N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number	811-03826
AIM Sector Funds (Invesco Sector Funds)
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 1000     Houston, Texas 77046
(Address of principal executive offices)  (Zip code)
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:	10/30/21

ITEM 1.        REPORTS TO STOCKHOLDERS.

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

(b) Not Applicable.

Semiannual Report to Shareholders October 31, 2021

Invesco American Value Fund

Nasdaq:

A: MSAVX ∎ C: MSVCX ∎ R: MSARX ∎ Y: MSAIX ∎ R5: MSAJX ∎ R6: MSAFX

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

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/21 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.88	%
Class C Shares	2.50
Class R Shares	2.77
Class Y Shares	3.02
Class R5 Shares	3.06
Class R6 Shares	3.09
S&P 500 Index▼ (Broad Market Index)	10.91
Russell Midcap Value Index▼ (Style-Specific Index)	5.08
Lipper Mid-Cap Value Funds Index◾ (Peer Group Index)	3.38
Source(s): ▼RIMES Technologies Corp.; ◾Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market. The Russell Midcap® Value Index is an unmanaged index considered representative of mid-cap value stocks. The Russell Midcap Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co. The Lipper Mid-Cap Value Funds Index is an unmanaged index considered representative of mid-cap value funds tracked by Lipper. The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco American Value Fund

Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (10/18/93)	9.16	%
10 Years	10.06
5 Years	9.13
1 Year	41.13
Class C Shares
Inception (10/18/93)	9.13	%
10 Years	10.04
5 Years	9.58
1 Year	47.35
Class R Shares
Inception (3/20/07)	7.19	%
10 Years	10.41
5 Years	10.10
1 Year	49.02
Class Y Shares
Inception (2/7/06)	8.40	%
10 Years	10.96
5 Years	10.64
1 Year	49.76
Class R5 Shares
Inception (6/1/10)	11.12	%
10 Years	11.09
5 Years	10.75
1 Year	49.93
Class R6 Shares
10 Years	11.12	%
5 Years	10.82
1 Year	49.99

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.

3 Invesco American Value Fund

Schedule of Investments^(a)

October 31, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.12%
Aerospace & Defense–1.92%
Curtiss-Wright Corp.		293,139	$	37,427,988
Agricultural & Farm Machinery–2.13%
AGCO Corp.(b)		339,938		41,543,823
Airlines–1.88%
Frontier Group Holdings, Inc.(b)(c)		1,415,964		22,159,837
Southwest Airlines Co.(b)(c)		305,558		14,446,782
				36,606,619
Apparel, Accessories & Luxury Goods–3.57%
Ralph Lauren Corp.		295,869		37,625,660
Tapestry, Inc.		822,213		32,049,863
				69,675,523
Auto Parts & Equipment–2.39%
Lear Corp.		271,264		46,616,718
Broadcasting–1.33%
Nexstar Media Group, Inc., Class A		172,812		25,909,703
Building Products–2.01%
Johnson Controls International PLC		534,703		39,231,159
Casinos & Gaming–1.46%
Bally’s Corp.(c)		623,177		28,547,738
Communications Equipment–1.86%
Ciena Corp.(c)		669,209		36,331,357
Construction Machinery & Heavy Trucks–2.16%
Oshkosh Corp.		394,196		42,178,972
Consumer Finance–2.78%
Ally Financial, Inc.		1,135,892		54,227,484
Copper–1.28%
Freeport-McMoRan, Inc.		660,822		24,926,206
Data Processing & Outsourced Services–1.50%
Sabre Corp.(b)(c)		2,811,210		29,180,360
Distributors–2.07%
LKQ Corp.(c)		732,678		40,355,904
Diversified Chemicals–2.46%
Eastman Chemical Co.		461,287		47,987,687
Electric Utilities–4.72%
Entergy Corp.		341,657		35,197,504
Evergy, Inc.(b)		440,056		28,053,570
Exelon Corp.		540,814		28,765,897
				92,016,971
Electrical Components & Equipment–3.20%
Vertiv Holdings Co.(b)		2,433,411		62,489,994
Electronic Equipment & Instruments–2.05%
Vontier Corp.		1,183,558		40,039,767

	Shares		Value
Food Distributors–2.27%
Performance Food Group Co.(b)(c)		980,871	$	44,364,795
Health Care Distributors–1.88%
Henry Schein, Inc.(c)		480,094		36,655,177
Health Care Facilities–3.22%
Encompass Health Corp.		513,806		32,657,509
Universal Health Services, Inc., Class B		243,037		30,160,892
				62,818,401
Hotel & Resort REITs–2.33%
Host Hotels & Resorts, Inc.(c)		2,695,219		45,360,536
Hotels, Resorts & Cruise Lines–2.47%
Wyndham Hotels & Resorts, Inc.		570,167		48,162,007
Industrial Machinery–1.79%
Kennametal, Inc.(b)		878,762		34,930,790
Industrial REITs–1.50%
First Industrial Realty Trust, Inc.		501,014		29,174,045
Insurance Brokers–3.07%
Arthur J. Gallagher & Co.		357,189		59,889,880
Investment Banking & Brokerage–1.86%
Stifel Financial Corp.		498,503		36,325,914
Life & Health Insurance–4.09%
Athene Holding Ltd., Class A(c)		917,232		79,808,356
Managed Health Care–2.01%
Centene Corp.(c)		551,759		39,307,311
Marine–1.90%
Kirby Corp.(c)		708,781		37,147,212
Oil & Gas Exploration & Production–6.93%
Devon Energy Corp.		2,028,203		81,290,376
Pioneer Natural Resources Co.		288,194		53,886,514
				135,176,890
Other Diversified Financial Services–3.07%
Voya Financial, Inc.		858,869		59,923,290
Paper Packaging–1.89%
WestRock Co.		766,378		36,862,782
Regional Banks–10.61%
Huntington Bancshares, Inc.		3,320,116		52,258,626
KeyCorp		2,325,729		54,119,714
Wintrust Financial Corp.		553,079		48,947,491
Zions Bancorporation N.A.		818,995		51,588,495
				206,914,326
Residential REITs–3.03%
American Homes 4 Rent, Class A		710,824		28,859,454
UDR, Inc.		546,224		30,331,819
				59,191,273

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

4 Invesco American Value Fund

	Shares		Value
Semiconductor Equipment–1.52%
MKS Instruments, Inc.		197,220	$	29,592,861
Soft Drinks–1.91%
Coca-Cola Europacific Partners PLC (United Kingdom)		709,315		37,345,435
Total Common Stocks & Other Equity Interests (Cost $1,345,885,920)				1,914,245,254
Money Market Funds–2.10%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		12,502,894		12,502,894
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		14,251,259		14,255,534
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		14,289,022		14,289,022
Total Money Market Funds (Cost $41,045,309)				41,047,450
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.22% (Cost $1,386,931,229)				1,955,292,704

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.00%
Invesco Private Government Fund, 0.02%(d)(e)(f)		17,582,559	$	17,582,559
Invesco Private Prime Fund, 0.11%(d)(e)(f)		41,009,568		41,025,972
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $58,608,531)				58,608,531
TOTAL INVESTMENTS IN SECURITIES–103.22% (Cost $1,445,539,760)				2,013,901,235
OTHER ASSETS LESS LIABILITIES–(3.22)%				(62,874,139	)
NET ASSETS–100.00%			$	1,951,027,096

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)  All or a portion of this security was out on loan at October 31, 2021.

^(c)  Non-income producing security.

^(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, 2021.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	14,156,744		$	40,481,229		$	(42,135,079	)		$	-			$	-			$	12,502,894		$	1,675
Invesco Liquid Assets Portfolio, Institutional Class			15,093,238			28,915,163			(29,751,495	)			(1,051	)			(321	)			14,255,534			743
Invesco Treasury Portfolio, Institutional Class			16,179,136			46,264,261			(48,154,375	)			-				-				14,289,022			749
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			147,909,271			(130,326,712	)			-				-				17,582,559			1,867	*
Invesco Private Prime Fund			-			263,407,336			(222,381,364	)			-				-				41,025,972			26,589	*
Total		$	45,429,118		$	526,977,260		$	(472,749,025	)		$	(1,051	)		$	(321	)		$	99,655,981		$	31,623

* 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, 2021.

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

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

5 Invesco American Value Fund

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2021

Financials	25.48	%
Industrials	16.99
Consumer Discretionary	11.96
Health Care	7.11
Energy	6.93
Information Technology	6.93
Real Estate	6.86
Materials	5.63
Utilities	4.72
Consumer Staples	4.18
Communication Services	1.33
Money Market Funds Plus Other Assets Less Liabilities	1.88

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

6 Invesco American Value Fund

Statement of Assets and Liabilities

October 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,345,885,919)*	$1,914,245,254
Investments in affiliated money market funds, at value (Cost $99,653,841)	99,655,981
Receivable for:
Investments sold	8,686,071
Fund shares sold	379,834
Dividends	538,224
Investment for trustee deferred compensation and retirement plans	339,622
Other assets	70,673
Total assets	2,023,915,659
Liabilities:
Payable for:
Investments purchased	10,504,952
Fund shares reacquired	1,801,203
Collateral upon return of securities loaned	58,608,531
Accrued fees to affiliates	1,172,859
Accrued other operating expenses	341,698
Trustee deferred compensation and retirement plans	459,320
Total liabilities	72,888,563
Net assets applicable to shares outstanding	$1,951,027,096
Net assets consist of:
Shares of beneficial interest	$1,278,455,989
Distributable earnings	672,571,107
	$1,951,027,096

Net Assets:
Class A	$1,605,214,041
Class C	$     60,312,011
Class R	$     64,031,159
Class Y	$   146,487,856
Class R5	$     12,086,013
Class R6	$     62,896,016
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A	37,180,681
Class C	1,793,526
Class R	1,498,575
Class Y	3,358,051
Class R5	276,618
Class R6	1,439,440
Class A:
Net asset value per share	$              43.17
Maximum offering price per share (Net asset value of $43.17 ÷ 94.50%)	$              45.68
Class C:
Net asset value and offering price per share	$              33.63
Class R:
Net asset value and offering price per share	$              42.73
Class Y:
Net asset value and offering price per share	$              43.62
Class R5:
Net asset value and offering price per share	$              43.69
Class R6:
Net asset value and offering price per share	$              43.69

* At October 31, 2021, securities with an aggregate value of $56,915,621 were on loan to brokers.

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

7 Invesco American Value Fund

Statement of Operations

For the six months ended October 31, 2021

(Unaudited)

Investment income:
Dividends	$	14,346,493
Dividends from affiliated money market funds (includes securities lending income of $ 73,227)		76,394
Total investment income		14,422,887
Expenses:
Advisory fees		6,391,997
Administrative services fees		142,031
Distribution fees:
Class A		2,009,889
Class C		314,829
Class R		162,525
Transfer agent fees – A, C, R and Y		1,627,637
Transfer agent fees – R5		5,646
Transfer agent fees – R6		8,374
Trustees’ and officers’ fees and benefits		16,442
Registration and filing fees		51,960
Reports to shareholders		78,790
Professional services fees		25,255
Other		19,411
Total expenses		10,854,786
Less: Fees waived and/or expense offset arrangement(s)		(8,296	)
Net expenses		10,846,490
Net investment income		3,576,397
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		95,993,203
Affiliated investment securities		(321	)
		95,992,882
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(45,348,419	)
Affiliated investment securities		(1,051	)
		(45,349,470	)
Net realized and unrealized gain		50,643,412
Net increase in net assets resulting from operations	$	54,219,809

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

8 Invesco American Value Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)

	October 31, 2021			April 30, 2021
Operations:
Net investment income	$	3,576,397		$	4,162,325
Net realized gain		95,992,882			153,765,808
Change in net unrealized appreciation (depreciation)		(45,349,470	)		681,073,226
Net increase in net assets resulting from operations		54,219,809			839,001,359
Distributions to shareholders from distributable earnings:
Class A		–			(4,146,689	)
Class C		–			(94,111	)
Class R		–			(135,567	)
Class Y		–			(746,364	)
Class R5		–			(54,752	)
Class R6		–			(294,940	)
Total distributions from distributable earnings		–			(5,472,423	)
Share transactions–net:
Class A		(69,738,215	)		(198,498,005	)
Class C		(5,333,350	)		(34,173,796	)
Class R		(4,534,634	)		(12,237,225	)
Class Y		(6,537,550	)		(85,999,650	)
Class R5		(576,623	)		(4,378,364	)
Class R6		(2,904,714	)		(14,224,750	)
Net increase (decrease) in net assets resulting from share transactions		(89,625,086	)		(349,511,790	)
Net increase (decrease) in net assets		(35,405,277	)		484,017,146
Net assets:
Beginning of period		1,986,432,373			1,502,415,227
End of period	$	1,951,027,096		$	1,986,432,373

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

9 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 10/31/21		$	41.96		$	0.08			$	1.13			$	1.21			$	–			$	–			$	–			$	43.17		2.88	%		$	1,605,214		1.11	%(d)		1.11	%(d)		0.36	%(d)		23	%
Year ended 04/30/21			25.84			0.08				16.14				16.22				(0.10	)			–				(0.10	)			41.96		62.87				1,630,250		1.16			1.18			0.24			58
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
Class C
Six months ended 10/31/21			32.81			(0.06	)			0.88				0.82				–				–				–				33.63		2.50				60,312		1.86	(d)		1.86	(d)		(0.39	)(d)		23
Year ended 04/30/21			20.31			(0.11	)			12.65				12.54				(0.04	)			–				(0.04	)			32.81		61.76	(e)			64,246		1.86	(e)		1.89	(e)		(0.46	)(e)		58
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
Class R
Six months ended 10/31/21			41.58			0.02				1.13				1.15				–				–				–				42.73		2.77				64,031		1.36	(d)		1.36	(d)		0.11	(d)		23
Year ended 04/30/21			25.65			0.00				16.01				16.01				(0.08	)			–				(0.08	)			41.58		62.48				66,822		1.40			1.43			0.00			58
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
Class Y
Six months ended 10/31/21			42.34			0.13				1.15				1.28				–				–				–				43.62		3.02				146,488		0.86	(d)		0.86	(d)		0.61	(d)		23
Year ended 04/30/21			26.04			0.16				16.29				16.45				(0.15	)			–				(0.15	)			42.34		63.28				148,861		0.91			0.93			0.49			58
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
Class R5
Six months ended 10/31/21			42.39			0.15				1.15				1.30				–				–				–				43.69		3.06				12,086		0.78	(d)		0.78	(d)		0.69	(d)		23
Year ended 04/30/21			26.06			0.20				16.30				16.50				(0.17	)			–				(0.17	)			42.39		63.44				12,304		0.79			0.79			0.61			58
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
Class R6
Six months ended 10/31/21			42.38			0.16				1.15				1.31				–				–				–				43.69		3.09				62,896		0.72	(d)		0.72	(d)		0.75	(d)		23
Year ended 04/30/21			26.05			0.21				16.30				16.51				(0.18	)			–				(0.18	)			42.38		63.53				63,949		0.75			0.75			0.65			58
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

^(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)  Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.96%, 0.97%, 0.97%, 0.97%, and 0.97% for the years ended April 30, 2021, 2020, 2019, 2018 and 2017, respectively.

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

10 Invesco American Value Fund

Notes to Financial Statements

October 31, 2021

(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.

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

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

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

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

A security listed or traded on an exchange (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

11 Invesco American 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.

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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

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

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, there were no securities lending transactions with the Adviser.

J. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply

12 Invesco American Value Fund

chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $500 million		0.7200	%
Next $500 million		0.7150	%
Next $1 billion		0.5850	%
Next $4 billion		0.5625	%
Over $6 billion		0.5425	%

For the six months ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.65%.

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

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed 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 the Fund’s average daily net assets. 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, 2022. 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, 2023, 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, 2021, the Adviser waived advisory fees of $6,930.

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, 2021, 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $92,190 in front-end sales commissions from the sale of Class A shares and $1,179 and $441 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2021, the Fund incurred $27,026 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 American Value 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.

The following is a summary of the tiered valuation input levels, as of October 31, 2021. 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	$	1,914,245,254	$	–		$–	$	1,914,245,254
Money Market Funds		41,047,450		58,608,531		–		99,655,981
Total Investments	$	1,955,292,704	$	58,608,531		$–	$	2,013,901,235

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,366.

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, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term			Long-Term			Total
Not subject to expiration		$	80,062,174		$	24,401,047	$104,463,221

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2021 was $431,842,467 and $511,530,048, 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	$	578,687,180
Aggregate unrealized (depreciation) of investments		(34,239,201	)
Net unrealized appreciation of investments	$	544,447,979

Cost of investments for tax purposes is $1,469,453,256.

14 Invesco American Value Fund

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2021(a)						April 30, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		1,107,374		$	46,565,262			2,585,629		$	85,684,458
Class C		172,409			5,687,527			349,409			9,250,105
Class R		119,450			4,975,346			294,711			9,711,425
Class Y		226,277			9,626,134			830,670			27,018,870
Class R5		18,340			775,961			50,990			1,666,035
Class R6		159,625			6,773,854			330,842			10,668,544
Issued as reinvestment of dividends:
Class A		-			-			111,920			3,863,469
Class C		-			-			3,375			91,331
Class R		-			-			3,951			135,273
Class Y		-			-			16,838			586,139
Class R5		-			-			1,568			54,625
Class R6		-			-			8,210			285,886
Automatic conversion of Class C shares to Class A shares:
Class A		84,731			3,564,494			612,496			20,618,291
Class C		(108,595	)		(3,564,494	)		(781,618	)		(20,618,291	)
Reacquired:
Class A		(2,863,914	)		(119,867,971	)		(9,633,592	)		(308,664,223	)
Class C		(228,615	)		(7,456,383	)		(916,175	)		(22,896,941	)
Class R		(227,952	)		(9,509,980	)		(692,899	)		(22,083,923	)
Class Y		(383,776	)		(16,163,684	)		(3,277,162	)		(113,604,659	)
Class R5		(31,956	)		(1,352,584	)		(184,479	)		(6,099,024	)
Class R6		(229,045	)		(9,678,568	)		(788,405	)		(25,179,180	)
Net increase (decrease) in share activity		(2,185,647	)	$	(89,625,086	)		(11,073,721	)	$	(349,511,790	)

^(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.

15 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, 2021 through October 31, 2021.

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     (05/01/21)	Ending     Account Value     (10/31/21)1	Expenses       Paid During       Period2	Ending     Account Value (10/31/21)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,028.80	$5.68	$1,019.61	$5.65	1.11%
Class C	1,000.00	1,025.00	9.49	1,015.83	9.45	1.86
Class R	1,000.00	1,027.70	6.95	1,018.35	6.92	1.36
Class Y	1,000.00	1,030.20	4.40	1,020.87	4.38	0.86
Class R5	1,000.00	1,030.60	3.99	1,021.27	3.97	0.78
Class R6	1,000.00	1,030.90	3.69	1,021.58	3.67	0.72

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2021 through October 31, 2021, 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 American Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

    As part of the contract renewal process, the Board reviews and considers information provided in response to 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 and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, 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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell Midcap^® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one and five year periods and the third quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was below the performance of the Index for the one, three and five year periods. The Board noted that the Fund’s overweight and underweight exposures to certain sectors, as well as stock selection in 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, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense

17 Invesco American Value Fund

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

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

    The Board also received information about commissions that an affiliated broker may receive for

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

18 Invesco American Value Fund

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2021

Invesco Comstock Fund

Nasdaq:

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

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

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/21 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	8.22	%
Class C Shares	7.84
Class R Shares	8.12
Class Y Shares	8.36
Class R5 Shares	8.42
Class R6 Shares	8.43
S&P 500 Index▼ (Broad Market Index)	10.91
Russell 1000 Value Index▼ (Style-Specific Index)	5.47
Lipper Large-Cap Value Funds Index∎ (Peer Group Index)	6.32
Source(s): ▼RIMES Technologies Corp.;∎ Lipper Inc.
The S&P 500® Index is an unmanaged index considered representative of the US stock market. The Russell 1000® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.   The Lipper Large-Cap Value Funds Index is an unmanaged index considered representative of large-cap value funds tracked by Lipper.   The Fund is not managed to track the performance of any particular index, including the indexes described here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Comstock Fund

Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (10/7/68)	10.83	%
10 Years	11.92
5 Years	11.97
1 Year	50.98
Class C Shares
Inception (10/26/93)	9.94	%
10 Years	11.89
5 Years	12.42
1 Year	57.56
Class R Shares
Inception (10/1/02)	9.63	%
10 Years	12.28
5 Years	12.96
1 Year	59.34
Class Y Shares
Inception (10/29/04)	8.66	%
10 Years	12.84
5 Years	13.53
1 Year	60.09
Class R5 Shares
Inception (6/1/10)	12.82	%
10 Years	12.94
5 Years	13.61
1 Year	60.24
Class R6 Shares
10 Years	12.99	%
5 Years	13.70
1 Year	60.35

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.

3 Invesco Comstock Fund

Schedule of Investments^(a)

October 31, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.65%
Aerospace & Defense–1.25%
Textron, Inc.		1,688,406	$	124,688,783
Air Freight & Logistics–1.39%
FedEx Corp.		587,097		138,278,956
Application Software–1.13%
CDK Global, Inc.		2,592,056		112,806,277
Asset Management & Custody Banks–2.72%
Bank of New York Mellon Corp. (The)		3,118,403		184,609,457
State Street Corp.		871,207		85,857,450
				270,466,907
Automobile Manufacturers–1.91%
General Motors Co.(b)		3,487,685		189,834,695
Building Products–2.05%
Johnson Controls International PLC		2,786,397		204,437,948
Cable & Satellite–1.41%
Comcast Corp., Class A		2,730,922		140,451,318
Casinos & Gaming–0.71%
Las Vegas Sands Corp.(b)(c)		1,821,371		70,687,408
Communications Equipment–2.05%
Cisco Systems, Inc.		3,653,849		204,505,929
Construction Machinery & Heavy Trucks–3.12%
Caterpillar, Inc.		827,570		168,832,556
Wabtec Corp.(c)		1,566,987		142,172,730
				311,005,286
Consumer Finance–0.43%
Capital One Financial Corp.		283,370		42,797,371
Diversified Banks–11.08%
Bank of America Corp.		7,611,772		363,690,466
Citigroup, Inc.		4,858,956		336,045,397
JPMorgan Chase & Co.		812,453		138,027,640
Wells Fargo & Co.		5,184,004		265,213,645
				1,102,977,148
Electric Utilities–1.50%
Exelon Corp.		2,798,463		148,850,247
Electrical Components & Equipment–4.00%
Eaton Corp. PLC		1,309,254		215,712,689
Emerson Electric Co.		1,883,180		182,687,292
				398,399,981
Fertilizers & Agricultural Chemicals–2.71%
CF Industries Holdings, Inc.		2,130,590		121,017,512
Corteva, Inc.		3,441,145		148,485,407
				269,502,919
Health Care Distributors–2.38%
Henry Schein, Inc.(b)		1,434,259		109,505,675

	Shares		Value
Health Care Distributors–(continued)
McKesson Corp.		615,026	$	127,851,605
				237,357,280
Health Care Facilities–2.15%
HCA Healthcare, Inc.		487,203		122,024,863
Universal Health Services, Inc., Class B		745,164		92,474,853
				214,499,716
Health Care Services–1.63%
CVS Health Corp.		1,815,619		162,098,464
Health Care Supplies–0.67%
DENTSPLY SIRONA, Inc.		1,159,048		66,309,136
Hotel & Resort REITs–1.03%
Host Hotels & Resorts, Inc.(b)(c)		6,088,133		102,463,278
Hotels, Resorts & Cruise Lines–0.84%
Booking Holdings, Inc.(b)		34,738		84,093,056
Household Products–1.84%
Colgate-Palmolive Co.		898,771		68,477,363
Kimberly-Clark Corp.		884,425		114,524,193
				183,001,556
Industrial Conglomerates–1.35%
General Electric Co.		1,282,726		134,519,476
Integrated Oil & Gas–3.37%
Chevron Corp.		1,685,342		192,954,805
Suncor Energy, Inc. (Canada)		5,422,712		142,617,326
				335,572,131
Integrated Telecommunication Services–0.61%
AT&T, Inc.		2,388,511		60,333,788
Internet & Direct Marketing Retail–0.59%
eBay, Inc.(c)		764,524		58,654,281
Investment Banking & Brokerage–3.24%
Goldman Sachs Group, Inc. (The)		422,176		174,506,450
Morgan Stanley		1,443,427		148,355,427
				322,861,877
IT Consulting & Other Services–3.00%
Cognizant Technology Solutions Corp., Class A		2,467,196		192,663,335
DXC Technology Co.(b)		3,261,961		106,242,070
				298,905,405
Life & Health Insurance–0.94%
MetLife, Inc.		1,491,252		93,650,626
Managed Health Care–2.82%
Anthem, Inc.		547,367		238,175,802
UnitedHealth Group, Inc.		91,357		42,067,158
				280,242,960
Multi-line Insurance–2.66%
American International Group, Inc.		4,486,465		265,105,217

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

4 Invesco Comstock Fund

	Shares		Value
Oil & Gas Exploration & Production–8.63%
Canadian Natural Resources Ltd. (Canada)		3,093,672	$	131,486,060
ConocoPhillips		1,259,637		93,830,360
Devon Energy Corp.(c)		4,304,974		172,543,358
Hess Corp.(c)		1,510,730		124,740,976
Marathon Oil Corp.		9,979,220		162,860,870
Pioneer Natural Resources Co.(c)		930,667		174,016,116
				859,477,740
Packaged Foods & Meats–1.35%
Kraft Heinz Co. (The)		1,788,595		64,192,675
Tyson Foods, Inc., Class A		880,027		70,375,759
				134,568,434
Paper Packaging–1.32%
International Paper Co.		2,635,387		130,899,672
Paper Products–0.05%
Sylvamo Corp.(b)		176,489		4,969,930
Pharmaceuticals–4.98%
Bristol-Myers Squibb Co.		1,490,516		87,046,135
Johnson & Johnson		1,012,491		164,914,534
Merck & Co., Inc.		1,158,764		102,029,170
Sanofi, ADR (France)(c)		2,804,002		141,405,821
				495,395,660
Property & Casualty Insurance–0.90%
Allstate Corp. (The)		720,987		89,164,462
Regional Banks–3.33%
Citizens Financial Group, Inc.		2,979,003		141,145,162
Fifth Third Bancorp		3,189,601		138,843,332
Huntington Bancshares, Inc.		3,294,854		51,861,002
				331,849,496
Semiconductors–3.96%
Intel Corp.		2,008,457		98,414,393
NXP Semiconductors N.V. (China)		840,293		168,781,252
QUALCOMM, Inc.		956,289		127,224,689
				394,420,334

Investment Abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

	Shares		Value
Soft Drinks–1.72%
Coca-Cola Co. (The)		3,041,127	$	171,428,329
Systems Software–1.73%
Microsoft Corp.		518,910		172,080,934
Tobacco–4.10%
Altria Group, Inc.		2,921,451		128,865,204
Philip Morris International, Inc.		2,956,725		279,528,781
				408,393,985
Total Common Stocks & Other Equity Interests (Cost $5,627,099,896)				9,822,008,396
Money Market Funds–1.39%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		48,459,121		48,459,121
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		34,225,755		34,236,023
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		55,381,853		55,381,853
Total Money Market Funds (Cost $138,062,883)				138,076,997
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.04% (Cost $5,765,162,779)				9,960,085,393
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.14%
Invesco Private Government Fund, 0.02%(d)(e)(f)		34,090,683		34,090,683
Invesco Private Prime Fund, 0.11%(d)(e)(f)		79,513,121		79,544,926
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $113,635,609)				113,635,609
TOTAL INVESTMENTS IN SECURITIES–101.18% (Cost $5,878,798,388)				10,073,721,002
OTHER ASSETS LESS LIABILITIES—(1.18)%				(117,568,215	)
NET ASSETS–100.00%			$	9,956,152,787

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

5 Invesco Comstock Fund

Notes to Schedule of Investments:

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

^(b) Non-income producing security.

^(c) All or a portion of this security was out on loan at October 31, 2021.

^(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, 2021.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	47,711,355	$	176,254,337	$	(175,506,571	)	$	-		$	-		$	48,459,121	$	5,902
Invesco Liquid Assets Portfolio, Institutional Class		35,298,735		123,980,577		(125,040,385	)		(1,603	)		(1,301	)		34,236,023		1,641
Invesco Treasury Portfolio, Institutional Class		54,527,262		201,433,528		(200,578,937	)		-			-			55,381,853		2,642
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		18,814,880		349,877,116		(334,601,313	)		-			-			34,090,683		1,343*
Invesco Private Prime Fund		28,222,320		751,223,114		(699,900,508	)		-			-			79,544,926		20,529*
Total	$	184,574,552	$	1,602,768,672	$	(1,535,627,714	)	$	(1,603	)	$	(1,301	)	$	251,712,606	$	32,057

* 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, 2021.

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

Open Forward Foreign Currency Contracts
Settlement Date			Contract to					Unrealized Appreciation (Depreciation)
	Counterparty		Deliver			Receive
Currency Risk
12/03/2021	Canadian Imperial Bank of Commerce	CAD		158,689,316	USD		128,616,470		$393,851
12/03/2021	Canadian Imperial Bank of Commerce	EUR		60,367,121	USD		70,201,727		374,224
Subtotal–Appreciation									768,075
Currency Risk
12/03/2021	Deutsche Bank AG	USD		3,623,910	CAD		4,474,320		(8,613	)
12/03/2021	Goldman Sachs International	CAD		14,775,494	USD		11,921,517		(17,236	)
Subtotal–Depreciation									(25,849	)
Total Forward Foreign Currency Contracts									$742,226

Abbreviations:

CAD – Canadian Dollar

EUR – Euro

USD – U.S. Dollar

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

6 Invesco Comstock Fund

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2021

Financials	25.30%
Health Care	14.63
Industrials	13.16
Energy	12.00
Information Technology	11.87
Consumer Staples	9.01
Materials	4.08
Consumer Discretionary	4.05
Communication Services	2.02
Other Sectors, Each Less than 2% of Net Assets	2.53
Money Market Funds Plus Other Assets Less Liabilities	1.35

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, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $5,627,099,896)*	$	9,822,008,396
Investments in affiliated money market funds, at value (Cost $251,698,492)		251,712,606
Other investments:
Unrealized appreciation on forward foreign currency contracts outstanding		768,075
Foreign currencies, at value (Cost $609)		608
Receivable for: Fund shares sold		5,739,063
Dividends		11,412,624
Investment for trustee deferred compensation and retirement plans		964,382
Other assets		150,454
Total assets		10,092,756,208
Liabilities:
Other investments:
Unrealized depreciation on forward foreign currency contracts outstanding		25,849
Payable for: Fund shares reacquired		16,772,115
Collateral upon return of securities loaned		113,635,609
Accrued fees to affiliates		4,208,280
Accrued other operating expenses		867,571
Trustee deferred compensation and retirement plans		1,093,997
Total liabilities		136,603,421
Net assets applicable to shares outstanding	$	9,956,152,787
Net assets consist of:
Shares of beneficial interest	$	5,167,700,491
Distributable earnings		4,788,452,296
	$9,956,152,787

Net Assets:
Class A	$	6,150,444,320
Class C	$	90,217,255
Class R	$	137,378,345
Class Y	$	1,475,674,192
Class R5	$	433,395,276
Class R6	$	1,669,043,399
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		196,731,771
Class C		2,884,779
Class R		4,393,605
Class Y		47,199,700
Class R5		13,874,724
Class R6		53,454,073
Class A:
Net asset value per share	$	31.26
Maximum offering price per share (Net asset value of $31.26 ÷ 94.50%)	$	33.08
Class C:
Net asset value and offering price per share	$	31.27
Class R:
Net asset value and offering price per share	$	31.27
Class Y:
Net asset value and offering price per share	$	31.26
Class R5:
Net asset value and offering price per share	$	31.24
Class R6:
Net asset value and offering price per share	$	31.22

* At October 31, 2021, securities with an aggregate value of $114,086,642 were on loan to brokers.

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

8 Invesco Comstock Fund

Statement of Operations

For the six months ended October 31, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,588,423)	$	120,701,467
Dividends from affiliated money market funds (includes securities lending income of $54,172)		64,357
Total investment income		120,765,824
Expenses:
Advisory fees		18,855,832
Administrative services fees		723,641
Custodian fees		10,487
Distribution fees:
Class A		7,540,380
Class C		462,644
Class R		346,505
Transfer agent fees – A, C, R and Y		5,591,303
Transfer agent fees – R5		249,018
Transfer agent fees – R6		141,497
Trustees’ and officers’ fees and benefits		42,648
Registration and filing fees		116,323
Reports to shareholders		245,122
Professional services fees		50,574
Other		126,740
Total expenses		34,502,714
Less: Fees waived and/or expense offset arrangement(s)		(16,532	)
Net expenses		34,486,182
Net investment income		86,279,642
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		590,212,713
Affiliated investment securities		(1,301	)
Foreign currencies		(19,812	)
Forward foreign currency contracts		3,139,673
		593,331,273
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		104,553,975
Affiliated investment securities		(1,603	)
Foreign currencies		(4	)
Forward foreign currency contracts		1,357,814
		105,910,182
Net realized and unrealized gain		699,241,455
Net increase in net assets resulting from operations	$	785,521,097

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, 2021 and the year ended April 30, 2021

(Unaudited)

	October 31,			April 30,
	2021			2021
Operations:
Net investment income	$	86,279,642		$	158,370,247
Net realized gain		593,331,273			232,525,285
Change in net unrealized appreciation		105,910,182			3,544,476,864
Net increase in net assets resulting from operations		785,521,097			3,935,372,396
Distributions to shareholders from distributable earnings:
Class A		(41,861,120	)		(109,050,323	)
Class C		(293,791	)		(1,346,356	)
Class R		(785,610	)		(2,529,044	)
Class Y		(12,489,585	)		(31,208,483	)
Class R5		(4,094,385	)		(11,931,530	)
Class R6		(14,252,856	)		(38,369,502	)
Total distributions from distributable earnings		(73,777,347	)		(194,435,238	)
Share transactions–net:
Class A		(185,214,772	)		(786,522,668	)
Class C		(7,956,853	)		(42,907,613	)
Class R		(11,996,149	)		(48,825,482	)
Class Y		(143,634,150	)		(231,683,538	)
Class R5		(132,542,396	)		(117,675,123	)
Class R6		14,662,769			(1,432,702,814	)
Net increase (decrease) in net assets resulting from share transactions		(466,681,551	)		(2,660,317,238	)
Net increase in net assets		245,062,199			1,080,619,920
Net assets:
Beginning of period		9,711,090,588			8,630,470,668
End of period	$	9,956,152,787		$	9,711,090,588

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 10/31/21	$	29.09	$	0.25	$	2.13		$	2.38		$	(0.21	)	$	–		$	(0.21	)	$	31.26		8.22	%	$	6,150,444		0.80	%(d)		0.80	%(d)		1.64	%(d)		9	%
Year ended 04/30/21		18.95		0.40		10.24			10.64			(0.50	)		–			(0.50	)		29.09		56.89			5,900,704		0.82			0.82			1.74			19
Year ended 04/30/20		25.18		0.51		(4.88	)		(4.37	)		(0.52	)		(1.34	)		(1.86	)		18.95		(18.76	)		4,512,553		0.82			0.83			2.16			30
Year ended 04/30/19		26.67		0.46		0.23			0.69			(0.41	)		(1.77	)		(2.18	)		25.18		3.51			6,350,025		0.80			0.81			1.79			23
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
Class C
Six months ended 10/31/21		29.10		0.13		2.14			2.27			(0.10	)		–			(0.10	)		31.27		7.80			90,217		1.55	(d)		1.55	(d)		0.89	(d)		9
Year ended 04/30/21		18.95		0.23		10.25			10.48			(0.33	)		–			(0.33	)		29.10		55.82	(e)		91,597		1.56	(e)		1.56	(e)		1.00	(e)		19
Year ended 04/30/20		25.16		0.35		(4.87	)		(4.52	)		(0.35	)		(1.34	)		(1.69	)		18.95		(19.32	)(e)		96,492		1.49	(e)		1.50	(e)		1.49	(e)		30
Year ended 04/30/19		26.66		0.27		0.21			0.48			(0.21	)		(1.77	)		(1.98	)		25.16		2.68	(e)		158,707		1.54	(e)		1.55	(e)		1.05	(e)		23
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
Class R
Six months ended 10/31/21		29.09		0.21		2.14			2.35			(0.17	)		–			(0.17	)		31.27		8.12			137,378		1.05	(d)		1.05	(d)		1.39	(d)		9
Year ended 04/30/21		18.95		0.34		10.24			10.58			(0.44	)		–			(0.44	)		29.09		56.50			139,451		1.07			1.07			1.49			19
Year ended 04/30/20		25.17		0.45		(4.87	)		(4.42	)		(0.46	)		(1.34	)		(1.80	)		18.95		(18.95	)		133,186		1.07			1.08			1.91			30
Year ended 04/30/19		26.67		0.40		0.21			0.61			(0.34	)		(1.77	)		(2.11	)		25.17		3.20			212,843		1.05			1.06			1.54			23
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
Class Y
Six months ended 10/31/21		29.09		0.29		2.13			2.42			(0.25	)		–			(0.25	)		31.26		8.36			1,475,674		0.55	(d)		0.55	(d)		1.89	(d)		9
Year ended 04/30/21		18.95		0.45		10.25			10.70			(0.56	)		–			(0.56	)		29.09		57.28			1,511,312		0.57			0.57			1.99			19
Year ended 04/30/20		25.18		0.57		(4.88	)		(4.31	)		(0.58	)		(1.34	)		(1.92	)		18.95		(18.54	)		1,179,055		0.57			0.58			2.41			30
Year ended 04/30/19		26.68		0.52		0.22			0.74			(0.47	)		(1.77	)		(2.24	)		25.18		3.73			1,765,456		0.55			0.56			2.04			23
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
Class R5
Six months ended 10/31/21		29.06		0.29		2.15			2.44			(0.26	)		–			(0.26	)		31.24		8.42			433,395		0.51	(d)		0.51	(d)		1.93	(d)		9
Year ended 04/30/21		18.93		0.47		10.23			10.70			(0.57	)		–			(0.57	)		29.06		57.39			529,916		0.50			0.50			2.06			19
Year ended 04/30/20		25.16		0.58		(4.87	)		(4.29	)		(0.60	)		(1.34	)		(1.94	)		18.93		(18.50	)		440,298		0.50			0.51			2.48			30
Year ended 04/30/19		26.66		0.54		0.22			0.76			(0.49	)		(1.77	)		(2.26	)		25.16		3.80			665,081		0.48			0.49			2.11			23
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
Class R6
Six months ended 10/31/21		29.05		0.30		2.14			2.44			(0.27	)		–			(0.27	)		31.22		8.43			1,669,043		0.43	(d)		0.43	(d)		2.01	(d)		9
Year ended 04/30/21		18.92		0.48		10.24			10.72			(0.59	)		–			(0.59	)		29.05		57.56			1,538,111		0.42			0.42			2.14			19
Year ended 04/30/20		25.16		0.60		(4.88	)		(4.28	)		(0.62	)		(1.34	)		(1.96	)		18.92		(18.46	)		2,268,887		0.41			0.42			2.57			30
Year ended 04/30/19		26.66		0.56		0.22			0.78			(0.51	)		(1.77	)		(2.28	)		25.16		3.90			2,962,672		0.39			0.40			2.20			23
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

^(a)  Calculated using average shares outstanding.

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

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

^(d)  Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.99%, 0.92%, 0.99% and 0.99% for the years ended April 30, 2021, 2020, 2019 and 2018, 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, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

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

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, there were no securities lending transactions with the Adviser.

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)

13 Invesco Comstock Fund

currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

For the six months ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.38%.

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

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75% respectively, of the Fund’s average daily net assets (the “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, 2022. 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, 2023, 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, 2021, the Adviser waived advisory fees of $15,485.

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, 2021, 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc.(“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively the “Plans”). The Fund, pursuant to the Plans, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares, up to 1.00% of the average daily net assets of Class C shares, and up to 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of

14 Invesco Comstock Fund

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, 2021, 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, 2021, IDI advised the Fund that IDI retained $272,777 in front-end sales commissions from the sale of Class A shares and $9,910 and $1,545 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2021, the Fund incurred $24,977 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2			Level 3	Total
Investments in Securities
Common Stocks & Other Equity Interests		$9,822,008,396		$                  –		$–		$ 9,822,008,396
Money Market Funds		138,076,997		113,635,609		–		251,712,606
Total Investments in Securities		9,960,085,393		113,635,609		–		10,073,721,002
Other Investments - Assets*
Forward Foreign Currency Contracts		–		768,075		–		768,075
Other Investments - Liabilities*
Forward Foreign Currency Contracts		–		(25,849	)	–		(25,849	)
Total Other Investments		–		742,226		–		742,226
Total Investments		$9,960,085,393		$114,377,835		$–		$10,074,463,228

* 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, 2021:

Derivative Assets	Value     Currency Risk
Unrealized appreciation on forward foreign currency contracts outstanding	$	768,075
Derivatives not subject to master netting agreements		–
Total Derivative Assets subject to master netting agreements	$	768,075

15 Invesco Comstock Fund

	Value
	Currency
Derivative Liabilities	Risk
Unrealized depreciation on forward foreign currency contracts outstanding	$	(25,849	)
Derivatives not subject to master netting agreements		-
Total Derivative Liabilities subject to master netting agreements	$	(25,849	)

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, 2021.

Financial

Financial

Derivative

Derivative

Collateral

Assets

Liabilities

(Received)/Pledged

Forward Foreign

Forward Foreign

Net Value of Derivatives

Net Amount

Counterparty

Currency Contracts

Currency Contracts

Non-Cash

Cash

Canadian Imperial Bank of Commerce

$768,075

$          –

$768,075

$–

$–

$768,075

Deutsche Bank AG

–

(8,613)

(8,613

)

–

–

(8,613

)

Goldman Sachs International

–

(17,236)

(17,236

)

–

–

(17,236

)

Total

$768,075

$(25,849)

$742,226

$–

$–

$742,226

Effect of Derivative Investments for the six months ended October 31, 2021

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

	Location of Gain on
	Statement of Operations
	Currency
	Risk
Realized Gain:
Forward foreign currency contracts		$3,139,673
Change in Net Unrealized Appreciation:
Forward foreign currency contracts		1,357,814
Total		$4,497,487

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

	Forward
	Foreign Currency
	Contracts
Average notional value		$193,043,089

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,047.

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.

16 Invesco Comstock Fund

NOTE 8–Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss 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, 2021.

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2021 was $852,906,330 and $1,313,310,800, 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	$4,110,521,098
Aggregate unrealized (depreciation) of investments	(54,281,260	)
Net unrealized appreciation of investments	$4,056,239,838

Cost of investments for tax purposes is $6,018,223,390.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2021(a)						April 30, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		5,853,353			$    176,008,252			10,888,232			$    252,063,897
Class C		272,735			8,199,082			646,531			14,928,101
Class R		406,658			12,270,447			899,801			20,873,066
Class Y		4,601,747			138,651,572			13,598,852			315,877,559
Class R5		1,123,177			33,939,264			4,226,964			94,872,706
Class R6		6,369,969			191,272,526			11,985,297			275,892,609
Issued as reinvestment of dividends:
Class A		1,263,461			37,774,856			4,350,988			98,958,488
Class C		8,909			266,567			54,116			1,217,169
Class R		26,269			785,594			112,086			2,528,576
Class Y		338,109			10,102,717			1,170,051			26,638,401
Class R5		136,917			4,087,271			525,697			11,925,823
Class R6		462,880			13,816,438			1,661,476			37,588,662
Automatic conversion of Class C shares to Class A shares:
Class A		234,823			7,067,725			1,098,587			25,139,425
Class C		(234,780	)		(7,067,725	)		(1,098,084	)		(25,139,425	)
Reacquired:
Class A		(13,486,772	)		(406,065,605	)		(51,655,197	)		(1,162,684,478	)
Class C		(310,266	)		(9,354,777	)		(1,545,393	)		(33,913,458	)
Class R		(832,995	)		(25,052,190	)		(3,247,096	)		(72,227,124	)
Class Y		(9,696,028	)		(292,388,439	)		(25,045,738	)		(574,199,498	)
Class R5		(5,619,595	)		(170,568,931	)		(9,778,494	)		(224,473,652	)
Class R6		(6,324,911	)		(190,426,195	)		(80,597,132	)		(1,746,184,085	)
Net increase (decrease) in share activity		(15,406,340	)		$(466,681,551	)		(121,748,456	)		$(2,660,317,238	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 44% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

17 Invesco Comstock Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2021 through October 31, 2021.

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     (05/01/21)	Ending     Account Value     (10/31/21)1	Expenses     Paid During     Period2	Ending     Account Value     (10/31/21)	Expenses         Paid During         Period2	Annualized          Expense Ratio
Class A	$1,000.00	$1,082.20	$4.20	$1,021.17	$4.08	0.80%
Class C	1,000.00	1,078.40	8.12	1,017.39	7.88	1.55
Class R	1,000.00	1,081.20	5.51	1,019.91	5.35	1.05
Class Y	1,000.00	1,083.60	2.89	1,022.43	2.80	0.55
Class R5	1,000.00	1,084.20	2.68	1,022.63	2.60	0.51
Class R6	1,000.00	1,084.30	2.26	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, 2021 through October 31, 2021, 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 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Comstock Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

  As part of the contract renewal process, the Board reviews and considers information provided in response to 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 and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, 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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of

Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth quintile of its performance universe for the one and three year periods, and 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 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, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for Class A shares of the Fund was below the median contractual management fee

19 Invesco Comstock Fund

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

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

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

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board 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 requested and received additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial

fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers.

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

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

20 Invesco Comstock Fund

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Invesco mailing information

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

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2021

Invesco Comstock Select Fund

Nasdaq:

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

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

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/21 to 10/31/21, 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	6.95	%
Class C Shares	6.51
Class R Shares	6.82
Class Y Shares	7.06
Class R5 Shares	7.11
Class R6 Shares	7.11
Russell 1000 Value Index▼	5.47
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 insights about market and economic news and trends.

2 Invesco Comstock Select Fund

Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (9/16/85)	9.70	%
10 Years	10.85
5 Years	11.54
1 Year	50.36
Class C Shares
Inception (5/1/96)	7.33	%
10 Years	10.81
5 Years	11.96
1 Year	56.85
Class R Shares
Inception (3/1/01)	7.05	%
10 Years	11.20
5 Years	12.53
1 Year	58.70
Class Y Shares
Inception (12/16/96)	7.74	%
10 Years	11.79
5 Years	13.08
1 Year	59.52
Class R5 Shares
10 Years	11.58	%
5 Years	13.00
1 Year	59.61
Class R6 Shares
Inception (2/28/12)	11.55	%
5 Years	13.26
1 Year	59.67

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

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

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

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

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

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

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

3 Invesco Comstock Select Fund

Schedule of Investments^(a)

October 31, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.76%
Air Freight & Logistics–2.71%
FedEx Corp.		79,277	$	18,672,112
Application Software–3.44%
CDK Global, Inc.		544,760		23,707,955
Asset Management & Custody Banks–3.82%
Bank of New York Mellon Corp. (The)		444,824		26,333,581
Automobile Manufacturers–2.14%
General Motors Co.(b)		270,812		14,740,297
Building Products–2.52%
Johnson Controls International PLC		236,752		17,370,494
Construction Machinery & Heavy Trucks–6.05%
Caterpillar, Inc.		97,446		19,879,958
Wabtec Corp.		240,052		21,779,918
				41,659,876
Diversified Banks–13.72%
Bank of America Corp.		616,293		29,446,480
Citigroup, Inc.		386,128		26,704,612
Wells Fargo & Co.		749,177		38,327,895
				94,478,987
Electrical Components & Equipment–5.01%
Eaton Corp. PLC		107,172		17,657,659
Emerson Electric Co.		173,499		16,831,138
				34,488,797
Health Care Distributors–3.26%
Henry Schein, Inc.(b)		293,806		22,432,088
Health Care Facilities–2.74%
Universal Health Services, Inc., Class B		151,901		18,850,914
Integrated Oil & Gas–2.17%
Chevron Corp.		130,450		14,935,221
IT Consulting & Other Services–5.56%
Cognizant Technology Solutions Corp., Class A		310,569		24,252,333
DXC Technology Co.(b)		431,039		14,038,940
				38,291,273
Managed Health Care–5.57%
Anthem, Inc.		88,168		38,364,542

	Shares		Value
Multi-line Insurance–3.88%
American International Group, Inc.		451,616	$	26,685,989
Oil & Gas Exploration & Production–11.39%
Marathon Oil Corp.		2,590,578		42,278,233
Pioneer Natural Resources Co.		193,345		36,151,648
				78,429,881
Packaged Foods & Meats–3.87%
Kraft Heinz Co. (The)		742,823		26,659,918
Pharmaceuticals–7.59%
Johnson & Johnson		152,027		24,762,158
Merck & Co., Inc.		311,887		27,461,650
				52,223,808
Regional Banks–2.04%
Citizens Financial Group, Inc.		296,130		14,030,639
Semiconductors–2.44%
NXP Semiconductors N.V. (China)		83,518		16,775,426
Soft Drinks–4.18%
Coca-Cola Co. (The)		509,988		28,748,024
Systems Software–1.77%
Microsoft Corp.		36,643		12,151,552
Tobacco–2.89%
Philip Morris International, Inc.		210,328		19,884,409
Total Common Stocks & Other Equity Interests (Cost $514,493,593)				679,915,783
Money Market Funds–1.11%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		2,665,141		2,665,141
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(d)		1,916,488		1,917,063
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		3,045,875		3,045,875
Total Money Market Funds (Cost $7,628,124)				7,628,079
TOTAL INVESTMENTS IN SECURITIES-99.87% (Cost $522,121,717)				687,543,862
OTHER ASSETS LESS LIABILITIES–0.13%				904,471
NET ASSETS–100.00%			$	688,448,333

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

4 Invesco Comstock Select Fund

Notes to Schedule of Investments:

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

^(b)  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, 2021.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$5,015,602		$12,717,745		$(15,068,206	)		$    -			$    -		$2,665,141		$501
Invesco Liquid Assets Portfolio, Institutional Class		3,582,518		9,084,104		(10,749,455	)		(45	)		(59)		1,917,063		139
Invesco Treasury Portfolio, Institutional Class		5,732,116		14,534,566		(17,220,807	)		-			-		3,045,875		224
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		5,768,135		(5,768,135	)		-			-		-		2*
Invesco Private Prime Fund		-		13,458,981		(13,458,981	)		-			-		-		77*
Total		$14,330,236		$55,563,531		$(62,265,584	)		$(45	)		$(59)		$7,628,079		$943

* 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, 2021.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2021

Financials	23.46	%
Health Care	19.16
Industrials	16.29
Energy	13.56
Information Technology	13.21
Consumer Staples	10.94
Consumer Discretionary	2.14
Money Market Funds Plus Other Assets Less Liabilities	1.24

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

5 Invesco Comstock Select Fund

Statement of Assets and Liabilities

October 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $514,493,593)	$	679,915,783
Investments in affiliated money market funds, at value (Cost $7,628,124)		7,628,079
Cash		1,000,000
Foreign currencies, at value (Cost $245)		259
Receivable for:
Fund shares sold		140,443
Dividends		622,546
Investment for trustee deferred compensation and retirement plans		145,640
Other assets		75,065
Total assets		689,527,815
Liabilities:
Payable for:
Fund shares reacquired		300,177
Accrued fees to affiliates		359,987
Accrued trustees’ and officers’ fees and benefits		67,793
Accrued other operating expenses		205,885
Trustee deferred compensation and retirement plans		145,640
Total liabilities		1,079,482
Net assets applicable to shares outstanding	$	688,448,333
Net assets consist of:
Shares of beneficial interest	$	495,581,295
Distributable earnings		192,867,038
	$	688,448,333

Net Assets:
Class A	$	551,149,620
Class C	$	31,361,498
Class R	$	40,370,597
Class Y	$	57,237,700
Class R5	$	11,187
Class R6	$	8,317,731
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		15,401,683
Class C		938,413
Class R		1,161,195
Class Y		1,549,545
Class R5		313
Class R6		225,818
Class A:
Net asset value per share	$	35.79
Maximum offering price per share (Net asset value of $35.79 ÷ 94.50%)	$	37.87
Class C:
Net asset value and offering price per share	$	33.42
Class R:
Net asset value and offering price per share	$	34.77
Class Y:
Net asset value and offering price per share	$	36.94
Class R5:
Net asset value and offering price per share	$	35.74
Class R6:
Net asset value and offering price per share	$	36.83

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

6 Invesco Comstock Select Fund

Statement of Operations

For the six months ended October 31, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $46,802)	$	6,711,962
Dividends from affiliated money market funds (includes securities lending income of $1,196)		2,060
Total investment income		6,714,022
Expenses:
Advisory fees		1,772,098
Administrative services fees		47,033
Custodian fees		3,978
Distribution fees:
Class A		658,001
Class C		156,469
Class R		99,041
Transfer agent fees – A, C, R and Y		467,011
Transfer agent fees – R5		2
Transfer agent fees – R6		1,317
Trustees’ and officers’ fees and benefits		11,025
Registration and filing fees		49,956
Reports to shareholders		44,866
Professional services fees		22,183
Other		13,451
Total expenses		3,346,431
Less: Fees waived, expenses reimbursed and/or expense offset arrangement(s)		(83,739	)
Net expenses		3,262,692
Net investment income		3,451,330
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		49,728,537
Affiliated investment securities		(59	)
Foreign currencies		(2,697	)
		49,725,781
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(8,236,883	)
Affiliated investment securities		(45	)
Foreign currencies		(3	)
		(8,236,931	)
Net realized and unrealized gain		41,488,850
Net increase in net assets resulting from operations	$	44,940,180

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

7 Invesco Comstock Select Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)

	October 31, 2021			April 30, 2021
Operations:
Net investment income	$	3,451,330		$	11,815,161
Net realized gain		49,725,781			2,210,190
Change in net unrealized appreciation (depreciation)		(8,236,931	)		291,216,114
Net increase in net assets resulting from operations		44,940,180			305,241,465
Distributions to shareholders from distributable earnings:
Class A		(3,153,834	)		(11,554,400	)
Class C		(61,801	)		(535,792	)
Class R		(177,089	)		(745,370	)
Class Y		(361,016	)		(981,252	)
Class R5		(81	)		(246	)
Class R6		(64,289	)		(2,543,782	)
Total distributions from distributable earnings		(3,818,110	)		(16,360,842	)
Share transactions-net:
Class A		(28,550,280	)		(45,987,674	)
Class C		(950,219	)		(9,129,112	)
Class R		(1,628,427	)		(2,240,581	)
Class Y		8,136,467			38,193
Class R6		1,275,527			(479,728,789	)
Net increase (decrease) in net assets resulting from share transactions		(21,716,932	)		(537,047,963	)
Net increase (decrease) in net assets		19,405,138			(248,167,340	)
Net assets:
Beginning of period		669,043,195			917,210,535
End of period	$	688,448,333		$	669,043,195

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

8 Invesco Comstock Select Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return(b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c)			Ratio of net investment income to average net assets			Portfolio turnover (d)
Class A
Six months ended 10/31/21		$33.66		$0.18		$2.15			$2.33			$(0.20	)		$        –			$(0.20	)		$35.79		6.95	%(e)		$551,150		0.94	%(e)(f)		0.96	%(e)(f)		1.04	%(e)(f)		27	%
Year ended 04/30/21		21.50		0.46		12.39			12.85			(0.69	)		–			(0.69	)		33.66		60.66	(e)		546,503		0.93	(e)		1.04	(e)		1.75	(e)		46
Six months ended 04/30/20		33.81		0.29		(5.00	)		(4.71	)		(0.29	)		(7.31	)		(7.60	)		21.50		(19.00	)		388,558		0.93	(f)		0.97	(f)		2.17	(f)		11
Year ended 10/31/19		35.63		0.58		2.00			2.58			(0.56	)		(3.84	)		(4.40	)		33.81		8.66			524,705		0.93			0.95			1.79			129
Year ended 10/31/18		37.62		0.51		(0.32	)		0.19			(0.52	)		(1.66	)		(2.18	)		35.63		0.35			500,866		0.93			0.93			1.37			45
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
Class C
Six months ended 10/31/21		31.44		0.05		1.99			2.04			(0.06	)		–			(0.06	)		33.42		6.51			31,361		1.69	(f)		1.72	(f)		0.29	(f)		27
Year ended 04/30/21		20.08		0.24		11.58			11.82			(0.46	)		–			(0.46	)		31.44		59.49			30,455		1.68			1.80			1.00			46
Six months ended 04/30/20		32.01		0.18		(4.64	)		(4.46	)		(0.16	)		(7.31	)		(7.47	)		20.08		(19.29	)		27,325		1.68	(f)		1.73	(f)		1.41	(f)		11
Year ended 10/31/19		33.95		0.32		1.89			2.21			(0.31	)		(3.84	)		(4.15	)		32.01		7.86			40,759		1.68			1.69			1.03			129
Year ended 10/31/18		35.96		0.22		(0.31	)		(0.09	)		(0.26	)		(1.66	)		(1.92	)		33.95		(0.44	)		96,108		1.69			1.69			0.62			45
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
Class R
Six months ended 10/31/21		32.70		0.13		2.09			2.22			(0.15	)		–			(0.15	)		34.77		6.82			40,371		1.19	(f)		1.22	(f)		0.79	(f)		27
Year ended 04/30/21		20.89		0.38		12.04			12.42			(0.61	)		–			(0.61	)		32.70		60.24			39,590		1.18			1.30			1.50			46
Six months ended 04/30/20		33.04		0.25		(4.85	)		(4.60	)		(0.24	)		(7.31	)		(7.55	)		20.89		(19.11	)		27,340		1.18	(f)		1.23	(f)		1.92	(f)		11
Year ended 10/31/19		34.91		0.49		1.96			2.45			(0.48	)		(3.84	)		(4.32	)		33.04		8.41			36,469		1.18			1.20			1.54			129
Year ended 10/31/18		36.91		0.41		(0.32	)		0.09			(0.43	)		(1.66	)		(2.09	)		34.91		0.08			38,411		1.18			1.18			1.12			45
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
Class Y
Six months ended 10/31/21		34.75		0.23		2.21			2.44			(0.25	)		–			(0.25	)		36.94		7.06			57,238		0.69	(f)		0.72	(f)		1.29	(f)		27
Year ended 04/30/21		22.19		0.54		12.80			13.34			(0.78	)		–			(0.78	)		34.75		61.10			45,879		0.68			0.80			2.00			46
Six months ended 04/30/20		34.70		0.34		(5.21	)		(4.87	)		(0.33	)		(7.31	)		(7.64	)		22.19		(18.95	)		29,843		0.68	(f)		0.73	(f)		2.41	(f)		11
Year ended 10/31/19		36.44		0.68		2.07			2.75			(0.65	)		(3.84	)		(4.49	)		34.70		8.97			70,677		0.68			0.71			2.03			129
Year ended 10/31/18		38.43		0.62		(0.34	)		0.28			(0.61	)		(1.66	)		(2.27	)		36.44		0.55			72,317		0.68			0.68			1.61			45
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
Class R5
Six months ended 10/31/21		33.62		0.24		2.14			2.38			(0.26	)		–			(0.26	)		35.74		7.11			11		0.59	(f)		0.61	(f)		1.39	(f)		27
Year ended 04/30/21		21.47		0.55		12.38			12.93			(0.78	)		–			(0.78	)		33.62		61.27			11		0.57			0.60			2.11			46
Six months ended 04/30/20		33.80		0.34		(5.02	)		(4.68	)		(0.34	)		(7.31	)		(7.65	)		21.47		(18.88	)		7		0.57	(f)		0.57	(f)		2.52	(f)		11
Period ended 10/31/19(g)		31.94		0.31		1.93			2.24			(0.38	)		–			(0.38	)		33.80		7.03			11		0.57	(f)		0.57	(f)		2.15	(f)		129
Class R6
Six months ended 10/31/21		34.65		0.25		2.20			2.45			(0.27	)		–			(0.27	)		36.83		7.11			8,318		0.55	(f)		0.61	(f)		1.43	(f)		27
Year ended 04/30/21		22.13		0.51		12.83			13.34			(0.82	)		–			(0.82	)		34.65		61.33			6,606		0.52			0.58			2.16			46
Six months ended 04/30/20		34.63		0.36		(5.19	)		(4.83	)		(0.36	)		(7.31	)		(7.67	)		22.13		(18.88	)		444,138		0.52	(f)		0.54	(f)		2.58	(f)		11
Year ended 10/31/19		36.38		0.73		2.06			2.79			(0.70	)		(3.84	)		(4.54	)		34.63		9.13			656,678		0.52			0.52			2.20			129
Year ended 10/31/18		38.37		0.68		(0.33	)		0.35			(0.68	)		(1.66	)		(2.34	)		36.38		0.75			1,039,697		0.52			0.52			1.78			45
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

^(a)  Calculated using average units 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 and 2016, 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, 2021 and the year ended April 30, 2021.

^(f)  Annualized.

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

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

9 Invesco Comstock Select Fund

Notes to Financial Statements

October 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

10 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

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

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, there were no securities lending transactions with the Adviser.

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)

11 Invesco Comstock Select Fund

currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

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

For the six months ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.52%.

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

Effective September 1, 2021, through at least August 31, 2022, the Adviser has contractually agreed 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 0.96%, 1.71%, 1.21%, 0.71%, 0.71% and 0.71%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to September 1, 2021, the Adviser had agreed 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 the Fund’s average daily net assets. 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, 2022. 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, 2023, 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, 2021, the Adviser waived advisory fees of $2,445 and reimbursed class level expenses of $61,827, $4,553, $5,712, $7,236, $1 and $1,317 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, 2021, 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

12 Invesco Comstock Select Fund

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2021, 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $24,167 in front-end sales commissions from the sale of Class A shares and $0 and $233 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2021, the Fund incurred $6,191 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.

As of October 31, 2021, 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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $648.

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.

13 Invesco Comstock Select Fund

The Fund had a capital loss carryforward as of April 30, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term	Long-Term	Total
Not subject to expiration	$21,063,024	$-	$21,063,024

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2021 was $177,774,296 and $193,061,211, 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	$173,613,476
Aggregate unrealized (depreciation) of investments	(8,824,598	)
Net unrealized appreciation of investments	$164,788,878

Cost of investments for tax purposes is $522,754,984.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2021(a)						April 30, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		483,780		$	16,650,867			1,111,374		$	29,792,773
Class C		87,306			2,818,381			217,474			5,778,591
Class R		77,790			2,606,334			202,383			5,300,783
Class Y		367,708			13,045,569			660,759			18,061,065
Class R6		94,651			3,374,215			94,288			2,862,540
Issued as reinvestment of dividends:
Class A		88,058			2,999,938			415,403			11,014,435
Class C		1,902			60,557			21,154			522,559
Class R		5,334			176,582			28,780			742,928
Class Y		6,182			217,346			25,381			691,658
Class R6		1,768			61,969			106,861			2,543,224
Automatic conversion of Class C shares to Class A shares:
Class A		37,240			1,290,713			288,507			7,853,680
Class C		(39,873	)		(1,290,713	)		(308,753	)		(7,853,680	)
Reacquired:
Class A		(1,442,029	)		(49,491,798	)		(3,655,749	)		(94,648,562	)
Class C		(79,502	)		(2,538,444	)		(321,994	)		(7,576,582	)
Class R		(132,486	)		(4,411,343	)		(329,644	)		(8,284,292	)
Class Y		(144,669	)		(5,126,448	)		(710,850	)		(18,714,530	)
Class R6		(61,265	)		(2,160,657	)		(20,076,814	)		(485,134,553	)
Net increase (decrease) in share activity		(648,105	)	$	(21,716,932	)		(22,231,440	)	$	(537,047,963	)

^(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.

14 Invesco Comstock Select Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2021 through October 31, 2021.

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     (05/01/21)	Ending     Account Value     (10/31/21)1	Expenses       Paid During       Period2, 3	Ending     Account Value     (10/31/21)	Expenses       Paid During       Period2, 4	Annualized       Expense Ratio
Class A	$1,000.00	$1,069.50	$4.90	$1,020.47	$4.79	0.94%
Class C	1,000.00	1,065.10	8.80	1,016.69	8.59	1.69
Class R	1,000.00	1,068.20	6.20	1,019.21	6.06	1.19
Class Y	1,000.00	1,070.60	3.60	1,021.73	3.52	0.69
Class R5	1,000.00	1,071.10	3.08	1,022.23	3.01	0.59
Class R6	1,000.00	1,071.10	2.87	1,022.43	2.80	0.55

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2021 through October 31, 2021, 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. Effective September 1, 2021, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 0.96%, 1.71%, 1.21%, 0.71%, 0.71% and 0.71% of average daily net assets, respectively. The annualized expense ratios restated as if these agreements had been in effect throughout the entire most recent fiscal half year are 0.96%, 1.71%, 1.21%, 0.71%, 0.61% and 0.61% for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

³  The actual expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $5.01, $8.90, $6.31, $3.71, $3.18 and $3.18 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

⁴  The hypothetical expenses paid restated as if the changes discussed above had been in effect throughout the entire most recent half year are $4.89, $8.69, $6.16, $3.62, $3.11 and $3.11 for of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively.

15 Invesco Comstock Select Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, the Board of Trustees (the Board or the Trustees) of AIM Sector Funds (Invesco Sector Funds) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Comstock Select Fund’s (the Fund) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and separate sub-advisory contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited and OppenheimerFunds, Inc. (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

    As part of the contract renewal process, the Board reviews and considers information provided in response to 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 and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, 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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is

part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 1000^® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the fifth 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 considered that the Fund was created in connection with Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board noted that the Fund’s stock selection in and overweight exposure to certain sectors detracted from 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

16 Invesco Comstock Select Fund

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

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

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

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

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared

with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

    The Board considered the benefits realized by Invesco Advisers and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements may result in the Fund bearing costs to purchase research that may be used by Invesco Advisers or the Affiliated Sub-Advisers with other clients and may reduce Invesco Advisers’ or the Affiliated Sub-Advisers’ expenses. The Board also considered that it receives from Invesco Advisers periodic reports that include a representation to the

effect that these arrangements are consistent with regulatory requirements. The Board did not deem the soft dollar arrangements to be inappropriate.

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

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

17 Invesco Comstock Select Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2021

Invesco Dividend Income Fund

Nasdaq:

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

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

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/21 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	3.32	%
Class C Shares	2.94
Class R Shares	3.19
Class Y Shares	3.46
Investor Class Shares	3.32
Class R5 Shares	3.47
Class R6 Shares	3.50
S&P 500 Index▼ (Broad Market Index)	10.91
Dow Jones U.S. Select Dividend Index▼ (Style-Specific Index)	1.55
Russell 1000 Value Index▼ (Style-Specific Index)	5.47
Lipper Equity Income Funds Index∎ (Peer Group Index)	6.65
Source(s): ▼RIMES Technologies Corp.; ∎Lipper 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 index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Dividend Income Fund

Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	8.13	%
10 Years	8.96
5 Years	6.82
1 Year	22.20
Class C Shares
Inception (2/14/00)	4.62	%
10 Years	8.93
5 Years	7.23
1 Year	27.34
Class R Shares
10 Years	9.30	%
5 Years	7.77
1 Year	28.95
Class Y Shares
Inception (10/3/08)	9.33	%
10 Years	9.85
5 Years	8.30
1 Year	29.59
Investor Class Shares
Inception (6/2/86)	8.49	%
10 Years	9.57
5 Years	8.03
1 Year	29.31
Class R5 Shares
Inception (10/25/05)	8.55	%
10 Years	9.91
5 Years	8.36
1 Year	29.64
Class R6 Shares
10 Years	9.94	%
5 Years	8.45
1 Year	29.78

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.

3 Invesco Dividend Income Fund

Schedule of Investments^(a)

October 31, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.03%
Aerospace & Defense–3.70%
General Dynamics Corp.		163,887	$	33,228,089
Lockheed Martin Corp.		180,389		59,946,873
Raytheon Technologies Corp.		571,449		50,778,958
				143,953,920
Apparel Retail–0.24%
Gap, Inc. (The)		405,133		9,192,468
Asset Management & Custody Banks–1.80%
State Street Corp.		710,992		70,068,262
Automobile Manufacturers–0.96%
Bayerische Motoren Werke AG (Germany)		368,845		37,205,321
Biotechnology–0.53%
AbbVie, Inc.		180,628		20,712,613
Brewers–1.17%
Molson Coors Beverage Co., Class B(b)		1,034,082		45,592,675
Cable & Satellite–1.69%
Comcast Corp., Class A		1,278,753		65,766,267
Communications Equipment–2.40%
Cisco Systems, Inc.		1,666,173		93,255,703
Construction Machinery & Heavy Trucks–1.00%
Caterpillar, Inc.		190,831		38,931,432
Diversified Banks–3.20%
Bank of America Corp.		2,611,337		124,769,682
Electric Utilities–3.39%
Entergy Corp.(b)		335,914		34,605,860
Exelon Corp.		930,066		49,470,211
Portland General Electric Co.		975,710		48,112,260
				132,188,331
Electrical Components & Equipment–3.01%
ABB Ltd. (Switzerland)		1,598,685		53,029,171
Emerson Electric Co.		662,516		64,270,677
				117,299,848
Food Distributors–0.93%
Sysco Corp.		470,205		36,158,764
Gas Utilities–3.10%
National Fuel Gas Co.		1,430,061		82,128,403
Southwest Gas Holdings, Inc.		557,024		38,573,912
				120,702,315
General Merchandise Stores–2.04%
Target Corp.		306,623		79,605,463
Gold–0.96%
Newmont Corp.		690,038		37,262,052

	Shares		Value
Health Care Equipment–2.08%
Becton, Dickinson and Co.		148,273	$	35,524,728
Medtronic PLC		378,163		45,326,617
				80,851,345
Health Care Services–1.79%
CVS Health Corp.		782,246		69,838,923
Home Improvement Retail–1.26%
Lowe’s Cos., Inc.		210,368		49,188,246
Hypermarkets & Super Centers–2.04%
Walmart, Inc.		530,354		79,245,495
Industrial Machinery–2.73%
Kennametal, Inc.(b)		1,100,297		43,736,806
Snap-on, Inc.		172,858		35,129,931
Stanley Black & Decker, Inc.		152,580		27,423,203
				106,289,940
Integrated Oil & Gas–4.53%
Chevron Corp.		354,308		40,564,723
Exxon Mobil Corp.		889,056		57,317,440
TotalEnergies SE (France)		1,568,295		78,632,464
				176,514,627
Integrated Telecommunication Services–4.09%
AT&T, Inc.		2,407,868		60,822,746
Deutsche Telekom AG (Germany)		1,430,635		26,600,096
Verizon Communications, Inc.		1,356,547		71,883,425
				159,306,267
IT Consulting & Other Services–2.82%
Cognizant Technology Solutions Corp., Class A		622,284		48,594,158
International Business Machines Corp.		490,315		61,338,406
				109,932,564
Multi-line Insurance–1.92%
Hartford Financial Services Group, Inc. (The)		1,024,327		74,704,168
Multi-Utilities–3.85%
Dominion Energy, Inc.		1,027,026		77,982,084
Public Service Enterprise Group, Inc.		1,126,807		71,890,287
				149,872,371
Oil & Gas Exploration & Production–1.06%
ConocoPhillips		552,638		41,166,005
Oil & Gas Storage & Transportation–1.59%
Enbridge, Inc. (Canada)		1,480,307		62,006,395
Packaged Foods & Meats–5.65%
Campbell Soup Co.(b)		1,315,887		52,569,686
General Mills, Inc.		653,989		40,416,520
Kraft Heinz Co. (The)		1,588,058		56,995,402
Nestle S.A. (Switzerland)		531,085		70,151,193
				220,132,801

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

4 Invesco Dividend Income Fund

	Shares		Value
Paper Packaging–1.28%
International Paper Co.		526,315	$	26,142,066
Sonoco Products Co.		410,222		23,772,365
				49,914,431
Pharmaceuticals–9.41%
AstraZeneca PLC (United Kingdom)		249,868		31,177,026
Eli Lilly and Co.		230,329		58,678,616
GlaxoSmithKline PLC (United Kingdom)		2,060,684		42,815,884
Johnson & Johnson		745,397		121,410,263
Merck & Co., Inc.		1,275,977		112,349,775
				366,431,564
Property & Casualty Insurance–4.03%
Chubb Ltd.		374,968		73,261,248
Travelers Cos., Inc. (The)		521,011		83,820,250
				157,081,498
Regional Banks–7.96%
Cullen/Frost Bankers, Inc.(b)		484,091		62,689,784
Fifth Third Bancorp		1,644,175		71,570,938
M&T Bank Corp.		647,314		95,232,836
Regions Financial Corp.		3,400,208		80,516,925
				310,010,483
Restaurants–2.29%
McDonald’s Corp.		363,912		89,358,592
Semiconductors–1.55%
Broadcom, Inc.		40,915		21,753,278
Microchip Technology, Inc.(b)		518,968		38,450,339
				60,203,617
Soft Drinks–1.98%
Coca-Cola Co. (The)		1,367,698		77,097,136
Specialized REITs–2.47%
Crown Castle International Corp.		288,889		52,086,687
Weyerhaeuser Co.(b)		1,233,317		44,054,083
				96,140,770
Specialty Chemicals–1.53%
DuPont de Nemours, Inc.		853,450		59,400,120
Total Common Stocks & Other Equity Interests (Cost $2,885,502,604)				3,817,352,474

Investment Abbreviations:

REIT – Real Estate Investment Trust

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes–0.01%
Tobacco–0.01%
Reynolds American, Inc. (United Kingdom), 7.00%, 08/04/2041(c) (Cost $358,490)	$	354,000	$	470,187
	Shares
Money Market Funds–1.69%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		15,101,848		15,101,848
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		33,325,125		33,335,123
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		17,259,255		17,259,256
Total Money Market Funds (Cost $65,691,534)				65,696,227
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.73% (Cost $2,951,552,628)				3,883,518,888
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–1.78%
Invesco Private Government Fund, 0.02%(d)(e)(f)		20,786,075		20,786,075
Invesco Private Prime Fund, 0.11%(d)(e)(f)		48,481,449		48,500,842
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $69,286,917)				69,286,917
TOTAL INVESTMENTS IN SECURITIES–101.51% (Cost $3,020,839,545)				3,952,805,805
OTHER ASSETS LESS LIABILITIES—(1.51)%				(58,644,086	)
NET ASSETS–100.00%			$	3,894,161,719

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

5 Invesco Dividend Income Fund

Notes to Schedule of Investments:

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

^(b) All or a portion of this security was out on loan at October 31, 2021.

^(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, 2021 represented less than 1% of the Fund’s Net Assets.

^(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, 2021.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	53,858,374	$	115,703,762	$	(154,460,288	)	$	-		$	-	$	15,101,848	$	4,123
Invesco Liquid Assets Portfolio, Institutional Class		61,353,363		82,295,854		(110,309,087	)		(8,332	)		3,325		33,335,123		2,332
Invesco Treasury Portfolio, Institutional Class		61,552,428		132,232,871		(176,526,043	)		-			-		17,259,256		1,833
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		31,145,400		138,586,881		(148,946,206	)		-			-		20,786,075		1,349*
Invesco Private Prime Fund		46,718,100		307,267,393		(305,484,651	)		-			-		48,500,842		20,395*
Total	$	254,627,665	$	776,086,761	$	(895,726,275	)	$	(8,332	)	$	3,325	$	134,983,144	$	30,032

* 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, 2021.

^(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 1J.

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2021

Financials	18.91%
Health Care	13.81
Consumer Staples	11.78
Industrials	10.44
Utilities	10.34
Energy	7.18
Consumer Discretionary	6.79
Information Technology	6.77
Communication Services	5.78
Materials	3.77
Real Estate	2.47
Money Market Funds Plus Other Assets Less Liabilities	1.96

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

6 Invesco Dividend Income Fund

Statement of Assets and Liabilities

October 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $2,885,861,094)*	$	3,817,822,661
Investments in affiliated money market funds, at value (Cost $134,978,451)		134,983,144
Foreign currencies, at value (Cost $532,562)		536,259
Receivable for:
Investments sold		17,304,044
Fund shares sold		699,949
Dividends		6,590,603
Interest		5,931
Investment for trustee deferred compensation and retirement plans		352,003
Other assets		85,855
Total assets		3,978,380,449
Liabilities:
Payable for:
Investments purchased		9,150,162
Fund shares reacquired		2,763,406
Collateral upon return of securities loaned		69,286,917
Accrued fees to affiliates		2,048,082
Accrued trustees’ and officers’ fees and benefits		52,301
Accrued other operating expenses		483,769
Trustee deferred compensation and retirement plans		434,093
Total liabilities		84,218,730
Net assets applicable to shares outstanding	$	3,894,161,719
Net assets consist of:
Shares of beneficial interest	$	2,797,580,408
Distributable earnings		1,096,581,311
	$	3,894,161,719

Net Assets:
Class A	$	2,885,853,170
Class C	$	256,480,106
Class R	$	110,946,467
Class Y	$	331,067,549
Investor Class	$	73,182,228
Class R5	$	1,722,451
Class R6	$	234,909,748
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		110,018,561
Class C		9,647,334
Class R		4,230,115
Class Y		12,487,663
Investor Class		2,760,451
Class R5		65,636
Class R6		8,944,103
Class A:
Net asset value per share	$	26.23
Maximum offering price per share (Net asset value of $26.23 ÷ 94.50%)	$	27.76
Class C:
Net asset value and offering price per share	$	26.59
Class R:
Net asset value and offering price per share	$	26.23
Class Y:
Net asset value and offering price per share	$	26.51
Investor Class:
Net asset value and offering price per share	$	26.51
Class R5:
Net asset value and offering price per share	$	26.24
Class R6:
Net asset value and offering price per share	$	26.26

* At October 31, 2021, securities with an aggregate value of $68,010,293 were on loan to brokers.

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

7 Invesco Dividend Income Fund

Statement of Operations

For the six months ended October 31, 2021

(Unaudited)

Investment income:
Interest	$	53,545
Dividends (net of foreign withholding taxes of $864,757)		55,511,618
Dividends from affiliated money market funds (includes securities lending income of $58,506)		66,794
Foreign withholding tax claims		81,829
Total investment income		55,713,786
Expenses:
Advisory fees		10,384,090
Administrative services fees		279,703
Custodian fees		5,881
Distribution fees:
Class A		3,468,999
Class C		1,364,871
Class R		278,494
Investor Class		92,601
Transfer agent fees – A, C, R, Y and Investor Class		2,613,414
Transfer agent fees – R5		949
Transfer agent fees – R6		26,918
Trustees’ and officers’ fees and benefits		21,959
Registration and filing fees		72,549
Reports to shareholders		155,555
Professional services fees		48,052
Other		31,965
Total expenses		18,846,000
Less: Fees waived and/or expense offset arrangement(s)		(25,666	)
Net expenses		18,820,334
Net investment income		36,893,452
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		169,851,471
Affiliated investment securities		3,325
Foreign currencies		(4,831	)
	169,849,965
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(79,591,397	)
Affiliated investment securities		(8,332	)
Foreign currencies		(91,071	)
		(79,690,800	)
Net realized and unrealized gain		90,159,165
Net increase in net assets resulting from operations	$	127,052,617

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

8 Invesco Dividend Income Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)

	October 31, 2021			April 30, 2021
Operations:
Net investment income	$	36,893,452		$	76,828,633
Net realized gain		169,849,965			54,102,653
Change in net unrealized appreciation (depreciation)		(79,690,800	)		855,183,576
Net increase in net assets resulting from operations		127,052,617			986,114,862
Distributions to shareholders from distributable earnings:
Class A		(26,344,197	)		(57,908,866	)
Class C		(1,447,425	)		(5,002,175	)
Class R		(865,125	)		(1,985,230	)
Class Y		(3,481,927	)		(7,830,142	)
Investor Class		(659,224	)		(1,426,555	)
Class R5		(19,676	)		(57,208	)
Class R6		(2,587,505	)		(6,126,190	)
Total distributions from distributable earnings		(35,405,079	)		(80,336,366	)
Share transactions–net:
Class A		(103,758,159	)		(233,960,731	)
Class C		(35,035,091	)		(179,352,772	)
Class R		(2,329,565	)		(12,010,480	)
Class Y		(21,269,380	)		(63,925,137	)
Investor Class		(2,181,117	)		(4,944,485	)
Class R5		(667,169	)		(384,304	)
Class R6		(12,720,688	)		(61,054,215	)
Net increase (decrease) in net assets resulting from share transactions		(177,961,169	)		(555,632,124	)
Net increase (decrease) in net assets		(86,313,631	)		350,146,372
Net assets:
Beginning of period		3,980,475,350			3,630,328,978
End of period	$	3,894,161,719		$	3,980,475,350

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

9 Invesco Dividend Income Fund

Financial Highlights

(Unaudited)

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

	Net asset value, beginning of period		Net investment income(a)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Distributions from net realized gains			Total distributions			Net asset value, end of period		Total return (b)			Net assets, end of period (000’s omitted)		Ratio of expenses to average net assets with fee waivers and/or expenses absorbed			Ratio of expenses to average net assets without fee waivers and/or expenses absorbed			Ratio of net investment income to average net assets			Portfolio turnover (c)
Class A
Six months ended 10/31/21		$25.62		$0.25		$0.60			$0.85			$(0.24	)		$     -			$(0.24	)		$26.23		3.32	%(d)		$2,885,853		0.94	%(d)(e)		0.94	%(d)(e)		1.88	%(d)(e)		19	%
Year ended 04/30/21		20.11		0.47		5.53			6.00			(0.49	)		-			(0.49	)		25.62		30.23	(d)		2,921,798		0.97	(d)		0.97	(d)		2.10	(d)		4
Year ended 04/30/20		22.70		0.51		(2.33	)		(1.82	)		(0.52	)		(0.25	)		(0.77	)		20.11		(8.30	)		2,506,397		1.05			1.06			2.31			47
Year ended 04/30/19		22.98		0.58		1.45			2.03			(0.60	)		(1.71	)		(2.31	)		22.70		9.51			764,037		1.06			1.06			2.54			4
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
Class C
Six months ended 10/31/21		25.97		0.15		0.61			0.76			(0.14	)		-			(0.14	)		26.59		2.94			256,480		1.70	(e)		1.70	(e)		1.12	(e)		19
Year ended 04/30/21		20.38		0.30		5.61			5.91			(0.32	)		-			(0.32	)		25.97		29.29			285,321		1.73			1.73			1.34			4
Year ended 04/30/20		23.01		0.35		(2.37	)		(2.02	)		(0.36	)		(0.25	)		(0.61	)		20.38		(9.02	)		385,968		1.80			1.81			1.56			47
Year ended 04/30/19		23.28		0.42		1.46			1.88			(0.44	)		(1.71	)		(2.15	)		23.01		8.65			152,988		1.81			1.81			1.79			4
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
Class R
Six months ended 10/31/21		25.62		0.21		0.60			0.81			(0.20	)		-			(0.20	)		26.23		3.19			110,946		1.20	(e)		1.20	(e)		1.62	(e)		19
Year ended 04/30/21		20.11		0.41		5.53			5.94			(0.43	)		-			(0.43	)		25.62		29.89			110,667		1.23			1.23			1.84			4
Period ended 04/30/20(f)		20.18		0.01		(0.08	)		(0.07	)		-			-			-			20.11		(0.35	)		97,560		1.20	(e)		1.21	(e)		2.16	(e)		47
Class Y
Six months ended 10/31/21		25.89		0.28		0.61			0.89			(0.27	)		-			(0.27	)		26.51		3.46			331,068		0.70	(e)		0.70	(e)		2.12	(e)		19
Year ended 04/30/21		20.32		0.52		5.59			6.11			(0.54	)		-			(0.54	)		25.89		30.55			344,755		0.73			0.73			2.34			4
Year ended 04/30/20		22.94		0.57		(2.36	)		(1.79	)		(0.58	)		(0.25	)		(0.83	)		20.32		(8.09	)		330,421		0.81			0.82			2.55			47
Year ended 04/30/19		23.21		0.65		1.46			2.11			(0.67	)		(1.71	)		(2.38	)		22.94		9.76			248,641		0.81			0.81			2.79			4
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
Investor Class
Six months ended 10/31/21		25.89		0.25		0.60			0.85			(0.23	)		-			(0.23	)		26.51		3.32			73,182		0.95	(e)		0.95	(e)		1.87	(e)		19
Year ended 04/30/21		20.31		0.47		5.59			6.06			(0.48	)		-			(0.48	)		25.89		30.25			73,628		0.98			0.98			2.09			4
Year ended 04/30/20		22.93		0.52		(2.37	)		(1.85	)		(0.52	)		(0.25	)		(0.77	)		20.31		(8.32	)		62,298		1.06			1.07			2.30			47
Year ended 04/30/19		23.20		0.59		1.46			2.05			(0.61	)		(1.71	)		(2.32	)		22.93		9.49			76,436		1.06			1.06			2.54			4
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
Class R5
Six months ended 10/31/21		25.63		0.28		0.60			0.88			(0.27	)		-			(0.27	)		26.24		3.47			1,722		0.66	(e)		0.66	(e)		2.16	(e)		19
Year ended 04/30/21		20.11		0.53		5.54			6.07			(0.55	)		-			(0.55	)		25.63		30.66			2,337		0.66			0.66			2.41			4
Year ended 04/30/20		22.71		0.58		(2.34	)		(1.76	)		(0.59	)		(0.25	)		(0.84	)		20.11		(8.05	)		2,159		0.75			0.76			2.61			47
Year ended 04/30/19		22.99		0.65		1.45			2.10			(0.67	)		(1.71	)		(2.38	)		22.71		9.82			1,863		0.77			0.77			2.83			4
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
Class R6
Six months ended 10/31/21		25.65		0.29		0.60			0.89			(0.28	)		-			(0.28	)		26.26		3.50			234,910		0.58	(e)		0.58	(e)		2.24	(e)		19
Year ended 04/30/21		20.13		0.55		5.54			6.09			(0.57	)		-			(0.57	)		25.65		30.75			241,970		0.58			0.58			2.49			4
Year ended 04/30/20		22.73		0.60		(2.34	)		(1.74	)		(0.61	)		(0.25	)		(0.86	)		20.13		(7.97	)		245,526		0.66			0.67			2.70			47
Year ended 04/30/19		23.00		0.67		1.46			2.13			(0.69	)		(1.71	)		(2.40	)		22.73		9.96			252,176		0.69			0.69			2.91			4
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

^(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, 2021, and the year ended April 30, 2021.

^(e)  Annualized.

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

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

10 Invesco Dividend Income Fund

Notes to Financial Statements

October 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

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

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

F. Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Tax reclaims on the Statement of Assets and Liabilities.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received. These tax refund payments are reflected as Foreign withholding tax claims in the Statement of Operations, and any related interest is included in Interest income. The Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are reflected on the Statement of Operations as Professional fees, if any. In the event tax refunds received by the Fund during the fiscal year exceed the foreign withholding taxes paid by the Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds’ shareholders. For the fiscal year ended October 31, 2021, the Fund did not enter into any closing agreements.

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

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

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

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

12 Invesco Dividend Income Fund

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.

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, there were no securities lending transactions with the Adviser.

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

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

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

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

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $500 million		0.633%
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, 2021, the effective advisory fee rate incurred by the Fund was 0.53%.

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

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed 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 the Fund’s average daily net assets. 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, 2022.

13 Invesco Dividend Income Fund

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, 2023, 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, 2021, the Adviser waived advisory fees of $23,122.

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, 2021, 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C, Class R and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund pursuant to the Class C Plan, the Class R Plan and the Investor Class Plan, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares, at the annual rate of 0.50% of the average daily net assets of Class R shares and at the annual rate of 0.25% of the average daily net assets of the Investor Class shares, respectively. The fees are accrued daily and paid monthly. Of the 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $149,134 in front-end sales commissions from the sale of Class A shares and $2,312 and $4,176 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2021, the Fund incurred $11,442 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, 2021. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks & Other Equity Interests		$3,477,741,319		$339,611,155		$–		$3,817,352,474
U.S. Dollar Denominated Bonds & Notes		–		470,187		–		470,187
Money Market Funds		65,696,227		69,286,917		–		134,983,144
Total Investments		$3,543,437,546		$409,368,259		$–		$3,952,805,805

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $2,544.

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

14 Invesco Dividend Income Fund

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, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2021 was $730,909,928 and $801,315,989, 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	$955,707,655
Aggregate unrealized (depreciation) of investments	(41,746,937	)
Net unrealized appreciation of investments	$913,960,718

Cost of investments for tax purposes is $ 3,038,845,087.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2021(a)						April 30, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		2,462,871		$	63,668,590			7,954,232		$	176,626,306
Class C		379,602			9,935,606			1,223,560			27,257,557
Class R		240,683			6,200,686			622,003			13,816,681
Class Y		953,520			24,965,062			2,845,927			63,787,665
Investor Class		20,520			537,020			79,458			1,825,587
Class R5		1,517			39,128			20,861			464,489
Class R6		612,235			15,782,696			1,554,962			34,460,763
Issued as reinvestment of dividends:
Class A		916,478			23,603,623			2,353,195			52,078,909
Class C		50,753			1,325,181			205,532			4,551,363
Class R		33,374			859,525			89,303			1,973,655
Class Y		99,920			2,600,756			271,918			6,067,680
Investor Class		22,486			585,280			57,078			1,276,666
Class R5		758			19,534			2,560			56,690
Class R6		95,439			2,460,937			267,351			5,906,050
Automatic conversion of Class C shares to Class A shares:
Class A		850,086			21,916,450			4,564,118			102,652,207
Class C		(838,678	)		(21,916,450	)		(4,502,763	)		(102,652,207	)

15 Invesco Dividend Income Fund

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2021(a)						April 30, 2021
	Shares			Amount			Shares			Amount
Reacquired:
Class A		(8,260,338	)	$	(212,946,822	)		(25,472,535	)	$	(565,318,153	)
Class C		(932,220	)		(24,379,428	)		(4,874,978	)		(108,509,485	)
Class R		(364,089	)		(9,389,776	)		(1,243,512	)		(27,800,816	)
Class Y		(1,880,379	)		(48,835,198	)		(6,064,345	)		(133,780,482	)
Investor Class		(126,427	)		(3,303,417	)		(359,455	)		(8,046,738	)
Class R5		(27,829	)		(725,831	)		(39,575	)		(905,483	)
Class R6		(1,196,713	)		(30,964,321	)		(4,586,621	)		(101,421,028	)
Net increase (decrease) in share activity		(6,886,431	)	$	(177,961,169	)		(25,031,726	)	$	(555,632,124	)

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

16 Invesco Dividend Income Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period May 1, 2021 through October 31, 2021.

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     (05/01/21)	Ending     Account Value     (10/31/21)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/21)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,033.20	$4.82	$1,020.47	$4.79	0.94%
Class C	1,000.00	1,029.40	8.70	1,016.64	8.64	1.70
Class R	1,000.00	1,031.90	6.15	1,019.16	6.11	1.20
Class Y	1,000.00	1,034.60	3.59	1,021.68	3.57	0.70
Investor Class	1,000.00	1,033.20	4.87	1,020.42	4.84	0.95
Class R5	1,000.00	1,034.70	3.38	1,021.88	3.36	0.66
Class R6	1,000.00	1,035.00	2.98	1,022.28	2.96	0.58

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2021 through October 31, 2021, 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 Dividend Income Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

    As part of the contract renewal process, the Board reviews and considers information provided in response to 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 and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, 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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Dow Jones U.S. Select Dividend Index (Index). The Board noted that performance of Class A shares of the Fund was in the fourth quintile of its performance universe for the one year period and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period, reasonably comparable to the performance of the Index for the three year period, and below the performance of the Index for the five year period. The Board noted that the Fund’s stock selection in and underweight 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, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual

18 Invesco Dividend Income Fund

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

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

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

    The Board also compared the Fund’s effective advisory fee rate (defined for this purpose as the advisory fee rate after advisory fee waivers and before other expense limitations/waivers) to the effective advisory fee rates of other similarly managed third-party mutual funds advised or sub-advised by Invesco Advisers and its affiliates, based on asset balances as of December 31, 2020.

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party

service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with

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

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

19 Invesco Dividend Income Fund

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

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

∎ Fund reports and prospectuses

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2021

Invesco Energy Fund

Nasdaq:

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

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

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/21 to 10/31/21, 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	24.73	%
Class C Shares	24.20
Class Y Shares	24.89
Investor Class Shares	24.69
Class R5 Shares	24.97
Class R6 Shares	24.97
S&P 500 Indexq (Broad Market Index)	10.91
MSCI World Energy Indexq (Style-Specific Index)	18.52
Lipper Natural Resource Funds Index⬛ (Peer Group Index)	19.54
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 index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                      Invesco Energy Fund

Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	3.39	%
10 Years	-4.85
5 Years	-4.46
1 Year	106.78
Class C Shares
Inception (2/14/00)	4.85	%
10 Years	-4.89
5 Years	-4.09
1 Year	116.36
Class Y Shares
Inception (10/3/08)	-1.25	%
10 Years	-4.07
5 Years	-3.13
1 Year	119.51
Investor Class Shares
Inception (1/19/84)	6.01	%
10 Years	-4.31
5 Years	-3.36
1 Year	118.96
Class R5 Shares
Inception (1/31/06)	-1.01	%
10 Years	-3.90
5 Years	-2.90
1 Year	119.99
Class R6 Shares
10 Years	-4.09	%
5 Years	-2.91
1 Year	119.99

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

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

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

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

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

3                      Invesco Energy Fund

Schedule of Investments^(a)

October 31, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–92.58%
Integrated Oil & Gas–35.96%
BP PLC, ADR (United Kingdom)		327,136	$	9,418,245
Cenovus Energy, Inc. (Canada)		657,358		7,861,101
Chevron Corp.		203,137		23,257,155
Equinor ASA (Norway)		562,247		14,294,796
Exxon Mobil Corp.		472,307		30,449,632
Royal Dutch Shell PLC, Class A, ADR (United Kingdom)		264,499		12,145,794
Suncor Energy, Inc. (Canada)		489,619		12,877,423
TotalEnergies SE (France)		301,911		15,137,462
				125,441,608
Oil & Gas Drilling–1.80%
Helmerich & Payne, Inc.		202,369		6,281,534
Oil & Gas Equipment & Services–3.73%
Baker Hughes Co., Class A		228,343		5,726,842
Tenaris S.A., ADR		326,591		7,276,448
				13,003,290
Oil & Gas Exploration & Production–40.15%
APA Corp.		534,465		14,008,328
Canadian Natural Resources Ltd. (Canada)		272,174		11,567,835
ConocoPhillips		365,339		27,214,102
Coterra Energy, Inc.		388,663		8,286,295
Devon Energy Corp.		523,015		20,962,441
Diamondback Energy, Inc.		111,644		11,967,120
EQT Corp.(b)		268,884		5,353,481
Hess Corp.		83,518		6,896,081
Marathon Oil Corp.		1,069,037		17,446,684

	Shares		Value
Oil & Gas Exploration & Production–(continued)
Pioneer Natural Resources Co.		87,330	$	16,328,963
				140,031,330
Oil & Gas Refining & Marketing–5.10%
Phillips 66		107,281		8,022,473
Valero Energy Corp.		126,259		9,763,609
				17,786,082
Oil & Gas Storage & Transportation–5.84%
Cheniere Energy, Inc.(b)		135,065		13,965,721
Plains All American Pipeline L.P.		632,250		6,398,370
				20,364,091
Total Common Stocks & Other Equity Interests (Cost $292,516,263)				322,907,935
Exchange-Traded Funds–4.40%
Energy Select Sector SPDR Fund (Cost $ 13,345,061)		267,000		15,344,490
Money Market Funds–3.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d)		3,723,038		3,723,038
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(d)		2,503,930		2,504,681
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(d)		4,254,900		4,254,900
Total Money Market Funds (Cost $10,482,628)				10,482,619
TOTAL INVESTMENTS IN SECURITIES–99.98% (Cost $316,343,952)				348,735,044
OTHER ASSETS LESS LIABILITIES–0.02%				56,764
NET ASSETS–100.00%			$	348,791,808

Investment Abbreviations:

ADR   – American Depositary Receipt

SPDR – Standard & Poor’s 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, 2021.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	3,040,878		$	11,691,502		$	(11,009,342	)		$	-			$	-		$	3,723,038		$	389
Invesco Liquid Assets Portfolio, Institutional Class			2,103,377			8,142,724			(7,741,411	)			(9	)			-			2,504,681			104
Invesco Treasury Portfolio, Institutional Class			3,475,289			13,361,717			(12,582,106	)			-				-			4,254,900			174
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			21,336,914			(21,336,914	)			-				-			-			121*
Invesco Private Prime Fund			-			48,588,835			(48,588,835	)			-				-			-			1,713*
Total		$	8,619,544		$	103,121,692		$	(101,258,608	)		$	(9	)		$	-		$	10,482,619		$	2,501

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

4                        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, 2021.

Portfolio Composition

By industry, based on Net Assets

as of October 31, 2021

Oil & Gas Exploration & Production	40.15	%
Integrated Oil & Gas	35.96
Oil & Gas Storage & Transportation	5.84
Oil & Gas Refining & Marketing	5.10
Investment Companies - Exchange-Traded Fund	4.40
Oil & Gas Equipment & Services	3.73
Oil & Gas Drilling	1.80
Money Market Funds Plus Other Assets Less Liabilities	3.02

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

5                      Invesco Energy Fund

Statement of Assets and Liabilities

October 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $305,861,324)	$	338,252,425
Investments in affiliated money market funds, at value (Cost $10,482,628)		10,482,619
Foreign currencies, at value (Cost $78,328)		79,859
Receivable for:
Fund shares sold		938,995
Dividends		348,195
Investment for trustee deferred compensation and retirement plans		245,643
Other assets		51,385
Total assets		350,399,121
Liabilities:
Payable for:
Fund shares reacquired		992,394
Accrued fees to affiliates		271,756
Accrued other operating expenses		82,289
Trustee deferred compensation and retirement plans		260,874
Total liabilities		1,607,313
Net assets applicable to shares outstanding	$	348,791,808
Net assets consist of:
Shares of beneficial interest	$	728,768,869
Distributable earnings (loss)		(379,977,061	)
	$	348,791,808

Net Assets:
Class A	$	204,845,344
Class C	$	17,070,704
Class Y	$	46,040,785
Investor Class	$	74,207,288
Class R5	$	3,820,775
Class R6	$	2,806,912
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		10,546,953
Class C		1,042,642
Class Y		2,364,653
Investor Class		3,837,484
Class R5		190,860
Class R6		140,203
Class A:
Net asset value per share	$	19.42
Maximum offering price per share (Net asset value of $19.42 ÷ 94.50%)	$	20.55
Class C:
Net asset value and offering price per share	$	16.37
Class Y:
Net asset value and offering price per share	$	19.47
Investor Class:
Net asset value and offering price per share	$	19.34
Class R5:
Net asset value and offering price per share	$	20.02
Class R6:
Net asset value and offering price per share	$	20.02

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

6                        Invesco Energy Fund

Statement of Operations

For the six months ended October 31, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $225,098)	$	5,615,587
Dividends from affiliated money market funds (includes securities lending income of $10,085)		10,752
Total investment income		5,626,339
Expenses:
Advisory fees		1,141,125
Administrative services fees		21,139
Custodian fees		1,229
Distribution fees:
Class A		225,504
Class C		71,142
Investor Class		82,383
Transfer agent fees – A, C, Y and Investor Class		410,144
Transfer agent fees – R5		1,471
Transfer agent fees – R6		638
Trustees’ and officers’ fees and benefits		9,176
Registration and filing fees		46,073
Reports to shareholders		282
Professional services fees		24,014
Other		8,863
Total expenses		2,043,183
Less: Fees waived and/or expense offset arrangement(s)		(1,400	)
Net expenses		2,041,783
Net investment income		3,584,556
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		5,523,158
Foreign currencies		(38,323	)
		5,484,835
Change in net unrealized appreciation (depreciation) of: Unaffiliated investment securities		57,781,538
Affiliated investment securities		(9	)
Foreign currencies		(5,164	)
		57,776,365
Net realized and unrealized gain		63,261,200
Net increase in net assets resulting from operations	$	66,845,756

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

7                        Invesco Energy Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)

	October 31, 2021			April 30, 2021
Operations:
Net investment income	$	3,584,556		$	4,224,557
Net realized gain (loss)		5,484,835			(121,303,223	)
Change in net unrealized appreciation		57,776,365			187,946,932
Net increase in net assets resulting from operations		66,845,756			70,868,266
Distributions to shareholders from distributable earnings:
Class A		–			(2,747,153	)
Class C		–			(246,215	)
Class Y		–			(358,198	)
Investor Class		–			(1,082,664	)
Class R5		–			(58,368	)
Class R6		–			(9,193	)
Total distributions from distributable earnings		–			(4,501,791	)
Share transactions–net:
Class A		(1,215,584	)		3,760,649
Class C		1,212,952			(4,431,573	)
Class Y		8,636,065			10,016,155
Investor Class		(2,442,231	)		(1,148,508	)
Class R5		664,316			(561,626	)
Class R6		1,334,011			613,358
Net increase in net assets resulting from share transactions		8,189,529			8,248,455
Net increase in net assets		75,035,285			74,614,930
Net assets:
Beginning of period		273,756,523			199,141,593
End of period	$	348,791,808		$	273,756,523

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

8                        Invesco Energy Fund

Financial Highlights

(Unaudited)

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

																													Ratio of			Ratio of
																													expenses			expenses
								Net gains																					to average			to average net
								(losses)																					net assets			assets without			Ratio of net
	Net asset							on securities								Dividends													with fee waivers			fee waivers			investment
	value,			Net				(both				Total from				from net				Net asset						Net assets,			and/or			and/or			income
	beginning			investment				realized and				investment				investment				value, end			Total			end of period			expenses			expenses			to average			Portfolio
	of period			income(a)				unrealized)				operations				income				of period			return (b)			(000’s omitted)			absorbed			absorbed			net assets			turnover (c)
Class A
Six months ended 10/31/21		$	15.57		$	0.20			$	3.65			$	3.85			$	–			$	19.42		24.73	%		$	204,845		1.34	%(d)		1.34	%(d)		2.36	%(d)		9	%
Year ended 04/30/21			11.54			0.25				4.05				4.30				(0.27	)			15.57		37.77				166,204		1.56			1.56			2.00			68
Year ended 04/30/20			21.05			0.41				(9.64	)			(9.23	)			(0.28	)			11.54		(44.30	)			121,102		1.45			1.45			2.42			16
Year ended 04/30/19			25.91			0.29				(4.61	)			(4.32	)			(0.54	)			21.05		(16.48	)			248,396		1.32			1.32			1.25			17
Year ended 04/30/18			24.54			0.49	(e)			1.44				1.93				(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	)			24.54		(8.29	)			393,998		1.27			1.27			0.84			22
Class C
Six months ended 10/31/21			13.18			0.12				3.07				3.19				–				16.37		24.20				17,071		2.09	(d)		2.09	(d)		1.61	(d)		9
Year ended 04/30/21			9.82			0.13				3.44				3.57				(0.21	)			13.18		36.87				12,763		2.31			2.31			1.25			68
Year ended 04/30/20			17.99			0.24				(8.22	)			(7.98	)			(0.19	)			9.82		(44.72	)			13,868		2.20			2.20			1.67			16
Year ended 04/30/19			22.17			0.10				(3.93	)			(3.83	)			(0.35	)			17.99		(17.14	)			33,036		2.07			2.07			0.50			17
Year ended 04/30/18			20.88			0.26	(e)			1.24				1.50				(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	)			20.88		(8.97	)			120,722		2.02			2.02			0.09			22
Class Y
Six months ended 10/31/21			15.59			0.22				3.66				3.88				–				19.47		24.89				46,041		1.09	(d)		1.09	(d)		2.61	(d)		9
Year ended 04/30/21			11.54			0.28				4.06				4.34				(0.29	)			15.59		38.14				29,497		1.31			1.31			2.25			68
Year ended 04/30/20			21.04			0.45				(9.64	)			(9.19	)			(0.31	)			11.54		(44.17	)			14,398		1.20			1.20			2.67			16
Year ended 04/30/19			25.93			0.35				(4.63	)			(4.28	)			(0.61	)			21.04		(16.29	)			38,550		1.07			1.07			1.50			17
Year ended 04/30/18			24.63			0.55	(e)			1.43				1.98				(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	)			24.63		(8.03	)			63,783		1.02			1.02			1.09			22
Investor Class
Six months ended 10/31/21			15.51			0.20				3.63				3.83				–				19.34		24.69				74,207		1.34	(d)		1.34	(d)		2.36	(d)		9
Year ended 04/30/21			11.49			0.25				4.04				4.29				(0.27	)			15.51		37.85				61,754		1.56			1.56			2.00			68
Year ended 04/30/20			20.96			0.40				(9.59	)			(9.19	)			(0.28	)			11.49		(44.30	)			47,046		1.45			1.45			2.42			16
Year ended 04/30/19			25.80			0.29				(4.59	)			(4.30	)			(0.54	)			20.96		(16.47	)			97,716		1.32			1.32			1.25			17
Year ended 04/30/18			24.44			0.49	(e)			1.43				1.92				(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	)			24.44		(8.29	)			159,402		1.27			1.27			0.84			22
Class R5
Six months ended 10/31/21			16.02			0.24				3.76				4.00				–				20.02		24.97				3,821		0.92	(d)		0.92	(d)		2.78	(d)		9
Year ended 04/30/21			11.83			0.32				4.19				4.51				(0.32	)			16.02		38.69				2,488		0.99			0.99			2.57			68
Year ended 04/30/20			21.54			0.50				(9.87	)			(9.37	)			(0.34	)			11.83		(44.03	)			2,371		0.96			0.96			2.91			16
Year ended 04/30/19			26.53			0.40				(4.73	)			(4.33	)			(0.66	)			21.54		(16.12	)			6,052		0.90			0.90			1.67			17
Year ended 04/30/18			25.23			0.61	(e)			1.46				2.07				(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	)			25.23		(7.88	)			8,871		0.86			0.86			1.25			22
Class R6
Six months ended 10/31/21			16.02			0.25				3.75				4.00				–				20.02		24.97				2,807		0.88	(d)		0.88	(d)		2.82	(d)		9
Year ended 04/30/21			11.83			0.34				4.17				4.51				(0.32	)			16.02		38.69				1,050		0.99			0.99			2.57			68
Year ended 04/30/20			21.53			0.49				(9.85	)			(9.36	)			(0.34	)			11.83		(44.00	)			357		0.96			0.96			2.91			16
Year ended 04/30/19			26.52			0.39				(4.72	)			(4.33	)			(0.66	)			21.53		(16.11	)			473		0.89			0.89			1.68			17
Year ended 04/30/18			25.23			0.62	(e)			1.46				2.08				(0.79	)			26.52		8.55				185		0.90			0.90			2.50	(e)		9
Period ended 04/30/17(f)			26.31			0.03				(1.11	)			(1.08	)			–				25.23		(4.11	)			10		0.81	(d)		0.81	(d)		1.30	(d)		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)  Annualized.

^(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)  Commencement date of April 4, 2017.

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

9                        Invesco Energy Fund

Notes to Financial Statements

October 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

10                      Invesco Energy 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

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

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, there were no securities lending transactions with the Adviser.

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,

11                      Invesco Energy Fund

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

M. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

For the six months ended October 31, 2021, 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, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “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, 2022. 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, 2023, 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, 2021, the Adviser waived advisory fees of $1,031.

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, 2021, 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, 2021, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.

12                      Invesco Energy Fund

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Investor Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares, 1.00% of the average daily net assets of Class C shares and 0.25% of the average daily net assets of Investor Class shares. The fees are accrued daily and paid monthly. Of the 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $19,269 in front-end sales commissions from the sale of Class A shares and $488 and $1,993 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2021, the Fund incurred $3,385 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, 2021. 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		$293,475,677		$29,432,258		$–		$322,907,935
Exchange-Traded Funds		15,344,490		–		–		15,344,490
Money Market Funds		10,482,619		–		–		10,482,619
Total Investments		$319,302,786		$29,432,258		$–		$348,735,044

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $369.

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.

13                      Invesco Energy Fund

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss 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, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	10,626,354	$	412,651,716	$	423,278,070

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2021 was $36,566,102 and $27,241,320, 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	$	64,924,532
Aggregate unrealized (depreciation) of investments		(30,737,880	)
Net unrealized appreciation of investments	$	34,186,652
Cost of investments for tax purposes is $314,548,392.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended October 31, 2021(a)						Year ended April 30, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		1,573,857		$	27,425,915			3,761,298		$	49,212,346
Class C		251,102			3,733,795			352,700			3,959,818
Class Y		1,107,841			18,931,684			1,214,683			17,175,336
Investor Class		492,839			8,471,539			1,144,291			14,664,796
Class R5		82,753			1,446,068			99,777			1,299,002
Class R6		115,036			2,036,743			109,588			1,589,029
Issued as reinvestment of dividends:
Class A		-			-			201,097			2,570,024
Class C		-			-			20,180			218,957
Class Y		-			-			24,151			308,887
Investor Class		-			-			80,367			1,023,068
Class R5		-			-			4,443			58,289
Class R6		-			-			636			8,347
Automatic conversion of Class C shares to Class A shares:
Class A		26,086			446,451			237,436			2,917,949
Class C		(30,880	)		(446,451	)		(279,791	)		(2,917,949	)
Reacquired:
Class A		(1,724,700	)		(29,087,950	)		(4,021,838	)		(50,939,670	)
Class C		(146,080	)		(2,074,392	)		(536,226	)		(5,692,399	)
Class Y		(634,781	)		(10,295,619	)		(594,414	)		(7,468,068	)
Investor Class		(637,779	)		(10,913,770	)		(1,336,516	)		(16,836,372	)
Class R5		(47,217	)		(781,752	)		(149,224	)		(1,918,917	)
Class R6		(40,380	)		(702,732	)		(74,875	)		(984,018	)
Net increase in share activity		387,697		$	8,189,529			257,763		$	8,248,455

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 29% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

14                      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, 2021 through October 31, 2021.

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     (05/01/21)	Ending   Account Value     (10/31/21)1	Expenses     Paid During     Period2	Ending     Account Value     (10/31/21)	Expenses Paid During   Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,247.30	$7.59	$1,018.45	$6.82	1.34%
Class C	1,000.00	1,242.00	11.81	1,014.67	10.61	2.09
Class Y	1,000.00	1,248.90	6.18	1,019.71	5.55	1.09
Investor Class	1,000.00	1,246.90	7.59	1,018.45	6.82	1.34
Class R5	1,000.00	1,249.70	5.22	1,020.57	4.69	0.92
Class R6	1,000.00	1,249.70	4.99	1,020.77	4.48	0.88

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2021 through October 31, 2021, 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.

15                      Invesco Energy Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

As part of the contract renewal process, the Board reviews and considers information provided in response to 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 and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, 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 and as part of meetings  

convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its  

commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

The Board reviewed the services that may be provided 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 to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the MSCI World Energy Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, third quintile for the three year period and 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 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 underweight and overweight exposure to, and stock selection in, certain energy sub-sectors as well as the use of currency forward contracts detracted from Fund performance. The Board further noted that the Fund underwent a portfolio management team change in June 2020, and that performance results prior to such date were those of the prior portfolio management team. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

16                      Invesco Energy Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board 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 also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in  

business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the  

fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

17                      Invesco Energy Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2021

Invesco Gold & Special Minerals Fund

Nasdaq:

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

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

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes Cumulative total returns, 4/30/21 to 10/31/21, 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	-6.17	%
Class C Shares	-6.53
Class R Shares	-6.27
Class Y Shares	-6.03
Class R5 Shares	-5.96
Class R6 Shares	-5.98
MSCI World Indexq	8.78
Source(s): qRIMES Technologies Corp.
The MSCI World Index is an unmanaged index considered representative of stocks of developed countries. The index is computed using the net return, which withholds applicable taxes for non-resident investors.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2                      Invesco Gold & Special Minerals Fund

Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (7/19/83)	6.22	%
10 Years	-3.57
5 Years	8.23
1 Year	-10.36
Class C Shares
Inception (11/1/95)	6.27	%
10 Years	-3.61
5 Years	8.63
1 Year	-6.81
Class R Shares
Inception (3/1/01)	9.24	%
10 Years	-3.28
5 Years	9.18
1 Year	-5.39
Class Y Shares
Inception (9/7/10)	-1.95	%
10 Years	-2.82
5 Years	9.72
1 Year	-4.92
Class R5 Shares
10 Years	-2.94	%
5 Years	9.66
1 Year	-4.77
Class R6 Shares
Inception (10/26/12)	-1.36	%
5 Years	9.91
1 Year	-4.78

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

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

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

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

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

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

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

3                      Invesco Gold & Special Minerals Fund

Consolidated Schedule of Investments

October 31, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–100.20%
Australia–23.62%
Aeris Resources Ltd.(a)		18,300,000	$      2,210,518
Alkane Resources Ltd.(a)		10,680,000	7,178,070
Auteco Minerals Ltd.(a)		10,835,783	615,148
Bellevue Gold Ltd. (Acquired 10/24/2018-09/03/2021; Cost $11,372,415)(a)(b)		23,733,252	15,400,651
Chalice Mining Ltd.(a)		13,161,692	66,534,195
De Grey Mining Ltd.(a)		61,457,305	51,261,739
Evolution Mining Ltd.		27,848,806	75,591,771
Gold Road Resources Ltd.		25,113,275	26,056,658
IGO Ltd.		420,000	3,034,402
Jervois Global Ltd.(a)		5,150,000	2,209,784
Lynas Rare Earths Ltd.(a)		1,185,000	6,498,766
Musgrave Minerals Ltd.(a)		14,500,000	4,187,515
Newcrest Mining Ltd.		10,000	186,539
Northern Star Resources Ltd.		14,338,895	99,035,372
OceanaGold Corp.(a)		11,950,300	22,305,424
Pantoro Ltd.(a)		24,458,979	4,039,284
Perseus Mining Ltd.(a)		12,350,000	14,612,362
Predictive Discovery Ltd.(a)		26,773,029	3,799,494
Ramelius Resources Ltd.		25,268,612	30,384,130
Red 5 Ltd.(a)		38,548,043	7,573,638
Rumble Resources Ltd.(a)		14,910,000	5,071,191
Silver Lake Resources Ltd.(a)		18,931,900	24,019,642
SolGold PLC(a)		19,800,000	7,536,871
Westgold Resources Ltd.(c)		21,864,853	31,965,899
			511,309,063
Bosnia Hercegovina–0.06%
Adriatic Metals PLC, CDI(a)		550,000	1,180,666
Brazil–1.72%
Wheaton Precious Metals Corp.		921,035	37,219,024
Burkina Faso–1.61%
Endeavour Mining PLC		1,372,966	34,878,839
Canada–49.13%
Agnico Eagle Mines Ltd.		1,570,595	83,320,065
Alamos Gold, Inc., Class A		3,031,108	22,551,444
Alexco Resource Corp.(a)		5,720,905	9,553,911
Americas Gold & Silver Corp.(a)		4,789,400	4,489,095
Anaconda Mining, Inc.(a)		1,420,000	791,694
Arizona Metals Corp.(a)		2,235,300	7,766,475
Artemis Gold, Inc.(a)		4,094,889	20,084,014
Ascot Resources Ltd.(a)		6,154,053	5,967,084
Aya Gold & Silver, Inc.(a)		1,606,733	11,970,005
B2Gold Corp.		9,792,000	40,538,880
Barrick Gold Corp.(d)		4,186,499	76,905,988
Calibre Mining Corp., Class C(a)		8,242,717	9,857,160
Canada Nickel Co., Inc.(a)		840,000	1,981,900
Canada Silver Cobalt Works, Inc.(a)		500,000	74,741
Centerra Gold, Inc.		520,000	3,899,160
Dundee Precious Metals, Inc.		2,620,000	17,232,385
Equinox Gold Corp.(a)		4,217,278	31,334,376

	Shares		Value
Canada–(continued)
Fiore Gold Ltd.(a)		2,777,482	$      3,388,815
Franco-Nevada Corp.		98,302	14,040,475
Freegold Ventures Ltd.(a)		3,700,000	1,300,501
Galway Metals, Inc.(a)		6,593,625	3,036,818
Great Bear Resources Ltd.(a)		2,073,515	29,068,750
Hudbay Minerals, Inc.		600,000	4,176,000
IAMGOLD Corp.(a)		5,619,000	15,564,630
Integra Resources Corp.(a)		544,579	1,298,083
Ivanhoe Mines Ltd., Class A(a)		6,785,346	53,236,676
K92 Mining, Inc.(a)		7,623,030	44,471,781
Karora Resources, Inc.(a)(c)		8,883,332	31,726,186
Kinross Gold Corp.		5,435,925	32,669,909
Kirkland Lake Gold Ltd.		1,200,233	50,594,825
Liberty Gold Corp.(a)		12,868,000	11,645,249
Lion One Metals Ltd.(a)		7,535,842	6,758,876
Lundin Gold, Inc.(a)		4,378,815	40,087,245
MAG Silver Corp.(a)		133,522	2,667,770
Marathon Gold Corp.(a)		1,810,000	4,095,023
Maverix Metals, Inc.		1,458,100	6,986,533
McEwen Mining, Inc.(a)		6,451,300	7,096,430
Minera Alamos, Inc.(a)		12,758,743	5,360,816
New Found Gold Corp.(a)		870,000	6,769,635
New Gold, Inc.(a)		8,486,000	11,795,540
Novagold Resources, Inc.(a)		310,000	2,266,100
Novo Resources Corp.(a)		1,210,000	1,603,426
Orla Mining Ltd.(a)		2,411,621	8,496,014
Osino Resources Corp.(a)(c)		7,911,551	7,287,628
Osino Resources Corp.		160,000	20,401
Osisko Gold Royalties Ltd.		2,285,339	28,863,832
Pan American Silver Corp.		1,140,382	29,205,183
Pan American Silver Corp., Rts., expiring 02/22/2029(a)		2,300,100	1,701,614
Pretium Resources, Inc.(a)		1,230,000	14,878,070
Prime Mining Corp.(a)		530,000	1,867,162
Pure Gold Mining, Inc.(a)(c)		22,842,812	17,719,053
Rupert Resources Ltd.(a)		2,961,067	10,647,017
Sandstorm Gold Ltd.(a)		4,399,055	27,846,018
Sierra Metals, Inc.(a)		5,450,618	11,010,460
SilverCrest Metals, Inc.(a)		3,226,667	29,044,175
Skeena Resources Ltd.(a)		1,799,336	18,886,049
Solaris Resources, Inc.(a)		961,200	11,067,469
Sombrero Resources, Inc.(e)		3,028,200	1,438,395
SSR Mining, Inc.		2,035,333	32,117,555
Tier One Silver, Inc.(a)		25,175	21,902
Torex Gold Resources, Inc.(a)		1,000	11,627
Triple Flag Precious Metals Corp.		30,000	266,645
Tudor Gold Corp.(a)		2,169,068	3,803,230
Victoria Gold Corp.(a)		863,000	13,228,111
Wallbridge Mining Co. Ltd.(a)		18,814,800	7,905,378
Wesdome Gold Mines Ltd.(a)		4,860,000	43,707,014
Yamana Gold, Inc.		600,000	2,370,000
			1,063,434,471
China–1.73%
Zhaojin Mining Industry Co. Ltd., H Shares		19,970,000	14,324,074

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

4                         Invesco Gold & Special Minerals Fund

	Shares		Value
China–(continued)
Zijin Mining Group Co. Ltd., H Shares		16,530,000	$	23,209,072
				37,533,146
Colombia–0.20%
Gran Colombia Gold Corp.		1,070,000		4,383,403
Indonesia–1.11%
Nickel Mines Ltd.		30,351,112		23,991,636
Mongolia–0.25%
Turquoise Hill Resources Ltd.(a)		431,343		5,465,116
Netherlands–0.01%
Meridian Mining UK Societas(a)		350,000		271,493
South Africa–5.53%
Gold Fields Ltd., ADR		9,546,241		88,589,117
Harmony Gold Mining Co. Ltd., ADR		600,000		2,172,000
Sibanye Stillwater Ltd., ADR		2,042,587		29,004,735
				119,765,852
Tanzania–4.59%
AngloGold Ashanti Ltd., ADR(d)		5,378,100		99,387,288
Turkey–1.16%
Eldorado Gold Corp.(a)		2,801,502		25,101,458
United States–9.41%
Argonaut Gold, Inc.(a)		3,650,769		9,262,617
Century Aluminum Co.(a)		590,000		7,793,900
Cleveland-Cliffs, Inc.(a)		100		2,411

	Shares		Value
United States–(continued)
Coeur Mining, Inc.(a)		1,960,000	$	12,406,800
Danimer Scientific, Inc.(a)		291,000		4,295,160
Freeport-McMoRan, Inc.		22,000		829,840
Gatos Silver, Inc.(a)		770,476		9,322,759
Hecla Mining Co.		850,000		4,913,000
MP Materials Corp.(a)		585,000		19,802,250
Newmont Corp.		1,971,614		106,467,156
Piedmont Lithium, Inc.(a)		25,000		1,558,500
Royal Gold, Inc.		271,000		26,834,420
Steel Dynamics, Inc.		2,000		132,160
				203,620,973
Zambia–0.07%
First Quantum Minerals Ltd.		67,000		1,586,215
Total Common Stocks & Other Equity Interests (Cost $1,626,444,358)				2,169,128,643
Money Market Funds–0.30%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(f)		2,268,645		2,268,645
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(c)(f)		1,533,033		1,533,492
Invesco Treasury Portfolio, Institutional Class, 0.01%(c)(f)		2,592,737		2,592,737
Total Money Market Funds (Cost $6,394,874)				6,394,874
TOTAL INVESTMENTS IN SECURITIES–100.50% (Cost $1,632,839,232)				2,175,523,517
OTHER ASSETS LESS LIABILITIES–(0.50)%				(10,770,326	)
NET ASSETS–100.00%			$	2,164,753,191

Investment Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

Rts. – Rights

Notes to Consolidated Schedule of Investments:

^(a)  Non-income producing security.

^(b)  Restricted security. The aggregate value of these securities at October 31, 2021 was $15,400,651, which represented less than 1% of the Fund’s Net Assets.

^(c)  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, 2021.

	Value April 30, 2021			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value October 31, 2021			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,863,720		$	39,074,449		$	(38,669,524)		$	-		$	-		$	2,268,645		$	379
Invesco Liquid Assets Portfolio, Institutional Class			1,326,952			27,802,430			(27,595,834)			-			(56)			1,533,492			118
Invesco Treasury Portfolio, Institutional Class			2,129,966			44,656,513			(44,193,742)			-			-			2,592,737			169
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-			5,443,411			(5,443,411)			-			-			-			41	*
Invesco Private Prime Fund			-			12,669,357			(12,669,357)			-			-			-			568	*
Investments in Other Affiliates:
Karora Resources, Inc.			21,629,037			5,093,508			-			5,003,641			-			31,726,186			-
Osino Resources Corp.			7,981,388			-			-			(693,760)			-			7,287,628			-
Pure Gold Mining, Inc.			21,564,406			1,689,013			-			(5,534,366)			-			17,719,053			-
Westgold Resources Ltd.			35,381,358			650,190			-			(4,065,649)			-			31,965,899			266,864
Total		$	91,876,827		$	137,078,871		$	(128,571,868)		$	(5,290,134)		$	(56)		$	95,093,640		$	268,139

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

5                         Invesco Gold & Special Minerals Fund

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

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

^(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, 2021.

Open Exchange-Traded Equity Options Written
Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value*			Value
Equity Risk
Agnico Eagle Mines Ltd.		Call		02/18/2022		1,000		USD	60.00		USD	6,000,000	$	(155,000	)
Agnico Eagle Mines, Ltd.		Call		01/21/2022		2,000		USD	85.00		USD	17,000,000		(20,000	)
Alamos Gold, Inc.		Call		12/17/2021		3,000		USD	10.00		USD	3,000,000		(22,500	)
AngloGold Ashanti Ltd.		Call		04/14/2022		10,000		USD	21.00		USD	21,000,000		(1,125,000	)
Barrick Gold Corp.		Call		12/17/2021		5,000		USD	27.00		USD	13,500,000		(15,000	)
Century Aluminum Co.		Call		12/17/2021		5,000		USD	16.00		USD	8,000,000		(225,000	)
Danimer Scientific, Inc.		Call		02/18/2022		1,000		USD	30.00		USD	3,000,000		(15,000	)
Endeavour Mining PLC		Call		01/21/2022		5,000		CAD	34.00		CAD	17,000,000		(373,708	)
Equinox Gold Corp.		Call		04/14/2022		2,000		USD	10.00		USD	2,000,000		(75,000	)
Gatos Silver, Inc.		Call		11/19/2021		4,000		USD	17.50		USD	7,000,000		(30,000	)
Hecla Mining Co.		Call		12/17/2021		6,000		USD	9.00		USD	5,400,000		(33,000	)
IAMGOLD Corp.		Call		12/17/2021		3,000		USD	4.00		USD	1,200,000		(7,500	)
Ivanhoe Mines Ltd.		Call		12/17/2021		6,000		CAD	12.00		CAD	7,200,000		(72,721	)
K92 Mining, Inc.		Call		12/17/2021		7,000		CAD	9.50		CAD	6,650,000		(48,077	)
Kirkland Lake Gold Ltd.		Call		12/17/2021		11,000		CAD	55.00		CAD	60,500,000		(1,311,005	)
Kirkland Lake Gold Ltd.		Call		01/21/2022		1,000		CAD	60.00		CAD	6,000,000		(79,994	)
MAG Silver Corp.		Call		11/19/2021		500		USD	30.00		USD	1,500,000		(1,250	)
MP Materials Corp.		Call		12/17/2021		5,800		USD	40.00		USD	23,200,000		(638,000	)
New Gold, Inc.		Call		11/19/2021		1,000		USD	3.00		USD	300,000		(2,500	)
Newmont Corp.		Call		12/17/2021		4,500		USD	80.00		USD	36,000,000		(13,500	)
Novagold Resources, Inc.		Call		01/21/2022		1,000		USD	10.00		USD	1,000,000		(7,500	)
Piedmont Lithium, Inc.		Call		11/19/2021		200		USD	85.00		USD	1,700,000		(5,500	)
Pretium Resources, Inc.		Call		01/21/2022		3,000		CAD	16.00		CAD	4,800,000		(187,863	)
Sibanye Stillwater Ltd.		Call		01/21/2022		7,000		USD	20.00		USD	14,000,000		(105,000	)
SSR Mining, Inc.		Call		12/17/2021		3,000		USD	20.00		USD	6,000,000		(30,000	)
Turquoise Hill Resources Ltd.		Call		12/17/2021		4,000		USD	23.00		USD	9,200,000		(10,000	)
Wesdome Gold Mines Ltd.		Call		01/21/2022		2,000		CAD	14.00		CAD	2,800,000		(12,928	)
Wheaton Precious Metals Corp.		Call		01/21/2022		1,000		USD	50.00		USD	5,000,000		(33,500	)
Subtotal - Equity Call Options Written														(4,656,046	)
Equity Risk
Alamos Gold, Inc.		Put		12/17/2021		3,000		USD	7.50		USD	2,250,000		(150,000	)
Anglogold Ashanti Ltd.		Put		01/21/2022		3,000		USD	17.00		USD	5,100,000		(210,000	)
Barrick Gold Corp.		Put		12/17/2021		2,000		USD	19.00		USD	3,800,000		(255,000	)
Cameco Corp.		Put		03/18/2022		1,000		USD	19.00		USD	1,900,000		(118,500	)
Centerra Gold, Inc.		Put		03/18/2022		2,000		CAD	8.00		CAD	1,600,000		(96,961	)
Century Aluminum Co.		Put		12/17/2021		2,000		USD	10.00		USD	2,000,000		(50,000	)
Cleveland-Cliffs, Inc.		Put		01/21/2022		1,500		USD	22.00		USD	3,300,000		(228,000	)
Coeur Mining, Inc.		Put		03/18/2022		2,000		USD	5.00		USD	1,000,000		(70,000	)
Danimer Scientific, Inc.		Put		02/18/2022		1,300		USD	12.50		USD	1,625,000		(195,000	)
Eldorado Gold Corp.		Put		01/21/2022		2,000		USD	8.00		USD	1,600,000		(70,000	)
Equinox Gold Corp.		Put		04/14/2022		1,000		USD	7.50		USD	750,000		(100,000	)
First Quantum Minerals Ltd.		Put		11/19/2021		2,000		CAD	21.50		CAD	4,300,000		(15,353	)
Franco-Nevada Corp.		Put		01/21/2022		1,000		USD	125.00		USD	12,500,000		(157,500	)
Freeport-McMoran, Inc.		Put		01/21/2022		2,000		USD	30.00		USD	6,000,000		(127,000	)
Gatos Silver, Inc.		Put		11/19/2021		4,000		USD	12.50		USD	5,000,000		(410,000	)

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–(continued)
Description	Type of Contract		Expiration Date		Number of Contracts		Exercise Price			Notional Value*			Value
Harmony Gold Mining Co. Ltd.		Put		11/19/2021		4,000		USD	4.00		USD	1,600,000	$	(170,000	)
Hecla Mining Co.		Put		12/17/2021		3,000		USD	7.00		USD	2,100,000		(411,000	)
IAMGOLD Corp.		Put		12/17/2021		2,000		USD	3.00		USD	600,000		(70,000	)
Ivanhoe Mines Ltd.		Put		12/17/2021		4,000		CAD	8.00		CAD	3,200,000		(56,561	)
K92 Mining, Inc.		Put		12/17/2021		2,000		CAD	7.50		CAD	1,500,000		(113,123	)
MAG Silver Corp.		Put		11/19/2021		3,000		USD	17.50		USD	5,250,000		(60,000	)
McEwen Mining, Inc.		Put		11/19/2021		2,985		USD	2.00		USD	597,000		(261,187	)
MP Materials Corp.		Put		12/17/2021		2,000		USD	30.00		USD	6,000,000		(300,000	)
New Gold, Inc.		Put		11/19/2021		4,995		USD	2.00		USD	999,000		(312,188	)
Newmont Corp.		Put		12/17/2021		1,000		USD	50.00		USD	5,000,000		(76,000	)
Newmont Corp.		Put		03/18/2022		1,000		USD	50.00		USD	5,000,000		(223,000	)
Novagold Resources, Inc.		Put		01/21/2022		1,000		USD	7.00		USD	700,000		(45,000	)
Piedmont Lithium, Inc.		Put		11/19/2021		1,000		USD	40.00		USD	4,000,000		(27,500	)
Pretium Resources, Inc.		Put		01/21/2022		1,000		CAD	11.00		CAD	1,100,000		(9,292	)
Royal Gold, Inc.		Put		01/21/2022		1,000		USD	90.00		USD	9,000,000		(205,000	)
SSR Mining, Inc.		Put		12/17/2021		1,000		USD	14.00		USD	1,400,000		(30,000	)
Steel Dynamics, Inc.		Put		12/17/2021		400		USD	55.00		USD	2,200,000		(26,000	)
Torex Gold Resources, Inc.		Put		01/21/2022		1,000		CAD	13.00		CAD	1,300,000		(38,381	)
Turquoise Hill Resources, Ltd.		Put		12/17/2021		5,000		USD	13.00		USD	6,500,000		(600,000	)
Wesdome Gold Mines Ltd.		Put		01/21/2022		1,000		CAD	11.00		CAD	1,100,000		(46,460	)
Wheaton Precious Metals Corp.		Put		01/21/2022		1,000		USD	40.00		USD	4,000,000		(229,500	)
Yamana Gold, Inc.		Put		04/14/2022		1,000		USD	4.00		USD	400,000		(47,000	)
Subtotal - Equity Put Options Written														(5,610,506	)
Total Open Exchange-Traded Equity Options Written													$	(10,266,552	)

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

Abbreviations:

CAD –Canadian Dollar

USD –U.S. Dollar

Portfolio Composition

By industry % of total net assets

Gold	81.66	%
Diversified Metals & Mining	11.88
Precious Metals & Minerals	3.23
Silver	2.65
Other Sectors, Each Less than 2% of Net Assets	0.78
Money Market Funds Plus Other Assets Less Liabilities	(0.20	)

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

7                         Invesco Gold & Special Minerals Fund

Consolidated Statement of Assets and Liabilities

October 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,533,210,435)	$	2,080,429,877
Investments in affiliates, at value (Cost $99,628,797)		95,093,640
Cash		579,424
Foreign currencies, at value (Cost $1,122,638)		1,124,387
Receivable for:
Investments sold		3,736,071
Fund shares sold		2,789,212
Dividends		2,529,477
Investment for trustee deferred compensation and retirement plans		191,112
Other assets		257,563
Total assets		2,186,730,763
Liabilities:
Other investments:
Options written, at value (premiums received $19,502,577)		10,266,552
Payable for:
Investments purchased		6,541,641
Fund shares reacquired		3,008,321
Accrued fees to affiliates		1,433,176
Accrued trustees’ and officers’ fees and benefits		39,035
Accrued other operating expenses		479,920
Trustee deferred compensation and retirement plans		208,927
Total liabilities		21,977,572
Net assets applicable to shares outstanding	$	2,164,753,191
Net assets consist of:
Shares of beneficial interest	$	3,076,158,643
Distributable earnings (loss)		(911,405,452	)
	$	2,164,753,191

Net Assets:
Class A	$	1,000,402,393
Class C	$	117,465,474
Class R	$	139,819,473
Class Y	$	607,656,523
Class R5	$	1,744,433
Class R6	$	297,664,895
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		38,479,816
Class C		5,029,891
Class R		5,667,782
Class Y		23,354,761
Class R5		67,001
Class R6		11,330,242
Class A:
Net asset value per share	$	26.00
Maximum offering price per share (Net asset value of $26.00 ÷ 94.50%)	$	27.51
Class C:
Net asset value and offering price per share	$	23.35
Class R:
Net asset value and offering price per share	$	24.67
Class Y:
Net asset value and offering price per share	$	26.02
Class R5:
Net asset value and offering price per share	$	26.04
Class R6:
Net asset value and offering price per share	$	26.27

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

8                         Invesco Gold & Special Minerals Fund

Consolidated Statement of Operations

For the six months ended October 31, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $1,334,513)	$	14,706,300
Dividends from affiliates (includes securities lending income of $38,962)		306,492
Total investment income		15,012,792
Expenses:
Advisory fees		6,620,858
Administrative services fees		157,726
Custodian fees		58,065
Distribution fees:
Class A		1,301,421
Class C		632,932
Class R		375,769
Transfer agent fees – A, C, R and Y		2,046,676
Transfer agent fees – R5		365
Transfer agent fees – R6		45,665
Trustees’ and officers’ fees and benefits		16,277
Registration and filing fees		96,141
Reports to shareholders		78,642
Professional services fees		40,078
Other		42,245
Total expenses		11,512,860
Less: Fees waived and/or expense offset arrangement(s)		(2,188	)
Net expenses		11,510,672
Net investment income		3,502,120
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		33,969,111
Affiliated investment securities		(56	)
Foreign currencies		62,940
Forward foreign currency contracts		(16,891	)
Option contracts written		25,518,212
		59,533,316
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(204,187,856	)
Affiliated investment securities		(5,290,134	)
Foreign currencies		6,169
Option contracts written		82,870
		(209,388,951	)
Net realized and unrealized gain (loss)		(149,855,635	)
Net increase (decrease) in net assets resulting from operations	$	(146,353,515	)

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

9                         Invesco Gold & Special Minerals Fund

Consolidated Statement of Changes in Net Assets

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)

	October 31,			April 30,
	2021			2021
Operations:
Net investment income	$	3,502,120		$	5,575,581
Net realized gain		59,533,316			211,306,408
Change in net unrealized appreciation (depreciation)		(209,388,951	)		260,828,840
Net increase (decrease) in net assets resulting from operations		(146,353,515	)		477,710,829
Distributions to shareholders from distributable earnings:
Class A		–			(16,822,355	)
Class C		–			(1,536,875	)
Class R		–			(2,060,872	)
Class Y		–			(11,199,660	)
Class R5		–			(1,530	)
Class R6		–			(5,793,423	)
Total distributions from distributable earnings		–			(37,414,715	)
Share transactions–net:
Class A		(29,157,692	)		170,567,638
Class C		(2,255,650	)		(1,689,031	)
Class R		(3,799,496	)		(6,346,893	)
Class Y		46,945,297			151,457,870
Class R5		1,626,377			97,792
Class R6		23,502,401			42,424,690
Net increase in net assets resulting from share transactions		36,861,237			356,512,066
Net increase (decrease) in net assets		(109,492,278	)		796,808,180
Net assets:
Beginning of period		2,274,245,469			1,477,437,289
End of period	$	2,164,753,191		$	2,274,245,469

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

10                         Invesco Gold & Special Minerals Fund

Consolidated Financial Highlights

(Unaudited)

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

																													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				value, end						end of period			expenses			expenses			to average			Portfolio
	of period			(loss)(a)				unrealized)				operations				income				of period			Total return(b)			(000’s omitted)			absorbed			absorbed			net assets			turnover (c)
Class A
Six months ended 10/31/21		$	27.70		$	0.03			$	(1.73	)		$	(1.70	)		$	–			$	26.00		(6.14	)%(d)		$	1,000,402		1.07	%(d)(e)		1.07	%(d)(e)		0.25	%(d)(e)		11	%
Year ended 04/30/21			21.77			0.06				6.30				6.36				(0.43	)			27.70		29.28	(d)			1,098,007		1.05	(d)		1.05	(d)		0.21	(d)		43
Ten months ended 04/30/20			17.87			0.02				3.94				3.96				(0.06	)			21.77		22.21				705,341		1.17	(e)		1.20	(e)		0.13	(e)		44
Year ended 06/30/19			15.51			0.00				2.36				2.36				–				17.87		15.22				532,925		1.17			1.18			0.00			35
Year ended 06/30/18			16.28			(0.06	)			(0.25	)			(0.31	)			(0.46	)			15.51		(1.88	)			490,065		1.16			1.17			(0.39	)		44
Year ended 06/30/17			19.82			(0.09	)			(2.40	)			(2.49	)			(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
Class C
Six months ended 10/31/21			24.98			(0.06	)			(1.57	)			(1.63	)			–				23.35		(6.53	)			117,465		1.83	(e)		1.83	(e)		(0.51	)(e)		11
Year ended 04/30/21			19.68			(0.14	)			5.70				5.56				(0.26	)			24.98		28.27				128,089		1.81			1.81			(0.55	)		43
Ten months ended 04/30/20			16.20			(0.09	)			3.57				3.48				–				19.68		21.48				99,528		1.92	(e)		1.96	(e)		(0.62	)(e)		44
Year ended 06/30/19			14.17			(0.10	)			2.13				2.03				–				16.20		14.33				88,904		1.92			1.93			(0.76	)		35
Year ended 06/30/18			14.91			(0.17	)			(0.22	)			(0.39	)			(0.35	)			14.17		(2.62	)			121,350		1.92			1.93			(1.15	)		44
Year ended 06/30/17			18.26			(0.20	)			(2.21	)			(2.41	)			(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
Class R
Six months ended 10/31/21			26.32			(0.00	)			(1.65	)			(1.65	)			–				24.67		(6.27	)			139,819		1.33	(e)		1.33	(e)		(0.01	)(e)		11
Year ended 04/30/21			20.69			(0.01	)			5.98				5.97				(0.34	)			26.32		28.90				153,232		1.31			1.31			(0.05	)		43
Ten months ended 04/30/20			16.98			(0.02	)			3.75				3.73				(0.02	)			20.69		21.99				125,316		1.42	(e)		1.46	(e)		(0.12	)(e)		44
Year ended 06/30/19			14.77			(0.04	)			2.25				2.21				–				16.98		14.96				113,589		1.42			1.43			(0.25	)		35
Year ended 06/30/18			15.54			(0.10	)			(0.25	)			(0.35	)			(0.42	)			14.77		(2.23	)			114,608		1.42			1.43			(0.65	)		44
Year ended 06/30/17			18.98			(0.12	)			(2.31	)			(2.43	)			(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
Class Y
Six months ended 10/31/21			27.69			0.07				(1.74	)			(1.67	)			–				26.02		(6.03	)			607,657		0.83	(e)		0.83	(e)		0.49	(e)		11
Year ended 04/30/21			21.78			0.12				6.31				6.43				(0.52	)			27.69		29.57				600,958		0.81			0.81			0.45			43
Ten months ended 04/30/20			17.88			0.06				3.93				3.99				(0.09	)			21.78		22.41				349,290		0.92	(e)		0.96	(e)		0.38	(e)		44
Year ended 06/30/19			15.48			0.04				2.36				2.40				–				17.88		15.50				229,569		0.92			0.93			0.24			35
Year ended 06/30/18			16.26			(0.02	)			(0.25	)			(0.27	)			(0.51	)			15.48		(1.65	)			147,282		0.92			0.93			(0.15	)		44
Year ended 06/30/17			19.81			(0.05	)			(2.41	)			(2.46	)			(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
Class R5
Six months ended 10/31/21			27.69			0.08				(1.73	)			(1.65	)			–				26.04		(5.96	)			1,744		0.70	(e)		0.70	(e)		0.62	(e)		11
Year ended 04/30/21			21.79			0.16				6.31				6.47				(0.57	)			27.69		29.75				141		0.69			0.69			0.57			43
Ten months ended 04/30/20			17.87			0.08				3.95				4.03				(0.11	)			21.79		22.65				30		0.77	(e)		0.77	(e)		0.53	(e)		44
Period ended 06/30/19(f)			14.75			0.01				3.11				3.12				–				17.87		21.15				12		0.80	(e)		0.80	(e)		0.35	(e)		35
Class R6
Six months ended 10/31/21			27.94			0.09				(1.76	)			(1.67	)			–				26.27		(5.98	)			297,665		0.65	(e)		0.65	(e)		0.67	(e)		11
Year ended 04/30/21			21.98			0.16				6.37				6.53				(0.57	)			27.94		29.79				293,817		0.66			0.66			0.60			43
Ten months ended 04/30/20			18.03			0.09				3.98				4.07				(0.12	)			21.98		22.65				197,933		0.74	(e)		0.74	(e)		0.56	(e)		44
Year ended 06/30/19			15.58			0.06				2.39				2.45				–				18.03		15.73				133,853		0.75			0.76			0.41			35
Year ended 06/30/18			16.37			0.00				(0.26	)			(0.26	)			(0.53	)			15.58		(1.53	)			104,921		0.75			0.75			0.02			44
Year ended 06/30/17			19.94			(0.02	)			(2.42	)			(2.44	)			(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

^(a)  Calculated using average shares outstanding.

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

^(c)  Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended April 30, 2021, the portfolio turnover calculation excludes the value of securities purchased of $210,653,892 and sold of $9,084,044 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco Gold & Precious Metals Fund into the Fund.

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

^(e)  Annualized.

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

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

11                         Invesco Gold & Special Minerals Fund

Notes to Consolidated Financial Statements

October 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

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

A security listed or traded on an exchange (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 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

12                         Invesco Gold & Special Minerals Fund

settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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

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

C. Country Determination - For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

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

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

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund

13                         Invesco Gold & Special Minerals Fund

conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, there were no securities lending transactions with the Adviser.

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

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

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 Consolidated Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities.

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

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

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

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

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

N. 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.

O. 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

14                         Invesco Gold & Special Minerals Fund

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.

P. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

For the six months ended October 31, 2021, 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.

Effective June 1, 2021, the Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser had contractually agreed 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 the Fund’s average daily net assets. 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, 2022. 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, 2023, 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, 2021, the Adviser waived advisory fees of $1,191.

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, 2021, 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, 2021, expenses incurred under the agreement are shown in the Consolidated Statement of Operations as

Transfer agent fees.

The Trust has entered into master distribution agreements with Invesco Distributors, Inc. (“IDI”) to serve as the distributor for the Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A, Class C and Class R shares (collectively, the “Plans”). The Fund, pursuant to the Class A Plan, reimburses IDI for its allocated share of expenses incurred for the period, up to a maximum annual rate of 0.25% of the average daily net assets of Class A shares. The Fund, pursuant to the Class C and Class R Plans, pays IDI compensation at the annual rate of 1.00% of the average daily net assets of Class C shares and 0.50% of the average daily net assets of Class R shares. The fees are accrued daily and paid monthly. Of the 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $91,136 in front-end sales commissions from the sale of Class A shares and $7,156 and $9,005 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

15                         Invesco Gold & Special Minerals Fund

For the six months ended October 31, 2021, the Fund incurred $32,980 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, 2021. 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	$	22,305,424		$	489,003,639	$	–	$	511,309,063
Bosnia Hercegovina		–			1,180,666		–		1,180,666
Brazil		37,219,024			–		–		37,219,024
Burkina Faso		34,878,839			–		–		34,878,839
Canada		1,061,975,675			20,401		1,438,395		1,063,434,471
China		–			37,533,146		–		37,533,146
Colombia		4,383,403			–		–		4,383,403
Indonesia		–			23,991,636		–		23,991,636
Mongolia		5,465,116			–		–		5,465,116
Netherlands		271,493			–		–		271,493
South Africa		119,765,852			–		–		119,765,852
Tanzania		99,387,288			–		–		99,387,288
Turkey		25,101,458			–		–		25,101,458
United States		203,620,973			–		–		203,620,973
Zambia		1,586,215			–		–		1,586,215
Money Market Funds		6,394,874			–		–		6,394,874
Total Investments in Securities		1,622,355,634			551,729,488		1,438,395		2,175,523,517
Other Investments - Liabilities*
Options Written		(10,266,552	)		–		–		(10,266,552	)
Total Investments	$	1,612,089,082		$	551,729,488	$	1,438,395	$	2,165,256,965

* Options written are shown at value.

NOTE 4–Derivative Investments

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

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

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of October 31, 2021:

	Value
	Equity
Derivative Liabilities	Risk
Options written, at value – Exchange-Traded	$	(10,266,552	)
Derivatives not subject to master netting agreements		10,266,552
Total Derivative Liabilities subject to master netting agreements	$	-

16                         Invesco Gold & Special Minerals Fund

Effect of Derivative Investments for the six months ended October 31, 2021

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 (Loss):
Forward foreign currency contracts	$	(16,891	)	$	-	$	(16,891	)
Options written		-			25,518,212		25,518,212
Change in Net Unrealized Appreciation:
Options written		-			82,870		82,870
Total	$	(16,891	)	$	25,601,082	$	25,584,191

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

	Forward
	Foreign Currency		Options
	Contracts		Written
Average notional value	$	405,703	$	495,489,206
Average contracts		–		232,472

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $997.

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.

The Fund had a capital loss carryforward as of April 30, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	285,245,475	$	1,216,492,341	$	1,501,737,816

* 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.

17                         Invesco Gold & Special Minerals Fund

NOTE 9–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2021 was $322,985,973 and $237,199,813, 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	$	596,519,443
Aggregate unrealized (depreciation) of investments		(141,602,696	)
Net unrealized appreciation of investments	$	454,916,747

Cost of investments for tax purposes is $1,710,340,218.

NOTE 10–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2021(a)						April 30, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		4,235,682		$	117,030,643			14,603,639		$	399,590,651
Class C		614,245			15,124,801			2,120,991			52,669,940
Class R		770,270			20,084,216			2,959,594			75,771,617
Class Y		5,601,934			153,201,124			13,800,015			377,934,617
Class R5(b)		62,697			1,648,477			4,699			125,563
Class R6		3,009,895			83,316,992			7,456,435			206,169,922
Issued as reinvestment of dividends:
Class A		-			-			566,245			15,305,611
Class C		-			-			54,516			1,332,910
Class R		-			-			80,092			2,059,159
Class Y		-			-			332,113			8,967,039
Class R5(b)		-			-			42			1,144
Class R6		-			-			212,446			5,782,795
Automatic conversion of Class C shares to Class A shares:
Class A		185,492			5,012,567			1,139,121			31,753,536
Class C		(206,141	)		(5,012,567	)		(1,261,153	)		(31,753,536	)
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
Reacquired:
Class A		(5,573,530	)		(151,200,902	)		(17,394,672	)		(474,921,597	)
Class C		(505,484	)		(12,367,884	)		(1,844,519	)		(45,514,172	)
Class R		(923,730	)		(23,883,712	)		(3,275,682	)		(84,177,669	)
Class Y		(3,948,186	)		(106,255,827	)		(10,001,133	)		(272,099,418	)
Class R5(b)		(806	)		(22,100	)		(1,019	)		(28,915	)
Class R6		(2,196,730	)		(59,814,591	)		(6,168,714	)		(169,831,073	)
Net increase in share activity		1,125,608		$	36,861,237			14,252,167		$	356,512,066

^(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.

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

18                      Invesco Gold & Special Minerals Fund

(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 year ended April 30, 2021 assuming the reorganization had been completed on May 1, 2020, the beginning of the annual reporting period are as follows:

Net investment income	$	5,352,394
Net realized/unrealized gains		494,842,403
Change in net assets resulting from operations	$	500,194,797

    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 Consolidated Statement of Operations since May 16, 2020.

19                      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, 2021 through October 31, 2021.

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 (05/01/21)	Ending Account Value (10/31/21)1	Expenses Paid During Period	Ending Account Value (10/31/21)2	Expenses Paid During Period2	Annualized Expense Ratio
Class A	$1,000.00	$938.30	$5.23	$1,019.81	$5.45	1.07%
Class C	1,000.00	934.70	8.92	1,015.98	9.30	1.83
Class R	1,000.00	937.30	6.49	1,018.50	6.77	1.33
Class Y	1,000.00	939.70	4.06	1,021.02	4.23	0.83
Class R5	1,000.00	940.40	3.42	1,021.68	3.57	0.70
Class R6	1,000.00	940.20	3.18	1,021.93	3.31	0.65

¹  The actual ending account value is based on the actual total return of the Fund for the period May 1, 2021 through October 31, 2021, 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.

20                      Invesco Gold & Special Minerals Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

    As part of the contract renewal process, the Board reviews and considers information provided in response to 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 and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, 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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the

benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Philadelphia Gold & Silver Index (Index). The Board noted that performance of Class A shares of the Fund was in the 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 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 Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries (the “Transaction”) and that the Fund’s performance prior to the closing of the Transaction on May 24, 2019 is that of its predecessor fund. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

21                      Invesco Gold & Special Minerals Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense

reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

    The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in registered money market funds or, with regard to securities lending cash collateral, unregistered funds that comply with Rule 2a-7 (collectively referred to as “affiliated money market funds”) advised by Invesco Advisers. The Board considered information regarding the

returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund’s investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

22                      Invesco Gold & Special Minerals Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2021

Invesco Small Cap Value Fund

Nasdaq:

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

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

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED   |   MAY LOSE VALUE   |   NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/21 to 10/31/21, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.
Class A Shares	2.50	%
Class C Shares	2.18
Class R Shares	2.40
Class Y Shares	2.65
Class R6 Shares	2.68
S&P 500 Index▼ (Broad Market Index)	10.91
Russell 2000 Value Index▼ (Style-Specific Index)	3.22
Lipper Small-Cap Value Funds Index∎ (Peer Group Index)	3.98
Source(s): ▼RIMES Technologies Corp.; ∎Lipper Inc. The S&P 500® Index is an unmanaged index considered representative of the US stock market.     The Russell 2000® Value Index is an unmanaged index considered representative of small-cap value stocks. The Russell 2000 Value Index is a trademark/service mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.     The Lipper Small-Cap Value Funds Index is an unmanaged index considered representative of small-cap value funds tracked by Lipper.     The Fund is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Small Cap Value Fund

Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (6/21/99)	10.76	%
10 Years	12.72
5 Years	14.01
1 Year	68.31
Class C Shares
Inception (6/21/99)	10.75	%
10 Years	12.68
5 Years	14.48
1 Year	75.98
Class R Shares
10 Years	13.07	%
5 Years	15.01
1 Year	77.80
Class Y Shares
Inception (8/12/05)	10.79	%
10 Years	13.64
5 Years	15.59
1 Year	78.60
Class R6 Shares
10 Years	13.57	%
5 Years	15.74
1 Year	78.83

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

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

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

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

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

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

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

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

3 Invesco Small Cap Value Fund

Schedule of Investments^(a)

October 31, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.61%
Aerospace & Defense–2.34%
Maxar Technologies, Inc.		384,000	$	10,195,200
Parsons Corp.(b)(c)		827,200		28,654,208
				38,849,408
Auto Parts & Equipment–2.33%
Dana, Inc.		1,489,796		33,058,573
Modine Manufacturing Co.(b)		493,800		5,431,800
Visteon Corp.(b)		1,400		158,452
			38,648,825
Commodity Chemicals–0.63%
Orion Engineered Carbons S.A. (Germany)(b)		561,300		10,552,440
Communications Equipment–1.14%
Plantronics, Inc.(b)(c)		709,010		18,973,108
Construction & Engineering–5.81%
AECOM(b)		432,422		29,564,692
Balfour Beatty PLC (United Kingdom)		1,344,400		4,677,073
CIMIC Group Ltd. (Australia)(c)		563,900		8,483,421
Concrete Pumping Holdings, Inc.(b)		662,900		5,700,940
HOCHTIEF AG (Germany)(c)		187,900		14,489,311
Primoris Services Corp.		932,600		25,133,570
Sterling Construction Co., Inc.(b)		356,700		8,575,068
				96,624,075
Construction Machinery & Heavy Trucks–2.21%
Astec Industries, Inc.		166,100		8,866,418
Manitowoc Co., Inc. (The)(b)		721,500		15,461,745
REV Group, Inc.		826,000		12,480,860
				36,809,023
Diversified Chemicals–2.86%
Huntsman Corp.		1,458,884		47,530,441
Diversified Support Services–0.15%
VSE Corp.(c)		46,299		2,571,909
Education Services–2.06%
Stride, Inc.(b)		962,900		34,182,950
Environmental & Facilities Services–0.33%
Li-Cycle Holdings Corp. (Canada)(b)		421,015		5,447,934
Food Distributors–2.83%
US Foods Holding Corp.(b)		1,355,100		46,981,317
Health Care Services–1.75%
Fresenius Medical Care AG & Co. KGaA (Germany)		436,500		29,032,153
Hotels, Resorts & Cruise Lines–4.91%
Hilton Grand Vacations, Inc.(b)		1,002,500		50,405,700
Travel + Leisure Co.		573,500		31,163,990
				81,569,690

	Shares		Value
Household Products–1.62%
Spectrum Brands Holdings, Inc.		286,795	$	26,887,031
Human Resource & Employment Services–3.05%
Kelly Services, Inc., Class A		549,210		9,902,256
ManpowerGroup, Inc.		332,101		32,097,562
TrueBlue, Inc.(b)		311,702		8,680,901
				50,680,719
Industrial Conglomerates–1.45%
Rheinmetall AG (Germany)		247,900		24,032,570
Industrial Machinery–2.71%
Crane Co.		324,500		33,514,360
Gates Industrial Corp. PLC(b)		701,900		11,539,236
				45,053,596
Life & Health Insurance–7.35%
American Equity Investment Life Holding Co.		1,354,300		43,161,541
Athene Holding Ltd., Class A(b)		614,003		53,424,401
CNO Financial Group, Inc.		1,059,515		25,576,692
				122,162,634
Office Services & Supplies–3.50%
Interface, Inc.(c)		816,500		11,724,940
Kimball International, Inc., Class B		500,300		5,438,261
MillerKnoll, Inc.		883,000		34,366,360
Steelcase, Inc., Class A		553,400		6,585,460
				58,115,021
Oil & Gas Equipment & Services–2.09%
Baker Hughes Co., Class A(c)		660,800		16,572,864
Helix Energy Solutions Group, Inc.(b)		3,649,781		13,796,172
NexTier Oilfield Solutions, Inc.(b)		961,811		4,289,677
				34,658,713
Oil & Gas Exploration & Production–9.00%
ARC Resources Ltd. (Canada)		1,226,600		11,764,497
Devon Energy Corp.(c)		874,600		35,053,968
Diamondback Energy, Inc.		422,900		45,330,651
Northern Oil and Gas, Inc.(c)		1,483,380		34,355,081
Pioneer Natural Resources Co.		123,317		23,057,813
				149,562,010
Oil & Gas Refining & Marketing–0.45%
HollyFrontier Corp.		221,600		7,490,080
Other Diversified Financial Services–1.57%
Equitable Holdings, Inc.		780,400		26,143,400
Regional Banks–13.71%
First Horizon Corp.		2,831,010		48,042,240
Five Star Bancorp		369,061		10,119,652
Great Western Bancorp, Inc.		1,000,700		34,073,835
Huntington Bancshares, Inc.(c)		3,674,369		57,834,568
Sterling Bancorp		2,383,500		60,660,075
Texas Capital Bancshares, Inc.(b)		281,000		17,028,600
				227,758,970

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

4 Invesco Small Cap Value Fund

	Shares		Value
Research & Consulting Services–4.41%
CACI International, Inc., Class A(b)		77,018	$	22,153,457
KBR, Inc.(c)		895,400		38,000,776
Nielsen Holdings PLC		644,500		13,051,125
				73,205,358
Restaurants–4.39%
Cheesecake Factory, Inc. (The)(b)(c)		1,076,147		43,734,614
Elior Group S.A. (France)(b)(d)		1,773,800		14,014,716
Marston’s PLC (United Kingdom)		13,960,649		15,201,823
72,951,153
Specialty Chemicals–1.36%
Axalta Coating Systems Ltd.(b)		724,400		22,594,036
Steel–1.74%
Carpenter Technology Corp.(c)		937,630		28,954,014
Trading Companies & Distributors–9.97%
AerCap Holdings N.V. (Ireland)(b)		830,300		49,020,912
Air Lease Corp.		357,600		14,321,880
Beacon Roofing Supply, Inc.(b)		478,866		25,317,646
DXP Enterprises, Inc.(b)		250,891		8,269,367
Univar Solutions, Inc.(b)		1,874,300		47,944,594
WESCO International, Inc.(b)		161,016		20,861,233
165,735,632
Trucking–0.89%
National Express Group PLC (United Kingdom)(b)		4,738,460		14,856,885
Total Common Stocks & Other Equity Interests     (Cost $1,316,722,160)				1,638,615,095

	Shares		Value
Money Market Funds–1.74%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)		10,869,606	$	10,869,606
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(e)(f)		5,581,494		5,583,169
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)(f)		12,422,407		12,422,407
Total Money Market Funds (Cost $28,875,182)				28,875,182
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.35% (Cost $1,345,597,342)				1,667,490,277
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–8.48%
Invesco Private Government Fund, 0.02%(e)(f)(g)		42,283,742		42,283,742
Invesco Private Prime Fund, 0.11%(e)(f)(g)		98,622,615		98,662,065
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $140,945,806)				140,945,807
TOTAL INVESTMENTS IN SECURITIES–108.83% (Cost $1,486,543,148)				1,808,436,084
OTHER ASSETS LESS LIABILITIES–(8.83)%				(146,766,231	)
NET ASSETS–100.00%			$	1,661,669,853

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, 2021.

^(d)  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, 2021 represented less than 1% of the Fund’s Net Assets.

^(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, 2021.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation		Realized Gain (Loss)			Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$16,011,462		$115,696,545		$(120,838,401	)		$-		$	-		$  10,869,606		$    1,154
Invesco Liquid Assets Portfolio, Institutional Class		13,801,645		76,875,446		(85,092,767	)		-		(1,155)			5,583,169		291
Invesco Treasury Portfolio, Institutional Class		18,298,813		132,224,623		(138,101,029	)		-			-		12,422,407		513
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		-		161,290,603		(119,006,861	)		-			-		42,283,742		2,013	*
Invesco Private Prime Fund		-		324,599,867		(225,937,803	)		1			-		98,662,065		27,921	*
Total		$48,111,920		$810,687,084		$(688,976,861	)		$1		$(1,155)			$169,820,989		$  31,892

* 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.

^(f)  The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(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.

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

5                     Invesco Small Cap Value Fund

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2021

Industrials	36.82	%
Financials	22.63
Consumer Discretionary	13.69
Energy	11.54
Materials	6.59
Consumer Staples	4.45
Other Sectors, Each Less than 2% of Net Assets	2.89
Money Market Funds Plus Other Assets Less Liabilities	1.39

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

6 Invesco Small Cap Value Fund

Statement of Assets and Liabilities

October 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,316,722,160)*	$	1,638,615,095
Investments in affiliated money market funds, at value (Cost $169,820,988)		169,820,989
Foreign currencies, at value (Cost $56,046)		56,061
Receivable for:
Investments sold		11,338,963
Fund shares sold		2,079,031
Dividends		459,658
Investment for trustee deferred compensation and retirement plans		268,415
Other assets		82,715
Total assets		1,822,720,927
Liabilities:
Payable for:
Investments purchased		16,458,186
Fund shares reacquired		2,483,098
Collateral upon return of securities loaned		140,945,806
Accrued fees to affiliates		747,882
Accrued other operating expenses		122,358
Trustee deferred compensation and retirement plans		293,744
Total liabilities		161,051,074
Net assets applicable to shares outstanding	$	1,661,669,853
Net assets consist of:
Shares of beneficial interest	$	1,099,754,852
Distributable earnings		561,915,001
	$	1,661,669,853

Net Assets:
Class A	$	704,709,330
Class C	$	18,065,737
Class R	$	10,048,330
Class Y	$	808,506,721
Class R6	$	120,339,735
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		32,990,118
Class C		1,376,260
Class R		472,023
Class Y		35,433,140
Class R6		5,233,750
Class A:
Net asset value per share	$	21.36
Maximum offering price per share (Net asset value of $21.36 ÷ 94.50%)	$	22.60
Class C:
Net asset value and offering price per share	$	13.13
Class R:
Net asset value and offering price per share	$	21.29
Class Y:
Net asset value and offering price per share	$	22.82
Class R6:
Net asset value and offering price per share	$	22.99

* At October 31, 2021, securities with an aggregate value of $135,430,552 were on loan to brokers.

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

7 Invesco Small Cap Value Fund

Statement of Operations

For the six months ended October 31, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $18,849)	$	9,167,605
Dividends from affiliated money market funds (includes securities lending income of $253,128)		255,086
Total investment income		9,422,691
Expenses:
Advisory fees		5,261,877
Administrative services fees		120,042
Custodian fees		687
Distribution fees:
Class A		860,728
Class C		93,285
Class R		23,660
Transfer agent fees – A, C, R and Y		1,136,283
Transfer agent fees – R6		13,486
Trustees’ and officers’ fees and benefits		13,539
Registration and filing fees		59,740
Reports to shareholders		34,836
Professional services fees		24,122
Other		14,044
Total expenses		7,656,329
Less: Fees waived and/or expense offset arrangement(s)		(3,435	)
Net expenses		7,652,894
Net investment income		1,769,797
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		164,321,083
Affiliated investment securities		(1,155	)
Foreign currencies		26,357
		164,346,285
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(132,266,151	)
Affiliated investment securities		1
Foreign currencies		(1,584	)
		(132,267,734	)
Net realized and unrealized gain		32,078,551
Net increase in net assets resulting from operations	$	33,848,348

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

8 Invesco Small Cap Value Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)

	October 31,			April 30,
	2021			2021
Operations:
Net investment income	$	1,769,797		$	4,298,097
Net realized gain		164,346,285			256,109,790
Change in net unrealized appreciation (depreciation)		(132,267,734	)		624,795,881
Net increase in net assets resulting from operations		33,848,348			885,203,768
Distributions to shareholders from distributable earnings:
Class A		–			(1,584,440	)
Class C		–			(19,674	)
Class R		–			(13,957	)
Class Y		–			(2,371,084	)
Class R6		–			(246,440	)
Total distributions from distributable earnings		–			(4,235,595	)
Share transactions-net:
Class A		1,766,054			(61,901,801	)
Class C		277,206			(1,686,975	)
Class R		676,349			628,552
Class Y		(18,924,681	)		(93,737,040	)
Class R6		39,563,108			(24,740,267	)
Net increase (decrease) in net assets resulting from share transactions		23,358,036			(181,437,531	)
Net increase in net assets		57,206,384			699,530,642
Net assets:
Beginning of period		1,604,463,469			904,932,827
End of period	$	1,661,669,853		$	1,604,463,469

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

9 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 10/31/21	$	20.84	$	0.01		$	0.51		$	0.52		$	–		$	–		$	–		$	21.36		2.50	%	$	704,709		1.08	%(d)		1.08	%(d)		0.07	%(d)		39	%
Year ended 04/30/21		9.62		0.03			11.24			11.27			(0.05	)		–			(0.05	)		20.84		117.30			687,428		1.12			1.12			0.24			71
Year ended 04/30/20		14.10		0.02			(4.14	)		(4.12	)		–			(0.36	)		(0.36	)		9.62		(30.02	)		372,448		1.13			1.13			0.16			47
Year ended 04/30/19		18.53		(0.04	)		(1.22	)		(1.26	)		–			(3.17	)		(3.17	)		14.10		(3.16	)		662,115		1.12			1.12			(0.22	)		43
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
Class C
Six months ended 10/31/21		12.85		(0.04	)		0.32			0.28			–			–			–			13.13		2.18			18,066		1.83	(d)		1.83	(d)		(0.68	)(d)		39
Year ended 04/30/21		5.96		(0.04	)		6.94			6.90			(0.01	)		–			(0.01	)		12.85		115.93	(e)		17,598		1.81	(e)		1.81	(e)		(0.45	)(e)		71
Year ended 04/30/20		8.93		(0.04	)		(2.57	)		(2.61	)		–			(0.36	)		(0.36	)		5.96		(30.50	)(e)		10,133		1.84	(e)		1.84	(e)		(0.55	)(e)		47
Year ended 04/30/19		13.29		(0.11	)		(1.08	)		(1.19	)		–			(3.17	)		(3.17	)		8.93		(3.98	)		22,059		1.87			1.87			(0.97	)		43
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
Class R
Six months ended 10/31/21		20.79		(0.02	)		0.52			0.50			–			–			–			21.29		2.40			10,048		1.33	(d)		1.33	(d)		(0.18	)(d)		39
Year ended 04/30/21		9.61		(0.00	)(f)		11.21			11.21			(0.03	)		–			(0.03	)		20.79		116.81			9,140		1.37			1.37			(0.01	)		71
Period ended 04/30/20(g)		8.49		(0.00	)(f)		1.12			1.12			–			–			–			9.61		13.19			3,866		1.37	(d)		1.37	(d)		(0.08	)(d)		47
Class Y
Six months ended 10/31/21		22.23		0.04			0.55			0.59			–			–			–			22.82		2.65			808,507		0.83	(d)		0.83	(d)		0.32	(d)		39
Year ended 04/30/21		10.25		0.07			11.98			12.05			(0.07	)		–			(0.07	)		22.23		117.78			812,019		0.87			0.87			0.49			71
Year ended 04/30/20		14.95		0.06			(4.40	)		(4.34	)		–			(0.36	)		(0.36	)		10.25		(29.79	)		457,857		0.88			0.88			0.41			47
Year ended 04/30/19		19.37		0.01			(1.26	)		(1.25	)		–			(3.17	)		(3.17	)		14.95		(2.97	)		875,875		0.87			0.87			0.03			43
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
Class R6
Six months ended 10/31/21		22.39		0.05			0.55			0.60			–			–			–			22.99		2.68			120,340		0.71	(d)		0.71	(d)		0.44	(d)		39
Year ended 04/30/21		10.31		0.09			12.07			12.16			(0.08	)		–			(0.08	)		22.39		118.25			78,279		0.73			0.73			0.63			71
Year ended 04/30/20		15.02		0.08			(4.43	)		(4.35	)		–			(0.36	)		(0.36	)		10.31		(29.71	)		60,628		0.70			0.70			0.59			47
Year ended 04/30/19		19.41		0.03			(1.25	)		(1.22	)		–			(3.17	)		(3.17	)		15.02		(2.80	)		65,409		0.71			0.71			0.19			43
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(g)		20.29		0.01			(0.14	)		(0.13	)		–			–			–			20.16		(0.64	)		469		0.72	(d)		0.72	(d)		0.26	(d)		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)  Annualized.

^(e)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.94%, 0.96%, 0.99% and 0.99% for the years ended April 30, 2021, 2020, 2018 and 2017, respectively.

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

^(g) Commencement date of April 17, 2020 and February 7, 2017 for Class R and Class R6 shares, respectively.

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

10 Invesco Small Cap Value Fund

Notes to Financial Statements

October 31, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

11 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. The risk of material loss as a result of such indemnification claims is considered remote.

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

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, there were no securities lending transactions with the Adviser.

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 Small Cap Value 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. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

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

For the six months ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.64%.

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

Effective June 1, 2021 through at least June 30, 2022, the Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class R, Class Y and Class R6 shares to 2.00%, 2.75%, 2.25%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “expense limits”). Prior to June 1, 2021, the Adviser has contractually agree 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 the Fund’s average daily net assets. 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, 2022. 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, 2023, 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, 2021, the Adviser waived advisory fees of $3,167.

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, 2021, 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, 2021, 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

13 Invesco Small Cap Value Fund

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, 2021, 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, 2021, IDI advised the Fund that IDI retained $63,529 in front-end sales commissions from the sale of Class A shares and $1,445 and $1,263 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2021, the Fund incurred $8,747 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, 2021. 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	$	1,548,562,924	$	90,052,171		$–	$	1,638,615,095
Money Market Funds		28,875,182		140,945,807		–		169,820,989
Total Investments	$	1,577,438,106	$	230,997,978		$–	$	1,808,436,084

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $268.

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 Small Cap Value Fund

The Fund had a capital loss carryforward as of April 30, 2021, as follows:

Capital Loss Carryforward*
Expiration	Short-Term		Long-Term		Total
Not subject to expiration	$	6,186,470	$	1,119,483	$	7,305,953

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

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2021 was $671,626,637 and $630,211,083, 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	$388,449,306
Aggregate unrealized (depreciation) of investments	(67,803,278	)
Net unrealized appreciation of investments	$320,646,028

Cost of investments for tax purposes is $ 1,487,790,056.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2021(a)						April 30, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		4,812,807		$	101,053,875			6,227,887		$	98,369,182
Class C		438,620			5,706,263			561,486			5,724,965
Class R		61,219			1,274,189			117,727			1,782,219
Class Y		9,890,589			222,126,654			19,071,538			311,052,778
Class R6		2,823,086			63,496,411			1,774,422			29,608,981
Issued as reinvestment of dividends:
Class A		-			-			96,777			1,487,466
Class C		-			-			1,976			18,775
Class R		-			-			909			13,957
Class Y		-			-			120,209			1,969,029
Class R6		-			-			14,850			244,727
Automatic conversion of Class C shares to Class A shares:
Class A		34,592			713,556			303,835			4,046,391
Class C		(56,200	)		(713,556	)		(491,149	)		(4,046,391	)
Reacquired:
Class A		(4,848,771	)		(100,001,377	)		(12,352,476	)		(165,804,840	)
Class C		(375,395	)		(4,715,501	)		(401,914	)		(3,384,324	)
Class R		(28,851	)		(597,840	)		(81,102	)		(1,167,624	)
Class Y		(10,986,803	)		(241,051,335	)		(27,339,713	)		(406,758,847	)
Class R6		(1,086,185	)		(23,933,303	)		(4,171,170	)		(54,593,975	)
Net increase (decrease) in share activity		678,708		$	23,358,036			(16,545,908	)	$	(181,437,531	)

^(a) There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 34% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

15 Invesco 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, 2021 through October 31, 2021.

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     (05/01/21)	Ending     Account Value     (10/31/21)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/21)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,025.00	$5.51	$1,019.76	$5.50	1.08%
Class C	1,000.00	1,021.80	9.33	1,015.98	9.30	1.83
Class R	1,000.00	1,024.00	6.79	1,018.50	6.77	1.33
Class Y	1,000.00	1,026.50	4.24	1,021.02	4.23	0.83
Class R6	1,000.00	1,026.80	3.63	1,021.63	3.62	0.71

¹ The actual ending account value is based on the actual total return of the Fund for the period May 1, 2021 through October 31, 2021, 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 Small Cap Value Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

    As part of the contract renewal process, the Board reviews and considers information provided in response to 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 and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, 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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the Russell 2000^® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the first quintile of its performance universe for the one year period and the second quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that performance of Class A shares of the Fund was above the performance of the Index for the one year period and below the performance of the Index for the three and five year periods. 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 the funds in its performance universe. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions.

17 Invesco Small Cap Value Fund

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board 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 requested and received additional information from Invesco Advisers regarding the levels of the Fund’s breakpoints in light of current assets. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

advisory fees payable to Invesco Advisers from the Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

18 Invesco Small Cap Value Fund

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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:

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2021

Invesco Technology Fund

Nasdaq:

A: ITYAX ∎ C: ITHCX ∎ Y: ITYYX ∎ Investor: FTCHX ∎ R5: FTPIX ∎ R6: FTPSX

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

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/21 to 10/31/21, 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	9.90	%
Class C Shares	9.52
Class Y Shares	10.04
Investor Class Shares	9.98
Class R5 Shares	10.07
Class R6 Shares	10.10
NASDAQ Composite Index▼ (Broad Market/Style-Specific Index)	11.36
Lipper Science & Technology Funds Index∎ (Peer Group Index)	8.78
Source(s): ▼Bloomberg LP;  ∎ 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 index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Technology Fund

Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (3/28/02)	8.45	%
10 Years	16.15
5 Years	23.83
1 Year	26.35
Class C Shares
Inception (2/14/00)	2.20	%
10 Years	16.11
5 Years	24.30
1 Year	31.75
Class Y Shares
Inception (10/3/08)	16.91	%
10 Years	17.10
5 Years	25.55
1 Year	34.05
Investor Class Shares
Inception (1/19/84)	11.53	%
10 Years	16.91
5 Years	25.37
1 Year	33.87
Class R5 Shares
Inception (12/21/98)	8.05	%
10 Years	17.37
5 Years	25.72
1 Year	34.10
Class R6 Shares
10 Years	17.02	%
5 Years	25.70
1 Year	34.16

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

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

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

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

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

3 Invesco Technology Fund

Schedule of Investments^(a)

October 31, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests-99.99%
Application Software-12.21%
Adobe, Inc.(b)		44,646	$	29,035,972
Couchbase, Inc.(b)(c)		637,228		25,693,033
Datadog, Inc., Class A(b)		57,978		9,685,225
DocuSign, Inc.(b)		52,282		14,549,558
HubSpot, Inc.(b)		42,803		34,680,275
RingCentral, Inc., Class A(b)(c)		83,597		20,379,277
salesforce.com, inc.(b)		174,782		52,380,417
Synopsys, Inc.(b)		100,327		33,426,950
Workday, Inc., Class A(b)		34,314		9,950,374
				229,781,081
Casinos & Gaming-1.80%
Penn National Gaming, Inc.(b)(c)		474,269		33,957,660
Data Processing & Outsourced Services-6.21%
Adyen N.V. (Netherlands)(b)(d)		6,329		19,118,017
Mastercard, Inc., Class A		41,773		14,015,677
Nuvei Corp. (Canada)(b)(d)		28,060		3,378,985
Payoneer Global, Inc.(b)(c)		1,785,058		13,477,188
PayPal Holdings, Inc.(b)		131,563		30,600,238
Square, Inc., Class A(b)		142,798		36,342,091
				116,932,196
Health Care Equipment-2.10%
Intuitive Surgical, Inc.(b)		80,369		29,023,657
Shockwave Medical, Inc.(b)		49,470		10,571,739
				39,595,396
Hotels, Resorts & Cruise Lines-1.89%
Booking Holdings, Inc.(b)		14,681		35,539,471
Interactive Home Entertainment-3.60%
Electronic Arts, Inc.		128,560		18,030,540
Sea Ltd., ADR (Taiwan)(b)(c)		144,666		49,702,898
				67,733,438
Interactive Media & Services-13.05%
Alphabet, Inc., Class A(b)		52,089		154,231,362
Meta Platforms, Inc., Class A(b)		178,643		57,803,516
ZoomInfo Technologies, Inc., Class A(b)		499,319		33,564,223
				245,599,101
Internet & Direct Marketing Retail-3.68%
Amazon.com, Inc.(b)		15,087		50,879,851
MercadoLibre, Inc. (Argentina)(b)		12,479		18,481,649
				69,361,500
Internet Services & Infrastructure-4.64%
Cloudflare, Inc., Class A(b)		140,361		27,331,094
MongoDB, Inc.(b)(c)		32,009		16,685,972
Shopify, Inc., Class A (Canada)(b)		13,533		19,849,257
Snowflake, Inc., Class A(b)		66,403		23,496,037
				87,362,360
Life Sciences Tools & Services-2.81%
Avantor, Inc.(b)		858,582		34,669,541

	Shares		Value
Life Sciences Tools & Services-(continued)
IQVIA Holdings, Inc.(b)		69,360	$	18,132,091
				52,801,632
Pharmaceuticals-0.60%
Reata Pharmaceuticals, Inc., Class A(b)(c)		117,995		11,328,700
Semiconductor Equipment-6.78%
Applied Materials, Inc.		448,395		61,273,177
ASML Holding N.V., New York Shares (Netherlands)		58,996		47,956,669
KLA Corp.		49,440		18,429,254
				127,659,100
Semiconductors-14.29%
Advanced Micro Devices, Inc.(b)		252,415		30,347,855
Lattice Semiconductor Corp.(b)(c)		404,113		28,061,607
Monolithic Power Systems, Inc.		38,633		20,300,096
NVIDIA Corp.		554,269		141,709,955
ON Semiconductor Corp.(b)		420,497		20,213,291
QUALCOMM, Inc.		213,799		28,443,819
				269,076,623
Systems Software-21.23%
Crowdstrike Holdings, Inc., Class A(b)		97,694		27,530,169
Darktrace PLC (United Kingdom)(b)		1,213,205		13,362,596
Gitlab, Inc., Class A(b)		70,102		7,865,444
KnowBe4, Inc., Class A(b)(c)		846,551		19,792,362
Microsoft Corp.		540,002		179,075,463
Palo Alto Networks, Inc.(b)		106,830		54,386,085
ServiceNow, Inc.(b)		87,080		60,760,941
Zscaler, Inc.(b)(c)		115,744		36,906,132
				399,679,192
Technology Hardware, Storage & Peripherals-5.10%
Apple, Inc.		641,413		96,083,668
Total Common Stocks & Other Equity Interests (Cost $1,012,915,023)				1,882,491,118
Money Market Funds-1.33%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f)		8,537,628		8,537,628
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(e)(f)		6,743,373		6,745,396
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)(f)		9,757,289		9,757,289
Total Money Market Funds (Cost $25,039,838)				25,040,313
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-101.32% (Cost $1,037,954,861)				1,907,531,431
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.24%
Invesco Private Government Fund, 0.02%(e)(f)(g)		29,604,084		29,604,084

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

4 Invesco Technology Fund

	Shares	Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.11%(e)(f)(g)	69,048,577	$	69,076,197
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $98,680,281)			98,680,281
TOTAL INVESTMENTS IN SECURITIES-106.56% (Cost $1,136,635,142)			2,006,211,712
OTHER ASSETS LESS LIABILITIES-(6.56)%			(123,542,287	)
NET ASSETS-100.00%		$	1,882,669,425

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, 2021.

^(d)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at October 31, 2021 was $22,497,002, which represented 1.19% of the Fund’s Net Assets.

^(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, 2021.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$  5,850,425		$106,564,953		$(103,877,750	)		$        -			$        -		$8,537,628		$      692
Invesco Liquid Assets Portfolio, Institutional Class		4,757,529		76,117,823		(74,129,618	)		(201	)		(137)		6,745,396		226
Invesco Treasury Portfolio, Institutional Class		6,686,199		121,788,518		(118,717,428	)		-			-		9,757,289		309
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		19,842,453		133,107,610		(123,345,979	)		-			-		29,604,084		1,548*
Invesco Private Prime Fund		29,763,679		306,370,924		(267,058,406	)		-			-		69,076,197		20,307*
Total		$66,900,285		$743,949,828		$(687,129,181	)		$(201	)		$(137)		$123,720,594		$23,082

* 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.

^(f)  The rate shown is the 7-day SEC standardized yield as of October 31, 2021.

^(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, 2021

Information Technology	70.46	%
Communication Services	16.65
Consumer Discretionary	7.37
Health Care	5.51
Money Market Funds Plus Other Assets Less Liabilities	0.01

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

5 Invesco Technology Fund

Statement of Assets and Liabilities

October 31, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $1,012,915,023)*	$	1,882,491,118
Investments in affiliated money market funds, at value (Cost $123,720,119)		123,720,594
Cash		1,343,871
Foreign currencies, at value (Cost $400)		396
Receivable for:
Investments sold		28,621,340
Fund shares sold		308,609
Dividends		51,840
Investment for trustee deferred compensation and retirement plans		214,601
Other assets		62,752
Total assets		2,036,815,121
Liabilities:
Payable for:
Investments purchased		52,430,837
Fund shares reacquired		1,734,893
Collateral upon return of securities loaned		98,680,281
Accrued fees to affiliates		899,702
Accrued other operating expenses		164,421
Trustee deferred compensation and retirement plans		235,562
Total liabilities		154,145,696
Net assets applicable to shares outstanding	$	1,882,669,425
Net assets consist of:
Shares of beneficial interest	$	627,811,558
Distributable earnings		1,254,857,867
	$	1,882,669,425

Net Assets:
Class A	$	1,002,994,616
Class C	$	57,004,742
Class Y	$	69,705,218
Investor Class	$	749,890,546
Class R5	$	985,545
Class R6	$	2,088,758
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		12,587,509
Class C		971,208
Class Y		851,498
Investor Class		9,439,113
Class R5		10,003
Class R6		21,174
Class A:
Net asset value per share	$	79.68
Maximum offering price per share (Net asset value of $79.68 ÷ 94.50%)	$	84.32
Class C:
Net asset value and offering price per share	$	58.69
Class Y:
Net asset value and offering price per share	$	81.86
Investor Class:
Net asset value and offering price per share	$	79.45
Class R5:
Net asset value and offering price per share	$	98.52
Class R6:
Net asset value and offering price per share	$	98.65

* At October 31, 2021, securities with an aggregate value of $97,620,023 were on loan to brokers.

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

6 Invesco Technology Fund

Statement of Operations

For the six months ended October 31, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $32,674)	$	2,122,105
Dividends from affiliated money market funds (includes securities lending income of $152,994)		154,221
Total investment income		2,276,326
Expenses:
Advisory fees		5,346,328
Administrative services fees		123,341
Distribution fees:
Class A		1,190,828
Class C		260,865
Investor Class		406,663
Transfer agent fees – A, C, Y and Investor		1,296,363
Transfer agent fees – R5		430
Transfer agent fees – R6		354
Trustees’ and officers’ fees and benefits		14,567
Registration and filing fees		57,872
Professional services fees		26,121
Other		(188,150	)
Total expenses		8,535,582
Less: Fees waived and/or expense offset arrangement(s)		(3,312	)
Net expenses		8,532,270
Net investment income (loss)		(6,255,944	)
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		220,374,690
Affiliated investment securities		(137	)
Foreign currencies		160,561
		220,535,114
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(43,798,334	)
Affiliated investment securities		(201	)
Foreign currencies		(4,514	)
		(43,803,049	)
Net realized and unrealized gain		176,732,065
Net increase in net assets resulting from operations	$	170,476,121

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

7 Invesco Technology Fund

Statement of Changes in Net Assets

For the six months ended October 31, 2021 and the year ended April 30, 2021

(Unaudited)

	October 31, 2021			April 30, 2021
Operations:
Net investment income (loss)	$	(6,255,944	)	$	(10,402,059	)
Net realized gain		220,535,114			284,219,629
Change in net unrealized appreciation (depreciation)		(43,803,049	)		345,991,769
Net increase in net assets resulting from operations		170,476,121			619,809,339
Distributions to shareholders from distributable earnings:
Class A		–			(56,594,444	)
Class C		–			(5,130,047	)
Class Y		–			(3,571,098	)
Investor Class		–			(44,227,833	)
Class R5		–			(38,272	)
Class R6		–			(56,434	)
Total distributions from distributable earnings		–			(109,618,128	)
Share transactions–net:
Class A		(15,207,409	)		90,630,656
Class C		(4,506,695	)		9,021,317
Class Y		1,193,067			8,626,013
Investor Class		(16,722,522	)		1,616,279
Class R5		103,548			377,574
Class R6		270,141			809,901
Net increase (decrease) in net assets resulting from share transactions		(34,869,870	)		111,081,740
Net increase in net assets		135,606,251			621,272,951
Net assets:
Beginning of period		1,747,063,174			1,125,790,223
End of period	$	1,882,669,425		$	1,747,063,174

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

8 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 10/31/21	$	72.50	$	(0.28	)	$	7.46	$	7.18	$	-		$	79.68		9.90	%	$	1,002,995		0.99	%(d)		0.99	%(d)		(0.74	)%(d)		54	%
Year ended 04/30/21		50.35		(0.46	)		27.38		26.92		(4.77	)		72.50		54.37			927,620		1.10			1.10			(0.71	)		59
Year ended 04/30/20		49.68		(0.29	)		5.71		5.42		(4.75	)		50.35		11.31			572,351		1.19			1.19			(0.58	)		38
Year ended 04/30/19		46.98		(0.34	)		6.66		6.32		(3.62	)		49.68		14.87			443,050		1.23			1.23			(0.71	)		48
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
Class C
Six months ended 10/31/21		53.59		(0.40	)		5.50		5.10		-			58.69		9.52	(e)		57,005		1.68	(d)(e)		1.68	(d)(e)		(1.43	)(d)(e)		54
Year ended 04/30/21		38.38		(0.72	)		20.70		19.98		(4.77	)		53.59		53.20	(e)		56,566		1.84	(e)		1.84	(e)		(1.45	)(e)		59
Year ended 04/30/20		39.21		(0.51	)		4.43		3.92		(4.75	)		38.38		10.47			32,723		1.94			1.94			(1.33	)		38
Year ended 04/30/19		38.15		(0.57	)		5.25		4.68		(3.62	)		39.21		13.98			28,217		1.98			1.98			(1.46	)		48
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
Class Y
Six months ended 10/31/21		74.39		(0.19	)		7.66		7.47		-			81.86		10.04			69,705		0.74	(d)		0.74	(d)		(0.49	)(d)		54
Year ended 04/30/21		51.45		(0.31	)		28.02		27.71		(4.77	)		74.39		54.75			62,294		0.85			0.85			(0.46	)		59
Year ended 04/30/20		50.55		(0.17	)		5.82		5.65		(4.75	)		51.45		11.57			36,341		0.94			0.94			(0.33	)		38
Year ended 04/30/19		47.62		(0.22	)		6.77		6.55		(3.62	)		50.55		15.16			32,658		0.98			0.98			(0.46	)		48
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
Investor Class
Six months ended 10/31/21		72.24		(0.23	)		7.44		7.21		-			79.45		9.98	(f)		749,891		0.86	(d)(f)		0.86	(d)(f)		(0.61	)(d)(f)		54
Year ended 04/30/21		50.13		(0.39	)		27.27		26.88		(4.77	)		72.24		54.53	(f)		698,143		1.00	(f)		1.00	(f)		(0.61	)(f)		59
Year ended 04/30/20		49.44		(0.24	)		5.68		5.44		(4.75	)		50.13		11.41	(f)		483,563		1.09	(f)		1.09	(f)		(0.48	)(f)		38
Year ended 04/30/19		46.71		(0.28	)		6.63		6.35		(3.62	)		49.44		15.02	(f)		475,857		1.11	(f)		1.11	(f)		(0.59	)(f)		48
Year ended 04/30/18		39.53		(0.25	)		9.25		9.00		(1.82	)		46.71		23.03	(f)		447,456		1.19	(f)		1.20	(f)		(0.55	)(f)		47
Year ended 04/30/17		32.78		(0.21	)		9.33		9.12		(2.37	)		39.53		28.86	(f)		384,283		1.35	(f)		1.35	(f)		(0.57	)(f)		49
Class R5
Six months ended 10/31/21		89.51		(0.21	)		9.22		9.01		-			98.52		10.07			986		0.70	(d)		0.70	(d)		(0.45	)(d)		54
Year ended 04/30/21		61.17		(0.32	)		33.43		33.11		(4.77	)		89.51		54.88			794		0.77			0.77			(0.38	)		59
Year ended 04/30/20		59.18		(0.12	)		6.86		6.74		(4.75	)		61.17		11.74			267		0.81			0.81			(0.20	)		38
Year ended 04/30/19		55.03		(0.16	)		7.93		7.77		(3.62	)		59.18		15.34			263		0.81			0.81			(0.29	)		48
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
Class R6
Six months ended 10/31/21		89.60		(0.18	)		9.23		9.05		-			98.65		10.10			2,089		0.64	(d)		0.64	(d)		(0.39	)(d)		54
Year ended 04/30/21		61.21		(0.29	)		33.45		33.16		(4.77	)		89.60		54.93			1,647		0.74			0.74			(0.35	)		59
Year ended 04/30/20		59.20		(0.10	)		6.86		6.76		(4.75	)		61.21		11.77			545		0.77			0.77			(0.16	)		38
Year ended 04/30/19		55.04		(0.15	)		7.93		7.78		(3.62	)		59.20		15.36			483		0.80			0.80			(0.28	)		48
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(g)		44.75		(0.00	)		1.39		1.39		—			46.14		3.10			10		0.89	(d)		0.89	(d)		(0.11	)(d)		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) Annualized.

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

^(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 0.12%, 0.15%, 0.15%, 0.13%, 0.17% and 0.17% for the six months ended October 31, 2021 and the years ended April 30, 2021, 2020, 2019, 2018 and 2017, respectively.

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

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

9 Invesco Technology Fund

Notes to Financial Statements

October 31, 2021

(Unaudited)

NOTE 1– Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

10 Invesco Technology 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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

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

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, there were no securities lending transactions with the Adviser.

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,

11 Invesco Technology Fund

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

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

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

M. COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 500 million		0.670	%
Next $500 million		0.640	%
Next $1 billion		0.520	%
Next $2 billion		0.450	%
Next $2 billion		0.400	%
Next $2 billion		0.375	%
Over $8 billion		0.350	%

For the six months ended October 31, 2021, the effective advisory fee rate incurred by the Fund was 0.60%.

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

The Adviser has contractually agreed, through at least June 30, 2022, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual fund operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Class A, Class C, Class Y, Investor Class, Class R5 and Class R6 shares to 2.00%, 2.75%, 1.75%, 2.00%, 1.75% and 1.75%, respectively, of the Fund’s average daily net assets (the “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 June 30, 2022. 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, 2023, 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, 2021, the Adviser waived advisory fees of $2,001.

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, 2021, 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

12 Invesco Technology Fund

intermediaries that provide omnibus account services or sub-accounting services are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended October 31, 2021, 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 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, 2021, 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, 2021, IDI advised the Fund that IDI retained $86,424 in front-end sales commissions from the sale of Class A shares and $3,259 and $1,420 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2021, the Fund incurred $27,400 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, 2021. 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	$	1,850,010,505	$	32,480,613		$–	$	1,882,491,118
Money Market Funds		25,040,313		98,680,281		–		123,720,594
Total Investments	$	1,875,050,818	$	131,160,894		$–	$	2,006,211,712

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,311.

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.

13 Invesco Technology Fund

NOTE 7–Tax Information

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

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss 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, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2021 was $966,912,292 and $991,524,867, 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	$877,766,810
Aggregate unrealized (depreciation) of investments	(10,803,800	)
Net unrealized appreciation of investments	$866,963,010

Cost of investments for tax purposes is $1,139,248,702.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2021(a)						April 30, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		570,894		$	42,428,686			2,424,624		$	155,662,427
Class C		100,047			5,534,843			581,568			27,717,028
Class Y		91,274			7,056,391			328,857			22,058,618
Investor Class		118,584			8,863,388			393,364			25,231,915
Class R5		3,656			328,377			4,867			406,156
Class R6		8,359			776,264			18,141			1,545,267
Issued as reinvestment of dividends:
Class A		-			-			805,806			53,328,295
Class C		-			-			99,475			4,879,329
Class Y		-			-			47,373			3,213,783
Investor Class		-			-			638,359			42,074,205
Class R5		-			-			450			36,743
Class R6		-			-			669			54,649
Automatic conversion of Class C shares to Class A shares:
Class A		34,604			2,595,488			147,275			9,862,474
Class C		(46,901	)		(2,595,488	)		(197,768	)		(9,862,474	)
Reacquired:
Class A		(812,678	)		(60,231,583	)		(1,950,128	)		(128,222,540	)
Class C		(137,482	)		(7,446,050	)		(280,337	)		(13,712,566	)
Class Y		(77,175	)		(5,863,324	)		(245,149	)		(16,646,388	)
Investor Class		(344,334	)		(25,585,910	)		(1,013,391	)		(65,689,841	)
Class R5		(2,522	)		(224,829	)		(807	)		(65,325	)
Class R6		(5,564	)		(506,123	)		(9,341	)		(790,015	)
Net increase (decrease) in share activity		(499,238	)	$	(34,869,870	)		1,793,907		$	111,081,740

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 20% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

14 Invesco 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, 2021 through October 31, 2021.

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     (05/01/21)	Ending     Account Value     (10/31/21)1	Expenses     Paid During     Period2	Ending     Account Value     (10/31/21)	Expenses     Paid During     Period2	Annualized     Expense Ratio
Class A	$1,000.00	$1,099.00	$5.24	$1,020.21	$5.04	0.99%
Class C	1,000.00	1,095.20	8.87	1,016.74	8.54	1.68
Class Y	1,000.00	1,100.40	3.92	1,021.48	3.77	0.74
Investor Class	1,000.00	1,099.80	4.55	1,020.87	4.38	0.86
Class R5	1,000.00	1,100.70	3.71	1,021.68	3.57	0.70
Class R6	1,000.00	1,101.00	3.39	1,021.98	3.26	0.64

¹ The actual ending account value is based on the actual total return of the Fund for the period May 1, 2021 through October 31, 2021, 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.

15 Invesco Technology Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

    As part of the contract renewal process, the Board reviews and considers information provided in response to 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 and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, 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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the NASDAQ Composite Index (Index). The Board noted that performance of Class A shares of the Fund was in the 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 reasonably comparable to the performance of the Index for the one, three and five year periods. 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 the funds in its performance universe and specifically that the Fund’s peer group includes funds that are more narrowly focused on a sub-group or sub-groups of technology industries. The Board noted that overweight and underweight exposures to and security selection in certain technology industries negatively impacted the Fund’s relative 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

16 Invesco Technology Fund

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

C. Advisory and Sub-Advisory Fees and Fund Expenses

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

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

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

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

D. Economies of Scale and Breakpoints

The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

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

Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

Fund’s investment of cash collateral from any securities lending arrangements in the affiliated money market funds are for services that are not duplicative of services provided by Invesco Advisers to the Fund.

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

17 Invesco Technology Fund

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

Semiannual Report to Shareholders October 31, 2021

Invesco Value Opportunities Fund

Nasdaq:

A: VVOAX ∎ C: VVOCX ∎ R: VVORX ∎ Y: VVOIX ∎ R5: VVONX ∎ R6: VVOSX

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

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

Unless otherwise noted, all data provided by Invesco.

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

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

Fund Performance

Performance summary
Fund vs. Indexes
Cumulative total returns, 4/30/21 to 10/31/21, 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	6.06	%
Class C Shares	5.61
Class R Shares	5.91
Class Y Shares	6.20
Class R5 Shares	6.20
Class R6 Shares	6.25
S&P 500 Index▼ (Broad Market Index)	10.91
S&P 1500 Value Index▼ (Style-Specific Index)	4.66
Lipper Multi-Cap Value Funds Index∎ (Peer Group Index)	5.08
Source(s): ▼RIMES 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 index(es) described here, and consequently, the performance of the Fund may deviate significantly from the performance of the index(es).   A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.

For more information about your Fund

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

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

2 Invesco Value Opportunities Fund

Average Annual Total Returns
As of 10/31/21, including maximum applicable sales charges
Class A Shares
Inception (6/25/01)	6.52	%
10 Years	11.19
5 Years	13.28
1 Year	62.57
Class C Shares
Inception (6/25/01)	6.50	%
10 Years	11.19
5 Years	13.77
1 Year	69.77
Class R Shares
Inception (5/23/11)	10.09	%
10 Years	11.55
5 Years	14.30
1 Year	71.40
Class Y Shares
Inception (3/23/05)	7.21	%
10 Years	12.11
5 Years	14.86
1 Year	72.47
Class R5 Shares
Inception (5/23/11)	10.85	%
10 Years	12.31
5 Years	15.04
1 Year	72.40
Class R6 Shares
10 Years	12.05	%
5 Years	15.03
1 Year	72.60

Performance includes litigation proceeds. Had these proceeds not been received, total returns would have been lower.

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

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

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

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

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

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

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

3 Invesco Value Opportunities Fund

Schedule of Investments^(a)

October 31, 2021

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–98.89%
Auto Parts & Equipment–2.09%
Dana, Inc.		854,768	$	18,967,302
Building Products–0.02%
Builders FirstSource, Inc.(b)		1,600		93,232
Carlisle Cos., Inc.		400		89,168
				182,400
Construction & Engineering–4.00%
AECOM(b)		413,073		28,241,801
HOCHTIEF AG (Germany)		105,300		8,119,875
				36,361,676
Consumer Finance–0.03%
SLM Corp.		12,500		229,375
Distributors–1.77%
LKQ Corp.(b)		292,700		16,121,916
Diversified Banks–7.02%
Citigroup, Inc.		399,521		27,630,872
Wells Fargo & Co.		708,200		36,231,512
				63,862,384
Diversified Chemicals–3.61%
Huntsman Corp.(c)		1,007,700		32,830,866
Electrical Components & Equipment–0.50%
nVent Electric PLC		128,600		4,558,870
Electronic Manufacturing Services–0.49%
Jabil, Inc.		74,978		4,495,681
Food Distributors–3.01%
US Foods Holding Corp.(b)		789,800		27,382,366
Health Care Facilities–0.78%
Universal Health Services, Inc., Class B		57,500		7,135,750
Health Care Services–4.02%
Cigna Corp.		77,600		16,576,136
Fresenius Medical Care AG & Co. KGaA (Germany)		300,800		20,006,578
				36,582,714
Hotels, Resorts & Cruise Lines–7.70%
Booking Holdings, Inc.(b)		15,375		37,219,493
Hilton Grand Vacations, Inc.(b)		194,300		9,769,404
Norwegian Cruise Line Holdings Ltd.(b)(c)		42,500		1,093,100
Travel + Leisure Co.		404,400		21,975,096
				70,057,093
Household Products–1.55%
Energizer Holdings, Inc.		7,054		257,260
Spectrum Brands Holdings, Inc.(c)		147,171		13,797,281
				14,054,541
Human Resource & Employment Services–2.23%
ManpowerGroup, Inc.		209,700		20,267,505

	Shares		Value
Industrial Machinery–2.34%
Crane Co.		202,300	$	20,893,544
Timken Co. (The)		6,100		432,795
				21,326,339
Integrated Oil & Gas–3.82%
BP PLC, ADR (United Kingdom)		502,600		14,469,854
Royal Dutch Shell PLC, Class A, ADR (United Kingdom)		442,200		20,305,824
				34,775,678
Interactive Media & Services–2.37%
Baidu, Inc., A Shares (China)(b)		1,053,000		21,538,563
Internet & Direct Marketing Retail–2.07%
Alibaba Group Holding Ltd. (China)(b)		911,000		18,847,933
Investment Banking & Brokerage–4.28%
Goldman Sachs Group, Inc. (The)		94,200		38,937,570
Life & Health Insurance–5.82%
Athene Holding Ltd., Class A(b)		490,486		42,677,187
MetLife, Inc.		7,500		471,000
Prudential Financial, Inc.		88,800		9,772,440
				52,920,627
Managed Health Care–4.34%
Anthem, Inc.		47,600		20,712,188
Centene Corp.(b)		263,600		18,778,864
				39,491,052
Oil & Gas Equipment & Services–1.25%
Baker Hughes Co., Class A		453,600		11,376,288
Oil & Gas Exploration & Production–5.88%
Devon Energy Corp.		337,200		13,514,976
Diamondback Energy, Inc.		192,900		20,676,951
Pioneer Natural Resources Co.		103,004		19,259,688
				53,451,615
Oil & Gas Refining & Marketing–3.63%
Marathon Petroleum Corp.		371,800		24,512,774
Phillips 66		113,400		8,480,052
				32,992,826
Other Diversified Financial Services–2.51%
Equitable Holdings, Inc.		680,200		22,786,700
Paper Packaging–0.01%
Sealed Air Corp.		1,500		88,980
Regional Banks–5.72%
First Horizon Corp.		527,500		8,951,675
Huntington Bancshares, Inc.		2,033,529		32,007,746
Sterling Bancorp		435,100		11,073,295
				52,032,716
Research & Consulting Services–5.59%
CACI International, Inc., Class A(b)		59,682		17,166,930
KBR, Inc.(c)		571,100		24,237,484

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

4 Invesco Value Opportunities Fund

	Shares		Value
Research & Consulting Services–(continued)
Nielsen Holdings PLC		467,100	$	9,458,775
				50,863,189
Specialty Chemicals–1.85%
Axalta Coating Systems Ltd.(b)(c)		524,900		16,371,631
Element Solutions, Inc.		18,000		408,780
				16,780,411
Thrifts & Mortgage Finance–0.10%
MGIC Investment Corp.		28,158		455,033
Radian Group, Inc.		18,703		446,441
				901,474
Trading Companies & Distributors–8.49%
AerCap Holdings N.V. (Ireland)(b)		523,700		30,919,248
Air Lease Corp.		199,400		7,985,970
Univar Solutions, Inc.(b)		1,123,000		28,726,340
WESCO International, Inc.(b)		73,900		9,574,484
				77,206,042
Total Common Stocks & Other Equity Interests (Cost $657,352,652)				899,408,442
Money Market Funds–1.90%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)		6,079,221		6,079,221

	Shares		Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(d)(e)		4,252,911	$	4,254,187
Invesco Treasury Portfolio, Institutional Class, 0.01%(d)(e)		6,947,682		6,947,682
Total Money Market Funds (Cost $17,281,090)				17,281,090
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.79% (Cost $674,633,742)				916,689,532
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.85%
Invesco Private Government Fund, 0.02%(d)(e)(f)		2,316,974		2,316,974
Invesco Private Prime Fund, 0.11%(d)(e)(f)		5,404,112		5,406,273
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,723,247)				7,723,247
TOTAL INVESTMENTS IN SECURITIES–101.64% (Cost $682,356,989)				924,412,779
OTHER ASSETS LESS LIABILITIES–(1.64)%				(14,888,271	)
NET ASSETS–100.00%			$	909,524,508

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, 2021.

^(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, 2021.

	Value April 30, 2021		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain		Value October 31, 2021		Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$	11,006,765	$	43,095,106	$	(48,022,650	)	$	-		$	-	$	6,079,221	$	748
Invesco Liquid Assets Portfolio, Institutional Class		8,222,217		30,064,119		(34,031,980	)		(1,621	)		1,452		4,254,187		207
Invesco Treasury Portfolio, Institutional Class		12,579,160		49,251,549		(54,883,027	)		-			-		6,947,682		332
Investments Purchased with Cash Collateral from
Securities on Loan:
Invesco Private Government Fund		-		15,467,036		(13,150,062	)		-			-		2,316,974		118*
Invesco Private Prime Fund		-		32,129,850		(26,723,577	)		-			-		5,406,273		1,623*
Total	$	31,808,142	$	170,007,660	$	(176,811,296	)	$	(1,621	)	$	1,452	$	25,004,337	$	3,028

* 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, 2021.

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

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

5 Invesco Value Opportunities Fund

Portfolio Composition

By sector, based on Net Assets

as of October 31, 2021

Financials	25.48	%
Industrials	23.17
Energy	14.58
Consumer Discretionary	13.63
Health Care	9.14
Materials	5.47
Consumer Staples	4.56
Communication Services	2.37
Information Technology	0.49
Money Market Funds Plus Other Assets Less Liabilities	1.11

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, 2021

(Unaudited)

Assets:
Investments in unaffiliated securities, at value (Cost $657,352,652)*	$	899,408,442
Investments in affiliated money market funds, at value (Cost $25,004,337)		25,004,337
Foreign currencies, at value (Cost $794)		810
Receivable for:
Investments sold		5,175,245
Fund shares sold		581,926
Dividends		293,473
Investment for trustee deferred compensation and retirement plans		487,336
Other assets		55,387
Total assets		931,006,956
Liabilities:
Payable for:
Investments purchased		12,030,688
Fund shares reacquired		578,366
Collateral upon return of securities loaned		7,723,247
Accrued fees to affiliates		476,592
Accrued other operating expenses		154,863
Trustee deferred compensation and retirement plans		518,692
Total liabilities		21,482,448
Net assets applicable to shares outstanding	$	909,524,508
Net assets consist of:
Shares of beneficial interest	$	593,829,224
Distributable earnings		315,695,284
	$	909,524,508

Net Assets:
Class A	$	759,289,546
Class C	$	15,522,405
Class R	$	11,510,957
Class Y	$	60,442,205
Class R5	$	559,665
Class R6	$	62,199,730
Shares outstanding, no par value, with an unlimited number of shares authorized:
Class A		41,290,857
Class C		916,354
Class R		635,988
Class Y		3,268,183
Class R5		29,976
Class R6		3,326,025
Class A: Net asset value per share	$	18.39
Maximum offering price per share (Net asset value of $18.39 ÷ 94.50%)	$	19.46
Class C: Net asset value and offering price per share	$	16.94
Class R: Net asset value and offering price per share	$	18.10
Class Y: Net asset value and offering price per share	$	18.49
Class R5: Net asset value and offering price per share	$	18.67
Class R6: Net asset value and offering price per share	$	18.70

* At October 31, 2021, securities with an aggregate value of $7,464,877were on loan to brokers.

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

7 Invesco Value Opportunities Fund

Statement of Operations

For the six months ended October 31, 2021

(Unaudited)

Investment income:
Dividends (net of foreign withholding taxes of $55,875)	$	6,554,677
Dividends from affiliated money market funds (includes securities lending income of $2,256)		3,543
Total investment income		6,558,220
Expenses:
Advisory fees		2,995,352
Administrative services fees		65,751
Custodian fees		1,657
Distribution fees:
Class A		920,891
Class C		75,194
Class R		27,790
Transfer agent fees - A, C, R and Y		670,223
Transfer agent fees - R5		293
Transfer agent fees - R6		7,378
Trustees’ and officers’ fees and benefits		11,437
Registration and filing fees		59,666
Reports to shareholders		42,345
Professional services fees		20,859
Other		14,807
Total expenses		4,913,643
Less: Fees waived and/or expense offset arrangement(s)		(2,685	)
Net expenses		4,910,958
Net investment income		1,647,262
Realized and unrealized gain (loss) from:
Net realized gain (loss) from:
Unaffiliated investment securities		66,357,314
Affiliated investment securities		1,452
Foreign currencies		(318	)
	66,358,448
Change in net unrealized appreciation (depreciation) of:
Unaffiliated investment securities		(17,576,661	)
Affiliated investment securities		(1,621	)
Foreign currencies		(707	)
	(17,578,989)
Net realized and unrealized gain		48,779,459
Net increase in net assets resulting from operations	$	50,426,721

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, 2021 and the year ended April 30, 2021

(Unaudited)

	October 31, 2021			April 30, 2021
Operations:
Net investment income	$	1,647,262		$	3,033,396
Net realized gain		66,358,448			75,487,337
Change in net unrealized appreciation (depreciation)		(17,578,989	)		317,394,096
Net increase in net assets resulting from operations		50,426,721			395,914,829
Distributions to shareholders from distributable earnings:
Class A		–			(1,438,862	)
Class Y		–			(175,795	)
Class R5		–			(3,771	)
Class R6		–			(246,332	)
Total distributions from distributable earnings		–			(1,864,760	)
Share transactions-net:
Class A		(10,078,052	)		(54,716,345	)
Class C		1,869,704			(3,891,646	)
Class R		502,248			(707,566	)
Class Y		(23,605,164	)		36,447,060
Class R5		(194,167	)		(26,905	)
Class R6		11,180,449			1,580,342
Net increase (decrease) in net assets resulting from share transactions		(20,324,982	)		(21,315,060	)
Net increase in net assets		30,101,739			372,735,009
Net assets:
Beginning of period		879,422,769			506,687,760
End of period	$	909,524,508		$	879,422,769

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 10/31/21	$	17.34	$	0.03		$	1.02		$	1.05		$	-		$	-		$	-		$	18.39		6.06	%	$	759,290		1.12	%(d)		1.12	%(d)		0.34	%(d)		19	%
Year ended 04/30/21		9.44		0.06			7.87			7.93			(0.03	)		-			(0.03	)		17.34		84.15			726,801		1.22			1.22			0.45			62
Year ended 04/30/20		12.84		0.03			(3.18	)(e)		(3.15	)		-			(0.25	)		(0.25	)		9.44		(25.02	)(e)		440,826		1.21			1.21			0.27			41
Year ended 04/30/19		14.24		0.00			0.18			0.18			-			(1.58	)		(1.58	)		12.84		3.58			658,685		1.21			1.21			0.02			51
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
Class C
Six months ended 10/31/21		16.04		(0.03	)		0.93			0.90			-			-			-			16.94		5.61			15,522		1.87	(d)		1.87	(d)		(0.41	)(d)		19
Year ended 04/30/21		8.77		(0.02	)		7.29			7.27			-			-			-			16.04		82.90	(f)		12,906		1.89	(f)		1.89	(f)		(0.22	)(f)		62
Year ended 04/30/20		12.02		(0.04	)		(2.96	)(e)		(3.00	)		-			(0.25	)		(0.25	)		8.77		(25.48	)(e)(f)		10,107		1.85	(f)		1.85	(f)		(0.37	)(f)		41
Year ended 04/30/19		13.54		(0.09	)		0.15			0.06			-			(1.58	)		(1.58	)		12.02		2.83	(f)		17,027		1.92	(f)		1.92	(f)		(0.69	)(f)		51
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
Class R
Six months ended 10/31/21		17.09		0.01			1.00			1.01			-			-			-			18.10		5.91			11,511		1.37	(d)		1.37	(d)		0.09	(d)		19
Year ended 04/30/21		9.31		0.03			7.75			7.78			-			-			-			17.09		83.57			10,385		1.47			1.47			0.20			62
Year ended 04/30/20		12.69		0.00			(3.13	)(e)		(3.13	)		-			(0.25	)		(0.25	)		9.31		(25.16	)(e)		6,362		1.46			1.46			0.02			41
Year ended 04/30/19		14.13		(0.03	)		0.17			0.14			-			(1.58	)		(1.58	)		12.69		3.32			10,898		1.46			1.46			(0.23	)		51
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
Class Y
Six months ended 10/31/21		17.42		0.05			1.02			1.07			-			-			-			18.49		6.14			60,442		0.87	(d)		0.87	(d)		0.59	(d)		19
Year ended 04/30/21		9.49		0.09			7.91			8.00			(0.07	)		-			(0.07	)		17.42		84.48			81,115		0.97			0.97			0.70			62
Year ended 04/30/20		12.86		0.06			(3.18	)(e)		(3.12	)		-			(0.25	)		(0.25	)		9.49		(24.74	)(e)		23,760		0.96			0.96			0.52			41
Year ended 04/30/19		14.23		0.04			0.17			0.21			-			(1.58	)		(1.58	)		12.86		3.80			37,469		0.96			0.96			0.27			51
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
Class R5
Six months ended 10/31/21		17.58		0.06			1.03			1.09			-			-			-			18.67		6.20			560		0.81	(d)		0.81	(d)		0.65	(d)		19
Year ended 04/30/21		9.58		0.11			7.98			8.09			(0.09	)		-			(0.09	)		17.58		84.70			714		0.84			0.84			0.83			62
Year ended 04/30/20		12.95		0.08			(3.20	)(e)		(3.12	)		-			(0.25	)		(0.25	)		9.58		(24.57	)(e)		406		0.80			0.80			0.68			41
Year ended 04/30/19		14.29		0.05			0.19			0.24			-			(1.58	)		(1.58	)		12.95		4.01			2,212		0.84			0.84			0.39			51
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
Class R6
Six months ended 10/31/21		17.60		0.06			1.04			1.10			-			-			-			18.70		6.25			62,200		0.74	(d)		0.74	(d)		0.72	(d)		19
Year ended 04/30/21		9.59		0.11			8.00			8.11			(0.10	)		-			(0.10	)		17.60		84.81			47,501		0.78			0.78			0.89			62
Year ended 04/30/20		12.97		0.09			(3.22	)(e)		(3.13	)		-			(0.25	)		(0.25	)		9.59		(24.61	)(e)		25,226		0.75			0.75			0.73			41
Year ended 04/30/19		14.31		0.06			0.18			0.24			-			(1.58	)		(1.58	)		12.97		4.00			32,666		0.79			0.79			0.44			51
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	(d)		0.76	(d)		0.57	(d)		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)  Annualized.

^(e)  Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net gains (losses) on securities (both realized and unrealized) per share would have been $(3.28), $(3.06), $(3.23), $(3.28), $(3.30) and $(3.32) for Class A, Class C, Class R, Class Y, Class R5 and Class R6 shares, respectively. Total returns would have been lower.

^(f)  The total return, ratio of expenses to average net assets and ratio of net investment income (loss) to average net assets reflect actual 12b-1 fees of 0.92%, 0.89%, 0.96%, 0.95% and 0.97% for the years ended April 30, 2021, 2020, 2019, 2018 and 2017, respectively.

^(g)  Commencement date of April 04, 2017.

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, 2021

(Unaudited)

NOTE 1–Significant Accounting Policies

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

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

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

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

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

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

A security listed or traded on an exchange (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

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

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 based on relative net assets of Class R5 and Class R6. Sub-accounting fees attributable to Class R5 are charged to the operations of the class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.

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

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

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

On September 29, 2021, the Board of Trustees appointed Invesco Advisers, Inc. (the “Adviser” or “Invesco”) to serve as an affiliated securities lending agent for the Fund. Prior to September 29, 2021, the Bank of New York Mellon (“BNYM”) served as the sole securities lending agent for the Fund under the securities lending program. BNYM also continues to serve as a lending agent. To the extent the Fund utilizes the Adviser as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended October 31, 2021, there were no securities lending transactions with the Adviser.

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,

12 Invesco Value Opportunities Fund

interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

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

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

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical 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. COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations and supply chains, layoffs, lower consumer demand, and defaults, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally.

The ongoing effects of COVID-19 are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

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

Average Daily Net Assets	Rate
First $ 250 million		0.695	%
Next $250 million		0.670	%
Next $500 million		0.645	%
Next $1.5 billion		0.620	%
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, 2021, 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 June 30, 2022, 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 the Fund’s 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, 2022. 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, 2023, 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, 2021, the Adviser waived advisory fees of $2,073.

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, 2021, 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, 2021, 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

13 Invesco Value Opportunities Fund

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, 2021, 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, 2021, IDI advised the Fund that IDI retained $31,452 in front-end sales commissions from the sale of Class A shares and $1,139 and $1,078 from Class A and Class C shares, respectively, for CDSC imposed upon redemptions by shareholders.

For the six months ended October 31, 2021, the Fund incurred $4,093 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, 2021. 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		$830,895,493		$68,512,949		$-		$899,408,442
Money Market Funds		17,281,090		7,723,247		-		25,004,337
Total Investments		$848,176,583		$ 76,236,196		$-		$924,412,779

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, 2021, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $612.

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.

14 Invesco Value Opportunities Fund

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss 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, 2021.

NOTE 8–Investment Transactions

The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Fund during the six months ended October 31, 2021 was $167,122,731 and $187,947,952, 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	$	253,454,340
Aggregate unrealized (depreciation) of investments		(13,983,767	)
Net unrealized appreciation of investments	$	239,470,573

Cost of investments for tax purposes is $ 684,942,206.

NOTE 9–Share Information

	Summary of Share Activity
	Six months ended						Year ended
	October 31, 2021(a)						April 30, 2021
	Shares			Amount			Shares			Amount
Sold:
Class A		2,176,565		$	38,645,230			2,870,748		$	39,414,520
Class C		297,238			4,851,719			221,764			2,934,318
Class R		96,099			1,664,278			153,622			2,028,168
Class Y		2,413,493			42,732,763			2,822,923			45,071,238
Class R5		16			283			373			4,296
Class R6		1,098,503			19,539,444			969,048			13,100,519
Issued as reinvestment of dividends:
Class A		-			-			100,360			1,347,839
Class Y		-			-			11,097			149,592
Class R5		-			-			275			3,734
Class R6		-			-			17,601			239,545
Automatic conversion of Class C shares to Class A shares:
Class A		37,929			665,775			277,655			3,624,976
Class C		(41,117	)		(665,775	)		(299,635	)		(3,624,976	)
Reacquired:
Class A		(2,834,664	)		(49,389,057	)		(8,015,628	)		(99,103,680	)
Class C		(144,572	)		(2,316,240	)		(269,660	)		(3,200,988	)
Class R		(67,751	)		(1,162,030	)		(229,550	)		(2,735,734	)
Class Y		(3,801,942	)		(66,337,927	)		(682,026	)		(8,773,770	)
Class R5		(10,668	)		(194,450	)		(2,450	)		(34,935	)
Class R6		(471,094	)		(8,358,995	)		(919,591	)		(11,759,722	)
Net increase (decrease) in share activity		(1,251,965	)	$	(20,324,982	)		(2,973,074	)	$	(21,315,060	)

^(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

15 Invesco Value Opportunities Fund

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, 2021 through October 31, 2021.

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     (05/01/21)	Ending     Account Value     (10/31/21)1	Expenses       Paid During       Period2	Ending     Account Value     (10/31/21)	Expenses       Paid During       Period2	Annualized       Expense Ratio
Class A	$1,000.00	$1,060.60	$5.82	$1,019.56	$5.70	1.12%
Class C	1,000.00	1,056.10	9.69	1,015.78	9.50	1.87
Class R	1,000.00	1,059.10	7.11	1,018.30	6.97	1.37
Class Y	1,000.00	1,062.00	4.52	1,020.82	4.43	0.87
Class R5	1,000.00	1,062.00	4.21	1,021.12	4.13	0.81
Class R6	1,000.00	1,062.50	3.85	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, 2021 through October 31, 2021, 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 Value Opportunities Fund

Approval of Investment Advisory and Sub-Advisory Contracts

At meetings held on June 10, 2021, 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, 2021. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and the sub-advisory contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board’s Evaluation Process

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

    As part of the contract renewal process, the Board reviews and considers information provided in response to 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 and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider, as well as information on the composition of the peer groups provided by Broadridge and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer, 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 and as part of meetings convened on April 27, 2021 and June 10, 2021, the independent Trustees also discussed the continuance of the investment advisory agreement and sub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

    The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement and sub-advisory contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. The information received and considered by the Board was current as of various dates prior to the Board’s approval on June 10, 2021.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

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

The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process and oversight, credit analysis, and research capabilities. The Board considered information regarding Invesco Advisers’ programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, valuation and compliance risks, and technology used to manage such risks. The Board also received and reviewed information about Invesco Advisers’ role as administrator of the Invesco Funds’ liquidity risk management program. The Board received a description of Invesco Advisers’ business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board considered how the cybersecurity and business continuity plans of Invesco Advisers and its key service providers operated in the increased remote working environment resulting from the novel coronavirus (“COVID-19”) pandemic. 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 observed that Invesco Advisers has been able to effectively manage, operate and oversee the Invesco Funds through the challenging COVID-19 pandemic period. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in running

an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.

    The Board reviewed the services that may be provided 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 to the Fund by the Affiliated Sub-Advisers are appropriate and satisfactory.

B. Fund Investment Performance

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

    The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2020 to the performance of funds in the Broadridge performance universe and against the S&P 1500^® Value Index (Index). The Board noted that performance of Class A shares of the Fund was in the second quintile of its performance universe for the one year period, the fourth quintile for the three year period, and the third 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 year period. 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, which did not change its conclusions.

C. Advisory and Sub-Advisory Fees and Fund Expenses

The Board compared the Fund’s contractual management fee rate to the contractual management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual

17 Invesco Value Opportunities Fund

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 term “contractual management fee” for funds in the expense group may include both advisory and certain non-portfolio management administrative services fees, but that Broadridge is not able to provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components. The Board noted that the Fund’s actual management fees and total expense ratio were in the fourth quintile of its expense group and discussed with management reasons for such relative actual management fees and 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 and the Invesco Funds, and the extent to which such economies of scale are shared with the Fund and the Invesco Funds. The Board considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund also shares in economies of scale through Invesco Advisers’ ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements, as well as Invesco Advisers’ investment in its business, including investments in business infrastructure, technology and cybersecurity.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual Fund-by-Fund basis. The Board considered the methodology used for calculating profitability and noted that such methodology had recently been reviewed and enhanced. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most

Funds individually. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated Sub-Advisers are financially sound and have the resources necessary to perform their obligations under the sub-advisory contracts.

F. Collateral Benefits to Invesco Advisers and its Affiliates

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

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

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

duplicative of services provided by Invesco Advisers to the Fund.

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

18 Invesco Value Opportunities Fund

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

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

∎ Fund reports and prospectuses

∎ Quarterly statements

∎ Daily confirmations

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Invesco mailing information

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

Important notice regarding delivery of security holder documents

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

Fund holdings and proxy voting information

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

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

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

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

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

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 20, 2021, 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 20, 2021, 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 6, 2022

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 6, 2022

By:	/s/ Adrien Deberghes
	Adrien Deberghes
	Principal Financial Officer
Date:	January 6, 2022

EX-99.CERT

I, Sheri Morris, Principal Executive Officer, certify that:

1.   I have reviewed this report on Form N-CSR of AIM Sector Funds (Invesco Sector Funds);

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4.  The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)   Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5.   The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: January 6, 2022	/s/ Sheri Morris
	Sheri Morris, Principal Executive Officer

I, Adrien Deberghes, Principal Financial Officer, certify that:

1.   I have reviewed this report on Form N-CSR of AIM Sector Funds (Invesco Sector Funds);

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4.   The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)  Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)   Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

5.   The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: January 6, 2022	/s/ Adrien Deberghes
	Adrien Deberghes, Principal Financial Officer

EX-99.906CERT

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Sector Funds (Invesco Sector Funds) (the “Company”) on Form N-CSR for the period ended October 31, 2021, as filed with the Securities and Exchange Commission (the “Report”), I, Sheri Morris, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)        The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)        The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: January 6, 2022	/s/ Sheri Morris
	Sheri Morris, Principal Executive Officer

CERTIFICATION OF SHAREHOLDER REPORT

In connection with the Certified Shareholder Report of AIM Sector Funds (Invesco Sector Funds) (the “Company”) on Form N-CSR for the period ended October 31, 2021, as filed with the Securities and Exchange Commission (the “Report”), I, Adrien Deberghes, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)        The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)        The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: January 6, 2022	/s/ Adrien Deberghes
	Adrien Deberghes, Principal Financial Officer