764,653
Class R5		39,060			9,834			10,000
Class R6		23,136,913			31,209,905			10,483,870
Net increase (decrease) in net assets resulting from share transactions		350,533,924			152,547,286			(21,009,360	)
Net increase in net assets		808,428,427			378,586,172			120,624,906
Net assets:
Beginning of period		1,477,437,289			1,098,851,117			978,226,211
End of period	$	2,285,865,716		$	1,477,437,289		$	1,098,851,117

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

11                         Invesco Gold & Special Minerals Fund

Consolidated Financial Highlights

(Unaudited)

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

																																					Ratio of
																																					expenses			Ratio of
																																					to average			expenses
								Net gains																													net assets			to average net			Ratio of net
								(losses)																													with			assets without			investment
	Net asset			Net				on securities								Dividends																					fee waivers			fee waivers			income
	value,			investment				(both				Total from				from net												Net asset						Net assets,			and/or			and/or			(loss)
	beginning			income				realized and				investment				investment				Return of				Total				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			(loss)(a)				unrealized)				operations				income				capital				distributions				of period			return(b)			(000’s omitted)			absorbed			absorbed			net assets			turnover (c)
Class A
Six months ended 10/31/20		$	21.77		$	(0.01	)		$	6.10			$	6.09			$	–			$	–			$	–			$	27.86		27.97	%(d)		$	1,099,695		1.07	%(d)(e)		1.07	%(d)(e)		(0.05	)%(d)(e)		27	%
Ten months ended 04/30/20			17.87			0.02				3.94				3.96				(0.06	)			–				(0.06	)			21.77		22.21				705,341		1.17			1.20			0.13			44
Year ended 06/30/19			15.51			0.00				2.36				2.36				–				–				–				17.87		15.22				532,925		1.17			1.18			0.00			35
Year ended 06/30/18			16.28			(0.06	)			(0.25	)			(0.31	)			(0.46	)			–				(0.46	)			15.51		(1.88	)			490,065		1.16			1.17			(0.39	)		44
Year ended 06/30/17			19.82			(0.09	)			(2.40	)			(2.49	)			(1.05	)			–				(1.05	)			16.28		(12.12	)			570,847		1.15			1.16			(0.48	)		65
Year ended 06/30/16			12.63			(0.06	)			7.25				7.19				–				–				–				19.82		56.93				793,452		1.17			1.18			(0.44	)		69
Year ended 06/30/15			19.89			(0.04	)			(6.91	)			(6.95	)			(0.29	)			(0.02	)			(0.31	)			12.63		(34.91	)			499,903		1.16			1.22			(0.29	)		79
Class C
Six months ended 10/31/20			19.68			(0.10	)			5.50				5.40				–				–				–				25.08		27.44				148,428		1.83	(e)		1.83	(e)		(0.81	)(e)		27
Ten months ended 04/30/20			16.20			(0.09	)			3.57				3.48				–				–				–				19.68		21.48				99,528		1.92			1.96			(0.62	)		44
Year ended 06/30/19			14.17			(0.10	)			2.13				2.03				–				–				–				16.20		14.33				88,904		1.92			1.93			(0.76	)		35
Year ended 06/30/18			14.91			(0.17	)			(0.22	)			(0.39	)			(0.35	)			–				(0.35	)			14.17		(2.62	)			121,350		1.92			1.93			(1.15	)		44
Year ended 06/30/17			18.26			(0.20	)			(2.21	)			(2.41	)			(0.94	)			–				(0.94	)			14.91		(12.80	)			138,114		1.91			1.92			(1.22	)		65
Year ended 06/30/16			11.73			(0.14	)			6.67				6.53				–				–				–				18.26		55.67				179,529		1.93			1.94			(1.19	)		69
Year ended 06/30/15			18.44			(0.15	)			(6.37	)			(6.52	)			(0.18	)			(0.01	)			(0.19	)			11.73		(35.35	)			122,325		1.92			1.98			(1.05	)		79
Class R
Six months ended 10/31/20			20.69			(0.04	)			5.78				5.74				–				–				–				26.43		27.74				164,218		1.33	(e)		1.33	(e)		(0.31	)(e)		27
Ten months ended 04/30/20			16.98			(0.02	)			3.75				3.73				(0.02	)			–				(0.02	)			20.69		21.99				125,316		1.42			1.46			(0.12	)		44
Year ended 06/30/19			14.77			(0.04	)			2.25				2.21				–				–				–				16.98		14.96				113,589		1.42			1.43			(0.25	)		35
Year ended 06/30/18			15.54			(0.10	)			(0.25	)			(0.35	)			(0.42	)			–				(0.42	)			14.77		(2.23	)			114,608		1.42			1.43			(0.65	)		44
Year ended 06/30/17			18.98			(0.12	)			(2.31	)			(2.43	)			(1.01	)			–				(1.01	)			15.54		(12.34	)			136,979		1.41			1.42			(0.73	)		65
Year ended 06/30/16			12.12			(0.09	)			6.95				6.86				–				–				–				18.98		56.60				176,396		1.42			1.43			(0.70	)		69
Year ended 06/30/15			19.11			(0.08	)			(6.63	)			(6.71	)			(0.27	)			(0.01	)			(0.28	)			12.12		(35.07	)			102,624		1.42			1.48			(0.54	)		79
Class Y
Six months ended 10/31/20			21.78			0.03				6.09				6.12				–				–				–				27.90		28.10				596,007		0.83	(e)		0.83	(e)		0.19	(e)		27
Ten months ended 04/30/20			17.88			0.06				3.93				3.99				(0.09	)			–				(0.09	)			21.78		22.41				349,290		0.92			0.96			0.38			44
Year ended 06/30/19			15.48			0.04				2.36				2.40				–				–				–				17.88		15.50				229,569		0.92			0.93			0.24			35
Year ended 06/30/18			16.26			(0.02	)			(0.25	)			(0.27	)			(0.51	)			–				(0.51	)			15.48		(1.65	)			147,282		0.92			0.93			(0.15	)		44
Year ended 06/30/17			19.81			(0.05	)			(2.41	)			(2.46	)			(1.09	)			–				(1.09	)			16.26		(11.91	)			152,334		0.91			0.92			(0.28	)		65
Year ended 06/30/16			12.59			(0.02	)			7.24				7.22				–				–				–				19.81		57.35				146,710		0.93			0.94			(0.19	)		69
Year ended 06/30/15			19.85			(0.01	)			(6.90	)			(6.91	)			(0.34	)			(0.01	)			(0.35	)			12.59		(34.74	)			102,438		0.92			0.98			(0.04	)		79
Class R5
Six months ended 10/31/20			21.79			0.05				6.09				6.14				–				–				–				27.93		28.18				75		0.66	(e)		0.66	(e)		0.36	(e)		27
Period ended 04/30/20			17.87			0.08				3.95				4.03				(0.11	)			–				(0.11	)			21.79		22.65				30		0.77			0.77			0.53			44
Period ended 06/30/19(f)			14.75			0.01				3.11				3.12				–				–				–				17.87		21.15				12		0.80	(g)		0.80	(g)		0.35	(g)		35
Class R6
Six months ended 10/31/20			21.98			0.05				6.15				6.20				–				–				–				28.18		28.21				277,443		0.66	(e)		0.66	(e)		0.36	(e)		27
Ten months ended 04/30/20			18.03			0.09				3.98				4.07				(0.12	)			–				(0.12	)			21.98		22.65				197,933		0.74			0.74			0.56			44
Year ended 06/30/19			15.58			0.06				2.39				2.45				–				–				–				18.03		15.73				133,853		0.75			0.76			0.41			35
Year ended 06/30/18			16.37			0.00				(0.26	)			(0.26	)			(0.53	)			–				(0.53	)			15.58		(1.53	)			104,921		0.75			0.75			0.02			44
Year ended 06/30/17			19.94			(0.02	)			(2.42	)			(2.44	)			(1.13	)			–				(1.13	)			16.37		(11.75	)			77,158		0.73			0.73			(0.09	)		65
Year ended 06/30/16			12.65			(0.00	)			7.29				7.29				–				–				–				19.94		57.63				69,889		0.74			0.75			(0.02	)		69
Year ended 06/30/15			19.96			0.02				(6.94	)			(6.92	)			(0.38	)			(0.01	)			(0.39	)			12.65		(34.62	)			39,359		0.72			0.78			0.16			79

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended October 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $210,653,892 and sold of $9,084,044 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Gold & Precious Metals Fund into the Fund.

^(d)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.24% for the six months ended October 31, 2020.

^(e)  Ratios are annualized and based on average daily net assets (000’s omitted) of $1,079,031, $145,269, $162,113, $530,878, $61 and $261,528 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

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

^(g)  Annualized.

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

12                         Invesco Gold & Special Minerals Fund

Notes to Consolidated Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

The Fund will seek to gain exposure to the commodity market through investments in the Invesco Oppenheimer Gold & Special Minerals Fund (Cayman) Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary by the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in gold bullion and other precious metals, shares of exchange-traded funds that invest in gold bullion (Gold ETFs), commodity linked derivatives related to gold or other special mineral (including commodity futures, financial futures, options and swap contracts, and certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions). The Fund may invest up to 25% of its total assets in the Subsidiary.

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

A security listed or traded on an exchange (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 asked 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 asked prices. For purposes of determining net asset value (“NAV”) 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

13                      Invesco Gold & Special Minerals Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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.

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

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

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

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

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

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

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

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

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

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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

14                      Invesco Gold & Special Minerals Fund

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

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

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

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

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

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

L. Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

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

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

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

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

N. Leverage Risk – Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

15                      Invesco Gold & Special Minerals Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Effective May 15, 2020, under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

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

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

Prior to May 15, 2020, the Fund accrued daily and paid monthly an advisory fee to the Adviser based on the annual rate of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Rate
Up to $200 million		0.750%
Next $200 million		0.720%
Next $200 million		0.690%
Next $200 million		0.660%
Next $2.2 billion		0.600%
Next $1 billion		0.590%
Next $2 billion		0.580%
Next $4 billion		0.570%
Over $10 billion		0.560%

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.58%.

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

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 1.17%, 1.92%, 1.42%, 0.92%, 0.80% and 0.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waivers and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $14,938.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C and Class R Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of

16                      Invesco Gold & Special Minerals Fund

the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2020, expenses incurred under the Plans are shown in the Consolidated Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $132,211 in front-end sales commissions from the sale of Class A shares and $7,520 and $11,501 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $33,628 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 October 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Investments in Securities
Australia	$	13,582,918		$	512,506,228	$	–	$	526,089,146
Brazil		27,621,504			–		–		27,621,504
Canada		1,150,174,370			12,314,925		2,876,790		1,165,366,085
China		–			31,396,347		–		31,396,347
Ivory Coast		36,445,743			–		–		36,445,743
Mongolia		3,100,750			–		–		3,100,750
Russia		–			726,800		–		726,800
South Africa		193,995,925			–		–		193,995,925
Tanzania		106,145,494			–		–		106,145,494
Turkey		30,466,720			–		–		30,466,720
United Kingdom		–			6,710,551		–		6,710,551
United States		165,741,375			–		–		165,741,375
Zambia		2,298,281			–		–		2,298,281
Money Market Funds		8,167,020			–		–		8,167,020
Total Investments in Securities		1,737,740,100			563,654,851		2,876,790		2,304,271,741
Other Investments - Liabilities*
Options Written		(13,398,530	)		–		–		(13,398,530	)
Total Investments	$	1,724,341,570		$	563,654,851	$	2,876,790	$	2,290,873,211
*   Options written are shown at value.

NOTE 4–Derivative Investments

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

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

17                      Invesco Gold & Special Minerals Fund

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2020:

	Value
	Equity
Derivative Liabilities	Risk
Options written, at value – Exchange-Traded	$	(13,398,530	)
Derivatives not subject to master netting agreements		13,398,530
Total Derivative Liabilities subject to master netting agreements	$	-

Effect of Derivative Investments for the six months ended October 31, 2020

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

	Location of Gain (Loss) on
	Consolidated Statement of Operations
	Currency		Equity
	Risk		Risk			Total
Realized Gain:
Forward foreign currency contracts	$	63,870	$	-		$	63,870
Options purchased(a)		-		59,410			59,410
Options written		-		42,368,458			42,368,458
Change in Net Unrealized Appreciation (Depreciation):
Options purchased(a)		-		(47,442	)		(47,442	)
Options written		-		11,913,171			11,913,171
Total	$	63,870	$	54,293,597		$	54,357,467

^(a)  Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities.

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

	Forward Foreign Currency Contracts		Options Written
Average notional value	$	7,210,230	$	321,190,600
Average Contracts		–		166,449

NOTE 5–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,763.

NOTE 6–Trustees’ and Officers’ Fees and Benefits

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

NOTE 7–Cash Balances

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

NOTE 8–Tax Information

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

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

18                      Invesco Gold & Special Minerals Fund

The Fund had a capital loss carryforward as of April 30, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	407,967,232	$	1,031,970,647	$	1,439,937,879

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

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $747,078,892 and $520,856,037, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	907,476,158
Aggregate unrealized (depreciation) of investments		(38,887,445	)
Net unrealized appreciation of investments	$	868,588,713

Cost of investments for tax purposes is $1,422,284,498.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Ten months ended						Year ended
	October 31, 2020(a)						April 30, 2020						June 30, 2019
	Shares			Amount			Shares			Amount			Shares		Amount
Sold:
Class A		8,505,380		$	232,579,514			15,708,612		$	312,533,945			9,458,270	$	144,671,146
Class C		1,265,092			31,488,171			1,464,868			25,779,057			1,216,119		16,312,847
Class R		2,017,793			51,306,295			2,838,180			51,894,302			2,255,361		31,565,148
Class Y		7,904,889			217,330,986			12,434,776			241,097,968			10,082,276		149,305,227
Class R5(b)		1,963			58,726			710			9,834			678		10,000
Class R6		3,870,108			107,082,481			5,660,874			109,305,126			5,773,319		85,525,000
Issued as reinvestment of dividends:
Class A		-			-			90,340			1,725,507			-		-
Class R		-			-			7,108			129,162			-		-
Class Y		-			-			70,911			1,354,399			-		-
Class R6		-			-			49,807			958,784			-		-
Automatic conversion of Class C shares to Class A shares:
Class A		305,556			8,820,891			381,626			7,368,235			-		-
Class C		(338,793	)		(8,820,891	)		(421,681	)		(7,368,235	)		-		-
Issued in connection with acquisitions:(c)
Class A		8,323,236			198,839,437			-			-			-		-
Class C		999,656			21,575,827			-			-			-		-
Class Y		1,533,657			36,655,632			-			-			-		-
Class R6		12,562			303,046			-			-			-		-

19                      Invesco Gold & Special Minerals Fund

	Summary of Share Activity
	Six months ended						Ten months ended						Year ended
	October 31, 2020(a)						April 30, 2020						June 30, 2019
	Shares			Amount			Shares			Amount			Shares			Amount
Reacquired:
Class A		(10,058,189	)	$	(276,724,353	)		(13,612,490	)	$	(255,012,868	)		(11,237,201	)	$	(165,828,966	)
Class C		(1,065,814	)		(26,490,891	)		(1,473,769	)		(25,490,417	)		(4,294,484	)		(62,223,717	)
Class R		(1,862,488	)		(47,664,238	)		(3,478,097	)		(62,974,405	)		(3,323,388	)		(46,764,341	)
Class Y		(4,113,212	)		(111,538,429	)		(9,312,284	)		(169,709,103	)		(6,756,704	)		(98,540,574	)
Class R5(b)		(673	)		(19,666	)		-			-			-			-
Class R6		(3,042,102	)		(84,248,614	)		(4,131,957	)		(79,054,005	)		(5,082,586	)		(75,041,130	)
Net increase (decrease) in share activity		14,258,621		$	350,533,924			6,277,534		$	152,547,286			(1,908,340	)	$	(21,009,360	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 25% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

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

^(c)  After the close of business on May 15, 2020, the Fund acquired all the net assets of Invesco Gold & Precious Metals Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 10,869,111 shares of the Fund for 52,648,312 shares outstanding of the Target Fund as of the close of business on May 15, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, May 15, 2020. The Target Fund’s net assets as of the close of business on May 15, 2020 of $257,373,942, including $36,247,875 of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,643,781,611 and $1,901,155,553 immediately after the acquisition.

    The pro forma results of operations for the six months ended October 31, 2020 assuming the reorganization had been completed on November 1, 2019, the beginning of the semi-annual reporting period are as follows:

Net investment income (loss)	$	(280,149	)
Net realized/unrealized gains		480,658,620
Change in net assets resulting from operations	$	480,378,471

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since May 16, 2020.

NOTE 11–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these consolidated financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

20                      Invesco Gold & Special Minerals Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2020 through October 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning Account Value (05/01/20)	Ending Account Value (10/31/20)1	Expenses Paid During Period2	Ending Account Value (10/31/20)2	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$1,279.70	$6.15	$1,019.81	$5.45	1.07%
Class C	1,000.00	1,274.40	10.49	1,015.98	9.30	1.83
Class R	1,000.00	1,277.40	7.63	1,018.50	6.77	1.33
Class Y	1,000.00	1,281.00	4.77	1,021.02	4.23	0.83
Class R5	1,000.00	1,281.80	3.80	1,021.88	3.36	0.66
Class R6	1,000.00	1,282.10	3.80	1,021.88	3.36	0.66

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2020 through October 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

21                      Invesco Gold & Special Minerals Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Gold & Special Minerals Fund’s (formerly, Invesco Oppenheimer Gold & Special Minerals Fund) (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC, Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel

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

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Philadelphia Gold & Silver Index. The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Board considered that the Fund was created in connection with the Transaction and that the Fund’s performance prior to the closing of the Transaction after the close of business on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective May 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in

22                      Invesco Gold & Special Minerals Fund

providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

Funds on an individual fund level. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco

Advisers and the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules

under the federal securities laws and consistent with best execution obligations.

23                      Invesco Gold & Special Minerals Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-03826 and 002-85905 Invesco Distributors, Inc.              O-GSM-SAR-1

	Semiannual Report to Shareholders	October 31, 2020
	Invesco Small Cap Value Fund
	Nasdaq:
	A: VSCAX  ∎  C: VSMCX  ∎  R: VSRAX  ∎  Y: VSMIX  ∎  R6: SMVSX

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.     We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for

those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

    Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.     Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”     In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

    For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Small Cap Value Fund

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	25.05	%
Class C Shares	24.66
Class R Shares	24.87
Class Y Shares	25.17
Class R6 Shares	25.31
S&P 500 Indexq (Broad Market Index)	13.29
Russell 2000 Value Indexq (Style-Specific Index)	12.44
Lipper Small-Cap Value Funds Index⬛ (Peer Group Index)	11.80
Source(s): qRIMES Technologies Corp.; ⬛ Lipper Inc. The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Russell 2000® Value Index is an unmanaged index considered representative of small-cap value stocks. The Russell 2000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.     The Lipper Small-Cap Value Funds Index is an unmanaged index considered representative of small-cap value funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                      Invesco Small Cap Value Fund

Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (6/21/99)	8.33	%
10 Years	6.99
5 Years	0.86
1 Year	-13.35
Class C Shares
Inception (6/21/99)	7.81	%
10 Years	6.81
5 Years	1.25
1 Year	-9.86
Class R Shares
10 Years	7.32	%
5 Years	1.72
1 Year	-8.67
Class Y Shares
Inception (8/12/05)	7.37	%
10 Years	7.87
5 Years	2.25
1 Year	-8.12
Class R6 Shares
10 Years	7.76	%
5 Years	2.30
1 Year	-7.94

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

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

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

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

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

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

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

4                      Invesco Small Cap Value Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.67%
Agricultural & Farm Machinery–2.06%
AGCO Corp.		251,669	$	19,386,063
Auto Parts & Equipment–7.47%
BorgWarner, Inc.		551,204		19,281,116
Dana, Inc.(b)		2,060,696		28,829,137
Motorcar Parts of America, Inc.(b)		21,431		315,679
Visteon Corp.(b)		244,600		21,928,390
				70,354,322
Building Products–5.26%
Builders FirstSource, Inc.(b)		510,978		15,482,633
JELD-WEN Holding, Inc.(b)		1,115,495		23,458,860
Owens Corning		162,316		10,626,829
				49,568,322
Construction & Engineering–5.51%
AECOM(b)		833,522		37,375,127
API Group Corp.(b)(c)		981,400		14,122,346
Valmont Industries, Inc.		3,153		447,568
				51,945,041
Construction Machinery & Heavy Trucks–0.19%
Astec Industries, Inc.		34,516		1,753,413
Distributors–2.74%
LKQ Corp.(b)		806,383		25,796,192
Diversified Chemicals–3.32%
Huntsman Corp.		1,287,484		31,272,986
Electrical Components & Equipment–1.61%
nVent Electric PLC		837,800		15,122,290
Electronic Manufacturing Services–3.90%
Flex Ltd.(b)		2,115,223		29,930,405
Jabil, Inc.		70,600		2,339,684
Sanmina Corp.(b)		182,423		4,458,418
				36,728,507
Environmental & Facilities Services–0.04%
Team, Inc.(b)		74,625		399,990
Health Care Technology–0.57%
Change Healthcare, Inc.(b)		378,000		5,348,700
Hotels, Resorts & Cruise Lines–2.92%
Hilton Grand Vacations, Inc.(b)		624,300		12,860,580
Wyndham Destinations, Inc.		447,800		14,611,714
				27,472,294
Household Products–3.83%
Energizer Holdings, Inc.		273,049		10,744,478
Spectrum Brands Holdings, Inc.		446,095		25,369,423
				36,113,901
Human Resource & Employment Services–3.05%
ManpowerGroup, Inc.		346,201		23,496,662

	Shares		Value
Human Resource & Employment Services–(continued)
TrueBlue, Inc.(b)		337,302	$	5,234,927
				28,731,589
Independent Power Producers & Energy Traders–0.44%
Vistra Corp.		241,500		4,194,855
Industrial Conglomerates–0.72%
Carlisle Cos., Inc.		54,402		6,738,776
Industrial Machinery–4.85%
Columbus McKinnon Corp.		193,200		6,547,548
Crane Co.		259,400		13,164,550
Timken Co. (The)		435,210		25,982,037
				45,694,135
Investment Banking & Brokerage–1.39%
Evercore, Inc., Class A		160,500		12,766,170
Greenhill & Co., Inc.		26,932		348,231
				13,114,401
Life & Health Insurance–4.74%
Athene Holding Ltd., Class A(b)		897,000		28,775,760
CNO Financial Group, Inc.		893,815		15,865,216
				44,640,976
Oil & Gas Equipment & Services–1.01%
Helix Energy Solutions Group, Inc.(b)		3,050,881		7,566,185
NexTier Oilfield Solutions, Inc.(b)		1,038,311		1,962,408
				9,528,593
Oil & Gas Exploration & Production–2.26%
Diamondback Energy, Inc.		151,500		3,932,940
Northern Oil and Gas, Inc.(b)(d)		579,980		2,145,926
Parsley Energy, Inc., Class A		1,517,403		15,189,204
				21,268,070
Oil & Gas Refining & Marketing–0.24%
HollyFrontier Corp.		121,900		2,256,369
Other Diversified Financial Services–2.05%
Equitable Holdings, Inc.		896,500		19,265,785
Paper Packaging–1.82%
Sealed Air Corp.		432,868		17,137,244
Regional Banks–9.65%
First Horizon National Corp.		1,164,910		12,126,713
Sterling Bancorp		2,146,900		28,725,522
TCF Financial Corp.		1,061,700		28,888,857
Western Alliance Bancorporation		512,800		21,127,360
				90,868,452
Research & Consulting Services–0.11%
Resources Connection, Inc.		99,092		1,064,248
Security & Alarm Services–2.00%
Brink’s Co. (The)		439,900		18,840,917

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

5                      Invesco Small Cap Value Fund

	Shares		Value
Semiconductor Equipment–2.05%
Kulicke & Soffa Industries, Inc. (Singapore)		738,977	$	19,316,859
Specialty Chemicals–7.13%
Avient Corp.		309,000		9,600,630
Axalta Coating Systems Ltd.(b)		729,500		18,317,745
Element Solutions, Inc.(b)		1,106,200		12,964,664
Kraton Corp.(b)		927,822		26,257,363
				67,140,402
Steel–1.02%
Carpenter Technology Corp.		547,330		9,567,328
Technology Distributors–0.16%
Insight Enterprises, Inc.(b)		28,822		1,537,654
Thrifts & Mortgage Finance–4.85%
Axos Financial, Inc.(b)		444,296		12,111,509
MGIC Investment Corp.		2,720,066		27,363,864
Radian Group, Inc.		344,016		6,175,087
				45,650,460
Trading Companies & Distributors–8.92%
AerCap Holdings N.V. (Ireland)(b)		90,400		2,244,632
Beacon Roofing Supply, Inc.(b)		594,466		18,250,106
BMC Stock Holdings, Inc.(b)		17,456		691,083
DXP Enterprises, Inc.(b)		141,291		2,209,791
Univar Solutions, Inc.(b)		1,954,300		32,421,837
WESCO International, Inc.(b)		684,416		28,225,316
				84,042,765
Trucking–0.79%
National Express Group PLC (United Kingdom)(b)		3,853,025		7,476,127
Total Common Stocks & Other Equity Interests (Cost $903,203,410)				929,338,026

	Shares		Value
Money Market Funds–1.13%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(e)(f)		2,911,771	$	2,911,771
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%(e)(f)		4,443,007		4,444,784
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)(f)		3,327,739		3,327,739
Total Money Market Funds (Cost $10,684,991)				10,684,294
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.80% (Cost $913,888,401)				940,022,320
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.20%
Invesco Private Government Fund, 0.04%(e)(f)(g)		757,491		757,491
Invesco Private Prime Fund, 0.11%(e)(f)(g)		1,135,896		1,136,237
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,893,728)				1,893,728
TOTAL INVESTMENTS IN SECURITIES–100.00% (Cost $915,782,129)				941,916,048
OTHER ASSETS LESS LIABILITIES–0.00%				359
NET ASSETS–100.00%			$	941,916,407

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)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at October 31, 2020 represented 1.50% of the Fund’s Net Assets.

^(d)  All or a portion of this security was out on loan at October 31, 2020.

^(e)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.

	Value April 30, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)		Realized Gain		Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	11,727,183	$	55,043,999	$	(63,859,411	)		$              -	$	-	$	2,911,771		$  1,932
Invesco Liquid Assets Portfolio, Institutional Class		10,741,897		39,317,143		(45,613,865	)		(7,884)		7,493		4,444,784		7,710
Invesco Treasury Portfolio, Institutional Class		13,402,495		62,907,428		(72,982,184	)		-		-		3,327,739		1,695
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		36,841,473		(36,083,982	)		-		-		757,491		227*
Invesco Private Prime Fund		-		5,431,566		(4,295,366	)		-		37		1,136,237		228*
Total	$	35,871,575	$	199,541,609	$	(222,834,808	)		$    (7,884)	$	7,530	$	12,578,022		$11,792

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

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

6                      Invesco Small Cap Value Fund

^(f)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2020

Industrials	35.12	%
Financials	22.67
Materials	13.28
Consumer Discretionary	13.12
Information Technology	6.11
Consumer Staples	3.83
Energy	3.51
Other Sectors, Each Less than 2% of Net Assets	1.02
Money Market Funds Plus Other Assets Less Liabilities	1.34

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

7                      Invesco Small Cap Value Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $ 903,203,410)*	$	929,338,026
Investments in affiliated money market funds, at value (Cost $12,578,719)		12,578,022
Cash		699,185
Receivable for:
Investments sold		8,536,945
Fund shares sold		1,244,899
Dividends		483,946
Investment for trustee deferred compensation and retirement plans		257,954
Other assets		57,093
Total assets		953,196,070
Liabilities:
Payable for:
Investments purchased		4,823,356
Fund shares reacquired		3,450,025
Collateral upon return of securities loaned		1,893,728
Accrued fees to affiliates		618,977
Accrued trustees’ and officers’ fees and benefits		1,020
Accrued other operating expenses		210,171
Trustee deferred compensation and retirement plans		282,386
Total liabilities		11,279,663
Net assets applicable to shares outstanding	$	941,916,407
Net assets consist of:
Shares of beneficial interest	$	1,079,489,909
Distributable earnings (loss)		(137,573,502	)
	$	941,916,407

Net Assets:
Class A	$	403,319,420
Class C	$	9,710,236
Class R	$	4,931,826
Class Y	$	484,606,149
Class R6	$	39,348,776
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		33,536,936
Class C		1,306,250
Class R		410,844
Class Y		37,779,325
Class R6		3,045,613
Class A:
Net asset value per share	$	12.03
Maximum offering price per share (Net asset value of $12.03 ÷ 94.50%)	$	12.73
Class C:
Net asset value and offering price per share	$	7.43
Class R:
Net asset value and offering price per share	$	12.00
Class Y:
Net asset value and offering price per share	$	12.83
Class R6:
Net asset value and offering price per share	$	12.92

* At October 31, 2020, securities with an aggregate value of $1,814,124 were on loan to brokers.

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

8                      Invesco Small Cap Value Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)

Investment income:
Dividends	$	7,815,336
Dividends from affiliated money market funds (includes securities lending income of $8,751)		20,088
Total investment income		7,835,424
Expenses:
Advisory fees		3,187,026
Administrative services fees		62,245
Custodian fees		8,510
Distribution fees:
Class A		501,979
Class C		44,512
Class R		11,410
Transfer agent fees - A, C, R and Y		829,961
Transfer agent fees - R6		5,753
Trustees’ and officers’ fees and benefits		14,605
Registration and filing fees		41,226
Reports to shareholders		69,936
Professional services fees		21,454
Other		10,828
Total expenses		4,809,445
Less: Expenses reimbursed and/or expense offset arrangement(s)		(11,523	)
Net expenses		4,797,922
Net investment income		3,037,502
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		15,526,556
Foreign currencies		(5,154	)
		15,521,402
Change in net unrealized appreciation of investment securities		196,769,114
Net realized and unrealized gain		212,290,516
Net increase in net assets resulting from operations	$	215,328,018

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

9                      Invesco Small Cap Value Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)

	October 31,			April 30,
	2020			2020
Operations:
Net investment income	$	3,037,502		$	3,864,332
Net realized gain (loss)		15,521,402			(137,691,191	)
Change in net unrealized appreciation (depreciation)		196,769,114			(254,623,721	)
Net increase (decrease) in net assets resulting from operations		215,328,018			(388,450,580	)
Distributions to shareholders from distributable earnings:
Class A		–			(14,362,363	)
Class C		–			(556,893	)
Class Y		–			(16,631,631	)
Class R6		–			(1,687,217	)
Total distributions from distributable earnings		–			(33,238,104	)
Share transactions–net:
Class A		(57,527,111	)		(111,203,767	)
Class C		(2,661,744	)		(7,786,632	)
Class R		90,268			3,414,878
Class Y		(83,333,776	)		(197,788,556	)
Class R6		(34,912,075	)		14,526,805
Net increase (decrease) in net assets resulting from share transactions		(178,344,438	)		(298,837,272	)
Net increase (decrease) in net assets		36,983,580			(720,525,956	)
Net assets:
Beginning of period		904,932,827			1,625,458,783
End of period	$	941,916,407		$	904,932,827

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

10                      Invesco Small Cap Value Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period	Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/20	$ 9.62		$	0.03			$	2.38			$	2.41			$	–			$	–			$	–			$	12.03		25.05	%		$	403,319		1.14	%(d)		1.14	%(d)		0.48	%(d)		22	%
Year ended 04/30/20	14.10			0.02				(4.14	)			(4.12	)			–				(0.36	)			(0.36	)			9.62		(30.02	)			372,448		1.13			1.13			0.16			47
Year ended 04/30/19	18.53			(0.04	)			(1.22	)			(1.26	)			–				(3.17	)			(3.17	)			14.10		(3.16	)			662,115		1.12			1.12			(0.22	)		43
Year ended 04/30/18	19.44			(0.06	)			2.31				2.25				–				(3.16	)			(3.16	)			18.53		11.32				933,986		1.12			1.12			(0.31	)		28
Year ended 04/30/17	16.21			(0.02	)			3.60				3.58				(0.03	)			(0.32	)			(0.35	)			19.44		22.14				1,094,070		1.10			1.11			(0.12	)		32
Year ended 04/30/16	20.33			0.04				(2.37	)			(2.33	)			(0.01	)			(1.78	)			(1.79	)			16.21		(11.43	)			1,320,826		1.11			1.11			0.24			45
Class C
Six months ended 10/31/20	5.96			(0.00	)			1.47				1.47				–				–				–				7.43		24.66	(e)			9,710		1.75	(d)(e)		1.75	(d)(e)		(0.13	)(d)(e)		22
Year ended 04/30/20	8.93			(0.04	)			(2.57	)			(2.61	)			–				(0.36	)			(0.36	)			5.96		(30.50	)(e)			10,133		1.84	(e)		1.84	(e)		(0.55	)(e)		47
Year ended 04/30/19	13.29			(0.11	)			(1.08	)			(1.19	)			–				(3.17	)			(3.17	)			8.93		(3.98	)			22,059		1.87			1.87			(0.97	)		43
Year ended 04/30/18	14.83			(0.15	)			1.77				1.62				–				(3.16	)			(3.16	)			13.29		10.53	(e)			76,302		1.86	(e)		1.86	(e)		(1.05	)(e)		28
Year ended 04/30/17	12.50			(0.12	)			2.76				2.65				–				(0.32	)			(0.32	)			14.83		21.23	(e)			95,892		1.84	(e)		1.85	(e)		(0.86	)(e)		32
Year ended 04/30/16	16.25			(0.07	)			(1.90	)			(1.97	)			–				(1.78	)			(1.78	)			12.50		(12.11	)			107,647		1.86			1.86			(0.51	)		45
Class R
Six months ended 10/31/20	9.61			0.01				2.38				2.39				–				–				–				12.00		24.87				4,932		1.39	(d)		1.39	(d)		0.23	(d)		22
Period ended 04/30/20(f)	8.49			(0.00	)			1.12				1.12				–				–				–				9.61		13.19				3,866		1.37	(g)		1.37	(g)		(0.08	)(g)		47
Class Y
Six months ended 10/31/20	10.25			0.04				2.54				2.58				–				–				–				12.83		25.17				484,606		0.89	(d)		0.89	(d)		0.73	(d)		22
Year ended 04/30/20	14.95			0.06				(4.40	)			(4.34	)			–				(0.36	)			(0.36	)			10.25		(29.79	)			457,857		0.88			0.88			0.41			47
Year ended 04/30/19	19.37			0.01				(1.26	)			(1.25	)			–				(3.17	)			(3.17	)			14.95		(2.97	)			875,875		0.87			0.87			0.03			43
Year ended 04/30/18	20.15			(0.01	)			2.39				2.38				–				(3.16	)			(3.16	)			19.37		11.58				1,397,754		0.87			0.87			(0.06	)		28
Year ended 04/30/17	16.79			0.02				3.74				3.76				(0.08	)			(0.32	)			(0.40	)			20.15		22.45				1,445,051		0.85			0.86			0.13			32
Year ended 04/30/16	20.97			0.09				(2.45	)			(2.36	)			(0.04	)			(1.78	)			(1.82	)			16.79		(11.19	)			1,329,637		0.86			0.86			0.49			45
Class R6
Six months ended 10/31/20	10.31			0.05				2.56				2.61				–				–				–				12.92		25.31				39,349		0.73	(d)		0.73	(d)		0.89	(d)		22
Year ended 04/30/20	15.02			0.08				(4.43	)			(4.35	)			–				(0.36	)			(0.36	)			10.31		(29.71	)			60,628		0.70			0.70			0.59			47
Year ended 04/30/19	19.41			0.03				(1.25	)			(1.22	)			–				(3.17	)			(3.17	)			15.02		(2.80	)			65,409		0.71			0.71			0.19			43
Year ended 04/30/18	20.16			0.02				2.39				2.41				–				(3.16	)			(3.16	)			19.41		11.73				26,813		0.69			0.69			0.12			28
Period ended 04/30/17(f)	20.29			0.01				(0.14	)			(0.13	)			–				–				–				20.16		(0.64	)			469		0.72	(g)		0.72	(g)		0.26	(g)		32

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $400,655, $10,209, $4,527, $493,234 and $52,164 for Class A, Class C, Class R, Class Y and Class R6 shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.86% for the six months ended October 31, 2020, 0.96% for the year ended April 30, 2020 and 0.99% for the years ended April 30, 2018 and 2017, respectively.

^(f)  Commencement date of April 17, 2020 and February 07, 2017 for Class R and Class R6 shares, respectively.

^(g)  Annualized.

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

11                      Invesco Small Cap Value Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1—Significant Accounting Policies

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

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

    The Fund currently consists of five different classes of shares: Class A, Class C, Class R, Class Y and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

A security listed or traded on an exchange (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 asked 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 asked prices. For purposes of determining net asset value (“NAV”) 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

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

12                      Invesco Small Cap Value Fund

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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.

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

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

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

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

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

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

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

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

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

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

13                      Invesco Small Cap Value Fund

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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 the daily mark-to-market obligation for forward foreign currency contracts.

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

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

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

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

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.66%.

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

The Adviser has contractually agreed, through at least May 31, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y and Class R6 shares to 1.25%, 2.00%, 1.50%, 1.00% and 0.93%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on May 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $11,305.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plan”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $20,143 in front-end sales commissions from the sale of Class A shares and $23 and $577 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $1,713 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

14                      Invesco Small Cap Value Fund

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 October 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$921,861,899		$7,476,127		$–		$929,338,026
Money Market Funds		10,684,294		1,893,728		–		12,578,022
Total Investments		$932,546,193		$9,369,855		$–		$941,916,048

NOTE 4—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $218.

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

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

NOTE 7—Tax Information

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

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

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

    The Fund had a capital loss carryforward as of April 30, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration		$5,370,492		$225,825	$5,596,317

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

15                      Invesco Small Cap Value Fund

NOTE 8—Investment Transactions

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 six months ended October 31, 2020 was $204,037,843 and $371,128,751, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	129,488,252
Aggregate unrealized (depreciation) of investments		(111,409,692	)
Net unrealized appreciation of investments	$	18,078,560

Cost of investments for tax purposes is $923,837,488.

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2020(a)						April 30, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		2,079,383		$	22,812,420			5,513,281		$	65,029,289
Class C		110,015			766,885			257,674			1,809,377
Class R		45,259			493,855			997			8,461
Class Y		7,495,460			85,812,074			10,879,758			128,592,730
Class R6		659,453			7,463,085			2,524,904			27,936,888
Issued as reinvestment of dividends:
Class A		-			-			968,857			13,670,573
Class C		-			-			60,377			529,507
Class Y		-			-			982,726			14,760,539
Class R6		-			-			111,445			1,682,825
Automatic conversion of Class C shares to Class A shares:
Class A		161,616			1,757,903			545,253			6,869,152
Class C		(261,044	)		(1,757,903	)		(868,496	)		(6,869,152	)
Issued in connection with acquisitions:(b)
Class A		-			-			1,439,465			12,226,769
Class C		-			-			508,981			2,679,898
Class R		-			-			402,791			3,420,152
Class Y		-			-			149,197			1,349,862
Class R6		-			-			2,554			23,256
Reacquired:
Class A		(7,419,530	)		(82,097,434	)		(16,723,769	)		(208,999,550	)
Class C		(241,557	)		(1,670,726	)		(729,153	)		(5,936,262	)
Class R		(36,536	)		(403,587	)		(1,667	)		(13,735	)
Class Y		(14,393,455	)		(169,145,850	)		(25,902,782	)		(342,491,687	)
Class R6		(3,492,587	)		(42,375,160	)		(1,114,436	)		(15,116,164	)
Net increase (decrease) in share activity		(15,293,523	)	$	(178,344,438	)		(20,992,043	)	$	(298,837,272	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Oppenheimer Small Cap Value Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 2,502,988 shares of the Fund for 2,861,156 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $19,699,937, including $(6,059,914) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $775,042,726 and $794,742,663 immediately after the acquisition.

The pro forma results of operations for the year ended April 30, 2020 assuming the reorganization had been completed on May 1, 2019, the beginning of the annual reporting period are as follows:

Net investment income	$	3,901,731
Net realized/unrealized gains (losses)		(405,370,942	)
Change in net assets resulting from operations	$	(401,469,211	)

16                      Invesco Small Cap Value Fund

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 18, 2020.

NOTE 10—Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

17                      Invesco Small Cap Value Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2020 through October 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				ACTUAL						HYPOTHETICAL (5% annual return before expenses)						Annualized         Expense Ratio
	Beginning     Account Value     (05/01/20)			Ending     Account Value     (10/31/20)1			Expenses     Paid During     Period2			Ending     Account Value     (10/31/20)			Expenses     Paid During     Period2
Class A		$	1,000.00		$	1,250.50		$	6.47		$	1,019.46		$	5.80		1.14	%
Class C			1,000.00			1,246.60			9.91			1,016.38			8.89		1.75
Class R			1,000.00			1,248.70			7.88			1,018.20			7.07		1.39
Class Y			1,000.00			1,251.70			5.05			1,020.72			4.53		0.89
Class R6			1,000.00			1,253.10			4.15			1,021.53			3.72		0.73

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2020 through October 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

18                      Invesco Small Cap Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Small Cap Value Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment

analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Value Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the second quintile for the three year period, and the fourth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one and three year periods and below the performance of the Index for the five year period. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds. The Board noted that stock selection in certain sectors detracted from Fund performance and also discussed the impact of the Fund’s value style investing on Fund performance during certain market environments. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any

19                      Invesco Small Cap Value Fund

applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

20                      Invesco Small Cap Value Fund

(This page intentionally left blank)

(This page intentionally left blank)

(This page intentionally left blank)

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-03826 and 002-85905 Invesco Distributors, Inc. VK-SCV-SAR-1                

	Semiannual Report to Shareholders	October 31, 2020
	Invesco Technology Fund
	Nasdaq:
	A: ITYAX ∎ C: ITHCX ∎ Y: ITYYX ∎ Investor: FTCHX ∎ R5: FTPIX ∎ R6: FTPSX

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders:

This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period.

    Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.”

    In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you
want it.

    For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

    All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2 Invesco Technology Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	26.92	%
Class C Shares	26.39
Class Y Shares	27.06
Investor Class Shares	26.97
Class R5 Shares	27.12
Class R6 Shares	27.13
NASDAQ Composite Index▼ (Broad Market/Style-Specific Index)	23.28
Lipper Science & Technology Funds Index∎ (Peer Group Index)	25.81
Source(s): ▼Bloomberg L.P.; ∎Lipper Inc.
The NASDAQ Composite Index is a broad-based, market index of the common stocks and similar securities listed on the Nasdaq stock market.
The Lipper Science & Technology Funds Index is an unmanaged index considered representative of science and technology funds tracked by Lipper.
The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3 Invesco Technology Fund

Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	7.24	%
10 Years	14.08
5 Years	16.67
1 Year	30.34
Class C Shares
Inception (2/14/00)	0.89	%
10 Years	14.05
5 Years	17.09
1 Year	35.83
Class Y Shares
Inception (10/3/08)	15.60	%
10 Years	15.02
5 Years	18.28
1 Year	38.24
Investor Class Shares
Inception (1/19/84)	10.97	%
10 Years	14.83
5 Years	18.11
1 Year	38.09
Class R5 Shares
Inception (12/21/98)	6.99	%
10 Years	15.32
5 Years	18.50
1 Year	38.41
Class R6 Shares
10 Years	14.90	%
5 Years	18.35
1 Year	38.44

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

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

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

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

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

4 Invesco Technology Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–99.48%
Application Software–9.47%
Adobe, Inc.(b)		51,062	$	22,829,820
RingCentral, Inc., Class A(b)		151,279		39,081,417
salesforce.com, inc.(b)		120,674		28,028,950
Splunk, Inc.(b)		91,483		18,117,293
Synopsys, Inc.(b)		118,091		25,254,941
Unity Software, Inc.(b)(c)		41,105		3,900,043
				137,212,464
Biotechnology–1.34%
BeiGene Ltd., ADR (China)(b)		46,374		13,750,819
BioNTech SE, ADR (Germany)(b)(c)		67,154		5,732,265
				19,483,084
Consumer Electronics–1.94%
Sony Corp. (Japan)		337,300		28,112,983
Data Processing & Outsourced Services–6.48%
PayPal Holdings, Inc.(b)		208,900		38,882,557
Visa, Inc., Class A		222,198		40,375,599
WEX, Inc.(b)		116,493		14,742,189
				94,000,345
Health Care Equipment–5.11%
Abbott Laboratories		205,910		21,643,200
DexCom, Inc.(b)		46,108		14,735,195
Intuitive Surgical, Inc.(b)		23,930		15,963,224
Teleflex, Inc.		68,068		21,661,280
				74,002,899
Health Care Technology–0.93%
GoodRx Holdings, Inc., Class A(b)		234,799		11,361,923
Teladoc Health, Inc.(b)(c)		11,080		2,176,777
				13,538,700
Interactive Home Entertainment–7.18%
Activision Blizzard, Inc.		284,306		21,530,493
Electronic Arts, Inc.(b)		126,062		15,106,009
Nintendo Co. Ltd. (Japan)		34,700		18,948,223
Sea Ltd., ADR (Taiwan)(b)		209,335		33,012,129
Take-Two Interactive Software, Inc.(b)		100,105		15,508,267
				104,105,121
Interactive Media & Services–11.37%
Alphabet, Inc., Class A(b)		47,399		76,601,998
Facebook, Inc., Class A(b)		283,068		74,478,022
ZoomInfo Technologies, Inc., Class A(b)(c)		362,474		13,770,387
				164,850,407
Internet & Direct Marketing Retail–18.10%
Alibaba Group Holding Ltd., ADR (China)(b)		346,958		105,714,633
Amazon.com, Inc.(b)		43,045		130,691,077
Booking Holdings, Inc.(b)		16,038		26,021,655
				262,427,365

	Shares		Value
Life Sciences Tools & Services–5.12%
10X Genomics, Inc., Class A(b)		151,095	$	20,684,906
IQVIA Holdings, Inc.(b)		214,401		33,015,610
Thermo Fisher Scientific, Inc.		43,493		20,577,408
				74,277,924
Managed Health Care–0.55%
UnitedHealth Group, Inc.		26,210		7,997,719
Movies & Entertainment–1.23%
Netflix, Inc.(b)		37,363		17,775,074
Semiconductor Equipment–4.66%
Applied Materials, Inc.		850,944		50,401,413
ASML Holding N.V., New York Shares (Netherlands)		47,277		17,076,925
				67,478,338
Semiconductors–10.05%
NVIDIA Corp.		124,173		62,255,375
QUALCOMM, Inc.		524,052		64,647,055
Semtech Corp.(b)		342,966		18,825,404
				145,727,834
Systems Software–9.99%
Microsoft Corp.		436,215		88,320,451
Palo Alto Networks, Inc.(b)		97,616		21,591,683
ServiceNow, Inc.(b)		70,246		34,952,302
				144,864,436
Technology Hardware, Storage & Peripherals–5.22%
Apple, Inc.		694,435		75,596,194
Trucking–0.74%
Uber Technologies, Inc.(b)		319,262		10,666,543
Total Common Stocks & Other Equity Interests (Cost $667,426,215)				1,442,117,430
Money Market Funds–0.84%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(d)(e)		4,047,204		4,047,204
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%(d)(e)		3,538,784		3,540,200
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		4,625,376		4,625,376
Total Money Market Funds (Cost $12,212,268)				12,212,780
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.32% (Cost $679,638,483)				1,454,330,210
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.80%
Invesco Private Government Fund, 0.04%(d)(e)(f)		4,632,138		4,632,138

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

5 Invesco Technology Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 0.11%(d)(e)(f)		6,946,124	$	6,948,208
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,580,346)				11,580,346
TOTAL INVESTMENTS IN SECURITIES–101.12% (Cost $691,218,829)				1,465,910,556
OTHER ASSETS LESS LIABILITIES–(1.12)%				(16,187,875	)
NET ASSETS–100.00%			$	1,449,722,681

Investment Abbreviations:

ADR – American Depositary Receipt

Notes to Schedule of Investments:

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

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at October 31, 2020.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.

	Value April 30, 2020			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2020			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	5,087,629		$	54,673,169		$	(55,713,594	)		$	-			$	-		$	4,047,204		$	1,660
Invesco Liquid Assets Portfolio, Institutional Class			4,500,938			39,052,264			(40,011,986	)			(3,871	)			2,855			3,540,200			5,473
Invesco Treasury Portfolio, Institutional Class			5,814,433			62,483,622			(63,672,679	)			-				-			4,625,376			1,543
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			46,241,474			(41,609,336	)			-				-			4,632,138			721	*
Invesco Private Prime Fund			-			26,486,383			(19,538,798	)			-				623			6,948,208			1,176	*
Total		$	15,403,000		$	228,936,912		$	(220,546,393	)		$	(3,871	)		$	3,478		$	23,793,126		$	10,573

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

^(e)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

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

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2020

Information Technology	45.86%
Consumer Discretionary	20.04
Communication Services	19.78
Health Care	13.06
Industrials	0.74
Money Market Funds Plus Other Assets Less Liabilities	0.52

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

6 Invesco Technology Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $667,426,215)*	$	1,442,117,430
Investments in affiliated money market funds, at value (Cost $23,792,614)		23,793,126
Cash		2,496
Foreign currencies, at value (Cost $295)		304
Receivable for:
Fund shares sold		982,261
Dividends		251,643
Investment for trustee deferred compensation and retirement plans		227,679
Other assets		64,718
Total assets		1,467,439,657
Liabilities:
Payable for:
Investments purchased		3,958,338
Fund shares reacquired		710,137
Collateral upon return of securities loaned		11,580,346
Accrued fees to affiliates		997,656
Accrued other operating expenses		224,668
Trustee deferred compensation and retirement plans		245,831
Total liabilities		17,716,976
Net assets applicable to shares outstanding	$	1,449,722,681
Net assets consist of:
Shares of beneficial interest	$	568,598,729
Distributable earnings		881,123,952
	$	1,449,722,681

Net Assets:
Class A	$	755,910,486
Class C	$	51,147,533
Class Y	$	47,610,441
Investor Class	$	593,687,252
Class R5	$	414,442
Class R6	$	952,527
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		11,830,137
Class C		1,054,289
Class Y		728,309
Investor Class		9,327,733
Class R5		5,330
Class R6		12,240
Class A:
Net asset value per share	$	63.90
Maximum offering price per share (Net asset value of $63.90 ÷ 94.50%)	$	67.62
Class C:
Net asset value and offering price per share	$	48.51
Class Y:
Net asset value and offering price per share	$	65.37
Investor Class:
Net asset value and offering price per share	$	63.65
Class R5:
Net asset value and offering price per share	$	77.76
Class R6:
Net asset value and offering price per share	$	77.82

* At October 31, 2020, securities with an aggregate value of $10,493,765 were on loan to brokers.

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

7 Invesco Technology Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $22,427)	$	2,635,309
Dividends from affiliated money market funds (includes securities lending income of $10,444)		19,120
Total investment income		2,654,429
Expenses:
Advisory fees		4,296,679
Administrative services fees		81,957
Custodian fees		26,162
Distribution fees - Class A		848,512
Distribution fees - Class C		231,148
Distribution fees - Investor Class		382,574
Transfer agent fees– A, C, Y and Investor		1,451,642
Transfer agent fees – R5		167
Transfer agent fees – R6		277
Trustees’ and officers’ fees and benefits		14,075
Registration and filing fees		49,783
Reports to shareholders		63,687
Professional services fees		26,454
Other		10,638
Total expenses		7,483,755
Less: Fees waived and/or expense offset arrangement(s)		(14,946	)
Net expenses		7,468,809
Net investment income (loss)		(4,814,380	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		104,462,327
Foreign currencies		(3,082	)
		104,459,245
Change in net unrealized appreciation (depreciation) of:
Investment securities		207,305,038
Foreign currencies		(16,486	)
		207,288,552
Net realized and unrealized gain		311,747,797
Net increase in net assets resulting from operations	$	306,933,417

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

8 Invesco Technology Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)

	October 31, 2020			April 30, 2020
Operations:
Net investment income (loss)	$	(4,814,380	)	$	(5,360,535	)
Net realized gain		104,459,245			49,503,384
Change in net unrealized appreciation		207,288,552			64,311,381
Net increase in net assets resulting from operations		306,933,417			108,454,230
Distributions to shareholders from distributable earnings:
Class A		–			(41,438,833	)
Class C		–			(3,289,057	)
Class Y		–			(2,853,254	)
Investor Class		–			(43,656,636	)
Class R5		–			(22,015	)
Class R6		–			(39,211	)
Total distributions from distributable earnings		–			(91,299,006	)
Share transactions–net:
Class A		26,194,624			118,730,288
Class C		8,886,581			4,966,683
Class Y		1,118,610			3,289,110
Investor Class		(19,546,791	)		1,069,484
Class R5		76,235			(7,732	)
Class R6		269,782			60,237
Net increase in net assets resulting from share transactions		16,999,041			128,108,070
Net increase in net assets		323,932,458			145,263,294
Net assets:
Beginning of period		1,125,790,223			980,526,929
End of period	$	1,449,722,681		$	1,125,790,223

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

9 Invesco Technology Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period			Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Distributions from net realized gains				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/20		$	50.35		$	(0.22	)		$	13.77			$	13.55			$	–			$	63.90		26.91	%		$	755,910		1.11	%(d)		1.11	%(d)		(0.73	)%(d)		26	%
Year ended 04/30/20			49.68			(0.29	)			5.71				5.42				(4.75	)			50.35		11.31				572,351		1.19			1.19			(0.58	)		38
Year ended 04/30/19			46.98			(0.34	)			6.66				6.32				(3.62	)			49.68		14.87				443,050		1.23			1.23			(0.71	)		48
Year ended 04/30/18			39.78			(0.29	)			9.31				9.02				(1.82	)			46.98		22.94				377,444		1.27			1.28			(0.63	)		47
Year ended 04/30/17			32.99			(0.23	)			9.39				9.16				(2.37	)			39.78		28.80				310,505		1.43			1.43			(0.65	)		49
Year ended 04/30/16			37.86			(0.26	)			(2.09	)			(2.35	)			(2.52	)			32.99		(6.83	)			279,234		1.39			1.39			(0.70	)		46
Class C
Six months ended 10/31/20			38.38			(0.35	)			10.48				10.13				–				48.51		26.39				51,148		1.87	(d)		1.87	(d)		(1.49	)(d)		26
Year ended 04/30/20			39.21			(0.51	)			4.43				3.92				(4.75	)			38.38		10.47				32,723		1.94			1.94			(1.33	)		38
Year ended 04/30/19			38.15			(0.57	)			5.25				4.68				(3.62	)			39.21		13.98				28,217		1.98			1.98			(1.46	)		48
Year ended 04/30/18			32.84			(0.51	)			7.64				7.13				(1.82	)			38.15		22.02				39,954		2.02			2.03			(1.38	)		47
Year ended 04/30/17			27.80			(0.42	)			7.83				7.41				(2.37	)			32.84		27.85				29,930		2.18			2.18			(1.40	)		49
Year ended 04/30/16			32.53			(0.45	)			(1.76	)			(2.21	)			(2.52	)			27.80		(7.53	)			27,898		2.14			2.14			(1.45	)		46
Class Y
Six months ended 10/31/20			51.45			(0.15	)			14.07				13.92				–				65.37		27.05				47,610		0.87	(d)		0.87	(d)		(0.49	)(d)		26
Year ended 04/30/20			50.55			(0.17	)			5.82				5.65				(4.75	)			51.45		11.57				36,341		0.94			0.94			(0.33	)		38
Year ended 04/30/19			47.62			(0.22	)			6.77				6.55				(3.62	)			50.55		15.16				32,658		0.98			0.98			(0.46	)		48
Year ended 04/30/18			40.21			(0.18	)			9.41				9.23				(1.82	)			47.62		23.22				27,364		1.02			1.03			(0.38	)		47
Year ended 04/30/17			33.24			(0.14	)			9.48				9.34				(2.37	)			40.21		29.13				17,205		1.18			1.18			(0.40	)		49
Year ended 04/30/16			38.04			(0.17	)			(2.11	)			(2.28	)			(2.52	)			33.24		(6.61	)			9,256		1.14			1.14			(0.45	)		46
Investor Class
Six months ended 10/31/20			50.13			(0.19	)			13.71				13.52				–				63.65		26.97	(e)			593,687		1.00	(d)(e)		1.00	(d)(e)		(0.62	)(d)(e)		26
Year ended 04/30/20			49.44			(0.24	)			5.68				5.44				(4.75	)			50.13		11.41	(e)			483,563		1.09	(e)		1.09	(e)		(0.48	)(e)		38
Year ended 04/30/19			46.71			(0.28	)			6.63				6.35				(3.62	)			49.44		15.02	(e)			475,857		1.11	(e)		1.11	(e)		(0.59	)(e)		48
Year ended 04/30/18			39.53			(0.25	)			9.25				9.00				(1.82	)			46.71		23.03	(e)			447,456		1.19	(e)		1.20	(e)		(0.55	)(e)		47
Year ended 04/30/17			32.78			(0.21	)			9.33				9.12				(2.37	)			39.53		28.86	(e)			384,283		1.35	(e)		1.35	(e)		(0.57	)(e)		49
Year ended 04/30/16			37.60			(0.22	)			(2.08	)			(2.30	)			(2.52	)			32.78		(6.73	)(e)			330,298		1.30	(e)		1.30	(e)		(0.61	)(e)		46
Class R5
Six months ended 10/31/20			61.17			(0.14	)			16.73				16.59				–				77.76		27.12				414		0.76	(d)		0.76	(d)		(0.38	)(d)		26
Year ended 04/30/20			59.18			(0.12	)			6.86				6.74				(4.75	)			61.17		11.74				267		0.81			0.81			(0.20	)		38
Year ended 04/30/19			55.03			(0.16	)			7.93				7.77				(3.62	)			59.18		15.34				263		0.81			0.81			(0.29	)		48
Year ended 04/30/18			46.14			(0.11	)			10.82				10.71				(1.82	)			55.03		23.44				163		0.85			0.85			(0.21	)		47
Year ended 04/30/17			37.74			(0.05	)			10.82				10.77				(2.37	)			46.14		29.45				132		0.92			0.92			(0.14	)		49
Year ended 04/30/16			42.75			(0.08	)			(2.41	)			(2.49	)			(2.52	)			37.74		(6.36	)			465		0.87			0.87			(0.18	)		46
Class R6
Six months ended 10/31/20			61.21			(0.13	)			16.74				16.61				–				77.82		27.13				953		0.74	(d)		0.74	(d)		(0.36	)(d)		26
Year ended 04/30/20			59.20			(0.10	)			6.86				6.76				(4.75	)			61.21		11.77				545		0.77			0.77			(0.16	)		38
Year ended 04/30/19			55.04			(0.15	)			7.93				7.78				(3.62	)			59.20		15.36				483		0.80			0.80			(0.28	)		48
Year ended 04/30/18			46.14			(0.11	)			10.83				10.72				(1.82	)			55.04		23.47				42		0.85			0.85			(0.21	)		47
Period ended 04/30/17(f)			44.75			(0.00	)			1.39				1.39				–				46.14		3.10				10		0.89	(g)		0.89	(g)		(0.11	)(g)		49

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2020, the portfolio turnover calculation excludes the value of securities purchased of $50,768,823 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Technology Sector Fund into the Fund.

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $713,051, $45,869, $45,448, $574,060 , $332 and $722 for Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares, respectively.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.13%, 0.15%, 0.13%, 0.17%, 0.17% and 0.16% for the six months ended October 31, 2020 and the years ended April 30, 2020, 2019, 2018, 2017 and 2016, respectively.

^(f)  Commencement date of April 4, 2017.

^(g) Annualized.

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

10 Invesco Technology Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

    The Fund currently consists of six different classes of shares: Class A, Class C, Class Y, Investor Class, Class R5 and Class R6. Class Y and Investor Class shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class Y, Investor Class, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

A security listed or traded on an exchange (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 asked 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 asked prices. For purposes of determining net asset value (“NAV”) 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are

11 Invesco Technology Fund

computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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.

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

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

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

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

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

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

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

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

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

12 Invesco Technology Fund

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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 the daily mark-to-market obligation for forward foreign currency contracts.

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

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

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $500 million		0.670%
Next $500 million		0.640%
Next $1 billion		0.520%
Next $2 billion		0.450%
Next $2 billion		0.400%
Next $2 billion		0.375%
Over $8 billion		0.350%

    For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.62%.

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

    The Adviser has contractually agreed, through at least April 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 1.22%, 1.92%, 0.97%, 1.22%, 0.97% and 0.97%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or nonroutine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

    Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash (excluding investments of cash collateral from securities lending) in such affiliated money market funds.

    For the six months ended October 31, 2020, the Adviser waived advisory fees of $11,561.

    The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

    The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid

13 Invesco Technology Fund

as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

    Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $87,516 in front-end sales commissions from the sale of Class A shares and $327 and $390 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

    For the six months ended October 31, 2020, the Fund incurred $4,360 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 October 31, 2020. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests	$	1,395,056,224	$	47,061,206		$–	$	1,442,117,430
Money Market Funds		12,212,780		11,580,346		–		23,793,126
Total Investments	$	1,407,269,004	$	58,641,552		$–	$	1,465,910,556

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $3,385.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

    The Fund did not have a capital loss carryforward as of April 30, 2020.

14 Invesco Technology Fund

NOTE 8–Investment Transactions

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 six months ended October 31, 2020 was $380,342,241 and $349,447,828, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$775,742,852
Aggregate unrealized (depreciation) of investments	(5,389,558	)
Net unrealized appreciation of investments	$770,353,294

    Cost of investments for tax purposes is $695,557,262.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended October 31, 2020(a)						Year ended April 30, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		1,362,340		$	81,772,081			1,342,876		$	64,521,441
Class C		374,824			16,956,515			275,787			10,322,732
Class Y		131,625			8,120,209			454,191			22,597,462
Investor Class		200,848			11,905,854			357,306			17,095,081
Class R5		1,271			99,094			989			58,491
Class R6		3,844			304,344			5,036			294,925
Issued as reinvestment of dividends:
Class A		-			-			815,214			39,407,436
Class C		-			-			83,701			3,093,603
Class Y		-			-			51,986			2,566,017
Investor Class		-			-			859,801			41,356,437
Class R5		-			-			349			20,491
Class R6		-			-			638			37,433
Automatic conversion of Class C shares to Class A shares:
Class A		26,647			1,663,803			47,082			2,309,544
Class C		(35,036	)		(1,663,803	)		(60,747	)		(2,309,544	)
Issued in connection with acquisitions:(b)
Class A		-			-			1,874,069			91,992,978
Class C		-			-			43,497			1,628,182
Class Y		-			-			95,840			4,807,496
Reacquired:
Class A		(925,962	)		(57,241,260	)		(1,630,997	)		(79,501,111	)
Class C		(138,105	)		(6,406,131	)		(209,207	)		(7,768,290	)
Class Y		(109,634	)		(7,001,599	)		(541,778	)		(26,681,865	)
Investor Class		(519,646	)		(31,452,645	)		(1,196,418	)		(57,382,034	)
Class R5		(300	)		(22,859	)		(1,419	)		(86,714	)
Class R6		(514	)		(34,562	)		(4,917	)		(272,121	)
Net increase in share activity		372,202		$	16,999,041			2,662,879		$	128,108,070

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 19% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

^(b)  After the close of business on April 17, 2020, the Fund acquired all the net assets of Invesco Technology Sector Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on February 14, 2020. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 2,013,406 shares of the Fund for 4,100,576 shares outstanding of the Target Fund as of the close of business on April 17, 2020. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 17, 2020. The Target Fund’s net assets as of the close of business on April 17, 2020 of $98,428,656, including $46,078,157 of unrealized appreciation, were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $997,498,351 and $1,095,927,007 immediately after the acquisition.

The pro forma results of operations for the year ended April 30, 2020 assuming the reorganization had been completed on May 1, 2019, the beginning of the annual reporting period are as follows:

15 Invesco Technology Fund

Net investment income (loss)	$	(5,922,338	)
Net realized/unrealized gains		122,298,993
Change in net assets resulting from operations	$	116,376,655

As the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that has been included in the Fund’s Statement of Operations since April 18, 2020.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

    The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

NOTE 11–Significant Event

On September 25, 2020, the Board of Trustees of the Trust, approved a change in the Fund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified” and the elimination of a related fundamental investment restriction (the “Proposal”). The Proposal requires approval by the shareholders of the Fund and will be submitted to shareholders at a special meeting to be held on January 22, 2021.

16 Invesco Technology Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2020 through October 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

		ACTUAL		HYPOTHETICAL (5% annual return before expenses)
	Beginning       Account Value       (05/01/20)	Ending       Account Value       (10/31/20)1	Expenses       Paid During       Period2	Ending       Account Value       (10/31/20)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,269.20	$6.35	$1,019.61	$5.65	1.11%
Class C	1,000.00	1,263.90	10.67	1,015.78	9.50	1.87
Class Y	1,000.00	1,270.60	4.98	1,020.82	4.43	0.87
Investor Class	1,000.00	1,269.70	5.72	1,020.16	5.09	1.00
Class R5	1,000.00	1,271.20	4.35	1,021.37	3.87	0.76
Class R6	1,000.00	1,271.30	4.24	1,021.48	3.77	0.74

¹ The actual ending account value is based on the actual total return of the Fund for the period May 1, 2020 through October 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

17 Invesco Technology Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Technology Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment

analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the NASDAQ Composite Index. The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one, three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period, above the performance of the Index for the three year period, and below the performance of the Index for five year period. The Board acknowledged limitations regarding the Broadridge data, in particular that differences may exist between a Fund’s investment objective, principal investment strategies and/or investment restrictions and those of its performance peer funds and specifically that certain peer funds focus on certain technology sub-industries. The Board noted that overweight and underweight exposures to and security selection in certain technology sub-sectors and industries negatively impacted Fund performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the Fund’s contractual management fee schedule was reduced at certain breakpoint levels effective April 2020 and that the Broadridge materials did not reflect this reduced contractual management fee schedule. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that

18 Invesco Technology Fund

Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

    The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

19 Invesco Technology Fund

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.     Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file numbers: 811-03826 and 002-85905                         Invesco Distributors, Inc.                                                                                                   I-TEC-SAR-1

	Semiannual Report to Shareholders	October 31, 2020
	Invesco Value Opportunities Fund
	Nasdaq:
	A: VVOAX ∎ C: VVOCX ∎ R: VVORX ∎ Y: VVOIX ∎ R5: VVONX ∎ R6: VVOSX

2	Letters to Shareholders
3	Fund Performance
5	Schedule of Investments
7	Financial Statements
10	Financial Highlights
11	Notes to Financial Statements
16	Fund Expenses
17	Approval of Investment Advisory and Sub-Advisory Contracts

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Letters to Shareholders

Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the

services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

Dear Shareholders: This semiannual report includes information about your Fund, including performance data and a complete list of its investments as of the close of the reporting period. Invesco’s efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, you’ll find detailed information about our funds, including performance, holdings and portfolio manager commentaries. You can access information about your account by completing a simple, secure online registration. To do so, select “Log In” on the right side of the homepage, and then select “Register for Individual Account Access.” In addition to the resources accessible on our website, you can obtain timely updates to help you stay informed by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you with information you want, when and where you want it.

For questions about your account, feel free to contact an Invesco client services representative at 800 959 4246.

All of us at Invesco look forward to serving your investment management needs. Thank you for investing with us.

Sincerely,

Andrew Schlossberg

Head of the Americas,

Senior Managing Director, Invesco Ltd.

2                      Invesco Value Opportunities Fund

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/20 to 10/31/20, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	13.56	%
Class C Shares	13.11
Class R Shares	13.43
Class Y Shares	13.71
Class R5 Shares	13.90
Class R6 Shares	13.76
S&P 500 Indexq (Broad Market Index)	13.29
S&P 1500 Value Indexq (Style-Specific Index)	5.59
Lipper Multi-Cap Value Funds Index⬛ (Peer Group Index)	8.88
Source(s): qRIMES Technologies Corp.; ⬛ Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market.   The S&P 1500 Value Index tracks the performance of US large-, mid- and small-cap value stocks.   The Lipper Multi-Cap Value Funds Index is an unmanaged index considered representative of multicap value funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes. A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

3                      Invesco Value Opportunities Fund

Average Annual Total Returns
As of 10/31/20, including maximum applicable sales charges
Class A Shares
Inception (6/25/01)	3.91	%
10 Years	5.54
5 Years	1.19
1 Year	-16.73
Class C Shares
Inception (6/25/01)	3.90	%
10 Years	5.53
5 Years	1.62
1 Year	-13.36
Class R Shares
10 Years	5.88	%
5 Years	2.11
1 Year	-12.06
Class Y Shares
Inception (3/23/05)	3.99	%
10 Years	6.40
5 Years	2.58
1 Year	-11.70
Class R5 Shares
10 Years	6.60	%
5 Years	2.78
1 Year	-11.44
Class R6 Shares
10 Years	6.30	%
5 Years	2.67
1 Year	-11.50
Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

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

Class R shares incepted on May 23, 2011. Performance shown prior to that date is that of the Fund’s Class A shares at net asset value, restated to reflect the higher 12b-1 fees applicable to Class R shares.

Class R5 shares incepted on May 23, 2011. Performance shown prior to that date is that of the Fund’s Class A shares and includes the 12b-1 fees applicable to Class A shares.

Class R6 shares incepted on April 4, 2017. Performance shown prior to that date is that of the Fund’s Class A shares

and includes the 12b-1 fees applicable to Class A shares.

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

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

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

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

4                      Invesco Value Opportunities Fund

Schedule of Investments^(a)

October 31, 2020

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.23%
Agricultural & Farm Machinery–2.14%
AGCO Corp.		148,903	$	11,469,998
Auto Parts & Equipment–5.54%
BorgWarner, Inc.		366,584		12,823,108
Dana, Inc.(b)		1,204,368		16,849,109
				29,672,217
Building Products–3.15%
Builders FirstSource, Inc.(b)		257,000		7,787,100
Owens Corning		138,354		9,058,036
				16,845,136
Construction & Engineering–4.69%
AECOM(b)		560,573		25,136,093
Consumer Finance–0.06%
SLM Corp.		36,900		339,111
Distributors–3.17%
LKQ Corp.(b)		530,000		16,954,700
Diversified Banks–6.00%
Citigroup, Inc.		381,321		15,794,316
Wells Fargo & Co.		761,400		16,332,030
				32,126,346
Diversified Chemicals–3.94%
Huntsman Corp.		867,700		21,076,433
Electrical Components & Equipment–2.03%
nVent Electric PLC		603,100		10,885,955
Electronic Manufacturing Services–4.10%
Flex Ltd.(b)		1,363,980		19,300,317
Jabil, Inc.		80,600		2,671,084
				21,971,401
Health Care Services–2.29%
Cigna Corp.		73,500		12,272,295
Health Care Technology–0.57%
Change Healthcare, Inc.(b)		215,800		3,053,570
Hotels, Resorts & Cruise Lines–0.14%
Norwegian Cruise Line Holdings Ltd.(b)		44,500		740,035
Household Products–4.42%
Energizer Holdings, Inc.		81,366		3,201,752
Spectrum Brands Holdings, Inc.		360,071		20,477,238
				23,678,990
Human Resource & Employment Services–2.99%
ManpowerGroup, Inc.		236,100		16,024,107
Independent Power Producers & Energy Traders–0.61%
Vistra Corp.		189,100		3,284,667
Industrial Conglomerates–2.08%
Carlisle Cos., Inc.		89,800		11,123,526

	Shares		Value
Industrial Machinery–4.06%
Crane Co.		167,000	$	8,475,250
Timken Co. (The)		222,300		13,271,310
				21,746,560
Interactive Media & Services–2.05%
Baidu, Inc., ADR (China)(b)		82,700		11,003,235
Internet & Direct Marketing Retail–4.20%
Booking Holdings, Inc.(b)		13,875		22,512,188
Investment Banking & Brokerage–3.58%
Goldman Sachs Group, Inc. (The)		101,300		19,149,752
Life & Health Insurance–3.09%
Athene Holding Ltd., Class A(b)		506,600		16,251,728
MetLife, Inc.		8,000		302,800
				16,554,528
Managed Health Care–5.07%
Anthem, Inc.		48,900		13,339,920
Centene Corp.(b)		233,600		13,805,760
				27,145,680
Oil & Gas Exploration & Production–2.55%
Diamondback Energy, Inc.		199,700		5,184,212
Parsley Energy, Inc., Class A		847,100		8,479,471
				13,663,683
Oil & Gas Refining & Marketing–2.77%
Marathon Petroleum Corp.		399,900		11,797,050
Phillips 66		65,500		3,056,230
				14,853,280
Other Diversified Financial Services–2.81%
Equitable Holdings, Inc.		700,400		15,051,596
Paper Packaging–2.35%
Sealed Air Corp.		317,500		12,569,825
Regional Banks–3.77%
TCF Financial Corp.		518,800		14,116,548
Western Alliance Bancorporation		147,000		6,056,400
				20,172,948
Specialty Chemicals–3.10%
Axalta Coating Systems Ltd.(b)		495,200		12,434,472
Celanese Corp.		36,500		4,143,115
				16,577,587
Systems Software–3.91%
Oracle Corp.		372,700		20,912,197
Thrifts & Mortgage Finance–3.90%
MGIC Investment Corp.		1,685,528		16,956,412
Radian Group, Inc.		219,290		3,936,255
				20,892,667
Trading Companies & Distributors–3.10%
AerCap Holdings N.V. (Ireland)(b)		58,700		1,457,521

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

5                        Invesco Value Opportunities Fund

	Shares		Value
Trading Companies & Distributors–(continued)
Univar Solutions, Inc.(b)		913,700	$	15,158,283
				16,615,804
Total Common Stocks & Other Equity Interests (Cost $515,842,856)				526,076,110
Money Market Funds–2.33%
Invesco Government & Agency Portfolio, Institutional Class, 0.01%(c)(d)		4,243,239		4,243,239
Invesco Liquid Assets Portfolio, Institutional Class, 0.10%(c)(d)		3,389,896		3,391,252

	Shares		Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		4,849,415	$	4,849,415
Total Money Market Funds (Cost $12,482,300)				12,483,906
TOTAL INVESTMENTS IN SECURITIES–100.56% (Cost $528,325,156)				538,560,016
OTHER ASSETS LESS LIABILITIES–(0.56)%				(2,975,538	)
NET ASSETS–100.00%			$	535,584,478

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)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended October 31, 2020.

	Value April 30, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2020		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	7,281,549	$	16,629,132	$	(19,667,442	)		$              -		$	-		$    4,243,239		$    1,300
Invesco Liquid Assets Portfolio, Institutional Class		5,561,439		11,877,950		(14,048,173	)		(1,705	)		1,741		3,391,252		3,721
Invesco Treasury Portfolio, Institutional Class		8,321,770		19,004,721		(22,477,076	)		-			-		4,849,415		1,170
Total	$	21,164,758	$	47,511,803	$	(56,192,691	)		$     (1,705	)	$	1,741		$  12,483,906		$    6,191

^(d)  The rate shown is the 7-day SEC standardized yield as of October 31, 2020.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2020

Industrials	24.24	%
Financials	23.21
Consumer Discretionary	13.05
Materials	9.38
Information Technology	8.01
Health Care	7.93
Energy	5.33
Consumer Staples	4.42
Communication Services	2.05
Utilities	0.61
Money Market Funds Plus Other Assets Less Liabilities	1.77

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

6                        Invesco Value Opportunities Fund

Statement of Assets and Liabilities

October 31, 2020

(Unaudited)

Assets:
Investments in securities, at value (Cost $515,842,856)	$	526,076,110
Investments in affiliated money market funds, at value (Cost $12,482,300)		12,483,906
Foreign currencies, at value (Cost $646)		712
Receivable for:
Investments sold		1,920,593
Fund shares sold		261,480
Dividends		564,890
Investment for trustee deferred compensation and retirement plans		474,602
Other assets		57,483
Total assets		541,839,776
Liabilities:
Payable for:
Investments purchased		4,605,880
Fund shares reacquired		595,471
Accrued fees to affiliates		382,386
Accrued other operating expenses		162,999
Trustee deferred compensation and retirement plans		508,562
Total liabilities		6,255,298
Net assets applicable to shares outstanding	$	535,584,478
Net assets consist of:
Shares of beneficial interest	$	596,294,066
Distributable earnings (loss)		(60,709,588	)
	$	535,584,478

Net Assets:
Class A	$	465,173,806
Class C	$	10,074,205
Class R	$	6,234,597
Class Y	$	25,527,796
Class R5	$	463,151
Class R6	$	28,110,923
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		43,377,720
Class C		1,015,305
Class R		590,654
Class Y		2,366,878
Class R5		42,508
Class R6		2,576,495
Class A:
Net asset value per share	$	10.72
Maximum offering price per share (Net asset value of $10.72 ÷ 94.50%)	$	11.34
Class C:
Net asset value and offering price per share	$	9.92
Class R:
Net asset value and offering price per share	$	10.56
Class Y:
Net asset value and offering price per share	$	10.79
Class R5:
Net asset value and offering price per share	$	10.90
Class R6:
Net asset value and offering price per share	$	10.91

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

7                        Invesco Value Opportunities Fund

Statement of Operations

For the six months ended October 31, 2020

(Unaudited)

Investment income:
Dividends	$	5,323,933
Dividends from affiliated money market funds		6,191
Total investment income		5,330,124
Expenses:
Advisory fees		1,854,062
Administrative services fees		37,160
Custodian fees		4,650
Distribution fees:
Class A		593,368
Class C		52,066
Class R		16,285
Transfer agent fees– A, C, R and Y		682,518
Transfer agent fees – R5		227
Transfer agent fees – R6		6,729
Trustees’ and officers’ fees and benefits		12,043
Registration and filing fees		41,625
Reports to shareholders		50,512
Professional services fees		20,682
Other		13,123
Total expenses		3,385,050
Less: Fees waived and/or expense offset arrangement(s)		(7,728	)
Net expenses		3,377,322
Net investment income		1,952,802
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Investment securities		(1,887,098	)
Foreign currencies		6,316
		(1,880,782	)
Change in net unrealized appreciation of:
Investment securities		67,994,498
Foreign currencies		5,400
		67,999,898
Net realized and unrealized gain		66,119,116
Net increase in net assets resulting from operations	$	68,071,918

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

8                      Invesco Value Opportunities Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2020 and the year ended April 30, 2020

(Unaudited)

	October 31, 2020			April 30, 2020
Operations:
Net investment income	$	1,952,802		$	1,940,996
Net realized gain (loss)		(1,880,782	)		(67,943,796	)
Change in net unrealized appreciation (depreciation)		67,999,898			(108,874,976	)
Net increase (decrease) in net assets resulting from operations		68,071,918			(174,877,776	)
Distributions to shareholders from distributable earnings:
Class A		–			(12,166,652	)
Class C		–			(312,891	)
Class R		–			(190,220	)
Class Y		–			(731,512	)
Class R5		–			(14,668	)
Class R6		–			(635,605	)
Total distributions from distributable earnings		–			(14,051,548	)
Share transactions–net:
Class A		(34,843,673	)		(53,126,304	)
Class C		(1,329,434	)		(2,968,582	)
Class R		(959,952	)		(2,009,859	)
Class Y		(1,486,755	)		(4,558,923	)
Class R5		967			(1,566,665	)
Class R6		(556,353	)		889,449
Net increase (decrease) in net assets resulting from share transactions		(39,175,200	)		(63,340,884	)
Net increase (decrease) in net assets		28,896,718			(252,270,208	)
Net assets:
Beginning of period		506,687,760			758,957,968
End of period	$	535,584,478		$	506,687,760

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

9                        Invesco Value Opportunities Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period	Net investment income (loss)(a)				Net gains (losses) on securities (both realized and unrealized)				Total from investment operations				Dividends from net investment income				Distributions from net realized gains				Total distributions				Net asset value, end of period			Total return (b)			Net assets, end of period (000’s omitted)			Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income (loss) to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/20	$  9.44		$	0.04			$	1.24			$	1.28			$	–			$	–			$	–			$	10.72		13.56	%		$	465,174		1.26	%(d)		1.26	%(d)		0.69	%(d)		25	%
Year ended 04/30/20	12.84			0.03				(3.18	)(e)			(3.15	)			–				(0.25	)			(0.25	)			9.44		(25.02	)(e)			440,826		1.21			1.21			0.27			41
Year ended 04/30/19	14.24			0.00				0.18				0.18				–				(1.58	)			(1.58	)			12.84		3.58				658,685		1.21			1.21			0.02			51
Year ended 04/30/18	13.50			0.01				1.48				1.49				–				(0.75	)			(0.75	)			14.24		10.87				662,211		1.21			1.21			0.04			30
Year ended 04/30/17	11.60			0.01				2.05				2.06				(0.02	)			(0.14	)			(0.16	)			13.50		17.81				645,216		1.26			1.27			0.07			33
Year ended 04/30/16	14.45			0.02				(1.08	)			(1.06	)			(0.13	)			(1.66	)			(1.79	)			11.60		(6.93	)			622,026		1.25			1.25			0.17			38
Class C
Six months ended 10/31/20	8.77			(0.00	)			1.15				1.15				–				–				–				9.92		13.11	(f)			10,074		1.99	(d)(f)		1.99	(d)(f)		(0.04	)(d)(f)		25
Year ended 04/30/20	12.02			(0.04	)			(2.96	)(e)			(3.00	)			–				(0.25	)			(0.25	)			8.77		(25.48	)(e)(f)			10,107		1.85	(f)		1.85	(f)		(0.37	)(f)		41
Year ended 04/30/19	13.54			(0.09	)			0.15				0.06				–				(1.58	)			(1.58	)			12.02		2.83	(f)			17,027		1.92	(f)		1.92	(f)		(0.69	)(f)		51
Year ended 04/30/18	12.96			(0.09	)			1.42				1.33				–				(0.75	)			(0.75	)			13.54		10.07	(f)			68,174		1.91	(f)		1.91	(f)		(0.66	)(f)		30
Year ended 04/30/17	11.20			(0.08	)			1.98				1.90				–				(0.14	)			(0.14	)			12.96		17.00	(f)			82,590		1.97	(f)		1.98	(f)		(0.64	)(f)		33
Year ended 04/30/16	14.07			(0.07	)			(1.05	)			(1.12	)			(0.09	)			(1.66	)			(1.75	)			11.20		(7.57	)(f)			79,538		1.97	(f)		1.97	(f)		(0.55	)(f)		38
Class R
Six months ended 10/31/20	9.31			0.02				1.23				1.25				–				–				–				10.56		13.43				6,235		1.51	(d)		1.51	(d)		0.44	(d)		25
Year ended 04/30/20	12.69			0.00				(3.13	)(e)			(3.13	)			–				(0.25	)			(0.25	)			9.31		(25.16	)(e)			6,362		1.46			1.46			0.02			41
Year ended 04/30/19	14.13			(0.03	)			0.17				0.14				–				(1.58	)			(1.58	)			12.69		3.32				10,898		1.46			1.46			(0.23	)		51
Year ended 04/30/18	13.43			(0.03	)			1.48				1.45				–				(0.75	)			(0.75	)			14.13		10.63				12,955		1.46			1.46			(0.21	)		30
Year ended 04/30/17	11.55			(0.02	)			2.04				2.02				–				(0.14	)			(0.14	)			13.43		17.53				14,135		1.51			1.52			(0.18	)		33
Year ended 04/30/16	14.41			(0.01	)			(1.07	)			(1.08	)			(0.12	)			(1.66	)			(1.78	)			11.55		(7.12	)			16,119		1.50			1.50			(0.08	)		38
Class Y
Six months ended 10/31/20	9.49			0.05				1.25				1.30				–				–				–				10.79		13.70				25,528		1.01	(d)		1.01	(d)		0.94	(d)		25
Year ended 04/30/20	12.86			0.06				(3.18	)(e)			(3.12	)			–				(0.25	)			(0.25	)			9.49		(24.74	)(e)			23,760		0.96			0.96			0.52			41
Year ended 04/30/19	14.23			0.04				0.17				0.21				–				(1.58	)			(1.58	)			12.86		3.80				37,469		0.96			0.96			0.27			51
Year ended 04/30/18	13.46			0.04				1.48				1.52				–				(0.75	)			(0.75	)			14.23		11.13				39,323		0.96			0.96			0.29			30
Year ended 04/30/17	11.56			0.04				2.06				2.10				(0.06	)			(0.14	)			(0.20	)			13.46		18.17				46,105		1.01			1.02			0.32			33
Year ended 04/30/16	14.39			0.05				(1.08	)			(1.03	)			(0.14	)			(1.66	)			(1.80	)			11.56		(6.71	)			21,016		1.00			1.00			0.42			38
Class R5
Six months ended 10/31/20	9.58			0.06				1.26				1.32				–				–				–				10.90		13.78				463		0.85	(d)		0.85	(d)		1.10	(d)		25
Year ended 04/30/20	12.95			0.08				(3.20	)(e)			(3.12	)			–				(0.25	)			(0.25	)			9.58		(24.57	)(e)			406		0.80			0.80			0.68			41
Year ended 04/30/19	14.29			0.05				0.19				0.24				–				(1.58	)			(1.58	)			12.95		4.01				2,212		0.84			0.84			0.39			51
Year ended 04/30/18	13.50			0.06				1.48				1.54				–				(0.75	)			(0.75	)			14.29		11.25				2,439		0.84			0.84			0.41			30
Year ended 04/30/17	11.60			0.06				2.06				2.12				(0.08	)			(0.14	)			(0.22	)			13.50		18.30				2,456		0.85			0.86			0.48			33
Year ended 04/30/16	14.42			0.08				(1.09	)			(1.01	)			(0.15	)			(1.66	)			(1.81	)			11.60		(6.56	)			2,850		0.84			0.84			0.58			38
Class R6
Six months ended 10/31/20	9.59			0.06				1.26				1.32				–				–				–				10.91		13.76				28,111		0.80	(d)		0.80	(d)		1.15	(d)		25
Year ended 04/30/20	12.97			0.09				(3.22	)(e)			(3.13	)			–				(0.25	)			(0.25	)			9.59		(24.61	)(e)			25,226		0.75			0.75			0.73			41
Year ended 04/30/19	14.31			0.06				0.18				0.24				–				(1.58	)			(1.58	)			12.97		4.00				32,666		0.79			0.79			0.44			51
Year ended 04/30/18	13.50			0.08				1.48				1.56				–				(0.75	)			(0.75	)			14.31		11.40				28,305		0.77			0.77			0.48			30
Period ended 04/30/17(g)	13.60			0.01				(0.11	)			(0.10	)			–				–				–				13.50		(0.74	)			10		0.76	(h)		0.76	(h)		0.57	(h)		33

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Ratios are annualized and based on average daily net assets (000’s omitted) of $470,825, $10,502, $6,461, $25,377, $449 and $27,533 for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

^(e)  Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(3.28), $(3.06), $(3.23), $(3.28), $(3.30) and $(3.32) for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Total returns would have been lower.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.98%, 0.89%, 0.96%, 0.95%, 0.97% and 0.97% for the six months ended October 31, 2020 and the years ended April 30, 2020, 2019, 2018, 2017 and 2016, respectively.

^(g)  Commencement date of April 04, 2017.

^(h)  Annualized.

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

10                        Invesco Value Opportunities Fund

Notes to Financial Statements

October 31, 2020

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

The Fund currently consists of six different classes of shares: Class A, Class C, Class R, Class Y, Class R5 and Class R6. Class Y shares are available only to certain investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met. Under certain circumstances, load waived shares may be subject to contingent deferred sales charges (“CDSC”). Class C shares are sold with a CDSC. Class R, Class Y, Class R5 and Class R6 shares are sold at net asset value. Class C shares held for ten years after purchase are eligible for automatic conversion into Class A shares of the same Fund (the “Conversion Feature”). The automatic conversion pursuant to the Conversion Feature will generally occur at the end of the month following the tenth anniversary after a purchase of Class C shares. Effective November 30, 2020, the automatic conversion pursuant to the Conversion Feature changed from ten years to eight years. The first conversion of Class C shares to Class A shares occurred at the end of December 2020 for all Class C shares that were held for more than eight years as of November 30, 2020.

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

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

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

A security listed or traded on an exchange (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 asked 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 asked prices. For purposes of determining net asset value (“NAV”) 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. 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 investment 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/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

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

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

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

11                      Invesco Value Opportunities Fund

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

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

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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.

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

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

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

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

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

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

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

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

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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 the daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts 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.

12                      Invesco Value Opportunities Fund

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $250 million	0.695%
Next $250 million	0.670%
Next $500 million	0.645%
Next $1.5 billion	0.620%
Next $2.5 billion	0.595%
Next $2.5 billion	0.570%
Next $2.5 billion	0.545%
Over $10 billion	0.520%

For the six months ended October 31, 2020, the effective advisory fee rate incurred by the Fund was 0.68%.

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

The Adviser has contractually agreed, through at least June 30, 2021, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed above) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of average daily net assets (the “expense limits”). In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual fund operating expenses after fee waiver and/or expense reimbursement to exceed the numbers reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2021. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. The Adviser did not waive fees and/or reimburse expenses during the period under these expense limits.

Further, the Adviser has contractually agreed, through at least June 30, 2022, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds.

For the six months ended October 31, 2020, the Adviser waived advisory fees of $6,051.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Invesco has entered into a sub-administration agreement whereby State Street Bank and Trust Company (“SSB”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, SSB also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IIS for certain expenses incurred by IIS in the course of providing such services. IIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IIS to intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2020, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plan”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares and up to a maximum annual rate of 1.00% of the average daily net assets of Class C shares. The Fund pursuant to the Class R Plan, pays IDI compensation at the annual rate of 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended October 31, 2020, expenses incurred under the Plans are shown in the Statement of Operations as Distribution fees.

Front-end sales commissions and CDSC (collectively, the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended October 31, 2020, IDI advised the Fund that IDI retained $16,627 in front-end sales commissions from the sale of Class A shares and $4,764 and $126 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2020, the Fund incurred $7,144 in brokerage commissions with Invesco Capital Markets, Inc., an affiliate of the Adviser and IDI, for portfolio transactions executed on behalf of the Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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.

13                      Invesco Value Opportunities Fund

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

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 October 31, 2020, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in demand deposit accounts used by the transfer agent for clearing shareholder transactions. For the six months ended October 31, 2020, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,677.

NOTE 5–Trustees’ and Officers’ Fees and Benefits

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

NOTE 6–Cash Balances

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

NOTE 7–Tax Information

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

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

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

The Fund had a capital loss carryforward as of April 30, 2020, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	1,035,838	$	68,290,908	$	69,326,746

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2020 was $132,661,441 and $163,947,309, respectively. Cost of investments, including any derivatives, on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
Aggregate unrealized appreciation of investments	$	62,586,472
Aggregate unrealized (depreciation) of investments		(55,417,367	)
Net unrealized appreciation of investments	$	7,169,105

Cost of investments for tax purposes is $531,390,911.

14                      Invesco Value Opportunities Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended October 31, 2020(a)						Year ended April 30, 2020
	Shares			Amount			Shares			Amount
Sold:
Class A		995,534		$	10,332,042			2,737,347		$	29,957,805
Class C		53,075			506,929			188,021			1,997,144
Class R		35,686			370,348			97,864			1,101,127
Class Y		195,329			2,059,567			848,595			10,353,459
Class R5		354			4,021			8,037			102,961
Class R6		419,263			4,473,772			919,288			10,270,214
Issued as reinvestment of dividends:
Class A		-			-			903,651			11,548,662
Class C		-			-			25,632			305,017
Class R		-			-			15,094			190,179
Class Y		-			-			48,213			618,089
Class R5		-			-			1,126			14,563
Class R6		-			-			48,392			626,679
Automatic conversion of Class C shares to Class A shares:
Class A		63,462			661,842			155,430			1,816,257
Class C		(68,445	)		(661,842	)		(166,609	)		(1,816,257	)
Reacquired:
Class A		(4,359,168	)		(45,837,557	)		(8,422,923	)		(96,449,028	)
Class C		(121,661	)		(1,174,521	)		(310,746	)		(3,454,486	)
Class R		(128,600	)		(1,330,300	)		(288,336	)		(3,301,165	)
Class Y		(333,089	)		(3,546,322	)		(1,304,916	)		(15,530,471	)
Class R5		(276	)		(3,054	)		(137,562	)		(1,684,189	)
Class R6		(474,326	)		(5,030,125	)		(854,482	)		(10,007,444	)
Net increase (decrease) in share activity		(3,722,862	)	$	(39,175,200	)		(5,488,884	)	$	(63,340,884	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 30% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Coronavirus (COVID-19) Pandemic

During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.

The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.

15                      Invesco Value Opportunities Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2020 through October 31, 2020.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

				ACTUAL						HYPOTHETICAL (5% annual return before expenses)						Annualized         Expense Ratio
	Beginning     Account Value     (05/01/20)			Ending     Account Value     (10/31/20)1			Expenses     Paid During     Period2			Ending     Account Value     (10/31/20)			Expenses     Paid During     Period2
Class A		$	1,000.00		$	1,135.60		$	6.76		$	1,018.80		$	6.39		1.26	%
Class C			1,000.00			1,131.10			10.66			1,015.13			10.08		1.99
Class R			1,000.00			1,134.30			8.10			1,017.55			7.66		1.51
Class Y			1,000.00			1,137.10			5.43			1,020.06			5.13		1.01
Class R5			1,000.00			1,139.00			4.57			1,020.86			4.32		0.85
Class R6			1,000.00			1,137.60			4.30			1,021.11			4.06		0.80

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2020 through October 31, 2020, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.

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

16                      Invesco Value Opportunities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 3, 2020, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Value Opportunities Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2020. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

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

sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 3, 2020.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis, investment risk management and research capabilities. The Board also considered non-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board also reviewed and considered information regarding the benefits to the Fund resulting from Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the Transaction) and the resources that Invesco Advisers has committed to managing the Invesco family of funds following the Transaction. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board noted the Affiliated Sub-Advisers’ expertise with respect to certain asset classes and that the Affiliated Sub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated Sub-Advisers can provide research and investment

analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that the sub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2019 to the performance of funds in the Broadridge performance universe and against the S&P 1500^® Value Index. The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period, the fourth quintile for the three year period, and the fifth quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was reasonably comparable to the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. The Board noted that the Fund’s overweight and underweight exposures to certain sectors detracted from Fund performance and also discussed how the market environment for the Fund’s value investing style impacted performance. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics and this review did not change their conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

17                      Invesco Value Opportunities Fund

regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s total expense ratio was in the fourth quintile of its expense group and discussed with management reasons for such relative total expenses.

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements. The Board also considered Invesco’s reinvestment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of the Fund.

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to certain investments in the affiliated money market funds. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the amount of advisory fees received by Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds is fair and reasonable.

The Board also considered that an affiliated broker may receive commissions for executing certain trades for the Fund. Invesco Advisers and the Affiliated Sub-Advisers may use the affiliated broker to, among other things, control order routing and minimize information leakage, and the Board was advised that such trades are executed in compliance with rules under the federal securities laws and consistent with best execution obligations.

18                      Invesco Value Opportunities Fund

(This page intentionally left blank)

Go paperless with eDelivery

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

∎ Tax forms

Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov. Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.  

SEC file numbers: 811-03826 and 002-85905 Invesco Distributors, Inc. VK-VOPP-SAR-1

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of December 17, 2020, 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 December 17, 2020, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

13(a) (1)	Not applicable.
13(a) (2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002.
13(a) (3)	Not applicable.
13(a) (4)	Not applicable.
13(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

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

Registrant:    AIM Sector Funds (Invesco Sector Funds)

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	January 8, 2021

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/ Sheri Morris
	Sheri Morris
	Principal Executive Officer
Date:	January 8, 2021
By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	January 8, 2021